Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company's performance exceeded expectations, primarily due to adjustments in special reserve funds that led to a decrease in coal cost per ton, alongside an increase in coal prices [12]. - The company reported a net profit attributable to shareholders of 12.48 billion yuan for the first three quarters of 2025, a decrease of 2.13 billion yuan (-15%) year-on-year [6][12]. - In Q3 2025, the net profit attributable to shareholders was 4.78 billion yuan, a slight decrease of 0.05 billion yuan (-1%) year-on-year, but a significant increase of 1.05 billion yuan (+28%) quarter-on-quarter [6][12]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a net profit of 12.48 billion yuan, down 15% year-on-year [6]. - In Q3 2025, the company’s net profit was 4.78 billion yuan, showing a year-on-year decrease of 0.5 billion yuan (-1%) but a quarter-on-quarter increase of 1.05 billion yuan (+28%) [12]. Production and Sales - The company’s self-produced coal sales volume in Q3 2025 was 34.34 million tons, a year-on-year increase of 0.15 million tons (+0.4%) but a quarter-on-quarter decrease of 0.09 million tons (-0.3%) [12]. - The average selling price of self-produced coal in Q3 2025 was 482 yuan per ton, a year-on-year decrease of 64 yuan per ton (-12%) but an increase of 33 yuan per ton (+7%) quarter-on-quarter [12]. Cost Management - The cost of self-produced coal in Q3 2025 was 247 yuan per ton, a year-on-year decrease of 27 yuan per ton (-10%) and a quarter-on-quarter decrease of 9 yuan per ton (-4%) [12]. - The company increased the use of safety and maintenance expenses, which directly reduced costs, leading to a significant drop in other costs [12]. Profitability - The gross profit from coal in Q3 2025 was 8.2 billion yuan, a year-on-year decrease of 1.2 billion yuan (-13%) but a quarter-on-quarter increase of 1.3 billion yuan (+19%), with a gross margin of 28%, up 5 percentage points year-on-year and quarter-on-quarter [12]. - The company is expected to achieve a net profit attributable to shareholders of approximately 17 billion yuan for 2025, corresponding to a PE ratio of 10.76 times based on the closing price on October 29, 2025 [12].

Core Insights - The company's revenue for the first three quarters of 2025 was 110.58 billion yuan, a year-on-year decline of 21.2%, while the net profit attributable to shareholders was 11.18 billion yuan, down 28.5% year-on-year. The decline in net profit for the third quarter was 21.9%, which is an improvement compared to the 31.5% drop in the first half of the year [1] - The increase in coal prices since July is attributed to regulatory measures aimed at stabilizing coal supply, with the average selling price for coal in the third quarter estimated at approximately 482 yuan per ton, up from 470 yuan per ton in the first half [1] - The tightening of supply has led to a recovery in coal prices, with the comprehensive trading price for Qinhuangdao port thermal coal (Q5500) reaching 693 yuan per ton as of October 31, up about 5.3% from the low of 658 yuan per ton in early July [2] - The company has the potential to increase its dividend payout ratio or acquire assets to enhance profits, with a current dividend policy of no less than 30% and a proposed payout ratio of 35% for 2024 [2] - If coal prices continue to rise, there is potential for upward adjustments in profit forecasts for 2026, which would positively impact the company's stock performance [3]

Group 1 - Coal stocks have become active again, with notable price increases for several companies [1] - China Coal Energy (01898.HK) rose by 4.01%, reaching HKD 11.93 [1] - Power Development (01277.HK) increased by 3.16%, trading at HKD 1.63 [1] - Yanzhou Coal Mining (01171.HK) saw a rise of 2.8%, priced at HKD 11.38 [1] - China Shenhua Energy (01088.HK) experienced a smaller increase of 0.87%, now at HKD 41.62 [1]

Group 1 - The core viewpoint of the news is that coal stocks in the Hong Kong market are experiencing a continued upward trend, driven by seasonal demand and supply constraints due to safety inspections and production policies [1] - Recent extreme cold weather in northern China has led to a significant drop in temperatures, with Heilongjiang's Mohe reaching -25°C, marking a historical low for late October, and parts of Inner Mongolia dropping below -30°C, indicating the start of the coal consumption peak season [1] - Demand for coal is expected to remain high as steel mills and thermal power companies continue to have strong needs, which, combined with supply-side constraints, is likely to stabilize and push coal prices upward [1] Group 2 - According to Guoxin Securities, while coal prices declined in early 2024 leading to poor profits for coal companies, a rebound in coal prices is anticipated in the second half of 2025, which could improve profitability for coal enterprises [1] - The coal sector has underperformed compared to other sectors, but there is a clear bottoming out, and a rebound in the fourth quarter is expected [1] - Specific coal stocks have shown notable price increases, with Hengding Industrial rising nearly 8%, and China Coal Energy reaching its highest price since 2011, indicating strong market performance [2]

证券之星消息，11月3日煤炭开采板块较上一交易日上涨2.68%，中煤能源领涨。当日上证指数报收于 3976.52，上涨0.55%。深证成指报收于13404.06，上涨0.19%。煤炭开采板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601898 | 中煤能源 | 14.32 | 5.45% | 66.74万 | | 9.46亿 | | 6619109 | 路安环能 | 15.53 | 4.93% | 77.19万 | | 2566TI | | 601001 | 晋控煤业 | 15.74 | 4.65% | 52.33万 | | 8.28亿 | | 600403 | 大有能源 | 8.26 | 4.42% | 113.66万 | | 261'6 | | 601225 | 陕西煤业 | 23.66 | 4.23% | 52.08万 | | 12.27亿 | | 000571 | 新大洲A | 5.62 | 4.07% | 29.19万 | | 1.63亿 | ...

每经AI快讯，中煤能源(01898.HK)涨近4%，截至发稿，涨3.11%，报11.29港元，成交额9256.8万港元。 （文章来源：每日经济新闻） ...

Core Viewpoint - China Coal Energy (01898) has seen its stock price increase by nearly 4%, currently trading at HKD 11.29, with a transaction volume of HKD 92.568 million [1] Financial Performance - In the third quarter, the company's revenue decreased by 23.78% year-on-year but increased by 0.29% quarter-on-quarter; net profit fell by 0.96% year-on-year but rose by 28.26% quarter-on-quarter [1] - For the first three quarters of the year, revenue declined by 21.24% year-on-year, while net profit decreased by 14.57% year-on-year [1] - The improvement in quarterly net profit is attributed to reduced production costs of coal, a rebound in coal sales prices, and recovery in coal chemical volume and profit [1] Strategic Initiatives - The company has announced its participation in a central enterprise strategic new fund, investing RMB 1 billion, which represents a 1.96% stake in the fund [1] - The total transaction amount for this investment is RMB 1 billion, funded by the company's own capital [1] - This initiative aims to implement national strategic deployments, promote the development of new industries by central enterprises, and emphasize the core values of long-term, patient, and strategic capital [1] - The investment areas of the fund are highly synergistic with the company's main business, allowing for broader industrial cooperation and integration into a wider production and finance platform [1]

Core Viewpoint - China Coal Energy (中煤能源) has shown a near 4% increase in stock price, with a current trading price of 11.29 HKD and a trading volume of 92.568 million HKD. The company reported a decline in revenue and profit for the third quarter of 2023, but there are signs of improvement in quarterly performance due to cost reductions and price recoveries in coal sales [1][1][1]. Financial Performance - In Q3 2023, China Coal Energy's revenue decreased by 23.78% year-on-year but increased by 0.29% quarter-on-quarter. Net profit fell by 0.96% year-on-year but rose by 28.26% quarter-on-quarter [1][1][1]. - For the first three quarters of 2023, the company's revenue declined by 21.24% year-on-year, and net profit decreased by 14.57% year-on-year [1][1][1]. Strategic Initiatives - The company has invested 1 billion RMB in a central enterprise strategic new fund, acquiring a 1.96% stake. This investment is aimed at supporting national strategic initiatives and enhancing the development of new industries [1][1][1]. - The fund's investment areas align closely with the company's main business, allowing for broader industrial cooperation and integration into a wider financial platform [1][1][1].

登录新浪财经APP 搜索【信披】查看更多考评等级 ● 本公告全文已于本公告日刊登于上海证券交易所网站、香港联合交易所有限公司网站、本公司网站、 中国证券报、上海证券报、证券时报和证券日报。 ● 投资标的名称：央企战略性新兴产业发展基金有限责任公司（简称"央企战新基金"或"基金"） ● 投资金额：中国中煤能源股份有限公司参与并以自有资金出资人民币100,000万元认购央企战新基金 份额。 一、本次交易概述 （一）基本情况 公司参与出资央企战新基金，该基金为公司制，公司作为股东认购100,000万元的基金份额，占比 1.96%。本次交易总额人民币100,000万元，资金来源为公司的自有资金。 （二）审议情况 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： ● 资金来源：公司自有资金。 ● 审议情况：本次交易不构成关联交易，不构成《上市公司重大资产重组管理办法》规定的重大资产重 组。根据《中国中煤能源股份有限公司章程》（简称"《公司章程》"）等相关规定，本次交易无需提交 公司董事会和股东会审议。 本次交易不构成关联交 ...

Investment Rating - The investment rating for China Coal Energy (601898.SH) is "Recommended" [1] Core Views - The report highlights that the company's self-produced coal cost reduction and the recovery of coal prices have led to a significant improvement in gross profit on a quarter-on-quarter basis [1][7] - The company is expected to achieve a net profit attributable to shareholders of 162.4 billion, 172.6 billion, and 181.8 billion for the years 2025 to 2027, respectively, maintaining a stable profit outlook [7] Summary by Relevant Sections Financial Performance - In Q3 2025, the company reported revenue of 361.48 billion, a year-on-year decrease of 23.8%, and a net profit of 47.80 billion, a decrease of 1.0% [4] - For the first three quarters of 2025, revenue totaled 1,105.84 billion, down 21.2% year-on-year, with a net profit of 124.85 billion, down 14.6% [4] Coal Production and Sales - In Q3 2025, the company's self-produced coal output was 34.24 million tons, a year-on-year decrease of 4.4%, while total sales volume was 61.68 million tons, down 14.3% year-on-year [7] - The average selling price of self-produced coal was 483 yuan/ton, down 11.5% year-on-year but up 7.5% quarter-on-quarter [7] Market Outlook - The report indicates that since Q3 2025, market coal prices have stopped declining and are on the rise, with the Qinhuangdao port Q5500 thermal coal price increasing by 6% to approximately 672 yuan/ton [7] - The company is positioned as a leading thermal coal producer in China and is advancing its ongoing projects, which are expected to enhance its profit structure [7] Financial Projections - The projected revenue for 2025 is 168.53 billion, with a net profit of 16.24 billion, reflecting a year-on-year decrease of 16.0% [6] - The gross profit margin is expected to remain stable at around 24.5% for the coming years [6]