CStone Pharmaceuticals — Interim / Quarterly Report 2020

Apr 28, 2020

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.

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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 2020

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 (the “ Board ”) of directors (the “Directors” ), the supervisory committee, 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 jointly and severally 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 2020 of the Company (the “ Report ”) was considered and approved by the thirty-forth meeting of the seventh session of the Board and all the 11 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 2020 to 31 March 2020.

“The Group” means the Company and its subsidiaries.

The Chairman of the Board, Mr. Li Xiyong, 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.

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Summary of the unaudited results of the Group for the third quarter ended 31 March 2020 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 2020, the operating income of the Group was RMB45.605 billion,
	representing a decrease of RMB2.639 billion or 5.5% as compared with the
	corresponding period of last year. Net profit attributable to the shareholders of listed
	company was RMB1.528 billion, representing a decrease of RMB781 million or 33.98%
	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.

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1. General Information of the Group

1.1 Major Accounting Data and Financial Indicators

Unit: RMB’000

			Unit: RMB’000
	As at the end of the Reporting Period	As at the end of previous year	Increase/decrease for the Reporting Period as compared with the end ofpreviousyear（%）
Total assets	216,887,452	207,821,363	4.36
Net assets attributable to the shareholders of listed company	62,240,931	63,291,840	-1.66
	From the beginning of the year to the end of the Reporting Period	From the beginning of previous year till the end of the Reporting Period of previousyear	Increase/decrease as compared with the corresponding period of previous year (%)
Net cash flows from operatingactivities	1,336,342	4,424,475	-69.80
Operatingincome	45,604,524	48,243,536	-5.47
Net profit attributable to the shareholders of listed company	1,527,504	2,308,395	-33.83
Net profit attributable to the shareholders of listed company after deducting extraordinary profits and losses	1,454,167	2,229,570	-34.78
Weighted average return on net assets (%)	2.37	3.70	Decreased by 1.33 percentage point
Basic earnings per share(RMB)	0.3110	0.4699	-33.82
Diluted earnings per share(RMB)	0.3110	0.4699	-33.82

Note: During the Reporting Period, the Company newly merged the financial statements of Qingdao Duanxin Asset Management Co., Ltd. and Yankuang Smart Ecology Co., Ltd.

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Extraordinary profit and loss items and amounts

Unit: RMB’000

	Unit: RMB’000
Items	Amount for the ReportingPeriod
Government grants recognized as current gains or loss, except those grants which are closely related to the Company’s business operations and in line with national policies and can be continuously enjoyed according to certain standard quota orquantities	23,851
Except effective hedging businesses that relate to the Company's ordinary operating operations, gain or loss from fair value changes on transactional financial assets, derivative financial assets, transactional financial liabilities and derivative financial liabilities, and investment income from disposal of transactional financial assets, derivative financial assets, transactional financial liabilities, derivative financial liabilities and other creditor’s investment.	3,371
Refund of provision for impairment of individual payables for impairment test and contract asset	8,694
Other non-operating income and expenses excluding the abovementioned items	78,611
Effect of the equityof minorityshareholders(after tax)	-6,619
Effect of income tax	-34,571
Total	73,337

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

						Unit: share	Unit: share
Total number of Shareholders							81,301
	Shareholdings of the topten Shareholders
Name of Shareholders (Full name)	Number of shares held at the end of the Reporting Period	Percentage holding of the total share capital(%)	Number of shares held subject to trading moratorium		Pledged or	locked shares	Nature of Shareholders
					Status of shares	Number of shares
Yankuang Group Co., LTD. (“Yankuang Group”)	2,267,169,423	46.16	0		No	0	State-owned legalperson
Hong Kong Securities Clearing Company (Nominees)Limited	1,948,105,203	39.66	0		Unknown	-	Overseas legal person
Hong Kong Securities ClearingCompanyLimited	27,319,659	0.56	0		No	0	Overseas legal person

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New China Life Insurance Co., Ltd.- Dividend-Individual dividend- 018L-FH002 Shanghai	21,957,897	21,957,897	0.45	0	0	No	No	0	Others
Central Huijin Assets Management Co., Ltd.	19,355,100		0.39	0		No		0	State-owned legalperson
Abu Dhabi Investment Authority	18,656,209		0.38	0		No		0	Others
Bank of China Co., Ltd.-Fuguo China Securities SOE “Belt and Road” Initiative Trading Open Index Securities Investment Fund	12,833,051		0.26	0		No		0	Others
New China Life Insurance Co., Ltd.- Dividend-Group dividend- 018L-FH001Shanghai	12,793,698		0.26	0		No		0	Others
China Construction Bank Corporation-Yifangda China Securities SOE “Belt and Road” Initiative Trading Open Index Securities Investment Fund	10,168,227		0.21	0		No		0	Others
National Social Security Fund 412 Combination	7,679,907		0.16	0		No		0	Others
Topten Shareholders holdingtradable shares not subject to tradingmoratorium
Name of Shareholders		Number of tradable shares held not subject to trading moratorium at the end of the ReportingPeriod			Class and number of shares held
					Class of shares		Number of shares
YankuangGroupCo., LTD		2,267,169,423			A Shares		2,267,169,423
Hong Kong Securities Clearing Company (Nominees)Limited		1,948,105,203			H Shares		1,948,105,203
Hong Kong Securities Clearing Company Limited		27,319,659			A Shares		27,319,659
New China Life Insurance Co., Ltd.- Dividend-Individual dividend- 018L-FH002 Shanghai		21,957,897			A Shares		21,957,897
Central Huijin Assets Management Co., Ltd.		19,355,100			A Shares		19,355,100
Abu Dhabi Investment Authority		18,656,209			A Shares		18,656,209

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Bank of China Co., Ltd.-Fuguo China Securities SOE “Belt and Road” Initiative Trading Open Index Securities Investment Fund	12,833,051	A Shares	12,833,051
New China Life Insurance Co., Ltd.- Dividend-Group dividend- 018L-FH001Shanghai	12,793,698	A Shares	12,793,698
China Construction Bank Corporation-Yifangda China Securities SOE “Belt and Road” Initiative Trading Open Index Securities Investment Fund	10,168,227	A Shares	10,168,227
National Social Security Fund 412 Combination	7,679,907	A Shares	7,679,907
Connected relationship or actions in concert among the above Shareholders	Yankuang Group Hong Kong Company Limited ("Yankuang Hong Kong"), a wholly-owned subsidiary of Yankuang Group incorporated in Hong Kong held 375,000,000 H shares through Hong Kong Securities Clearing Company (Nominees) Limited. New China Life Insurance Co., Ltd.-Dividend-Individual dividend-018LFH002 Shanghai and New China Life Insurance Co., Ltd.-Dividend- Group dividend-018L-FH001Shanghai are both managed by New China Life Insurance Co., Ltd. Apart from the disclosure above, it is unknown whether other shareholders are connected with one another or whether any of these shareholders fall within the meaningofparties actingin concert.
Illustration of preferred shareholders with restored voting rights and the number of shares held bythem	Not applicable.

Notes:

1. All 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.

2. As 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 (Nominees) Limited is the nominal shareholder of the Company’s Shanghai Stock Connect Program.

3. As at 31 March 2020, Yankuang Group held a total of 2,267,169,423 A shares of the Company, including 1,875,662,151 A shares held by its own account, and 391,507,272 A shares held by the guarantees and trust account opened by CITIC Securities Co., Ltd. and itself. The aforementioned guarantees and trust account provide guarantees for the exchangeable corporate bonds issued by Yankuang Group; 374,989,000 H Shares of the Company held by Yankuang Group were through

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Yankuang Group Hong Kong Co., Ltd. Yankuang Group directly and indirectly held 53.79% of the Company's shares.

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 2020, 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.

ways.
Name of Substantial Shareholders	Class of Shares	Capacity	Number of Shares Held (shares)	Nature of Interest	Percentage in the H Share Capital of the Company	Percentage in Total Share Capital of the Company
Yankuang Group	A Shares (State-ow ned legal person shares)	Beneficial owner	2,267,169,423	Long position	-	46.16%
		Beneficial owner	391,507,272	Short position	-	7.97%
Yankuang Group ①	H Shares	Interest of controlled corporations	374,989,000	Long position	19.21%	7.63%
BNP Paribas Investment Partners SA	H Shares	Investment manager	117,641,207	Long position	6.03%	2.39%

Note：

① Yankuang Group’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 nearest 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.

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

Not applicable.

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2 Significant Matters

2.1 General Operating Performance of the Group

2.1.1 Major operating data of main products and services

Item	The firstquarter	The firstquarter
	2020	2019	Increase/ Decrease (%)
1.Coal business（kiloton）
Saleable coal production	24,215	23,192	4.41
Sales volume of saleable coal	33,245	26,441	25.73
2.RailwayTransportation Business（kiloton）
Transportation volume	5,070	5,600	-9.46
3.Coal Chemicals Business（kiloton）
Methanol production	474	457	3.69
Methanol sales volume	475	461	3.15
4. Power business(10,000kWh)
Powergeneration	70,602	68,355	3.29
Power sold	44,023	43,250	1.79

Note: There are significant differences in the amounts of power generation and sales volume of power business in the above table, which were mainly due to that the power produced by the Group was to be sold externally after satisfying self-use demand.

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 2020, the Group produced saleable coal of 24.21 million tons, representing an increase of 1.02 million tons or 4.4% as compared with the corresponding period of last year.

The following table sets out the saleable coal production volume of the Group for the first quarter of 2020:

of 2020:
			Unit: kiloton
Item		The firstquarter
	2020	2019	Increase/ Decrease(%)
The Company	8,000	7,919	1.03
Shanxi NengHua ①	305	400	-23.73
Heze NengHua ②	817	605	34.88
Ordos NengHua ③	3,120	3,600	-13.33

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HaoshengCompany ④	1,481	441	235.84
Yancoal Australia ⑤	9,149	8,818	3.75
Yancoal International ⑥	1,343	1,409	-4.68
Total	24,215	23,192	4.41

Note:

• ① “Shanxi Neng Hua” means Yanzhou Coal Shanxi Neng Hua Company Limited.

• ② “Heze Neng Hua” means Yanmei Heze Neng Hua Company Limited.

• ③ “Ordos Neng Hua” means Yanzhou Coal Ordos Neng Hua Company Limited.

• ④ “Haosheng Company” means Inner Mongolia Haosheng Coal Mining Company Limited. In the first quarter of 2020, the production of saleable coal of Haosheng Company increased as compared with that of the previous year, mainly due to: because of the impact of safe and environmental protection policies, coal production in the Shilawusu Coal Mine in the first quarter of 2019 was restricted.

• ⑤ “Yancoal Australia” means Yancoal Australia Limited.

• ⑥ “Yancoal International” means Yancoal International (Holding) Company Limited.

2) Coal price and sales

During the first quarter of 2020, the Group’s sales volume of saleable coal was 33.24 million tons, representing an increase of 6.80 million tons or 25.7% as compared with the corresponding period

of the previous year, mainly due to: the traded coal had an increase of 5.96 million tons.

The following table sets out the Group’s production and sales of saleable coal by coal types for the first quarter of 2020:

	The firstquarter of	The firstquarter of	2020	The firstquarter of	The firstquarter of	2019
	Production	Sales volume	Salesprice	Production	Sales volume	Salesprice
	（kiloton）	（kiloton）	（RMB/ton）	（kiloton）	（kiloton）	（RMB/ton）
1.The Company	8,000	8,003	556.65	7,919	7,872	624.69
No.1 clean coal	209	198	802.56	302	341	940.10
No.2 clean coal	2,151	2,334	746.21	2,412	2,271	889.74
No.3 clean coal	846	749	581.12	724	515	661.82
Lump coal	500	630	617.71	602	665	722.63
Sub-total of clean coal	3,706	3,912	696.76	4,040	3,792	833.99
Screened raw coal	4,295	4,092	422.71	3,879	4,080	430.12
II. Shanxi NengHua	305	292	306.23	400	398	322.78
Screened raw coal	305	292	306.23	400	398	322.78
III. Heze	817	821	908.48	605	468	1,138.13

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NengHua
No.2 clean coal	624	705	995.86	518	468	1,138.13
Screened raw coal	193	117	379.91	87	-	-
IV. Ordos NengHua	3,120	2,354	242.80	3,600	3,149	270.39
Screened raw coal	3,120	2,354	242.80	3,600	3,149	270.39
V. Haosheng Company	1,481	1,397	297.80	441	450	322.72
Screened raw coal	1,481	1,397	297.80	441	450	322.72
VI. Yancoal Australia	9,149	8,592	468.34	8,818	8,376	647.30
Semi-hard cokingcoal	58	55	743.42	28	27	1,075.44
Semi-soft cokingcoal	401	377	716.93	688	654	908.13
PCI coal	575	540	691.65	755	718	931.48
Thermal coal	8,115	7,620	438.24	7,347	6,977	592.02
VII.Yancoal International	1,343	1,415	338.62	1,409	1,318	388.82
Thermal coal	1,343	1,415	338.62	1,409	1,318	388.82
VIII. Traded coal	-	10,369	603.37	-	4,410	734.80
IX. Total for the Group	24,215	33,245	512.51	23,192	26,441	595.67

3) Sales cost of coal

The Group’s sales cost of coal for the first quarter of 2020 was RMB12.20 billion, representing an

increase of RMB3.440 billion or 39.3% as compared with the corresponding period of the previous year.

Items		Unit	The firstquarters	The firstquarters	The firstquarters
			2020	2019	Increase/ decrease (%)
The Company	Total cost of sales	RMB million	2,282	2,027	12.54
	Cost of salesper ton	RMB/	284.41	255.16	11.46

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		ton
Shanxi Neng Hua	Total cost of sales	RMB million	65	88	-26.10
	Cost of sales per ton	RMB/ ton	221.39	219.95	0.65
Heze Neng Hua	Total cost of sales	RMB million	390	259	50.83
	Cost of sales per ton	RMB/ ton	435.89	489.30	-10.92
Ordos Neng Hua	Total cost of sales	RMB million	352	536	-34.37
	Cost of sales per ton	RMB/ ton	142.95	170.13	-15.98
Haosheng Company	Total cost of sales	RMB million	244	133	83.37
	Cost of sales per ton	RMB/ ton	174.98	296.35	-40.95
Yancoal Australia	Total cost of sales	RMB million	2,527	2,406	5.01
	Cost of sales per ton	RMB/ ton	294.06	287.25	2.37
Yancoal International	Total cost of sales	RMB million	361	298	20.88
	Cost of sales per ton	RMB/ ton	254.94	226.45	12.58
Traded Coal	Total cost of sales	RMB million	6,081	3,138	93.81
	Cost of sales per ton	RMB/ ton	586.46	711.42	-17.57

Changes of sales cost per ton of Haosheng Company were mainly due to the increase of saleable coal’s sales volume as compared with the corresponding period of last year resulting in the decrease of sales cost per ton.

2. Railway transportation business

For the first quarter of 2020, the transportation volume of the Group’s Railway Assets was 5.07 million tons, representing a decrease of 530 thousand tons or 9.5% as compared with the corresponding period of the previous year. As a result, the income from railway transportation services of the Company was RMB98.738 million for the first quarter of 2020, representing a decrease of RMB10.194 million or 9.4% as compared with the corresponding period of the previous year. The cost of railway transportation business was RMB38.925 million, representing an increase of RMB1.904 million or 5.1% as compared with the corresponding period of the previous year.

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3. Coal chemicals business

The following tables set out the operation of methanol business of the Group for the first quarter of 2020:

of 2020:
	Methanol production (kiloton)			Methanol sales volume (kiloton)
	The first quarter of 2020	The first quarter of 2019	Increase/ decrease (%)	The first quarter of 2020	The first quarter of 2019	Increase/ decrease (%)
1.Yulin Neng HuaNote	197	189	4.26	194	201	-3.46
2.Ordos Neng Hua	277	268	3.28	281	260	8.26

Note: “Yulin Neng Hua” means Yanzhou Coal Yulin Neng Hua Company Limited.

	Sales income (RMB’000)	Sales income (RMB’000)	Sales income (RMB’000)	Sales cost (RMB’000)	Sales cost (RMB’000)	Sales cost (RMB’000)
	The first quarter of 2020	The first quarter of 2019	Increase/ decrease (%)	The first quarter of 2020	The first quarter of 2019	Increase/ decrease (%)
1.Yulin Neng Hua	274,865	343,332	-19.94	213,119	269,293	-20.86
2.Ordos Neng Hua	394,277	436,244	-9.62	239,624	285,945	-16.20

4. Power business

The following tables set out the operation of the Group’s power business for the first quarter of 2020:

	Power Generation (10,000kWh)	Power Generation (10,000kWh)	Power Generation (10,000kWh)	Power sales volume (10,000kWh)	Power sales volume (10,000kWh)	Power sales volume (10,000kWh)
	The first quarter of 2020	The first quarter of 2019	Increase/ decrease (%)	The first quarter of 2020	The first quarter of 2019	Increase/ decrease (%)
1.Hua Ju Energy ①	19,785	19,612	0.88	6,215	5,868	5.91
2.Yulin Neng Hua ②	7,694	7,638	0.73	86	485	-82.27
3.Heze Neng Hua	43,122	41,105	4.91	37,722	36,898	2.23

	Sales income (RMB’000) The first quarter of 2020 The first quarter of 2019 Increase/ decrease (%)	Sales income (RMB’000) The first quarter of 2020 The first quarter of 2019 Increase/ decrease (%)	Sales income (RMB’000) The first quarter of 2020 The first quarter of 2019 Increase/ decrease (%)	Sales cost (RMB’000)	Sales cost (RMB’000)	Sales cost (RMB’000)
		The first quarter of 2019	Increase/ decrease (%)	The first quarter of 2020	The first quarter of 2019	Increase/ decrease (%)
1.Hua Ju Energy	26,258	25,358	3.55	18,045	18,458	-2.24
2.Yulin Neng Hua	167	912	-81.69	312	1,778	-82.45
3.Heze Neng Hua	131,538	126,650	3.86	84,011	106,024	-20.76

Note:

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② “Hua Ju Energy” means Shandong Hua Ju Energy Company Limited.

②During the Reporting Period, the sales volume, revenue, and cost of power affiliated to Yulin Neng Hua decreased substantially, mainly due to: the decrease in external sales of power as compared with that of the previous year.

5. Heat business

Hua Ju Energy generated heat energy of 560 thousand steam tons and sold 200 thousand steam tons for the first quarter of 2020, realizing the sales income of RMB20.683 million, with the sales cost of RMB12.539 million.

6. Electrical and Mechanical Equipment Manufacturing Business

For the first quarter of 2020, the Group’s electrical and mechanical equipment manufacturing business realized sales income of RMB2.951 million, with sales cost of RMB2.686 million.

7. Non-coal trading business

For the first quarter of 2020, the Group’s non-coal trading business realized sales income of RMB26.325 billion, with sales cost of RMB26.214 billion.

8. Equity Investment Business

For the first quarter of 2020, the Group’s equity investment business realized income RMB322 million.

2.1.3 The operation of Yankuang Finance Company Limited (“Yankuang Finance Company”) during the Reporting Period

			Unit: RMB million
	The first quarters of 2020	The first quarters of 2019	Increase/ decrease(%)
Operatingincome	125	118	5.89
Netprofit	49	56	-12.65
	31 March 2020	31 December 2019	Increase/ decrease(%)
Net assets	3,198	3,149	1.54
Total assets	24,928	24,694	0.95

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

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

	31 March 2020	31 March 2020	31 December 2019	31 December 2019	Increase/decrease （%）
	(RMB million)	Percentage of total assets（%）	(RMB million)	Percentage of total assets（%）

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Account receivables	8,262	3.81	4,495	2.16	83.79
Prepayments	5,725	2.64	3,484	1.68	64.30
Short-term borrowings	12,362	5.70	8,748	4.21	41.32
Contract liabilities	3,565	1.64	2,717	1.31	31.20
Other current liabilities	4,499	2.07	2,999	1.44	50.04
Bondpayables	19,584	9.03	14,567	7.01	34.44
Other comprehensive income	-9,650	-4.45	-6,810	-3.28	/

Explanations for changes in account receivables: ①the account receivables of the Company increased by RMB559 million; ②the account receivables of Yancoal International increased by RMB1,776 million; ③the account receivables of Shandong Zhongyin International Trade Co., Ltd increased by RMB253 million; ④ the account receivables of Qingdao Vast Lucky International Trade Co., Ltd. (“Qingdao Vast Lucky”) increased by RMB821 million.

Explanations for changes in prepayments: ①the prepayment of the Company increased by RMB195 million; ②the prepayment of Yulin Neng Hua increased by RMB206 million; ③The prepayments of Yankuang (Hainan) Intelligent Logistics Science Technology Co., Ltd (“Intelligent Logistics”) increased by RMB1,192 million.

Explanations for changes in short-term borrowings: ①the short-term borrowings of the Company increased by RMB1,300 million；②the short-term borrowings of Qingdao Zhongyan Trading Co., Ltd. (“Qingdao Zhongyan”) increased by RMB401 million; ③the short-term borrowings of Yancoal International increased by RMB1,470 million.

Explanation for changes in contract liabilities: ①the contract liabilities of Qingdao Zhongyan increased by RMB124 million; ②the contract liabilities of Qingdao Vast Lucky increased by RMB395 million; ③the contract liabilities of Intelligent Logistics increased by RMB167 million. Explanation for changes in other current liabilities: The Company issued the first tranche of super short-term bonds of 2020, which caused an increase of RMB1,500 million in current liabilities. Explanation for changes in bond payables: The Company issued Yanzhou Coal 2020 corporate bond (the first tranche), which caused an increase of RMB5,000 million in bond payables. Explanation for changes in other comprehensive income: the fluctuation of exchange rate caused decrease in converted difference of the financial statements prepared in foreign currency.

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

	First quarter of 2020 （RMB million）	First quarter of 2019 （RMB million）	Increase/ decrease (%)	Major reasons for those changes
Financial expense	259	811	-68.06	The exchange gains increased due to the fluctuation of exchange rate.
Net exposure hedging income	-285	-	/	The hedging gains and losses in Yancoal Australia’s accounting method was reclassified as the net exposure hedging income from operatingincome.
Income tax	624	898	-30.51	The Group’s income taxpayable decreased as

14

compared with that of the same period of the previous year.

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

	First Quarter of 2020 （RMB million）	First quarter of 2019 （RMB million）	Increase/ decrease (%)	Major reasons for those changes
Net cash flows from operating activities	1,336	4,424	-69.80	①The cash received from sales of products and provision of labor services decreased by RMB7,362 million as compared with that of the corresponding period of the previous year;②The cash paid for purchase of products and labor services decreased by RMB6,023 million as compared with that of the corresponding period of the previous year;③The cash paid relation to other operating activities increased by RMB1,762 million as compared with that of the corresponding period of the previousyear.
Net cash flows from investing activities	-2,217	-2,711	-18.21	①The cash received from recover of investment decreased by RMB857 million;②The cash paid for purchasing fixed assets, intangible assets and other long-term assets decreased by RMB1,118 million as compared with that of the corresponding period of thepreviousyear.
Net cash flows from financing activities	5,861	-8,157	/	①The cash received from borrowings increased by RMB8,441 million as compared with that of the corresponding period of the previous year;②The cash for repayment of liabilities decreased by RMB5,891 million as compared with the corresponding period of thepreviousyear.
Net increase in cash and cash equivalents	4,868	-6,660	/	-

15

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. 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 People’s Court (“Jining Intermediate Court”) against 8 defendants including Hengfeng and Yanzhou Coal, requiring Hengfeng Company to repay the loan principal of RMB99.119 million and corresponding interests. Because Hengfeng Company made a pledge to the plaintiff through its account receivables of RMB103.42 million by Yanzhou Coal (suspect of counterfeit), Weihai Commercial Bank required Yanzhou Coal bear the liability of repayment within the amount of the pledged account receivables.

In October 2018, the Company received the first instance judgement 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 lawsuit of Weihai Commercial Bank at the first instance of retrial. Then, Weihai Commercial Bank appealed to Shandong High Court. Currently, Shandong High Court has made no ruling yet.

Since the case is going through the retrial of the second instance, it’s unable for the Company to estimate the impact of the litigation on its future profit currently.

For details, please refer to 2019 Annual Report of Yanzhou Coal, which was posted on the websites of the Shanghai Stock Exchange, the HKSE, the Company.

1. 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 and Yanzhou Coal to Jining Intermediate Court, requiring Jining Liaoyuan to repay the borrowing principal of RMB95.8596 million and corresponding interest. Since Jining Liaoyuan pledged its account receivables of RMB90.52 million by 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 are real and the seals are forged.

16

In November 2018, the Company lost the suit at the first trial 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.

The case is currently in the appeal period, it is impossible to estimate the impact of the judgement of the lawsuit on the Company’s future profit.

For details, please refer to 2019 Annual Report of Yanzhou Coal, which was posted on the websites of the Shanghai Stock Exchange, the HKSE and the Company.

1. Shandong Zikuang Coal Transport and Marketing Company (“Zikuang Transport and Marketing Company”) sued against Yanzhou Coal for sales contract dispute

In May 2019, citing the sales contract dispute, Zikuang Transport and Marketing Company sued against Yanzhou Coal to Jining Intermediate Court, requiring Yanzhou Coal to repay RMB25.478 million of coal prepayment, RMB7.042 million of interest loss, RMB0.936 million of the loss of anticipated benefits and RMB0.5 million of expense of realization of credit, adding up to RMB33.956 million.

In October 2019, Jining Intermediate Court ruled to reject the appeal of Zikuang Transport and Marketing Company, and Yanzhou Coal won the lawsuit. Zikuang Transport and Marketing Company appealed to Shandong High Court.

In March 2020, Shandong High Court ruled the Company won the lawsuit in the second instance.

The case was settled. This lawsuit will not impact the Company’s future profit.

For details, please refer to 2019 Annual Report of Yanzhou Coal, which was posted on the websites of the Shanghai Stock Exchange, the HKSE and the Company.

1. Xiamen Xinda Co., Ltd (“Xiamen Xinda”) sued against Yanzhou Coal for sales contract dispute

In March 2020, citing the sales contract dispute, Xiamen Xinda sued against Shandong Zhongyin Logistics Trade Co., Ltd. (“Zhongyin Logistics”) and Yanzhou Coal to Xiamen Intermediate Court, requiring Zhongyin Logistics to return goods principals and corresponding interest totaling RMB233 million and requiring the Company to bear joint liability.

Currently, Xiamen Intermediate Court has not ruled yet.

17

Since the case is going through procedures of the first instance, the Company is unable to estimate the impact of the litigation on its future profit currently.

For details, please refer to 2019 Annual Report of Yanzhou Coal, which was posted on the websites of the Shanghai Stock Exchange, the HKSE and the Company.

2.3.2 Major connected transactions

1. Continuing connected/related transactions of house lease

As considered and approved at the thirty-first meeting of the seventh session of the Board dated 7 February 2020, Shanghai Dongjiang Real Estate Development Co., Ltd, a wholly-owned subsidiary of the Company, entered into the Lease Agreement in relation to Shanghai Dongjiang Pearl Square with Shanghai Yankuang Xinda Hotel Co., Ltd., a subsidiary of Yankuang Group.

For details, please refer to the announcements dated 7 February 2020 in relation to resolutions at the thirty-first meeting of the seventh session of the Board, the relevant continuing connected/related transactions and the house lease agreement , which were posted on the websites of the Shanghai Stock Exchange, the HKSE and the Company, and/or on China Securities Journal and Shanghai Securities News and Securities Times in the PRC.

2. Connected/related transaction in relation to acquiring 10% equity interests of Moolarben Coal Joint Venture

As considered and reviewed at the thirty-second meeting of the seventh session of the Board dated 27 March 2020, the Moolarben Coal Joint Venture Interest Sale Deed was entered into between Yancoal Australia and its wholly-owned subsidiary, Yancoal Moolarben Pty Ltd (“Yancoal Moolarben”) with Sojitz Moolarben Resources Pty Ltd (“Sojitz”), a wholly-owned subsidiary of Sojitz Corporation. Yancoal purchased 10% equity interests of Moolarben Coal Joint Venture held by Sojitz at a consideration of AUD300 million through Yancoal Moolarben.

As of the date of this report, Yancoal Moolarben and Sojitz have completed the 10% equity interest transfer in relation to Moolarben Coal Joint Venture.

For details, please refer to the announcements dated 27 March 2020 in relation to resolutions passed at the thirty-second meeting of the seventh session of the Board and the connected/related transaction in relation to acquisition of equity interests, and the updating announcement dated 31 March 2020 in relation to acquisition of equity interest, which were posted on the websites of the Shanghai Stock Exchange, the HKEX and the Company, and/or on China Securities Journal and Shanghai Securities News and Securities Times in the PRC.

1. Connected/related transaction of disposal of 100% equity interests of non-coal trading companies

As considered and reviewed at the thirty-second meeting of the seventh session of the Board dated

18

27 March 2020, an equity purchase agreement was entered into between Yancoal International and Yankuang Aluminum (Hong Kong) Company (“Aluminum Hong Kong Company”), a wholly-owned subsidiary of Yankuang Group. Yancoal International sold the 100% equity interests of Yancoal International Trade Co., Ltd and Yancoal International (Singapore) Co., Ltd fully held by Yancoal International at a transaction price of RMB150.6712 million.

For details, please refer to the announcements dated 27 March 2020 in relation to resolutions passed at the thirty-second meeting of the seventh session of the Board and the connected/related transaction announcement of sale of equity interest, 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 and Securities Times in the PRC.

2.3.3 Other significant events

1. Cancellation of Xinyinlian Co., Ltd.

As reviewed and approved at the general manager work meeting of the Company held on 19 January 2020, Xinyinlian Co., Ltd, a controlled subsidiary of the Company performed liquidation procedures in accordance with local laws of Singapore and its Articles of Association. As at the date of this report, Xinyinlian Co., Ltd. has completed the liquidation and cancellation procedures.

2. Changes of the Board of Directors and the Supervisory Committee

As considered at the thirty-second meeting of the seventh session of the Board held on 27 March 2020, Mr. Li Xiyong, Mr. Li Wei, Mr. Wu Xiangqian, Mr. Li Jian, Mr. Zhao Qingchun and Mr. He Jing were nominated as candidates of non-independent Directors of the eighth session of the Board; Mr. Tian Hui, Mr. Cai Chang, Mr. Poon Chiu Kwok and Mr. Zhu Limin were nominated as candidates of independent Directors of the eighth session of the Board.

As considered at the eighteenth meeting of the seventh session of the board of Supervisors held on 27 March 2020, Mr. Gu Shisheng, Mr. Zhou Hong, Mr. Li Shipeng and Mr. Qin Yanbo were nominated as candidates of non-employee representative supervisors of the eighth session of the board of Supervisors.

The aforesaid changes of the Board of Directors and the board of Supervisors still need to be submitted to the general meeting of the Company for consideration and approval.

For details, please refer to the announcements dated 27 March 2020 in relation to the resolutions passed at the thirty-second meeting of the seventh session of the Board, the resolutions passed at the eighteenth meeting of the seventh session of the board of Supervisors, and the proposed change of Directors and Supervisors, 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 and Securities Times in the PRC.

19

3. Appointment of Chief Investment Officer of the Company

As considered and approved at the thirty-second meeting of the seventh session of the Board held on 27 March 2020, Mr. Zhang Lei was appointed as the chief investment officer of the Company, whose term is the same as that of other senior managements appointed by the seventh session of the Board.

For details, please refer to the announcement dated 27 March 2020 in relation to the resolutions passed at the thirty-second meeting of the seventh session of the Board, 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 and Securities Times in the PRC.

4. Appointment of General Manager of the Company

As considered and approved at the thirty-third meeting of the seventh session of the Board held on 22 April 2020, Mr. Liu Jian was appointed as the general manager of the Company, whose term is the same as that of other senior managements appointed by the seventh session of the Board. On the same day, Mr. Wu Xiangqian ceased to be the general manager of the Company.

For details, please refer to the announcements dated 22 April 2020 in relation to the resolutions passed at the thirty-third meeting of the seventh session of the Board and the change of the general manager, which were posted on the websites of Shanghai Stock Exchange, the HKEX and the Company and/or on China Securities Journal, Shanghai Securities News and Securities Times in the PRC.

5. Appointment of Deputy General Manager and Chief Engineer of the Company

As considered and approved at the thirty-third meeting of the seventh session of the Board held on 22 April 2020, Mr. Xiao Yaomeng, Mr. Zhang Chuanchang and Mr. Wang Peng were appointed as deputy general managers of the Company and Mr. Wang Chunyao was appointed as the chief engineer of the Company. The terms of the above personnel are the same as the terms of other senior managements appointed by the seventh session of the Board. On the same day, Mr. Zhao Honggang ceased to be the deputy general manager of the Company, and Mr. Wang Fuqi ceased to be the chief engineer of the Company.

For details, please refer to the announcement dated 22 April 2020 in relation to the resolutions passed at the thirty-third meeting of the seventh session of the Board, 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 and Securities Times in the PRC.

2.4 Commitments that have not been fulfilled during the Reporting Period

Not applicable.

20

2.5 Statements on the warnings and reasons for the expected accumulated net profit may be negative from the beginning of 2020 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 last year.

Not applicable.

3. Directors

As at the date of this announcement, the directors of the Company are Mr. Li Xiyong, Mr. Li Wei, Mr. Wu Xiangqian, Mr. Liu Jian, Mr. Guo Dechun, Mr. Zhao Qingchun and Mr. Guo Jun, while the independent non-executive directors of the Company are Mr. Kong Xiangguo, Mr. Cai Chang, Mr. Poon Chiu Kwok and Mr. Qi Anbang.

Yanzhou Coal Mining Company Limited Li Xiyong Chairman of the Board

28 April, 2020

21

4. Appendices

4.1 Financial statements

Consolidated Balance Sheet

31 March 2020 Prepared by: Yanzhou Coal Mining Company Limited Unit: RMB’000 Unaudited

Items	31 March 2020	31 December 2019
Current assets:
Moneyfunds	33,572,693	27,273,606
Clearingsettlement funds
Lending to banks and other financial institutions
Tradable financial assets	153,911	156,652
Derivative financial assets
Notes receivables
Accounts receivable	8,262,159	4,495,398
Receivable financing	2,969,372	3,102,766
Prepayments	5,724,513	3,484,269
Premium receivable
Reinsurance accounts receivable
Reserve for reinsurance contract receivable
Other receivables	3,279,698	3,042,851
Including: Interest receivable	172,781	119,093
Dividend receivable
Purchase of resold financial assets
Inventories	8,200,869	7,299,985
Contract assets
Held-to-sale assets	194,411	217,644
Non-current assets due within oneyear	1,232,469	1,336,643
Other current assets	14,017,033	13,152,322
TOTAL CURRENT ASSETS	77,607,128	63,562,136
NON-CURRENT ASSETS：
Disbursement of loans and advances
Debt investment	61,912	69,357
Other debt investments
Long-term accounts receivable	6,911,544	7,694,889
Long-term equityinvestments	17,937,683	17,634,395
Other equityinstruments investments	4,584	4,624
Other non-current financial assets	1,064,812	1,174,648
Investmentproperties	598	610

22

Fixed assets	41,986,785	43,915,901
Construction inprogress	18,148,223	18,359,368
Productive biological assets
Oilgas assets
Usufruct assets	332,942	406,528
Intangible assets	46,668,081	49,313,882
Development expenditure
Goodwill	296,681	329,513
Long-term deferred expenses	22,893	23,616
Deferred income tax assets	2,636,222	2,355,820
Other non-current assets	3,207,364	2,976,076
TOTAL NON-CURRENT ASSETS	139,280,324	144,259,227
TOTAL ASSETS	216,887,452	207,821,363
CURRENT LIABILITIES:
Short-term borrowings	12,361,677	8,747,590
Borrowings from central bank
Borrowing from banks and other financial institutions
Tradable financial liabilities	150,941	148,554
Derivative financial liability
Notespayable	10,154,958	9,092,258
Accountspayable	12,983,071	10,462,137
Advances from customers
Contract liabilities	3,565,389	2,717,475
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 wagespayable	1,326,244	1,453,978
Taxespayable	1,044,409	1,116,487
Otherpayables	21,247,401	24,401,865
Including: Interestpayable	464,796	462,144
Dividendpayable	96,407	1,919,666
Service charges and commissionspayable
Reinsurance accountspayable
Held-to-sale liabilities
Non-current liabilities due within oneyear	12,849,805	12,180,754
Other current liabilities	4,499,400	2,998,800
TOTAL CURRENT LIABILITIES	80,183,295	73,319,898
NON-CURRENT LIABILITIES:
Reserve for insurance contract

23

Long-term borrowings	26,934,230	26,133,626
Bondspayable	19,583,539	14,567,273
Including:preferred shares
perpetual bonds
Lease liabilities	196,285	328,072
Long-termpayable	2,340,367	2,331,559
Long-termsalaries and wagespayable	375,476	439,946
Estimated liabilities	2,774,770	2,643,476
Deferred income	135,121	133,508
Deferred income tax liabilities	3,284,604	3,301,414
Other non-current liabilities	104,893	1,098,469
TOTAL NON-CURRENT LIABILITIES	55,729,285	50,977,343
TOTAL LIABILITIES	135,912,580	124,297,241
OWNERS’ EQUITY（OR SHAREHOLDERS’ EQUITY）:
Paid-in capital(or share capital)	4,912,016	4,912,016
Other equityinstruments	10,159,486	10,311,611
Including:preferred shares
perpetual bonds	10,159,486	10,311,611
Capital reserves	482,980	482,980
Less: treasurystock
Other comprehensive income	-9,650,109	-6,810,265
Special reserves	4,471,873	4,078,521
Surplus reserves	6,804,799	6,804,799
Provision forgeneral risk
Undistributed earnings	45,059,886	43,512,178
Total owners’ equity（or shareholders’ equity） attributable toparent company	62,240,931	63,291,840
Minorityinterest	18,733,941	20,232,282
TOTAL OWNERS’ EQUITY (OR SHAREHOLDERS’ EQUITY)	80,974,872	83,524,122
TOTAL LIABILITIES AND OWNERS’ EQUITY（OR SHAREHOLDERS’ EQUITY）	216,887,452	207,821,363

Legal Representative of the Company: Li Xiyong Chief Financial Officer: Zhao Qingchun Head of Accounting Department: Xu Jian

24

Balance Sheet of the Parent Company

31 March 2020

Prepared by: Yanzhou Coal Mining Company Limited Unit: RMB’000 Unaudited

Items	31 March 2020	31 December 2019
CURRENT ASSETS：
MoneyFunds	8,718,796	5,520,882
Tradable financial assets
Derivative financial assets
Notes receivables
Accounts receivable	1,666,542	1,107,572
Accounts receivable financing	2,793,956	2,647,131
Prepayments	277,328	82,773
Other receivables	42,967,713	42,154,385
Including: Interest receivable	1,803,754	1,768,263
Dividend receivable
Inventories	558,270	630,263
Contract assets
Held-to-sale assets
Non-current assets due within oneyear
Other current assets	1,107,643	1,182,207
TOTAL CURRENT ASSETS	58,090,248	53,325,213
NON-CURRENT ASSETS：
Creditors’ investment
Other creditors’ investment
Long-term accounts receivable
Long-term equityinvestments	75,204,034	74,811,707
Other equityinstruments investments	4,584	4,623
Other non-current financial assets
Investmentproperty
Fixed assets	6,465,448	6,710,439
Construction inprogress	533,427	526,431
Productive biological assets
Oil andgas assets
Usufruct assets	3,856,129	3,980,984
Intangible assets	1,164,451	1,210,137
Development expenditure
Goodwill
Long-term deferred expenses	5	7
Deferred income tax assets	1,275,282	1,233,628
Other non-current assets	117,926	117,926
TOTAL NON-CURRENT ASSETS	88,621,286	88,595,882

25

TOTAL ASSETS	146,711,534	141,921,095
CURRENT LIABILITIES：
Short-term borrowings	11,550,000	10,250,000
Tradable financial liabilities	85,598	85,598
Derivative financial liabilities
Notespayable	2,082,373	1,661,009
Accountspayable	2,351,260	3,022,321
Advances from customers
Liabilities of contract	532,365	635,148
Salary payable	679,959	688,201
Taxes and surchargespayable	537,466	638,389
Otherpayables	15,737,095	18,111,788
Including: Interestpayable	860,091	823,427
Dividendpayable		1,874,302
Liabilities classified as held for sale
Non-current liabilities due within oneyear	3,170,365	3,450,996
Other current liabilities	4,499,400	2,998,800
TOTAL CURRENT LIABILITIES	41,225,881	41,542,250
NON-CURRENT LIABILITIES:
Long-term borrowings	20,301,678	20,896,720
Bondspayable	16,487,342	11,518,667
Including:preferred shares
Perpetual bonds
Lease liabilities	3,436,491	3,671,227
Long-termpayable	55,063	60,755
Long-term employee salary payable
Accrued liabilities
Deferred income	96,028	98,887
Deferred income tax liabilities	55	65
Other non-current liabilities
TOTAL NON-CURRENT LIABILITIES	40,376,657	36,246,321
TOTAL LIABILITIES	81,602,538	77,788,571
OWNERS' EQUITY （OR SHAREHOLDERS' **EQUITY): **
Share capital	4,912,016	4,912,016
Other equityinstruments	10,159,486	10,311,611
Including:preferred shares
perpetual bonds	10,159,486	10,311,611
Capital reserve	1,424,005	1,424,005
Less：treasuryshares
Other comprehensive income	94,902	69,422
Special reserve	3,382,732	3,107,508

26

Surplus reserve	6,759,689	6,759,689
Undistributedprofit	38,376,166	37,548,273
TOTAL OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY)	65,108,996	64,132,524
TOTAL LIABILITIES AND OWNERS' EQUITY（OR SHAREHOLDERS' EQUITY)	146,711,534	141,921,095

Legal Representative of the Company: Li Xiyong Chief Financial Officer: Zhao Qingchu Head of Accounting Department: Xu Jian

27

Consolidated Income Statements

From January to March 2020

Prepared by: Yanzhou Coal Mining Company Limited

Unit: RMB’000 Unaudited

Items	From January to March 2020	From January to March 2019
I. Total Operating Revenue	45,604,524	48,243,536
Including: Operatingrevenue	45,604,524	48,243,536
Interest income
Premium earned
Service charges and commission income
II. Total Operating Costs	43,272,681	44,691,093
Including: Operatingcosts	40,228,315	40,725,459
Interest expenses
Service charge and commission expenses
Surrender value
Net claim settlement expenses
Net insurance liabilityreserve
Policydividend expenses
Reinsurance expenses
Taxes and surcharges	479,195	530,670
Sellingexpenses	1,236,843	1,475,076
Administrative expenses	1,035,027	1,118,353
Research and development expenses	34,403	30,877
Financial expenses	258,898	810,658
Including：Interest expense	761,274	766,198
Interest income	253,172	195,350
Add: Other income	18,706	7,381
Investment income("-" for loss)	322,323	295,772
Including: Investment income from associates andjoint ventures	319,924	287,299
Termination recognition income from financial assets measured at amortized costs
Exchange earning ("-" for loss)
Net exposure hedging income ("-" for loss)	-284,894
Gains from fair value changes ("- " for loss)	-15	3,859
Loss from credit impairment ("- " for loss)	-7,760	-7,987

28

Loss from asset devaluation ("- " for loss)	20,378	7,168
Gains on disposal of assets ("- " for loss)	83	388
III. Operating profit("-" for loss)	2,400,664	3,859,024
Add: Non-operatingincome	102,429	99,484
Less: Non-operatingexpenses	18,004	43,071
IV. Total Profit ("-" for the total loss)	2,485,089	3,915,437
Less: Income tax expenses	624,019	898,000
V. Netprofit("-" for the net loss)	1,861,070	3,017,437
（I）Bybusiness continuity：
Net profit from continuous operation("- " for the net loss)	1,861,070	3,017,437
Net profit from terminated operation("- " for the net loss)
（II）Byownership：
1. Net profit attributable to parent company ("- " for the net loss)	1,527,504	2,308,395
2. Net profit attributable to holders of other equity instruments of theparent company	147,875	141,184
3.Attributable to minority shareholders("- " for the net loss)	185,691	567,858
VI. Net after tax from other comprehensive income	-4,673,745	-76,631
（I ）Net after tax from other comprehensive income attributable to the owners ofparent company	-3,023,452	39,756
1.Other comprehensive income not be reclassified asprofit or loss later	-30	182
○1Changes in remeasurement of defined benefitplans
○2 Portion of other comprehensive income of investees not to be reclassified as profit or loss under equitymethod
○3Changes in fair value of investments in other equityinstruments	-30	182
○4Changes in the fair value of the enterprise's own credit risk
2.Other comprehensive income to be reclassified asprofit or loss	-3,023,422	39,574

29

○1 Portion of other comprehensive income of investees to be reclassified asprofit or loss under equitymethod	25,509	13,913
○2Changes in fair value of investments in other equityinstruments
○3Financial assets reclassified to other comprehensive income
○4Provision for Impairment of Credit for Investment of Other Creditor Rights
○5Cash flow hedgingreserve	-488,654	66,472
○6Exchange differences on translation of financial statements recorded in foreign currency	-2,560,277	-40,811
○7others
（II ）Net after tax from other comprehensive income attributable to the minorityshareholder	-1,650,293	-116,387
VII. Total comprehensive income	-2,812,675	2,940,806
（I）Attributable toparent company	-1,495,948	2,348,151
（II）Attributable to holders of other equity instruments of the parent company	147,875	141,184
（III ）Attributable to minority shareholders	-1,464,602	451,471
VIII. Earnings per share
（I ）Basic earnings per share （RMB/share）	0.3110	0.4699
（II）Diluted earnings per share （RMB/share）	0.3110	0.4699

Legal Representative of the Company: Li Xiyong Chief Financial Officer: Zhao Qingchun Head of Accounting Department: Xu Jian

30

Income Statements of the Parent Company

From January to March 2020

Prepared by: Yanzhou Coal Mining Company Limited Unit: RMB’000 Unaudited

Items	From January to March 2020	From January to March 2019
I. Operating revenue	5,472,263	6,161,595
Less：Operatingcosts	3,419,691	3,221,579
Taxes and surcharges	258,931	305,255
Sellingexpenses	109,827	82,782
Administrative expenses	478,553	464,592
Research and development expenses	13,352	16,536
Financial expenses	164,263	810,161
Including：Interest expense	698,854	792,090
Interest income	573,720	53,099
Add: Other income	2,909	1,470
Investment income("-" for loss)	231,817	575,252
Including: Investment income from associates andjoint ventures	231,817	149,206
Termination recognition income from financial assets measured at amortized costs
Net exposure hedging income ("-" for loss)	-7,326
Gains from fair value changes ("- " for loss)		3,859
Loss from credit impairment ("- " for loss)
Loss from asset devaluation ("- " for loss)
Gains on disposal of assets ("- " for loss)	82	21
II. Operating profit("-" for loss)	1,255,128	1,841,292
Add: Non-operatingincome	56,162	71,401
Less: Non-operatingexpenses	1,609	24,492
III. Total Profit("-" for the total loss)	1,309,681	1,888,201
Less: Income tax expenses	333,913	374,959
IV. Netprofit("-" for the net loss)	975,768	1,513,242
1. Net profit from continuous operation("- " for the loss)	975,768	1,513,242
2. Net profit from terminated operation("- " for the net loss)
Byownership：
1. Netprofit attributable to the	827,893	1,372,057

31

shareholders of theparent company
2. Net profit attributable to holders of other equity instruments of the parent company	147,875	141,185
V. Net other comprehensive income after tax	25,479	14,095
(I) Other comprehensive income not be reclassified asprofit or loss	-30	182
1. Changes in remeasurement of defined benefitplans
2. Portion of other comprehensive income of investees not to be reclassified asprofit or loss on equitybasis
3. Changes in fair value of investments in other equityinstruments	-30	182
4. Changes in the fair value of the enterprise's own credit risk
(II) Other comprehensive income to be reclassified asprofit or loss	25,509	13,913
1. Portion of other comprehensive income of investees to be reclassified as profit or loss on equitybasis	25,509	13,913
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 hedgingreserve
6. Exchange differences on translation of financial statements recorded in foreign currency
7. Others
VI. Total comprehensive income	1,001,247	1,527,337
Total comprehensive income attributable toparent company	853,372	1,386,152
Total comprehensive income attributable to holders of other equity instruments of theparent company	147,875	141,185
VII. Earnings per share
（I ）Basic earnings per share （RMB/share）	0.1685	0.2793
（II ）Diluted earnings per share （RMB/share）	0.1685	0.2793

32

Legal Representative of the Company: Li Xiyong Chief Financial Officer: Zhao Qingchun Head of Accounting Department: Xu Jian

33

Consolidated Cash Flow Statement

From January to March 2020 Prepared by: Yanzhou Coal Mining Company Limited Unit: RMB’000 Unaudited

Items	From January to March 2020	From January to March 2019
1.CASH FLOW FROM OPERATING ACTIVITIES：
Cash received from sales of goods or renderingof services	45,396,514	52,758,824
Net increase in customer's deposit and deposit of interbank
Net increase in borrowings from the Central Bank
Net increase in borrowings from other financial institutions
Cash received from the original insurance contractpremium
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 funds from other banks and other financial institutions
Net increase in funds in repurchase business
Net cash received from agent in buyingand sellingsecurities
Tax and charges refunded	187,998	169,364
Cash received from other operatingactivities	2,136,494	2,416,147
Sub-total of cash inflows	47,721,006	55,344,335
Cash paid for goods and services purchased	37,104,508	43,127,799
Net increase in customer loans and advance
Net increase in deposits of central bank and interbank
Cash paid for the indemnity under original insurance contract
Net increase in lendings
Cash paid for interest, charges and commissions

34

Cashpaid forpolicydividend
Cash paid to and on behalf of employees	2,934,397	2,811,341
Payments for taxes and surcharges	2,144,468	2,541,869
Cash paid for other operating activities	4,201,291	2,438,851
Sub-total of cash outflows from operating activities	46,384,664	50,919,860
NET CASH FLOW FROM OPERATING ACTIVITIES	1,336,342	4,424,475
2.NET CASH FLOW FROM INVESTMENT ACTIVITIES
Cash received from recovery of investments	371,622	1,228,917
Cash received from investments return	26,380	204,718
Net cash received from disposal of fixed assets, intangible assets and other long-term assets	219	4,194
Net cash amount received from disposal of subsidiaries and other business units
Cash received from other investment activities
Sub-total of cash inflows from investment activities	398,221	1,437,829
Cash paid to acquire fixed assets, intangible assets and other long-term assets	2,252,048	3,370,360
Cashpaid for investments	95,656
Net increase inpledged loans
Net cash paid for acquisition of subsidiaries and other business units	267,484
Other cash paid relating to investment activities		777,992
Sub-total of cash outflows from investment activities	2,615,188	4,148,352
NET CASH FLOW FROM INVESTMENT ACTIVITIES	-2,216,967	-2,710,523
3. CASH FLOW FROM FINANCING ACTIVITIES:
Cash received from investors
Including: Cash received from

35

investment of minority shareholders of subsidiaries
Cash received from borrowings	14,888,240	6,447,082
Cash received from other financingactivities
Sub–total of cash inflows from financing activities	14,888,240	6,447,082
Repayments of borrowings and debts	6,030,465	11,921,962
Cash paid for distribution of dividends, profits, or cash paid for interest expenses	2,996,431	2,081,734
Including: cash paid for distribution of dividends or profits by subsidiaries to minorityshareholders		124,000
Other cash paid relating to financingactivities		600,000
Sub-total of cash outflows from financing activities	9,026,896	14,603,696
NET CASH FLOW FROM FINANCING ACTIVITIES	5,861,344	-8,156,614
4. IMPACT OF FOREIGN EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	-112,531	-217,348
5. NET INCREASE IN CASH AND CASH EQUIVALENTS	4,868,188	-6,660,010
Add: Cash and cash equivalents (opening)	22,822,624	27,396,126
6. Cash and cash equivalents (closing)	27,690,812	20,736,116

Legal Representative of the Company: Li Xiyong Chief Financial Officer: Zhao Qingchun Head of Accounting Department: Xu Jian

36

Cash Flow Statement of the Parent Company

From January to March 2020

Prepared by: Yanzhou Coal Mining Company Limited Unit: RMB’000 Unaudited	Prepared by: Yanzhou Coal Mining Company Limited Unit: RMB’000 Unaudited	Prepared by: Yanzhou Coal Mining Company Limited Unit: RMB’000 Unaudited
Items	From January to March 2020	From January to March 2019
1. CASH FLOW FROM OPERATING ACTIVITIES：
Cash received from sales of goods and renderingof services	5,411,018	6,707,688
Tax refunds
Cash received from other operatingactivities	102,189	136,252
Sub-total of cash inflows	5,513,207	6,843,940
Cashpaid forgoods and services	1,212,940	1,824,970
Cash paid to and on behalf of employees	1,327,472	1,320,709
Taxespayments	1,357,687	1,547,802
Cash paid for other operating activities	354,905	138,977
Sub-total of cash outflows	4,253,004	4,832,458
NET CASH FLOW FROM OPERATING ACTIVITIES	1,260,203	2,011,482
2. CASH FLOW FROM INVESTMENT ACTIVITIES:
Cash received from investment recovery		550,000
Cash received from investment income		159,318
Net cash received from disposal of fixed assets, intangible assets and other long-term assets	2	1,778
Net cash amount received from the disposal of subsidiaries and other business units
Cash received from other investment activities	2,652,063	398,653
Sub-total of cash inflows	2,652,065	1,109,749
Cash paid to acquire fixed assets, intangible assets and other long-term assets	7,434	4,726
Cashpaid for investments	135,000
Net cash paid for the acquisition of subsidiaries and other business

37

units
Other cash paid relating to investment activities	2,294,215	1,317,339
Sub-total of cash outflows	2,436,649	1,322,065
NET CASH FLOW FROM INVESTMENT ACTIVITIES	215,416	-212,316
3. CASH FLOW FROM FINANCING ACTIVITIES:
Cash received from investors
Cash received from borrowings	11,505,225	5,908,240
Cash received relating to other financingactivities
Sub–total of cash inflows from financing activities	11,505,225	5,908,240
Repayments of liabilities	4,671,575	9,041,994
Cash paid for distribution of dividends or profits, or cash paid for interest expenses	2,766,290	1,302,897
Cash paid for other financing activities	2,616,235	2,732,594
Sub-total of cash outflows from financing activities	10,054,100	13,077,485
NET CASH FLOW FROM FINANCING ACTIVITIES	1,451,125	-7,169,245
4. IMPACT OF FOREIGN EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	8,266	268
5. NET INCREASE ON CASH AND CASH EQUIVALENTS	2,935,010	-5,369,811
Add: Cash and cash equivalents(opening)	4,588,561	13,653,633
6. Cash and cash equivalents （closing)	7,523,571	8,283,822

Legal Representative of the Company: Li Xiyong Chief Financial Officer: Zhao Qingchun Head of Accounting Department: Xu Jian

38

• 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 2020.

Not applicable.

4.3 The explanation on the retrospective adjustment of comparative data previous reporting

period due to the first implementation of new income standards and new lease standards since 2020.

Not applicable.

4.4 Audit report

Not applicable.

39