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Yankuang Energy Group Co Ltd (600188) Fair Value & Analysis

Energy · CN · Market cap 203B CNY (≈ $30.3B) · ISIN CNE000000WV6

What is Yankuang Energy Group Co Ltd really worth?

YE Yankuang Energy Group Co Ltd 600188 · SHG
Price¥21.56
Fair Value¥13.24
Upside−38.6%
Quality32/100

Below-average quality, and trading another 63% above our fair value of ¥13.24.

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Strengths

Moderate debt · generates free cash flow

Risks

!Weak Growth (revenue 5y −7.8 %/yr)
!Thin margins · 6.6% net margin
!Trails peers (5/15)
!Narrow moat 39/100
!Weak on future: 9 out of 100

For context

·2.32% dividend yield
Evidence: High Range ¥7.12 – ¥19.41

Fair value as of: Aug 27, 2026

From 26 valuation models · updated 9 days ago

Share price +11.5% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (¥19.41). The favourable scenario is already priced in.
  • Weak quality (32/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The model range is unusually wide (¥7.12 to ¥19.41). The outcome hinges heavily on assumptions, so read the point estimate with caution.

Price vs Fair Value (5 years)

¥27.27 ¥4.77 Fair Value ¥13.24 Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.

How to read this chart

60‑month range ¥4.77 – ¥27.27 · fair‑value band ¥7.12 – ¥19.41 · the ¥21.56 price screens above the ¥13.24 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.

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Analysis

Yankuang Energy Group Co Ltd (600188) currently trades at ¥21.56, while our model-based Fair Value estimate is ¥13.24, implying the stock looks roughly 62.8% overvalued today. The Quality Score stands at 32/100 (below-average quality), in the Energy sector. Bull case: the Growth Earnings group reads highest at a median of ¥13.24 per share, and 1 of the 26 models we run sit above the ¥21.56 price. Bear case: the Asset-Based group reads lowest at ¥4.79, and 25 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Yankuang Energy Group Co Ltd generated revenue of 146B CNY at a net margin of 6.6%. Revenue grew 1.8% year over year. It earns a return on equity of 9.4%. Net debt stands at 29.3B CNY. Fundamentals as of Aug 27, 2026

Our scenario range runs from ¥7.12 (bear case) to ¥19.41 (bull case); at ¥21.56, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 22% below its 52-week high and 80% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at −22% fair-value upside, at −39%, 600188 screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly ¥0.3058 per share, which is 2.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence ¥0.2400 ¥3.82 76
Growth DCF ¥0.1400 ¥3.53 74
EPV ¥10.67 ¥13.30 ¥15.65 72
All 26 models by family
DCF Models
FCF DCF best evidence ¥0.2400 ¥3.82 76
Owner Earnings ¥5.39 ¥13.21 ¥27.15 70
5Y Revenue Exit ¥4.67 ¥13.20 ¥24.96 67
5Y EBITDA Exit ¥6.72 ¥17.36 ¥30.80 70
5Y P/E Exit ¥2.49 ¥8.77 ¥15.94 65
10Y Revenue Exit ¥2.13 ¥9.65 ¥21.48 59
10Y EBITDA Exit ¥3.93 ¥12.74 ¥26.40 62
10Y P/E Exit ¥1.08 ¥6.36 ¥13.88 56
Earnings-Based
Graham-Dodd ¥6.11 ¥26.75 ¥36.60 61
Lynch FV ¥6.90 ¥9.86 ¥12.82 58
PEG = 1.0 ¥6.90 ¥9.86 ¥12.82 55
EPV ¥10.67 ¥13.30 ¥15.65 72
Dividend Discount
Gordon GGM ¥6.94 ¥15.14 ¥25.47 63
DDM Multi-Stage ¥6.94 ¥12.40 ¥15.78 64
Multiples
P/E Multiple ¥9.44 ¥12.58 ¥15.73 61
P/S Multiple ¥11.46 ¥15.28 ¥19.10 56
P/B Multiple ¥9.66 ¥12.88 ¥16.10 53
EV/EBIT ¥10.08 ¥14.86 ¥19.64 64
EV/EBITDA ¥11.87 ¥17.25 ¥22.63 65
EV/Revenue ¥7.77 ¥12.93 ¥18.08 51
Asset-Based
NCAV (Graham) ¥3.58 ¥4.79 ¥7.15 52
Growth DCF
Growth DCF ¥0.1400 ¥3.53 74
Rev-Margin DCF ¥4.67 ¥12.82 ¥23.11 67
Economic Profit
Residual Income ¥6.85 ¥8.12 ¥14.40 72
ROIC Compounder ¥12.15 ¥18.48 ¥27.51 69
Growth Earnings
Growth-Adj P/E ¥9.26 ¥13.24 ¥17.21 66

Widest divergence: Growth Earnings (¥13.24) versus Growth DCF (¥0.1400). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 21.1 as of Jul 15, 2026
P/S ratio 1.32 P/E × margin
EPS (TTM) ¥0.9500 price ÷ EPS = P/E 21.1
Dividend yield 2.3% payout 52.6%
Net margin 6.3% FY2025
Return on equity 9.4% TTM
More key figures
Profitability
Return on assets (EBIT) 10.3% avg 5y
Operating margin 11.2% TTM
Growth
Revenue (TTM) 146B CNY TTM
Revenue growth (YoY) +1.8% 3y avg −13.9%
EPS growth (YoY) +43.2%
Balance sheet & cash flow
Free cash flow 1.9B CNY FY2025
Net debt 29.3B CNY FY2025 · ≈ 15.7 yrs of FCF

Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 32/100

Of which business quality 32 · Market factors (momentum, volatility) 64

Profitability 29
Margins and returns on capital today
Quality Growth 14
Are margins and returns improving?
Cashflow 44
Earnings quality: real cash, not paper profit
Fin. Strength 19
Balance sheet, leverage, solvency risk
Investment 54
Disciplined investing over empire-building
Low Volatility 63
Calm price path (market factor)
Momentum 56
Price trend over the last 3–12 months (market factor)
52W Momentum 80
Distance to the 52-week high (market factor)
Net Issuance 37
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Yankuang Energy Group Company Limited engages in the mining and sale of coal in the People's Republic of China, Australia, and internationally. It operates through Coal Mining; Smart Logistics; Coal Chemical, Electricity and Heat Supply; and Equipment Manufacturing segments.

Full company description

Yankuang Energy Group Company Limited engages in the mining and sale of coal in the People's Republic of China, Australia, and internationally. It operates through Coal Mining; Smart Logistics; Coal Chemical, Electricity and Heat Supply; and Equipment Manufacturing segments. The company offers thermal, PCI, and coking coal; methanol, acetic acid, ethyl acetate, caprolactam, urea, ethylene glycol, naphtha, liquid paraffin, and crude liquid wax; coal mining and excavating equipment, cables, wires, cable accessories, and raw materials products; and chemicals, as well as involved in wholesale of petroleum and mineral products; and manufacturing of synthetic materials. It also engages in potash mineral exploration; electricity and heat supply; coal mining technology development, transfer, and consultation; finance leasing; leasing, trading, and commercial factoring; engineering; investment and asset management; educational software development; event planning; construction and production solar and wind power; providing railway, river, and lakes transportation; commercial; and logistics and transportation services. In addition, the company is involved in coal resource exploration development; port infrastructure construction; production and sales of mining equipment, electromechanical equipment, and rubber products; installation of mining equipment; coal and electrolytic copper trading; recycling of renewable resources; management of mineral resources, coal mining, and washing; operation of power generation; bonded area trade and warehousing; manufacturing of chemical products; and manufacturing of other metal processing machinery. The company was formerly known as Yanzhou Coal Mining Company Limited and changed its name to Yankuang Energy Group Company Limited in December 2021. The company was incorporated in 1997 and is based in Zoucheng, the People's Republic of China. Yankuang Energy Group Company Limited operates as a subsidiary of Shan Dong Energy Group Co., Ltd.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Yankuang Energy Group Co Ltd reported revenue of 144B CNY in FY2025 versus 152B CNY in FY2021, a compound −1.4%/yr. Reported net income was 9.0B CNY in FY2025, compounding −13.7%/yr from FY2021.

Growth Quality 32/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
144B CNY
Latest YoY
+3.1%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−13.9%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−7.8%
Avg. revenue growth/yr (30Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+14.1%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−4.4% (−6.7 + 2.3)
Revenue −1.4%/yr
FY21 152B CNY
FY22 225B CNY
FY23 150B CNY
FY24 139B CNY
FY25 144B CNY
Net income −13.7%/yr
FY21 16.3B CNY
FY22 33.4B CNY
FY23 20.1B CNY
FY24 14.4B CNY
FY25 9.0B CNY
Character of growth · EPS growth decomposed (2014-2025) +24.8 % p.a.
Revenue per share +5.4 %

of which total revenue +6.9 % · buybacks/dilution −1.5 %

EBIT margin +26.1 %
Tax rate +0.9 %
Residual (interest, one-offs) −6.9 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

600188 screens 63% overvalued. Compare with China Shenhua Energy Company →

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Cite: Fair Value Calculator (2026). "Yankuang Energy Group Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/600188

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Thermal Coal · 99 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 32 · Bottom 25%
Fair Value upside −39% · Below median
Return on equity (TTM) 9% · Above median
Return on assets 3% · Above median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 11% · Above median
Revenue growth 2% · Above median
Dividend yield (TTM) 2.3% · Below median
Debt / equity 1.12× · Higher than 75% of peers

Valuation Multiples vs Thermal Coal median · lower = cheaper

P/E (TTM) 21.1× · Pricier than median
P/B 2.83× · Pricier than 75% of peers
P/S (TTM) 1.40× · Pricier than median
P/FCF 16.3× · Pricier than 75% of peers
EV/EBITDA 7.2× · Pricier than median
PEG 1.50× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 8
FUTURE9 · sector 0
PAST38 · sector 21
HEALTH44 · sector 93
DIVIDEND46 · sector 54

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Coal Oil & gas

Similar stocks

10 more Thermal Coal stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).

Stock Price Fair Value vs Fair Value
China Shenhua Energy Company 601088 ¥48.05 ¥34.97 −27%
PT Bayan Resources Tbk., BYAN 15,325 IDR 3,542 IDR −77%
Adani Enterprises Limited ADANIENT ₹2,965 ₹891.11 −70%
Shaanxi Coal Industry Company 601225 ¥25.08 ¥23.90 −5%
Coal India Limited COALINDIA ₹417.85 ₹464.01 +11%
533278 533278 ₹406.50 ₹660.78 +63%
China Coal Energy Company 601898 ¥13.93 ¥13.91 +0%
PT Dian Swastatika Sentosa Tbk, DSSA 1,145 IDR 352.75 IDR −69%
Inner Mongolia Dian Tou Energy Corporation 002128 ¥26.48 ¥20.72 −22%
Shanxi Lu'an Environmental Energy Development Co 601699 ¥16.27 ¥7.20 −56%

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Frequently asked questions

Is Yankuang Energy Group Co Ltd (600188) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of ¥13.24 versus a price of ¥21.56, about −39% upside (overvalued).
What is the fair value of 600188?
Our model-based fair value for Yankuang Energy Group Co Ltd is ¥13.24 (as of Aug 27, 2026), built from audited fundamentals. The current price: ¥21.56.
What is the quality score of 600188?
Yankuang Energy Group Co Ltd has a Quality Score of 32/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Yankuang Energy Group Co Ltd (600188)?
Yankuang Energy Group Co Ltd reported trailing-twelve-month revenue of about 146B CNY (latest available figure, as of Aug 27, 2026).
What is the net profit margin of 600188?
The net profit margin of Yankuang Energy Group Co Ltd is about 6.6%, meaning it keeps roughly 6.6% of revenue as net income. Based on the latest reported figures.
Does Yankuang Energy Group Co Ltd pay a dividend?
Yankuang Energy Group Co Ltd currently shows a dividend yield of about 2.32% relative to its recent price (as of Aug 27, 2026).
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