Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company reported a decrease in revenue and net profit for the first half of 2025, with revenue at 77.983 billion yuan, down 14.19% year-on-year, and net profit at 7.638 billion yuan, down 31.18% year-on-year [1]. - The company is focusing on cost control and efficiency improvements while expanding its production capacity [2][4]. - The coal-electricity integration strategy is progressing steadily [3]. Financial Performance - In the first half of 2025, the company's coal production was 87.4 million tons, a year-on-year increase of 1.2%, while sales reached 125.99 million tons, up 0.92% year-on-year [9]. - The average selling price of coal in the first half of 2025 was 439.67 yuan/ton, a decrease of 133.37 yuan/ton (-23.81%) compared to the previous year [9]. - The company's total revenue for 2025 is projected to be 144.956 billion yuan, reflecting a year-on-year decline of 21.3% [9]. Dividend Policy - The company announced a mid-term dividend distribution plan, proposing a cash dividend of 0.39 yuan per share, totaling 382 million yuan, which accounts for 5% of the net profit attributable to shareholders [4]. Future Earnings Estimates - The company’s projected net profits for 2025, 2026, and 2027 are 16 billion yuan, 18 billion yuan, and 19.3 billion yuan, respectively, with corresponding P/E ratios of 12.9X, 11.5X, and 10.8X [4].

Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Views - The company experienced a decline in performance due to coal price impacts, but it retains strong cash cow attributes and high dividend potential, making it a valuable investment for dividend seekers [3]. - The forecasted net profits for the company from 2025 to 2027 are projected to be 17.97 billion, 19.69 billion, and 23.56 billion CNY, respectively, with corresponding EPS of 1.85, 2.03, and 2.43 CNY, leading to PE ratios of 12, 11, and 9 times [3][5]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 77.98 billion CNY, a year-on-year decrease of 14.19%, and a net profit attributable to shareholders of 7.64 billion CNY, down 31.18% year-on-year [1]. - The second quarter of 2025 saw a significant decline in net profit, with a year-on-year drop of 52.0% to 2.83 billion CNY, and a decrease of 41.02% compared to the previous quarter [1][2]. - The company’s coal production and sales showed slight increases, with coal production reaching 87.40 million tons, up 1.15% year-on-year, and sales of 125.99 million tons, up 0.92% year-on-year [2]. Electricity Generation - The total electricity generation in the first half of 2025 was 17.77 billion kWh, a decrease of 11.82% year-on-year, while the total electricity sales were 16.62 billion kWh, down 11.38% year-on-year [3]. - In the second quarter of 2025, electricity generation increased by 1.83% year-on-year to 9.03 billion kWh, and sales rose by 3.28% year-on-year to 8.47 billion kWh [3]. Dividend Policy - The company announced a mid-term profit distribution plan with a proposed cash dividend of 0.39 CNY per 10 shares, totaling 382 million CNY, which represents 5% of the net profit attributable to shareholders for the period [3].

Investment Rating - The report maintains an investment rating of "Buy" with a target price of RMB 32.72 [2]. Core Views - The company is experiencing short-term performance pressure but remains a stable leader in the industry. The report emphasizes the company's strong cash flow supported by high electricity prices in Shaanxi and the synergy advantages of coal-electricity integration [6][10]. - The company has implemented a mid-year dividend for 2025 with a payout ratio of 5%, maintaining a dividend rate above 50% since 2020, reflecting its commitment to shareholder returns [6][10]. Financial Performance - For the first half of 2025, the company reported revenue of RMB 77.983 billion, a year-on-year decrease of 14.19%, and a net profit attributable to the parent company of RMB 7.638 billion, down 31.18% year-on-year. The second quarter saw revenue of RMB 37.821 billion, a decline of 14.60% year-on-year and 5.83% quarter-on-quarter, with a net profit of RMB 2.834 billion, down 54.55% year-on-year and 41.02% quarter-on-quarter [6][10]. - The coal production for the first half of 2025 reached 87.396 million tons, an increase of 1.15% year-on-year, while sales reached 125.989 million tons, up 0.92% year-on-year, both achieving historical highs [7]. - The average selling price of coal in the first half of 2025 was RMB 439.67 per ton, a decrease of 23.81% year-on-year, while the cost control remained strong with a unit cost of RMB 280 per ton, reflecting operational resilience [8]. Future Projections - The report forecasts the company's revenue for 2024 to be RMB 184.145 billion, with a projected net profit of RMB 22.360 billion. The earnings per share (EPS) for 2025 is estimated at RMB 2.18, with a return on equity (ROE) of 22.35% [5][10]. - The company is expected to benefit from the recovery of coal prices and maintain a robust profit capability due to its coal-electricity integration and geographical advantages [10]. Valuation Metrics - The report assigns a price-to-earnings (PE) ratio of 15 times for 2025, reflecting an increase in the target price to RMB 32.72 from the previous RMB 28.36, based on the expected performance of comparable companies [10].

Investment Rating - The industry investment rating is "Positive" for the coal sector, maintained for the next 3-6 months [5]. Core Insights - Domestic thermal coal prices and Australian coal prices have continued to rise month-on-month, while South African and European coal prices have decreased [3][15]. - In July, the monthly production of raw coal decreased both month-on-month and year-on-year, with significant declines in the production from key state-owned coal mines in Shanxi, Inner Mongolia, and Shaanxi [2][17]. - The total coal inventory at the three major ports has continued to decline month-on-month, while the average daily coal consumption of the six major power generation groups has increased [2][36]. Summary by Sections 1. Coal Prices - As of August 22, the price of Shanxi mixed thermal coal at Qinhuangdao was 702.00 CNY/ton, an increase of 63 CNY/ton, or 9.86% month-on-month [9][10]. - The price of thermal coal from Inner Mongolia and Shanxi also saw month-on-month increases [9][10]. 2. Production - In July, the monthly production of raw coal was 38,098.70 million tons, a decrease of 4,008.7 million tons, or 9.52% month-on-month, and a year-on-year decrease of 937.9 million tons, or 2.40% [17]. - Key state-owned coal mines in Shanxi, Inner Mongolia, and Shaanxi reported mixed results, with Shanxi and Inner Mongolia showing declines while Shaanxi saw a slight increase [19]. 3. Inventory - As of August 22, the total coal inventory at the three major ports was 12,344,000 tons, a decrease of 988,000 tons, or 7.41% month-on-month, but an increase of 796,000 tons, or 6.89% year-on-year [28]. - The average daily coal consumption of the six major power generation groups was 940,400 tons, an increase of 58,200 tons, or 6.60% month-on-month [36]. 4. Shipping Costs - Domestic shipping costs have continued to rise, with the CBCFI from Qinhuangdao to Shanghai reporting 31.30 CNY/ton, a month-on-month increase of 10.21% [3][43]. - International shipping costs have also increased, with the coal shipping cost from Newcastle, Australia to China at 15.60 USD/ton, a rise of 10.64% month-on-month [3][43].

Group 1 - The core point of the news is the decline in the stock price of Shaanxi Coal and the company's financial performance, with a reported drop of 5.05% to 20.31 CNY per share and a total market capitalization of 196.9 billion CNY [1] - Shaanxi Coal's main business activities include coal mining, washing, transportation, sales, and production services, with coal mining accounting for 87.68% of its revenue, electricity 8.69%, other services 3.26%, and railway transportation 0.37% [1] Group 2 - From the perspective of fund holdings, Hongde Fund has a significant position in Shaanxi Coal, with its Hongde Hongli Preferred Mixed Fund (LOF) A holding 160,300 shares, representing 1.28% of the fund's net value, making it the seventh-largest holding [2] - The Hongde Hongli Preferred Mixed Fund (LOF) A has a total scale of 219 million CNY and has generated a return of 5.26% since its inception [2] Group 3 - The fund manager of Hongde Hongli Preferred Mixed Fund (LOF) A is Su Changjing, who has a tenure of 9 years and 124 days, with the fund's total asset scale at 1.01 billion CNY and a best return of 94.19% during his tenure [3] - Co-manager Sun Zeyu has been in position for 1 year and 258 days, managing assets of 623 million CNY, with a best return of 35.02% during his tenure [3]

Core Viewpoint - The company reported a net profit of 7.638 billion yuan for the first half of 2025, which meets the conditions for a mid-term dividend distribution of 0.39 yuan per share, totaling 382 million yuan, accounting for 5% of the net profit [1][34][23]. Company Overview - The company achieved a coal production of 87.3964 million tons, a year-on-year increase of 1.15%, and coal sales of 125.9892 million tons, up 0.92% [4][10]. - The total power generation was 17.769 billion kWh, with a total sales volume of 16.619 billion kWh, both showing a decline of approximately 11.82% and 11.38% respectively [10]. Financial Performance - The company reported total operating revenue of 77.983 billion yuan, a decrease of 14.19% year-on-year, with coal business revenue accounting for 87.68% of total revenue [13]. - The net profit attributable to shareholders decreased by 31.18% year-on-year, amounting to 7.638 billion yuan, with basic earnings per share of 0.79 yuan [13]. Operational Highlights - The company maintained a focus on safety production, achieving a record coal production and sales while ensuring no major safety incidents occurred during the reporting period [4][3]. - The company emphasized strategic planning and optimization of industrial layout, increasing coal production capacity by 2 million tons at the Yuandatan coal mine [5][6]. Innovation and Governance - The company invested in technological innovation, achieving significant progress in key technology projects and receiving multiple awards for technological advancement [6][7]. - The governance structure was strengthened with the election of new board members and the implementation of compliance management measures [7][8].

Core Viewpoint - Shaanxi Coal Industry (601225.SH) reported a significant decline in both revenue and profit for the first half of the year, indicating challenges in its core coal and power businesses [1] Financial Performance - The company achieved operating revenue of 77.983 billion yuan, a decrease of 12.893 billion yuan, representing a decline of 14.19% year-on-year [1] - Total profit amounted to 15.467 billion yuan, down by 6.509 billion yuan, with a decline of 29.62% year-on-year [1] - Net profit attributable to shareholders was 7.638 billion yuan, a decrease of 3.460 billion yuan, reflecting a decline of 31.18% year-on-year [1] - Basic earnings per share were 0.79 yuan, down by 0.36 yuan, indicating a decline of 31% year-on-year [1] Business Segment Performance - Coal business generated revenue of 68.378 billion yuan, accounting for 87.68% of total revenue, with a year-on-year decline of 11.67% [1] - Power business revenue was 6.775 billion yuan, representing 8.69% of total revenue, with a year-on-year decline of 11.21% [1] - Transportation business revenue was 0.290 billion yuan, making up 0.37% of total revenue, with a significant year-on-year decline of 43.18% [1] - Other business revenue was 2.540 billion yuan, accounting for 3.26% of total revenue, with a year-on-year decline of 52.30% [1] Dividend Distribution - The company declared a cash dividend of 0.39 yuan per 10 shares to its shareholders [1]

Core Viewpoint - The report highlights a significant decline in the company's financial performance for the first half of 2025, with a net profit of 7.638 billion yuan, a decrease of 31.18% year-on-year, attributed to lower coal prices and reduced sales volumes in the coal and electricity sectors [10][11]. Financial Performance - The company achieved a total revenue of 77.982 billion yuan, down 14.19% from the previous year, with coal business revenue accounting for 68.378 billion yuan, a decrease of 11.67% [10][11]. - The total profit amounted to 15.467 billion yuan, reflecting a 29.62% decline compared to the previous year [10][11]. - Basic earnings per share were 0.79 yuan, down 31% year-on-year [10][11]. Production and Sales - Coal production reached 87.3964 million tons, a year-on-year increase of 1.15%, while coal sales were 125.9892 million tons, up 0.92% [7][8]. - The average selling price of coal was 439.67 yuan per ton, a decrease of 23.81% compared to the previous year [9][10]. Operational Highlights - The company maintained a strong focus on safety and efficiency, achieving record production and sales figures despite market challenges [5][6]. - The total electricity generation was 17.769 billion kilowatt-hours, a decrease of 11.82% year-on-year, with total electricity sales at 16.619 billion kilowatt-hours, down 11.38% [7][8]. Industry Context - The coal market is experiencing a downturn due to increased supply and reduced demand from key sectors such as real estate and steel, leading to a more balanced but challenging market environment [3][4]. - National coal consumption for the first half of the year was 2.24 billion tons, reflecting a year-on-year growth of 3.2%, indicating some recovery potential in the second half of the year [3][4].

Core Viewpoint - The company reported a significant decline in revenue and profit for the first half of 2025, primarily due to falling coal prices and reduced sales volumes in its coal and electricity businesses [2][9]. Company Overview - The company achieved a net profit of 7.638 billion yuan for the first half of 2025, a decrease of 31.18% compared to the same period last year [2][9]. - Total assets increased to 233.38 billion yuan, up 2.11% from the previous year [2][9]. Financial Performance - The company’s operating revenue was 77.98 billion yuan, down 14.19% year-on-year [2][9]. - The total profit amounted to 15.47 billion yuan, a decline of 29.62% compared to the previous year [2][9]. - The basic earnings per share were 0.79 yuan, a decrease of 31% from the previous year [2][9]. Coal Production and Sales - Coal production reached 87.40 million tons, an increase of 1.15% year-on-year [6][9]. - Coal sales volume was 125.99 million tons, up 0.92% year-on-year [6][9]. - The average selling price of coal decreased by 23.81% to 439.67 yuan per ton [7][9]. Electricity Business - Total electricity generation was 17.77 billion kilowatt-hours, down 11.82% year-on-year [6][9]. - Total electricity sales were 16.62 billion kilowatt-hours, a decrease of 11.38% compared to the previous year [6][9]. Cost Management - The company managed to reduce its coal production cost to 280 yuan per ton, a slight decrease of 0.49% year-on-year [8][9]. - The company’s electricity selling price was 407.64 yuan per megawatt-hour, reflecting a minor increase of 0.79 yuan [8][9]. Strategic Initiatives - The company is focusing on enhancing its core competitiveness through technological innovation and optimizing its industrial layout [5][6]. - The company has increased its coal mining capacity by 2 million tons at the Yuandatan coal mine, enhancing its sustainable development capabilities [5][6].

证券代码：601225 证券简称：陕西煤业 公告编号：2025-030 如在本公告披露之日起至实施权益分派股权登记日期间公司总股本发生变 动的，公司将维持分配总额不变，相应调整每股分配比例，并将另行公告具体调 整情况。 陕西煤业股份有限公司 关于 2025 年中期利润分配方案的公告 本公司董事会及全体董事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。 重要内容提示： ? 每股分配比例：每 10 股派发现金红利 0.39 元（含税）。 ? 本次利润分配股本以实施权益分派股权登记日登记的总股本为基数，具 体日期将在权益分派实施公告中明确。 ? 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分配总 额不变，相应调整每股分配比例，并将另行公告具体调整情况。 一、利润分配方案内容 公司 2025 年度 1-6 月合并会计报表（未经审计）实现的归属于母公司股东 净利润 76.38 亿元，满足中期分红的条件，经董事会决议，公司拟以实施权益分 派股权登记日登记的总股本为基数进行中期利润分配。本次利润分配方案如下： 以公司股本 96.95 亿股为基数，向公 ...