Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report indicates that thermal coal prices are rebounding, aiming for a target of 750 CNY per ton, with a current price of 704 CNY per ton as of August 22, 2025, reflecting a 15.6% increase from the lowest price of 609 CNY per ton earlier this year [4][5] - The report emphasizes that both thermal coal and coking coal prices have reached a turning point, with expectations for further price recovery [5][13] Summary by Sections Thermal Coal Market - As of August 22, 2025, the Qinhuangdao Q5500 thermal coal price is 704 CNY/ton, with a 15.6% increase from the year's lowest price of 609 CNY/ton [4] - The operating rate of 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia is 81.7%, indicating a relatively low supply level [4] - Port inventories have decreased by 29.82% from the highest level of 3,316.3 million tons earlier this year to 2,327.4 million tons [4] - The daily consumption of coal remains high during the summer, with the methanol operating rate at 80.65%, reflecting strong demand [4] Coking Coal Market - The price of coking coal at the Jing Tang Port is 1,610 CNY/ton, rebounding from a low of 1,230 CNY/ton in early July, with a significant increase of 61.61% in futures prices [4][5] - The report notes a tightening supply expectation due to regulatory measures on overproduction in coal mines [5] Investment Logic - The report suggests that the current thermal coal price has surpassed the second target price of around 700 CNY, with expectations to reach the third target price of 750 CNY, which is the breakeven point for coal and power generation companies [5][13] - Coking coal prices are expected to be influenced more by supply and demand fundamentals, with target prices set based on the ratio of coking coal to thermal coal prices [5][13] Investment Recommendations - The report identifies four main investment lines in the coal sector: 1. Cycle logic: Companies like Jinko Coal and Yancoal 2. Dividend logic: Companies like China Shenhua and China Coal Energy 3. Diversified aluminum elasticity: Companies like Shenhua Holdings and Electric Power Investment 4. Growth logic: Companies like Xinji Energy and Guanghui Energy [6][14]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing a slow recovery in supply, with coal prices continuing to rise. The port coal price increased by 6 CNY/ton week-on-week, reaching 704 CNY/ton [3][13] - The supply side is constrained due to adverse weather conditions affecting production, particularly in the Ordos region, where capacity utilization has decreased by 1.42 percentage points [3][13] - Demand remains strong due to high temperatures, with daily coal consumption in coastal and inland power plants increasing by 11.2 and 14.8 thousand tons respectively [3][21] - The report highlights the investment value of coal companies, emphasizing their high profitability, cash flow, and dividend yields [70] Summary by Sections 1. Thermal Coal - Supply is tightening again, with port inventories decreasing and prices rising [3][13] - As of August 20, capacity utilization in the Sanxi region decreased to 88.57%, with a weekly production drop of 190 thousand tons [19] - Daily coal consumption in coastal power plants reached 249.6 thousand tons, up 11.2 thousand tons week-on-week [21] - Port inventories in northern regions decreased by 421 thousand tons week-on-week [25] 2. Coking Coal - Coking coal production recovery is limited, with capacity utilization increasing by 0.49 percentage points due to the resumption of previously halted mines [4][69] - The average daily customs clearance at Ganqimaodu port increased to 1212 trucks, up 132 trucks week-on-week [37] - Coking coal prices at the port remained stable at 1610 CNY/ton [34] 3. Coke - The seventh round of price increases for coke has been implemented, with an increase of 50-55 CNY/ton [46] - The overall inventory of coke remains low, with production rates showing some variability [53] - The average profit per ton of coke increased to 23 CNY/ton, up 3 CNY/ton week-on-week [49] 4. Investment Focus - Recommended stocks include China Shenhua, Shaanxi Coal, and others, with a focus on companies with strong cash flow and high dividend yields [70] - The report suggests monitoring the recovery of coal production, iron water output, and market conditions during the upcoming military parade [69][70]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to falling coal prices and increased operational costs in the coal and electricity sectors [1][2][5]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 5.811 billion yuan, a year-on-year decrease of 2.91% [1] - The net profit attributable to shareholders was 920 million yuan, down 21.72% year-on-year [1] - The basic earnings per share were 0.36 yuan, reflecting a 20.00% decrease compared to the previous year [1] - For Q2 2025, the operating revenue was 2.901 billion yuan, a decrease of 0.89% year-on-year and 0.29% quarter-on-quarter [1] Group 2: Coal Business Performance - The company's coal production in the first half of 2025 was 9.9372 million tons, an increase of 6.16% year-on-year [2] - The average selling price of coal in the first half of 2025 was 689 yuan per ton, down 21.45% year-on-year [3] - The cost of coal per ton was 327 yuan, a decrease of 3.51% year-on-year [3] - The coal business faced pressure with a selling price of 498 yuan per ton in Q2 2025, down 10.00% year-on-year [4] Group 3: Electricity Business Performance - The electricity generation in the first half of 2025 was 6.666 billion kWh, an increase of 44.60% year-on-year [5] - The average on-grid electricity price was 0.37 yuan per kWh, a decrease of 9.70% year-on-year [5] - The average electricity cost was 0.22 yuan per kWh, significantly down 30.66% year-on-year [5] - The unit gross profit for the electricity business was 0.15 yuan per kWh, a substantial increase of 66.60% year-on-year [5] Group 4: Future Outlook - The company is advancing its coal-electricity integration strategy with new power plants expected to be operational by 2026 [6] - The company aims to counteract the downward pressure on electricity prices through scale expansion and increased electricity generation [6] - Revenue forecasts for 2025-2027 have been adjusted to 12.790 billion, 15.598 billion, and 18.362 billion yuan, respectively [7]

Core Insights - New Hope Energy (601918) reported a net profit decline of 21.72% year-on-year for the first half of 2025, with total revenue of 5.811 billion yuan, down 2.91% year-on-year [1] - The company's gross margin decreased by 8.09% to 38.34%, and net margin fell by 19.95% to 17.25% [1] - The company’s operating cash flow per share decreased by 7.32% to 0.63 yuan, and earnings per share dropped by 20.0% to 0.36 yuan [1] Financial Performance - Total revenue for Q2 2025 was 2.901 billion yuan, a decrease of 0.89% year-on-year, while net profit for the same period was 389 million yuan, down 32.79% [1] - The total of selling, administrative, and financial expenses reached 634 million yuan, accounting for 10.9% of revenue, an increase of 3.23% year-on-year [1] Significant Changes in Financial Items - Prepayments increased by 90.28% due to higher material payments [2] - Inventory rose by 57.34% as a result of increased coal stock [2] - Construction in progress increased by 67.74% due to investments in ongoing power plant projects [2] - Short-term borrowings increased by 68.33% as the company took advantage of lower financing rates [2] - Contract liabilities surged by 117.29% due to increased advance coal payments [2] Business Evaluation - The company's return on invested capital (ROIC) was 9.81%, indicating average capital returns [4] - Historical data shows a median ROIC of 7.7% over the past decade, with two years of losses since its IPO, suggesting a fragile business model [4] - The company’s cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 38.35% [4] - The debt situation is also a concern, with interest-bearing asset liability ratio at 43.44% [4] Fund Holdings - The largest fund holding New Hope Energy is Wan Jia Selected Mixed A, with 22.66 million shares, which has reduced its position [5] - Other funds such as Tianhong New Value Mixed A and Tianhong Multi-Asset Bond A have newly entered the top ten holdings [5]

Core Viewpoint - The company reported a decline in net profit and revenue for the first half of 2025, primarily due to falling coal prices and increased operational costs [1][2][4]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 5.81 billion yuan, a decrease of 2.9% year-on-year, and a net profit attributable to shareholders of 920 million yuan, down 21.7% year-on-year [1]. - The company's Q2 2025 revenue was 2.9 billion yuan, with a quarter-on-quarter decline of 0.3%, and a net profit of 390 million yuan, down 26.9% quarter-on-quarter [1]. - The adjusted net profit after excluding non-recurring items for H1 2025 was 930 million yuan, a decrease of 17.9% year-on-year [1]. Group 2: Coal Production and Sales - The company's raw coal production in H1 2025 was 11.197 million tons, an increase of 7.9% year-on-year, while Q2 production was 5.657 million tons, up 2.1% quarter-on-quarter [2]. - In H1 2025, the company produced and sold 9.937 million tons and 9.434 million tons of commercial coal, respectively, representing increases of 6.2% and 3.6% year-on-year [2]. - The average selling price of commercial coal in H1 2025 was 528.5 yuan per ton, down 6.3% year-on-year [2]. Group 3: Power Generation - The company’s power generation and grid-connected power generation in H1 2025 were 6.67 billion kWh and 6.28 billion kWh, respectively, reflecting increases of 44.6% and 44.2% year-on-year [3]. - The average grid-connected electricity price in H1 2025 was 0.3716 yuan per kWh, a decrease of 9.7% year-on-year [3]. Group 4: Profit Forecast and Valuation - Due to the decline in coal and electricity prices, the company has revised its profit forecasts for 2025-2026, now expecting net profits of 2 billion yuan, 2.27 billion yuan, and 2.4 billion yuan for 2025, 2026, and 2027, respectively [4]. - The expected earnings per share (EPS) for 2025-2027 are 0.77 yuan, 0.88 yuan, and 0.93 yuan, with corresponding price-to-earnings (PE) ratios of 8.4, 7.4, and 7.0 times [4].

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 新集能源(601918.SH) | | | 上次评级 买入 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,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] Q2 煤价&发电量价下跌拖累业绩，下半年有 望显著改善 [Table_ReportDate] 2025 年 8 月 23 日 [Table_S 事件：202ummar 5 年y]8 月 22 日，新集能源发布 2025 年半年报。2025 年 H1 公司 实现营业收入 58.11 亿元，同比-2.91%；实现归母净利润 9.20 亿元，同比 -21.72%；扣非后 ...

Core Viewpoint - The company has reported significant growth in coal production, sales, and electricity generation, while also advancing its renewable energy projects and maintaining a focus on high-quality development in line with national strategies [3][4]. Group 1: Company Overview - The company is committed to implementing the "14th Five-Year Plan" and focuses on reform and innovation, ensuring safety and stability, and enhancing the traditional coal and electricity sectors while developing new energy industries [2]. Group 2: Financial Performance - In the first half of 2025, the company produced 9.9372 million tons of commercial coal, a year-on-year increase of 6.16% - The sales volume of commercial coal reached 9.4337 million tons, up by 3.63% - The electricity generated was 6.278 billion kilowatt-hours, reflecting a significant increase of 44.22% - The company achieved operating revenue of 5.811 billion yuan and a total profit of 1.401 billion yuan, with a net profit attributable to the parent company of 0.920 billion yuan [3]. Group 3: Project Development - The company is progressing on its coal power projects, with significant milestones achieved in various plants, including the completion of structural works and equipment installations [4]. - The company is also investing in renewable energy, specifically a 100 MW wind power project in Lixin, with a total investment of approximately 667.83 million yuan, which has already commenced construction [4]. Group 4: Corporate Governance - The board of directors has approved the half-year report and various financial assessments, ensuring compliance with legal and regulatory standards [5][6]. - The company has made adjustments to its investment plan for 2025, reducing the total planned investment to 8.719 billion yuan, a decrease of 0.027 billion yuan from the original plan [16].

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025 compared to the previous year [2] Financial Performance - The company achieved operating revenue of 5,810,913,716.05 yuan, representing a year-on-year decrease of 2.91% [2] - The net profit attributable to shareholders of the listed company was 920,423,593.11 yuan, reflecting a year-on-year decline of 21.72% [2]

Core Viewpoint - Xinji Energy announced the approval of multiple proposals during its 11th second board meeting held on August 22 [2] Group 1 - The company held its 11th second board meeting to discuss and approve various proposals [2]

公司代码：601918 公司简称：新集能源 中煤新集能源股份有限公司 中煤新集能源股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、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、 公司负责人刘峰、主管会计工作负责人程茂玖及会计机构负责人（会计主管人员）范伟声 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 本年度报告中涉及未来计划、发展战略等前瞻性阐述，不构成公司对投资者的实质承诺，请 广大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、 重大风险提示 受国内煤炭、电力市场政策及供需关系变化影响，公司煤炭、电力等主要产品价格存在波动 风险，对公司经 ...