[Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, which remains unaudited, and the board approved a 2025 interim profit distribution plan of CNY 0.9 per 10 shares (tax inclusive) - This semi-annual report is **unaudited**[5](index=5&type=chunk) 2025 Interim Profit Distribution Plan | Indicator | Amount (CNY) | | :--- | :--- | | Net profit attributable to parent company | 160,149,511.48 CNY | | Unappropriated profit at beginning of year | 7,073,199,372.15 CNY | | Dividends distributed for 2024 | 144,543,600.00 CNY | | Profit available for distribution to shareholders (period-end) | 7,088,805,283.63 CNY | | Proposed cash dividend (per 10 shares) | 0.9 CNY (tax inclusive) | | Total proposed cash dividend | 65,044,620.00 CNY | [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines common terms used in the report, clarifying references to the company, regulatory bodies, exchanges, key related parties, and the reporting period - “Company,” “the Company,” and “Shanghai Energy” all refer to **Shanghai Datun Energy Co., Ltd**[12](index=12&type=chunk) - **China National Coal Group Co., Ltd.** is the actual controller, and **China Coal Energy Company Limited** is the controlling shareholder[12](index=12&type=chunk) - The reporting period is from **January 1, 2025, to June 30, 2025**[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides company information and key financial indicators for H1 2025, showing significant year-on-year declines in revenue, total profit, net profit attributable to parent, and net cash flow from operating activities [I. Company Information](index=5&type=section&id=2.1%20Company%20Information) The company's full Chinese name is Shanghai Datun Energy Co., Ltd., abbreviated as Shanghai Energy, with Zhang Futao as legal representative, stock code 600508, listed on the Shanghai Stock Exchange - The company's Chinese name is **Shanghai Datun Energy Co., Ltd.**, abbreviated as **Shanghai Energy**[14](index=14&type=chunk) - The company's legal representative is **Zhang Futao**[14](index=14&type=chunk) - The company's A-shares are listed on the **Shanghai Stock Exchange** under stock code **600508**[18](index=18&type=chunk) [II. Contact Person and Information](index=5&type=section&id=2.2%20Contact%20Person%20and%20Information) This section provides contact information for the company's Board Secretary Duan Jianjun and Securities Affairs Representative Huang Yaomeng, including address, phone, fax, and email - The Board Secretary is **Duan Jianjun**, and the Securities Affairs Representative is **Huang Yaomeng**[15](index=15&type=chunk) - Contact address is **Room 1101, Huaxia Bank Building, 256 Pudong South Road, Shanghai**, phone **021-68864621**, email **sh600508@263.net**[15](index=15&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=2.3%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered and office addresses are both at 256 Pudong South Road, China (Shanghai) Pilot Free Trade Zone, with the registered address unchanged since June 2006 - The company's registered and office addresses are both located at **256 Pudong South Road, Shanghai**, with the registered address changed to the current one in **June 2006**[16](index=16&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=2.4%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) The company's designated information disclosure newspapers are Shanghai Securities News and Securities Times, with the semi-annual report published on www.sse.com.cn and available at the company's securities department - The company's information disclosure newspapers are **Shanghai Securities News** and **Securities Times**, and the report is published on **www.sse.com.cn**[17](index=17&type=chunk) [V. Company Stock Profile](index=5&type=section&id=2.5%20Company%20Stock%20Profile) The company's stock is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation “Shanghai Energy” and stock code 600508 - The company's stock is **A-shares**, listed on the **Shanghai Stock Exchange**, with stock abbreviation **“Shanghai Energy”** and stock code **600508**[18](index=18&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=6&type=section&id=2.7%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, the company's operating revenue decreased by 27.94%, total profit by 61.51%, and net profit attributable to parent by 56.45%, with operating cash flow down 63.22%, while net assets attributable to parent slightly increased by 0.35% and total assets decreased by 1.51% Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating revenue | 3,498,049,500.86 CNY | 4,854,298,108.08 CNY | -27.94 | | Total profit | 240,814,418.92 CNY | 625,601,552.33 CNY | -61.51 | | Net profit attributable to parent company shareholders | 205,406,249.00 CNY | 471,620,770.90 CNY | -56.45 | | Net cash flow from operating activities | 171,087,717.79 CNY | 465,112,514.51 CNY | -63.22 | | Net assets attributable to parent company shareholders (period-end) | 12,853,885,383.48 CNY | 12,809,518,803.39 CNY | 0.35 | | Total assets (period-end) | 19,390,898,131.21 CNY | 19,688,050,576.37 CNY | -1.51 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic earnings per share (CNY/share) | 0.28 | 0.65 | -56.92 | | Basic earnings per share after deducting non-recurring gains and losses (CNY/share) | 0.28 | 0.65 | -56.92 | | Weighted average return on net assets (%) | 1.60 | 3.70 | Decrease by 2.10 percentage points | | Weighted average return on net assets after deducting non-recurring gains and losses (%) | 1.55 | 3.69 | Decrease by 2.14 percentage points | [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=2.9%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) In H1 2025, the company's total non-recurring gains and losses amounted to CNY 6,182,830.11, primarily from government subsidies recognized in current profit or loss and other non-operating income and expenses Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Government subsidies recognized in current profit or loss | 4,004,618.03 CNY | | Other non-operating income and expenses apart from the above | 4,681,702.55 CNY | | Less: Income tax impact | 2,657,229.19 CNY | | Impact on minority interests (after tax) | -153,738.72 CNY | | **Total** | **6,182,830.11 CNY** | [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section analyzes the company's H1 2025 operations, covering core businesses (coal, power, aluminum, transportation), industry environment, core competencies, financial performance, and risks, outlining strategies for reform, transformation, technological innovation, governance, and investor relations [I. Description of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=3.1%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) The company's main business includes coal mining, processing, sales, rail transport, power generation, and aluminum product manufacturing, forming an integrated coal-power-aluminum-transportation industrial chain with coal sales accounting for 57.07% of H1 2025 revenue, facing a market characterized by high supply, weak demand, and low prices [(I) Company's Main Businesses and Operating Model](index=8&type=section&id=(I)%20Company's%20Main%20Businesses%20and%20Operating%20Model) The company's main businesses include coal mining, processing, sales, rail transport, power generation, and aluminum product manufacturing, forming an integrated coal-power-aluminum-transportation industrial chain with 4 coal mines (9.09 million tons/year), 820MW thermal power, 428.9MW photovoltaic, 100,000 tons/year aluminum processing, and 181.9 km of self-operated railway - The company's main businesses include **coal mining, washing and processing, sales, railway transportation, power generation, and aluminum and aluminum alloy rolling processing production and sales**[25](index=25&type=chunk) - The company possesses a relatively complete **coal-power-aluminum-transportation integrated industrial chain**[26](index=26&type=chunk) H1 2025 Main Business Revenue Composition | Business Type | Sales Revenue (CNY 10,000) | Share of Main Business Revenue (%) | | :--- | :--- | :--- | | Raw coal, washed coal sales | 197,396.81 | 57.07 | | Power sector sales | 76,380.31 | 22.08 | | Aluminum product processing and sales | 55,315.04 | 15.99 | | Self-operated railway transportation and equipment manufacturing/repair | 16,806.12 | 4.86 | [(II) Industry Overview](index=8&type=section&id=(II)%20Industry%20Overview) Under 'dual carbon' goals, the coal industry is transforming but remains crucial for energy security due to resource endowments, with supply-side reforms enhancing concentration; H1 2025 saw a 'high supply, weak demand, low price' market, influenced by global economic weakness, falling international coal prices, and domestic capacity release - China's energy system is accelerating its transition towards clean, low-carbon, safe, and efficient operations, but coal remains an indispensable **'ballast stone' for energy security** for a considerable period[27](index=27&type=chunk) - In H1 2025, the coal market exhibited characteristics of **'high supply, weak demand, and low prices,'** influenced by factors such as sluggish global economic recovery and fluctuating international coal prices[28](index=28&type=chunk) - Supply-side structural reform in the coal industry promotes the elimination of outdated capacity, integration of inefficient capacity, orderly release of high-quality capacity, and **enhancement of industrial concentration**[27](index=27&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=3.2%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company produced 3.84 million tons of raw coal, 2.0677 million tons of washed coal, and sold 2.3693 million tons of commercial coal, generating 1.594 billion kWh of electricity, processing 25,300 tons of aluminum, transporting 5.7309 million tons by rail, and repairing 10,800 tons of equipment - In H1 2025, the company's self-produced coal was **3.84 million tons**, washed fine coal output was **2.0677 million tons**, and commercial coal sales volume was **2.3693 million tons**[29](index=29&type=chunk) - In H1 2025, power generation was **1.594 billion kWh**, aluminum processing volume was **25,300 tons**, railway freight volume was **5.7309 million tons**, and equipment manufacturing and repair volume was **10,800 tons**[29](index=29&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=9&type=section&id=3.3%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include superior location, strong management and technical talent, good reputation, central enterprise backing, robust R&D, breakthroughs in intelligent coal mine construction, enhanced coal-power coupling, and progress in new energy base development, with no significant changes during the reporting period - The company's Jiangsu base is strategically located at the junction of four provinces in East China (Jiangsu, Shandong, Henan, Anhui), offering **significant geographical advantages** for resource allocation and product sales[30](index=30&type=chunk) - The company possesses a **profound management foundation** and advantages in production management and technical talent, demonstrating strong competitiveness in underground mining, thermal power generation, and aluminum processing[30](index=30&type=chunk) - Leveraging its national-level enterprise technology center, the company obtained **20 national authorized patents** (including 4 invention patents) in H1, achieving breakthroughs in intelligent mine construction with **'27+50' intelligent mining faces**[31](index=31&type=chunk) - The company's **coal-power coupling capacity has further improved**, with the integrated source-grid-load-storage demonstration base project largely completed, laying the foundation for large-scale wind and photovoltaic base construction[32](index=32&type=chunk) [IV. Main Operating Conditions During the Reporting Period](index=10&type=section&id=3.4%20Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section analyzes the company's H1 2025 financial statement changes, asset-liability status, investments, and key subsidiary operations, noting significant declines in revenue, total profit, and operating cash flow due to the coal market downturn, alongside increased receivables and inventory, decreased contract liabilities, and ongoing investments in new energy and mine expansion [(I) Analysis of Main Business](index=10&type=section&id=(I)%20Analysis%20of%20Main%20Business) In H1 2025, operating revenue decreased by 27.94% due to a coal market downturn, while operating costs fell by 20.01% from efficiency gains and lower sales; management expenses decreased by 44.60% due to reduced employee compensation, R&D expenses by 77.12% due to project cycles, and operating cash flow by 63.22% from lower sales receipts and expenditures, with investment cash outflow increasing by 57.18% for fixed asset purchases, and financing cash outflow decreasing by 88.08% due to reduced loan repayments Analysis of Financial Statement Item Changes for H1 2025 | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating revenue | 3,498,049,500.86 | 4,854,298,108.08 | -27.94 | Coal market downturn, lower prices and sales volumes | | Operating costs | 2,935,473,233.43 | 3,669,786,041.38 | -20.01 | Cost reduction and efficiency improvement, lower sales volumes | | Administrative expenses | 172,784,288.15 | 311,902,559.69 | -44.60 | Decrease in employee compensation | | R&D expenses | 8,025,631.13 | 35,074,155.51 | -77.12 | Impact of R&D project approval cycle | | Net cash flow from operating activities | 171,087,717.79 | 465,112,514.51 | -63.22 | Decrease in cash received from sales revenue, decrease in cash paid for goods, services, and employee compensation | | Net cash flow from investing activities | -554,307,734.55 | -352,665,952.68 | -57.18 | More cash paid for the acquisition of fixed assets | | Net cash flow from financing activities | -22,163,010.05 | -185,998,959.05 | 88.08 | Decrease in repayment of borrowings | [(III) Analysis of Assets and Liabilities](index=11&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) Accounts receivable increased by 23.36% at period-end due to higher sales within credit terms, inventory rose by 63.06% from increased coal stock, and contract liabilities decreased by 29.86% due to lower coal sales prepayments Changes in Assets and Liabilities | Item Name | Current Period-End (CNY) | Share of Total Assets at Period-End (%) | Prior Year-End (CNY) | Share of Total Assets at Prior Year-End (%) | YoY Change in Amount at Period-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary funds | 2,302,808,520.93 | 11.88 | 2,704,463,608.98 | 13.74 | -14.85 | | Accounts receivable | 424,490,906.35 | 2.19 | 344,111,309.29 | 1.75 | 23.36 | | Inventory | 414,642,681.63 | 2.14 | 254,284,824.18 | 1.29 | 63.06 | | Fixed assets | 11,080,196,315.93 | 57.14 | 11,128,848,296.60 | 56.53 | -0.44 | | Construction in progress | 2,118,730,051.53 | 10.93 | 1,986,057,322.07 | 10.09 | 6.68 | | Contract liabilities | 147,805,362.41 | 0.76 | 210,743,417.31 | 1.07 | -29.86 | | Long-term borrowings | 1,412,612,500.00 | 7.28 | 1,350,075,000.00 | 6.86 | 4.63 | - Accounts receivable increased by **23.36%**, primarily due to an increase in sales amounts still within the credit period[36](index=36&type=chunk) - Inventory increased by **63.06%**, mainly due to an increase in coal stock during the current period[37](index=37&type=chunk) [(IV) Analysis of Investment Status](index=11&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) During the reporting period, the company made significant non-equity investments, including the Longdong Coal Mining Subsidence Area Photovoltaic Power Station Project (total investment CNY 727 million, CNY 477 million completed) and the Weizigou Coal Mine Project (total investment adjusted to CNY 3.985 billion, CNY 2.884 billion completed) - The Longdong Coal Mining Subsidence Area Photovoltaic Power Station Project by China Coal Jiangsu New Energy Co., Ltd. has a total investment of **CNY 727 million**, with **CNY 477 million** cumulatively invested[38](index=38&type=chunk) - The Weizigou Coal Mine Project by China Coal Energy Xinjiang Hongxin Coal Industry Co., Ltd. has a total investment adjusted to **CNY 3.985 billion**, with **CNY 2.884 billion** cumulatively invested[38](index=38&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=12&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section outlines the financial overview of the company's major holding and participating companies, with Jiangsu Datun Coal Trade Co., Ltd., Jiangsu Datun Electric Heating Co., Ltd., and China Coal Jiangsu New Energy Co., Ltd. reporting profits, while China Coal Energy Xinjiang Tianshan Coal Power Co., Ltd. recorded a net loss Major Holding and Participating Companies' Financial Performance (H1 2025) | Company Name | Company Type | Main Business | Registered Capital (CNY 10,000) | Total Assets (CNY 10,000) | Net Assets (CNY 10,000) | Operating Revenue (CNY 10,000) | Operating Profit (CNY 10,000) | Net Profit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Datun Coal Trade Co., Ltd. | Subsidiary | Coal trade | 10,000.00 | 396,381.85 | 381,700.33 | 186,413.97 | 6,174.74 | 4,614.76 | | China Coal Energy Xinjiang Hongxin Coal Industry Co., Ltd. | Holding company | Coal production | 50,000.00 | 262,766.45 | 31,090.12 | 481.67 | 440.39 | 327.19 | | China Coal Energy Xinjiang Tianshan Coal Power Co., Ltd. | Holding company | Coal production | 24,000.00 | 151,520.98 | -37,547.89 | 9,268.73 | -8,136.00 | -6,157.86 | | Jiangsu Datun Electric Heating Co., Ltd. | Subsidiary | Power supply | 10,000.00 | 56,621.04 | 27,215.67 | 45,239.96 | 3,557.93 | 2,671.30 | | China Coal Jiangsu New Energy Co., Ltd. | Subsidiary | Power supply | 40,000.00 | 139,819.53 | 55,212.36 | 8,135.08 | 3,903.57 | 3,645.18 | [V. Other Disclosures](index=13&type=section&id=3.5%20Other%20Disclosures) This section details five major risks: production safety, ecological environment, economic efficiency, business transformation and investment, and project management, along with corresponding mitigation measures; the company also actively implements 'quality improvement, efficiency enhancement, and high returns' initiatives, deepening reforms, promoting transformation, enhancing technological and environmental standards, improving corporate governance, and strengthening investor relations through interim dividends and controlling shareholder share increases [(I) Potential Risks](index=13&type=section&id=(I)%20Potential%20Risks) The company faces multiple risks: increased safety production risks from deep mining (rock bursts, water hazards, gas), prominent ecological and environmental issues (non-compliant wastewater discharge, improper solid waste disposal), economic challenges from policy changes and coal market fluctuations, business transformation and investment risks (limited coal reserves, difficulty in acquiring quality resources, fierce new energy market competition), and project management risks (permit processing, progress control, safety management) - Production safety risks: Deep mining in the three main mines increases risks of **rock bursts, water hazards, gas overruns, and transportation safety**[40](index=40&type=chunk) - Ecological and environmental risks: Non-compliant discharge of desulfurization wastewater from thermal power plants and mine water from Weizigou Coal Mine, and **improper storage of solid waste**[41](index=41&type=chunk) - Economic efficiency risks: Environmental policies, energy structure adjustments, and carbon emission allowance mechanisms may **suppress or reshape coal market demand**[43](index=43&type=chunk) - Business transformation and investment risks: Small coal production capacity, limited reserves in the main mining area, difficulty in acquiring external high-quality coal resources, and a **late start in the new energy industry**[44](index=44&type=chunk) - Engineering project management risks: Construction permit processing progress not meeting expectations, unreasonable construction organization, and **weak safety management awareness**[44](index=44&type=chunk) [(II) Other Disclosure Matters](index=15&type=section&id=(II)%20Other%20Disclosure%20Matters) The company actively implemented 'quality improvement, efficiency enhancement, and high returns' initiatives, deepening reforms and achieving 97.7% completion of 'Double Hundred Action' tasks; transformation yielded positive results with 428.9MW photovoltaic capacity, R&D investment of CNY 160 million in H1, and 20 national patents; corporate governance improved with revised articles and abolished supervisory board, while investor relations strengthened through interim dividends and controlling shareholder share increases - The company high-quality advanced its reform and enhancement initiatives, achieving a **97.7% comprehensive completion rate** for the main tasks of the 'Double Hundred Action' and receiving an excellent rating in the SASAC's special assessment for central enterprises' 'Double Hundred Action'[47](index=47&type=chunk) - Transformation and development achieved positive results, with photovoltaic power generation installed capacity reaching **428.9MW**, and the second phase 204MW photovoltaic project having completed investment decision procedures[48](index=48&type=chunk) - In H1, R&D expenditure was **CNY 160 million**, with an intensity of **3.7%**, and **20 national authorized patents** were obtained (including 4 invention patents)[48](index=48&type=chunk) - The company revised its **Articles of Association** and 21 corporate governance-related systems, and **abolished the supervisory board**[49](index=49&type=chunk) - The company's 2025 interim dividend plan is to distribute a cash dividend of **CNY 0.9 per 10 shares (tax inclusive)**, totaling **CNY 65 million**[50](index=50&type=chunk) - Controlling shareholder China Coal Energy pledged to increase its holdings of the company's A-shares by **CNY 30 million to CNY 50 million**, and as of June 30, 2025, had already increased holdings by **1,137,900 shares**[51](index=51&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=17&type=section&id=Section%20IV%20Corporate%20Governance,%20Environment,%20and%20Society) This section discloses changes in directors and senior management, including the election of a vice chairman and the abolition of the supervisory board, details the interim profit distribution plan, lists subsidiaries included in environmental information disclosure, and comprehensively reports on the company's efforts in poverty alleviation and rural revitalization, covering consumer, employment, education, cultural tourism, and industrial assistance [I. Changes in Directors and Senior Management](index=17&type=section&id=4.1%20Changes%20in%20Directors%20and%20Senior%20Management) On January 17, 2025, Mr. Li Yuewen was elected Vice Chairman of the Ninth Board of Directors, and on June 13, 2025, the company's 2024 Annual General Meeting approved the revision of the Articles of Association and the abolition of the supervisory board - On **January 17, 2025**, Mr. Li Yuewen was elected **Vice Chairman of the company's Ninth Board of Directors**[53](index=53&type=chunk) - On **June 13, 2025**, the company **abolished its supervisory board**[53](index=53&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=17&type=section&id=4.2%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's proposed interim profit distribution plan is to distribute a cash dividend of CNY 0.90 (tax inclusive) per 10 shares to all shareholders, with no bonus shares or capital reserve conversions Interim Profit Distribution Plan | Distribution or Conversion | Value | | :--- | :--- | | Is there a distribution or conversion | Yes | | Bonus Shares per 10 Shares (shares) | - | | Dividend per 10 Shares (CNY) (tax inclusive) | 0.90 | | Capitalized Shares per 10 Shares (shares) | - | [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=17&type=section&id=4.4%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) Six of the company's entities, including Yaoqiao Coal Mine, Kongzhuang Coal Mine, Xuzhuang Coal Mine, Jiangsu Datun Electric Heating Co., Ltd., Thermal Power Plant, and Aluminum Plate and Strip Plant, are on the list of enterprises required to disclose environmental information by law, with corresponding report query indexes provided - The company has **6 enterprises** included in the list of enterprises required to disclose environmental information by law[55](index=55&type=chunk) - The enterprises included in the list are **Shanghai Datun Energy Co., Ltd. Yaoqiao Coal Mine, Kongzhuang Coal Mine, Xuzhuang Coal Mine, Jiangsu Datun Electric Heating Co., Ltd., Shanghai Datun Energy Co., Ltd. Thermal Power Plant, and Aluminum Plate and Strip Plant**[55](index=55&type=chunk) [V. Specific Work on Consolidating Poverty Alleviation Achievements and Promoting Rural Revitalization](index=18&type=section&id=4.5%20Specific%20Work%20on%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Promoting%20Rural%20Revitalization) The company issued its 'Shanghai Energy 2025 Rural Revitalization Support Plan,' procuring CNY 1.23 million in agricultural products for consumer assistance, recruiting 53 individuals for employment from Guizhou and Hebei, planning a CNY 100,000 donation for education in Weixian, organizing employee recuperation for cultural tourism, exploring wind-photovoltaic and forestry carbon sink projects for industrial assistance, and actively participating in Jiangsu Province's 'Five-Party Linkage' support program - The company issued its **'Shanghai Energy 2025 Rural Revitalization Support Plan,'** outlining arrangements for annual consumer, employment, industrial, educational, and cultural tourism assistance[56](index=56&type=chunk) - In terms of consumer assistance, **CNY 1.23 million** in agricultural products were procured in H1[56](index=56&type=chunk) - For employment assistance, **30 individuals were recruited from Yinjiang County, Guizhou**, and **23 trainees from Weixian County, Hebei**[56](index=56&type=chunk) - In industrial assistance, the company actively explored **wind-photovoltaic and forestry carbon sink development projects**, but initial wind-photovoltaic development encountered policy conflicts[56](index=56&type=chunk) [Section V Significant Matters](index=20&type=section&id=Section%20V%20Significant%20Matters) This section discloses significant matters during the reporting period, including fulfillment of commitments, major litigation and arbitration, and significant related-party transactions, notably a substantial contract dispute involving a subsidiary currently in appeal and retrial, and financial dealings with an affiliated finance company [I. Fulfillment of Commitments](index=20&type=section&id=5.1%20Fulfillment%20of%20Commitments) During the reporting period, there were no unfulfilled commitments or commitments continuing into the reporting period by the company's actual controller, shareholders, related parties, acquirers, or the company itself [VII. Major Litigation and Arbitration Matters](index=20&type=section&id=5.7%20Major%20Litigation%20and%20Arbitration%20Matters) The company's subsidiary, China Coal Energy Xinjiang Hongxin Coal Industry Co., Ltd. (Hongxin Coal), is involved in a contract dispute with Xinjiang Hongxin Construction Group Co., Ltd., amounting to CNY 218.5723 million; after an initial judgment for Hongxin Coal to pay CNY 182.721 million plus interest, the case was remanded for retrial, with the retrial's first-instance judgment ordering Hongxin Coal to pay CNY 139.01 million plus interest, which Hongxin Coal has appealed again - Subsidiary Hongxin Coal is involved in a contract dispute with Xinjiang Hongxin Construction Group Co., Ltd., with the amount involved being **CNY 218.5723 million**[61](index=61&type=chunk) - The dispute centers on Hongxin Construction's claim that it fulfilled its contractual obligations, and Hongxin Coal should pay the acquisition price and interest for the **Weizigou Coal Mine periphery (blank area) project**[61](index=61&type=chunk) - The retrial's first-instance judgment ordered Hongxin Coal to pay **CNY 139.01 million** plus overdue interest and **CNY 400,000** in appraisal fees, and Hongxin Coal filed an appeal on **August 21, 2025**[63](index=63&type=chunk) [X. Significant Related-Party Transactions](index=21&type=section&id=5.10%20Significant%20Related-Party%20Transactions) The company engages in significant related-party transactions with Datun Coal & Power (Group) Co., Ltd. and its affiliates, China National Coal Group Co., Ltd. and its affiliates, and China Coal Energy Company Limited and its affiliates; during the reporting period, the company purchased goods and received services totaling CNY 743.2519 million from related parties and sold goods and provided services totaling CNY 34.7152 million, with pricing based on industry prices, market prices, or consulting reports [3. Matters Not Disclosed in Interim Announcements](index=22&type=section&id=5.10.3%20Matters%20Not%20Disclosed%20in%20Interim%20Announcements) This section discloses significant related-party transactions not previously announced, primarily involving the company's purchases of goods and services from, and sales of goods and services to, related parties, with the largest amount being CNY 286.0151 million for purchases from China Coal Energy Company Limited and its affiliates H1 2025 Significant Related-Party Transactions (Undisclosed Matters) | Related Party | Relationship | Transaction Type | Transaction Amount (CNY 10,000) | Share of Similar Transactions (%) | | :--- | :--- | :--- | :--- | :--- | | Datun Coal & Power (Group) Co., Ltd. and its affiliates | Group sister company | Purchase of goods, receipt of services | 25,330.61 | 35.75 | | China National Coal Group Co., Ltd. and its affiliates | Group sister company | Purchase of goods, receipt of services | 16,921.56 | 23.88 | | China Coal Energy Company Limited and its affiliates | Group sister company | Purchase of goods, receipt of services | 28,601.51 | 40.37 | | Datun Coal & Power (Group) Co., Ltd. and its affiliates | Group sister company | Sale of goods, provision of services | 989.21 | 28.49 | | China National Coal Group Co., Ltd. and its affiliates | Group sister company | Sale of goods, provision of services | 1,447.12 | 41.69 | | China Coal Energy Company Limited and its affiliates | Group sister company | Sale of goods, provision of services | 1,035.19 | 29.82 | | **Total** | | | **74,325.19** | | [(V) Financial Business Between the Company and Affiliated Finance Companies, and Between the Company's Holding Finance Company and Related Parties](index=23&type=section&id=(V)%20Financial%20Business%20Between%20the%20Company%20and%20Affiliated%20Finance%20Companies,%20and%20Between%20the%20Company's%20Holding%20Finance%20Company%20and%20Related%20Parties) The company has financial dealings with China Coal Finance Co., Ltd., a controlled subsidiary of its parent company, with period-end deposit balances of CNY 1.7443696 billion, loan balances of CNY 547.5375 million, a total credit line of CNY 1.8 billion, and actual transactions of CNY 558 million H1 2025 Deposit Business with China Coal Finance Co., Ltd. | Related Party | Daily Maximum Deposit Limit (CNY 10,000) | Deposit Interest Rate Range (%) | Beginning Balance (CNY 10,000) | Period-End Balance (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | China Coal Finance Co., Ltd. | 350,000 | 0.35%-1.55% | 220,045.07 | 174,436.96 | H1 2025 Loan Business with China Coal Finance Co., Ltd. | Related Party | Loan Limit (CNY 10,000) | Loan Interest Rate Range (%) | Beginning Balance (CNY 10,000) | Period-End Balance (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | China Coal Finance Co., Ltd. | 55,800 | 2.47%-2.6% | 55,800 | 54,753.75 | H1 2025 Credit Business with China Coal Finance Co., Ltd. | Related Party | Business Type | Total Amount (CNY 10,000) | Actual Amount (CNY 10,000) | | :--- | :--- | :--- | :--- | | China Coal Finance Co., Ltd. | Credit | 180,000 | 55,800 | [Section VI Changes in Shares and Shareholder Information](index=25&type=section&id=Section%20VI%20Changes%20in%20Shares%20and%20Shareholder%20Information) This section discloses the company's H1 2025 share capital structure and shareholder information, noting no changes in total shares or structure, with 38,543 common shareholders at period-end; China Coal Energy Company Limited remains the largest shareholder with 62.59%, having increased its holdings by 1,137,900 shares, while several directors and senior management also increased their stakes through secondary market transactions [I. Changes in Share Capital](index=25&type=section&id=6.1%20Changes%20in%20Share%20Capital) During the reporting period, the company's total share capital and share structure remained unchanged, with both beginning and end-of-period total share capital at 722,718,000.00 shares - During the reporting period, the company's **total share capital and share structure remained unchanged**[75](index=75&type=chunk) Changes in Share Capital | Item | Beginning Balance (shares) | Changes in Current Period (+, -) | Period-End Balance (shares) | | :--- | :--- | :--- | :--- | | Total shares | 722,718,000.00 | - | 722,718,000.00 | [II. Shareholder Information](index=25&type=section&id=6.2%20Shareholder%20Information) As of the end of the reporting period, the company had 38,543 common shareholders; among the top ten, China Coal Energy Company Limited, the controlling shareholder, held 452,329,233 shares (62.59%) and increased its stake by 1,137,900 shares during the period, while Great Wall Life Insurance Co., Ltd. - Own Funds was the second largest shareholder with 4.57% - As of the end of the reporting period, the total number of common shareholders was **38,543**[76](index=76&type=chunk) Top Ten Shareholders' Holdings as of the End of the Reporting Period | Shareholder Name | Increase/Decrease During Reporting Period (shares) | Period-End Holding (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | China Coal Energy Company Limited | 1,137,900 | 452,329,233 | 62.59 | State-owned legal person | | Great Wall Life Insurance Co., Ltd. - Own Funds | 0 | 33,000,896 | 4.57 | State-owned legal person | | Zhao Jiadong | -200,000 | 8,800,000 | 1.22 | Domestic natural person | | Hong Kong Securities Clearing Company Limited | -2,257,405 | 6,630,455 | 0.92 | Overseas legal person | | Wen Shaoru | 0 | 5,619,392 | 0.78 | Domestic natural person | - **China Coal Energy Company Limited** is the controlling shareholder, with a **62.59%** stake, and increased its holdings by **1,137,900 shares** during the reporting period[78](index=78&type=chunk) [III. Information on Directors and Senior Management](index=26&type=section&id=6.3%20Information%20on%20Directors%20and%20Senior%20Management) During the reporting period, several directors and senior management, including Chairman Zhang Futao, Vice Chairman and General Manager Li Yuewen, Director Liu Guangdong, Chief Accountant Zhang Chengbin, and Deputy General Manager Ni Xianjie, increased their company shareholdings through secondary market transactions; former supervisors Yuan Hui and Luo Caiyun no longer serve due to the abolition of the supervisory board Changes in Shareholdings of Directors and Senior Management | Name | Position | Beginning Holding (shares) | Period-End Holding (shares) | Change in Shares During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Futao | Chairman | 0 | 27,000 | 27,000 | Secondary market transactions | | Li Yuewen | Vice Chairman, General Manager | 0 | 26,800 | 26,800 | Secondary market transactions | | Liu Guangdong | Director | 0 | 26,600 | 26,600 | Secondary market transactions | | Zhang Chengbin | Chief Accountant | 0 | 26,500 | 26,500 | Secondary market transactions | | Ni Xianjie | Deputy General Manager | 0 | 26,500 | 26,500 | Secondary market transactions | | Weng Mingyue | Chief Engineer | 0 | 14,000 | 14,000 | Secondary market transactions | | Wu Yu | Director of Safety Supervision Bureau | 0 | 10,000 | 10,000 | Secondary market transactions | | Duan Jianjun | Board Secretary | 0 | 13,300 | 13,300 | Secondary market transactions | - The company **abolished its supervisory board on June 13, 2025**, and Yuan Hui and Luo Caiyun no longer serve as company supervisors[81](index=81&type=chunk) [Section VII Bond-Related Information](index=27&type=section&id=Section%20VII%20Bond-Related%20Information) This section states that the company had no corporate bonds (including enterprise bonds), non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - The company has **no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments**[83](index=83&type=chunk) - The company has **no convertible corporate bonds**[83](index=83&type=chunk) [Section VIII Financial Report](index=28&type=section&id=Section%20VIII%20Financial%20Report) This core section of the company's H1 2025 financial report includes unaudited consolidated and parent company financial statements with detailed notes, reflecting significant declines in revenue and profit due to the coal market downturn, and providing comprehensive financial information on accounting policies, taxes, asset/liability changes, R&D, scope of consolidation, related-party transactions, financial risks, commitments, and contingencies [I. Audit Report](index=28&type=section&id=8.1%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is **unaudited**[5](index=5&type=chunk) [II. Financial Statements](index=28&type=section&id=8.2%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets as of June 30, 2025, and consolidated and parent company income statements, cash flow statements, and statements of changes in owners' equity for January-June 2025, comprehensively illustrating the semi-annual financial position, operating results, and cash flows [Consolidated Balance Sheet](index=28&type=section&id=8.2.1%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were CNY 19.391 billion, a 1.51% decrease from year-end, with total current assets of CNY 3.494 billion and non-current assets of CNY 15.897 billion; total liabilities were CNY 6.616 billion, a 4.46% decrease, and total equity attributable to the parent company was CNY 12.854 billion, a slight 0.35% increase Key Consolidated Balance Sheet Data (June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total assets | 19,390,898,131.21 | 19,688,050,576.37 | | Total current assets | 3,493,709,009.63 | 3,904,092,762.93 | | Total non-current assets | 15,897,189,121.58 | 15,783,957,813.44 | | Total liabilities | 6,615,645,191.57 | 6,924,621,416.89 | | Total equity attributable to parent company shareholders | 12,853,885,383.48 | 12,809,518,803.39 | [Parent Company Balance Sheet](index=30&type=section&id=8.2.2%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were CNY 18.094 billion, a 1.33% decrease from year-end, with total current assets of CNY 5.635 billion and non-current assets of CNY 12.459 billion; total liabilities were CNY 8.886 billion, a 2.68% decrease, and total owners' equity was CNY 9.208 billion, largely unchanged from year-end Key Parent Company Balance Sheet Data (June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total assets | 18,093,827,713.68 | 18,338,207,476.07 | | Total current assets | 5,634,891,569.09 | 5,968,301,974.46 | | Total non-current assets | 12,458,936,144.59 | 12,369,905,501.61 | | Total liabilities | 8,885,512,495.01 | 9,130,075,046.55 | | Total owners' equity | 9,208,315,218.67 | 9,208,132,429.52 | [Consolidated Income Statement](index=32&type=section&id=8.2.3%20Consolidated%20Income%20Statement) For January-June 2025, the company's consolidated total operating revenue was CNY 3.498 billion, a 27.94% year-on-year decrease; total profit was CNY 241 million, down 61.51%; net profit attributable to parent company shareholders was CNY 205 million, down 56.45%; and basic earnings per share were CNY 0.28/share, a 56.92% decrease Key Consolidated Income Statement Data (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total operating revenue | 3,498,049,500.86 | 4,854,298,108.08 | | Total profit | 240,814,418.92 | 625,601,552.33 | | Net profit attributable to parent company shareholders | 205,406,249.00 | 471,620,770.90 | | Total comprehensive income | 176,948,106.34 | 431,918,771.09 | | Basic earnings per share (CNY/share) | 0.28 | 0.65 | [Parent Company Income Statement](index=33&type=section&id=8.2.4%20Parent%20Company%20Income%20Statement) For January-June 2025, the parent company's operating revenue was CNY 3.035 billion, a 27.32% year-on-year decrease, and net profit was CNY 160 million, down 26.89% Key Parent Company Income Statement Data (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating revenue | 3,035,472,957.72 | 4,176,049,415.46 | | Total profit | 221,706,610.52 | 329,750,076.85 | | Net profit | 160,149,511.48 | 218,826,320.58 | | Total comprehensive income | 160,666,124.93 | 218,889,614.75 | [Consolidated Cash Flow Statement](index=34&type=section&id=8.2.5%20Consolidated%20Cash%20Flow%20Statement) For January-June 2025, the company's net cash flow from operating activities was CNY 171 million, a 63.22% year-on-year decrease; net cash flow from investing activities was negative CNY 554 million, with net outflow increasing by 57.18%; net cash flow from financing activities was negative CNY 22 million, with net outflow decreasing by 88.08%; and the net increase in cash and cash equivalents was negative CNY 405 million Key Consolidated Cash Flow Statement Data (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net cash flow from operating activities | 171,087,717.79 | 465,112,514.51 | | Net cash flow from investing activities | -554,307,734.55 | -352,665,952.68 | | Net cash flow from financing activities | -22,163,010.05 | -185,998,959.05 | | Net increase in cash and cash equivalents | -405,383,026.81 | -73,552,397.22 | | Cash and cash equivalents at period-end | 1,855,682,671.91 | 2,703,326,972.62 | [Parent Company Cash Flow Statement](index=35&type=section&id=8.2.6%20Parent%20Company%20Cash%20Flow%20Statement) For January-June 2025, the parent company's net cash flow from operating activities was negative CNY 1.7709 million, a significant year-on-year decrease; net cash flow from investing activities was negative CNY 395 million, with net outflow increasing; net cash flow from financing activities was negative CNY 432,000, with a substantial decrease in net outflow; and the net increase in cash and cash equivalents was negative CNY 397 million Key Parent Company Cash Flow Statement Data (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net cash flow from operating activities | -1,770,923.86 | 393,911,265.64 | | Net cash flow from investing activities | -394,553,563.71 | -211,676,759.27 | | Net cash flow from financing activities | -431,974.67 | -200,287,667.71 | | Net increase in cash and cash equivalents | -396,756,462.24 | -18,053,161.34 | | Cash and cash equivalents at period-end | 1,810,313,416.33 | 2,576,047,535.73 | [Consolidated Statement of Changes in Owners' Equity](index=36&type=section&id=8.2.7%20Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) In H1 2025, the company's consolidated total owners' equity increased by CNY 11.8238 million, primarily due to a CNY 206 million increase in comprehensive income, a CNY 145 million decrease in profit distribution, and a CNY 20.5807 million decrease in special reserves Key Consolidated Statement of Changes in Owners' Equity Data (Jan-Jun 2025) | Item | H1 2025 (CNY) | | :--- | :--- | | Total owners' equity at beginning of period | 12,763,429,159.48 | | Change in amount for current period | 11,823,780.16 | | Total comprehensive income | 176,948,106.34 | | Profit distribution | -144,543,600.00 | | Special reserves | -20,580,726.18 | | Total owners' equity at period-end | 12,775,252,939.64 | [Parent Company Statement of Changes in Owners' Equity](index=37&type=section&id=8.2.8%20Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) In H1 2025, the parent company's total owners' equity increased by CNY 182,800, primarily due to a CNY 161 million increase in comprehensive income, a CNY 145 million decrease in profit distribution, and a CNY 15.9397 million decrease in special reserves Key Parent Company Statement of Changes in Owners' Equity Data (Jan-Jun 2025) | Item | H1 2025 (CNY) | | :--- | :--- | | Total owners' equity at beginning of period | 9,208,132,429.52 | | Change in amount for current period | 182,789.15 | | Total comprehensive income | 160,666,124.93 | | Profit distribution | -144,543,600.00 | | Special reserves | -15,939,735.78 | | Total owners' equity at period-end | 9,208,315,218.67 | [III. Company Basic Information](index=38&type=section&id=8.3%20Company%20Basic%20Information) Shanghai Datun Energy Co., Ltd. was established on December 29, 1999, listed on the Shanghai Stock Exchange on August 29, 2001, with a total share capital of CNY 722.718 million; China Coal Energy Company Limited is the controlling shareholder with a 62.59% stake, and the company's main businesses include coal production and sales, power generation, and cast aluminum processing - The company was established on **December 29, 1999**, and listed on the **Shanghai Stock Exchange on August 29, 2001**[102](index=102&type=chunk) - As of June 30, 2025, the company's total share capital was **CNY 722.718 million**[102](index=102&type=chunk) - **China Coal Energy Company Limited** is the controlling shareholder, with its shareholding ratio increasing from **62.43% to 62.59%**[102](index=102&type=chunk)[103](index=103&type=chunk) - The company primarily engages in **coal production and sales, power generation, and cast aluminum processing**[102](index=102&type=chunk) [IV. Basis of Financial Statement Preparation](index=38&type=section&id=8.4%20Basis%20of%20Financial%20Statement%20Preparation) The Group's financial statements are prepared in accordance with accounting standards issued by the Ministry of Finance and relevant regulations, adhering to the China Securities Regulatory Commission's 'Reporting Rules for Information Disclosure by Companies Issuing Securities to the Public No. 15—General Provisions for Financial Reports,' and are based on a going concern assumption, as no significant doubts about its ability to continue as a going concern were identified - The Group adheres to the **accounting standards and relevant regulations issued by the Ministry of Finance** and discloses financial information in accordance with the **China Securities Regulatory Commission's 'Reporting Rules for Information Disclosure by Companies Issuing Securities to the Public No. 15—General Provisions for Financial Reports'**[105](index=105&type=chunk) - These financial statements are prepared on a **going concern basis**, and no matters or circumstances that cast significant doubt on the ability to continue as a going concern have been identified[106](index=106&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=38&type=section&id=8.5%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's significant accounting policies and key estimates used in financial statement preparation, covering financial instrument classification, revenue recognition, depreciation, amortization, employee benefits, provisions, government grants, and deferred income tax, while also disclosing critical assumptions and uncertainties such as coal reserve estimates, long-term asset impairment, income tax, useful lives of fixed assets, reclamation obligations, and expected credit loss provisions for accounts receivable - The Group determines specific accounting policies and estimates based on its production and operating characteristics, primarily reflected in **depreciation of fixed assets and amortization of intangible assets**, as well as estimates for **reclamation, abandonment, and environmental cleanup obligations**[107](index=107&type=chunk) - Financial assets are classified as those measured at **amortized cost** and those measured at **fair value through other comprehensive income**[122](index=122&type=chunk) - Revenue is recognized when the performance obligation in the contract is satisfied, i.e., when the customer obtains **control of the related goods or services**[187](index=187&type=chunk) - Key accounting estimates and uncertainties include estimates of **coal reserves, impairment of long-term assets, income tax, useful lives of fixed assets, estimates of reclamation, abandonment, and environmental cleanup obligations, and expected credit loss provisions for accounts receivable**[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk)[220](index=220&type=chunk)[221](index=221&type=chunk) [VI. Taxes](index=60&type=section&id=8.6%20Taxes) This section lists the company's main tax types and rates, including VAT (6%, 9%, 13%), urban maintenance and construction tax (5%, 7%), corporate income tax (25%), education surcharge (5%), and resource tax (4%, 6%), and discloses corporate income tax preferential policies enjoyed by subsidiaries China Coal Jiangsu New Energy Co., Ltd. and Shanghai Datun Weixian New Energy Co., Ltd Main Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-added tax | Taxable value-added amount | 6%, 9%, and 13% | | Urban maintenance and construction tax | Amount of value-added tax paid | 5% and 7% | | Corporate income tax | Taxable income | 25% | | Education surcharge | Amount of value-added tax paid | 5% | | Resource tax | Taxable coal sales amount | 4% and 6% | - Subsidiary China Coal Jiangsu New Energy Co., Ltd. enjoys the **'three-year exemption, three-year half reduction' corporate income tax policy**[223](index=223&type=chunk) - Subsidiary Shanghai Datun Weixian New Energy Co., Ltd. enjoys **corporate income tax preferential policies for small and micro-profit enterprises**[224](index=224&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=61&type=section&id=8.7%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each consolidated financial statement item, including cash, receivables, inventory, fixed assets, construction in progress, intangible assets, deferred tax assets/liabilities, various payables, long-term borrowings, lease liabilities, provisions, deferred income, other non-current liabilities, share capital, capital reserves, other comprehensive income, special reserves, surplus reserves, retained earnings, operating revenue and costs, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, credit impairment losses, asset impairment losses, non-operating income and expenses, income tax expenses, and supplementary cash flow information; notably, restricted cash was CNY 447 million, receivables and inventory significantly increased, R&D expenses sharply decreased, and total profit and net profit declined year-on-year - Restricted monetary funds at period-end amounted to **CNY 447,125,849.02**, primarily comprising funds for **mine geological environment restoration, letter of guarantee deposits, and litigation-frozen funds**[227](index=227&type=chunk) - Accounts receivable at period-end increased by **23.36%** compared to the beginning of the period, mainly due to an increase in sales amounts still within the credit period[36](index=36&type=chunk)[229](index=229&type=chunk) - Inventory at period-end increased by **63.06%** compared to the beginning of the period, mainly due to an increase in coal stock during the current period[37](index=37&type=chunk)[264](index=264&type=chunk) - Operating revenue decreased by **27.94%** in the current period compared to the prior period, primarily due to the **downturn in the coal market**, leading to lower prices and sales volumes[34](index=34&type=chunk) - R&D expenses decreased by **77.12%** in the current period compared to the prior period, mainly due to the **project approval cycle for scientific research projects**, resulting in reduced R&D expenditures[35](index=35&type=chunk) - Net cash flow from operating activities decreased by **63.22%** in the current period compared to the prior period, primarily due to a **decrease in cash received from sales revenue** and a **reduction in cash paid for purchasing goods, receiving services, and employee compensation**[35](index=35&type=chunk) [VIII. Research and Development Expenses](index=106&type=section&id=8.8%20Research%20and%20Development%20Expenses) In H1 2025, the company's total R&D expenditure was CNY 8,025,631.13, a significant 77.12% year-on-year decrease, primarily comprising employee compensation, material consumption, development service fees, and other expenses; all R&D expenditures were expensed and no capitalized projects were formed, with this section also listing significant R&D projects that did not result in intangible assets H1 2025 R&D Expenses by Nature of Expense | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Employee compensation | 3,636,934.90 | 14,686,762.94 | | Material consumption | 2,251,188.99 | 11,572,997.06 | | Development service fees | 216,408.03 | 1,071,226.42 | | Other | 1,921,099.21 | 7,743,169.09 | | **Total** | **8,025,631.13** | **35,074,155.51** | | Of which: Expensed R&D expenditures | 8,025,631.13 | 35,074,155.51 | - All R&D expenditures in the current period were **expensed and did not form capitalized projects**[392](index=392&type=chunk) - Significant externally acquired R&D projects, such as 'Research on Stress Relief Support Technology for Roadways in the Deep High-Stress Area of Yaoqiao Coal Mine' were **expensed because they could not form intangible assets**[394](index=394&type=chunk) [IX. Changes in Consolidation Scope](index=106&type=section&id=8.9%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's scope of consolidation changed due to the establishment of a new subsidiary; in 2024, China Coal Xinjiang Tianshan Changsheng Trading Co., Ltd. was registered by the company's controlled subsidiary Tianshan Coal Power and included in the consolidation scope - In **2024**, the company's controlled subsidiary Tianshan Coal Power registered and established **China Coal Xinjiang Tianshan Changsheng Trading Co., Ltd.**, and included it in the **scope of consolidation**[396](index=396&type=chunk) [X. Interests in Other Entities](index=108&type=section&id=8.10%20Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries and associates, including significant subsidiaries like Jiangsu Datun Coal Trade Co., Ltd., China Coal Energy Xinjiang Hongxin Coal Industry Co., Ltd., and China Coal Energy Xinjiang Tianshan Coal Power Co., Ltd., with Hongxin Coal and Tianshan Coal Power being important non-wholly-owned subsidiaries; additionally, the company's long-term equity investment in associate Fengpei Railway Co., Ltd. has been written down to zero, with cumulative unrecognized losses reaching CNY 2.58524597 million Composition of Major Subsidiaries in the Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital (CNY) | Business Nature | Shareholding (%) | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Datun Coal Trade Co., Ltd. | Peixian County, Jiangsu Province | 10,000,000.00 | Commodity circulation | 100.00 | | China Coal Energy Xinjiang Hongxin Coal Industry Co., Ltd. | Xinjiang Uygur Autonomous Region | 500,000,000.00 | Mining industry | 80.00 | | China Coal Energy Xinjiang Tianshan Coal Power Co., Ltd. | Xinjiang Uygur Autonomous Region | 240,000,000.00 | Coal industry | 51.00 | | Jiangsu Datun Electric Heating Co., Ltd. | Peixian County, Jiangsu Province | 100,000,000.00 | Power purchase and sales | 100.00 | | China Coal Jiangsu New Energy Co., Ltd. | Peixian County, Jiangsu Province | 400,000,000.00 | Power generation | 100.00 | Key Financial Information of Important Non-Wholly-Owned Subsidiaries (H1 2025) | Subsidiary Name | Minority Shareholding (%) | Profit/Loss Attributable to Minority Shareholders for Current Period (CNY) | Period-End Minority Interest Balance (CNY) | | :--- | :--- | :--- | :--- | | Hongxin Coal | 20 | 654,388.49 | 62,180,235.56 | | Tianshan Coal Power | 49 | (30,173,536.29) | (183,984,652.98) | - As of June 30, 2025, the company's cumulative unrecognized losses for its associate Fengpei Railway Co., Ltd. amounted to **CNY 2,585,245.97**, and the related long-term equity investment has been **written down to zero**[405](index=405&type=chunk) [XI. Government Grants](index=111&type=section&id=8.11%20Government%20Grants) This section discloses government grants received by the company; as of period-end, asset-related government grants in deferred income totaled CNY 32.9059 million, and current period government grants recognized in profit or loss amounted to CNY 4.0046 million, primarily including special funds for 106 Mine intelligent and safety upgrades, provincial subsidies for Jiangsu Mine Emergency Rescue China Coal Datun Team, individual income tax handling fee refunds, and stable employment subsidies Liability Items Involving Government Grants (H1 2025) | Financial Statement Item | Beginning Balance (CNY) | Transferred to Other Income in Current Period (CNY) | Period-End Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred income | 34,146,350.98 | 1,240,450.15 | 32,905,900.83 | Asset | | Deferred income | 630,000.00 | - | - | Income | | **Total** | **34,776,350.98** | **1,240,450.15** | **32,905,900.83** | | Government Grants Recognized in Current Profit or Loss (H1 2025) | Type | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | 106 Mine intelligent and safety upgrade special funds | 706,910.70 | - | | Jiangsu Mine Emergency Rescue China Coal Datun Team provincial subsidy funds | 533,539.45 | - | | Individual income tax handling fee refund | 1,549,806.91 | 1,431,213.02 | | Sixth Division Social Security Bureau stable employment and other subsidies | 1,059,360.97 | 505,831.59 | | **Total** | **4,004,618.03** | **4,787,044.61** | [XII. Risks Related to Financial Instruments](index=112&type=section&id=8.12%20Risks%20Related%20to%20Financial%20Instruments) The company faces market risk (interest rate risk), credit risk, and liquidity risk; interest rate risk primarily stems from floating-rate interest-bearing debt, where a 50 basis point increase could reduce net profit by approximately CNY 2.9169 million; credit risk is managed through customer credit assessment and monitoring, with no significant credit concentration risk; liquidity risk is managed via cash flow forecasting and parent company funding, with current assets exceeding current liabilities by CNY 678 million at period-end, but a capital-to-debt ratio of -2.33% - The Group's operating activities face **market risk (primarily interest rate risk), credit risk, and liquidity risk**[409](index=409&type=chunk) - Interest rate risk primarily arises from interest-bearing debts such as bank borrowings; if floating-rate borrowing interest rates increase/decrease by **50 basis points**, the Group's net profit would decrease/increase by approximately **CNY 2,916,860.29**[410](index=410&type=chunk)[411](index=411&type=chunk) - Credit risk primarily arises from **bank deposits, accounts receivable, accounts receivable financing, and other receivables**, controlled by assessing customer creditworthiness and monitoring overdue debts[412](index=412&type=chunk) - As of June 30, 2025, the Group's current assets exceeded current liabilities by **CNY 677,867,692.48**, but the **capital-to-debt ratio was -2.33%**[414](index=414&type=chunk)[417](index=417&type=chunk) [XIII. Disclosure of Fair Value](index=115&type=section&id=8.13%20Disclosure%20of%20Fair%20Value) This section discloses the period-end fair value of assets and liabilities measured at fair value; as of period-end, financial assets measured at fair value through other comprehensive income (primarily accounts receivable financing) totaled CNY 241,427,902.86, while the carrying amounts of financial assets and liabilities measured at amortized cost showed minimal differences from their fair values Period-End Fair Value of Assets and Liabilities Measured at Fair Value (June 30, 2025) | Item | Period-End Fair Value (CNY) | | :--- | :--- | | 1. Financial assets measured at fair value through other comprehensive income | 241,427,902.86 | | **Total assets continuously measured at fair value** | **241,427,902.86** | - The carrying amounts of financial assets and liabilities measured at amortized cost show **minimal differences from their fair values**[422](index=422&type=chunk) [XIV. Related Parties and Related-Party Transactions](index=116&type=section&id=8.14%20Related%20Parties%20and%20Related-Party%20Transactions) This section details the company's related parties and transactions, with China Coal Energy Company Limited as the parent and China National Coal Group Co., Ltd. as the ultimate controlling party; the company engages in various transactions, including goods sales and purchases, service provision and receipt, and intercompany borrowings, with numerous related parties under common control, and key management personnel compensation totaled CNY 7.9498 million during the reporting period - The company's parent company is **China Coal Energy Company Limited**, and the ultimate controlling party is **China National Coal Group Co., Ltd.**[425](index=425&type=chunk) H1 2025 Related-Party Transactions for Purchase and Sale of Goods, and Provision and Receipt of Services | Related Party | Transaction Content | Current Period (CNY) | | :--- | :--- | :--- | | China Coal Energy and its subsidiaries | Purchase of equipment, raw materials, and auxiliary materials | 284,371,341.26 | | China National Coal Group and its subsidiaries | Purchase of equipment, raw materials, and auxiliary materials | 162,451,636.61 | | China National Coal Group and its subsidiaries | Receipt of comprehensive services required for coal production | 83,781,851.98 | | China Coal Energy and its subsidiaries | Deposits in finance company | 4,455,128,016.32 | | China Coal Energy a

根据《上市公司独立董事管理办法》《上海证券交易所股票 上市规则》《上海证券交易所上市公司自律监管指引第 1 号—— 规范运作》和《公司章程》的有关规定，我们作为公司的独立董 事，于 2025 年 8 月 21 日召开了第九届董事会独立董事专门会议 2025 年第二次会议，对公司第九届董事会第八次会议拟审议的 《关于 2025 年半年度中煤财务有限责任公司风险持续评估报告 的议案》进行了认真审议。全体独立董事仔细阅读了公司提供的 相关资料，并就有关情况向公司进行了询问。经审核，全体独立 董事基于独立判断立场，发表意见如下： 1、中煤财务有限责任公司（以下简称"财务公司"）作为非 银行金融机构，其业务范围、业务内容和流程、内部的风险控制 制度等措施都受到国家金融监督管理总局等监管部门的严格监 管，不存在损害公司及中小股东权益的情形。 上海大屯能源股份有限公司第九届董事会独立董事 专门会议 2025 年第二次会议审核意见 2、财务公司对公司开展的金融服务业务为正常的商业服务， 公司与财务公司之间发生的金融服务业务公平、合理。财务公司 不存在可能对公司存放资金带来安全隐患的事项，财务公司的风 险管理不存在重大缺陷，本 ...

人民财讯8月22日电，上海能源（600508）8月22日晚间披露2025年半年报，公司上半年实现营业收入 34.98亿元，同比下降27.94%；归母净利润2.05亿元，同比下降56.45%；基本每股收益0.28元。公司拟每 10股派发现金红利0.9元(含税)。报告期内，营业收入下降主要受煤炭市场下滑影响，价格、销量较同期 下降。 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The combination of "logistics package" and "volume-price linkage" is driving the increase in industry concentration, forcing intermediaries out of the market and enhancing the sensitivity of coal prices [5] - The "logistics package" mechanism significantly reduces comprehensive logistics costs, creating sustainable advantages in delivery certainty and cost, while raising entry barriers for small coal operators [5] - The "volume-price linkage" mechanism strengthens scale premiums, allowing large mining and trading enterprises to gain larger discounts, while smaller entities face profit margin compression [5] - The weakening of intermediary roles is expected to enhance coal price sensitivity, with a clear trend of price reversal under the backdrop of supply contraction expectations [5] - The report emphasizes the importance of evaluating the effectiveness of "anti-involution" policies and their impact on liquidity and risk preferences to seize coal investment opportunities [5] Summary by Sections Policy Focus on Cost Reduction and Efficiency - National policies are continuously promoting the development of logistics package models [14] - The logistics package model is seen as a core strategy to reduce overall logistics costs through integrated services [7] Strengthening Long-term Contract Barriers - Long-term contract policies are reinforcing scale barriers, putting pressure on intermediaries [16] - The proportion of railway coal in total coal shipments has increased significantly in 2023 compared to 2022 [21][20] Volume-Price Linkage Trading Pilot - The introduction of volume-price linkage trading mechanisms is expected to benefit large market players significantly [25] - The rapid decrease in port coal inventories contrasts with weak net inflows, indicating a structural tightening in supply [24][23] - The Taiyuan Coal Trading Center has initiated a volume-price linkage trading mechanism to enhance market liquidity and efficiency [27] Investment Recommendations - The report recommends focusing on elastic stocks in the coal sector, highlighting specific companies likely to benefit from the current market dynamics [10]

Group 1 - The coal mining sector increased by 0.68% on August 20, with Anyuan Coal Industry leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] - Anyuan Coal Industry's closing price was 6.68, reflecting a 6.37% increase, with a trading volume of 970,300 shares and a transaction value of 638 million yuan [1] Group 2 - The coal mining sector experienced a net outflow of 257 million yuan from institutional investors, while retail investors saw a net inflow of 56.08 million yuan [2] - Major stocks in the coal mining sector showed varied performance, with Yanzhou Coal Mining Company and China Shenhua Energy receiving significant net inflows from retail investors [3] - The trading data indicates that while some companies like Anyuan Coal Industry faced net outflows from institutional investors, others like Shaanxi Coal and Chemical Industry experienced net inflows from speculative funds [3]

Group 1 - The State Intellectual Property Office of China has published a patent application by Shanghai Energy Construction Engineering Design Co., Ltd. for a "Hydrogen Production and Refueling Integrated Station Control Method" with publication number CN120444536A, filed on May 2025 [1] - The patent describes a control method for an integrated hydrogen production and refueling station, which includes sequentially connected hydrogen production equipment, hydrogen buffer tank, first-stage compressor, first-stage hydrogen storage tank, second-stage compressor, second-stage hydrogen storage tank, and refueling equipment [1] - The control method regulates the operation of hydrogen production equipment, first-stage compressor, second-stage compressor, and refueling equipment based on the pressure relationships among various components during the refueling process [1] Group 2 - Shanghai Energy Construction Engineering Design Co., Ltd. was established in 2002 and is located in Shanghai, primarily engaged in professional technical services [2] - The company has a registered capital of 110 million RMB and has made investments in one external enterprise, participated in 928 bidding projects, and holds 89 patents [2] - Additionally, the company possesses one trademark and has 19 administrative licenses [2]

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report indicates that the inventory at Beigang is rapidly decreasing, and the price of coke has seen a third round of increases, leading to a continued rise in coking coal prices [4][10] - The coal supply is constrained due to heavy rains and typhoons, which, combined with the high temperatures during peak summer demand, is expected to push coal prices higher [4][11] - The report highlights that the coal sector has underperformed the market index, with the Shanghai Composite Index experiencing a pullback after surpassing 3600 points [5][38] Summary by Sections Market Performance - The equity market showed a downward trend, with the coal sector significantly underperforming the index, as indicated by a weekly decline of 4.67% in the coal sector [5][10] - The average daily trading volume remained around 1.8 trillion yuan, with fluctuations in financing purchases [5][10] Thermal Coal - The price of thermal coal continues to rise, driven by supply constraints from adverse weather conditions and regulatory checks on coal production [10][11] - The average daily consumption of coal by southern power plants has increased, reflecting a rise in demand due to high temperatures [10][12] Coking Coal - The price of coking coal has also increased, supported by a recovery in steel mill profitability and ongoing inventory replenishment despite some marginal demand weakening [23][24] - The report notes that the third round of price increases for coke has been implemented, further stimulating demand for coking coal [23][24] Shipping Situation - The number of vessels at anchor in the Bohai Rim has decreased, while shipping rates have risen across various routes, indicating a tightening supply chain [31][32] Industry News - A cooperation agreement has been established between Shizuishan and Hami for coal resource supply, indicating a strategic move towards regional energy collaboration [34] - The International Energy Agency projects a slight increase in global coal demand in 2025, driven by consumption growth in emerging economies [34]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is the early stage of a new upward cycle in the coal economy, driven by both fundamental and policy factors, making it an opportune time to invest in the coal sector during price corrections [11][12] - The supply side is tightening due to a decrease in coal mine capacity utilization rates, while demand is increasing, particularly in inland provinces [11][12] - The coal price has established a new support level, and high-quality coal companies are characterized by strong profitability, cash flow, return on equity (ROE), and dividends [11][12] Summary by Sections Coal Price Tracking - As of August 2, the market price for Qinhuangdao port thermal coal (Q5500) is 655 CNY/ton, up 10 CNY/ton week-on-week [3][28] - The price for coking coal at Jingtang port remains stable at 1650 CNY/ton [30] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 90.9%, down 3.1 percentage points week-on-week [11][45] - Daily coal consumption in inland provinces increased by 44.4 thousand tons/day (+13.05%) [11][46] - The daily coal consumption in coastal provinces rose by 1.0 thousand tons/day (+0.45%) [11][46] Inventory Situation - As of July 31, coal inventory in inland provinces decreased by 1.20% week-on-week, while daily consumption increased [46] - Coastal provinces saw a 1.08% decrease in coal inventory week-on-week [46] Company Performance - The coal sector is characterized by high performance, cash flow, and dividends, with a focus on companies like China Shenhua, Shaanxi Coal and Energy, and others [12][13]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, supported by both fundamental and policy factors, making it an opportune time to invest in the coal sector [11][12] - The report highlights a tightening supply side due to government policies aimed at curbing overproduction, which is expected to support a rebound in coal prices [3][11] - The underlying investment logic of coal capacity shortages remains unchanged, with a balanced short-term supply-demand situation and a medium to long-term gap still anticipated [11][12] Summary by Sections Coal Price Tracking - As of July 26, the market price for Qinhuangdao port thermal coal (Q5500) is 645 CNY/ton, an increase of 11 CNY/ton week-on-week [30] - The price for coking coal at Jing Tang port is reported at 1650 CNY/ton, up 230 CNY/ton week-on-week [32] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 94%, down 0.6 percentage points week-on-week, while the utilization rate for coking coal mines is 86.9%, up 0.8 percentage points [11][42] - Daily coal consumption in inland provinces has decreased by 51,000 tons/day (-13.04%) and in coastal provinces by 19,600 tons/day (-8.1%) [11][42] Inventory Situation - Coal inventory in coastal provinces increased by 429,000 tons week-on-week, while inland provinces saw a slight increase of 85,000 tons [11] Company Performance - The coal sector has shown strong performance, with the coal mining sector rising by 8.00% this week, outperforming the broader market [15][17] - Key companies to focus on include China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, which are noted for their stable operations and solid performance [12][13]

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2][5]. Core Insights - The expectation of supply contraction is rising, leading to a strong rebound in coal prices. This is primarily driven by policy changes on the supply side, which have intensified expectations of reduced supply. The "overproduction leads to shutdown" policy and a significant decrease in coal imports are key factors [7][8]. - The report highlights that the demand for electricity coal remains robust due to high temperatures, with power plants expected to maintain high daily consumption levels. The ongoing summer peak demand is anticipated to support coal prices [7][8]. Summary by Sections 1. Industry Overview - The coal industry consists of 37 listed companies with a total market capitalization of 181.62 billion yuan and a circulating market value of 177.44 billion yuan [2]. 2. Supply and Demand Dynamics - Recent policy changes have led to increased uncertainty in domestic coal supply. A national coal mine production inspection is set to take place, focusing on compliance with production limits [7]. - In June 2025, China's imports of thermal coal fell to 23.93 million tons, a year-on-year decrease of 31.11%, marking the lowest level in 28 months [7]. 3. Price Trends - As of July 25, 2025, the price of thermal coal at the Qinhuangdao port was 659 yuan per ton, reflecting a week-on-week increase of 11 yuan per ton, but a year-on-year decrease of 200 yuan per ton [8]. - The price of coking coal at the same port increased by 240 yuan per ton, with a week-on-week growth of 16.67% [8]. 4. Key Companies and Recommendations - The report recommends focusing on high-elasticity stocks such as Yanzhou Coal Mining, Shanxi Coal International, and Jin控煤业, which are expected to benefit from rising coal prices [7]. - Other companies like China Shenhua, Huaihe Energy, and Longyuan Power are also highlighted as potential beneficiaries of the favorable market conditions [7][8]. 5. Financial Performance and Dividends - The report tracks the dividend policies and growth prospects of key companies, indicating that several firms are expected to maintain or increase their dividend payouts in the coming years [13][14].