兖矿能源发布股份回购进展公告，A股及H股尚未启动回购

要点摘要

• 公司已获批A股回购方案，金额区间0.5亿元至1亿元，回购价格上限定为16.90元/股。
• H股回购方案金额区间为1.5亿元至4亿元，回购价格不高于回购前5个交易日均价的105%。
• 截至2026年3月31日，A股和H股回购均未实际实施，累计回购数量为零。
• 回购资金来源由“自有资金”调整为“自有资金与自筹资金相结合”。
• 公司回购A股用于员工持股计划或股权激励，若三年内未使用将予以注销；H股回购则直接用于减少注册资本。
• 公司将根据市场情况择机实施回购，并承诺持续及时披露信息。

详细内容解读

2026年4月1日，兖矿能源集团股份有限公司（股票代码：600188）发布了关于股份回购的最新进展公告。公告显示，截至2026年3月31日，公司尚未启动A股和H股的回购，累计回购金额和回购股份数均为零，这一结果或许会令部分期待回购带动公司股价上涨的投资者感到失望。

回购方案具体内容

• A股回购：
  • 董事会于2025年8月29日审议通过，回购金额区间为0.5亿元至1亿元人民币。
  • 回购方式为集中竞价，回购价格不超过16.90元/股（原为17.08元/股，因2025年半年度权益分派后做出调整）。
  • 回购期限为自董事会审议通过之日起12个月内。
  • 回购股份将用于员工持股计划或股权激励，若三年内未使用，将予以注销。
• H股回购：
  • 2025年8月29日董事会审议通过，回购金额为1.5亿元至4亿元人民币。
  • 回购价格不高于回购前5个交易日公司H股平均收市价的105%。
  • 回购期限以公司2025年度股东大会结束日或特别决议案撤回/修订有关回购H股授权之日两者中的较早日为准。
  • 回购股份将用于减少公司注册资本，并需在回购后10日内注销。
• 回购资金来源调整：
  • 2026年2月11日，公司董事会通过决议，将回购资金来源由“自有资金”调整为“自有资金与自筹资金相结合”，为回购计划提供更大灵活性。

回购进展及信息披露

根据相关监管要求，公司须在每月前3个交易日内披露回购进展。截至2026年3月31日，A股与H股均未展开实际回购，累计回购股数为0万股，累计回购金额为0万元。公司表示将严格按相关规定，结合市场情况择机实施回购，并及时履行信息披露义务。

对投资者及股价的可能影响

• 股份回购通常被视为公司管理层对未来发展的信心，有助于提升投资者信心、维护股价稳定。
• 但截至目前公司尚未实际回购，意味着回购计划对市场的实际提振作用尚未显现，短期内对股价推动有限。
• 若后续公司启动大额回购，尤其是以股权激励或注销股份方式，或有望改善市场预期并提升股东回报。
• 投资者需密切关注后续回购实施进度及相关信息披露。

重要提示

• 回购资金来源已放宽为“自有资金与自筹资金相结合”，显示公司有意确保资金实力，但也需关注相关融资安排对公司财务状况的影响。
• 回购方案最终能否实施、实施规模及进度将直接影响公司股本结构及市场表现，具有一定的不确定性。

免责声明

本文根据公司公告整理，仅供投资者参考，不构成投资建议。股市有风险，投资需谨慎。建议投资者密切关注公司后续公告及市场变化，理性决策。

English Version

Yankuang Energy Announces Share Buyback Progress: No Shares Repurchased Yet

Key Highlights

• Buyback plan for A-shares approved, amounting to RMB 50–100 million, with a maximum buyback price of RMB 16.90/share.
• H-share buyback plan approved, amounting to RMB 150–400 million, with buyback price capped at 105% of the average closing price over the past 5 trading days.
• As of March 31, 2026, no A-shares or H-shares have been repurchased; cumulative buyback quantity is zero.
• Buyback funding source changed from “own funds” to “combination of own and self-raised funds.”
• A-share buyback is for employee stock ownership or incentive plans (to be canceled if unused in 3 years); H-share buyback is for capital reduction.
• The company will implement the buyback as market conditions permit and promises timely information disclosure.

Detailed Interpretation

On April 1, 2026, Yankuang Energy Group Co., Ltd. (Stock code: 600188) released its latest update on the share buyback program. As of March 31, 2026, the company has not started buying back either A-shares or H-shares, with both cumulative buyback amount and number of shares at zero. This may disappoint investors who expected the buyback to support the share price.

Specifics of the Buyback Plan

• A-share buyback:
  • Approved on August 29, 2025; buyback amount set at RMB 50–100 million.
  • Buyback via centralized bidding, with maximum price adjusted to RMB 16.90/share after the 2025 interim equity distribution (original cap was RMB 17.08/share).
  • Buyback period: within 12 months from board approval.
  • Shares will be used for employee stock ownership or incentives, and canceled if unused within three years.
• H-share buyback:
  • Approved on August 29, 2025; buyback amount set at RMB 150–400 million.
  • Buyback price not to exceed 105% of the average closing price of the previous 5 trading days.
  • Buyback period ends on the earlier of the 2025 AGM date or when authorization is withdrawn/revised by shareholder resolution.
  • Repurchased shares will be canceled within 10 days of buyback for capital reduction.
• Buyback funding source adjustment:
  • On February 11, 2026, the board resolved to expand the funding source from “own funds” to “a combination of own and self-raised funds” for more flexibility.

Buyback Progress and Disclosure

According to regulations, the company must disclose buyback progress within the first 3 trading days of each month. As of March 31, 2026, both A-share and H-share buybacks remain unexecuted, with zero shares and zero funds spent. The company commits to implement the buyback as market conditions allow and to disclose progress in a timely manner.

Potential Impact on Investors and Share Price

• Share buybacks are generally seen as a sign of management’s confidence in the company’s prospects, supporting investor sentiment and share price stability.
• However, with no actual shares bought back so far, the buyback plan’s positive impact on the market has yet to materialize, so there is limited short-term support for the share price.
• If the company initiates substantial buybacks later, especially for equity incentives or cancellation, it could improve market expectations and shareholder returns.
• Investors should closely monitor subsequent buyback progress and company disclosures.

Important Notes

• The buyback funding source has been expanded, indicating the company’s intent to ensure financial strength, but investors should also note the impact of any financing arrangements on financial health.
• The final execution, scale, and timing of the buyback plan will directly affect the company’s capital structure and market performance and remain uncertain.

Disclaimer

This article is compiled based on the company’s public announcements and is for reference only. It does not constitute investment advice. Stock market investments carry risks; please invest prudently and pay attention to subsequent company disclosures and market developments.

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