股票代码：600188 股票简称：兖矿能源 编号：临 2025-032 兖矿能源集团股份有限公司 关于召开2024年度股东周年大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： (一) 股东大会类型和届次 2024年度股东周年大会 召开的日期时间：2025 年 5 月 30 日 9 点 00 分 召开地点：山东省邹城市凫山南路 949 号公司总部 1 股东大会召开日期：2025年5月30日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 30 日 至2025 年 5 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25 ...

| 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 12.43 | | 一年最高最低(元) | 26.00/11.90 | | 总市值(亿元) | 1,247.95 | | 流通市值(亿元) | 736.34 | | 总股本(亿股) | 100.40 | | 流通股本(亿股) | 59.24 | | 近 3 个月换手率(%) | 25.5 | 股价走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 兖矿能源 沪深300 相关研究报告 《成本管控对冲煤价下跌影响，关注 煤炭主业成长—公司 2024年报点评报 告》-2025.3.31 《Q3 业绩稳健海外高增，兼具高分红 与 高 成 长 — 公 司 信 息 更 新 报 告 》 -2024.10.28 煤炭/煤炭开采 兖矿能源（600188.SH） 煤炭量价齐跌致业绩承压，关注煤炭煤化工成长 2025 年 04 月 28 日 投资评级：买入（维持） 财务摘要和估值指标 | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E ...

Summary of Yanzhou Coal Mining Company Conference Call Company Overview - **Company**: Yanzhou Coal Mining Company (兖矿能源) - **Date of Call**: April 27, 2025 Key Financial Highlights - **Q1 2025 Revenue**: Decreased by 23.5% to 30.3 billion yuan [2][3] - **Net Profit**: Decreased by 27.9% to 2.71 billion yuan [2][3] - **Coal Production**: Increased to 36.8 million tons, a year-on-year increase of 2.17 million tons [3][5] - **Chemical Products Production**: Increased to 2.41 million tons, a year-on-year increase of 250,000 tons [3][5] - **Total Assets**: Increased by 2.3% to 366.8 billion yuan [3] Operational Strategies - **Cost Control Measures**: Implemented ten cost reduction initiatives, resulting in a 13.8% decrease in coal sales cost per ton [2][5][19] - **Chemical Sector Performance**: Chemical segment profitability increased by 440 million yuan in Q1 2025, contributing to a total profit of 536 million yuan [3][5] Market Outlook - **Coal Price Forecast**: Anticipated stabilization in Q2 2025, with potential recovery in the second half of the year due to domestic economic recovery and investment policies [2][6][23] - **Methanol Price**: Increased by 4.1% year-on-year in Q1 2025, expected to maintain a favorable trend in the upcoming quarters [2][6] Acquisition of Northwest Mining - **Acquisition Details**: Cash purchase of 26% stake in Northwest Mining for 4.748 billion yuan, increasing ownership to 51% through additional investment of 9.3 billion yuan [2][8][9] - **Resource Potential**: Total resource volume of 7.3 billion tons, with over 3.3 billion tons of recoverable resources [8] - **Expected Profit Contribution**: Anticipated net profit contribution of over 1.1 billion yuan in 2025 from Northwest Mining [8][14] Challenges and Risks - **Previous Acquisitions**: Acquisitions of Xinjiang Energy and Lushi Mining underperformed due to coal price declines and policy restrictions, with a potential shortfall in the promised net profit of 11.4 billion yuan over three years [4][11] - **Market Volatility**: Coal price fluctuations and regulatory challenges in deep mining operations in Shandong province [18][12] Future Capital Expenditure - **Investment Plans**: Total investment of approximately 32 billion yuan for two ongoing and two planned projects, with 6 billion yuan already invested [10] - **Debt Management**: Aiming to maintain a debt ratio below 60% while ensuring sufficient cash flow for operations and dividends [20][21] Conclusion - **Management Confidence**: Despite current market challenges, management remains optimistic about improving operational performance and shareholder returns in the coming quarters [23]

Investment Rating - The report maintains a "Recommended" rating for Yanzhou Coal Mining Company (兖矿能源) [4][7] Core Views - The company's Q1 2025 revenue decreased by 23.53% year-on-year to 30.312 billion yuan, and net profit attributable to shareholders fell by 27.89% to 2.71 billion yuan [1] - Coal sales volume declined by 8.1% year-on-year, while production increased by 6.3% to 36.8 million tons [2] - The average selling price of coal dropped by 24.19% year-on-year to 551.2 yuan per ton, impacting overall profitability [2] - The chemical business showed improvement with a 39.08% increase in gross profit to 1.459 billion yuan, despite a 6.18% decline in selling price [3] - The company plans to acquire a 51% stake in Northwest Mining for 14.066 billion yuan, which is expected to enhance production capacity significantly [4] Summary by Sections Financial Performance - Q1 2025 revenue was 30.312 billion yuan, down 23.53% year-on-year; net profit was 2.71 billion yuan, down 27.89% [1] - Coal production increased to 36.8 million tons, while sales volume decreased to 31.43 million tons [2] - The gross profit from coal business fell by 32.77% to 5.937 billion yuan, with a gross margin of 34.27% [2] - Chemical business gross profit rose by 39.08% to 1.459 billion yuan, with a gross margin of 23.16% [3] - Power generation decreased to 1.793 billion kWh, with a gross profit of 51 million yuan [3] Strategic Developments - The company is acquiring a 51% stake in Northwest Mining, which has a total production capacity of 61.05 million tons per year [4] - This acquisition is a step towards achieving the company's goal of 300 million tons of raw coal production [4] Earnings Forecast - Expected net profits for 2025, 2026, and 2027 are 9.618 billion yuan, 11.626 billion yuan, and 12.098 billion yuan respectively, with corresponding EPS of 0.96 yuan, 1.16 yuan, and 1.20 yuan [4][6]

Investment Rating - The investment rating for Yanzhou Coal Mining Company is "Buy" [3] Core Views - The company has implemented significant cost reduction and efficiency improvement measures, leading to a steady increase in coal production. In Q1 2025, the company produced 36.8 million tons of commercial coal, a year-on-year increase of 6.3%. The target for 2025 is to achieve a commercial coal production of 155-160 million tons [3][4] - The coal chemical business has seen a notable increase in profitability due to the decline in coal prices. In Q1 2025, the chemical product output was 2.41 million tons, a year-on-year increase of 12%. The gross profit for the coal chemical business reached 1.46 billion yuan, a year-on-year increase of 39.1% [3][4] - The company is pursuing both organic and external growth strategies, with significant future growth potential. The company plans to acquire a 26% stake in Northwest Mining for 4.748 billion yuan and invest 9.318 billion yuan, which is expected to enhance profitability and support the goal of achieving 300 million tons of raw coal production [3][4] Financial Summary - In Q1 2025, the company reported total revenue of 30.312 billion yuan, a year-on-year decrease of 23.52%, and a net profit attributable to shareholders of 2.71 billion yuan, down 27.86% year-on-year. The operating cash flow was 3.662 billion yuan, a decrease of 33.04% year-on-year [1][3] - The forecast for net profit attributable to shareholders for 2025-2027 is 13.3 billion, 13.9 billion, and 14.2 billion yuan respectively, with corresponding EPS of 1.32, 1.39, and 1.41 yuan per share [4][5] - The company's debt ratio is 62.59%, a year-on-year decrease of 4.06 percentage points, indicating improved financial stability [1][3]

Investment Rating - The investment rating for Yanzhou Coal Mining Company is "Buy" [3] Core Views - The company has shown a steady increase in coal production, with significant cost reduction and efficiency improvement measures in place. In Q1 2025, the company produced 36.8 million tons of commercial coal, a year-on-year increase of 6.3%. The target for 2025 is to achieve a commercial coal production of 155-160 million tons [3] - The coal chemical business has seen a notable increase in profitability due to the decline in coal prices. In Q1 2025, the chemical product output was 2.41 million tons, a year-on-year increase of 12%. The gross profit for the coal chemical business reached 1.46 billion yuan, a year-on-year increase of 39.1% [3] - The company is pursuing both organic and external growth strategies, with significant future growth potential. The company plans to acquire a 26% stake in Northwest Mining for 4.748 billion yuan and increase its capital by 9.318 billion yuan, which is expected to enhance profitability and support the goal of achieving 300 million tons of raw coal production [3][4] Financial Summary - In Q1 2025, the company reported total revenue of 30.312 billion yuan, a year-on-year decrease of 23.52%, and a net profit attributable to shareholders of 2.71 billion yuan, down 27.86% year-on-year. The operating cash flow was 3.662 billion yuan, a decrease of 33.04% year-on-year [1][3] - The company's financial forecasts for 2025-2027 predict net profits attributable to shareholders of 13.3 billion, 13.9 billion, and 14.2 billion yuan respectively, with corresponding EPS of 1.32, 1.39, and 1.41 yuan per share [4][5] - The company's debt ratio stands at 62.59%, a year-on-year decrease of 4.06 percentage points, indicating improved financial stability [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company achieved a revenue of 30.31 billion yuan in Q1 2025, a year-on-year decrease of 23.5% and a quarter-on-quarter decrease of 6.7% [1] - The net profit attributable to the parent company was 2.71 billion yuan, down 27.9% year-on-year and down 10.3% quarter-on-quarter [1] - The coal business is on track to reach a production capacity target of 300 million tons [4] - The chemical business is experiencing a recovery in gross profit, with ongoing advancements in high-end chemical new materials [3] Summary by Sections Coal Business - The company reported a coal production of 36.8 million tons in Q1 2025, an increase of 6.3% year-on-year and a slight increase of 0.3% quarter-on-quarter [9] - The self-produced coal sales volume was 30.49 million tons, down 3.0% year-on-year and down 9.1% quarter-on-quarter [9] - The average selling price of coal (excluding trade) was 545 yuan per ton, a decrease of 14.4% quarter-on-quarter and 18.5% year-on-year [9] - The comprehensive cost of coal was 318 yuan per ton, a decrease of 0.8% quarter-on-quarter and a decrease of 12.9% year-on-year [9] - The company is progressing with several projects to increase coal production capacity, including the Shandong Wanfeng coal mine and the Xinjiang Wucaiwan open-pit mine [9] Chemical Business - The company produced 2.41 million tons of chemical products in Q1 2025, an increase of 11.6% year-on-year and an increase of 8.3% quarter-on-quarter [9] - The sales volume of chemical products was 2.02 million tons, up 7.3% year-on-year and up 1.3% quarter-on-quarter [9] - The comprehensive selling price of chemical products was 3,122 yuan per ton, down 6.2% year-on-year but up 6.2% quarter-on-quarter [9] - The gross profit margin for chemical products increased by 29.4% year-on-year and 16.5% quarter-on-quarter, reaching 723 yuan per ton [9] Financial Projections - The company plans to produce 155-160 million tons of commercial coal and 8.6-9 million tons of chemical products in 2025 [10] - The projected net profit attributable to the parent company for 2025-2027 is 9.9 billion, 11.9 billion, and 13.7 billion yuan, respectively, with corresponding P/E ratios of 12.6X, 10.5X, and 9.1X [10] - The company aims to reduce the sales cost per ton of coal by 3% year-on-year and to lower the debt-to-asset ratio to below 60% [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is progressing towards its target of "300 million tons" production capacity in coal business [4] - The chemical business is experiencing a recovery in gross profit, with ongoing advancements in high-end chemical new materials [3] - The company is actively expanding its multi-mineral development strategy, securing high-quality potassium chloride resources in Canada [5] Summary by Relevant Sections Coal Business - The company achieved a coal production of 36.8 million tons in Q1 2025, representing a year-on-year increase of 6.3% and a quarter-on-quarter increase of 0.3% [9] - The average selling price of coal (excluding trade) was 545 RMB/ton, down 14.4% quarter-on-quarter and 18.5% year-on-year [9] - The company is set to increase its coal production capacity by 25 million tons per year through various projects, including the Shandong Wanfeng coal mine and Xinjiang Wucaiwan open-pit mine [9] Chemical Business - In Q1 2025, the company produced 2.41 million tons of chemical products, a year-on-year increase of 11.6% and a quarter-on-quarter increase of 8.3% [9] - The comprehensive gross profit for chemical products was 723 RMB/ton, up 29.4% year-on-year and 16.5% quarter-on-quarter [9] - The company is advancing projects in high-end chemical new materials, including a 60,000-ton melamine project in Xinjiang and a 3000-ton OMB gasification furnace in Lunan [9] Financial Performance - For Q1 2025, the company reported a revenue of 30.31 billion RMB, a decrease of 23.5% year-on-year and 6.7% quarter-on-quarter [1] - The net profit attributable to shareholders was 2.71 billion RMB, down 27.9% year-on-year and 10.3% quarter-on-quarter [1] - The company aims to produce 155-160 million tons of coal and 8.6-9 million tons of chemical products in 2025, with a target to reduce coal sales costs by 3% year-on-year [10]

Core Viewpoint - Yancoal Energy reported a steady performance in Q1 2025, achieving revenue of 30.3 billion and a net profit of 2.71 billion, despite challenges in the macroeconomic environment and coal market fluctuations [1][2] Group 1: Financial Performance - The company accelerated the release of its advantageous production capacity, resulting in a coal output of 36.8 million tons, an increase of 2.17 million tons year-on-year [1] - The chemical segment produced 2.41 million tons of chemical products, contributing an additional profit of 440 million year-on-year [1] - The cost of self-produced coal sales decreased to 318 yuan per ton, a reduction of 13.8% year-on-year, while the unit sales costs for methanol and acetic acid decreased by 16.4% and 14.7% respectively [1] Group 2: Strategic Initiatives - Yancoal Energy announced the acquisition of high-quality coal assets from its controlling shareholder, Shandong Energy Group, which is expected to contribute over 1.1 billion in net profit in 2025 and increase coal resources by 7.305 billion tons [2] - The acquisition will also add approximately 30 million tons to the company's coal output, bringing the total annual output to between 180 million and 190 million tons [2] - The company anticipates improved coal supply and demand dynamics in Q2 2025, driven by macroeconomic policy effects and seasonal demand increases [2]

股票代码：600188 股票简称：兖矿能源 编号：临 2025-029 兖矿能源集团股份有限公司 第九届监事会第十一次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 兖矿能源集团股份有限公司（"公司"）第九届监事会第十一次会 议通知于 2025 年 4 月 17 日以书面送达或电子邮件形式发出，会议于 2024 年 4 月 25 日在山东省公司总部召开。会议应出席监事 3 名，实 际出席监事 3 名，符合有关法律、行政法规、部门规章、规范性文件 和《公司章程》的规定。 经出席会议监事一致同意，会议形成以下决议： 一、审议通过公司《2025 年第一季度报告》； 二、审议通过《关于修改<公司章程>及相关议事规则暨取消监事 会的议案》。 兖矿能源集团股份有限公司监事会 2025 年 4 月 25 日 ...