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].

Group 1 - The latest stock price of Huabei Mining is 12.46 yuan, with an increase of 0.02 yuan compared to the previous trading day. The intraday high reached 12.67 yuan, while the low was 12.39 yuan, with a total transaction amount of 1.94 billion yuan [1] - The main business of the company includes coal mining and washing processing, as well as involvement in coal chemical and power generation sectors. Huabei Mining holds a significant position in the coal industry in East China as a key enterprise in Anhui Province [1] - The financial company under Huabei Mining achieved an operating income of 136 million yuan and a total profit of 110 million yuan in the first half of the year [1] Group 2 - According to the latest announcement, the financial company had a maximum balance of related party deposits of 2.531 billion yuan and a maximum loan balance of 3.171 billion yuan in the first half of the year [1] - The registered capital of the financial company is 1.633 billion yuan, and as of the end of June, its net assets amounted to 2.368 billion yuan [1]

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].

Investment Rating - The report maintains a "Buy" rating for Huabei Mining [2][12] Core Views - The company has demonstrated good cost control in H1 2025, and the gradual production of high-quality projects is expected to enhance the company's performance [2][11] Summary by Relevant Sections Financial Performance - In H1 2025, the company achieved operating revenue of 20.612 billion yuan, a decrease of 45% year-on-year; net profit attributable to shareholders was 1.032 billion yuan, down 65% year-on-year [6][11] - For Q2 2025, operating revenue was 10.05 billion yuan, a 5% decrease quarter-on-quarter; net profit attributable to shareholders was 340 million yuan, down 51% quarter-on-quarter [6] Coal Business - In H1 2025, both the volume and price of coal sales decreased year-on-year, with the cost per ton of coal down 13% [7] - The company produced 8.91 million tons of commercial coal in H1 2025, a 14% decrease year-on-year, and sold 6.48 million tons, down 19% year-on-year [7] - The unit price of commercial coal was 835 yuan/ton, a decrease of 25% year-on-year [7] Coal Chemical Business - In H1 2025, the sales and prices of coke and methanol declined year-on-year, while the ethanol project showed significant production and sales growth [8] - Coke production was 1.71 million tons, up 1% year-on-year, with a unit price of 1418 yuan/ton, down 33% year-on-year [8] - Ethanol production reached 230,000 tons, a 203% increase year-on-year, with sales of 220,000 tons, up 246% year-on-year [8] Future Outlook - The company is expected to achieve operating revenues of 62.735 billion yuan in 2025, a decrease of 5% year-on-year, and net profit of 2.975 billion yuan, down 39% year-on-year [11] - The projected EPS for 2025 is 1.10 yuan, with a PE ratio of 11.45 [11] - The company is anticipated to benefit from stable coal pricing and the gradual ramp-up of production capacity in coal, coal chemical, and thermal power sectors [11]

Core Viewpoint - HuaiBei Mining reported a significant decline in both revenue and net profit for the first half of 2025, indicating challenges in the coal and chemical industries [1][2]. Revenue and Profit Summary - For H1 2025, the company achieved a revenue of 20.612 billion yuan, a year-on-year decrease of 45% [1]. - The net profit attributable to shareholders was 1.032 billion yuan, down 65% year-on-year [1]. - The weighted average return on equity was 2.4%, a decrease of 4.9 percentage points year-on-year [1]. Quarterly Performance - In Q2 2025, the company reported a revenue of 10.05 billion yuan, a quarter-on-quarter decline of 5% [2]. - The net profit for Q2 was 340 million yuan, down 51% quarter-on-quarter [2]. Coal Business Analysis - In H1 2025, both production and sales of coal decreased year-on-year, with production at 8.91 million tons (down 14%) and sales at 6.48 million tons (down 19%) [3]. - The unit price of coal was 835 yuan/ton, a decrease of 25% year-on-year [3]. - The cost per ton of coal was 469 yuan, down 13% year-on-year, resulting in a gross profit of 366 yuan per ton, a decline of 36% year-on-year [3]. - In Q2 2025, coal production was 4.6 million tons (up 7% quarter-on-quarter), and sales were 3.5 million tons (up 18% quarter-on-quarter) [3]. - The unit price of coal in Q2 was 748 yuan/ton, down 20% quarter-on-quarter, with a cost of 426 yuan/ton (down 18% quarter-on-quarter) and a gross profit of 322 yuan/ton (down 23% quarter-on-quarter) [3]. Coal Chemical Business Overview - In H1 2025, the coal chemical segment saw declines in sales and prices for coke and methanol, while ethanol production increased significantly [4]. - Coke production was 1.71 million tons (up 1% year-on-year), with sales at 1.68 million tons (down 1%) and a unit price of 1418 yuan/ton (down 33% year-on-year) [4]. - Methanol production was 310,000 tons (up 91%), with sales at 120,000 tons (down 2%) and a unit price of 2133 yuan/ton (down 2%) [4]. - Ethanol production reached 230,000 tons (up 203%), with sales at 220,000 tons (up 246%) and a unit price of 4896 yuan/ton (down 9% year-on-year) [4]. - In Q2 2025, coke production was 970,000 tons (up 30%), with sales at 980,000 tons (up 40%) and a unit price of 1361 yuan/ton (down 9% quarter-on-quarter) [4]. - Methanol production was 190,000 tons (up 58%), with sales at 70,000 tons (up 68%) and a unit price of 2070 yuan/ton (down 7% quarter-on-quarter) [4]. - Ethanol production was 130,000 tons (up 39%), with sales at 130,000 tons (up 41%) and a unit price of 4979 yuan/ton (up 4% quarter-on-quarter) [4]. Profit Forecast and Valuation - The company is projected to achieve revenues of 62.7 billion yuan, 67.2 billion yuan, and 70 billion yuan for 2025-2027, with year-on-year changes of -5%, +7%, and +4% respectively [5]. - The net profit attributable to shareholders is expected to be 3 billion yuan, 3.7 billion yuan, and 4.1 billion yuan for the same period, with year-on-year changes of -39%, +23%, and +11% respectively [5]. - Earnings per share (EPS) are forecasted to be 1.10 yuan, 1.36 yuan, and 1.51 yuan, corresponding to price-to-earnings (PE) ratios of 11, 9, and 8 times [5]. - The company anticipates stable operations in coal business due to long-term pricing agreements, with growth potential in coal, chemical, and power generation sectors [5].

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].

总资产879亿元的淮北矿业（600985）（600985.SH）经营业绩下滑势头未遏制住。 淮北矿业的经营业绩再现下滑。 根据最新披露的半年报，2025年上半年，淮北矿业实现营业收入206.82亿元，同比下降44.58%；归母净 利润10.32亿元，同比下降64.85%；扣非净利润为9.73亿元，同比下降66.29%。 分季度看，2025年一、二季度，公司实现的营业收入分别为105.99亿元、100.83亿元，同比下降 38.95%、49.47%；归母净利润分别为6.92亿元、3.40亿元，同比下降56.50%、74.72%；扣非净利润分别 为6.74亿元、3亿元，同比下降56.96%、77.33%。二季度的业绩同比降幅明显高于一季度，且环比一季 度也有明显下降。 8月26日晚，淮北矿业披露的2025年半年度业绩报告显示，上半年，公司实现的营业收入为206.82亿 元，同比下降约45%；归母净利润10.32亿元，同比下降约65%。 长江商报记者发现，淮北矿业业绩下滑始于2023年，历经连续2年下降，2025年上半年，营收、扣非净 利再度双降。 淮北矿业表示，供给充足、需求不足的格局下，煤炭价格弱势震荡下行，公 ...