煤炭板块逆势增产 每经记者｜黄婉银 每经实习记者｜李旭馗 每经编辑｜魏官红 在国内外煤炭市场价格下行的背景下，煤炭龙头企业兖矿能源（01171.HK，股价9.38港元，市值941.52亿港元）通过煤矿板块逆势增产及化工板块盈利提 升，展现出较强的抗周期能力。 9月1日，在兖矿能源召开的2025年中期业绩说明会上，兖矿能源董事长李伟介绍，公司上半年商品煤产量达7360万吨，创同期历史新高，同比增加6.5%； 化工品产量474万吨，同比增加13.5%。报告期内，实现营业收入593.49亿元，归母净利润46.52亿元。 在业绩会现场，李伟在回答《每日经济新闻》记者关于公司未来投资重点的提问时表示，"富煤、贫油、少气"是我国的能源资源禀赋特征。在"双碳"目标 下，煤炭一方面将发挥火电机组调峰作用，另一方面会向原料属性转变，而煤化工正是这一转变的重要方向，且化工产业是国民经济的重要组成部分。 李伟表示："未来，兖矿能源会持续优化煤化工领域投资，延长整个煤化工产业链，推动其与其他产业链协同发展，进一步强化与煤炭业务的对冲效应，以 实现集团价值最大化。" 今年上半年，化工板块贡献了显著盈利增量，成为兖矿能源对冲煤价下跌风险 ...

中证报中证网讯(记者张鹏飞)8月29日晚间，兖矿能源（600188）披露2025年半年度报告。报告显示， 公司上半年实现营业收入593.5亿元，归母净利润46.5亿元。尽管煤炭价格下行导致盈利下降，但通过增 产拓量、严控成本、开拓市场等举措，公司核心产业逆势增长，经营状况健康稳健，同时实施中期分红 0.18元/股，充分彰显出在复杂形势下的经营韧性、持续成长潜力和价值回报能力。 产量成本双向突破 "分红+回购"回报股东 兖矿能源始终秉持"股东至上、价值共享"理念，上市28年来坚持每年现金分红，累计分红总额达868亿 元，位列中国上市公司协会"2025年现金分红总额榜"第24位、"股息率榜"第13位。上半年，公司延续高 分红传统，拟中期分红0.18元/股，总额达18亿元，约占上半年净利润的40%。此前，公司已修订《公司 章程》，优化中期分红程序，从制度层面保障分红稳定性，增强可预期性。 兖矿能源财务基本面稳健向好，展现出较强的风险抵御能力和可持续发展实力。截至6月末，公司总资 产3756.7亿元，较年初增长4.8%，保持稳步扩张；净资产1364.5亿元，较年初增长2.6%，资产质量扎实 可靠。 上半年，兖矿能源充 ...

Core Viewpoint - Yancoal Energy Group Co., Ltd. expects a significant decline in net profit for the first half of 2025, projecting approximately 4.65 billion yuan, a year-on-year decrease of about 38% due to a substantial drop in coal prices and a generally loose supply-demand situation in the coal market [1] Industry Overview - The domestic and international coal market prices have significantly decreased in the first half of the year, with domestic prices for various coal types dropping between 23% to 29% year-on-year, and the Australian API5 index down by 21% [1] - The coal mining and washing industry reported a revenue of 1.24 trillion yuan and a total profit of 149.16 billion yuan from January to June 2025, reflecting a year-on-year decline of 21% and 53% respectively [1] Company Performance - Yancoal Energy's coal production increased by 6.54% year-on-year to 73.6 million tons, achieving a historical high for the same period [2] - The company managed to reduce its self-produced coal sales cost to 318 yuan per ton, a significant decrease of 13.8% year-on-year, while maintaining a relatively high gross profit margin despite a decline [2] - The coal chemical segment showed growth, with methanol production up by 6.71% to 2.1271 million tons and urea production up by 18.6% to 1.25 million tons, with sales volume increasing by 21.3% [2] Future Outlook - Positive factors are expected to drive company performance in the second half of the year, with signs of coal prices stabilizing and beginning to recover, as evidenced by a rise to approximately 690 yuan per ton for Qinhuangdao 5500 kcal thermal coal [3] - The integration of the newly acquired Northwest Mining Company is anticipated to enhance overall profitability, as it adds significant production capacity and quality coal assets [3] - The company has a clear growth trajectory for coal production, aiming for a target of 300 million tons, supported by both internal and external expansion efforts [5] Dividend Policy - Yancoal Energy has distributed a total of 85 billion yuan in dividends since its listing and has committed to maintaining a cash dividend payout ratio of no less than 60% from 2024 to 2026, with a minimum cash dividend of 0.5 yuan per share [5]