Group 1 - As of August 26, 2025, China Coal Energy's stock price is 12.05 yuan, down 0.20 yuan from the previous trading day, with a trading volume of 317,883 hands and a transaction amount of 384 million yuan [1] - China Coal Energy is a significant player in the coal industry, involved in coal production and trade, coal chemical industry, and coal mining equipment manufacturing, headquartered in Beijing as a large state-owned energy enterprise [1] - In the second quarter of 2025, China Coal Energy saw an increase in insurance fund holdings, aligning with the trend of insurance capital increasing allocations to cyclical industries [1] Group 2 - On August 26, 2025, the net outflow of main funds for China Coal Energy was 16.62 million yuan, with a cumulative net outflow of 49.81 million yuan over the past five trading days [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook compared to the market [8]. Core Views - The company reported a slight decline in performance for the first half of 2025, with revenue of 74.44 billion yuan, down 20% year-on-year, and a net profit of 7.71 billion yuan, down 21.3% year-on-year. The earnings slightly exceeded market expectations [8]. - The company plans to distribute a cash dividend of 0.166 yuan per share, totaling 2.198 billion yuan, with a dividend payout ratio of 28.5% [8]. - The company experienced a minor increase in self-produced coal sales, while the overall coal sales volume decreased by 3.6% year-on-year. The average selling price of self-produced coal fell by 19.5% [8]. - The company is optimizing its debt structure, resulting in reduced financial expenses and a decrease in total expenses by 8.8% year-on-year [8]. - The company is advancing its construction projects, including coal-electricity integration and renewable energy initiatives [8]. - Due to a decline in coal prices, the profit forecasts for 2025-2027 have been adjusted downward, with the current market valuation reflecting a discount compared to comparable companies [8]. Financial Data and Profit Forecast - Total revenue for 2025 is projected at 171.16 billion yuan, with a year-on-year decline of 9.6% [2]. - The net profit for 2025 is estimated at 16.35 billion yuan, reflecting a year-on-year decrease of 15.4% [2]. - The earnings per share for 2025 is expected to be 1.23 yuan [2]. - The gross profit margin is projected to be 23.8% for 2025 [2]. - The return on equity (ROE) is forecasted at 10.7% for 2025 [2]. Market Data - As of August 25, 2025, the closing price of the company's stock was 12.25 yuan, with a market capitalization of 112.11 billion yuan [3]. - The price-to-earnings (P/E) ratio for 2025 is projected at 10 [2][3]. - The company has a dividend yield of 1.80% based on the most recent dividend announcement [3].

Investment Rating - The investment rating for China Coal Energy (601898.SH) is "Recommended (Maintain)" with a stock price of 12.25 CNY [1] Core Views - The report highlights that the company is returning cash dividends to shareholders and anticipates a rebound in performance driven by recovering coal prices [1][5] - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at 744.36 billion CNY, down 19.9% year-on-year, and net profit at 77.05 billion CNY, down 21.3% year-on-year [4][7] - The report suggests that while coal prices have been under pressure, there are signs of recovery, with market coal prices rebounding since July 2025 [8] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 744.36 billion CNY, a decrease of 19.9% year-on-year, and a net profit of 77.05 billion CNY, down 21.3% year-on-year [4] - The company plans to distribute a cash dividend of 0.166 CNY per share, with a cash dividend rate of 30% [4] Coal Business - The total coal sales volume for H1 2025 was 12.868 million tons, a decrease of 3.6% year-on-year, with coal business revenue at 605.68 billion CNY, down 22.1% year-on-year [7] - The company's self-produced coal sales volume increased slightly by 1.4% year-on-year, but the selling price dropped by nearly 20% [7] Coal Chemical Business - The coal chemical business reported revenue of approximately 93.6 billion CNY, down 13.6% year-on-year, with a gross profit of 14.2 billion CNY, down 36.0% year-on-year [8] - The report indicates that the company is accelerating the progress of ongoing projects to build a "coal-electric-chemical-new" integrated industrial chain [8] Market Outlook - The report notes that coal prices have started to recover, with the Qinhuangdao port Q5500 thermal coal price rising from a low of 609 CNY/ton to 704 CNY/ton as of August 22, 2025 [8] - The company is expected to benefit from its rich coal resources and ongoing project developments, which may lead to improved performance as coal prices rise [8]

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]

丨证券研究报告丨 公司研究丨点评报告丨中煤能源（601898.SH） [Table_Title] 降本对冲价跌 Q2 业绩平稳落地，中期分红如期 兑现 报告要点 [Table_Summary] 公司发布 2025 年半年报：上半年公司实现归母净利润 77.0 亿元，同比-20.8 亿元（-21.3%）； 单二季度实现归母净利润 37.3 亿元，同比-11.9 亿元（-22.7%），环比-2.5 亿元（-6.3%）。 煤 炭方面，产销修复&成本压降对冲跌价，Q2 盈利环比降幅收敛。公司具备稳盈利+低估值特质， 并且分红长期有望提升，推荐重点关注。预计公司 2025-2027 年归母净利润分别为 156.6/158.8/160.9 亿元，对应 8 月 22 日收盘价计算 PE 分别为 10.19x/10.05x/9.92x，给予公 司"买入"评级。 分析师及联系人 [Table_Author] SAC：S0490516080003 SAC：S0490519030001 SAC：S0490517070008 SAC：S0490522090003 SAC：S0490524120007 SFC：BUT918 SFC：B ...

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。 ...

丨证券研究报告丨 行业研究丨行业周报丨煤炭与消费用燃料 [Table_Title] 从福建煤矿事故看煤炭供给脆弱性 报告要点 [Table_Summary] 近日央视报道福建煤矿事故，引发市场广泛关注，如何看待本次事故对当前国内煤炭供给侧影 响？我们认为，煤炭作为重点安全行业，由于国内安监政策呈现明显的事故驱动特征，临近 9 月 3 日阅兵，特殊时点下福建煤矿事故或易放大地方安监管控强度，后续若有进一步强化安监 信号出现，则会对国内供给产生一定冲击。展望后市，在需求维稳而供给端有较强刚性约束预 期下，煤价弹性短期更期待供给管控力度，权益或仍有绝对收益。 分析师及联系人 [Table_Author] 肖勇 赵超 叶如祯 庄越 韦思宇 SAC：S0490516080003 SAC：S0490519030001 SAC：S0490517070008 SAC：S0490522090003 SAC：S0490524120007 SFC：BUT918 SFC：BUY139 煤炭与消费用燃料 cjzqdt11111 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table ...

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].