天风证券研报指出，兖矿能源2025H1实现归母净利润46.5亿元，同比-38.5%；单Q2看，实现归母净利润19.4亿元，环比-28.3%。自产煤量价齐跌致业绩承压，成本下降致煤化工&电力盈利改善。单Q2来看，公司商品煤产/销量为3680/3339万吨，环比-0.02%/+6.2%，其中自产煤/贸易煤销量3185/153万吨，环比+4.5%/+64.1%。公司拟中报分红+回购回馈股东，未来公司业绩有望受煤价触底反弹驱动，叠加公司煤炭产能增量逐渐释放，维持“买入”评级。
天风证券研报指出，兖矿能源2025H1实现归母净利润46.5亿元，同比-38.5%；单Q2看，实现归母净利润19.4亿元，环比-28.3%。自产煤量价齐跌致业绩承压，成本下降致煤化工&电力盈利改善。单Q2来看，公司商品煤产/销量为3680/3339万吨，环比-0.02%/+6.2%，其中自产煤/贸易煤销量3185/153万吨，环比+4.5%/+64.1%。公司拟中报分红+回购回馈股东，未来公司业绩有望受煤价触底反弹驱动，叠加公司煤炭产能增量逐渐释放，维持“买入”评级。
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