Core Insights - The company reported a decline in revenue and net profit for the first three quarters of 2025, with total revenue of 110.6 billion yuan, down 21.2% year-on-year, and a net profit of 12.5 billion yuan, down 14.6% year-on-year [1] Revenue and Profit Analysis - In Q3 2025, the company achieved revenue of 36.1 billion yuan, a decrease of 23.8% year-on-year, and a net profit of 4.8 billion yuan, down 1.0% year-on-year [1] - For the first three quarters, the company sold 19.036 million tons of commodity coal, a decrease of 7.4% year-on-year, with self-produced coal sales at 10.145 million tons, an increase of 1.1% year-on-year [2] - The average selling price of coal was 469 yuan/ton, down 18.2% year-on-year, while the average price for self-produced coal was 474 yuan/ton, down 17% year-on-year [2] Cost and Margin Insights - The cost of self-produced commodity coal was 258 yuan/ton, down 10.1% year-on-year, resulting in a gross profit of 216 yuan/ton, down 23.9% year-on-year [2] - The company’s coal revenue was 89.3 billion yuan, down 24.2% year-on-year, with operating costs at 66.8 billion yuan, down 24.6% year-on-year, leading to a gross profit of 22.5 billion yuan, down 23.0% year-on-year [2] Product Performance - The company saw a significant improvement in methanol profitability, with methanol sales of 1.5 million tons, up 24.0% year-on-year, and a gross profit of 488 yuan/ton, an increase of 502 yuan [3] - Urea sales increased by 19.5% year-on-year, while the average price decreased by 18.2% [3] New Capacity and Projects - The company is advancing new coal, electricity, and renewable energy projects, including the commissioning of new coal mines and the construction of coal chemical projects [3] - The company is also implementing several photovoltaic projects and accelerating the development of renewable energy initiatives [3] Profit Forecast and Valuation - The company is expected to achieve net profits of 17.0 billion yuan, 18.5 billion yuan, and 19.4 billion yuan for 2025-2027, with year-on-year changes of -11.89%, +8.36%, and +5.25% respectively [4]

Investment Rating - The report maintains a rating of "Accumulate" for the company [4][2] Core Views - The company's revenue for the first three quarters of 2025 was CNY 110.58 billion, a year-on-year decrease of 21.24%, while net profit attributable to shareholders was CNY 12.485 billion, down 14.57% year-on-year [4][2] - In Q3 2025, the company achieved revenue of CNY 36.148 billion, a year-on-year decline of 23.78%, but a quarter-on-quarter increase of 0.29% [4][2] - The net profit for Q3 was CNY 4.780 billion, showing a year-on-year decrease of 0.96%, with a significant reduction in the decline compared to the previous two quarters, and a quarter-on-quarter increase of 28.26% [4][2] Financial Summary - For the first three quarters of 2025, coal production was 101.58 million tons, a slight decrease of 0.7% year-on-year, while coal sales were 190.36 million tons, down 7.4% year-on-year [1] - Self-produced coal sales increased by 1.1% year-on-year to 101.45 million tons, while trade coal sales decreased by 13.1% year-on-year to 87.85 million tons [1] - The company reported a polyolefin production of 990,000 tons, down 13.5% year-on-year, and a urea production of 1.594 million tons, up 21.5% year-on-year [2] - The projected net profits for 2025-2027 are CNY 16.152 billion, CNY 17.971 billion, and CNY 18.566 billion, respectively, with EPS of CNY 1.22, CNY 1.36, and CNY 1.40 [2]

Core Viewpoint - China Coal Energy Co., Ltd. has experienced a decline in stock price and financial performance, with significant decreases in revenue and net profit year-on-year, indicating potential challenges in the coal industry [1][2]. Financial Performance - As of September 30, 2025, China Coal Energy reported a revenue of 110.58 billion yuan, a year-on-year decrease of 21.24% [2]. - The net profit attributable to shareholders was 12.485 billion yuan, down 14.57% compared to the previous year [2]. - The company has distributed a total of 45.074 billion yuan in dividends since its A-share listing, with 21.386 billion yuan distributed in the last three years [3]. Stock Market Activity - On October 28, the stock price of China Coal Energy fell by 2.04%, trading at 13.47 yuan per share, with a total market capitalization of 178.594 billion yuan [1]. - The stock has increased by 14.58% year-to-date, with a 2.71% rise over the last five trading days and an 18.22% increase over the last 20 days [1]. - The company experienced a net outflow of 20.20 million yuan in principal funds, with significant selling pressure compared to buying [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased to 92,900, a reduction of 2.14% [2]. - Major shareholders include China Securities Finance Corporation, holding 336 million shares, and Guotai Junan Securities, which increased its holdings by 44.101 million shares [3].

Core Viewpoint - The company reported a significant decline in coal business revenue and profit for the first nine months of 2025 compared to the same period in 2024, primarily due to falling coal prices and reduced sales volume [6][8][10]. Financial Performance - For the first nine months of 2025, the coal business achieved operating revenue of 89.33 billion yuan, a decrease of 28.52 billion yuan or 24.2% compared to 117.85 billion yuan in the same period of 2024 [6][7]. - The revenue from self-produced coal sales was 48.13 billion yuan, down 9.18 billion yuan or 16.0% year-on-year, mainly due to a price drop of 97 yuan per ton [6][7]. - The operating cost for the coal business was 66.81 billion yuan, a reduction of 21.79 billion yuan or 24.6% compared to 88.60 billion yuan in the previous year [7][8]. - The gross profit for the coal business was 22.52 billion yuan, down 6.73 billion yuan or 23.0% from 29.25 billion yuan in the same period last year [8][9]. Production and Sales Data - The total sales volume of coal for the first nine months of 2025 was 14.45 million tons, an increase from 12.94 million tons in the same period of 2024 [9]. - The unit sales cost of self-produced coal was 257.67 yuan per ton, a decrease of 28.93 yuan per ton or 10.1% year-on-year [9]. Shareholder Information - As of September 30, 2025, the company held 7,614,346,308 A-shares, accounting for 57.43% of the total issued share capital [10][11]. - The company’s major shareholders include China Coal Energy Group, which holds approximately 58.43% of the total issued share capital through its subsidiaries [10][11]. Board Meeting Decisions - The board approved the third-quarter report for 2025 with unanimous support [15][16]. - The board also approved the acquisition of a 30% stake in Shanxi Zhongmei Pingshuo New Energy Co., Ltd. for 114.93 million yuan [15][16]. - Additionally, the board approved revisions to the senior management compensation management measures and the compensation plans for 2024 and 2025 [17][19].

Core Viewpoint - China Coal Energy's financial performance in the first three quarters of 2025 shows significant declines in both revenue and net profit, primarily due to falling coal prices and sales volumes [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, China Coal Energy reported revenue of 110.58 billion yuan, a year-on-year decrease of 21.2%, and a net profit attributable to shareholders of 12.49 billion yuan, down 14.6% [1][2]. - The third quarter alone saw revenue of 36.15 billion yuan, reflecting a 23.8% decline compared to the same period last year [2]. - The coal business, which is the core segment, generated revenue of 89.33 billion yuan, a drop of 24.2% year-on-year [1][2]. Group 2: Coal Sales Dynamics - The average selling price of self-produced coal decreased by 97 yuan/ton to 474 yuan/ton, a decline of 17.0%, while the average price for bought-in trade coal fell by 129 yuan/ton to 469 yuan/ton, a drop of 21.6% [2]. - Self-produced coal sales volume slightly increased by 1.1% to 101.45 million tons, whereas bought-in trade coal sales volume decreased by 13.1% to 87.85 million tons [2]. Group 3: Strategic Acquisition - In response to the challenges in traditional energy, China Coal Energy's wholly-owned subsidiary, Pinglu Group, plans to acquire a 30% stake in Shanxi China Coal Pinglu New Energy Co., Ltd. for 115 million yuan [3]. - The new energy company, established in May 2022, focuses on renewable energy generation and related services, and has shown rapid profit growth, with after-tax profits increasing from 8.78 thousand yuan in 2023 to over 1.11 million yuan in the first eight months of 2025 [3]. - The acquisition is expected to streamline ownership and management, enhancing the integration of new energy initiatives within the Pinglu mining area and promoting green and low-carbon development [3].

Core Viewpoint - China Coal Energy Co., Ltd. has acquired a 30% stake in a renewable energy company, enhancing its portfolio in the renewable sector and increasing its overall market value [1]. Group 1: Stock Performance - As of October 27, 2025, China Coal Energy's stock closed at 13.75 CNY, up 3.62% from the previous trading day, with a total market capitalization of 182.31 billion CNY [1]. - The stock opened at 13.1 CNY, reached a high of 14.09 CNY, and a low of 12.82 CNY, with a trading volume of 9.64 billion CNY and a turnover rate of 0.77% [1]. Group 2: Acquisition Details - The company’s wholly-owned subsidiary, Pinglu Group, has signed a share transfer agreement to acquire a 30% stake in a renewable energy company for 114.93 million CNY [1]. - Following the transaction, the renewable energy company will become an indirect wholly-owned subsidiary of China Coal Energy [1]. - The transaction is classified as a related party transaction but is exempt from independent shareholder approval due to a percentage rate below 5% [1]. Group 3: Valuation and Assessment - The valuation date for the renewable energy company's total equity is August 31, 2025, with an assessed value of 383.10 million CNY, reflecting an 8.26% increase over its book value [1]. - The assessment was conducted using the income approach, based on a discounted cash flow model [1]. - The board of directors considers the transaction terms to be fair and in the overall interest of the company and its shareholders [1].

Core Viewpoint - China Coal Energy (601898) reported a significant decline in revenue and net profit for the third quarter of 2025, indicating challenges in the coal industry [1] Financial Performance - The company's revenue for Q3 2025 was 36.148 billion yuan, a year-on-year decrease of 23.8% [1] - Net profit for Q3 2025 was 4.78 billion yuan, down 1% compared to the same period last year [1] - For the first three quarters of 2025, net profit totaled 12.485 billion yuan, reflecting a year-on-year decline of 14.6% [1] Coal Business Revenue - From January to September 2025, the coal business generated operating revenue of 89.333 billion yuan, which is a decrease of 28.521 billion yuan or 24.2% compared to the same period last year [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 中國中煤能源股份有限公司 （於中華人民共和國成立之股份有限公司） （股份代號：01898） 關連交易 收購新能源公司30%股權 I. 緒言 於2025年10月27日，本公司全資附屬公司平朔集團與平朔發展公司訂立股權 轉讓協議，據此，平朔集團將收購由平朔發展公司持有的新能源公司30%股 權，收購對價為人民幣11,493.00萬元。於股權收購完成後，新能源公司將成 為本公司的間接全資附屬公司。 II. 股權轉讓協議 (2) 平朔集團（作為受讓方）。 目標事項： 根據股權轉讓協議，平朔發展公司將其持有的新能源公 司30%股權一次性全部轉讓給平朔集團，平朔集團受讓 上述股權並支付相應價款。 代價及支付： 平朔集團將向平朔發展公司支付的轉讓價款為人民幣 11,493.00萬元。 1 日期： 2025年10月27日 訂約方： (1) 平朔發展公司（作為轉讓方）；及 上述轉讓價款乃由協議雙方參考新能源公司於評估基準 ...

Core Viewpoint - China Coal Energy (601898.SH) reported a significant decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters reached 110.58 billion yuan, representing a year-on-year decrease of 21.24% [1] - The net profit attributable to shareholders was 12.485 billion yuan, down 14.57% year-on-year [1] - The basic earnings per share stood at 0.94 yuan [1]

Group 1 - The core point of the article is that China Coal Energy (SH 601898) held its fourth board meeting of 2025 on October 27, 2025, to review the third quarter report and other documents [1] - For the first half of 2025, the revenue composition of China Coal Energy is as follows: coal business accounts for 81.03%, coal chemical industry 12.48%, coal mining equipment manufacturing 6.24%, other business income 6.0%, and financial business 1.57% [1] - As of the report date, the market capitalization of China Coal Energy is 182.3 billion yuan [1]