Group 1 - The core viewpoint of the report indicates that Jin控 Coal Industry (601001.SH) is expected to stabilize and improve its performance due to inventory reduction and rising coal prices [1] - The company has experienced a year-on-year decrease in expenses, maintaining a robust financial structure with ample cash reserves [1] - The gradual progress of asset injection suggests significant growth potential for the company in the future [1] Group 2 - The report highlights the impact of domestic and international energy policy changes, which may cause short-term effects on the company [1] - There are risks associated with potential major coal safety incidents that could affect operations [1] - Significant changes in the company's development plans and macroeconomic downturns are also noted as potential risks [1]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - Despite a decline in production and sales in Q3, the company managed to achieve profit growth, and the elasticity of coal prices is expected to be more pronounced in Q4 [2][3]. - The company is projected to achieve net profits of 2.065 billion yuan, 2.468 billion yuan, and 2.717 billion yuan for the years 2025 to 2027, corresponding to P/E ratios of 12.3X, 10.3X, and 9.3X respectively [3]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 9.325 billion yuan, a year-on-year decrease of 16.99%, and a net profit of 1.277 billion yuan, down 40.65% year-on-year [1]. - In Q3 2025, the company achieved revenue of 3.360 billion yuan, a year-on-year decrease of 12.85% and a quarter-on-quarter decrease of 5.13%, with a net profit of 401 million yuan, down 43.94% year-on-year but up 10.08% quarter-on-quarter [1][2]. - The coal production for the first three quarters of 2025 was 26.19 million tons, an increase of 1.5% year-on-year, while the sales volume of commercial coal was 20.86 million tons, a decrease of 5.5% year-on-year [7]. - The average selling price of coal for the first three quarters of 2025 was 437 yuan/ton, down 60.6 yuan/ton year-on-year [7]. - The cost of coal sales for the first three quarters of 2025 was 271 yuan/ton, an increase of 5 yuan/ton year-on-year, resulting in a gross profit of 166 yuan/ton, down 65.5 yuan/ton year-on-year [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q3 2025 performance shows a sequential improvement, with sufficient cash reserves and continued debt reduction [1] - For the first three quarters of 2025, the company reported a revenue of 9.325 billion yuan, a year-on-year decrease of 16.99%, and a net profit attributable to shareholders of 1.277 billion yuan, down 40.65% year-on-year [5][6] - The company has a strong cash position with 13.942 billion yuan in cash as of the end of Q3 2025, and a significant reduction in the debt-to-asset ratio by 8.88 percentage points to 21.17% [7] Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 3.360 billion yuan, a sequential decrease of 5.12%, while the net profit attributable to shareholders was 401 million yuan, an increase of 10.08% sequentially [5] - The company’s coal production for the first three quarters was 26.1851 million tons, up 1.52% year-on-year, while the sales volume of commercial coal was 20.8564 million tons, down 5.50% year-on-year [6] - The average selling price of coal was 422.84 yuan per ton, a decrease of 14.44% year-on-year, while the cost per ton was 262.22 yuan, a slight increase of 0.14% year-on-year [6] Cost Management - The company has effectively managed its costs, with a significant reduction in management expenses by 22.35% year-on-year and financial expenses decreasing by 144.70% year-on-year [7] - The gross profit per ton of coal has declined by 30.87% year-on-year to 160.62 yuan [6] Future Projections - Revenue projections for 2025-2027 are estimated at 12.244 billion yuan, 12.840 billion yuan, and 13.465 billion yuan respectively, with net profits expected to be 1.908 billion yuan, 2.141 billion yuan, and 2.391 billion yuan [9][10] - The earnings per share (EPS) are projected to be 1.14 yuan, 1.28 yuan, and 1.43 yuan for the years 2025, 2026, and 2027 respectively [10]

证券研究报告 公司研究 [Table_StockAndRank] 晋控煤业（601001） 投资评级 上次评级 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭钢铁行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 刘波： 煤炭钢铁行业分析师 执业编号：S1500525070001 邮箱：liubo1@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 库存去化&煤价回升，业绩有望趋稳向好 [Table_ReportDate] 2025 年 10 月 28 日 [Table_S 事件：2025 ummar年y]10 月 27 日，晋控煤业发布三季度报告，2025 年前三季度公 司实现营业收入 93.25 亿元，同比下降 16.99%；实现归母净利润 12.77 亿 元，同比下降 40.65%。经营活动现金流量净额 15.11 亿元，同比下降 58 ...

Core Viewpoint - Jinko Coal Industry's stock price has experienced fluctuations, with a current decline of 2.05% and a total market capitalization of 24.787 billion yuan, reflecting a challenging market environment for the coal sector [1] Financial Performance - For the period from January to September 2025, Jinko Coal Industry reported operating revenue of 9.325 billion yuan, a year-on-year decrease of 16.99%, and a net profit attributable to shareholders of 1.277 billion yuan, down 40.65% compared to the previous year [2] - The company has distributed a total of 6.083 billion yuan in dividends since its A-share listing, with 3.640 billion yuan distributed over the last three years [3] Stock Market Activity - As of October 28, Jinko Coal's stock price is 14.81 yuan per share, with a trading volume of 268 million yuan and a turnover rate of 1.07% [1] - The stock has increased by 14.67% year-to-date, but has seen a decline of 6.27% over the last five trading days [1] Shareholder Structure - As of October 20, the number of shareholders for Jinko Coal increased to 58,000, with an average of 28,856 circulating shares per person, a decrease of 4.40% [2] - The top ten circulating shareholders include significant institutional investors, with notable changes in holdings among ETFs [3]

Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Views - The company's profitability has improved on a quarter-on-quarter basis, with expectations for asset injection [3]. - The coal market is anticipated to enter a peak season in Q4, which may positively impact earnings [3]. - The company has a strong cash position and a declining debt ratio, indicating financial stability [2]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenue of 9.325 billion yuan, a year-on-year decrease of 17.0%, and a net profit attributable to shareholders of 1.277 billion yuan, down 40.6% year-on-year [1]. - In Q3 2025, the company achieved revenue of 3.360 billion yuan, with a quarter-on-quarter decline of 12.8% and a year-on-year decline of 5.1%. The net profit for Q3 was 401 million yuan, showing a quarter-on-quarter decrease of 43.9% but a year-on-year increase of 10.1% [1]. - The coal production for Q3 was 8.966 million tons, a year-on-year increase of 1.1% but a quarter-on-quarter decrease of 4.2%. The sales volume of commercial coal was 7.5615 million tons, down 0.7% year-on-year and 5.9% quarter-on-quarter [1]. Cost Management - The company managed to control costs effectively, with a coal business gross margin of 37.99%, down 9.0 percentage points year-on-year [2]. - The average selling price of coal in Q3 was 424.78 yuan per ton, a year-on-year decrease of 13.7% but a quarter-on-quarter increase of 1.4% [1][2]. Financial Health - As of the end of Q3 2025, the company had cash and cash equivalents of 13.942 billion yuan, with net cash of 10.992 billion yuan, representing 43.4% of market capitalization [2]. - The debt-to-asset ratio was 21.17%, a decrease of 5.07 percentage points from the end of H1 2025 and 7.72 percentage points from the end of 2024 [2]. Future Prospects - The company is initiating the injection of mining rights assets from its controlling shareholder, which is expected to enhance production capacity significantly [3]. - Profit forecasts for 2025-2027 are 1.689 billion yuan, 2.210 billion yuan, and 2.488 billion yuan respectively, with corresponding EPS of 1.01, 1.32, and 1.49 yuan [3][5].

格隆汇10月27日丨晋控煤业(601001.SH)发布三季报，2025年前三季度实现营业总收入93.25亿元，同比 下降16.99%；归属母公司股东净利润12.77亿元，同比下降40.65%；基本每股收益为0.76元。 ...

Group 1 - The core viewpoint of the article highlights that Jin控煤业 reported a significant decline in its third-quarter performance for 2025, with revenue and net profit both decreasing year-on-year [1] - For the first three quarters of 2025, the company's revenue was approximately 9.325 billion yuan, representing a year-on-year decrease of 16.99% [1] - The net profit attributable to shareholders of the listed company was about 1.277 billion yuan, reflecting a year-on-year decrease of 40.65% [1] - The basic earnings per share were reported at 0.76 yuan, which is a decrease of 41.09% compared to the previous year [1] Group 2 - As of the report date, Jin控煤业 had a market capitalization of 25.3 billion yuan [2]

截至发稿，晋控煤业市值为253亿元。 （记者 王晓波） 每经AI快讯，晋控煤业（SH 601001，收盘价：15.12元）10月27日晚间发布公告称，公司第八届第十四 次董事会会议于2025年10月27日在公司二楼会议室以现场及通讯表决方式召开。会议审议了《关于修订 <董事会议事规则> 的议案》等文件。 每经头条（nbdtoutiao）——独家丨民营船王入主杉杉集团横生枝节 重整联合体浮现神秘组局人 2024年1至12月份，晋控煤业的营业收入构成为：煤炭行业占比97.79%，其他业务占比2.17%，非煤占 比0.04%。 ...

证券代码：601001 证券简称：晋控煤业 公告编号：2025-023 晋能控股山西煤业股份有限公司 关于对晋能控股集团财务有限公司 风险评估报告的公告 本公司董事会、全体董事及相关股东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、财务公司基本情况 晋能控股集团财务有限公司（以下简称"财务公司"）前身为晋煤集团财务 有限公司，是由原中国银行业监督管理委员会批准设立的非银行金融机构，注册 资本为 100,000 万元人民币，其中：晋能控股装备制造集团有限公司（原名"山 西晋城无烟煤矿业集团有限公司"）出资 92,000 万元，出资比例 92%；山东联盟 化工股份有限公司出资 8,000 万元，出资比例 8%。 2025 年 3 月 11 日，财务公司经国家金融监督管理总局《国家金融监督管理 总局关于晋煤集团财务有限公司变更注册资本及调整股权结构的批复》（金复 〔2025〕152 号），同意晋能控股集团有限公司对财务公司增加注册资本 104,082 万元。增资后，财务公司注册资本由 100,000 万元变更为 204,082 万元人民币。 本次注 ...