Financial Performance - The company's operating revenue for Q3 2025 was CNY 6,497,066,178.98, an increase of 3.78% year-on-year[8]. - Net profit attributable to shareholders for the same period was CNY 1,083,240,884.50, representing a growth of 13.24% compared to the previous year[8]. - The company reported a basic earnings per share of CNY 0.29, up 11.54% year-on-year[8]. - Total operating revenue for the current period is ¥16,359,424,178.75, a decrease of 2.82% from ¥16,835,322,836.42 in the previous period[27]. - Net profit for the current period is ¥3,710,920,838.42, a decrease of 3.41% compared to ¥3,841,728,004.08 in the previous period[28]. - The net profit attributable to shareholders of the parent company is ¥2,416,777,784.26, down from ¥2,497,362,917.93, representing a decline of 3.22%[28]. - The company reported a total comprehensive income of ¥3,721,120,391.89, down from ¥3,846,570,403.41, a decrease of 3.25%[28]. Production and Capacity - The company achieved a total power generation of 15.225 billion kWh in Q3, a 56.36% increase from the previous quarter[12]. - Coal production reached 5.8379 million tons in Q3, marking a 5.38% increase from the previous quarter[12]. - The company's coal production capacity is currently 24 million tons per year, with an installed capacity of 11.23 million kW for coal power generation[13]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 71,334,090,839.64, reflecting a 4.57% increase from the end of the previous year[8]. - Total assets increased to ¥71,334,090,839.64, up from ¥68,215,330,894.91, reflecting a growth of 3.10%[26]. - Total liabilities rose to ¥37,654,021,434.89, compared to ¥36,241,813,903.38, marking an increase of 3.91%[26]. - Total equity attributable to shareholders of the parent company increased to ¥26,183,274,796.53, up from ¥24,717,324,342.16, a growth of 5.93%[26]. Cash Flow and Investments - Operating cash flow for the current period is CNY 6,683,578,088.41, an increase of 3.5% compared to CNY 6,458,220,532.41 in the previous period[29]. - Cash inflow from investment activities increased significantly to CNY 509,856,027.94 from CNY 126,038,750.60, marking a growth of 304.5%[29]. - Cash outflow from investment activities decreased to CNY 4,521,534,129.72 from CNY 5,376,504,960.46, a reduction of 15.9%[29]. - Net cash flow from financing activities was negative at CNY -2,716,264,878.50, worsening from CNY -1,608,960,513.19 in the previous period[30]. - Total cash and cash equivalents at the end of the period decreased to CNY 4,226,167,198.02 from CNY 4,662,906,745.72, a decline of 9.4%[30]. - Cash received from borrowings increased to CNY 9,447,182,260.69 from CNY 5,812,902,160.47, representing a growth of 62.5%[30]. - Cash received from investment income surged to CNY 244,400,000.00 from CNY 42,320,000.00, a remarkable increase of 476.5%[29]. Governance and Management - The company has revised its governance structure by abolishing the supervisory board, transferring its responsibilities to the audit committee of the board[19]. - The company held its second extraordinary general meeting on September 5, 2025, to elect the third board of directors and appoint senior management[21]. - The company has updated its articles of association to enhance its governance framework in compliance with relevant laws and regulations[19]. Research and Development - Research and development expenses increased by 773.13% due to higher investment in R&D projects[15]. - Research and development expenses increased significantly to ¥14,905,763.35 from ¥1,707,154.54, indicating a focus on innovation[27].

Company Overview - Shaanxi Energy has seen its stock price increase by 6.88% year-to-date, with a recent price of 9.48 CNY per share and a market capitalization of 35.55 billion CNY [1] - The company was established on September 3, 2003, and went public on April 10, 2023, focusing on thermal power generation, coal production, and sales [1] - Revenue composition includes: electricity business 73.39%, coal business 22.90%, heating business 3.18%, and other 0.53% [1] Financial Performance - For the first half of 2025, Shaanxi Energy reported operating revenue of 9.862 billion CNY, a year-on-year decrease of 6.74%, and a net profit attributable to shareholders of 1.334 billion CNY, down 13.45% year-on-year [2] - The company has distributed a total of 4.2 billion CNY in dividends since its A-share listing [3] Shareholder Information - As of September 1, 2025, the number of shareholders decreased by 11.73% to 75,400, while the average number of circulating shares per person increased by 13.29% to 13,929 shares [2] - Notable institutional holdings include Southern CSI 500 ETF as the fifth-largest shareholder with 11.2335 million shares, an increase of 1.4385 million shares from the previous period [3]

Investment Rating - The report suggests a positive outlook for the coal industry, indicating potential investment opportunities in high-quality core stocks [5][6]. Core Views - The report emphasizes that stabilizing coal prices is crucial for reversing the Producer Price Index (PPI) decline, with a noted correlation between coal prices and PPI [5]. - It highlights that the coal industry may still be in a "golden era" due to energy transformation demands and strict production capacity controls under carbon neutrality policies [5]. - The report anticipates that coal prices will experience fluctuations but trend upwards, with a focus on quality stocks as primary investment targets [5]. Summary by Sections Thermal Coal - As of October 24, 2025, the Qinhuangdao 5500K thermal coal price is 770 CNY/ton, up 2.9% week-on-week [3][28]. - Daily average production from 462 sample mines is 5.479 million tons, down 4.3% week-on-week and 5.7% year-on-year [3][36]. - The report notes a significant drop in daily consumption at power plants, with a slight decrease in inventory levels [3][36]. Coking Coal - The price of main coking coal at Jingtang Port is 1,760 CNY/ton, reflecting a week-on-week increase of 2.9% [4][65]. - Daily average production from 523 sample mines is 761,000 tons, down 2.3% week-on-week [4][64]. - The report indicates a slight decrease in coking coal inventory levels across various regions [4][64]. Investment Recommendations - The report recommends focusing on companies with strong resource endowments and stable operating performance, such as China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical [6]. - It also suggests looking at companies with production growth potential that can benefit from the coal price cycle, including Yanzhou Coal Mining, Huayang Co., and Gansu Energy [6]. - Companies with global resource scarcity attributes and those involved in coal-electricity integration models are highlighted as potential investment targets [6].

Core Viewpoint - Shaanxi Energy's subsidiary, Liangshuijing Mining, has achieved significant breakthroughs in intelligent construction and production efficiency, aligning with national strategies for smart coal mines and energy transition [1] Group 1: Company Overview - Shaanxi Energy is a leading coal and electricity integrated enterprise in Shaanxi Province, listed on the Shenzhen Stock Exchange in April 2023, with 34 wholly-owned subsidiaries [1] - The company has an approved thermal power installed capacity of 17.25 million kilowatts and a coal production capacity of 30 million tons per year [1] Group 2: Smart Power Plant Initiatives - The smart power plant construction focuses on the "dual carbon" strategy and the needs of a new energy system, emphasizing quality improvement, efficiency enhancement, and clean low-carbon initiatives [1] - Key areas of focus include advanced design, equipment upgrades, intelligent operations, and energy storage collaboration [1] Group 3: Intelligent Mining Developments - The intelligent mining initiative prioritizes safety, efficiency, and the enhancement of intelligent levels in mining operations, adhering to the principle of "safer with fewer people, safest with no people" [1] - The integration of 5G and AI, along with the application of green mining technologies, aims to replace high-risk positions with intelligent equipment [1] Group 4: Innovative Operational Layout - The operational innovation layout of the Fengjiata project adopts a "1+3+N" model, focusing on intelligent comprehensive control, disaster prevention, and safety management [1] - This model encompasses multiple intelligent subsystems covering core processes of mining, excavation, management, and control [1] Group 5: Data-Driven Collaborative Development - Shaanxi Energy is building a unified digital foundation driven by data intelligence, leveraging the Shaanxi Investment Cloud platform [1] - The company is establishing an integrated architecture for three major centers: production scheduling, emergency command, and digital control [1] Group 6: Overall Impact - Through the implementation of smart power plants, intelligent mining, and data-driven operations, Shaanxi Energy aims to revitalize traditional energy sectors, creating safer and more efficient work environments [1]

Group 1 - High Energy Environment reported a net profit of 646 million yuan for the first three quarters, a year-on-year increase of 15.18% [1] - Tianzhun Technology received approval from the China Securities Regulatory Commission for issuing convertible bonds to unspecified objects [1] - Energy Conservation Wind Power achieved a cumulative power generation of 9.349 billion kWh, a year-on-year increase of 1.72% [1][2] Group 2 - Sichuan Road and Bridge's total amount of projects won in the first three quarters reached 97.173 billion yuan, a year-on-year increase of 25.16% [3] - Shaanxi Energy's power generation in the third quarter decreased by 1% year-on-year, while its coal sales increased by 136.98% [3][4] Group 3 - Jintuo Co. announced that four shareholders plan to reduce their holdings by up to 2.95% of the company's shares [5] - Tailin Microelectronics expects a net profit increase of 118% year-on-year for the first three quarters, with revenue of approximately 766 million yuan [6] - Asia-Pacific Co. anticipates a net profit of 310 million to 335 million yuan for the first three quarters, a year-on-year increase of 97.38% to 113.30% [8] Group 4 - He Sheng New Materials expects a net profit increase of 60% to 80% for the first three quarters, with a projected profit of 137 million to 154 million yuan [9] - Spring Airlines reported a passenger turnover of 4.835 billion person-kilometers in September, a year-on-year increase of 22.87% [10][11] Group 5 - Mingxin Xuteng received a notification from a leading new energy vehicle company for a project worth approximately 650 million yuan [12] - Acolyte's subsidiary received a government subsidy of 47.13 million yuan for fixed asset investment [13] Group 6 - Fangsheng Pharmaceutical's subsidiary received approval for clinical trials of a new drug for treating advanced prostate cancer [14] - Aofu Technology plans to sell idle factory assets for a total price of 23.852 million yuan [16] Group 7 - Ganyue Expressway reported a service income of 313 million yuan in September [18] - Dong'an Power secured five new market agreements in the third quarter, with a total projected sales volume of approximately 1 million units [20] Group 8 - Zhongmin Energy achieved a cumulative power generation of 1.922 billion kWh, a year-on-year increase of 1.25% [21] - Pan-Asia Micro-Pore's application for issuing shares to specific objects has been accepted by the Shanghai Stock Exchange [23] Group 9 - Shenghui Integration reported an order balance of 2.214 billion yuan as of September 30, a year-on-year increase of 21.21% [24] - Jineng Technology's vice president resigned for personal reasons [25] Group 10 - Ruixin Microelectronics expects a net profit increase of 116% to 127% for the first three quarters, with a projected profit of 760 million to 800 million yuan [33] - Shanghai Pharmaceuticals received FDA approval for a new drug application for doxycycline capsules [34] Group 11 - Ruima Precision's subsidiary received a project notification for air suspension systems from a domestic automaker, with a total sales forecast of approximately 265 million yuan [36] - Galaxy Magnetics anticipates some impact on its export business due to the Ministry of Commerce's announcement on export controls for certain rare earth items [37] Group 12 - Ba Tian Co. expects a net profit increase of 230.79% to 260.15% for the first three quarters, with a projected profit of 676 million to 736 million yuan [43] - Donglai Technology plans to reduce its repurchased shares by up to 1% of the total share capital [45] Group 13 - Guangkang Biochemical announced that shareholders plan to reduce their holdings by up to 2.68% of the company's shares [46] - Nanwang Energy reported a net profit increase of 37.13% for the first three quarters, with a total revenue of 5.32 billion yuan [48] Group 14 - Yahua Group expects a net profit increase of 106.97% to 132.84% for the first three quarters, with a projected profit of 320 million to 360 million yuan [49] - Hualitai's annual production project for 20,000 tons of benzidine has been successfully completed and is now in full production [51]

智通财经APP讯，陕西能源(001286.SZ)披露2025年第三季度主要运营数据，公司2025年三季度发电量 152.25亿千瓦时，同比下降1.00%;上网电量142.61亿千瓦时，同比下降1.18%;煤炭产量583.79万吨，自产 煤外销量441.28万吨。 ...

陕西能源（001286）(001286.SZ)披露2025年第三季度主要运营数据，公司2025年三季度发电量152.25亿 千瓦时，同比下降1.00%;上网电量142.61亿千瓦时，同比下降1.18%;煤炭产量583.79万吨，自产煤外销 量441.28万吨。 ...

Core Insights - Shaanxi Energy (001286) reported a total power generation of 15.225 billion kilowatt-hours in Q3 2025, representing a year-on-year decrease of 1% [1] - The company's self-produced coal external sales reached 4.4128 million tons, showing a significant year-on-year increase of 136.98% [1] Group 1 - The total power generation for Q3 2025 was 15.225 billion kilowatt-hours, which is a decline of 1% compared to the previous year [1] - Self-produced coal external sales increased to 4.4128 million tons, marking a substantial growth of 136.98% year-on-year [1]

关于2025年第三季度主要运营数据的 自愿性信息披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第3号 ——行业信息披露》等相关规定，陕西能源投资股份有限公司（以下简称"陕西能源"、"公 司"或"本公司"）2025年第三季度主要运营数据如下： | 运营 | 单位 | 2025 | 年 | 2024 | 年 | | 同比变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | 三季度 | 累计 | 三季度 | 累计 | 三季度 | 累计 | | 发电量 | 亿千瓦时 | 152.25 | 371.47 | 153.80 | 394.79 | -1.00% | -5.91% | | 上网电量 | 亿千瓦时 | 142.61 | 347.44 | 144.31 | 369.16 | -1.18% | -5.89% | | 煤炭产量 | 万吨 | 583.79 | 1572.41 | 495.46 | 1423.47 | ...

Core Insights - The company's electricity generation in Q3 2025 was 15.225 billion kWh, a year-on-year decrease of 1.00% [1] - Cumulative electricity generation reached 37.147 billion kWh, down 5.91% year-on-year [1] - The company's on-grid electricity in Q3 was 14.261 billion kWh, reflecting a year-on-year decline of 1.18% [1] - Cumulative on-grid electricity totaled 34.744 billion kWh, a decrease of 5.89% year-on-year [1] - Coal production in Q3 was 5.8379 million tons, an increase of 17.83% year-on-year [1] - Cumulative coal production reached 15.7241 million tons, up 10.46% year-on-year [1] - Self-produced coal external sales in Q3 were 4.4128 million tons, a significant increase of 136.98% year-on-year [1] - Cumulative external sales of self-produced coal amounted to 10.1355 million tons, a rise of 78.80% year-on-year [1]