Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [5][7]. Core Views - The company's performance in the first half of 2025 was significantly impacted by a decline in both sales volume and price in the coal business, resulting in a revenue drop of 38.9% year-on-year to 2.377 billion yuan and a net profit loss of 129 million yuan compared to a profit of 758 million yuan in the same period of 2024 [1][2]. - The second quarter of 2025 saw a further decline in performance, with revenue of 1.198 billion yuan, a 35.0% decrease quarter-on-quarter, and a net profit loss of 156 million yuan, reversing from profits in previous quarters [1][2]. - The company is expected to see a rebound in performance in the second half of 2025 due to a rebound in coking coal prices, supported by supply reduction policies [3][5]. Summary by Sections Financial Performance - In the first half of 2025, the company produced 4.768 million tons of raw coal, a decrease of 3.5% year-on-year, and sold 3.377 million tons of commodity coal, down 13.0% year-on-year. The average selling price per ton of coal was 662.2 yuan, a decline of 30.6% year-on-year [2]. - The gross profit from commodity coal sales in the first half of 2025 was 320 million yuan, down 79.2% year-on-year, with a gross margin of 14.3%, a decrease of 27.2 percentage points [2]. - The company's electricity business saw a net profit of 21.947 million yuan in the first half of 2025, an increase of 48.7% year-on-year, primarily due to the profitability of one of its power plants [4]. Future Outlook - The company anticipates that the closure of inefficient power generation assets will improve the profitability of its electricity business. The shutdown will reduce coal-fired capacity by 66 MW, with no significant short-term impact on operations expected [4]. - The forecast for the company's net profit for 2025-2027 is 173 million yuan, 279 million yuan, and 433 million yuan, respectively, with corresponding earnings per share (EPS) of 0.14 yuan, 0.23 yuan, and 0.36 yuan [5][6].

Group 1 - The core viewpoint of the article highlights the significant decline in Hengyuan Coal Power's financial performance in the first half of 2025, with a notable drop in revenue and a shift from profit to loss [1] - On August 21, Hengyuan Coal Power's stock closed at 6.99 yuan, with a trading volume of 116,187 hands and a transaction amount of 0.81 billion yuan [1] - The company operates in the coal industry, focusing on coal mining, washing, transportation, sales, and production services [1] Group 2 - In the first half of 2025, the company reported an operating income of 2.377 billion yuan, a year-on-year decrease of 38.94% [1] - The net profit attributable to shareholders was a loss of 129 million yuan, compared to a profit of 758 million yuan in the same period last year [1] - The company's raw coal production was 4.7682 million tons, down 3.51% year-on-year, while the saleable coal production and sales also saw declines of 7.74% and 13%, respectively [1] Group 3 - On August 21, the main capital outflow was 7.9124 million yuan, accounting for 0.09% of the circulating market value [1] - Over the past five days, the main capital outflow totaled 43.1587 million yuan, representing 0.51% of the circulating market value [1]

Group 1 - Hengyuan Coal Power (SH 600971) announced on August 21 that its 17th meeting of the 8th board of directors was held on August 20, 2025, where the risk assessment report of Anhui Province Wanbei Coal Power Group Financial Company was reviewed [1] - For the year 2024, Hengyuan Coal Power's revenue composition is 97.8% from industrial operations and 2.2% from other businesses [1] - As of the report date, Hengyuan Coal Power has a market capitalization of 8.4 billion yuan [1]

Core Viewpoint - Hengyuan Coal Power reported a significant decline in revenue and a net loss for the first half of the year, indicating financial challenges faced by the company [1] Financial Performance - The company achieved an operating revenue of 2.377 billion yuan, a year-on-year decrease of 38.94% [1] - The net profit attributable to shareholders was a loss of 129 million yuan, compared to a net profit of 758 million yuan in the same period last year [1] - The basic earnings per share were -0.1077 yuan, reflecting the company's financial difficulties [1]

Group 1 - The company Hengyuan Coal Power (600971.SH) reported a significant decline in revenue for the first half of 2025, achieving an operating income of 2.377 billion yuan, which represents a year-on-year decrease of 38.94% [1] - The net profit attributable to shareholders of the listed company was -129 million yuan, indicating a loss during the reporting period [1] - The basic earnings per share were reported at -0.1077 yuan, reflecting the company's financial challenges [1]

人民财讯8月21日电，恒源煤电（600971）8月21日晚间披露2025年半年度报告，上半年实现营业收入 23.77亿元，同比下降38.94%；归母净利润-1.29亿元，上年同期为7.58亿元，同比由盈转亏；基本每股 收益-0.1077元。报告期内，公司原煤、商品煤产量和商品煤销量较同期均有所下降，同时受到煤炭价 格大幅下降的影响，公司上半年营业收入、净利润同比下降，出现亏损。报告期内，公司原煤产量 476.82万吨，同比下降3.51%，商品煤产量354.97万吨，同比下降7.74%，商品煤销量337.68万吨，同比 下降13%。 ...

Core Viewpoint - The report indicates a significant decline in the financial performance of Anhui Hengyuan Coal and Electricity Co., Ltd. for the first half of 2025, primarily due to falling coal prices and reduced sales volume, resulting in substantial losses compared to the previous year [2][3][4]. Company Overview and Financial Indicators - The company reported a total revenue of approximately 2.38 billion RMB, a decrease of 38.94% compared to the same period last year [2][3]. - The total profit for the period was a loss of approximately 89.83 million RMB, a decline of 109.97% year-on-year [2][3]. - The net profit attributable to shareholders was a loss of approximately 129.21 million RMB, down 117.04% from the previous year [2][3]. - The company's total assets decreased by 4.89% to approximately 19.53 billion RMB compared to the end of the previous year [2][3]. Industry and Main Business Situation - The coal mining industry experienced an oversupply, leading to price declines and profit reductions in the first half of 2025 [3][4]. - The production of raw coal increased by 5.4% year-on-year, totaling 2.4 billion tons, while coal imports decreased by 7.9% [3][4]. - The company's coal sales primarily consist of mixed coal, washed coal, and block coal, mainly serving the electricity and steel industries [3][4]. Operational Analysis - The company's raw coal production was approximately 4.77 million tons, a decrease of 3.51% year-on-year, while the sales volume of commercial coal dropped by 13% to 3.38 million tons [3][4]. - The average selling price of coal decreased by 30.63%, leading to a significant drop in revenue from coal sales, which fell by 39.65% [3][4]. - The company’s cash flow from operating activities was negative, amounting to approximately -229.13 million RMB, a decline of 123.82% compared to the previous year [3][4]. Financial Condition Analysis - The company’s net assets attributable to shareholders decreased by 3.60% to approximately 11.92 billion RMB [2][3]. - The company’s financial expenses increased significantly by 239.30%, primarily due to reduced interest income and increased interest expenses [4]. - The company’s cash and cash equivalents decreased by 7.19% to approximately 5.02 billion RMB [4]. Core Competitiveness - The company maintains a competitive advantage due to its strategic location, which facilitates logistics and reduces transportation costs [3][4]. - The company has implemented advanced mining technologies and practices, enhancing production efficiency and safety [3][4].

截至报告期末表决权恢复的优先股股东总数 （户） 0 前 10 名股东持股情况 持有有限 股东性 持股比 持股 质押、标记 或冻结 股东名称 售条件的 质 例(%) 数量 的股份数量 股份数量 安徽省皖北煤电集团有限责 国有法 任公司 人 招商银行股份有限公司－上 证红利交易型开放式指数证 未知 4.35 52,152,871 0 未知 券投资基金 香港中央结算有限公司 未知 2.20 26,400,929 0 未知 中国银行股份有限公司－易 方达中证红利交易型开放式 未知 1.04 12,500,259 0 未知 指数证券投资基金 王挺 未知 1.00 12,000,198 0 未知 上海浦东发展银行股份有限 公司－招商中证红利交易型 未知 0.86 10,285,157 0 未知 开放式指数证券投资基金 基本养老保险基金一零零三 未知 0.80 9,546,172 0 未知 组合 中国工商银行股份有限公司 －国泰中证煤炭交易型开放 未知 0.78 9,320,777 0 未知 式指数证券投资基金 中信建投证券股份有限公司 －国泰上证国有企业红利交 未知 0.56 6,662,537 0 未知 易型开放式指数 ...

证券代码：600971 证券简称：恒源煤电 公告编号：2025-032 安徽恒源煤电股份有限公司 第八届董事会第十七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 一、董事会会议召开情况 安徽恒源煤电股份有限公司（以下简称"公司"）第八届董事会 第十七次会议通知于 2025 年 8 月 13 日以电子邮件、电话确认方式发 出，会议于 2025 年 8 月 20 日在公司九楼会议室召开。会议应参会董 事 8 人，全体董事参加了会议，会议由公司董事长杨林先生主持。会 议召开符合《公司法》 、《公司章程》和《公司董事会议事规则》的规 本议案已经公司 2025 年第二次独立董事专门会议审议通过，同 意该议案并同意提交董事会审议。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 关联董事杨林、陈稼轩、傅崑岚回避了表决。 具体内容详见公司于 2025 年 8 月 22 日在上海证券交易所网站 （www.sse.com.cn）披露的《安徽恒源煤电股份有限公司关于安徽省 皖北煤电集团财务有限公司的风险评估报告》 案》 ...

本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带责任。 安徽恒源煤电股份有限公司（以下简称"公司"）第八届监事会第十 一次会议通知于 2025 年 8 月 13 日以电子邮件、电话确认方式发出，会 议于 2025 年 8 月 20 日在公司九楼会议室召开。会议应到监事 4 人，全 体监事出席了会议，会议由监事会主席王庆领先生主持。会议召开符合 《公司法》、 《公司章程》和《公司监事会议事规则》的规定。 与会监事经审议表决，一致通过以下决议： 审议通过公司《2025年半年度报告全文及摘要》 公司监事会认为：公司 2025 年半年度报告编制和审议程序符合法律、 法规、公司章程和公司内部管理制度的各项规定；半年度报告的内容和 格式符合中国证监会和上海证券交易所的各项规定，所包含的信息能从 各个方面真实地反映出公司当期的经营管理和财务状况等事项；在提出 本意见前，未发现参与半年度报告编制和审议的人员有违反保密规定的 行为。 证券代码：600971 证券简称：恒源煤电 公告编号：2025-033 安徽恒源煤电股份有限公司 第八届监事会第 ...