股票代码：600188 股票简称：兖矿能源 编号：临 2024-068 兖矿能源集团股份有限公司 关于召开 2024 年度第一次临时股东大会的通知 时间：2024 年 10 月 25 日 9 点 00 分。 地点：山东省邹城市凫山南路 949 号公司总部。 (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 2024 年 10 月 25 日 至 2024 年 10 月 25 日 1 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、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第一次临时股东大会。 股东大会召开日期：2024年10月25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：兖矿能源集团股份有限公司董事会。 (三) 投票方式：现场投票和网络投票相结合的方式。 (四) 现场会议召开的时间和地点 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 ...

| | 本次可交换债券发行通函有关条款在到期日之 | | --- | --- | | | 前赎回该债券，则在香港时间（上述地点）规 | | | 定的赎回日期前七天（含）的营业结束时；或 | | | 者（iii）如果债券持有人根据本次可交换债券 | | | 发行通函有关条款发出赎回通知，则在发出该 | | | 通知前一天的香港时间（上述地点）的营业结 | | 束时。 | | 截至本公告披露日，本次可交换债券发行已完成簿记定价,尚未 完成交割。本次可交换债券发行不会导致公司实际控制权发生变更， 不会对公司生产经营和公司治理产生影响。 关于本次可交换债券的后续事宜，公司将根据相关法律法规及时 履行信息披露义务，敬请广大投资者注意投资风险。 2024 年 9 月 25 日，兖矿能源集团股份有限公司（"公司"）收 到控股股东山东能源集团有限公司（"山东能源"）通知，2024 年 9 月 24 日，山东能源全资子公司兖矿集团（开曼）有限公司作为发行 人，山东能源作为担保人，以山东能源全资子公司兖矿集团（香港） 有限公司（"兖矿香港"）持有的公司 282,697,893 股 H 股股票作为 标的股票，在香港联合交易所定价发 ...

1 所批准，沙尔夫公司股票正式转换上市板块至法兰克福证券交易所受 监管高级市场上市交易，股票代码为 S4AA。 股票代码：600188 股票简称：兖矿能源 编号：临 2024-066 兖矿能源集团股份有限公司 关于境外控股子公司转换上市板块的公告 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。 2024 年 3 月 1 日，兖矿能源集团股份有限公司（"公司"）与 Shareholder Value Management Aktiengesellschaft 等 11 方签署 股份购买协议，公司以现金收购交易对方所合计持有的 SMT Scharf AG（"沙尔夫公司"）2,907,454 股普通股股份（"标的股份"），公司实 际支付转让价款约为 3,216.95 万欧元。2024 年 9 月 19 日，标的股 份完成交割并转让至公司。 有关详情请参见公司日期为 2024 年 3 月 1 日的关于收购境外公 司股权的公告和 2024 年 9 月 20 日关于收购境外公司股权事项完成 交割的公告，该等资料刊载于上海证券交易所网站、 ...

兖矿能源集团股份有限公司 关于并购 Highfield Resources Limited 的公告 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、交易概述 2024 年 9 月 23 日，兖矿能源与高地资源签署"Implementation 1 投资标的名称：Highfield Resources Limited（一家于澳大 利亚证券交易所上市的公司，股份代码：HFR，"高地资源"）。 交易对价：兖矿能源集团股份有限公司（"兖矿能源"、"公 司"）拟以持有的 Yancoal Canada Resources Co., Ltd. （"兖煤加拿大"）100%股权及其全资子公司——兖煤国际 （控股）有限公司（"兖煤国际"）对兖煤加拿大的股东借款 之本息作价出资，同时现金出资不超过 9,000 万美元认购高 地资源定向增发的股份。 本次交易需经境内外相关主管部门审批、备案并经高地资源 股东大会审议同意，能否获得相关批准存在不确定性；本次 交易设有交割条件，能否实现存在不确定性；本次交易完成 后，公司将成为高地资 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [5]. Core Insights - The company is positioned as a leading international coal enterprise with a focus on expanding its production capacity and maintaining a stable high dividend policy [3][5]. - The company has a robust coal production capacity of 231 million tons per year as of the end of 2023, with plans to increase this to 300 million tons over the next 5-10 years [3][18]. - The company benefits from its unique overseas coal assets, particularly in Australia, which contribute significantly to its revenue and profit [4][28]. - The coal chemical segment is expected to recover profitability due to improved industry supply-demand dynamics [4]. - The company has committed to distributing approximately 60% of its net profit as cash dividends from 2023 to 2025, with a minimum dividend of 0.5 RMB per share [4][25]. Summary by Sections Company Overview - The company, Yanzhou Coal Mining Company Limited, is a major player in the coal industry, with a significant presence in both domestic and international markets [10]. - It has a total coal resource of 4.71 billion tons, ranking it among the top in the industry [10][14]. Production Capacity and Growth - The company has been expanding its production capacity through both acquisitions and organic growth, with an expected increase of 11.8 million tons in capacity by 2025 [3][17]. - The coal production in 2023 reached 132.1 million tons, showing a significant increase from previous years [21][22]. Financial Performance - The company’s revenue is projected to grow, with expected revenues of 148.56 billion RMB, 155.96 billion RMB, and 163.92 billion RMB for 2024, 2025, and 2026 respectively [5]. - The net profit for the same years is forecasted to be 16.36 billion RMB, 19.73 billion RMB, and 21.54 billion RMB [5]. Dividend Policy - The company has a strong commitment to returning value to shareholders through dividends, with a historical payout ratio above 55% [25][26]. International Operations - The company has established a significant presence in Australia, with coal production from its Australian operations accounting for 29% of total production in 2023 [4][23]. - The Australian operations are characterized by a high degree of market pricing flexibility, which enhances profit margins [24].

股票代码：600188 股票简称：兖矿能源 编号：临 2024- 064 兖矿能源集团股份有限公司 关于收购境外公司股权事项完成交割的公告 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。 2024 年 3 月 1 日，兖矿能源集团股份有限公司（"兖矿能源""公 司"）与 Shareholder Value Management Aktiengesellschaft、 Shareholder Value Beteiligungen Aktiengesellschaft 等 10 方签 署了《股份购买协议-关于出售及购买 SMT Scharf AG 特定股份》；与 Famous Holding GmbH 签署了《股份购买协议（Famous）-关于出售及 购买 SMT Scharf AG 特定股份》（上述两份协议合称"《股份购买协 议》"）。公司拟以现金收购交易对方合计持有的 SMT Scharf AG（"标 的公司"）2,907,454 股普通股股份，公司实际支付转让价款约为 3,216.95 万欧元（"本次交易"）。 有关详情 ...

兖矿能源集团股份有限公司 关于总经理变更的公告 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。 因工作调整，兖矿能源集团股份有限公司（"公司"）董事、总经 理肖耀猛先生于 2024 年 9 月 18 日申请辞去董事、总经理职务，同时 申请辞去董事会战略与发展委员会委员、董事会可持续发展委员会委 员职务。 股票代码：600188 股票简称：兖矿能源 编号：临 2024-063 肖耀猛先生在任职期间恪尽职守、勤勉尽责，为公司规范运作和 高质量发展作出了积极贡献。公司董事会对肖耀猛先生致以衷心感谢！ 特此公告。 兖矿能源集团股份有限公司董事会 2024 年 9 月 18 日 公司将尽快履行选聘新任总经理的法定流程。在公司董事会聘任 新任总经理前，由王九红先生暂行总经理职责。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that the coal business is expected to compensate for price declines through volume increases, and the profitability of the coal chemical sector is improving [6][8] - The company aims for a coal production target of 300 million tons per year in the medium to long term, with coal prices anticipated to fluctuate within a mid-high range [6] - The report projects net profits for the company to be 15.7 billion, 16.2 billion, and 16.9 billion yuan for the years 2024 to 2026, respectively, with corresponding EPS of 1.57, 1.62, and 1.68 yuan [6] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 72.3 billion yuan and a net profit of 7.57 billion yuan, representing a year-on-year decline of 24.1% and 31.6%, respectively [5] - The coal production and sales volume for the first half of 2024 reached 69.08 million and 63.76 million tons, showing a year-on-year increase of 8.2% and 9% [6] - The average selling price of self-produced coal in the first half of 2024 was 668 yuan per ton, down 22.1% year-on-year [6] Cost and Profitability - The unit cost of self-produced coal remained stable at 371 yuan per ton in the first half of 2024, with a gross margin of 44.4%, down 12.3 percentage points year-on-year [6] - The report indicates a significant decrease in coal chemical costs in the second quarter of 2024, leading to improved profitability [8] Dividend Policy - The company plans to distribute a mid-term cash dividend of 0.23 yuan per share, totaling 2.31 billion yuan, which accounts for 30.5% of the net profit attributable to shareholders [8] Earnings Forecast - The company is expected to maintain a stable growth trajectory in coal production, with projected revenues of 150 billion yuan in 2023, decreasing slightly to 143.88 billion yuan in 2024 [11] - The report provides a valuation range for the company at 17.25 to 18.82 yuan based on a PE ratio of 11 to 12 times for 2024 [6]

Investment Rating - Buy (First Coverage) [1] Core Views - Yanzhou Coal Mining is a global energy leader with an integrated coal-based layout, focusing on coal production, deep processing, and comprehensive utilization [3] - The company has a dual-drive strategy for its coal business, with new capacity releases and existing capacity recovery, aiming for a long-term production target of 300 million tons [3] - Yanzhou Coal Mining has significant price elasticity in its coal business, benefiting from both volume and price increases during upward cycles [3] - The company is extending its industrial chain into high-end chemical new materials, with a target of producing over 20 million tons of chemical products in 5-10 years [3] - Yanzhou Coal Mining has optimized its asset structure and demonstrated strong shareholder value through its dividend policy, with a 60% payout ratio of net profit after statutory reserves [3] Market Performance - Yanzhou Coal Mining's stock price has underperformed the CSI 300 index over the past three months, with an absolute decline of 23.70% and a relative decline of 13.04% [2] Financial Highlights - In H1 2024, Yanzhou Coal Mining reported revenue of 72.3 billion yuan, a year-on-year decrease of 24.07%, and net profit attributable to shareholders of 7.6 billion yuan, a year-on-year decrease of 31.64% [3] - The company's revenue in 2023 was 150 billion yuan, a year-on-year decrease of 33.3%, and net profit attributable to shareholders was 20.1 billion yuan, a year-on-year decrease of 39.6% [5] - Yanzhou Coal Mining's EPS for 2024-2026 is forecasted to be 1.49, 1.66, and 1.72 yuan, respectively [4] Coal Business - Yanzhou Coal Mining's coal production capacity is approximately 245 million tons, with new projects like Wanfu Mine and Wucaiwan No. 4 Open-pit Mine expected to contribute additional capacity [3] - The company's coal sales structure is highly elastic, with coal prices increasing by 69% and 36% in 2021 and 2022, respectively [3] - Yanzhou Coal Mining's coal production is expected to reach 140 million tons in 2024, with a long-term target of 300 million tons [3] Chemical Business - Yanzhou Coal Mining has established five high-end chemical parks, with chemical product output reaching 8.59 million tons in 2023 [3] - The company aims to produce over 20 million tons of chemical products annually in the next 5-10 years [3] - Yanzhou Coal Mining is the only company in China with both low-temperature and high-temperature Fischer-Tropsch synthesis technologies, leading in methanol and acetic acid production [37] Dividend Policy - Yanzhou Coal Mining has committed to a dividend payout ratio of approximately 60% of net profit after statutory reserves for 2023-2025 [3] - In 2023, the company distributed a cash dividend of 11.5 billion yuan, with a dividend yield of 10% for A-shares and 16% for H-shares [3] Valuation - Yanzhou Coal Mining's PE ratio for 2024-2026 is forecasted to be 8.83, 7.91, and 7.63 times, respectively [50] - The company's valuation is lower than peers like Shaanxi Coal Industry, China Shenhua, and China Coal Energy [51]

| --- | --- | |------------------------------------|----------------| | | | | | | | | | | [Table_Title] 评级：买入（维持） | | | 市场价格： 14.63 | 元 | | | | | 分析师：杜冲 执业证书编号： | S0740522040001 | | 电话： | | Email：duchong@zts.com.cn 联系人：鲁昊 电话电话： Email：luhao@zts.com.cn | --- | --- | |---------------------------|---------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 10,040 | | 流通股本 ( 百万股 ) | 5,887 | | 市价 ( 元 ) | 14.63 | | 市值 ( 百万元 ) | 146,883 | | 流通市值 ( 百万元 ) | 86,129 | [Table_QuotePic] 股价与行业-市场走势对比 | --- | --- | --- | |-- ...