Summary of Huabei Mining Conference Call Company Overview - **Company**: Huabei Mining - **Period**: First three quarters of 2025 - **Revenue**: 31.8 billion CNY - **Net Profit**: 1.07 billion CNY, a significant decrease of 73.7% year-on-year due to falling coal and coke prices [2][3] Key Points Industry Performance - **Coal Prices**: Average selling price of coal decreased by 311 CNY/ton year-on-year, while coke prices fell by 709 CNY/ton [2] - **Production Decline**: Coal production decreased by 2.06 million tons year-on-year, with sales also down by 2.06 million tons due to complex geological conditions and difficulties in transitioning between old and new working faces [2][4] - **Future Outlook**: Anticipated recovery of production to second-quarter levels in Q4 2025, contingent on geological conditions and operational stability [8] Coal Segment - **Production Data**: - Total coal production: 13.04 million tons - Total coal sales: 9.81 million tons - Average selling price: 804 CNY/ton, down from previous year [3][4] - **Market Conditions**: National coal enterprises are facing profit pressures due to price declines, but there is an expectation of price recovery in Q4 due to tight supply and increased demand from steel companies [4][14] Coal Chemical Segment - **Coke and Ethanol Production**: - Coke production: 2.64 million tons, sales: 2.67 million tons, average price: 1,585 CNY/ton, down 709 CNY/ton [6] - Ethanol production: 380,000 tons, sales: 360,000 tons, average price: 5,604 CNY/ton, down 298 CNY/ton [6] - **Financial Impact**: Revenue from this segment was 6.9 billion CNY, a decrease of 800 million CNY year-on-year, but internal controls helped reduce losses by 500 million CNY [6][18] Power and Non-Coal Mining Business - **Power Generation**: Generated 3.45 billion kWh, revenue of 1.62 billion CNY, net profit of approximately 70 million CNY [7] - **Non-Coal Mining**: Revenue of 1.1 billion CNY, profit of 240 million CNY, showing a year-on-year increase of 36 million CNY [7] Future Production Expectations - **Happiness Mine**: Currently not in production, expected to resume in Q1 2026, contributing approximately 2 million tons annually post-recovery [10][12] - **Taohutu Coal Mine**: Main engineering completed, expected to start production in H1 2026, with high-quality coal expected to sell at around 550 CNY/ton [13] Cost and Investment Insights - **Cost Increase**: Significant increase in total operating costs due to rising raw material prices and new project preparations, although overall costs are expected to decrease year-on-year [21] - **Investment Growth**: Increased cash outflow for investments primarily in Taohutu Coal Mine and new power generation projects [22] Conclusion - The company is navigating a challenging market with significant price declines impacting profitability. However, there are signs of potential recovery in production and pricing, particularly in the coal segment, which could stabilize financial performance in the upcoming quarters [2][4][14]

Group 1 - The core viewpoint of the news is that the China Securities State-Owned Enterprises Dividend Index (000824) has shown an upward trend, driven by seasonal demand in the coal industry and regulatory impacts on supply [1] - The China Securities State-Owned Enterprises Dividend ETF (159515) has seen significant growth in both scale and shares, with an increase of 464.92 million yuan in scale and 4.2 million shares in the past week [1] - The coal industry is experiencing a seasonal opportunity due to supply constraints and the onset of the heating season in northern regions, which is expected to lead to a rapid recovery in demand [1] Group 2 - The China Securities State-Owned Enterprises Dividend Index is composed of 100 listed companies selected for their high and stable cash dividend yields, reflecting the overall performance of high-dividend securities among state-owned enterprises [2] - As of October 31, 2025, the top ten weighted stocks in the index account for 17.08% of the total index, with notable companies including COSCO Shipping Holdings (601919) and Lu'an Environmental Energy (601699) [2] - The ETF closely tracks the performance of the index, providing investors with exposure to high-dividend state-owned enterprises [2]

Investment Rating - The investment rating for Huabei Mining (600985.SH) is maintained at "Buy" [1] Core Views - The company's performance is under pressure due to a decline in both coal volume and price, leading to a significant drop in revenue and profit [4][5] - The report highlights the importance of focusing on the growth potential of coal mines despite current challenges [4] - Future growth is anticipated as ongoing projects are steadily advancing, with expectations for production capacity to be released in the coming years [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved total revenue of 319.25 billion yuan, a year-on-year decrease of 43.78% - The net profit attributable to shareholders was 10.70 billion yuan, down 74.14% year-on-year, while the net profit after deducting non-recurring items was 10.01 billion yuan, a decline of 75.48% [4] - In Q3 alone, total revenue was 112.43 billion yuan, with a quarter-on-quarter increase of 11.50%, but net profit dropped to 0.39 billion yuan, a decrease of 88.61% quarter-on-quarter [4] Revenue and Profit Forecast - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 24.11 billion yuan, 30.7 billion yuan, and 38.4 billion yuan respectively, reflecting a year-on-year change of -50.3%, +27.4%, and +24.8% [4] - The earnings per share (EPS) are projected to be 0.90 yuan, 1.14 yuan, and 1.42 yuan for the years 2025, 2026, and 2027, corresponding to price-to-earnings (P/E) ratios of 14.8, 11.6, and 9.3 times [4][8] Business Segment Analysis - The coal business has been significantly impacted by a decrease in both production and prices, leading to reduced sales revenue [5] - The coal chemical and trading segments also contributed to the decline in performance, with lower coke prices and a contraction in trading activities [6] Project Development and Capacity Expansion - The company is actively accelerating project construction, with the Tohutu coal mine expected to be completed by the end of 2025 and operational in 2026 [7] - Seven new mines with a total capacity of 16.4 million tons per year are set to be operational in 2025, alongside successful resource storage of 23.47 million tons [7]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [2] Core Views - The coal mining industry is expected to perform well during the winter peak season, despite low production levels [2] - The supply of thermal coal has slightly increased, with port prices remaining stable at 770 RMB/ton as of October 31 [4][14] - The overall coal supply-demand situation remains favorable, with expectations of strong support for coal prices due to seasonal demand [7][72] Summary by Sections Thermal Coal - Supply has slightly rebounded, with port coal prices stable at 770 RMB/ton [14][15] - Production capacity utilization in the Sanxi region increased by 0.37 percentage points, mainly due to the resumption of previously halted mines [14][19] - Daily coal consumption at coastal and inland power plants decreased by 0.2 and 19.2 thousand tons respectively [14][22] - Power plant inventories are lower than last year, which may lead to increased replenishment demand if a cold winter materializes [14][31] Coking Coal - Coking coal production capacity utilization decreased by 0.27 percentage points to 84.2% due to inspections and underground issues in some mines [5][39] - The average daily crossing volume at Ganqimaodu port has recovered to over 1,000 trucks, indicating improved logistics [5][43] - Coking coal prices at ports remained stable at 1,760 RMB/ton as of October 31 [5][40] Coke - The supply of coke is stable, with the implementation of price increases, although profit margins for coke producers remain limited due to high coking coal prices [6][52] - The average daily pig iron production decreased by 3.54 thousand tons to 236.31 thousand tons, impacting demand for coke [6][58] - Coke prices at the Rizhao port increased to 1,580 RMB/ton, reflecting a positive trend in the market [6][53] Investment Opportunities - The report highlights several key companies for investment, including China Shenhua, Shaanxi Coal, and Yanzhou Coal, which are expected to perform well due to their strong cash flow and market positioning [7][9] - The report emphasizes the value attributes of the coal sector, particularly in light of recent government support and market conditions [7][74]

Investment Rating - The industry investment rating is "Maintain Buy" [5] Core Views - India's coking coal imports increased by 6% quarter-on-quarter in Q2 FY2026, reflecting growth in the steel industry's capacity and output [2] - Future months are expected to see increased coking coal import demand due to replenishment needs post-monsoon [3] - Key investment recommendations include companies with strong performance elasticity such as Yancoal Energy, Jinkong Coal Industry, and those focused on smart mining like Keda Automation [3] Summary by Sections Coal Mining - In Q2 FY2026, India imported 16.9 million tons of coking coal, up from 16 million tons in Q1, with Australia being the largest supplier at 9.7 million tons, a 14.1% increase [2] - Coking coal prices at major ports showed slight increases, with Newcastle port at $112.7 per ton (+1.85%) and European ARA ports at $97.15 per ton (+1.20%) [1][35] Key Stocks - Recommended stocks include: - China Qinfa (00866.HK) - Buy, EPS forecast for 2026E is 0.27 [7] - Jiangxi Tungsten (600397.SH) - Buy, EPS forecast for 2026E is 0.03 [7] - China Shenhua (601088.SH) - Buy, EPS forecast for 2026E is 2.71 [7] - Jinkong Coal Industry (601001.SH) - Buy, EPS forecast for 2026E is 1.47 [7] - Yancoal Energy (600188.SH) - Buy, EPS forecast for 2026E is 1.18 [7] - Zhongmei Energy (601898.SH) - Buy, EPS forecast for 2026E is 1.29 [7] - Shaanxi Coal (601225.SH) - Buy, EPS forecast for 2026E is 1.86 [7] Market Trends - The report indicates a marginal increase in coal demand, with a focus on the recovery of coal power generation as seasonal demand begins to rise [37]

Investment Rating - The report maintains a "Recommended" rating for Huabei Mining (600985.SH) [4][6] Core Views - The company's revenue for the first three quarters of 2025 was 31.841 billion yuan, a year-on-year decrease of 43.8%, with a net profit attributable to shareholders of 1.07 billion yuan, down 74.1% year-on-year [1] - The significant decline in profit in Q3 2025 was primarily due to a drop in both coal production and prices, with Q3 revenue at 11.229 billion yuan, down 42.2% quarter-on-quarter [1][2] - The report anticipates a potential improvement in Q4 performance due to the upward trend in coking coal prices and expected benefits from supply contraction [4] Summary by Sections Financial Performance - In Q3 2025, the company produced 4.13 million tons of coal, a decrease of 22.8% year-on-year, and sold 3.337 million tons, down 13.2% year-on-year [2] - The average selling price of coal was 743.3 yuan per ton, down 29.4% year-on-year, while the cost per ton was 446.1 yuan, down 17.5% year-on-year [2] - The gross profit margin for coal business in Q3 was 40.0%, a decrease of 8.6 percentage points year-on-year [2] Product Performance - The report noted an increase in sales of coal chemical products, with Q3 2025 coke production at 931,000 tons, a slight decrease of 2.5% year-on-year, but sales increased by 11.3% [3] - Methanol production saw a significant increase of 64.4% year-on-year, with sales up 141.1% [3] Future Projections - The projected net profit attributable to shareholders for 2025-2027 is 1.392 billion, 2.531 billion, and 3.877 billion yuan, respectively, with corresponding EPS of 0.52, 0.94, and 1.44 yuan [4][5] - The report estimates a PE ratio of 26 for 2025, decreasing to 9 by 2027, indicating potential valuation improvement [4][5]

Core Viewpoint - The company reported a significant decline in revenue and net profit for Q3 2025, primarily due to decreased coal production and prices, as well as reduced trading activities [1][2]. Financial Performance - Total revenue for Q3 2025 was 11.243 billion yuan, a year-on-year decrease of 42.26% and a quarter-on-quarter increase of 11.50% [1]. - Net profit attributable to the parent company was 38.7216 million yuan, down 96.78% year-on-year and down 88.61% quarter-on-quarter [1]. Production and Sales - Coal production and sales in Q3 2025 were 4.13 million tons and 3.34 million tons, respectively, representing a year-on-year decrease of 22.8% and 13.2%, and a quarter-on-quarter decrease of 10.2% and 4.8% [2]. - The average selling price of coal was 743 yuan per ton, down 29.4% year-on-year and down 0.6% quarter-on-quarter [2]. - The cost of coal was 446 yuan per ton, down 17.5% year-on-year and up 4.8% quarter-on-quarter, resulting in a gross profit of 297 yuan per ton, down 41.9% year-on-year and down 7.7% quarter-on-quarter [2]. Chemical Production - Methanol production and sales in Q3 2025 were 20.8 thousand tons and 9.6 thousand tons, respectively, showing a year-on-year increase of 64.4% and 141.1%, and a quarter-on-quarter increase of 11.0% and 33.2% [3]. - Ethanol production and sales were 15.2 thousand tons and 14.4 thousand tons, respectively, with a quarter-on-quarter increase of 14.0% and 12.0% [4]. Future Outlook - The company anticipates a marginal recovery in performance for Q4 2025, supported by rising coal prices [4]. - The company has closed the Zhuzhuang coal mine due to resource depletion, which is not expected to significantly impact overall performance [5]. - The company is advancing its coal and electricity projects, including the construction of the Tao Hutu mine and a significant power generation project [5]. Non-Coal Business Development - The company is focusing on expanding its chemical industry, with successful production of carbonate and ethylamine [6]. - In the renewable energy sector, the company generated 104 million kWh from solar power and 102 million kWh from gas [6]. - The company has also initiated mining projects in other regions, securing limestone resources [6].

Investment Rating - The report maintains a "Buy" rating for Huabei Mining [5] Core Views - The company's performance in Q3 2025 showed a significant decline in revenue and net profit, primarily due to decreased coal prices and reduced trading activities [1][2] - There is an expectation for marginal recovery in Q4 2025, driven by improved coal prices and production adjustments [2][4] - The closure of the Zhuzhuang coal mine is not expected to have a significant impact on overall performance [3] Summary by Sections Financial Performance - In Q3 2025, total revenue was 11.243 billion yuan, a year-on-year decrease of 42.26% and a quarter-on-quarter increase of 11.50% [1] - Net profit attributable to shareholders was 38.7216 million yuan, down 96.78% year-on-year and down 88.61% quarter-on-quarter [1] - The company sold 4.13 million tons of commodity coal and 3.34 million tons of coal in Q3 2025, representing year-on-year declines of 22.8% and 13.2%, respectively [9] Production and Capacity - The company operates 16 coal production mines with an approved capacity of 34.25 million tons per year [2] - The closure of the Zhuzhuang coal mine, with a production capacity of 1.6 million tons per year, was approved due to resource depletion [3] - The company is advancing its coal and chemical business, with ongoing projects in methanol and ethanol production [4] Future Outlook - The report projects net profits for 2025 to be 1.604 billion yuan, with estimates of 2.95 billion yuan and 3.339 billion yuan for 2026 and 2027, respectively [4][10] - The expected P/E ratios for 2025, 2026, and 2027 are 22.7X, 12.4X, and 10.9X, respectively [4][10] - The company is also expanding its non-coal business, including chemical and renewable energy projects [4]

Core Viewpoint - Huabei Mining is a leading player in the coal industry, showcasing strong revenue performance but facing challenges in profitability compared to industry averages [2][3]. Group 1: Company Overview - Huabei Mining was established on March 18, 1999, and listed on the Shanghai Stock Exchange on April 28, 2004, with its headquarters in Huabei City, Anhui Province [1]. - The company operates a complete industrial chain of "coal-coke-chemical" and is a major producer of coking coal in East China, benefiting from significant scale and cost advantages [1]. Group 2: Financial Performance - As of Q3 2025, Huabei Mining reported revenue of 31.841 billion yuan, ranking first among 12 companies in the industry, significantly exceeding the industry average of 14.616 billion yuan [2]. - The company's net profit for the same period was 796 million yuan, placing it fourth in the industry, with the top performer, Shanxi Coking Coal, reporting 1.93 billion yuan [2]. Group 3: Financial Ratios - The company's debt-to-asset ratio stood at 48.70% in Q3 2025, slightly up from 48.09% year-on-year, which is lower than the industry average of 53.50%, indicating relatively low debt pressure [3]. - Huabei Mining's gross profit margin was 17.20%, down from 17.58% year-on-year, which is below the industry average of 22.28%, suggesting room for improvement in profitability [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.50% to 45,300, while the average number of circulating A-shares held per shareholder increased by 1.52% to 59,400 [5]. - Notable changes among the top ten circulating shareholders include the entry of Guotai Junan CSI Coal ETF as the second-largest shareholder, holding 42.681 million shares [5]. Group 5: Future Outlook - The company has a coal production capacity of 35.85 million tons per year as of the end of 2024, with additional projects under construction expected to enhance production [5]. - Forecasts for net profit from 2025 to 2027 are 2.33 billion, 3.09 billion, and 3.92 billion yuan, respectively, with corresponding EPS of 0.86, 1.15, and 1.46 yuan [5]. - Analysts predict continued growth in coal production capacity and profitability improvements in the coal chemical sector, with projected net profits of 1.8 billion, 2.65 billion, and 3.8 billion yuan for 2025, 2026, and 2027, respectively [6].

证券代码：600985 证券简称：淮北矿业 公告编号：临 2025-037 淮北矿业控股股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 11 月 10 日（星期一）上午 10:00-11:00 1 会议召开时间：2025 年 11 月 10 日(星期一)上午 10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 （二）会议召开地点：上证路演中心 重要内容提示： 投资者可于 2025 年 11 月 3 日(星期一)至 11 月 7 日(星期五)16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 zqtzb@hbcoal.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 淮北矿业控股股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发 布 2025 年第三季 ...