Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced a dual increase in coal production and sales in the first half of 2025, despite a decline in coal prices. The cash position remains strong, and there has been a significant reduction in debt levels [1][6][10] - The company reported a total revenue of 5.965 billion yuan in the first half of 2025, a year-on-year decrease of 19.16%, and a net profit attributable to shareholders of 876 million yuan, down 39.01% year-on-year [1][5] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 3.541 billion yuan, a year-on-year decrease of 4.83% but a quarter-on-quarter increase of 46.07%. The net profit attributable to shareholders was 364 million yuan, down 44.55% year-on-year and down 28.96% quarter-on-quarter [5] - For the first half of 2025, the company produced 17.2191 million tons of raw coal, an increase of 1.72% year-on-year, with a total coal sales volume of 13.2949 million tons, a decrease of 8.01% year-on-year [6] Production and Sales - The company’s coal production in Q2 2025 was 9.3565 million tons, up 10.36% year-on-year and up 19.00% quarter-on-quarter. The sales volume for the same period was 8.0332 million tons, an increase of 7.13% year-on-year and 52.67% quarter-on-quarter [6] - The average selling price of coal was 421.74 yuan per ton, down 14.84% year-on-year [6] Cash and Debt Management - The company reported cash and cash equivalents of 15.146 billion yuan as of the first half of 2025, a decrease of 1.464 billion yuan from the same period in 2024 but still at a high level. The debt-to-asset ratio improved from 33.47% in the first half of 2024 to 26.24% in the first half of 2025, a decrease of 7.23 percentage points year-on-year [6][10] Future Projections - The company is projected to have revenues of 12.244 billion yuan in 2025, a decrease of 19% year-on-year, with net profits expected to be 1.908 billion yuan, down 32% year-on-year. The EPS is forecasted to be 1.14 yuan [10][11]

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company's coal production and sales have shown a significant recovery on a quarter-on-quarter basis, despite a decline in coal prices [4]. - The company has a strong cash position with a net cash of 12.13 billion and a debt-to-asset ratio of 26.24%, indicating financial stability [3]. - The company is initiating the injection of mining rights assets from its controlling shareholder, which is expected to enhance production capacity [4]. Financial Performance Summary - For the first half of 2025, the company reported revenue of 5.965 billion, a year-on-year decrease of 19.2%, and a net profit of 876 million, down 39.0% [1]. - In Q2 2025, the company achieved revenue of 3.541 billion, with a quarter-on-quarter decrease of 4.8% but an increase of 46.1% year-on-year; net profit was 364 million, down 44.5% quarter-on-quarter and 29.0% year-on-year [1][2]. - Coal production for H1 2025 was 17.2191 million tons, up 1.7% year-on-year, while coal sales were 13.2949 million tons, down 8.0% year-on-year [2]. - The average selling price of coal was 421.74 yuan per ton, a decrease of 14.8% year-on-year [2]. Production and Sales Summary - In Q2 2025, the company produced 9.3565 million tons of raw coal, an increase of 10.4% quarter-on-quarter and 19.0% year-on-year; sales of commercial coal were 8.0332 million tons, up 7.1% quarter-on-quarter and 52.7% year-on-year [3]. - The average selling price in Q2 2025 was 418.89 yuan per ton, with a slight decrease of 1.7% quarter-on-quarter [3]. Future Earnings Forecast - The projected net profits for 2025, 2026, and 2027 are 1.689 billion, 2.209 billion, and 2.487 billion respectively, with corresponding EPS of 1.01, 1.32, and 1.49 yuan [4][6]. - The report anticipates a PE ratio of 13, 10, and 9 for the years 2025, 2026, and 2027 respectively, based on the closing price on August 27, 2025 [4].

Group 1 - The company Jin控煤业 (601001.SH) reported a revenue of 5.965 billion yuan for the first half of 2025, representing a year-on-year decrease of 19.16% [1] - The net profit attributable to shareholders was 876 million yuan, down 39.01% year-on-year [1] - The net profit after deducting non-recurring items was 868 million yuan, also reflecting a 39.03% decline compared to the previous year [1] - The basic earnings per share stood at 0.52 yuan [1]

证券之星消息，8月27日煤炭开采板块较上一交易日下跌2.33%，晋控煤业领跌。当日上证指数报收于 3800.35，下跌1.76%。深证成指报收于12295.07，下跌1.43%。煤炭开采板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000571 | 新大洲A | 4.50 | 1.12% | 30.28万 | 1.37亿 | | 600395 | 盘江股份 | 5.08 | -0.39% | 28.05万 | + 1.43亿 | | 600925 | 示能股份 | 4.98 | -0.80% | 15.24万 | 7613.89万 | | 600997 | 开滦股份 | 6.36 | -1.09% | 12.06万 | 7744.47万 | | 601088 | 中国神华 | 38.23 | -1.55% | 31.39万 | 12.07亿 | | 600971 | 恒源煤电 | 6.85 | -1.58% | 16.90万 | 1.17亿 | | 000937 | 英中 ...

格隆汇8月27日｜晋控煤业公告，2025年上半年营业收入59.65亿元，同比下降19.16%。净利润8.76亿 元，同比下降39.01%。基本每股收益0.52元／股，同比减少39.53%。 ...

格隆汇8月27日丨晋控煤业(601001.SH)公布半年度报告，营业收入59.65亿元，同比下降19.16%，归属 于上市公司股东的净利润8.76亿元，同比下降39.01%，归属于上市公司股东的扣除非经常性损益的净利 润8.68亿元，同比下降39.03%。 ...

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the first half of 2025 compared to the previous year [2] Financial Performance - The company's operating revenue for the first half of 2025 was 5.965 billion yuan, representing a year-on-year decrease of 19.16% [2] - The net profit for the same period was 876 million yuan, down 39.01% year-on-year [2] - Basic earnings per share were 0.52 yuan, reflecting a decrease of 39.53% compared to the previous year [2]

晋能控股山西煤业股份有限公司2025 年半年度报告 公司代码：601001 公司简称：晋控煤业 晋能控股山西煤业股份有限公司 2025 年半年度报告 1 / 159 晋能控股山西煤业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人李建光、主管会计工作负责人尹济民及会计机构负责人（会计主管人员）姚东 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 公司在报告中涉及未来计划等前瞻性陈述，该计划不构成公司对投资者的实质承诺，请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风 ...

Core Insights - The company reported a revenue of 5.965 billion yuan for the first half of 2025, representing a year-on-year decline of 19.16% [1] - The net profit for the same period was 876 million yuan, down 39.01% year-on-year [1] - Basic earnings per share decreased to 0.52 yuan, reflecting a reduction of 39.53% compared to the previous year [1]

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9]. Core Viewpoints - The recent coal mine accident in Fujian has raised concerns about the vulnerability of coal supply in China. The accident is expected to amplify local safety regulation efforts, potentially impacting coal supply. Despite this, stable demand and rigid supply constraints suggest that coal prices may continue to rise in the short term [2][7]. - The coal index (Yangtze) increased by 0.99% this week, underperforming the CSI 300 index by 3.19 percentage points, ranking last among all industries [6][14]. - The market anticipates that the upcoming "Golden September and Silver October" period will support coal demand, particularly as non-electric demand begins to pick up [6][7]. Summary by Sections Supply and Demand Overview - As of August 21, the daily coal consumption in 25 provinces was 6.427 million tons, up 8.0% week-on-week. The supply of coal was 6.324 million tons, an increase of 3.8% [31]. - The total coal inventory in these provinces was 119.798 million tons, a decrease of 0.4% from the previous week, with an available days supply of 18.6 days, down 1.6 days [31]. Price Trends - As of August 22, the market price for Qinhuangdao 5500 kcal thermal coal was 704 RMB/ton, reflecting a week-on-week increase of 6 RMB/ton (+0.86%) [38]. - The price for coking coal at Jingtang Port remained stable at 1610 RMB/ton [6]. Market Performance - The report highlights that the coal sector's performance has been mixed, with the thermal coal index rising by 1.09% and the coking coal index increasing by 0.76%, both underperforming compared to the CSI 300 index [14][18]. - The report identifies several companies with strong investment potential, including Yanzhou Coal Mining Company, Shanxi Coking Coal Group, and China Shenhua Energy [8]. Company Announcements - China Shenhua announced the approval of its Chongqing Wanzhou Power Plant expansion project, which will add 2×1000 MW capacity [52]. - Yanzhou Coal's Australian subsidiary reported a revenue of 2.675 billion AUD for the first half of 2025 [53]. Future Outlook - The report suggests that while daily consumption may gradually decline, the overall demand for coal remains robust, supported by seasonal factors and ongoing supply constraints [6][15]. - The focus will be on monitoring safety regulations and their impact on supply, as well as the performance of coal prices in the context of broader market conditions [7][8].