Core Viewpoint - The company reported a significant decline in net profit for the first half of 2025, primarily due to decreased production and sales in the coal segment, alongside challenges in pricing and margins [1]. Group 1: Coal Segment Performance - The company's coal production was 8.908 million tons, a year-on-year decrease of 13.7%, while sales were 6.476 million tons, down 19.4%, mainly due to the closure of the Zhuzhuang mine (1.6 million tons/year) due to resource depletion [2]. - The average selling price of coal was 834.9 yuan/ton, a decrease of 27.0%, while the cost was 468.9 yuan/ton, down 17.0%. The gross profit per ton of coal was 366.0 yuan, reflecting a decline of 36.8% [2]. - The coal business's gross profit margin was 43.8%, a decrease of 6.8 percentage points year-on-year [3]. Group 2: Coal Chemical Segment Performance - In the coal chemical segment, production of coke, methanol, and ethanol saw year-on-year increases of 0.6%, 90.7%, and 203.4%, respectively [4]. - However, the selling prices for coke, methanol, and ethanol decreased by 33.3%, 2.1%, and 9.3%, respectively [5]. - Sales revenue for coke, methanol, and ethanol changed by -34.1%, -4.2%, and +213.8%, respectively [6]. Group 3: Resource Acquisition and Project Development - The company successfully acquired 23.47 million tons of deep resources from the Wobei mine and is advancing its chemical industry projects, including a 30,000-ton carbonate and 30,000-ton ethylamine project that has produced qualified products [7]. - The company has commenced construction on the Leimingkehua Henan Nanzhao Qingshan mine project and obtained mining rights for the Yunnan Huaping Ganqing mine, securing 34.62 million tons of limestone resources [7]. - Additionally, the company is accelerating the construction of the Tao Hutu coal mine project and power plant [7]. Group 4: Market Outlook - Since June, coal prices have rebounded due to reduced production and strong downstream demand, with the price of main coking coal at Jingtang Port rising from 1,270 yuan/ton on June 4 to 1,610 yuan/ton on August 29 [8]. - It is anticipated that with ongoing production cuts, coal prices will maintain an upward trend, leading to continued improvement in the fundamentals of the industry [8]. Group 5: Profit Forecast and Valuation - Based on the company's performance in the first half of 2025 and the recent improvement in the coal market, net profits for 2025-2027 are projected to be 1.97 billion, 3.31 billion, and 3.74 billion yuan, respectively [9]. - The corresponding price-to-earnings ratios based on the stock price as of August 29, 2025, are expected to be 17.1, 10.2, and 9.0 times, respectively [9]. - Given the anticipated improvement in the coal industry's fundamentals and the potential resumption of production at the Xinh Lake coal mine, the company maintains an "overweight" rating [9].

事件：公司发布2025 年中报，2025 年H1 公司实现归母净利润10.3 亿元，同比-65.0%；其中Q2 实现归 母净利润3.4 亿元，同比-74.7%。 价量下滑业绩承压。由于煤矿地质条件等原因，2025 年上半年公司产销下滑，上半年公司实现商品煤 产量891 万吨，同比-13.71%；商品煤销量648万吨，同比-19.38%。价格方面，2025 年H1 公司单位商品 煤售价835 元，同比-27.0%；单吨成本469 元，同比-17.0%；单位毛利366 元，同比-36.8%。 收入方面，2025H1 煤炭业务收入54.1 亿元，同比-41.2%；板块毛利23.7亿元，同比-49.1%。单季度来 看，Q2 公司产销量环比略有回升，产量环比+6.8%，销量环比+17.9%；但单位售价748 元，同 比-32.8%，环比-20.3%，单位毛利322 元，同比-44.0%，环比-23.0%。 无水乙醇为化工板块注入新增量。2024 年公司60 万吨无水乙醇项目投产，公司自产甲醇可作为原料， 在2025 年开始贡献利润。2025 年H1 公司无水乙醇产/销量22.9/22 万吨，吨售价4896 元/吨，贡献 ...

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the second quarter of 2025, indicating challenging market conditions and pricing pressures in the coal industry [1][4]. Financial Performance - The company's net profit attributable to shareholders for the second quarter of 2025 was 1.032 billion yuan, a year-on-year decrease of 64.85% [1]. - Revenue for the second quarter of 2025 was 10.083 billion yuan, down 49.47% year-on-year and 4.88% quarter-on-quarter [1]. - The basic earnings per share (EPS) was 0.38 yuan, aligning with expectations [1]. Production and Sales Data - In the first half of 2025, the company produced 8.9081 million tons of commodity coal, a year-on-year decrease of 13.71%, with sales of 6.476 million tons, down 19.38% [2]. - The average selling price of coal was 835 yuan per ton, a decrease of 27.0% year-on-year, while the cost per ton was 469 yuan, down 17.0% [2]. - For the second quarter of 2025, coal production was 4.6 million tons, up 6.8% from the first quarter, but down 9.6% year-on-year [2]. Cost and Profitability - The gross profit per ton of coal was 366 yuan, a decline of 36.8% from the previous year [2]. - The company reported a decrease in total expenses to 2.707 billion yuan, down 14.81% year-on-year, with reductions in financial and management expenses [3]. - The gross profit per ton for the second quarter was 322 yuan, down 23.0% quarter-on-quarter and 44.0% year-on-year [3]. Future Outlook and Investment Analysis - The company announced a plan to increase the minimum cash dividend payout ratio from 30% to 35% over the next three years (2025-2027) [4]. - Due to declining coking coal prices, the company revised its profit forecasts for 2025 and 2026 downwards, with expected earnings of 2.125 billion yuan and 2.635 billion yuan, respectively [4]. - The company is expected to maintain a competitive position in the industry due to ongoing capacity growth, with significant projects expected to be completed by the end of 2025 [4].

风险提示：煤炭行业受政策调控影响较大，市场价格波动可能对公司业绩产生影响。（本内容由AI生 成，仅供参考，不构成投资建议。）责任编辑：磐石 根据最新公告，淮北矿业财务公司上半年关联方存款余额最高达25.31亿元，贷款余额最高为31.71亿 元。该财务公司注册资本16.33亿元，截至6月末净资产23.68亿元。 淮北矿业最新股价报12.46元，较前一交易日上涨0.02元。盘中最高触及12.67元，最低下探至12.39元， 成交金额达1.94亿元。 公司主营业务为煤炭开采及洗选加工，同时涉及煤化工、电力等业务。作为安徽省属重点企业，淮北矿 业在华东地区煤炭行业具有重要地位。公司旗下财务公司上半年实现营业收入1.36亿元，利润总额1.10 亿元。 ...

2025 年 08 月 29 日 淮北矿业 (600985) 证 券 研 究 报 告 | 市场数据： | 2025 年 08 月 28 日 | | --- | --- | | 收盘价（元） | 12.44 | | 一年内最高/最低（元） | 19.78/11.19 | | 市净率 | 0.8 | | 股息率%（分红/股价） | 6.03 | | 流通 A 股市值（百万元） | 33,504 | | 上证指数/深证成指 | 3,843.60/12,571.37 | 注："股息率"以最近一年已公布分红计算 ——2025 年半年报点评：成本管控显效，看好焦煤价格 回升带来业绩改善 报告原因：有业绩公布需要点评 | 投资要点： | | --- | 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 65,875 | 20,682 | 58,113 | 61,610 | 65,520 | | 同比增长率（%） | -10.5 | -44.6 | -11.8 | ...

Group 1 - The report highlights a sustained strengthening of GMV inflection points, indicating optimism for long-term growth in the education sector, particularly for Oriental Selection [4][5] - The report notes a significant increase in the dividend payout ratio to 60% for Excellence Education Group, which may support revenue growth in the second half of 2025 [10][11] - Shanghai Film's performance is under short-term pressure, but the release of "Wang Wang Mountain Little Monster" is expected to provide performance elasticity [13][15] Group 2 - Huabei Mining's revenue for H1 2025 decreased by 45% year-on-year, but cost control measures are expected to enhance future performance as quality projects are gradually put into production [19][21] - The report indicates that the pet ecosystem construction by Reap Bio is becoming increasingly comprehensive, with a notable increase in revenue and net profit in H1 2025 [24][25] - Silver Wheel's revenue and net profit showed significant growth in Q2 2025, driven by dual engines of "server liquid cooling + robotic joints" [27][29] Group 3 - Shaanxi Coal's production and sales volumes remained stable, with a slight increase in coal production in H1 2025, despite a decrease in revenue [31][33] - China Ruyi's net profit turned from loss to profit in H1 2025, driven by game publishing and content investment [36][37] - Light Media's animation production capacity continues to improve, with IP operations expected to become a new growth point [40][42] Group 4 - Cambrian's revenue for H1 2025 saw an extraordinary increase of 4347.82% year-on-year, with net profit also experiencing substantial growth [46]

Core Viewpoint - Huabei Mining's operating performance continues to decline, with significant drops in revenue and net profit in the first half of 2025, attributed to a surplus in coal supply and weak demand in the market [1][3][4]. Financial Performance - In the first half of 2025, Huabei Mining reported revenue of 20.682 billion yuan, a year-on-year decrease of approximately 45% [1][3]. - The net profit attributable to shareholders was 1.032 billion yuan, down about 65% year-on-year [1][3]. - The company's non-recurring net profit was 973 million yuan, reflecting a decline of 66.29% year-on-year [3]. - Quarterly breakdown shows revenue of 10.599 billion yuan in Q1 and 10.083 billion yuan in Q2, with respective year-on-year declines of 38.95% and 49.47% [3]. Market Conditions - The coal market is characterized by an oversupply and insufficient demand, leading to a downward trend in coal prices [5]. - Despite the challenging market environment, Huabei Mining has maintained stable production operations and achieved safety milestones [5]. Operational Insights - The company has a comprehensive coal utilization industry chain, including coal mining, washing, processing, and chemical production [11]. - Huabei Mining's coal production capacity is substantial, with 16 pairs of coal mines and a total approved capacity of 34.25 million tons per year [11]. Financial Health - As of mid-2025, the company's debt-to-asset ratio was 48.11%, an increase from the beginning of the year [11]. - The net operating cash flow for the first half of 2025 was 2.126 billion yuan, a decrease of 60.63% compared to the previous year [11]. Market Performance - The stock price of Huabei Mining has shown a slight decline from 14.07 yuan per share at the beginning of 2025 to 12.65 yuan per share by August 27, 2025 [12]. - The stock has seen a reduction in holdings by institutional investors, with a decrease in shareholding from 3.82% to 1.06% over four consecutive quarters [13]. Future Outlook - The company anticipates potential improvement in performance for the second half of 2025, supported by government policies and seasonal demand increases [7][8].

2025 年 08 月 28 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 陈晨 S0350522110007 | | | | chenc09@ghzq.com.cn | | 联系人 | ： | 张益 S0350124100016 | | | | zhangy33@ghzq.com.cn | [Table_Title] 2025H1 成本管控较佳、未来优质项目逐步投产 将增厚公司业绩 ——淮北矿业（600985）2025 年半年报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/08/27 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 淮北矿业 | -4.7% | 10.0% | -0.4% | | 沪深 300 | 6.3% | 14.2% | 32.7% | | 市场数据 | | | 2025/08/27 | | 当前价格（元） | | | 12.65 | | 52 周价格区间（元） | | | 11.19-19.78 | | 总市值（百万） | ...

事件: 2025 年8 月26 日，淮北矿业发布2025 年中报：2025H1 公司实现营业收入206.12 亿元，同比-45%；归 母净利润10.32 亿元，同比-65%；加权平均净资产收益率2.4%，同比减少4.9pct。 环比看二季度，焦炭、甲醇量增价减，乙醇量价齐升。焦炭方面，2025Q2 焦炭产量97 万吨，环比 +30%；焦炭销量98 万吨，环比+40%；焦炭单位价格（不含税，下同）1361 元/吨，环比-9%。甲醇方 面，甲醇产量19 万吨，环比+58%；甲醇销量7 万吨（不含内部销售），环比+68%；甲醇单位价格2070 元/吨，环比-7%。乙醇方面，乙醇实现产量13 万吨，环比+39%，销量13 万吨，环比+41%，单位售价 4979 元/吨，环比+4%。 盈利预测与估值：我们预计公司2025-2027 年实现营业收入分别为627/672/700 亿元，同 比-5%/+7%/+4%，归母净利润分别为30 /37/41 亿元，同比-39%/+23%/+11%；EPS 分别为1.10/1.36/1.51 元，对应当前股价PE 为11/9/8 倍。考虑到公司长协定价为主，煤炭业务经营有望稳健向好， ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to a sharp drop in coking coal prices in June, which exceeded expectations [1]. Financial Performance - For 1H25, the company achieved a revenue of 20.612 billion yuan, down 44.64% year-on-year, and a net profit attributable to shareholders of 1.032 billion yuan, down 64.85% year-on-year [1]. - In 2Q25, revenue was 10.083 billion yuan, with a net profit of 340 million yuan, reflecting a year-on-year decline of 74.73% and a quarter-on-quarter decline of 50.8% [1]. Coal Business - Production and sales of commercial coal in 1H25 were 8.91 million tons and 6.48 million tons, respectively, down 14% and 19% year-on-year, mainly due to geological conditions affecting output [1]. - In 2Q25, the company produced 4.6 million tons of commercial coal, down 10% year-on-year but up 7% quarter-on-quarter, with sales of 3.5 million tons, down 13% year-on-year but up 18% quarter-on-quarter [1]. - The average price of coal in 2Q25 was 748 yuan per ton, down 364 yuan year-on-year and 190 yuan quarter-on-quarter [1]. Cost and Profitability - The cost per ton in 2Q25 was 426 yuan, down 111 yuan year-on-year and 94 yuan quarter-on-quarter, indicating effective cost control [1]. - The gross profit per ton of coal in 2Q25 was 322 yuan, down 253 yuan year-on-year and 96 yuan quarter-on-quarter [1]. Coal Chemical Business - In the coal chemical segment, coke production and sales in 1H25 were 1.71 million tons and 1.68 million tons, respectively, with an average price of 1,418 yuan per ton [1]. - Methanol production and sales in 1H25 were 310,000 tons and 120,000 tons, respectively, with an average price of 2,133 yuan per ton [1]. - Ethanol production and sales in 1H25 were 230,000 tons and 220,000 tons, respectively, with an average price of 4,896 yuan per ton [1]. Future Outlook - The company expects a sequential improvement in performance for Q3 due to a rebound in coking coal prices and downstream steel mills restocking [2]. - The annual production forecast has been revised down, with expectations of less than 19 million tons, but potential growth is anticipated in 2026 with the resumption of production at the Xinh Lake mine and the commissioning of the Tao Hutou project [2]. Profit Forecast and Valuation - Due to the unexpected decline in coking coal prices, the company has lowered its profit forecasts for 2025 and 2026 by 37.7% and 29.2%, respectively [3]. - The target price is maintained at 15 yuan, reflecting a potential upside of 19% based on the projected P/E ratios for 2025 and 2026 [3].