自2024年11月1日起，本公司的H股股份過戶及登記手續申請此後應遞交至香港中央證券登記有限 公司（「香港中央證券」）辦理。而於2024年10月31日仍未領取之本公司股票，可於2024年11月1日 起於香港中央證券領取。 承董事會命 兗礦能源集團股份有限公司 董事長 李偉 ( 在中華人民共和國註冊成立的股份有限公司 ) (股份代碼: 01171) 更換H股股份過戶登記處 兗礦能源集團股份有限公司（「本公司」）董事會謹此宣佈，自2024年11月1日起，本公司之H股股 份過戶登記處更換為： 香港中央證券登記有限公司 香港 灣仔 皇后大道東183號 合和中心17樓 1712-1716號舖 電話號碼: (852) 2862 8555 傳真號碼: (852) 2865 0990 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等 內容而引致之任何損失承擔任何責任。 兗礦能源集團股份有限公司 YANKUANG ENERGY GROUP COMPANY LIMITED* 中國山東省鄒城市 2024 年 1 ...

兖矿能源集团股份有限公司 2024 年第三季度业绩说明会会议纪要 2024 年 10 月 27 日，兖矿能源集团股份有限公司 （"兖矿能源"或"公司"）以电话及网络会议的方式召 开 2024 年第三季度业绩说明会。公司副总经理王九红先生 （代行总经理职责），董事、董事会秘书黄霄龙先生，财 务总监赵治国先生，独立董事胡家栋先生和有关业务负责 人出席会议，向投资者介绍 2024 年第三季度经营业绩、未 来市场分析和经营措施等相关情况，并就投资者关注的问 题进行沟通和交流。现就本次会议沟通、交流的重点内容 整理如下： 一、公司对化工板块的定位 兖矿能源煤化工产业的发展，是优化产业结构、提升 可持续发展能力的重要保障。一是"以投资换资源"的必 要途径。从走出去外部开发伊始，公司按照地方政策，依 托化工项目投资建设，在属地区域获取了大量优质煤炭资 源和配套项目，保障了持续发展。二是"延伸煤拓展煤" 的重要载体。煤化工是煤炭清洁高效利用的重要途径，推 动煤炭向原料、材料、终端产品转化。三是"产业转型升 级"的关键路径。煤化工推动传统产业延链增值，是传统 1 产业绿色低碳发展的重要方向。在煤化工方面，公司有几 十年的经验积 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown growth in coal production and sales, but revenue has been impacted by falling prices [1][3] - The coal business experienced a decline in revenue by 16% due to a 19% drop in average selling price [1][3] - The company is expected to achieve significant production growth in the coming years, with plans to increase coal production to approximately 140 million tons in 2024 [6][7] Summary by Sections Recent Performance - In the first three quarters of 2024, the company reported a total revenue of 1066.3 billion yuan, a decrease of 21.5% year-on-year, and a net profit attributable to shareholders of 114.05 billion yuan, down 26.98% year-on-year [3] - The average selling price of coal in the first three quarters was 683.5 yuan/ton, down 19% year-on-year [1][3] Coal Business - Coal production reached 105.81 million tons in the first three quarters, an increase of 9% year-on-year, while sales were 102.59 million tons, up 3.5% year-on-year [1] - The average selling price in Q3 was 656 yuan/ton, reflecting a 6% year-on-year decline [1] Cost Management - The average selling cost of coal decreased to 411 yuan/ton in the first three quarters, down 14% year-on-year, leading to an improvement in gross margin [1][4] - In Q3, the gross margin for the coal business was 42.4%, showing an increase compared to previous quarters [4] Chemical Business - The chemical products segment faced pressure with a production volume of 6.355 million tons, down 2.16% year-on-year, and sales of 5.697 million tons, down 3.4% year-on-year [1][4] - Despite the challenges, the unit gross margin for chemical products increased by 5.3% year-on-year [4] Future Outlook - The company has acquired significant coal resources and plans to enhance production capacity, targeting a coal output of 300 million tons annually within the next 5-10 years [6][7] - Revenue projections for 2024-2026 are estimated at 1483.7 billion yuan, 1570.7 billion yuan, and 1639.1 billion yuan respectively, with a slight decline expected in 2024 followed by growth in subsequent years [7][8]

Investment Rating - The report maintains a "Buy" rating for Yanzhou Coal Mining Company (兖矿能源) [1][2] Core Views - The company's coal chemical and overseas operations are performing well, leading to continued improvement in performance on a quarter-on-quarter basis [1][2] - The company plans to invest 9.574 billion yuan in an 800,000-ton ethylene project, which is expected to enhance product value and market competitiveness [2] Financial Summary - **Revenue Forecast**: The projected revenues for 2024, 2025, and 2026 are 167.62 billion yuan, 173.42 billion yuan, and 177.14 billion yuan respectively, with a year-on-year growth rate of 12% in 2024 [1][2] - **Net Profit Forecast**: Expected net profits for the same years are 16.26 billion yuan, 20.46 billion yuan, and 23.12 billion yuan, with a year-on-year growth rate of -19% in 2024 [1][2] - **Earnings Per Share (EPS)**: The forecasted EPS for 2024, 2025, and 2026 are 1.62 yuan, 2.04 yuan, and 2.30 yuan respectively [1][2] - **Price-to-Earnings (P/E) Ratio**: The current P/E ratios are projected to be 9.8X, 7.8X, and 6.9X for the years 2024, 2025, and 2026 respectively [1][2] Coal Business Performance - **Domestic Coal Production**: In Q3, the company reported a coal production volume of 9,622.1 thousand tons, with a unit cost of 375.9 yuan/ton, reflecting a year-on-year increase of 9.0% in production volume [1] - **Overseas Operations**: The overseas segment showed significant improvement in both volume and price, with production from three open-pit coal mines in Australia increasing significantly [1][2] Chemical Business Performance - **Methanol Production**: In the first three quarters of 2024, methanol production was 3.041 million tons, with a unit price of 1,833.6 yuan/ton, reflecting a slight increase in profitability [2] - **Investment in Chemical Projects**: The company is investing in a new ethylene project to enhance its chemical production capabilities and improve profitability [2]

Summary of Conference Call Company and Industry Overview - The conference call discusses the performance of a coal mining company in the context of the coal industry and chemical products market. The company has faced challenges due to fluctuating coal prices but has managed to maintain stable operations and financial performance [1][2][3]. Key Points and Arguments Financial Performance - In the first three quarters of 2024, the company produced 106 million tons of coal, an increase of 8.8% year-on-year, contributing to a net profit of 38.37 billion yuan in Q3, a 0.7% increase from Q2 [1][2]. - The total sales revenue for the chemical segment was 10.66 billion yuan, a decrease of 21.5% year-on-year, with net profit dropping by 27% [2]. - The company’s net assets reached 81.3 billion yuan, with a return on equity of 14.8% [2]. Production and Cost Management - The company achieved a record quarterly production of 36.73 million tons in Q3, with significant contributions from the Shanxi and Mongolia bases [2][3]. - Cost control measures have led to a reduction in sales costs to 342 yuan per ton, down 1.9% year-on-year, and a decrease in methanol production costs to 1,506 yuan per ton, down 9.3% [3][4]. - The average selling price of coal decreased to 663 yuan per ton, a decline of 16.5% year-on-year, but remains at historically high levels [3][4]. Market Outlook - The coal market is expected to remain balanced with stable prices in Q4, supported by seasonal demand and government policies aimed at economic recovery [5][6]. - Global coal consumption is projected to remain high, with demand growth expected despite a slight decline in supply [5]. - The chemical products market is anticipated to recover slowly, with stable supply-demand dynamics and price stability expected [5][6]. Strategic Initiatives - The company plans to increase coal production by 10 million tons year-on-year, targeting a total output of over 140 million tons [6]. - Ongoing investments in both coal and chemical sectors are aimed at enhancing operational efficiency and market competitiveness [12][13]. - The company is actively seeking acquisition opportunities in the coal sector to strengthen its resource base [19]. Capital Expenditure - The capital expenditure plan for the year is set at 19.7 billion yuan, with a focus on maintaining existing operations and investing in new projects [9][10]. - Future capital expenditures are expected to balance between maintaining current operations and funding new coal mining projects [10]. Management and Governance - The company has revised its profit distribution policy to allow the board more flexibility in dividend decisions, enhancing shareholder returns [7]. - Management is committed to improving operational efficiency and reducing costs while maintaining production levels [16][37]. Additional Important Information - The company’s management fees are reportedly higher than peers, attributed to various operational costs, but efforts are being made to control these expenses [15][16]. - The company is optimistic about achieving its annual production and financial targets despite external challenges [6][37]. This summary encapsulates the key insights from the conference call, highlighting the company's performance, market outlook, strategic initiatives, and financial management.

Investment Rating - Buy rating maintained for Yankuang Energy (600188 SH) [1][4] Core Views - Yankuang Energy reported steady Q3 performance with strong overseas growth, maintaining high dividend payout and growth potential [4] - The company is positioned as an international coal leader with clear transformation directions in new energy, new materials, and smart logistics [4] - Increased dividend commitment and mid-term dividend enhance investment value [4] Financial Performance - Q3 2024 revenue reached 343 2 billion yuan, up 5 0% QoQ, with net profit of 38 4 billion yuan, up 0 7% QoQ [4] - 2024 Q1-Q3 revenue was 1066 3 billion yuan, down 21 5% YoY, with net profit of 114 1 billion yuan, down 27 0% YoY [4] - 2024-2026 net profit forecasted at 154 8/179 6/203 2 billion yuan, with EPS of 2 08/2 41/2 73 yuan [4] - Current PE ratio is 6 8x for 2024, 5 9x for 2025, and 5 2x for 2026 [4] Coal Business - 2024 Q1-Q3 coal production and sales were 10581/10259 million tons, up 8 75%/3 45% YoY [4] - Domestic coal production and sales were 7465/6510 million tons, up 7 2%/5 9% YoY [4] - Overseas coal production and sales were 3117/3112 million tons, up 12 7%/16 1% YoY [4] - Q3 2024 overseas coal sales price increased 4 3% QoQ to 835 yuan/ton, with gross margin up 69 5% QoQ [4] Growth Potential - Coal production growth expected with new mines: Wanfu Mine (1 8 million tons) to start in 2024, Wucaiwan Mine (10 million tons) in 2025 [4] - 2024 coal production growth forecasted at 6 0%, making it a rare growth player in the coal sector [4] - Rongxin Chemical project investment of 9 57 billion yuan announced in October 2024 [4] Dividend Policy - Dividend payout ratio for 2023-2025 set at no less than 60%, with cash dividend per share no less than 0 5 yuan [4] - 2024 estimated dividend yield is 5 5% based on current share price [4] - Mid-term dividend payout ratio of 30 5% announced in 2024 interim report [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][2]. Core Views - The company has shown improvement in Q3 performance, with a sequential increase in revenue and net profit, indicating potential for future growth [1][2]. - The coal and chemical segments have both experienced production and sales growth, alongside significant cost reductions, contributing to improved profitability [1][2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1066.33 billion, down 21.50% year-on-year, and a net profit of 114.05 billion, down 26.98% year-on-year [1]. - In Q3 2024, the company reported a revenue of 343.21 billion, a decrease of 15.46% year-on-year but an increase of 5.03% quarter-on-quarter, with a net profit of 38.37 billion, down 15.63% year-on-year and up 0.66% quarter-on-quarter [1]. Coal Business - The coal segment generated a revenue of 701.20 billion in the first three quarters of 2024, down 15.9% year-on-year, with a gross profit of 312.22 billion, down 20.6% year-on-year [1]. - In Q3 2024, the coal segment's revenue was 227.69 billion, up 1.2% quarter-on-quarter, with a gross profit of 114.26 billion, up 12.3% quarter-on-quarter [1]. - The company produced 36.73 million tons of self-produced coal in Q3 2024, an increase of 6.7% quarter-on-quarter, and sold 34.72 million tons of commercial coal, up 3.0% quarter-on-quarter [1]. Chemical Business - The chemical segment achieved a gross profit of 14.99 billion in Q3 2024, an increase of 14.08% quarter-on-quarter [1]. - The company produced and sold 217.5 thousand tons and 195.2 thousand tons of chemical products, respectively, with increases of 7.8% and 4.7% quarter-on-quarter [1]. Future Growth Potential - The company plans to complete several coal mining projects between 2024 and 2030, which are expected to add over 40 million tons of coal production capacity [2]. - A subsidiary is set to invest 9.574 billion in an 800,000-ton ethylene project, which aims to enhance product value and market competitiveness [2]. Earnings Forecast - The company is projected to achieve net profits of 15.2 billion, 18.6 billion, and 21 billion for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 10.5X, 8.6X, and 7.6X [2].

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company reported a slight increase in performance in Q3 2024, with a net profit of 38.37 billion yuan, a year-on-year decrease of 15.63% but a quarter-on-quarter increase of 0.66% [1]. - The company plans to invest in an 800,000 tons/year olefin project, with an investment amount of 9.574 billion yuan, aimed at enhancing product value and market competitiveness [1]. - The forecasted net profits for 2024-2026 are 148.34 billion yuan, 164.57 billion yuan, and 177.77 billion yuan, respectively, with corresponding EPS of 1.48 yuan, 1.64 yuan, and 1.77 yuan [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 1066.33 billion yuan, a year-on-year decrease of 21.50%, and a net profit attributable to shareholders of 114.05 billion yuan, down 26.98% year-on-year [1]. - In Q3 2024, coal production reached 36.73 million tons, a year-on-year increase of 9.8%, and sales were 34.72 million tons, up 4.5% year-on-year [1]. - The average selling price of coal was 655.9 yuan/ton in Q3 2024, a year-on-year decrease of 6.2% [1]. - The company’s coal business generated a gross profit of 114.3 billion yuan in Q3 2024, reflecting a year-on-year increase of 10.1% and a quarter-on-quarter increase of 12.4% [1]. - The chemical business achieved a gross profit of 14.88 billion yuan in Q3 2024, down 18.2% year-on-year but up 13.9% quarter-on-quarter [1].

Investment Rating - The investment rating for Yanzhou Coal Mining Company (兖矿能源) is "Buy" (maintained) [2] Core Views - The company reported a slight increase in net profit for Q3 2024, with significant long-term growth potential despite a year-on-year decline in revenue and profit [2][4] - The coal business showed an increase in self-produced coal sales and a decrease in costs, while the chemical business experienced a slight decline in production and sales but managed to offset price impacts [4][5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 106.63 billion, down 21.5% year-on-year, and a net profit of 11.41 billion, down 26.98% year-on-year [4] - In Q3 2024, the company reported a revenue of 34.32 billion, down 15.46% year-on-year but up 5.03% quarter-on-quarter, with a net profit of 3.84 billion, up 15.6% year-on-year and up 0.66% quarter-on-quarter [4] Coal Business - In the first three quarters of 2024, the company produced and sold 105.81 million and 101.34 million tons of coal, respectively, representing increases of 8.75% and 2.18% year-on-year [4] - The average selling price of coal in Q3 was 680.48 yuan/ton, down 2.68% year-on-year, while the comprehensive cost was 339 yuan/ton, down 12.35% year-on-year [4] Chemical Business - The chemical production and sales for the first three quarters of 2024 were 6.36 million and 5.70 million tons, down 2.16% and 3.36% year-on-year [4] - In Q3, the average selling price of chemical products was 3,176.92 yuan/ton, down 4.33% year-on-year, while the unit sales cost was 2,408.21 yuan/ton, down 1.79% year-on-year [4] Future Growth and Dividends - The company plans to officially launch the Wanfu coal mine in 2024 and the first phase of the Wucaiwan No. 4 open-pit mine in 2025, with long-term growth in coal production expected [4] - The company has set a profit distribution policy of approximately 60% of net profit after deducting statutory reserves for the years 2023-2025, with a cash dividend of 0.23 yuan per share announced for the mid-year [4][5] Earnings Forecast - The company is expected to generate revenues of 145.5 billion, 149.4 billion, and 152.8 billion for the years 2024, 2025, and 2026, respectively, with net profits of 14.9 billion, 16.7 billion, and 17.2 billion [5][6]

Investment Rating - Maintains an "Overweight" rating for the company [3][4] Core Views - Q3 performance met expectations, with strong production recovery in Australia driving year-on-year improvement in production and sales [2][3] - Coal prices increased quarter-on-quarter, and costs continued to optimize, leading to higher-than-expected selling prices and gross profit per ton in Q3 [2][3] - The company achieved revenue of RMB 106.633 billion in the first three quarters of 2024, a year-on-year decrease of 21.03%, and net profit attributable to the parent company of RMB 11.405 billion, a year-on-year decrease of 26.54% [3] - Q3 revenue was RMB 34.321 billion, a year-on-year decrease of 32.22% but a quarter-on-quarter increase of 5.03%, with net profit attributable to the parent company of RMB 3.837 billion, a year-on-year decrease of 27.81% and a quarter-on-quarter increase of 0.66% [3] - The company's EPS forecasts for 2024-2026 were revised upward to RMB 1.60, RMB 1.78, and RMB 1.98, respectively [3] - The target price was raised to RMB 18.31 based on a 2024 average PE of 11.47x for comparable companies [3] Production and Sales - Q3 coal production in Australia increased significantly, driving year-on-year and quarter-on-quarter improvements in production and sales [3] - In the first three quarters, coal production reached 106 million tons, up 8.75% year-on-year, with coal sales of 101 million tons, up 2.18% year-on-year [3] - Q3 coal production was 36.73 million tons, up 9.81% year-on-year and 6.65% quarter-on-quarter, while coal sales were 33.46 million tons, up 0.68% year-on-year but down 8.6% quarter-on-quarter [3] - Self-produced coal sales in Q3 were 31.85 million tons, up 6.87% year-on-year but down 2.48% quarter-on-quarter [3] - The company expects Q4 production to remain flat or slightly increase compared to Q3, supported by continued recovery in Australian production and new capacity releases [3] Coal Prices and Costs - The average coal selling price in the first three quarters was RMB 683 per ton, down RMB 158 per ton year-on-year (-19%), while the cost per ton was RMB 379, down RMB 66 per ton year-on-year (-15%) [3] - Q3 coal selling price was RMB 680 per ton, down RMB 201 year-on-year (-23%) but up RMB 12 quarter-on-quarter (+17%) [3] - Q3 cost per ton was RMB 356, down RMB 107 year-on-year (-23%) and RMB 21.3 quarter-on-quarter (-5.6%), with gross profit per ton reaching RMB 342, up RMB 40 quarter-on-quarter (+13%) [3] Coal Chemical Business - The coal chemical business operated steadily, with significant quarter-on-quarter increases in production and sales in Q3 [3] - In the first three quarters, coal chemical production totaled 6.355 million tons, down 3.14 million tons year-on-year, while sales were 5.697 million tons, down 198,000 tons year-on-year [3] - Q3 coal chemical production was 2.174 million tons, up 22.7% quarter-on-quarter, with sales of 1.95 million tons, up 14.7% quarter-on-quarter [3] - The coal chemical segment generated revenue of RMB 18.708 billion, down 5% year-on-year, with a gross profit of RMB 3.864 billion, flat year-on-year [3] Financial Summary - The company's total market capitalization is RMB 159.533 billion, with a current share price of RMB 15.89 [4] - The 52-week price range is RMB 12.80-27.47 [4] - The company's net debt ratio is 55.65%, with a price-to-book ratio of 2.1x [5] - The company's ROE is expected to be 17.8% in 2024, 18.4% in 2025, and 18.9% in 2026 [8] - The company's EPS is forecasted to be RMB 1.60 in 2024, RMB 1.78 in 2025, and RMB 1.98 in 2026 [8] Valuation and Peers - The company's 2024E PE is 9.95x, compared to the peer average of 11.47x [10] - Comparable companies include Shaanxi Coal (11.14x 2024E PE), Shaanxi Energy (12.13x 2024E PE), China Shenhua (13.57x 2024E PE), and Xinji Energy (9.03x 2024E PE) [10]