兖矿能源2026中期报告

20261111 2026 2026 0.20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .52. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .91. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .119 Yankuang Energy Group Company Limited*YANKUANG ENERGY * 94986 537539 237786 537538 3311xyshang@ykenergy.com 949949273500www.ykenergy.comwww.yanzhoucoal.com.cnIR@ykenergy.com A1968A-1A-5H7288 2025 1. 2. 2025528.94JORC80.8010.4 CNAS32218278.24000 1. 8,8021842.0% (2) 8,2912603.2% 464.1455.2413.5% (3) 289.4530.5011.8%339.5722.807.2% 2. 3. 183.61 100% 2 3 1.100%28.432.8.706.443.8.803.83 (2) 3 2026630786.83 4 (1) 2026630761.151,284.48168.8% (2) (3) 1(1)(2)(3) 100%30.5028.43 10% 20263.071.01 202643.0231.31267.4%100% 202617.775.3423.1% 202611.6610.58980.4% 20269.452.5537.0% 20260.776.7689.8% 20264.802.86 1. 20262026 20262026 2. 20261,315.2937.90 3. 8068050 260266G CFH + 4. (1)(2)(3) 1.31 5. 2026 4.06 80680 100%1201 880250310 3.4%3.52 2.4%54960.9%1.3 A+HESG(MSCI)ESGBBB100% 20074211,560135218790% ++++2023-202560%2026-2028 1. 20266 2620252025 20266 26 2025 2025 202642820266 262025 2. (1) 2026428 2026428 (2) 2026626 2026626 100102.00100 1,965,2001020262.00 20221 272022AH2021A 20242 231,2012,916.34227.4120243 8 20252 241,1713,673.87013.2120253 7 20262 111,1613,744.093619.102026317 2026630 00A0% 1. 2. 5% 3. 20221 272022AH1,2566,23420221 2711601,2561,2456,2346,174A 4. 1% 5. 20221272022127 6. 243648 7. 8. 11.7211.72 9. 50% 1 2060120 10. 20221272021A 1 11. 202212720222022AH60 12. 20222 2420222252021A 20238 250.511.723.61336,1749,261262672023825 20242 23162422140.1182024223 20252 2420240.33.61331.40335,937.547,718.802275941237.9862025224 20262 1120251.40330.68333,806.9461531862.85242026211 202510 16 202632720266262025 20264 21 2026626 20266 26 2026626 2025 e1,560 http://221.214.62.226:8090/EnvironmentDisclosure/enterpriseRoster/openEnterpriseDetails?comDetailFrom=0&id=91370000706096972Thttp://221.214.62.226:8090/EnvironmentDisclosure/enterpriseRoster/openEnterpriseDetails?comDetailFrom=0&id=91370000706220283Thttp://221.214.62.226:8090/EnvironmentDisclosure/enterpriseRoster/openEnterpriseDetails?comDetailFrom=0&id=91370000706096999Jhttp://221.214.62.226:8090/EnvironmentDisclosure/enterpriseRoster/openEnterpriseDetails?comDetailFrom=0&id=91370000706096980Mhttp://221.214.62.226:8090/EnvironmentDisclosure/enterpriseRoster/openEnterpriseDetails?comDetailFrom=0&id=91370000706092808K 2026752.58 550 2,810 50 / Glencore Coal Pty Ltd 1 2 (1) 202553020242025-202720251120254820255302025515 202672920262026-20282026112026632026729202677 202675.8854.86 2026 2026 202553020242025-202720251120254 820255302025515 202672920262026-20282026112026632026729202677 2026478.50257.95143.84 20260.80 202553020242025-202720251120254820255302025515 202672920262026-20282026112026632026729202677 2026263.20169.04184.79 202553020242025-20271.5%20251120254820255302025515 202672920262026-20281.5%20261 12026632026729202677 202655,764 202553020242025-202720251120254820255302025515 202672920262026-20282026112026632026729202677 2026248 20262026 (2) 20241152024-20262024115 202682420263.57.52026824 20267.520262.15 2024115HVO2024-2026HVO2024115 2026HVO1320264.06 20241152024-20262024115 20262.520260.34 202311620231282024-2026(i)(ii)(iii)10ppm2023128 20262.220260.99 (3) 20253282025-202720252026202720.122.224.32025112025328 20264.74 20253 28202532820251231202620272025328202512312026202715151510.111.112.2 (i)(ii)(i) 2025328202712312025328 202600 3 2 20267 292026155.70100%8.45100% 20266320267292026 3 4 1 2 202632760 10 2026327 3 () 123 1 2 3 4 0.73 5 2026-2028 202662620252026-2028 20263272026-202820266262025 20267 20A997,79020,234,060.700.01% 2026720 100% 100%305,001202636 202621100%202636100% 2026526202628205627 20251210.4108.90.105%1,6503.08 20262 1124100% 20264 14EMR Capital Advisors Pty LtdKestrel CoalEMR Limited EMR CapitalManagement LimitedAdaro Capital Limited100% 2026414 2026428 2026428 20259222026414 20259 2220262 132026414