苏能股份(600925) - 2025 Q2 - 季度财报

Definitions Definitions of Common Terms This chapter defines common terms used in the report, including company names, major related parties, business entities, and professional terminology, to ensure clear understanding of the report content - Defines corporate entities such as "Su Neng Shares" and "Xukuang Group," along with professional terms like "approved capacity" and "MW"[12] Company Profile and Key Financial Indicators Company Information Discloses basic company information including Chinese name, abbreviation, foreign name, and legal representative - Company's Chinese name: Jiangsu Xukuang Energy Co., Ltd., abbreviation: Su Neng Shares[14] - Legal Representative: Yu Yang[14] Contact Person and Information Provides names, contact addresses, phone numbers, faxes, and email addresses for the Board Secretary and Securities Affairs Representative - Board Secretary: Wang Zhiqiang, Phone: 0516-85320939[15] - Company Contact Address: No. 7 Qiantang Road, Yunlong District, Xuzhou City[15] Brief Introduction to Changes in Basic Information Introduces the company's registered and office addresses, stating no historical changes during the reporting period - Company Registered Address: Third Floor, E2 Building, Software Park, Xuzhou Economic and Technological Development Zone, Xuzhou City[16] - Company Website: **www.jiangsuenergy.com**[16](index=16&type=chunk) Brief Introduction to Changes in Information Disclosure and Document Storage Locations Lists the company's selected newspapers for information disclosure, the website address for semi-annual reports, and the report storage location - Information Disclosure Newspapers: "China Securities Journal," "Shanghai Securities News," "Securities Times," "Securities Daily," "Economic Information Daily"[17] - Report Publication Website: **http://www.sse.com.cn**[17](index=17&type=chunk) Company Stock Overview Provides the company's stock type, listing exchange, stock abbreviation, and code - Stock Type: A-share, Listing Exchange: Shanghai Stock Exchange, Stock Abbreviation: Su Neng Shares, Stock Code: 600925[18] Company's Key Accounting Data and Financial Indicators Summarizes the company's key accounting data and financial indicators for the current and prior reporting periods, explaining the reasons for changes Key Accounting Data (Jan-Jun) | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,573,495,492.31 | 6,727,574,463.25 | -17.15 | | Total Profit | 381,304,510.34 | 1,364,980,771.79 | -72.07 | | Net Profit Attributable to Parent Company Shareholders | 93,190,624.00 | 944,542,657.70 | -90.13 | | Net Cash Flow from Operating Activities | 829,809,492.74 | 1,801,909,408.00 | -53.95 | Key Financial Indicators (Jan-Jun) | Indicator | Current Period | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.01 | 0.14 | -92.86 | | Weighted Average Return on Net Assets (%) | 0.58 | 5.83 | decreased by 5.25 percentage points | - The decline in total profit and net profit attributable to parent company was mainly due to falling coal prices and changes in income tax rates of controlled subsidiaries[21] - The decrease in net cash flow from operating activities was primarily due to reduced operating revenue[21] Non-recurring Gains and Losses Items and Amounts Lists non-recurring gains and losses items and their amounts for the reporting period, totaling 11,352,720.81 CNY Non-recurring Gains and Losses Items | Item | Amount (CNY) | | :--- | :--- | | Gains and losses on disposal of non-current assets | 568,408.16 | | Government grants recognized in current profit or loss | 18,744,834.96 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 1,526,230.56 | | Other non-operating income and expenses apart from the above items | -10,808,397.84 | | Other gain/loss items meeting the definition of non-recurring gains and losses | 1,154,526.72 | | Less: Income tax impact | -809,406.15 | | Minority interest impact (after tax) | 642,287.90 | | Total | 11,352,720.81 | Management Discussion and Analysis Explanation of the Company's Industry and Main Business Operations During the Reporting Period Details the H1 2025 macroeconomic background, supply-demand, and H2 outlook for the coal, power, and new energy sectors, along with the company's operations and strategies in its three main business segments: coal, power, and strategic mineral resources Industry Overview In H1 2025, the national economy grew steadily with ample energy supply; coal output increased, imports decreased, leading to a loose supply-demand balance; power and new energy generation grew steadily, with new energy's share rising, and Jiangsu province showing strong power demand; H2 is expected to see seasonal recovery in coal and power demand, with continued rapid development in new energy - In H1 2025, China's GDP reached 66.1 trillion CNY, growing by 5.3% year-on-year[27] - From January to June, raw coal output from industrial enterprises above designated size was 2.40 billion tons, a 5.4% year-on-year increase; monthly output growth slowed[27] - In H1 2025, China imported 220 million tons of coal, a 11.13% year-on-year decrease; thermal coal imports declined more significantly than coking coal[28] - From January to June, national commercial coal consumption was approximately 2.39 billion tons, up about 0.4% year-on-year, with a notable increase in coal for chemical use[28] - In H1 2025, national industrial power generation above designated size was 4.54 trillion kWh, up 0.8% year-on-year; thermal power accounted for over 64%, while wind and solar power generation increased by 10.6% and 20.0% respectively[28] - In H1 2025, Jiangsu Province's total electricity consumption reached 405.3 billion kWh, a 3.31% year-on-year increase, exceeding the province's total power generation by 83.798 billion kWh, indicating a power supply-demand gap[31] - Electricity consumption growth is expected to be higher in H2 than in H1, with total societal electricity consumption projected to grow by 5%-6% year-on-year[31] Company's Main Business Operations In H1, the company focused on coal, power, and new energy industries, actively advancing strategic mineral resource businesses; coal approved capacity is 17.8 million tons/year, with 8.4643 million tons of commercial coal produced; in-service power capacity is 3347.8 MW, with 3797.5 MW under construction, projecting a total capacity of 8200 MW by 2026; new energy projects are progressing well, and energy storage projects enhance green power absorption capacity - The company primarily engages in raw coal mining, coal washing and processing, coal wholesale, power generation, and new energy development[32] - Approved coal production capacity is 17.8 million tons/year, with commercial coal output of 8.4643 million tons and sales of 8.1803 million tons[32] - In-service power generation capacity is 3347.8 MW (2700 MW thermal power, 647.8 MW new energy); power generation capacity under construction is 3797.5 MW (3320 MW thermal power, 477.5 MW new energy)[32] - By 2026, total power generation capacity is expected to reach 8200 MW, with thermal power exceeding 6000 MW and new energy exceeding 2200 MW[32] - The Su Neng Xidian 2×1000MW project is nearing completion and is expected to be operational within the year; the Su Neng Baiyinhua 2×660MW project is over 30% complete and is expected to be operational in 2026[34] - The Shaanxi Linyou "Agri-PV Complementary" 125 MW project and the Zhacheng Mine subsidence area "Fishery-PV Complementary" 100 MW project were successfully connected to the grid on April 28 and May 30, respectively[35] - Total capacity of in-service and under-construction energy storage projects is 360 MW, with the Su Neng Fengxian 50 MW energy storage project successfully connected to the grid in July 2025[36] Discussion and Analysis of Operations In H1 2025, due to loose coal market supply and demand, coal prices fell significantly, putting overall pressure on the company's operating performance, with both operating revenue and net profit attributable to the parent company declining; coal business revenue and gross profit sharply decreased, power business revenue and gross profit also fell, but new energy business achieved significant growth; the company will continue to stabilize production, improve efficiency, and accelerate green and low-carbon transformation in H2 Company Business Overview In H1, the company's operating revenue was 5.573 billion CNY, and net profit attributable to the parent company was 93 million CNY, indicating performance pressure; coal business revenue decreased by 25.47% year-on-year, with gross profit down 48.08%; power business revenue decreased by 13.76%, with gross profit down 67.53%; new energy business performed strongly, with sales revenue growing by 283.60% and gross profit by 236.05% year-on-year Company Business Overview H1 2025 | Business Segment | Jan-Jun 2025 (10k CNY) | Jan-Jun 2024 (10k CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Commercial Coal Sales Revenue | 273,993.47 | 367,635.18 | -25.47 | | Commercial Coal Sales Gross Profit | 95,086.21 | 183,149.68 | -48.08 | | Electricity Sales Revenue | 202,756.06 | 235,105.21 | -13.76 | | Electricity Sales Gross Profit | 11,511.93 | 35,456.92 | -67.53 | | New Energy Sales Revenue | 8,498.35 | 2,215.43 | 283.60 | | New Energy Sales Gross Profit | 3,563.36 | 1,060.36 | 236.05 | - Commercial coal output increased by 5.61% year-on-year to 8.4643 million tons, and sales increased by 4.81% to 8.1803 million tons[39] - Power generation decreased by 10.08% year-on-year to 5.3619104 billion kWh, and electricity sales decreased by 8.79% to 5.1134014 billion kWh[39] - New energy power generation increased by 144.35% year-on-year to 98.5721 million kWh, and electricity sales increased by 303.98% to 211.6482 million kWh[39] Coal Sales In H1 2025, the company's sales of coking coal and thermal coal both increased, but average selling prices significantly declined due to market price downturn; the company plans to counter market fluctuations in H2 by stabilizing production, improving efficiency, extending the coal-based industrial chain, cultivating strategic resources, and deploying clean energy Coal Sales Performance H1 2025 | Coal Type | Jan-Jun 2025 Sales (10k tons) | Jan-Jun 2025 Unit Price (CNY/ton) | Jan-Jun 2024 Sales (10k tons) | Jan-Jun 2024 Unit Price (CNY/ton) | | :--- | :--- | :--- | :--- | :--- | | Coking Coal | 40.90 | 866.53 | 68.47 | 1,180.15 | | Thermal Coal | 777.13 | 306.97 | 712.02 | 402.84 | - In H2 2025, the company will steadfastly uphold its core mission of ensuring Jiangsu's energy resource security, focusing on high-quality development, guaranteeing stable and efficient coal mine production, reliable power plant operations, and accelerating the construction of Wulagai and Baiyinhua power plant projects to fully mitigate market fluctuation risks[40][41] - The company will accelerate the deep integration of green and low-carbon transformation with technological empowerment, forging a frontier for new quality productive forces by extending the coal-based industrial chain, cultivating strategic resources, and deploying clean energy[41] Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness lies in its high-quality resource reserves, brand advantage from over 140 years of coal mining, favorable location and transportation, leading talent and management, and technological strengths in coal mining and smart factory construction; the company actively builds an "integrated coal-power" and "wind-solar-grid-storage" new energy system, optimizing its industrial structure - The company possesses high-quality resource reserves for coal development and sustainable growth; as of the end of the reporting period, the total resource volume in the company's mining areas is approximately 2.08 billion tons, with recoverable reserves of about 879 million tons, characterized by excellent coal quality, favorable seam conditions, relatively low operating costs, and high safety[42] - With over 140 years of continuous coal mining history, the company has established a base of long-term loyal customers and stable sales channels[42] - As of the end of the reporting period, the company's in-service power generation capacity is 3347.8 MW, comprising 2700 MW thermal power and 647.8 MW new energy; power generation capacity under construction is 3797.5 MW, including 3320 MW thermal power and 477.5 MW new energy[42] - The company boasts leading domestic management expertise and extensive experience in coal production, power management, trade, and other coal-related businesses; relying on innovation platforms such as national postdoctoral research workstations and Jiangsu Province graduate workstations, it has established comprehensive systems for safety production, quality control, environmental protection, technology R&D, and safety assurance[43] - Subsidiaries Huamei Thermal Power and Xukuang Power Generation were successfully selected for Jiangsu Province's advanced smart factory list; Zhangshuanglou Coal Mine won first prize in the State-owned Assets Supervision and Administration Commission's "First State-owned Enterprise Digital Scenario Innovation Competition," becoming one of the first national intelligent demonstration coal mines[43][44] - The company actively builds an "integrated coal-power" industrial cluster and a "wind-solar-grid-storage" new energy system, further enhancing its operational resilience and development potential[44] Key Operating Performance During the Reporting Period This chapter analyzes the company's key operating performance during the reporting period, including changes in financial statement items, asset-liability status, and investment; operating revenue decreased due to falling coal prices, leading to a reduction in net cash flow from operating activities; the asset-liability structure changed, with increases in trading financial assets, inventory, other payables, and special reserves, while prepayments, other receivables, contract liabilities, and taxes payable decreased Main Business Analysis Operating revenue decreased by 17.15% year-on-year, mainly due to falling coal prices; net cash flow from operating activities decreased by 53.95% year-on-year, primarily due to reduced operating revenue; net cash flow from financing activities changed significantly as dividends declared to shareholders in the current period were not yet fully paid Changes in Financial Statement Items (Jan-Jun) | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,573,495,492.31 | 6,727,574,463.25 | -17.15 | | Operating Cost | 4,258,134,631.64 | 4,374,697,004.44 | -2.66 | | Net Cash Flow from Operating Activities | 829,809,492.74 | 1,801,909,408.00 | -53.95 | | Net Cash Flow from Investing Activities | -2,031,285,673.14 | -2,168,612,723.16 | 6.33 | | Net Cash Flow from Financing Activities | 876,941,083.23 | -1,097,015,301.00 | N/A | - Operating revenue change was primarily due to falling coal prices[46] - Net cash flow from operating activities change was mainly due to decreased operating revenue leading to lower cash inflows from operating activities[47] - Net cash flow from financing activities change was primarily because dividends declared to shareholders in the current period were not yet fully paid, with payment made in July[47] Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets and net assets attributable to the parent company slightly decreased; trading financial assets increased by 250 million CNY, while prepayments, other receivables, contract liabilities, and taxes payable all significantly decreased; inventory increased by 44.22% due to stockpiling of trading coal, other payables increased by 53.57% due to declared dividends, and special reserves increased by 212.83% due to provisions for safety production and land subsidence fees Changes in Assets and Liabilities | Item Name | Current Period End (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 250,000,000.00 | 100.00 | Purchase of bank wealth management products (structured deposits) | | Prepayments | 128,580,542.26 | -53.18 | Decrease in prepayments for goods purchases | | Other Receivables | 819,870,317.41 | -32.05 | Decrease in advances and withheld/remitted payments | | Inventory | 807,293,215.82 | 44.22 | Stockpiling of trading coal | | Contract Liabilities | 290,777,832.96 | -39.54 | Decrease in subsidiaries' advance receipts for goods | | Taxes Payable | 166,860,048.55 | -55.31 | Decreased profitability, reduced income tax payable | | Other Payables | 1,610,385,512.26 | 53.57 | Dividends declared to shareholders in the current period | | Special Reserves | 215,078,981.69 | 212.83 | Accrued but unused safety production and land subsidence fees | - Total assets at period-end were 39,017,297,892.68 CNY, a 0.44% decrease from the end of the previous year[20] - Net assets attributable to shareholders of the listed company were 15,291,365,124.08 CNY, a 3.81% decrease from the end of the previous year[20] Analysis of Investment Status At the end of the period, the company's financial assets measured at fair value totaled 9,777,130.12 CNY, primarily comprising stocks and other investments, with fair value changes in Bank of Communications shares recognized in equity Fair Value Measured Financial Assets at Period-End | Asset Category | Period-End Amount (CNY) | | :--- | :--- | | Stocks | 2,394,336.00 | | Other | 7,382,794.12 | | Total | 9,777,130.12 | - Holds Bank of Communications shares with a period-end book value of 2,394,336.00 CNY, and fair value change gain/loss of 68,837.16 CNY for the current period[55] Analysis of Major Controlled and Invested Companies Discloses information on major subsidiaries impacting the company's net profit by over 10%, including Xuzhou Mining (Group) Xinjiang Tianshan Mining Co., Ltd. and Shaanxi Guojiahe Coal Industry Co., Ltd., both engaged in coal mining and washing, contributing significant net profits Major Subsidiary Financial Data (Jan-Jun) | Company Name | Main Business | Registered Capital (10k CNY) | Net Profit (10k CNY) | | :--- | :--- | :--- | :--- | | Xuzhou Mining (Group) Xinjiang Tianshan Mining Co., Ltd. | Coal mining and washing industry | 113,400 | 21,073.98 | | Shaanxi Guojiahe Coal Industry Co., Ltd. | Coal mining and washing industry | 120,000 | 28,527.77 | Potential Risks The company faces safety, funding, market, and environmental risks; to mitigate these, it plans to strengthen safety management, optimize resource allocation, implement diversified financing, enhance market foresight, optimize product structure, deepen coal-power integration, increase environmental investment, and promote green, low-carbon development - Safety Risk: Coal production is affected by natural disasters; the company will advance a three-year action plan for fundamental safety production improvements, strengthen systematic management, and utilize AI technology for risk prediction and assessment[58] - Funding Risk: The industry involves large investment scale and long return cycles, leading to significant capital expenditures for the company; it will optimize resource allocation, accelerate project implementation, strengthen lean financial management, and implement diversified financing strategies[59] - Market Risk: Price fluctuations of coal and power products significantly impact performance; the company will strengthen macroeconomic research, optimize coal product structure, deepen comprehensive coordination across production, transportation, sales, storage, and consumption, and reinforce integrated coal-power and traditional-new energy operations[59][60] - Environmental Risk: National energy conservation and environmental protection policies are becoming stricter; the company will comprehensively promote coal clean and efficient utilization and ecological civilization construction, ensure environmental protection funding, build green mines, and align with "carbon peak and carbon neutrality" goals[60] Corporate Governance, Environment and Society Changes in Company Directors and Senior Management During the reporting period, the company's board of directors and senior management underwent multiple changes, including the departures of Shi Binghua, Feng Xingzhen, Li Dahai, Guo Zhonghua, Chen Qinghua, He Ya, Wang Weidong, and Zhang Zhijuan, and the election or appointment of Yu Yang, Deng Guoxin, Chen Weidong, Zhang Lei, Yang Siguang, Xie Qingdian, and Chen Chuangju; Mr. Yu Yang was elected Chairman and became the legal representative, and Mr. Chen Chuangju was appointed General Manager - Mr. Shi Binghua resigned from his positions as director and vice chairman of the company's third board of directors due to retirement age[63] - Mr. Feng Xingzhen was removed from his positions as non-independent director and chairman of the third board of directors[64] - Mr. Yu Yang was elected as a non-independent director and chairman of the company's third board of directors, and became the company's legal representative[64] - Mr. Chen Chuangju was appointed as the company's general manager and elected as a non-independent director[66] Profit Distribution or Capital Reserve Conversion Plan The company's semi-annual proposed profit distribution or capital reserve to share capital conversion plan is "none," with no distribution or conversion to be made - The company's semi-annual proposed profit distribution or capital reserve to share capital conversion plan is "none"[67] Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law Five of the company's subsidiaries are included in the list of enterprises required to disclose environmental information by law, with inquiry indexes provided - The number of enterprises included in the list of enterprises required to disclose environmental information by law is 5[68] - Disclosed environmental information inquiry indexes for subsidiaries including Xuzhou Mining (Group) Xinjiang Tianshan Mining Co., Ltd., Jiangsu Sheyang Port Power Generation Co., Ltd., Jiangsu Huamei Thermal Power Co., Ltd., and Jiangsu Xukuang Comprehensive Utilization Power Generation Co., Ltd[68][69] Significant Matters Fulfillment of Commitments The company's actual controller, shareholders, related parties, and the company itself have timely and strictly fulfilled multiple commitments made during or continuing into the reporting period, primarily concerning share lock-ups, resolution of horizontal competition, share price stability, reduction intentions, regulation of related party transactions, compensation for returns, and prospectus authenticity - Controlling shareholder Xukuang Group committed not to transfer or entrust others to manage its directly or indirectly held shares issued before the issuer's initial public offering for 36 months from the listing date, with a 6-month extension under specific conditions[73] - The company and relevant parties (controlling shareholders, directors, senior management) committed to formulating and implementing share price stabilization measures, including company share repurchases or share increases by controlling shareholders, directors, and senior management, when share price stabilization conditions are triggered[78][79][80] - Controlling shareholder Xukuang Group committed not to add and to ensure that other controlled subsidiaries invested by the company, other than the issuer, do not add businesses identical or similar to the issuer's main business, nor establish or acquire operating entities engaged in businesses identical or similar to the issuer's main business[75][76] - The company committed that the content of its prospectus contains no false records, misleading statements, or major omissions, or any other significant information disclosure violations, and assumes corresponding legal responsibilities for the truthfulness, accuracy, and completeness of the prospectus content[91][92] Significant Related Party Transactions During the reporting period, the company had related party transactions related to its daily operations, details of which are provided in the notes to the financial statements - For related party transactions from January to June 2025, please refer to "Section 8.XIV. Related Parties and Related Party Transactions"[109] Significant Guarantees Performed and Unfulfilled During the Reporting Period At the end of the reporting period, the company's total external guarantee balance was 703,133,300.00 CNY, primarily joint liability guarantees for related party Shaanxi Baolin Railway Co., Ltd.; the company's total guarantees for subsidiaries amounted to 641,500,000.00 CNY; the total guarantee amount represented 8.79% of the company's net assets Company's External Guarantees | Guaranteed Party | Guaranteed Amount (CNY) | Guarantee Start Date | Guarantee End Date | Guarantee Type | | :--- | :--- | :--- | :--- | :--- | | Shaanxi Baolin Railway Co., Ltd. | 39,275,200.00 | April 25, 2014 | May 5, 2029 | Joint and several liability guarantee | | Shaanxi Baolin Railway Co., Ltd. | 663,858,100.00 | September 2020 | November 30, 2031 | Joint and several liability guarantee | - Total guarantee amount (A+B) at the end of the reporting period was 1,344,633,300.00 CNY, accounting for 8.79% of the company's net assets[114] - The amount of debt guarantees provided directly or indirectly for guaranteed parties with an asset-liability ratio exceeding 70% was 703,133,300.00 CNY[115] Share Changes and Shareholder Information Changes in Share Capital During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[117] Shareholder Information As of the end of the reporting period, the company had 93,210 common shareholders; among the top ten shareholders, Xuzhou Mining Group Co., Ltd. held 76.69%, serving as the controlling shareholder, with all its shares being restricted; BOCOM Financial Asset Investment Co., Ltd. was the second largest shareholder, holding 6.44% - Total number of common shareholders at the end of the reporting period: 93,210[118] Top Ten Shareholders' Shareholding | Shareholder Name | Period-End Shareholding (shares) | Proportion (%) | Restricted Shares Held (shares) | Pledged, Marked, or Frozen Shares (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Xuzhou Mining Group Co., Ltd. | 5,282,840,303 | 76.69 | 5,282,840,303 | 0 | State-owned Legal Person | | BOCOM Financial Asset Investment Co., Ltd. | 443,478,646 | 6.44 | 0 | 0 | State-owned Legal Person | | Xuzhou Jiawang Urban Construction Investment Co., Ltd. | 240,468,356 | 3.49 | 0 | 159,874,178 | State-owned Legal Person | | Jiangsu Provincial Agricultural Reclamation Group Co., Ltd. | 96,767,950 | 1.40 | 0 | 0 | State-owned Legal Person | | Jiangsu Provincial Agricultural Reclamation Investment Management Co., Ltd. | 48,383,975 | 0.70 | 0 | 0 | State-owned Legal Person | | Peixian State-owned Assets Management Co., Ltd. | 48,383,975 | 0.70 | 0 | 0 | State-owned Legal Person | | Agricultural Bank of China Co., Ltd. - Southern S&P China A-Share Large-Cap Dividend Low Volatility 50 ETF | 35,982,900 | 0.52 | 0 | 0 | Other | | Industrial and Commercial Bank of China Co., Ltd. - Guotai CSI Coal ETF | 21,377,807 | 0.31 | 0 | 0 | Other | | Jiangsu Zhongshan Hotel Group Co., Ltd. | 20,648,700 | 0.30 | 0 | 0 | State-owned Legal Person | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | 20,392,216 | 0.30 | 0 | 0 | Other | - Xuzhou Mining Group Co., Ltd. holds 5,282,840,303 restricted shares, with the restriction being initial public offering lock-up; if the closing price for 20 consecutive trading days within 36 months after listing is below the offering price, the controlling shareholder's lock-up period will be extended by 6 months[123] Bond-Related Information Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[127] Convertible Corporate Bonds During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[127] Financial Report Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[5] Financial Statements This chapter includes the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting the company's financial position, operating results, and cash flow Key Consolidated Balance Sheet Data (June 30, 2025) | Item | Period-End Balance (CNY) | Period-Start Balance (CNY) | | :--- | :--- | :--- | | Total Current Assets | 10,166,550,925.99 | 11,120,319,720.26 | | Total Non-Current Assets | 28,850,746,966.69 | 28,070,268,815.04 | | Total Assets | 39,017,297,892.68 | 39,190,588,535.30 | | Total Current Liabilities | 9,868,348,666.36 | 10,487,826,777.01 | | Total Non-Current Liabilities | 11,643,016,243.01 | 10,736,018,668.71 | | Total Liabilities | 21,511,364,909.37 | 21,223,845,445.72 | | Total Owners' Equity Attributable to Parent Company | 15,291,365,124.08 | 15,896,806,826.20 | Key Consolidated Income Statement Data (Jan-Jun 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 5,573,495,492.31 | 6,727,574,463.25 | | Total Profit | 381,304,510.34 | 1,364,980,771.79 | | Net Profit | 198,564,939.11 | 1,062,821,810.31 | | Net Profit Attributable to Parent Company Shareholders | 93,190,624.00 | 944,542,657.70 | | Basic Earnings Per Share (CNY/share) | 0.01 | 0.14 | Key Consolidated Cash Flow Statement Data (Jan-Jun 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 829,809,492.74 | 1,801,909,408.00 | | Net Cash Flow from Investing Activities | -2,031,285,673.14 | -2,168,612,723.16 | | Net Cash Flow from Financing Activities | 876,941,083.23 | -1,097,015,301.00 | | Net Increase in Cash and Cash Equivalents | -324,535,096.20 | -1,463,704,761.61 | Company Basic Information The company was established in 2014, listed on the Shanghai Stock Exchange in March 2023, with a registered capital of 6,888,888,900 CNY; it primarily engages in coal mining and washing, power generation and sales, energy investment, domestic and international trade, and labor services - Jiangsu Xukuang Energy Co., Ltd. was listed on the Shanghai Stock Exchange on March 29, 2023[159] - The company's registered capital is 6,888,888,900 CNY[159] - The company's main business segments are coal sales, power and heat supply, and coal mine entrusted labor services[159] Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, and management believes the company has the ability to continue as a going concern for at least 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[160] - Company management believes that the company has the ability to continue as a going concern for at least 12 months from the end of the reporting period[161] Significant Accounting Policies and Estimates This chapter details the company's significant accounting policies and estimates used in preparing financial statements, including enterprise accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, inventories, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, revenue, contract costs, government grants, deferred income tax assets/liabilities, leases, and other important policies and estimates such as safety production fees, maintenance fees, exploration and development costs, land reclamation obligations, and coal reserve estimation - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[163] - Based on the business model for managing financial assets and the contractual cash flow characteristics of financial assets, the company classifies financial assets into: financial assets measured at amortized cost; financial assets measured at fair value with changes recognized in other comprehensive income; and financial assets measured at fair value with changes recognized in profit or loss for the current period[183] Fixed Asset Depreciation Methods | Category | Depreciation Method | Depreciation Period (years) | Salvage Rate | Annual Depreciation Rate | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | Straight-line method | 10～50 | 0～5% | 2%～10% | | Machinery and Equipment | Straight-line method | 2～30 | 0～5% | 3%～50% | | Transportation Equipment | Straight-line method | 5～14 | 0～5% | 7%～20% | | Office and Other Equipment | Straight-line method | 2～21 | 0～5% | 5%～50% | | Reclamation and Mine Shaft Assets | Units of production method | Estimated recoverable reserves of the mine | 0 | | Intangible Asset Amortization Methods | Item | Useful Life (years) | Basis for Determining Useful Life | Amortization Method | | :--- | :--- | :--- | :--- | | Land Use Rights | 30～50 | Usage period recorded in certificates | Straight-line method | | Software | 2～10 | Contract or experience | Straight-line method | | Mining Rights | Estimated recoverable reserves of the mine | Estimated recoverable reserves of the mine | Units of production method | - For sales of coal, electricity and heat, materials, and scrap, revenue is recognized when the customer obtains control of the related goods; for coal mine management service revenue, labor service revenue, and other service revenue, which are performance obligations fulfilled over a period, revenue is recognized over the service period according to the progress of performance[241] - The company accrues safety production fees and maintenance fees in accordance with the "Notice on Issuing the Administrative Measures for the Extraction and Use of Enterprise Safety Production Fees" (Cai Zi [2022] No. 136) and relevant regulations, which are recognized in the cost of related products or current profit and loss, and simultaneously recorded in special reserves[254] - The company's land reclamation obligations include estimated expenditures related to reclaiming land and mine shafts in accordance with relevant national regulations; the company estimates its liabilities for final reclamation and mine closure based on future cash expenditure budgets and timelines for the required work[254] Taxes Discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, education surcharge, and resource tax; some subsidiaries enjoy corporate income tax preferential policies, such as Xinjiang Tianshan Mining paying at 15%, and Jiangsu Nengtou Sufeng Photovoltaic Power Generation Co., Ltd. and Su Neng (Xuzhou Jiawang) Photovoltaic Power Generation Co., Ltd. enjoying exemptions or half reductions Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Output tax - deductible input tax | 13%/9%/6% (Output tax) | | Urban Maintenance and Construction Tax | Circulation tax paid | 7%/5%/1% | | Corporate Income Tax | Taxable income | 25%/15% | | Education Surcharge | Circulation tax paid | 5% | | Resource Tax | Ad valorem | 7%/6%/3%/2.5%/2% | - Subsidiary Xuzhou Mining (Group) Xinjiang Tianshan Mining Co., Ltd. continues to enjoy corporate income tax benefits, paying corporate income tax at 15%[260] - Jiangsu Nengtou Sufeng Photovoltaic Power Generation Co., Ltd. enjoys a 50% reduction in corporate income tax from 2025 to 2027; Su Neng (Xuzhou Jiawang) Photovoltaic Power Generation Co., Ltd. is exempt from corporate income tax from 2023 to 2025[261] Notes to Consolidated Financial Statement Items This chapter provides detailed notes on consolidated financial statement items, including assets, liabilities, owners' equity, and profit/loss items such as monetary funds, trading financial assets, notes receivable, accounts receivable, other receivables, inventories, other current assets, long-term equity investments, other equity instrument investments, investment properties, fixed assets, construction in progress, right-of-use assets, intangible assets, goodwill, long-term deferred expenses, deferred income tax assets/liabilities, other non-current assets, assets with restricted ownership or use rights, short-term borrowings, notes payable, accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, non-current liabilities due within 1 year, other current liabilities, long-term borrowings, lease liabilities, long-term payables, long-term employee compensation payable, provisions, other non-current liabilities, share capital, capital reserves, other comprehensive income, special reserves, surplus reserves, undistributed profits, operating revenue and costs, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income, non-operating expenses, income tax expenses, cash flow statement items, and supplementary cash flow information - Period-end monetary funds totaled 5,141,209,631.75 CNY, of which 614,551,385.71 CNY were restricted, primarily for bank acceptance bill deposits, performance bonds, and mine geological environment management funds[263][264] - Period-end balance of trading financial assets was 250,000,000.00 CNY, representing the purchase of bank wealth management products (structured deposits)[266] - Period-end balance of notes receivable was 1,336,998,190.57 CNY, of which 547,844,709.69 CNY were pledged at period-end[267][269] Accounts Receivable Bad Debt Provision | Category | Period-End Book Balance (CNY) | Bad Debt Provision (CNY) | Book Value (CNY) | | :--- | :--- | :--- | :--- | | Bad debt provision by individual item | 7,340,014.07 | 7,340,014.07 | - | | Bad debt provision by portfolio | 652,047,891.98 | 17,352,680.53 | 634,695,211.45 | | Total | 659,387,906.05 | 24,692,694.60 | 634,695,211.45 | - Period-end book value of inventory was 807,293,215.82 CNY, with inventory impairment provision of 18,989,645.93 CNY[305] - Period-end balance of construction in progress was 7,157,440,316.01 CNY, primarily including the Wulagai Power Plant project and Baiyinhua Power Plant project[329][330] - Period-end book value of intangible assets was 6,336,915,682.98 CNY, mainly mining rights[335] - Period-end balance of employee compensation payable was 257,436,692.81 CNY[368] - Period-end balance of undistributed profits was 5,167,206,823.44 CNY[398] Operating Revenue and Operating Costs (Jan-Jun) | Item | Current Period Revenue (CNY) | Current Period Cost (CNY) | | :--- | :--- | :--- | | Main Business | 5,330,786,689.01 | 4,032,408,099.16 | | Other Businesses | 242,708,803.30 | 225,726,532.48 | | Total | 5,573,495,492.31 | 4,258,134,631.64 | - Financial expenses for the current period totaled 90,320,631.36 CNY, primarily including interest expenses, defined benefit plan interest expenses, and reclamation plan interest expenses[408] - Investment income for the current period was -3,794,135.36 CNY, mainly affected by income from long-term equity investments accounted for using the equity method[411] Research and Development Expenses During the reporting period, the company's total R&D expenses were 140,051,532.29 CNY, all expensed, primarily comprising employee compensation, material costs, and depreciation and amortization R&D Expense Composition (Jan-Jun) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 43,007,317.38 | 31,545,765.70 | | Depreciation and Amortization | 1,326,276.41 | 2,663,609.24 | | Material Costs | 94,353,751.04 | 87,122,852.49 | | Other | 1,364,187.46 | 15,619,745.16 | | Total | 140,051,532.29 | 136,951,972.59 | - All R&D expenses for the current period were expensed[437] Changes in Consolidation Scope During the reporting period, the company had no business combinations not under common control, business combinations under common control, reverse acquisitions, or transactions or events leading to loss of control over subsidiaries - During the reporting period, the company had no business combinations not under common control, business combinations under common control, reverse acquisitions, or transactions or events leading to loss of control over subsidiaries[438][439] Interests in Other Entities Discloses the composition of the company's enterprise group, including several wholly-owned and controlled subsidiaries primarily engaged in coal mining, power generation, transmission, and supply; Shaanxi Guojiahe Coal Industry Co., Ltd. is a significant non-wholly-owned subsidiary, with a minority shareholder stake of 40.00% - The company owns XuZhou Mining (Group) Xinjiang Tianshan Mining Co., Ltd., Pingliang Xin'an Coal Industry Co., Ltd., and Chongxin County Baiguangou Coal Industry Co., Ltd. and other wholly-owned subsidiaries[441] - Shaanxi Guojiahe Coal Industry Co., Ltd. is a controlled subsidiary with a minority shareholder stake of 40.00%, and the profit attributable to minority shareholders for the current period was 114,126,069.91 CNY[445] - Shaanxi Guojiahe Coal Industry Co., Ltd.'s operating revenue for the current period was 1,121,753,609.73 CNY, with a net profit of 285,315,174.77 CNY[447] Government Grants At the end of the reporting period, the balance of government grants in deferred income was 50,407,609.50 CNY, with asset-related grants totaling 40,542,830.39 CNY and income-related grants totaling 9,864,779.11 CNY; the total government grants recognized in current profit or loss for the period amounted to 18,744,834.96 CNY Government Grant Related Liability Items | Financial Statement Item | Period-End Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | | Deferred Income | 50,407,609.50 | Asset or income related | | Of which: Asset-related | 40,542,830.39 | Asset-related | | Income-related | 9,864,779.11 | Income-related | - Total government grants recognized in current profit or loss for the period amounted to 18,744,834.96 CNY[455] Risks Related to Financial Instruments The company's financial instruments face credit risk, liquidity risk, and market risk (including interest rate risk and exchange rate risk); the company manages liquidity by continuously monitoring receivables, optimizing financing structure, utilizing bill settlements and bank borrowings, and monitors market interest rate and exchange rate changes - The main risks faced by the company's financial instruments include credit risk, liquidity risk, market risk[455] - Credit risk is primarily related to receivables; the company continuously monitors accounts receivable balances to ensure it does not face significant bad debt risk[455] - Liquidity risk is managed by comprehensively utilizing various financing methods such as bill settlements and bank borrowings, optimizing the financing structure, and maintaining a balance between financing continuity and flexibility[456] - Market risk primarily includes interest rate risk (related to the company's borrowing limits) and exchange rate risk (related to the company's foreign currency monetary assets and liabilities)[458] - The amount of financial assets (receivables financing) derecognized due to transfer in the current period was 307,729,322.60 CNY[463] Disclosure of Fair Value Discloses the period-end fair value of the company's assets measured at fair value, including trading financial assets, other equity instrument investments, and receivables financing, totaling 460,740,281.81 CNY; stocks are valued using active market quotes, while receivables financing and unlisted equity are estimated at cost as the best representation of fair value Total Assets Continuously Measured at Fair Value | Item | Period-End Fair Value (CNY) | | :--- | :--- | | Trading Financial Assets | 250,000,000.00 | | Other Equity Instrument Investments | 9,777,130.12 | | Receivables Financing | 200,963,151.69 | | Total | 460,740,281.81 | - The basis for determining the market price of Level 1 fair value measurement items, both recurring and non-recurring, is the use of quoted prices in active markets to determine their fair value, such as the period-end closing price of domestic A-share stocks for financial assets designated as fair value through other comprehensive income[466] - Receivables financing consists of notes receivable held by the company, with short remaining maturities and small differences between fair value and face value, thus face value is used as the estimate for receivables financing fair value; other equity instrument investments are unlisted equity held by the company, with cost representing the best estimate of fair value within that range; trading financial assets are bank wealth management products held by the company, with cost representing an appropriate estimate of their fair value[467] Related Parties and Related Party Transactions Details the company's parent company, subsidiaries, joint ventures and associates, and other related parties under common control; during the reporting period, the company engaged in various related party transactions including purchase and sale of goods, provision and acceptance of services, related party leases, related party guarantees, and related party fund borrowings - The company's parent company is Xuzhou Mining Group Co., Ltd., with a registered capital of 8 billion CNY, holding 76.69% of the company's shares and voting rights[469][470] - The ultimate controlling party of the company is the Jiangsu Provincial People's Government[471] - The company engaged in transactions such as purchase and sale of goods and provision of services with several related parties under common control, for example, purchasing materials worth 10,129,329.50 CNY from Chongxin Xinpeng Machinery Manufacturing Co., Ltd. and providing transportation services worth 88,370,897.22 CNY to Shaanxi Baolin Railway Co., Ltd[474][475] - As a lessee, the company paid lease expenses to related parties such as Jiangsu Baotong Logistics Development Co., Ltd. and Jiangsu Xukuang Real Estate Co., Ltd[480] - As a guarantor, the company provided guarantees for related parties such as Shaanxi Baolin Railway Co., Ltd. and Su Neng (Xilingol) Power Generation Co., Ltd., with a total guarantee amount of 703,133,300.00 CNY[485] - As of June 30, 2025, the company and its controlled subsidiaries had deposits of 141,749,445.26 CNY and loan balances of 828,301,737.30 CNY at Bank of Communications Co., Ltd[484] - Period-end receivables from related parties include accounts receivable, dividends receivable, other receivables, and prepayments; period-end payables to related parties include accounts payable, contract liabilities, other payables, dividends payable, short-term borrowings, and long-term borrowings[486][488][489][490] Commitments and Contingencies As of June 30, 2025, the company had no significant contingent matters requiring disclosure - As of June 30, 2025, the company had no significant contingent matters requiring disclosure[491] Events After the Balance Sheet Date From the end of the reporting period to the approval date of the financial report, the company had no significant non-adjusting events, profit distribution, or sales returns - From the end of the reporting period to the approval date of the financial report, the company had no significant non-adjusting events, profit distribution, or sales returns[492] Notes to Parent Company Financial Statement Items This chapter provides detailed notes on key parent company financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income; the parent company's period-end accounts receivable totaled 704,051,617.30 CNY, long-term equity investments totaled 11,145,945,084.52 CNY, and investment income primarily stemmed from long-term equity investments accounted for using the cost method - Parent company's period-end book value of accounts receivable was 704,051,617.30 CNY[498] - Parent company's period-end balance of other receivables was 904,818,706.39 CNY, with dividends receivable of 447,543,707.72 CNY[504][506] - Parent company's period-end balance of long-term equity investments was 11,145,945,084.52 CNY, primarily investments in subsidiaries[520] Parent Company Operating Revenue and Operating Costs (Jan-Jun) | Item | Current Period Revenue (CNY) | Current Period Cost (CNY) | | :--- | :--- | :--- | | Main Business | 728,795,013.91 | 808,638,005.43 | | Other Businesses | 352,108,413.31 | 329,451,905.55 | | Total | 1,080,903,427.22 | 1,138,089,910.98 | - Parent company's investment income was 844,796,495.63 CNY, of which 840,000,000.00 CNY was from long-term equity investments accounted for using the cost method[529] Supplementary Information Provides supplementary information including the current period's non-recurring gains and losses statement, return on net assets, and earnings per share; total non-recurring gains and losses amounted to 11,352,720.81 CNY Current Period Non-recurring Gains and Losses Statement | Item | Amount (CNY) | | :--- | :--- | | Gains and losses on disposal of non-current assets | 568,408.16 | | Government grants recognized in current profit or loss | 18,744,834.96 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | 1,526,230.56 | | Other non-operating income and expenses apart from the above items | -10,808,397.84 | | Other gain/loss items meeting the definition of non-recurring gains and losses | 1,154,526.72 | | Less: Income tax impact | -809,406.15 | | Minority interest impact (after tax) | 642,287.90 | | Total | 11,352,720.81 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share | Diluted Earnings Per Share | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 0.58 | 0.01 | 0.01 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 0.51 | 0.01 | 0.01 |