董事名單與其角色和職能 兗礦能源集團股份有限公司第九屆董事會（「董事會」）成員列載如下： （在中華人民共和國註冊成立的股份有限公司） （股份代碼：01171） 李偉 劉健 劉強 張海軍 蘇力 黃霄龍 彭蘇萍** 朱利民** 胡家棟** 朱睿** 董事會設立五個委員會。下表提供各董事會成員在這些委員會中擔任的職位： 兗礦能源集團股份有限公司 YANKUANG ENERGY GROUP COMPANY LIMITED* ** 指獨立非執行董事 2024年9月18日 | | | | | 戰略與 | 可持續發展 | | --- | --- | --- | --- | --- | --- | | | 審計委員會 | 薪酬委員會 | 提名委員會 | 發展委員會 | 委員會 | | 李偉 | | | 成員 | 主任 | | | 劉健 | | | | 成員 | | | 劉強 | | | | | | | 張海軍 | | | | | | | 蘇力 | | | | | | | 黃霄龍 | | | | | | | 彭蘇萍** | | | 主任 | 成員 | | | 朱利民** | 成員 | 主任 | | 成員 | 成員 | | 胡家 ...

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。 ...

[Table_MainInfo] 公司研究/煤炭 证券研究报告 兖矿能源（600188）公司半年报点评 2024 年 09 月 11 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | |-------------------------------------------------------------| | 股票数据 | | 09 [ Table_StockInfo 月 10 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | [Table_ReportInfo] 《煤炭业务有望以量补价，煤化工盈利现改 | | 善》 2024.05.10 | | 《 23Q4 环比量价双升盈利提升，持续高分红 | | 彰显价值》 2024.04.01 | | 《煤炭业务韧性彰显，煤化工持续改善》 | | 2023.11.04 市场表现 | 兖矿能源 海通综指 -6.65% 2.35% 11.35% 20.35% 29.35% 38.35% 2023/9 2023/12 2024 ...

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 | --- | --- | --- | |-- ...

兖矿能源集团股份有限公司 2024 年中期业绩说明会会议纪要 2024 年 9 月 2 日，兖矿能源集团股份有限公司（"兖 矿能源"或"公司"）以现场、电话及网络会议的方式召 开 2024 年中期业绩说明会。公司董事长李伟先生，董事、 总经理肖耀猛先生，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 年中期经营业绩、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 2024 年上半年商品煤产量情况；全年商品 煤产量预计 （一）上半年产量 根据国际财务报告准则，2024 年上半年公司及其附属 公司（"本集团"）商品煤产量 6,908 万吨，同比增加 1,985 万吨或 40.3%，主要是由于： 2023 年收购的鲁西矿业、新疆能化矿井产量 1,556 万吨； 陕蒙矿井产量 2,140 万吨，同比增加 226 万吨或 11.8%； 三、对 2024 年下半年国内、国际煤价走势判断 预计下半年国内、国际煤价维持在历史较高水平，波 动幅度收窄。 2 1 澳洲矿井产量 ...

证券研究报告 | 公司动态点评 2024 年 09 月 02 日 兖矿能源（600188.SH） 煤炭业务产销量增长明显，煤化工业务降本增效出色 | --- | --- | --- | --- | --- | --- | |----------------------|---------|---------|---------|---------|---------| | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 224,973 | 150,025 | 145,903 | 151,048 | 157,041 | | 增长率 yoy （ % ） | 48.0 | -33.3 | -2.7 | 3.5 | 4.0 | | 归母净利润（百万元） | 33,819 | 20,584 | 15,286 | 15,880 | 16,302 | | 增长率 yoy （ % ） | 105.7 | -39.1 | -25.7 | 3.9 | 2.7 | | ROE （ % ） | 32.0 | 22.9 | 14.0 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 09 03 年 月 日 兖矿能源（600188.SH） Q2 业绩环比改善，未来成长可期 2024 年 8 月 30 日，公司发布 2024 年半年度业绩公告。24H1 公司实 现营业收入 723.12 亿元，同比-24.07%；归母净利润 75.68 亿元，同比31.64%，基本每股收益 1.02 元。24Q2 单季度公司实现营业收入 326.78 亿元，同比-27.72%，环比-17.55%；归母净利润 38.12 亿元，同比-17.34%， 环比+1.46%。 煤炭业务：产销稳定&成本下滑，二季度业绩环比改善。24H1 煤炭板块共 实现收入 473.51 亿元，同比-21.3%；成本 275.55 亿元，同比-11.8%； 毛利 197.96 亿元，同比-31.5%；毛利率为 41.8%，同比-6.25pct。单二 季度，煤炭板块共实现收入 224.97 亿元，环比-9.5%；成本 123.28 亿元， 环比-19.0%；毛利 101.69 亿元，环比+5.6%；毛利率为 45.2%，环比 +6.5pct。 （1） 产销方面：24Q2 公 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 兗礦能源集團股份有限公司(在中華人民共和國註冊成立的公司) 呈交日期: 2024年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600188 | 說明 | | A股（上海證券交易所） | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,592,040,720 | RMB | | 1 RMB | | 4,592,040,720 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 4,592,040,720 | RMB | | 1 RMB | | 4,592,04 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][5]. Core Views - The report highlights that the company's performance is under pressure due to declining coal prices, but it maintains high dividends and growth potential. The company has set long-term development plans and is focusing on transitioning towards new energy and materials [5]. Financial Performance Summary - In H1 2024, the company achieved operating revenue of 72.31 billion yuan, a year-on-year decrease of 24.1%. The net profit attributable to shareholders was 7.57 billion yuan, down 31.6% year-on-year. The adjusted net profit was 7.30 billion yuan, a decrease of 27.4% year-on-year. In Q2 alone, the operating revenue was 32.68 billion yuan, a quarter-on-quarter decline of 17.6%, with a net profit of 3.81 billion yuan, a quarter-on-quarter increase of 1.5% [5]. Coal Business Performance - In H1 2024, the company sold 69.08 million tons of coal, an increase of 8.2% year-on-year, while the average selling price of coal decreased by 23.5% year-on-year to 698 yuan per ton. The gross profit per ton of coal was 270 yuan, down 33.8% year-on-year [5]. Growth Potential - The company has significant growth potential in coal production, with plans to produce 140 million tons of coal in 2024, a 6.0% increase from 2023. The company has also made acquisitions that add 26.6 billion tons of coal resources [5]. Dividend Commitment - The company has committed to a dividend payout ratio of no less than 60% from 2023 to 2025, with a cash dividend of at least 0.5 yuan per share. For 2023, the cash dividend is set at 1.49 yuan per share, corresponding to a dividend yield of 6.2% based on the current closing price [5].