Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

YANZHOU COAL MINING COMPANY LIMITED

(A joint stock limited company incorporated in the People's Republic of China ("PRC") with limited

liability)

(Stock Code: 01171)

RESULTS REPORT FOR THE FIRST QUARTER OF 2021

IMPORTANT NOTICE

This announcement is made pursuant to Part XIVA of the Securities and Futures Ordinance and the disclosure requirement under Rule 13.09(2)(a) and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "HKSE").

The board of directors (the "Board"), the supervisory committee, the directors (the "Directors"), the Supervisors, and the senior management of Yanzhou Coal Mining Company Limited ("Yanzhou Coal" or "the Company" or "Company") confirm that this report does not contain any misrepresentations, misleading statements or material omissions and severally and jointly accept all responsibilities for the authenticity, accuracy and completeness of the information contained in this report.

The report for the results of the first quarter of 2021 of the Company (the "Report") was considered and approved by the twelfth meeting of the eighth session of the Board and all the 9 Directors of the Board who were supposed to attend the meeting were present.

The financial statements in this Report have not been audited.

"Reporting Period" means the period from 1 January 2021 to 31 March 2021.

"The Group" means the Company and its subsidiaries.

Mr. Xiao Yaomeng, who is in charge of the Company, the Chief Financial Officer, Mr. Zhao Qingchun and the head of the Accounting Management Department, Mr. Xu Jian, hereby declare the authenticity, accuracy and completeness of the financial statements in this Report.

1/ 38

Summary of the unaudited results of the Group for the first quarter ended 31 March 2021 is set out as follows:

  • This Report is prepared in accordance with the relevant regulations on Disclosure of Information in Quarterly Reports for Listed Companies promulgated by the China
    Securities Regulatory Commission (the "CSRC").
  • All financial information contained in this Report is prepared in accordance with the relevant requirements and interpretations under the Accounting Standards for Business Enterprises promulgated by the Ministry of Finance of the PRC. Shareholders of the
    Company (the "Shareholders") and public investors are reminded of the different reporting standards adopted in this Report, the interim report and the annual report of the Company when trading in the shares of the Company.
  • Unless otherwise specified, the recording currency used in this Report is Renminbi
    ("RMB").
  • For the first quarter of 2021, the operating income of the Group was RMB31.056 billion, representing a decrease of RMB16.950 billion or 35.31% as compared with the corresponding period of last year. Net profit attributable to the shareholders of listed company was RMB2.251 billion, representing an increase of RMB522 million or 30.19% as compared with the corresponding period of last year.
  • The content of the Report is consistent with the announcement published on the Shanghai Stock Exchange. This announcement is published simultaneously in the PRC and

overseas.

2/ 38

I. GENERAL INFORMATION OF THE GROUP

1.1 Major Financial Data

Unit: RMB'000

As at the end of

As at the end of previous

Increase/decrease at the end

year

of the Reporting Period as

the Reporting

compared with the end of

Period

After

Before

previous year

adjustment

adjustment

Total assets

257,673,487

258,910,041

258,910,041

-0.48

Net assets

attributable to the

51,507,364

54,118,394

54,118,394

-4.82

shareholders of

listed company

From the beginning

From the beginning of the year

Increase/decrease

for

the

of the

year to the

till the end of the Reporting

Reporting Period as compared

end of the Reporting

Period of the year 2020

with the corresponding period

Period

After

Before

of previous year

adjustment

adjustment

Net cash flows from

3,158,823

3,049,498

1,336,342

3.59

operating activities

From the beginning

From the beginning of the year

Increase/decrease

for

the

of the

year to the

to the end of the Reporting

Reporting Period as compared

end of the Reporting

Period

with the corresponding period

Period

After

Before

of previous year

adjustment

adjustment

Operating income

31,055,994

48,005,960

45,604,524

-35.31

Net profit

attributable to the

2,251,001

1,729,030

1,527,504

30.19

shareholders of

listed company

Net

profit

attributable

to the

shareholders

of

listed company after

2,218,000

1,449,615

1,454,167

53.01

deducting

extraordinary profits

and losses

Weighted average

Increase 1.32

return on net assets

4.06

2.74

2.37

percentage points

(%)

Basic earnings per

0.4628

0.3520

0.3110

31.48

share (RMB)

Diluted earnings per

0.4628

0.3520

0.3110

31.48

share (RMB)

3/ 38

Notes:

① In 2020, the Company acquired 49.315% equity of Shannxi Future Energy Co., Ltd. ("Future Energy"), 100% equity of Yankuang Yulin Fine Chemicals Co., Ltd.("Fine Chemicals"), 100% equity of Yankuang Lunan Chemical Co., Ltd.("Lunan Chemical"), 100% equity of Yankuang Jining Chemical Equipment Co., Ltd., 100% equity of Yankuang Coal Chemical Supply and Marketing Co., Ltd. ("Coal Chemical Supply and Marketing"), 99% equity of Shandong Yankuang Jining No.3 Power Generating Co., Ltd. ("Jining No.3 Power") and related assets of Information Center held by Yankuang Group (currently known as Shandong Energy) (the "Acquisitions of Related Assets from the Controlling Shareholder"). According to Chinese accounting standards, the acquisitions constituted mergers under the controls in common. The Group has made retroactive adjustments to the relevant items in its comparative financial statements for the first quarter of 2021.

②The financial statements of Yankuang (Hainan) Intelligent Logistics Technology Co., Ltd. ("Intelligent Logistics") were no longer consolidated during the Reporting Period.

③As at the end of the Reporting Period, participants of the Company's 2018 A Share option scheme (the "Share Option Scheme") exercised and completed the transfer of 13,041,592 shares, and the total share capital of the Company has been increased by 13,041,592 shares. Earnings per share and other relevant indicators were calculated based on the weighted average of outstanding common shares.

Extraordinary profit and loss items and amounts

Unit: RMB'000

Items of extraordinary profits and losses

Account for the Reporting Period

(January-March)

Gains and losses on disposals of non-current assets

10,045

Government grants recognized as gains or loss of current period,

excluding the government grants, which are closely related to the

Company's normal business operations, in line with national

18,911

policies and can be continuously enjoyed according to certain

standard quota or quantities.

Except effective hedging businesses that relate to the Company's

ordinary operating operations, gain or loss from fair value changes

on transactional financial assets and liabilities, and investment

-15,364

income from disposal of transactional financial assets, liabilities

and available-for-sale financial assets

Receivables tested separately and contract assets impairments

9,600

reverses

Other non-operating income and expenses excluding

the

9,976

abovementioned items

Effect of the equity of minority shareholders (after tax)

781

Effect of income tax

-948

Total

33,001

4/ 38

1.2 Total number of Shareholders at the end of the Reporting Period, the top ten Shareholders and the top ten Shareholders holding tradable shares of the Company which are not subject to trading moratorium as at the end of the Reporting Period

Unit: share

Total number of Shareholders

59,200

Shareholdings of the top ten Shareholders

Number of shares

Number of shares

Pledged or locked shares

Name of Shareholders

held at the end of

Percentage (%)

held subject to

Nature of

Status of

Number of

(Full name)

the Reporting

trading

Shareholders

shares

shares

Period

moratorium

Shandong Energy Group

2,263,047,288

46.44

0

No

0

State-owned

Co., Ltd ①

legal person

Hong

Kong

Securities

Overseas

Clearing

Company

1,896,508,803

38.92

0

Unknown

-

legal

(Nominees) Limited

person

Hong

Kong

Securities

Overseas

Clearing

Company

76,941,043

1.58

0

No

0

legal

Limited

person

China

Merchants

Bank

Co., Ltd. -

Shanghai

Stock

Exchange

Dividend

Tradable

47,103,875

0.97

0

No

0

Others

Open-end

Index

Securities

Investment

Fund

Agricultural

Bank

of

China Co., Ltd. - GF

Equilibrium

Preferred

40,393,713

0.83

0

No

0

Others

Hybrid

Securities

Investment Fund

Central

Huijin

Assets

19,355,100

0.40

0

No

0

State-owned

Management Co., Ltd.

legal person

Industrial Bank Co., Ltd.

- GF

Stable

Preferred

Six-month

Hybrid

18,240,453

0.37

0

No

0

Others

Securities

Investment

Fund

Industrial

and

Commercial

Bank

of

China

Limited

-

GF

16,829,643

0.35

0

No

0

Others

Value Advantage Hybrid

Securities

Investment

Fund

5/ 38

China Construction Bank

Corporation Limited

-

GF

Value

Leading

13,751,100

0.28

0

No

0

Others

Hybrid

Securities

Investment Fund

China

Life

Insurance

Co., Ltd. - Self-owned

8,854,200

0.18

0

No

0

Others

capital

Top ten Shareholders holding tradable shares not subject to trading moratorium

Number of tradable

Class and number of shares held

Name of Shareholders

shares held not subject to

Class of

Number of shares

trading moratorium

shares

Shandong Energy Group Co., Ltd

2,263,047,288

A Shares

2,263,047,288

Hong

Kong

Securities

Clearing

1,896,508,803

H Shares

1,896,508,803

Company (Nominees) Limited

Hong

Kong

Securities

Clearing

76,941,043

A Shares

76,941,043

Company Limited

China Merchants Bank Co., Ltd. -

Shanghai Stock

Exchange Dividend

47,103,875

A Shares

47,103,875

Tradable Open-end Index Securities

Investment Fund

Agricultural Bank of China Co., Ltd. -

GF Equilibrium

Preferred

Hybrid

40,393,713

A Shares

40,393,713

Securities Investment Fund

Central Huijin Assets Management Co.,

19,355,100

A Shares

19,355,100

Ltd.

Industrial Bank Co., Ltd. - GF stable

preferred six-month holding

period

18,240,453

A Shares

18,240,453

hybrid securities investment fund

Industrial Bank Co., Ltd. - GF Stable

Preferred Six-month Hybrid Securities

16,829,643

A Shares

16,829,643

Investment Fund

China

Construction Bank Corporation

Limited - GF Value Leading

Hybrid

13,751,100

A Shares

13,751,100

Securities Investment Fund

China

Life

Insurance

Co.,

Ltd. -

8,854,200

A Shares

8,854,200

Self-owned capital

6/ 38

Yankuang Group Hong Kong Company Limited ("Yankuang Hong

Kong"), a wholly-owned subsidiary of the Controlling Shareholder, held

455,000,000 H shares through Hong Kong Securities Clearing Company

(Nominees) Limited.

Agricultural Bank of China Co., Ltd. - GF Equilibrium Preferred Hybrid

Illustration of related relationships

or

Securities Investment Fund, Industrial Bank Co., Ltd. - Industrial Bank Co.,

Ltd. - GF Stable Preferred Six-month Hybrid Securities Investment Fund,

actions in concert among the above

Industrial and Commercial Bank of China Limited - GF Value Advantage

Shareholders

Hybrid Securities Investment Fund and China Construction Bank

Corporation Limited - GF Value Leading Hybrid Securities Investment

Fund are all managed by GF Fund Management Co., Ltd.

Apart from the disclosure above, it is unknown whether other shareholders

are related with one another or whether any of these shareholders fall

within the meaning of parties acting in concert.

Illustration of

preferred shareholders

with restored

voting rights and

the

Not applicable.

number of shares held by them

Notes:

① On 1 April, 2021, the Company received a notice from Yankuang Group Co., Ltd. ("The former Yankuang Group", the "Controlling Shareholder"), that the industrial and commercial registration procedures have been completed for strategic restructuring between the former Yankuang Group and the former Shandong Energy Group Co., Ltd. The name of the Controlling Shareholder has been changed from "Yankuang Group Co., Ltd." to Shandong Energy Group Co., Ltd ("Shandong Energy

Group").

②All the information above, including "Total number of Shareholders" and "The top ten Shareholders and the top ten Shareholders holding tradable shares of the Company which are not subject to trading moratorium at the end of the Reporting Period", is prepared in accordance with the registers of the Shareholders provided by the Shanghai Branch of China Securities Depository and Clearing Co., Ltd. and Computershare Hong Kong Investor Services Limited and the actual situation that Controlling Shareholder's name has changed to "Shandong Energy Group Co., Ltd.".

③As the clearing and settlement agent for the Company's H shares, Hong Kong Securities Clearing Company (Nominees) Limited holds the Company's H shares in the capacity of a nominee. Hong Kong Securities Clearing Company Limited is the nominal shareholder of the Company's Shanghai Stock Connect Program.

  • During the Reporting Period, 4,122,135 shares in aggregation were converted from converted corporate bonds 18yan01EB by the Controlling Shareholder, accounting for about 0.08% of the total share capital of the Company.
    ⑤As at 31 March 2021, the Controlling Shareholder held a total of 2,263,047,288 A shares of the Company, including 1,875,662,151 A shares held by its own account, and 387,385,137 A shares held by the guarantees and trust account jointly opened by CITIC Securities Co., Ltd. and the Company to provide guarantees for the convertable corporate bonds issued by the Controlling Shareholder; the Controlling Shareholder held 454,989,000 H Shares of the Company through Yankuang Hong Kong. the controlling shareholder directly and indirectly held 55.78% of the Company's shares.

7/ 38

⑥As at the end of the Reporting Period, the total share capital of the Company was increased to 4,873,041,592 shares as a result of the exercise of the Share Option Scheme. For details, please refer to the related contents of "Other Significant Matters" of "Significant Matters" of this report.

Substantial Shareholders' Interests and/or Short Positions in the Shares and/or Underlying Shares

of the Company

As far as the Directors are aware, save as disclosed below, as at 31 March 2021, other than the Directors, Supervisors or chief executives of the Company, there were no other persons who were substantial shareholders of the Company or had interests or short positions in the shares or underlying shares of the Company, which should (i) be disclosed pursuant to Sections 2 and 3 under Part XV of the Securities and Futures Ordinance ("SFO"); (ii) be recorded in the register to be kept pursuant to Section 336 of the SFO; or (iii) notify the Company and the HKSE in other ways.

Percentage

Percentage

in

Name of

Number of

Nature

in Total

Class of

the H Share

Substantial

Capacity

Shares Held

of

Issued Share

Shares

Capital of

Shareholders

(share)

Interest

Capital of the

the

Company

Company

A

Shares

Beneficial

2,263,047,288

Long

-

46.44%

Shandong

(State-owned

owner

position

Energy Group

legal

person

Beneficial

387,385,137

Short

-

7.95%

shares)

owner

position

Shandong

Interest of

Long

H Shares

controlled

454,989,000

23.95%

9.34%

Energy Group①

position

corporations

BNP Paribas

Investment

Long

Investment

H Shares

117,641,207

6.19%

2.41%

manager

position

Partners SA

Note：

  • The Controlling Shareholder's controlled subsidiary incorporated in Hong Kong holds such H Shares in the capacity of beneficial owner.
    ② The percentage figures above have been rounded off to the second decimal place.
    ③ Information disclosed herein is based on the information available on the website of the HKSE at www.hkexnews.hk and information provided by China Securities Depository and Clearing Corporation Limited Shanghai Branch, and the actual situation of name change of the Controlling Shareholder as Shandong Energy Group.

8/ 38

1.3 Total number of Preferred Shareholders at the end of the Reporting Period, the top ten Shareholders holding preferred shares and the top ten Shareholders holding preferred shares not subject to trading moratorium

Not applicable.

II. SIGNIFICANT MATTERS

2.1 General Operating Performance

2.1.1 Operating data of main products and services

For the first quarter

Item

Increase/

2021

2020

Decrease

(%)

1.Coal business（kiloton）

Saleable

coal

26,348

28,205

-6.58

production

Sales volume

of

26,308

35,907

-26.73

saleable coal

2.Coal Chemicals Business（kiloton）

Production

1,503

1,039

44.56

volume

of

chemical products

Sales volume

of

1,302

895

45.53

chemical products

3. Power business (10,000kWh)

Power generated

187,406

322,936

-41.97

Power sold

151,028

76,909

96.37

Note:

① The Group completed the Acquisitions of Related Assets from the Controlling Shareholder in 2020, which was a merger under controls in common, the Group made relevant retroactive adjustment to the data for the first quarter of 2020 accordingly.

②The data in table above and the data for the first quarter of 2021 and the first quarter of 2020 were all

rounded off, while the increase or decrease percentage detailed in this chapter are calculated on base of

the data before being rounded off.

2.1.2 Operating performance of the principal businesses of the Group by segment

1. Coal business

(1) Coal production

During the first quarter of 2021, the Group produced saleable coal of 26.35 million tons, representing a decrease of 1.86 million tons or 6.6% as compared with the corresponding period of the previous year. The following table sets out the saleable coal production volume of the Group for the first quarter of 2021.

9/ 38

Unit: kiloton

For the first quarter

Item

2021

2020

Increase/

Decrease (%)

1. The Company

6,394

8,000

-20.08

2.

Heze Neng Hua①

586

817

-28.19

3.

Shanxi Neng Hua②

354

305

16.02

4.

Future Energy

4,294

3,990

7.64

5.

Ordos Neng Hua③

3,962

3,120

27.00

6.

Haosheng Company④

822

1,481

-44.52

7.

Yancoal Australia⑤

8,736

9,149

-4.52

8.

Yancoal International⑥

1,200

1,343

-10.66

Total

26,348

28,205

-6.58

Notes:

  • "Heze Neng Hua" means Yanmei Heze Neng Hua Company Limited.
  • "Shanxi Neng Hua" means Yanzhou Coal Shanxi Neng Hua Company Limited.
  • "Ordos Neng Hua" means Yanzhou Coal Ordos Neng Hua Company Limited.
  • "Haosheng Company" means Inner Mongolia Haosheng Coal Mining Company Limited. For the first

quarter of 2021, the saleable coal production of Haosheng Company decreased as compared with the corresponding period of the previous year, which is mainly due to that the coal production of Shilawusu Coal Mine of Haosheng Company was constrained by safety and environmental protection policies during the reporting period.

  • "Yancoal Australia" means Yancoal Australia Limited.
  • "Yancoal International" means Yancoal International (Holding) Company Limited.

(2) Coal price and sales

During the first quarter of 2021, the Group's sales volume of saleable coal was 26.31 million tons, representing a decrease of 9.60 million tons or 26.7% as compared with the corresponding period of the previous year, which is mainly because the volume of traded coal decreased.

The following table sets out the Group's production and sales of saleable coal by coal types for the first quarter of 2021:

10/ 38

For the first quarter of 2021

For the first quarter of 2020

Production

Sales volume

Sales price

Production

Sales volume

Sales price

（kiloton）

（kiloton）

（RMB/ton）

（kiloton）

（kiloton）

（RMB/ton）

I.The Company

6,394

5,319

673.03

8,000

7,829

559.07

No.1 clean coal

195

195

882.54

209

198

802.56

No.2 clean coal

2,220

1,833

929.49

2,151

2,334

746.21

No.3 clean coal

726

560

788.64

846

749

581.12

Lump coal

10

8

771.65

500

630

617.71

Sub-total of clean coal

3,151

2,597

895.07

3,706

3,912

696.76

Screened raw coal

3,243

2,722

461.12

4,295

3,917

421.57

II. Heze Neng Hua

586

405

1,158.02

817

821

908.48

No.2 clean coal

495

405

1,158.02

624

705

995.86

Screened raw coal

92

-

-

193

117

379.90

III. Shanxi Neng Hua

354

352

352.59

305

292

306.23

Screened raw coal

354

352

352.59

305

292

306.23

IV. Future Energy

4,294

3,286

453.78

3,990

3,086

362.41

No.3 clean coal

502

507

463.66

681

674

381.50

Lump coal

1,028

1,023

465.41

945

814

383.19

Screened raw coal

2,764

1,756

444.15

2,364

1,598

343.79

V. Ordos Neng Hua

3,962

3,098

354.01

3,120

2,354

242.80

Screened raw coal

3,962

3,098

354.01

3,120

2,354

242.80

VI. Haosheng Company

822

920

425.07

1,481

1,397

297.80

Screened raw coal

822

920

425.07

1,481

1,397

297.80

VII. Yancoal Australia

8,736

8,598

446.64

9,149

8,592

468.34

Semi-hard

coking

28

27

629.76

58

55

743.42

coal

Semi-soft

coking

762

750

587.08

401

377

716.93

coal

PCI coal

614

604

577.20

575

540

691.65

Thermal coal

7,332

7,217

420.41

8,115

7,620

438.24

VIII.Yancoal

1,200

1,205

395.93

1,343

1,415

338.62

International

Thermal coal

1,200

1,205

395.93

1,343

1,415

338.62

IX. Traded coal

-

3,124

1,086.78

-

10,120

607.43

Total

26,348

26,308

565.03

28,205

35,907

500.43

(3) Sales cost of coal

The Group's sales cost of coal for the first quarter of 2021 was RMB9.198 billion, representing a decrease of RMB3.088 billion or 25.1% as compared with the corresponding period of the previous year.

11/ 38

For the first quarter

Increase/

2021

2020

decrease

(%)

Total

cost of

sales

1,499

2,282

-34.32

The Company

(RMB million)

Cost

of sales

per

267.78

284.41

-5.84

ton (RMB/ton)

Total

cost of

sales

251

390

-35.55

Heze Neng Hua

(RMB million)

Cost

of sales

per

528.41

435.89

21.23

ton (RMB/ton)

Total

cost of

sales

100

65

54.85

Shanxi Neng Hua

(RMB million)

Cost

of sales

per

284.48

221.39

28.50

ton (RMB/ton)

Total

cost of

sales

440

400

9.89

Future Energy

(RMB million)

Cost

of sales

per

112.87

116.38

-3.01

ton (RMB/ton)

Total

cost of

sales

579

352

64.75

Ordos Neng Hua

(RMB million)

Cost

of sales

per

186.98

142.95

30.80

ton (RMB/ton)

Total

cost of

sales

280

244

14.39

Haosheng

(RMB million)

Company

Cost

of sales

per

303.94

174.98

73.70

ton (RMB/ton)

Total

cost of

sales

2,993

2,527

18.47

Yancoal Australia

(RMB million)

Cost

of sales

per

348.13

294.06

18.38

ton (RMB/ton)

Total

cost of

sales

371

361

2.74

Yancoal

(RMB million)

International

Cost

of sales

per

307.56

254.94

20.64

ton (RMB/ton)

Total

cost of

sales

3,080

5,970

-48.40

Traded Coal

(RMB million)

Cost

of sales

per

986.14

589.92

67.16

ton (RMB/ton)

Changes of sales cost per ton of Ordos Neng Hua was mainly due to the fact：① the increase of

employees' salaries and labor expenses resulted in the increase of coal sales cost per ton by RMB23.18

12/ 38

as compared with that of the previous year;

②the increase of appreciation and repair expense resulted in the increase of coal sales per ton by RMB12.81 as compared with that of the previous year.

Change of sales cost per ton of Haosheng Company was mainly due to the fact: ① the decrease of salable coal resulted in the increase of coal sales per ton by RMB89.25 as compared with that of the previous year; ② the increase of fully-mechanized equipment's overhaul expense resulted in the increase of coal sales per ton by RMB37.26 as compared with that of the previous year.

2. Coal chemicals business

The following tables set out the operation of coal chemical business of the Group for the first quarter of 2021:

For the first quarter of 2021

For the first quarter of 2020

Production

Sales Volume

Sales income

Sales cost

Production

Sales Volume

Sales income

Sales cost

Volume

Volume

（kiloton）

（kiloton）

（RMB

（RMB

（kiloton）

（kiloton）

（RMB

（RMB

million）

million）

million）

million）

I. Lunan Chemical

523

415

2,352

1,604

415

309

895

862

Including: acetic acid

266

167

762

368

227

160

339

291

ethyl acetate

107

101

697

577

57

37

184

178

II. Future Energy

222

189

693

570

147

109

425

373

Including: crude liquid

111

92

360

262

88

53

228

165

wax

III. Yulin Neng Huanote

197

167

266

219

197

193

274

213

Including: methanol

197

167

266

219

197

193

274

213

IV. Ordos Neng Hua

557

529

1,077

633

277

281

394

240

Including: methanol

479

453

748

474

277

281

394

240

ethylene glycol

79

76

329

159

-

-

-

-

V. Fine Chemical

3

3

5

3

3

3

6

3

Total

1,503

1,302

4,394

3,025

1,039

895

1,994

1,690

Note: Yulin Neng Hua refers to Yanzhou Coal Yuling Neng Hua Company Limited.

Thanks to the price rise of the main products, Lunan Chemical's results improved significantly. For the first quarter of 2021, its operating income was RMB2,530 million, increased by RMB1,507 million or 147.3% as compared with the corresponding period of the previous year; its net profit was RMB599 million, while a net loss of RMB93 million recorded for the corresponding period of the previous year.

13/ 38

3. Power business

The following tables set out the operation of the Group's power business for the first quarter of 2021:

For the first quarter of 2021

For the first quarter of 2020

Power

Power sales

Power

Power sales

generation

Sales Income

Sales cost

Sales Income

Sales cost

volume

volume

generation

volume

(10,000kWh)

(10,000kWh)

（RMB million）

（RMB million）

(10,000kWh)

(10,000kWh)

（RMB million）

（RMB million）

1. Hua Ju Energy①

-

-

-

-

19,785

6,215

26

18

2.Jining No.3 Power

29,852

29,852

99

78

22,649

22,649

76

47

3. Heze Neng Hua

41,708

35,927

125

105

43,122

37,722

132

84

4. Lunan Chemical

5,838

2,510

13

12

2,891

1,154

4

3

5. Yulin Neng Hua

7,714

3,647

9

9

7,694

86

0.17

0.31

6. Future Energy

28,688

11,389

32

38

226,795

9,084

27

29

7.Inner Mongolia

73,606

67,703

179

202

-

0

0

-

Mining②

Total

187,406

151,028

457

441

322,936

76,909

266

180

Notes:

  • "Hua Ju Energy" refers to Shandong Hua Ju Energy Company Limited. Due to the closure of its power plant, the power generation volume, sales volume of power, sales income and sales cost decreased as compared with the corresponding period of the previous year.
  • Inner Mongolia Mining refers to Inner Mongolia Mining (Group) Co., Ltd.

2.1.3 The operation of Yankuang Finance Company Limited during the Reporting Period Unit: RMB million

For the first quarter of 2021

For the first quarter of 2020

Increase/

decrease

(%)

Operating

172

125

37.32

income

Net profit

80

49

65.26

Increase/

As of 31 March 2021

As of 31 December 2020

decrease

(%)

Net assets

3,434

3,354

2.40

Total assets

25,880

25,513

1.44

2.2 Significant movements of the accounting items and financial indicators of the Company and the reasons thereof

14/ 38

2.2.1 Significant movements of items in balance sheet and the reasons thereof

As of 31 March 2021

As of 31 December

2020

Increase/decrease

Percentage

Percentage

(RMB

（%）

(RMB million)

of total

of total

million)

assets（%）

assets（%）

Contract liabilities

3,998

1.55

3,177

1.23

25.86

Other

current

2,589

1.00

471

0.18

449.36

liabilities

Other

equity

0

0.00

5,218

2.02

-100.00

instruments

Explanations for changes in contract liabilities: ① Contract liabilities of Qingdao Zhongyan Trading Co., Ltd. ("Qingdao Zhongyan") increased by RMB543 million over the beginning of the year; ②Contract liabilities of Coal Chemical Supply & Marketing Company increased by RMB236 million over the beginning of the year.

Explanations for changes in other current liabilities: the Company issued the first tranche of 2021 ultra-short-term financing bonds during the reporting period.

Explanations for changes in other equity instruments: the Company repaid 2018 renewable corporate bonds of RMB5 billion during the reporting period (first tranche).

2.2.2 Significant movements of items in income statement and the reasons thereof

For the first

For the first

Increase/

quarter of 2021

quarter of 2020

decrease

Major reasons for those changes

（RMB

（RMB

(%)

million）

million）

During the reporting period, the Company no

longer consolidated the financial statements of

Yancoal International Trade Co., Ltd.

Operating

31,056

48,006

-35.31

("Yancoal

International

Trade"),

Yancoal

income

International (Singapore) Co., Ltd. ("Yancoal

Singapore") and Intelligent Logistics, which

affected operating income decreased as

compared with that of the previous year.

During the reporting period, the Company no

longer consolidated the financial statements of

Operating

23,974

41,605

-42.38

Yancoal

International

Trade,

Yancoal

cost

Singapore and Intelligent Logistics, which

affected operating cost decreased as compared

with that of the previous year.

Taxes and

Taxes and

surcharges of

Ordos Neng Hua

815

644

26.53

increased by RMB118 million as compared

surcharges

with that of the previous year.

① Foreign exchange gains decreased by

Financial

RMB174 million as compared with that of the

958

406

136.00

previous year;②Interest

expenses

increased

expenses

by RMB252 million as compared with that of

the previous year.

15/ 38

2.2.3 Significant movements of items in cash flow statement and the reasons thereof

For the first

For the first

Increase/

Quarter of 2021

quarter of 2020

decrease

Major reasons for those changes

（RMB million）

（RMB million）

(%)

① The cash received from selling

goods and providing labor services

decreased

by

RMB19.044

billion

as compared with that of the

previous year; ②The net increase

in customer deposits and interbank

deposits

increased

by

RMB1.75

billion as compared with that of

the previous year; ③Other cash

received

related

to

operating

activities

increased

by

RMB623

Net

cash

flows

million as compared with that of

from

operating

3,159

3,049

3.59

the

previous

year;

④ The

cash

activities

paid

for

purchasing goods

and

accepting labor services decreased

by

RMB17.515

billion

as

compared with that of the previous

year; ⑤The cash paid to and on

half of employees increased by

RMB319

million

as

compared

with that of the previous year;

⑥

Payment of other cash related to

operating

activities

increased by

RMB377

million

as

compared

with that of the previous year.

① Cash received from investment

recovery

increased

by

RMB203

million as compared with that of

the previous year; ②The cash paid

for the purchase and construction

Net

cash

flows

of fixed assets, intangible assets

and

other

long-term

assets

from

investing

-2,729

-2,543

-

decreased by RMB207 million as

activities

compared with that of the previous

year; ③The cash paid for

investment increased by RMB416

million as compared with that of

the previous year; ④ The net cash

paid for acquiring subsidiaries and

16/ 38

other business entities increased by

RMB233

million

as

compared

with that of the previous year.

① The cash paid for debt

repayment

increased

by

RMB4.793

billion

as

compared

Net

cash

flows

with that

of

the

previous year;

from

financing

620

4,378

-85.85

②The

cash

paid

for

the

activities

distribution of dividends, profits or

interest

payments

decreased

by

RMB1.214

billion

as

compared

with that of the previous year.

Net

increase in

cash

and

cash

1,159

4,771

-75.71

-

equivalents

2.3 Progress and impact of significant events and analysis of resolutions

2.3.1 Significant litigation and arbitration events

Progress in litigation and arbitration events during the Reporting Period

1. Yanzhou Coal sued against National Pipeline Network Group Northern Pipeline Co., Ltd. ("Northern Pipeline Network"), National Petroleum and Natural Gas Pipeline Network Group Co., Ltd. ("National Pipeline Network") for disputes of obstruction clearance

In January 2021, Yanzhou Coal sued the Northern Pipe Network and the National Pipe Network to the Jining Intermediate People's Court ("Jining Intermediate Court") on the grounds of eliminating obstructive disputes. The Company demanded that the relevant oil pipelines in the coal mining area of Yanzhou Coal be relocated to other areas that do not prevent Yanzhou Coal from exercising its mining rights by 1 August 2021, otherwise the defendants shall compensate Yanzhou Coal for economic losses of RMB200 million.

Currently, Jining Intermediate People's Court has not yet made a ruling.

2. Weihai Commercial Bank Co., Ltd. ("Weihai Commercial Bank") sued against Yanzhou Coal for financial borrowings contract dispute

In October 2015, citing the borrowings facility contract dispute, Weihai Commercial Bank filed a case in Jining Intermediate Court against 8 defendants including Hengfeng Power Fuel Co., Ltd. ("Hengfeng Company") and Yanzhou Coal, requiring Hengfeng Company to repay the loan principal of RMB99.119 million and corresponding interests. Because Hengfeng Company pledged its account receivables of RMB103.42 million from Yanzhou Coal (suspect of counterfeit) to the Weihai Commercial Bank, Weihai Commercial Bank required Yanzhou Coal to bear the liability of repayment within the amount of the pledged account receivables.

17/ 38

In October 2018, the Company received the first instance judgement from Jining Intermediate Court and lost the case. The Company lodged an appeal to Shandong Higher People's Court ("Shandong High Court").

In May 2019, it was the ruling of the second instance of the Shandong High Court that the case shall be reheard in Jining Intermediate Court.

In January 2020, Jining Intermediate Court rejudged and rejected the claims of Weihai Commercial Bank at the first instance of retrial. Then, Weihai Commercial Bank appealed to Shandong High Court.

In December 2020, the Shandong Higher People's Court retrial of the second instance ruled that Yanzhou Coal shall bear 30% of the compensation liability for the part that Hengfeng Company cannot pay off within the scope of the pledge of accounts receivable.

In March 2021, the Company filed an application for retrial to the Supreme People's Court.

In April 2021, the Company entered into settlement agreement with Weihai Commercial Bank, according to which, Weihai Commercial Bank will grant the Company favorable credit policy, and the Company withdrew application for retrial and the case is settled according to the second judgment.

3. China Construction Bank Jining Guhuailu Branch ("CCB Jining Guhuailu Branch") sue against Yanzhou Coal for financial borrowings contract dispute

In June 2017, CCB Jining Guhuailu Branch, as the plaintiff, sued against 8 defendants including Jining Liaoyuan Trading Co., Ltd. ("Jining Liaoyuan") and Yanzhou Coal to Jining Intermediate Court, requiring Jining Liaoyuan to repay the borrowing principal of RMB95.8596 million and corresponding interests. Since Jining Liaoyuan pledged its account receivables of RMB90.52 million from Yanzhou Coal (suspect of counterfeit) to CCB Jining Guhuailu Branch, CCB Jining Guhuailu Branch required the Company to make repayment in an amount equivalent to the pledged account receivables.

In January 2018, Jining Intermediate Court heard the case. The Company applied for judicial authentication of the seals and signatures in relevant evidences at the court. The judicial authentication verified that the signatures were real and the seals were forged.

In November 2018, the Company lost the suit at the first trial under the rule of Jining Intermediate court and the Company lodged an appeal to Shandong High Court.

In August 2019, Shandong High Court ruled the case to be reheard by Jining Intermediate Court.

In April 2020, Jining Intermediate Court rejected the plaintiff's appeal against the Company and ruled that the Company was exempted from the liability. CCB Jining Guhuailu Branch appealed to Shandong High Court.

In October 2020, the Shandong High Court retrial in the second instance ruled that Yanzhou Coal, within

18/ 38

the scope of the pledge of accounts receivable, bears 50% of the compensation liability for the unpaid part of Jining Liaoyuan.

In March 2021, the Company filed an application for retrial to the Supreme People's Court.

At present, the Company has applied to the Supreme People's Court for a retrial, and it is still unable to determine the impact of this litigation on the Company's future profits.

4. Qingdao Zhongyan sue against Dalian Container Whalf Logistics Co., Ltd. ("Dalian Whalf") for warehousing contract dispute

In April 2021, Qingdao Zhongyan, a wholly-owned subsidiary of Yanzhou Coal, sued Dalian Whalf to the Dalian Maritime Court on the grounds of a warehousing contract dispute, demanding compensation of RMB168.3644 million for cargo losses.

At present, the Dalian Maritime Court has not yet made a ruling.

2.3.2 Major related / connected transactions

1. Continuing connected/related transactions between Yanzhou Coal and the Controlling Shareholder

The 2021 first extraordinary general meeting of the Company held on 5 February 2021, approved the entering into of the "Material Supply Agreement", "Labor and Service Mutual Supply Agreement", "Insurance Management Agreement", "Product, Material Supply and Asset Leasing Agreement", "Bulk Commodity Purchase and Sale Agreement", "Entrusted Management Special Agreement" and "Financial Lease Agreement" between the Company and its Controlling Shareholder, which determined the annual caps of the transaction amount from 2021 to 2023.

For details, please refer to the announcement of the resolutions of the seventh meeting of the eighth session of the Board and the announcement of relevant continuing connected/related transactions dated 9 December 2020, and the announcement of the resolutions passed at the first extraordinary general meeting of shareholders of 2021 dated 5 February 2021. Such information is published on the websites of the Shanghai Stock Exchange, the Hong Kong Stock Exchange, the Company's website and/or the China Securities Journal, the Shanghai Securities News, the Securities Times, and the Securities Daily in China.

2. Continuing connected/related transactions between Yancoal Australia and Glencore Coal Pty

Ltd and its subsidiaries ("Glencore Group")

The 2021 first extraordinary general meeting of the Company held on 5 February 2021 approved the renewal of "Coal Sales Framework Agreement" and "Coal Purchase Framework Agreement" between Yancoal Australia and Glencore Group. At the same time, the annual caps of transaction amount for transactions from 2021 to 2023 were also approved under the "Coal Sales Framework Agreement", "Coal Purchase Framework Agreement", "HVO Sales Contract" and "HVO Service Agreement".

19/ 38

For details, please refer to the announcement of the resolutions of the seventh meeting of the eighth session of the Board and the announcement of relevant continuing connected/related transactions dated 9 December 2020, and the announcement of the resolutions passed at the first extraordinary general meeting of shareholders of 2021 dated 5 February 2021. Such information is published on the websites of the Shanghai Stock Exchange, the Hong Kong Stock Exchange, the Company's website and/or the China Securities Journal, the Shanghai Securities News, the Securities Times, and the Securities Daily in China.

3. Continuing connected/related transactions between Yanzhou Coal and Shandong Energy Digital Technology Co., Ltd. ("Shandong Energy Digital Technology")

As considered and reviewed at the ninth meeting of the eighth session of the Board dated 5 February 2021, the "ERP and Related System Operation and Maintenance Framework Agreement" signed by Yanzhou Coal and Shandong Energy Digital Technology and the annual caps of transaction amount for transactions from 2021 to 2023 were approved.

For details, please refer to the announcement of the resolutions of the ninth meeting of the eighth session of the Board and the relevant continuing connected/related transactions dated 5 February 2021. Such information is published on the websites of the Shanghai Stock Exchange, the Hong Kong Stock Exchange, the Company's website and/or the China Securities Journal, the Shanghai Securities News, the Securities Times, and the Securities Daily in China.

4. Continuing connected/related transactions between Yanzhou Coal and its Controlling Shareholder on the procurement of raw material coal for chemical production and coal chemicals sales

As considered and reviewed at the eleventh meeting of the eighth session of the Board dated 26 March 2021, the " Raw Material Coal Purchase and Chemical Products Sales Agreement" signed by Yanzhou Coal and its Controlling Shareholder and the annual caps of transaction amount for transactions from 2021 to 2023 were approved.

For details, please refer to the announcements of the resolutions of the eleventh meeting of the eighth session of the Board and the relevant continuing connected/related transactions dated 26 March 2021. Such information is published on the websites of the Shanghai Stock Exchange, the Hong Kong Stock Exchange, the company's website and/or the China Securities Journal, the Shanghai Securities News, the Securities Times, and the Securities Daily in the PRC.

2.3.3 Other Significant Events

1. Adjustment of Company Organization

As reviewed and approved at the ninth meeting of the eighth session of the Board held on 5 February 2021, the Company established the following new departments:

1. Operation Management Department. It is responsible for mechanism reform, enterprise management,

20/ 38

full marketization, integrated production and operation deployment, operation evaluation and other operation management works.

  1. Human Resource Service Center. It is responsible for employee's social security, retirement procedures, employee's education and training, college graduates and staff recruitment, occupational appraisal, professional titles promotion, skilled talents selection and training, etc.
  2. Audit Center. It is responsible for economic activities auditing, internal risk control and assessment, economic responsibility auditing for related management personnel, construction cost budget, supervision over bidding process, etc.
  3. Project Supervision Center. It is responsible for supervision and assessment of the whole process of project construction, daily supervision of construction projects, supervision and assessment of completion acceptance of projects, tactics control over engineering project bidding, biding of procurement of engineering construction and consulting services, overall planning of construction projects, participation in design review of construction projects, approval of construction starting report, construction contract management, etc.
  4. News Center. It is responsible for publicity and disclosure of news and significant events, management of news and public opinion, daily management of newspapers, TV stations, websites, news media, etc.
  5. Comprehensive Service Center. It is responsible for the organization of conference affairs, reception, resignation and retirement management, comprehensive file management, internal security defense, logistics and other daily comprehensive services.
  6. Technology and Quality Center. It is responsible for scientific and technological innovation, quality management, quality system certification, intellectual property management, energy conservation and consumption reduction, standard measurement, standard certification, etc.
  7. Yancoal Operation Coordination Center. It is responsible for management of early retirement and resignation in reformed entities, and the affairs after handover and localization of "power supply, water supply, heat supply and property management".
  8. IT Center. It is responsible for the information project construction, industrial internet planning and construction, standard system construction, information security management, information technology industry development, etc.

For details, please refer to the announcement on the resolutions of the ninth meeting of the eighth session of the Board held on 5 February 2021, which was posted on the websites of the Shanghai Stock Exchange, the HKEX and the Company, and/or on China Securities Journal, Shanghai Securities News, Securities Times and Securities Daily in the PRC.

21/ 38

2. Resignation of General Manager

The Board of the Company received the written resignation report of Mr. Liu Jian, a Director and general manager of the Company, on 20 February 2021. Due to work arrangements, Mr. Liu Jian, applied for resigning from the posts of general manager of the Company. Mr. Liu Jian will continue to be Director of the eighth session of the Board of the Company, a member of Strategy and Development Committee to the Board as well as the Director of Sustainable Development Committee to the Board.

Mr. Xiao Yaomeng, deputy general manager of the Company, temporarily assumes the duties of general manager of the Company before the appointment of the new general manager by the Board of the Company.

For details, please refer to the announcement on resignation of general manager dated 21 February 2021, which was posted on the websites of the Shanghai Stock Exchange, the HKEX and the Company, and/or on China Securities Journal, Shanghai Securities News, Securities Times and Securities Daily in the PRC.

3. Changes of the Company's registered address and principal place of business in Hong Kong

Due to the re-issuance of the Company's unit number by Zoucheng City, the Company's registered address was changed from 298 Fushan South Road, Zoucheng City, Shandong Province, PRC to 949 Fushan South Road, Zoucheng City, Shandong Province, PRC.

As the name of the building where the Company's principal place of business in Hong Kong was located changed from "Sunshine Centre" to "Dah Sing Financial Centre", the Company's principal place of business in Hong Kong was changed to 40th Floor, Dah Sing Financial Centre, 248 Queen's Road East, Wanchai, Hong Kong.

For details, please refer to the announcement on changes of the Company's principal place of business in Hong Kong dated 8 March 2021 and announcement on changes of the Company's registered address dated 29 April 2021, which were posted on the websites of the Shanghai Stock Exchange, the HKEX and the Company, and/or on China Securities Journal, Shanghai Securities News, Securities Times and Securities Daily in the PRC.

4. Strategic reorganization of the Controlling Shareholder

On 14 August 2020, a merger agreement was entered into between the former Shandong Energy Group and the former Yankuang Group, pursuant to which, the former Yankuang Group, being the surviving company, was renamed as "Shandong Energy Group", and the Controlling Shareholder of the Company remained unchanged. Since the date of the completion of the merger, all the assets, liabilities, business activities, staff, contracts, certifications as well as the rights and obligations of the former Shandong Energy Group were inherited, undertaken and enjoyed by the surviving company.

As at the date of this report, the relevant delivery and industrial and commercial registration of changes

22/ 38

procedures of the strategic reorganization have completed.

For details, please refer to the announcement on strategic reorganization of the Controlling Shareholder dated on 12 July 2020, the announcement on update on the strategic reorganization of the Controlling Shareholder dated 14 August 2020, the announcement on completion of the strategic reorganization of the Controlling Shareholder on 30 November 2020 and the announcement on the completion of industrial and commercial registration of changes on 1 April 2021, which were posted on the websites of the Shanghai Stock Exchange, the HKSE and the Company, and/or on China Securities Journal, Shanghai Securities News, Securities Times and Securities Daily in the PRC.

5. Exercise of options under the Share Option Scheme

The number of exercisable shares of the first exercise period of the Share Option Scheme is 14,184,060, and the exercised period is from 18 February 2021 to 11 February 2022. From 18 February 2021 to 31 March 2021, the total number of exercised options which completed the share transfer registration is 13,041,592 shares, accounting for 91.95% of the total exercisable share options.

After the exercise, the total number of issued shares of the Company increased from 4,860,000,000 shares to 4,873,041,592 shares, which did not have a significant impact on the Company's financial conditions and operating results.

For details, please refer to the announcement on result of independent exercise of shares and shares changes in the first quarter of 2021 dated 2 April 2021, which was posted on the websites of the Shanghai Stock Exchange, the HKEX and the Company, and/or on China Securities Journal, Shanghai Securities News, Securities Times and Securities Daily in the PRC.

  1. Commitments that have not been fulfilled during the Reporting Period Not applicable.
  2. Statements on the warnings and reasons for the expected accumulated net profit may be negative from the beginning of 2021 till the end of the next reporting period or there might be significant changes to accumulated net profit as compared with the corresponding period of the previous year.

Not applicable.

III. DIRECTORS

As at the date of this announcement, the Directors of the Company are Mr. Liu Jian, Mr. Wu Xiangqian, Mr. Zhao Qingchun, Mr. He Jing and Mr. Wang Ruolin, and the independent non-executive Directors of the Company are Mr. Tian Hui, Mr. Zhu Limin, Mr. Cai Chang and Mr. Poon Chiu Kwok.

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IV. APPENDIX

4.1 Financial Statement

Consolidated Balance Sheet

31 March 2021

Prepared by: Yanzhou Coal Mining Company Limited

Unit: RMB'000

Unaudited

Items

As of 31 March 2021

As of 31 December 2020

Current assets:

Money funds

24,220,963

24,542,359

Clearing settlement funds

Lending to banks and other financial

institutions

Tradable financial assets

136,848

148,291

Derivative financial assets

Notes receivable

62,884

69,579

Accounts receivable

3,990,281

3,979,211

Receivable financing

3,140,761

3,242,656

Prepayments

3,757,238

3,395,275

Premium receivable

Reinsurance accounts receivable

Reserve

for

reinsurance

contract

receivable

Other receivables

3,425,552

3,128,714

Including：interests receivable

43,306

123,615

dividends receivable

140,296

144,296

Purchase of resold financial assets

Inventories

7,886,927

7,714,660

Contract assets

Held-to-sale assets

8,548

8,578

Non-current assets due within one year

2,344,514

1,763,523

Other current assets

10,130,506

10,079,190

TOTAL CURRENT ASSETS

59,105,022

58,072,036

NON-CURRENT ASSETS：

Disbursement of loans and advances

Debt investment

70,982

71,231

Other debt investments

Long-term accounts receivable

3,406,480

3,835,859

Long-term equity investment

19,068,122

19,025,567

Other equity instruments investment

15,195

15,027

Other non-current financial assets

1,426,794

1,439,148

Investment properties

1,385,110

1,385,110

24/ 38

Fixed assets

70,225,187

66,113,662

Construction in progress

18,016,459

23,455,685

Productive biological asset

Oil gas asset

Right-of-use asset

1,703,622

1,750,230

Intangible asset

58,299,957

58,855,035

Development expenditure

Goodwill

337,472

338,146

Long-term deferred expenses

171,820

185,029

Deferred income tax assets

2,825,567

2,772,144

Other non-current assets

21,615,698

21,596,132

TOTAL NON-CURRENT ASSETS

198,568,465

200,838,005

TOTAL ASSETS

257,673,487

258,910,041

CURRENT LIABILITIES:

Short-term borrowings

18,374,112

15,714,338

Borrowings from central bank

Funds borrowed

Tradable financial liabilities

155,490

231,971

Derivative financial liabilities

Notes payable

9,719,234

9,881,190

Accounts payable

11,298,785

14,042,415

Advances from customers

Contract liabilities

3,997,837

3,176,540

Amounts from sale of repurchased

financial assets

Deposits from customers and interbank

Funds received as agent of stock exchange

Funds received as stock underwrite

Salaries and wages payable

1,640,203

1,751,767

Taxes and surcharges payable

1,478,347

1,751,934

Other payables

34,666,814

37,805,118

Including: interests payable

1,016,723

1,625,981

dividends payable

12,053

15,422

Handling charges and commissions

payable

Reinsurance accounts payable

Held-to-sale liabilities

Non-current liabilities due within one year

16,669,656

17,254,470

Other current liabilities

2,589,340

471,341

TOTAL CURRENT LIABILITIES

100,589,818

102,081,084

NON-CURRENT LIABILITIES:

Reserve for insurance contract

25/ 38

Long-term borrowings

42,263,993

34,913,441

Bonds payable

20,945,927

25,967,378

Including: preferred shares

perpetual bonds

Lease liabilities

1,119,861

1,134,000

Long-term payables

3,063,006

3,051,016

Long-term salaries and wages payable

491,186

504,040

Accrued liabilities

3,996,383

3,953,860

Deferred income

173,156

161,571

Deferred income tax liabilities

7,273,910

6,994,093

Other non-current liabilities

261,697

367,178

TOTAL

NON-CURRENT

79,589,119

77,046,577

LIABILITIES

TOTAL LIABILITIES

180,178,937

179,127,661

OWNERS' EQUITY (OR

SHAREHOLDERS' EQUITY）：

Paid-in capital (or share capital)

4,873,042

4,860,000

Other equity instruments

5,217,667

Including: preferred shares

perpetual bonds

5,217,667

Capital reserves

202,599

155,068

Less: treasury stock

Other comprehensive income

-5,625,997

-5,612,526

Special reserve

3,997,206

3,561,748

Surplus reserve

509,907

509,907

Provision for general risk

Undistributed earnings

47,550,607

45,426,530

Total owners' equity（or shareholders'

51,507,364

54,118,394

equity） attributable to parent company

Minority shareholders' interest

25,987,186

25,663,986

TOTAL OWNERS' EQUITY

(OR

77,494,550

79,782,380

SHAREHOLDERS' EQUITY)

TOTAL

LIABILITIES

AND

257,673,487

258,910,041

SHAREHOLDERS' EQUITY

Person in charge of the Company：Xiao Yaomeng

Chief Financial Officer: Zhao Qingchun

Head of Accounting Department: Xu Jian

26/ 38

Balance Sheet of the Parent Company

31 March 2021

Prepared by: Yanzhou Coal Mining Company Limited

Unit: RMB'000

Unaudited

Items

As of 31 March 2021

As of 31 December 2020

CURRENT ASSETS：

Money Funds

3,839,764

3,832,934

Tradable financial assets

Derivative financial assets

Notes receivables

Accounts receivable

2,270,371

1,582,969

Accounts receivable financing

1,474,400

1,824,316

Prepayments

159,243

46,181

Other receivables

44,162,965

46,415,380

Including: Interests receivable

1,685,679

1,867,714

Dividends payable

Inventories

585,004

474,837

Contract assets

Held-to-sale assets

Non-current assets due within one year

Other current assets

1,358,115

1,297,900

TOTAL CURRENT ASSETS

53,849,862

55,474,517

NON-CURRENT ASSETS：

Creditors' investment

Other creditors' investment

Long-term accounts receivable

Long-term equity investments

91,549,460

91,377,666

Other equity instruments investments

4,642

4,660

Other non-current financial assets

Investment real estate

Fixed assets

6,233,649

6,465,735

Construction in progress

976,892

970,197

Productive biological assets

Oil and gas assets

Right-of-use assets

4,526,340

4,687,097

Intangible assets

1,053,061

1,102,941

Development expenditure

Goodwill

Long-term deferred expenses

Deferred income tax assets

1,181,391

1,165,818

Other non-current assets

335,672

316,293

TOTAL NON-CURRENT ASSETS

105,861,107

106,090,407

TOTAL ASSETS

159,710,969

161,564,924

27/ 38

CURRENT LIABILITIES：

Short-term borrowings

18,100,000

18,840,000

Tradable financial liabilities

153,055

153,055

Derivative financial liabilities

Notes payable

2,404,099

2,218,131

Accounts payable

2,200,952

3,225,589

Advances from customers

Liabilities of contract

660,059

733,242

Salary payable

664,527

625,552

Taxes and surcharges payable

508,260

824,210

Other payables

33,006,847

33,029,746

Including: Interests payable

911,174

1,038,733

Dividends payable

12,053

11,878

Liabilities classified as held for sale

Non-current liabilities due within one year

8,826,524

7,641,236

Other current liabilities

2,092,620

95,321

TOTAL CURRENT LIABILITIES

68,616,943

67,386,082

NON-CURRENT LIABILITIES:

Long-term borrowings

21,053,223

19,872,205

Bonds payable

16,994,304

16,990,292

Including: preferred shares

perpetual bonds

Lease liabilities

4,026,702

3,909,342

Long-term payable

37,251

41,379

Long-term employee benefits payable

Accrued liabilities

Deferred income

119,089

114,395

Deferred income tax liabilities

70

74

Other non-current liabilities

TOTAL

NON-CURRENT

42,230,639

40,927,687

LIABILITIES

TOTAL LIABILITIES

110,847,582

108,313,769

OWNERS' EQUITY（OR SHAREHOLDERS'

EQUITY):

Paid-in capital (share capital)

4,873,042

4,860,000

Other equity instruments

5,217,667

Including: preferred shares

perpetual bonds

5,217,667

Capital reserve

111,982

64,450

Less：treasury shares

Other comprehensive income

70,842

35,516

Special reserve

2,417,026

2,279,603

28/ 38

Surplus reserve

2,300,353

2,300,353

Undistributed profit

39,090,142

38,493,566

TOTAL OWNER'S EQUITY

(OR

48,863,387

53,251,155

SHAREHOLDERS'S EQUITY)

TOTAL LIABILITIES

AND

OWNERS'EQUITY

(OR

159,710,969

161,564,924

SHAREHOLDERS' EQUITY)

Person in charge of the Company：Xiao Yaomeng

Chief Financial Officer: Zhao Qingchun

Head of Accounting Department: Xu Jian

Consolidated Income Statements

From January to March 2021

Prepared by: Yanzhou Coal Mining Company Limited

Unit: RMB'000

Unaudited

Items

From January to March

From January to March

2021

2020

I. Total Operating Revenue

31,055,994

48,005,960

Including: Operating revenue

31,055,994

48,005,960

Interest income

Premium earned

Service

charges and

commission income

II. Total Operating Costs

28,338,755

45,096,386

Including: Operating costs

23,973,723

41,605,021

Interest expenses

Service charge and commission

expenses

Surrender value

Net claim settlement expenses

Net insurance liability reserve

Policy dividend expenses

Reinsurance expenses

Taxes and surcharges

814,722

643,892

Selling expenses

1,343,380

1,257,903

Administrative expenses

1,151,947

1,133,953

Research

and

development

97,387

49,849

expenses

Financial expenses

957,596

405,768

Including：Interest expense

1,136,480

884,452

Interest income

199,676

256,521

Add: Other income

14,479

19,285

29/ 38

Investment income ("-" for loss)

246,064

190,287

Including:

Investment

income

252,888

187,888

from associates and joint ventures

Termination

recognition

income

from financial assets measured at

amortized costs

Exchange earning ("-" for loss)

Net exposure hedging income ("-"

-82,464

-284,894

for loss)

Gains from fair value changes ("- "

-8,540

-15

for loss)

Loss from credit impairment ("- "

-90,911

-7,760

for loss)

Loss

from asset

devaluation

("-

"

41,982

20,378

for loss)

Gains on disposal of assets ("- " for

10,090

83

loss)

III. Operating profit ("-" for loss)

2,847,939

2,846,938

Add: Non-operating income

63,441

103,642

Less: Non-operating expenses

49,033

19,115

IV. Total

Profit

("-"

for

the

total

2,862,347

2,931,465

loss)

Less: Income tax expenses

601,240

728,036

V. Net profit ("-" for the net loss)

2,261,107

2,203,429

（I）By business continuity：

1.Net

profit

from

continuous

2,261,107

2,203,429

operation ("- " for the net loss)

2.Net

profit

from

terminated

operation ("- " for the net loss)

（II）By ownership：

1.

Net

profit

attributable

to

2,251,001

1,729,030

parent company ("- " for the net loss)

2.

Net

profit

attributable

to

holders of other equity instruments of

44,833

147,875

the parent company ("- " for the net

loss)

3.Attributable

to

minority

-34,727

326,524

shareholders ("- " for the net loss)

VI. Net

after

tax

from

other

323,494

-4,439,222

comprehensive income

(I)Net

after

tax

from

other

comprehensive

income

attributable

to

-13,471

-2,788,929

the owners of parent company

30/ 38

1.Other comprehensive income not

-14

-30

be reclassified as profit or loss later

(1)Changes in re-measurement of

defined benefit plans

(2)Portion

of

other

comprehensive

income of investees not to be

reclassified as profit or loss under

equity method

(3)Changes in fair value of investments

-14

-30

in other equity instruments

(4)Changes in the fair value of the

enterprise's own credit risk

2.Other comprehensive income to

-13,457

-2,788,899

be reclassified as profit or loss

(1)Portion

of

other

comprehensive

35,339

income of investees to be reclassified

as profit or loss under equity method

(2)Changes in fair value of investments

in other equity instruments

(3)Financial assets reclassified to other

comprehensive income

(4)Provision for Impairment of Credit

for Investment of Other Creditor

Rights

(5)Cash flow hedging reserve

595,008

-488,654

(6)Exchange differences on translation

of financial statements recorded in

-643,804

-2,560,277

foreign currency

(7)others

-

260,032

(II)Net

after

tax

from

other

comprehensive

income

attributable to

336,965

-1,650,293

the minority shareholder

VII. Total comprehensive income

2,584,601

-2,235,793

(I)Total

comprehensive

income

2,237,530

-1,059,899

attributable to parent company

(II)Total

comprehensive

income

44,833

147,875

attributable to holders of other equity

instruments of the parent company

(III)Total

comprehensive

income

302,238

-1,323,769

attributable to minority shareholders

VIII. Earnings per share

(I)Basic

earnings

per

share

0.4628

0.3520

（RMB/share）

(II)Diluted

earnings

per

share

0.4628

0.3520

（RMB/share）

31/ 38

Person in charge of the Company: Xiao Yaomeng

Chief Financial Officer: Zhao Qingchun

Head of Accounting Department: Xu Jian

Income Statements of the Parent Company

From January to March 2021

Prepared by: Yanzhou Coal Mining Company Limited

Unit: RMB'000

Unaudited

Items

From January to March

From January to March

2021

2020

I. Operating revenue

4,681,740

5,472,263

Less：Operating costs

2,884,317

3,419,691

Taxes and surcharges

229,236

258,931

Selling expenses

63,726

109,827

Administrative expenses

492,306

478,553

Research

and

development

11,164

13,352

expenses

Financial expenses

229,416

164,263

Including：Interest expense

775,113

698,854

Interest income

595,306

573,720

Add: Other income

11,911

2,909

Investment income ("-" for loss)

79,455

231,817

Including: Investment

income

from

79,455

231,817

associates and joint ventures

Termination recognition income from

financial assets measured at amortized costs

Net exposure

hedging

income

("-"

-20,881

-7,326

for loss)

Gains from fair value changes ("- "

for loss)

Loss from credit impairment ("- " for

loss)

Loss from asset devaluation ("- " for

loss)

Gains on disposal of assets ("- " for

10,045

82

loss)

II. Operating profit ("-" for loss)

852,105

1,255,128

Add: Non-operating income

53,439

56,162

Less: Non-operating expenses

31,104

1,609

III. Total Profit ("-" for the total loss)

874,440

1,309,681

Less: Income tax expenses

233,031

333,913

IV. Net profit ("-" for the net loss)

641,409

975,768

32/ 38

(I) Net profit from continuous operation ("- "

641,409

975,768

for the loss)

(II)Net profit from terminated operation ("- "

for the net loss)

Classified by attributed ownership:

(I) Net profit attributable to the parent

596,576

827,893

shareholder

(II) Net profit attributable to holders of other

44,833

147,875

equity instruments

V. Net other comprehensive income after

35,325

25,479

tax

(I) Other comprehensive income not be

-14

-30

reclassified as profit or loss

1. Changes in re-measurement of defined

benefit plans

2. Portion of other comprehensive income

of investees not to be reclassified as profit or

loss on equity basis

3. Changes in fair value of investments in

-14

-30

other equity instruments

4. Changes in the fair value of the

enterprise's own credit risk

(II) Other comprehensive income to be

35,339

25,509

reclassified as profit or loss

1. Portion of other comprehensive income

of investees to be reclassified as profit or

35,339

25,509

loss on equity basis

2. Changes in fair value of other debt

investment

3. Financial assets reclassified to other

comprehensive income

4. Provision for impairment of credit for

investment of other creditor rights

5. Cash flow hedging reserve

6. Exchange differences on translation of

financial statements recorded in foreign

currency

7. Others

VI. Total comprehensive income

676,734

1,001,247

Total comprehensive income attributable to

631,901

853,372

the parent shareholder

Total comprehensive income attributable to

44,833

147,875

holders of other equity instruments

33/ 38

VII. Earnings per share

(I)Basic earnings per share（RMB/share）

0.1226

0.1685

(II)Diluted earnings per share （RMB/share）

0.1226

0.1685

Person in charge of the Company：Xiao Yaomeng

Chief Financial Officer: Zhao Qingchun

Head of Accounting Department: Xu Jian

Consolidated Cash Flow Statement

From January to March 2021

Prepared by: Yanzhou Coal Mining Company Limited

Unit:RMB'000 Unaudited

Item

From January to March

From January to March

2021

2020

I. CASH FLOW FROM OPERATING

ACTIVITIES：

Cash received from sales of goods or rendering

29,880,997

48,924,885

of services

Net increase in customer's deposit and deposit

125,619

-1,624,385

of interbank

Net increase in borrowing from the Central

Bank

Net increase in borrowing from other financial

institutions

Cash received from the original insurance

contract premium

Net cash received from the reinsurance

businesses

Net increase in insured savings and investment

funds

Cash received from interest, charges and

commissions

Net increase in loans from other banks and

other financial institutions

Net increase in funds in repurchase business

Net cash received from agent in buying and

selling securities

Tax and charges refunded

211,756

188,577

Other cash received relating to

operating

2,687,779

2,064,691

activities

Sub-total of cash inflows

32,906,151

49,553,768

Cash paid for goods and services purchased

21,386,429

38,901,526

34/ 38

Net increase in customer loans and advance

522,888

410,182

Net increase in deposits of central bank and

interbank

Cash paid for the indemnity under original

insurance contract

Net increase in lending to banks and other

financial institutions

Cash paid for interest, charges and

commissions

Cash paid for policy dividend

Cash paid to and on behalf of employees

3,461,113

3,142,237

Taxes and charges payments

2,648,455

2,699,347

Other cash paid relating to operating activities

1,728,443

1,350,978

Sub-total of

cash outflows from operating

29,747,328

46,504,270

activities

Net cash flow from operating activities

3,158,823

3,049,498

II. NET CASH FLOW FROM INVESTMENT

ACTIVITIES

Cash received from recovery of investments

574,832

371,622

Cash received from investments return

47,208

26,380

Net cash received from disposal of fixed

assets, intangible assets and other long-term

825

219

assets

Net cash amount received from disposal of

subsidiaries and other business segments

Cash received from other investment activities

Sub-total of cash inflows from investment

622,865

398,221

activities

Cash paid to acquire

fixed assets,

intangible

2,279,288

2,486,021

assets and other long-term assets

Cash paid for investments

571,582

155,656

Net increase in pledged loans

Net cash paid

for acquisition of subsidiaries

500,750

267,484

and other business units

Other cash paid relating to investment

32,483

activities

Sub-total of cash outflows from investment

3,351,620

2,941,644

activities

NET

CASH

FLOW

FROM

-2,728,755

-2,543,423

INVESTMENT ACTIVITIES

III. CASH FLOW FROM FINANCING

ACTIVITIES:

Cash received from investors

98,073

232,500

35/ 38

Including:

Cash

received

from

minority

shareholders of subsidiaries

Cash received from borrowings

16,714,557

16,074,340

Other cash

received

relating to

financing

51,302

337,192

activities

Sub-total

of cash

inflows

from

financing

16,863,932

16,644,032

activities

Repayments of borrowings and debts

12,894,219

8,101,655

Cash paid for distribution of dividends, profits,

1,920,958

3,134,527

or cash paid for interest expenses

Including:

cash paid for distribution of

dividends or profits by subsidiaries to minority

shareholders

Other cash paid relating to financing activities

1,429,236

1,029,928

Sub-total of cash outflows

from financing

16,244,413

12,266,110

activities

net cash flow from financing activities

619,519

4,377,922

IV. EFFECT OF FOREIGN EXCHANGE

RATE CHANGES ON CASH AND CASH

109,252

-112,531

EQUIVALENTS

V. NET INCREASE ON CASH AND CASH

1,158,839

4,771,466

EQUIVALENTS

Add: Cash and cash equivalents, opening

17,116,460

22,959,118

VI. CASH

AND

CASH EQUIVALENTS,

18,275,299

27,730,584

CLOSING

Person in charge of the Company：Xiao Yaomeng

Chief Financial Officer: Zhao Qingchun

Head of Accounting Department: Xu Jian

Cash Flow Statement of the Parent Company

From January to March 2021

Prepared by: Yanzhou Coal Mining Company Limited

Unit: RMB'000

Unaudited

Items

January to March 2021

January to March 2020

I. CASH FLOW FROM OPERATING

ACTIVITIES：

Cash received from

sales of

goods and

5,213,580

5,411,018

rendering of services

Tax refunds

Other cash received

relating

to operating

41,955

102,189

activities

36/ 38

Sub-total of cash inflows

5,255,535

5,513,207

Cash paid for goods and services

1,217,068

1,212,940

Cash paid to and on behalf of employees

1,462,098

1,327,472

Taxes payment

1,250,628

1,357,687

Other cash paid relating to operating activities

229,313

354,905

Sub-total of cash outflows

4,159,107

4,253,004

Net cash flow from operating activities

1,096,428

1,260,203

II. CASH FLOW FROM INVESTMENT

ACTIVITIES:

Cash received from recovery of investments

Cash received from investment return

Net cash received from disposal of fixed

assets, intangible assets and other long-term

16

2

assets

Net cash amount received from the disposal of

subsidiaries and other business units

Other

cash

received

relating

to

investment

8,670,692

2,652,063

activities

Sub-total of cash inflows from investment

8,670,708

2,652,065

activities

Cash paid to acquire

fixed

assets,

intangible

4,645

7,434

assets and other long-term assets

Cash paid for investments

949,690

135,000

Net cash paid for the acquisition of

subsidiaries and other business units

Other

cash

paid relating

to

investment

4,926,682

2,294,215

activities

Sub-total of cash outflows from investment

5,881,017

2,436,649

activities

Net cash flow from investing activities

2,789,691

215,416

III. CASH FLOW FROM FINANCING

ACTIVITIES:

Cash received from investors

98,073

-

Cash received from borrowings

11,129,985

11,505,225

Cash received relating to other financing

activities

Sub-total

of cash

inflows from financing

11,228,058

11,505,225

activities

Repayments of borrowings and debts

12,474,348

4,671,575

Cash

paid for distribution

of

dividends or

1,105,765

2,766,290

profits, or cash paid for interest expenses

Other

cash

payment

relating

to

financing

1,557,254

2,616,235

activities

37/ 38

Sub-total of cash outflows from financing

15,137,367

10,054,100

activities

Net cash flow from financing activities

-3,909,309

1,451,125

IV. EFFECT OF FOREIGN EXCHANGE

RATE CHANGES ON CASH AND CASH

9,140

8,266

EQUIVALENTS

V. NET INCREASE ON CASH AND CASH

-14,050

2,935,010

EQUIVALENTS

Add: Cash and cash equivalents, opening

3,186,249

4,588,562

VI. CASH AND CASH EQUIVALENTS,

3,172,199

7,523,572

CLOSING

Person in charge of the Company：Xiao Yaomeng

Chief Financial Officer: Zhao Qingchun

Head of Accounting Department: Xu Jian

4.2 The adjustments of the relevant items of the financial statements at the beginning of the year due

to the first implementation of new income standards and new leasing standards since 2021 Not applicable.

4.3 The explanation on the retrospective adjustment of comparative data in previous reporting period due to the first implementation of new income standards and new lease standards since 2021

Not applicable.

4.4 Audit report Not applicable.

38/ 38

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Yanzhou Coal Mining Co. Ltd. published this content on 29 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2021 08:50:02 UTC.