Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights that cost reduction and incremental growth are offsetting the decline in coal prices, leading to stable performance and potential for increased dividends [5] - The company reported a significant decrease in revenue and net profit for the first half of 2025, with revenue at 744.4 billion yuan, down 19.9% year-on-year, and net profit at 77.0 billion yuan, down 21.3% year-on-year [6] - The coal division's net profit decreased by 32.6% year-on-year due to falling coal prices, despite a slight increase in production and sales volume [6] - The company is expected to maintain a high proportion of long-term contracts, which stabilizes performance amid market fluctuations [7] Summary by Sections Financial Performance - In H1 2025, the company achieved a coal production of 67.34 million tons, a year-on-year increase of 1.3%, with sales volume also increasing by 1.4% [6] - The average selling price of self-produced coal was 470 yuan per ton, down 19.5% year-on-year [6] - The company managed to reduce its unit sales cost to 263 yuan per ton, a decrease of 10.2% year-on-year [6] Business Segments - The chemical business faced challenges due to maintenance of the olefin unit, but the decline in coal prices helped reduce costs for methanol and urea [6] - The company is progressing with new projects, including coal and electricity integration and renewable energy initiatives, which are expected to contribute to future growth [7] Profit Forecast and Valuation - The forecasted net profits for 2025-2027 are 15.4 billion, 16.8 billion, and 17.96 billion yuan respectively, with corresponding growth rates of -20.3%, +9.2%, and +6.8% [7] - The current price-to-earnings ratio is projected to be 10.6, 9.7, and 9.0 for the years 2025, 2026, and 2027 respectively [7]

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company reported a net profit attributable to shareholders of 7.7 billion yuan for the first half of 2025, a decrease of 2.08 billion yuan year-on-year (21.3%) [2][6] - In Q2, the net profit attributable to shareholders was 3.73 billion yuan, down 1.19 billion yuan year-on-year (22.7%) and down 0.25 billion yuan quarter-on-quarter (6.3%) [2][6] - The company is characterized by stable profitability and low valuation, with long-term dividend potential expected to increase, making it a key focus for investors [2][6] Summary by Sections Financial Performance - In H1 2025, the company produced 67.34 million tons of commercial coal, an increase of 0.84 million tons (1.3%) year-on-year, with Q2 production at 33.99 million tons, up 0.22 million tons (0.7%) year-on-year [12] - The average selling price of self-produced coal in H1 2025 was 470 yuan/ton, down 114 yuan/ton (19.5%) year-on-year, with Q2 price at 449 yuan/ton, down 122 yuan/ton (21.3%) year-on-year [12] - The cost of self-produced coal in H1 2025 was 263 yuan/ton, down 30 yuan/ton (10.2%) year-on-year, with Q2 cost at 256 yuan/ton, down 58 yuan/ton (18.5%) year-on-year [12] Dividend Policy - The company plans to distribute a cash dividend of 0.166 yuan per share (including tax) based on 30% of the net profit attributable to shareholders of 7.32 billion yuan for H1 2025 [12] Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 15.66 billion yuan, 15.88 billion yuan, and 16.09 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 10.19x, 10.05x, and 9.92x based on the closing price on August 22 [2][12]

Financial Data and Key Metrics Changes - Operating revenue for the first half of the year was 74.44 billion RMB, with total profit at 11.94 billion RMB, down 28.6% year over year [4] - Net profit attributable to shareholders was 7.7 billion RMB, down 21.3% year over year, with basic earnings per share at 0.58 RMB, down 21.6% [4] - Under international accounting standards, profit before tax was 11.6 billion RMB, down 35.5% year over year [4] - The asset to liability ratio improved to 45%, down 1.3 percentage points from the beginning of the year [12] Business Line Data and Key Metrics Changes - The company produced 67.34 million tons of commercial coal, an increase of 0.84 million tons or 1.3% year over year [5] - Self-produced commercial coal sales reached 67.11 million tons, up 0.92 million tons or 1.4% year over year [6] - Sales of key coal chemicals totaled 3.166 million tons, an increase of 83,000 tons or 2.7% year over year [6] - The unit sales cost of self-produced commercial coal was 2,262.97 RMB per ton, down 10.2% year over year [7] Market Data and Key Metrics Changes - Average sales price of self-produced commercial coal was 470 RMB per ton, down 19.5% [9] - Thermal coal price was 436 RMB per ton, down 14.7%, while coking coal price dropped to 885 RMB per ton, down 35.4% [9] - The overall market saw a decline in coal prices, impacting profitability significantly [10] Company Strategy and Development Direction - The company is committed to high-quality development goals and will strengthen production sales coordination to achieve annual targets [15] - Focus on enhancing lean management and cost control to maintain profitability levels [15] - Plans to accelerate key project construction and implement innovation-driven strategies [16] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining stable operations despite falling coal prices and lower industry profitability [10] - Future coal prices are expected to stabilize around 675 RMB for long-term contracts and slightly over 700 RMB for spot prices [24][42] - The company aims to continue enhancing corporate governance and investor communication [16] Other Important Information - The company plans to distribute an interim cash dividend of 2.198 billion RMB or 0.166 RMB per share, consistent with the previous year [14] - Capital expenditures for the first half increased by 32%, with a total of 6.972 billion RMB invested [46] Q&A Session All Questions and Answers Question: Impact of supply changes on coal prices - Management noted a drop in prices followed by a recovery, with spot prices expected to stabilize around 700 RMB per ton [21][24] Question: Cost management strategies - The company reported a 10% reduction in sales costs due to optimized procurement and cost management [27] Question: Long-term contract coal prices - Long-term contract coal prices dropped by 3.6%, while spot prices saw a larger decline of nearly 11% [32] Question: Profitability of subsidiaries - Profitability improved for certain subsidiaries due to effective cost management despite price declines [39] Question: Production volume changes - Production volume was impacted by accidents and weather conditions, but the company remains confident in meeting annual targets [51] Question: Dividend payout standards - The company will continue to use the lower of international or Chinese accounting standards for dividend payouts [76]

Financial Data and Key Indicator Changes - Operating revenue for the first half of the year was 74.44 billion RMB, with total profit at 11.94 billion RMB, down 28.6% year over year [4] - Net profit attributable to shareholders was 7.7 billion RMB, down 21.3% year over year, with basic earnings per share at 0.58 RMB, down 21.6% [4][5] - Under international accounting standards, profit before tax was 11.6 billion RMB, down 35.5% year over year [4] Business Line Data and Key Indicator Changes - The company produced 67.34 million tons of commercial coal, an increase of 0.84 million tons or 1.3% year over year [5] - Self-produced commercial coal sales were 67.11 million tons, up 0.92 million tons or 1.4% year over year [6] - Sales of key coal chemicals totaled 3.166 million tons, an increase of 83,000 tons or 2.7% year over year [6] Market Data and Key Indicator Changes - Average sales price of self-produced commercial coal was 470 RMB per ton, down 19.5% year over year [9] - Thermal coal price was 436 RMB per ton, down 14.7%, while coking coal price was 885 RMB per ton, down 35.4% [9] - The unit sales cost of self-produced commercial coal was 2,262.97 RMB per ton, down 10.2% year over year [7] Company Strategy and Development Direction - The company aims to strengthen production sales coordination and enhance lean management and cost control to maintain profitability [15] - There is a commitment to high-quality development goals and the implementation of an innovation-driven strategy [16] - The company is focused on accelerating key project construction and enhancing corporate governance and investor communication [16] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining stable operations despite falling coal prices and lower industry profitability [10] - The company actively strengthened cash flow management, achieving a cash collection ratio of 110.1% [12] - Future coal prices are expected to stabilize, with long-term contract prices projected around 690 RMB per ton [42] Other Important Information - The company plans to distribute an interim cash dividend of 2.198 billion RMB or 0.166 RMB per share for 2025 [14] - Capital expenditures for the first half increased by 32%, with 92% of the annual target already completed [46] Q&A Session Summary Question: Impact of supply changes on coal prices - Management noted a drop in prices followed by a recovery, with spot prices expected to stabilize around 700 RMB per ton [21][24] Question: Cost management strategies - The company reported a 10% reduction in sales costs due to optimized procurement and cost management [27] Question: Long-term contract coal pricing - Long-term contract coal prices dropped by 3.6%, while spot prices fell by nearly 11% [32] Question: Profitability of subsidiaries - Profitability improved for certain subsidiaries due to effective cost management despite price declines [39] Question: Production volume changes - Production volume was impacted by accidents and weather conditions, but the company remains confident in meeting annual targets [51] Question: Dividend policy - The company will consider both international and Chinese accounting standards for dividend payouts, balancing shareholder interests with sustainable development [75][77]

格隆汇8月25日｜国海证券研报指出，中煤能源上半年归母净利润77亿元，同比-21.3%；Q2归母净利润 37.27亿元，环比-6.3%，同比-22.7%。煤炭业务：2025H1自产煤受价格下滑拖累吨毛利，但销量增（同 比+1.4%）成本降（同比-10.2%）为业绩提供一定韧性，其中吨煤成本下降主要在于加大安全费和维简 费使用减少专项基金结余。量端，公司2025H1实现商品煤产量6734万吨，同比+1.3%，商品煤销量 12868万吨，同比-3.6%，自产煤销量6711万吨，同比+1.4%，其中动力煤、炼焦煤销量分别为6206、 505万吨，同比+2.49%、-10.46%。考虑到公司长协比例高，业绩稳定性强，同时未来公司里必煤矿以 及苇子沟煤矿投产，煤化工业务陆续放量，业绩仍有增长空间，同时公司提高分红加大对股东回报，维 持"买入"评级。 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9]. Core Viewpoints - The recent coal mine accident in Fujian has raised concerns about the vulnerability of coal supply in China. The accident is expected to amplify local safety regulation efforts, potentially impacting coal supply. Despite this, stable demand and rigid supply constraints suggest that coal prices may continue to rise in the short term [2][7]. - The coal index (Yangtze) increased by 0.99% this week, underperforming the CSI 300 index by 3.19 percentage points, ranking last among all industries [6][14]. - The market anticipates that the upcoming "Golden September and Silver October" period will support coal demand, particularly as non-electric demand begins to pick up [6][7]. Summary by Sections Supply and Demand Overview - As of August 21, the daily coal consumption in 25 provinces was 6.427 million tons, up 8.0% week-on-week. The supply of coal was 6.324 million tons, an increase of 3.8% [31]. - The total coal inventory in these provinces was 119.798 million tons, a decrease of 0.4% from the previous week, with an available days supply of 18.6 days, down 1.6 days [31]. Price Trends - As of August 22, the market price for Qinhuangdao 5500 kcal thermal coal was 704 RMB/ton, reflecting a week-on-week increase of 6 RMB/ton (+0.86%) [38]. - The price for coking coal at Jingtang Port remained stable at 1610 RMB/ton [6]. Market Performance - The report highlights that the coal sector's performance has been mixed, with the thermal coal index rising by 1.09% and the coking coal index increasing by 0.76%, both underperforming compared to the CSI 300 index [14][18]. - The report identifies several companies with strong investment potential, including Yanzhou Coal Mining Company, Shanxi Coking Coal Group, and China Shenhua Energy [8]. Company Announcements - China Shenhua announced the approval of its Chongqing Wanzhou Power Plant expansion project, which will add 2×1000 MW capacity [52]. - Yanzhou Coal's Australian subsidiary reported a revenue of 2.675 billion AUD for the first half of 2025 [53]. Future Outlook - The report suggests that while daily consumption may gradually decline, the overall demand for coal remains robust, supported by seasonal factors and ongoing supply constraints [6][15]. - The focus will be on monitoring safety regulations and their impact on supply, as well as the performance of coal prices in the context of broader market conditions [7][8].

Core Viewpoint - China Coal's 1H25 results exceeded expectations due to effective cost reduction and expense control despite a decline in net profit and coal prices [1][2]. Financial Performance - A-shares net profit attributable to shareholders fell 21% YoY to Rmb7.71 billion, while recurring attributable net profit also dropped 21% YoY to Rmb7.65 billion [1]. - H-shares attributable net profit decreased 32% YoY to Rmb7.33 billion [1]. - In 2Q25, A-shares net profit attributable to shareholders rose 3.0% YoY but fell 3.0% QoQ to Rmb4.8 billion [1]. Production and Sales - Commercial coal output increased slightly by 1.3% YoY to 67.34 million tonnes, while sales volume decreased by 3.6% YoY to 128.68 million tonnes [1]. - Self-produced coal sales volume rose 1.4% YoY to 67.11 million tonnes [1]. - In 2Q25, commercial coal output and self-produced coal sales volume rose 0.7% YoY and 1.6% YoY to 33.99 million tonnes and 34.43 million tonnes, respectively [1]. Pricing and Costs - The selling price of self-produced coal fell 20% YoY to Rmb470 per tonne in 1H25, with a further decline to Rmb449 per tonne in 2Q25, down 21% YoY and 8.7% QoQ [1]. - The unit sales cost of self-produced coal dropped Rmb32 per tonne YoY to Rmb205 per tonne, with reductions in material, labor, and other costs [2]. Cash Flow and Capital Expenditure - Net operating cash inflow dropped Rmb8,244 million YoY to Rmb7,496 million, while capital expenditure reached Rmb6.972 billion [3]. Future Outlook - There is optimism for earnings recovery in 2H25, with spot coal prices rebounding from a YTD low [3]. - The firm proposed a stable interim dividend of Rmb0.166 per share, reflecting its commitment to rewarding shareholders despite industry pressures [3]. Earnings Forecast and Valuation - Earnings forecasts for 2025 and 2026 have been raised by 5% and 13% for A-shares, and 5% and 15% for H-shares, respectively [3]. - A-shares are trading at 9.8x and 9.0x 2025e and 2026e P/E, while H-shares are at 7.6x and 6.8x [3]. - Target prices for A-shares and H-shares have been raised by 8% to Rmb14.00 and 22% to HK$11.00, respectively, indicating potential upside [3].

Core Viewpoint - China Coal Energy Co., Ltd. has experienced fluctuations in stock price and financial performance, with a notable decrease in revenue and net profit for the first half of 2025 compared to the previous year [2][3]. Financial Performance - As of June 30, 2025, the company reported operating revenue of 74.436 billion yuan, a year-on-year decrease of 19.95% [2]. - The net profit attributable to shareholders was 7.705 billion yuan, reflecting a year-on-year decline of 21.28% [2]. - Cumulative cash dividends since the company's A-share listing amount to 42.873 billion yuan, with 19.185 billion yuan distributed over the past three years [3]. Stock Market Activity - On August 25, 2025, the stock price increased by 2.08%, reaching 12.29 yuan per share, with a trading volume of 2.21 billion yuan [1]. - The stock has seen a year-to-date increase of 0.90%, with a 5-day increase of 2.85%, a 20-day increase of 2.85%, and a 60-day increase of 14.75% [1]. - The company had a total market capitalization of 162.949 billion yuan as of the latest trading session [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 12.08% to 95,000 [2]. - The top ten circulating shareholders include significant institutional investors, with changes in holdings noted for several ETFs [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is focusing on cost reduction and efficiency improvement, which highlights its long-term investment value despite a decline in coal prices [4][22] - The company plans to maintain a stable dividend payout, distributing 30% of its net profit to shareholders as cash dividends [4][20] - The company is developing a "coal-electric-chemical-new" integrated industrial chain, with several key projects progressing as planned [4][22] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 74.44 billion yuan, a year-on-year decrease of 20.0%, and a net profit of 7.71 billion yuan, down 21.3% [10] - For Q2 2025, revenue was 36.04 billion yuan, a decline of 24.3% year-on-year, with a net profit of 3.73 billion yuan, down 22.7% year-on-year and 6.3% quarter-on-quarter [10] - The coal business showed stable production and sales, with a slight increase in self-produced coal output, while the cost management efforts led to a decrease in unit coal costs [2][12] Coal Business Summary - In Q2 2025, the company produced 33.99 million tons of commodity coal, a year-on-year increase of 0.7%, with sales volume of 64.54 million tons, down 7.4% [2][12] - The average selling price for self-produced thermal coal and coking coal decreased by 89 yuan/ton and 395 yuan/ton respectively [2][12] - The unit sales cost for self-produced commodity coal in H1 2025 was 263 yuan/ton, down 30 yuan/ton year-on-year [2][12] Coal Chemical Business Summary - The coal chemical business saw an increase in production and sales, but the prices of major products declined, leading to a decrease in gross profit [3][17] - In H1 2025, the main coal chemical products had a production/sales volume of 2.988/3.166 million tons, with prices for key products like urea and methanol dropping significantly [3][17] Other Business Summary - The coal mining equipment and financial services sectors reported increased gross profits despite a decline in revenue for the coal mining equipment business [3][20] - The coal mining equipment business generated revenue of 4.77 billion yuan, down 15.3% year-on-year, but gross profit increased by 9.6% due to lower material costs [3][20] Future Outlook - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 16.2 billion, 16.5 billion, and 17.2 billion yuan respectively [4][22] - The company maintains a strong performance outlook due to growth in both coal and coal chemical businesses, alongside potential for increased dividend payouts [4][22]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the coal and chemical sectors, while maintaining a stable dividend policy. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 74.436 billion yuan, a year-on-year decrease of 19.95% [1] - The net profit attributable to shareholders was 7.705 billion yuan, down 21.28% year-on-year [1] - In Q2 2025, operating revenue was 36.044 billion yuan, a decline of 24.26% year-on-year, with net profit at 3.727 billion yuan, down 22.65% [1] Group 2: Coal Production and Pricing - The company sold 12.868 million tons of commodity coal in H1 2025, a decrease of 3.6% year-on-year, while self-produced coal sales increased by 1.4% to 6.711 million tons [2] - The average selling price of coal was 471 yuan/ton, down 19.2% year-on-year, with self-produced coal averaging 470 yuan/ton, a decrease of 19.5% [2] - The cost of self-produced commodity coal was 263 yuan/ton, down 10.2% year-on-year, resulting in a gross profit of 2.08 billion yuan per ton, down 28.2% [2] Group 3: Chemical Products Performance - The company sold 660,000 tons of olefins in H1 2025, a decrease of 13.2%, with an average price of 6,681 yuan/ton, down 3.9% [3] - Urea sales increased by 2.6% to 1.21 million tons, with an average price of 1,756 yuan/ton, down 19.0% [3] - Methanol profits improved significantly, with sales of 997,000 tons, up 16.1%, and a gross profit of 466 yuan per ton, up 585% year-on-year [3] Group 4: New Projects and Dividends - The company is advancing coal, electricity, and new energy projects, including a 2 million ton/year coal mine and various renewable energy initiatives [3] - The interim cash dividend for 2025 is 0.166 yuan per share, representing 30% of profits, with a dividend yield of 1.4% for A shares and 1.9% for H shares [4] - Profit forecasts for 2025-2027 estimate net profits of 15 billion, 16 billion, and 16.9 billion yuan, reflecting a decline in 2025 but growth in subsequent years [4]