大有能源(600403) - 2025 Q2 - 季度财报

Important Notice This section emphasizes the legal responsibility of the company's board of directors, supervisors, and senior management for the truthfulness, accuracy, and completeness of the semi-annual report, which is unaudited and includes forward-looking statements - The company's board of directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[4] - This semi-annual report is unaudited[4] - Forward-looking statements regarding future plans and development strategies in the report do not constitute a substantive commitment to investors[4] - The company has no non-operating funds occupied by controlling shareholders or other related parties, nor does it provide external guarantees in violation of decision-making procedures[5] Section I Definitions This section defines common terms used in the report, clarifying references to "Dayou Energy," "Henan Energy," and "Yimei Company" for clear understanding - "Dayou Energy" or "the Company" refers to Henan Dayou Energy Co., Ltd[10] - "Henan Energy" refers to Henan Energy Group Co., Ltd[10] - "Yimei Company" or "Yimei Group" refers to Yima Coal Industry Group Co., Ltd[10] Section II Company Profile and Key Financial Indicators This section provides the company's basic information, contact details, disclosure channels, and key accounting data and financial indicators for the reporting period, showing a significant decline in revenue and net loss I. Company Information This section provides the company's Chinese name, abbreviation, foreign name, abbreviation, and legal representative information - The company's Chinese name is Henan Dayou Energy Co., Ltd., abbreviated as Dayou Energy[12] - The company's legal representative is Ren Chunxing[12] II. Contact Person and Contact Information This section lists the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's board secretary and securities affairs representative - The Board Secretary is Zhang Jianqiang, and the Securities Affairs Representative is Li Yufei[13] - The company's contact address is No. 6 Qianqiu Road, Yima City, Henan Province, and the telephone number is 0398-5888908[13] III. Brief Introduction to Changes in Basic Information This section introduces the company's registered address, office address, postal code, website, and email address, noting no significant changes during the reporting period - The company's registered address and office address are both No. 6 Qianqiu Road, Yima City, Henan Province[14] - The company's website is https://dyny.hnecgc.com.cn/[14](index=14&type=chunk) IV. Information Disclosure and Document Custody Location Changes This section specifies the newspapers selected by the company for information disclosure, the website address for publishing the semi-annual report, and the location where the report is available for inspection - The newspapers selected by the company for information disclosure are "Shanghai Securities News," "China Securities Journal," and "Securities Daily"[15] - The website address for publishing the semi-annual report is http://www.sse.com.cn/[15](index=15&type=chunk) V. Company Stock Overview This section provides information on the company's stock type, listing exchange, stock abbreviation, and stock code - The company's stock is A-shares, listed on the Shanghai Stock Exchange, with the stock abbreviation Dayou Energy and stock code 600403[16] VII. Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for the first half of 2025, showing significant year-over-year declines in operating revenue and net profit, as well as a substantial decrease in net cash flow from operating activities 2025 Semi-Annual Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Period (Jan-Jun) (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,920,222,888.57 | 2,599,934,639.94 | -26.14 | | Total Profit | -824,727,174.85 | -381,278,240.51 | N/A | | Net Profit Attributable to Shareholders of Listed Company | -851,481,501.94 | -489,878,382.64 | N/A | | Net Cash Flow from Operating Activities | 101,788,625.87 | 489,978,657.12 | -79.23 | | Net Assets Attributable to Shareholders of Listed Company (End of Current Period) | 4,845,474,598.13 | 5,666,044,137.31 | -14.48 | | Total Assets (End of Current Period) | 20,506,250,759.73 | 20,488,050,589.15 | 0.09 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.3561 | -0.2049 | N/A | | Diluted Earnings Per Share (yuan/share) | -0.3561 | -0.2049 | N/A | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (yuan/share) | -0.3631 | -0.2032 | N/A | | Weighted Average Return on Net Assets (%) | -16.21 | -7.56 | N/A | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | -16.52 | -7.50 | N/A | IX. Non-Recurring Gains and Losses and Amounts This section details the company's non-recurring gains and losses for the first half of 2025, totaling 16.61 million yuan, primarily comprising government subsidies and gains/losses from disposal of non-current assets 2025 Semi-Annual Non-Recurring Gains and Losses and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 1,037,631.75 | | Government Subsidies Included in Current Profit and Loss | 26,863,703.85 | | Other Non-Operating Income and Expenses Apart from the Above | -10,481,951.02 | | Other Items Meeting the Definition of Non-Recurring Gains and Losses | 1,178,108.51 | | Less: Income Tax Impact | 1,022,681.63 | | Minority Interest Impact (After Tax) | 962,344.84 | | Total | 16,612,466.62 | Section III Management Discussion and Analysis This section analyzes the company's industry status, main business, operating model, core competitiveness, and operating performance during the reporting period, highlighting a significant decline in performance due to falling coal prices and various operational risks I. Description of the Company's Industry and Main Business During the Reporting Period The company's main business involves raw coal mining, coal wholesale, and coal washing and processing, with products including long-flame coal, coking coal, lean coal, and washed fine coal, facing a challenging market with declining prices in the first half of 2025 (I) Company's Main Business The company's main business remains unchanged, focusing on raw coal mining, coal wholesale, and coal washing and processing, with diverse products serving various industries - The company's main business has not changed significantly, primarily engaging in raw coal mining, coal wholesale, and coal washing and processing[21] - Main products include long-flame coal, coking coal, lean coal, washed fine coal, and gas coal, widely used in chemical, power generation, industrial boilers, and smelting industries[21] (II) Company's Operating Model The company operates with a centralized procurement model, a continuous production process, and a "five-uniform" sales management strategy, actively pursuing key account marketing - Procurement Model: Raw materials, equipment, and energy are centrally procured by a dedicated materials procurement center[21] - Production Model: Adopts a continuous process production model, with all production processes at the coal mining face operating continuously and uninterruptedly[22] - Sales Model: The coal sales center implements a "five-uniform" management model (unified signing of supply contracts, unified planning, unified pricing, unified sales, unified settlement) and pursues a key account marketing strategy[22] (III) Industry Overview In the first half of 2025, domestic raw coal production increased by 5.4%, while imports decreased by 11.1%, leading to an oversupply, declining prices, and a 53% drop in industry profits due to weak demand from power generation, steel, and cement sectors - In the first half of 2025, domestic raw coal output was 2.405 billion tons, a year-on-year increase of 5.4%; imported coal was 222 million tons, a year-on-year decrease of 11.1%[22] - During the same period, thermal power generation decreased by 2.4% year-on-year, crude steel output decreased by 3% year-on-year, and cement output decreased by 4.3% year-on-year, indicating insufficient coal demand[22] - The coal mining and washing industry's total profit for industrial enterprises above designated size was 149.16 billion yuan, a year-on-year decrease of 53%[23] II. Discussion and Analysis of Operating Conditions During the reporting period, the company's commercial coal production and sales increased, but operating revenue decreased by 26.14% to 1.92 billion yuan, and net profit attributable to shareholders was -851 million yuan, an increase in loss of 362 million yuan, primarily due to a significant decline in coal prices - The company's commercial coal output was 5.2104 million tons, a year-on-year increase of 10.17%; commercial coal sales were 5.0805 million tons, a year-on-year increase of 9.66%[23] - Operating revenue was 1.92 billion yuan, a year-on-year decrease of 680 million yuan, a reduction of 26.14%[23] - Net profit attributable to shareholders of the listed company was -851 million yuan, a year-on-year decrease of 362 million yuan, mainly due to a approximately 29% year-on-year decrease in the average selling price of commercial coal[23] III. Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness stems from its product advantages (diverse coal types, wide applications), geographical advantages (convenient transportation), technological advantages (innovation, leading production systems, and governance technologies), and management advantages (rich experience, mature team) - Product Advantage: Possesses various coal types such as long-flame coal, coking coal, and lean coal, widely used in power generation, coal chemical, industrial boilers, and other industries[24] - Geographical Advantage: Located in the Jin-Shaan-Yu Yellow River Golden Triangle, adjacent to major transportation arteries like Lianyungang-Khorgos Expressway, Longhai Railway, and Haoji Railway[24] - Technological Advantage: Owns professional technical R&D institutions, domestic leading mechanized production systems, and its fire prevention, gas control, and rock burst prevention technologies are industry-leading[25] - Management Advantage: Has accumulated rich experience in safe and efficient coal mining production management and possesses a mature and stable management team[25] IV. Main Operating Conditions During the Reporting Period This section analyzes the company's financial statement item changes, asset and liability status, and the operating performance of major subsidiaries, revealing significant declines in revenue and operating cash flow, increased financial expenses, and restricted assets (I) Main Business Analysis The company's main business analysis shows a 26.14% year-on-year decrease in operating revenue, an 11.26% decrease in operating costs, a 27.74% increase in financial expenses, and a significant 79.23% decrease in net cash flow from operating activities Analysis of Financial Statement Item Changes | Item | Current Period (yuan) | Prior Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,920,222,888.57 | 2,599,934,639.94 | -26.14 | | Operating Cost | 1,975,794,740.41 | 2,226,474,336.87 | -11.26 | | Financial Expenses | 149,426,065.58 | 116,975,937.55 | 27.74 | | Net Cash Flow from Operating Activities | 101,788,625.87 | 489,978,657.12 | -79.23 | | Net Cash Flow from Financing Activities | -250,843,888.30 | 845,750,309.83 | -129.66 | (III) Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets slightly increased, but net assets attributable to shareholders decreased by 14.48%, with significant changes in accounts receivable financing, long-term borrowings, notes payable, and contract liabilities, and some assets are restricted Changes in Assets and Liabilities | Item Name | Balance at End of Current Period (yuan) | Percentage of Total Assets at Period End (%) | Balance at End of Prior Year (yuan) | Percentage of Total Assets at Prior Year End (%) | YoY Change at Period End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 52,707,568.70 | 0.26 | 126,264,536.38 | 0.62 | -58.26 | | Inventories | 239,013,789.13 | 1.17 | 185,468,700.23 | 0.91 | 28.87 | | Right-of-Use Assets | 32,128,674.91 | 0.16 | 14,475,934.86 | 0.07 | 121.95 | | Notes Payable | 379,474,200.00 | 1.85 | 150,815,000.00 | 0.74 | 151.62 | | Contract Liabilities | 310,336,932.49 | 1.51 | 160,272,643.93 | 0.78 | 93.63 | | Long-Term Borrowings | 611,763,841.41 | 2.98 | 226,525,000.00 | 1.11 | 170.06 | | Undistributed Profits | 1,509,718,114.24 | 7.36 | 2,361,199,616.18 | 11.52 | -36.06 | Major Asset Restrictions at the End of the Reporting Period | Item | Book Value at Period End (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 1,751,737,491.22 | Margin deposits and frozen bank deposits, etc. | | Intangible Assets - Mining Rights | 613,453,918.00 | Loan collateral | | Fixed Assets | 1,697,969,693.78 | Sale-leaseback mortgage | | Total | 4,063,161,103.00 | / | (VI) Analysis of Major Holding and Participating Companies The company's wholly-owned subsidiary Yu Neng Investment achieved a net profit of 19.58 million yuan, while Yiluo Coal Industry, Mengjin Coal Mine, and Yian Mining (50.5% stake) all incurred net losses, with Mengjin Coal Mine losing 174.58 million yuan - Yu Neng Investment (wholly-owned subsidiary) had total assets of 6.737 billion yuan, net assets of 4.775 billion yuan, operating revenue of 503 million yuan, and net profit of 19.5794 million yuan[32] - Yiluo Coal Industry (wholly-owned subsidiary) had total assets of 1.096 billion yuan, net assets of -357 million yuan, operating revenue of 88.9127 million yuan, and net loss of -73.2957 million yuan[32] - Mengjin Coal Mine (wholly-owned subsidiary) had total assets of 2.023 billion yuan, net assets of -1.246 billion yuan, operating revenue of 141 million yuan, and net loss of -174.5787 million yuan[33] - Yian Mining (50.5% stake) had total assets of 746 million yuan, net assets of -211 million yuan, operating revenue of 187 million yuan, and net profit attributable to the parent company of -21.6925 million yuan[33] V. Other Disclosure Matters The company faces multiple risks including production safety, industrial policy, energy substitution, and market fluctuations, with increasing mining depth exacerbating safety hazards, policy changes and new energy alternatives impacting operations, and market supply-demand shifts potentially leading to significant price volatility (I) Potential Risks The company faces production safety risks (complex geological conditions, increased natural disasters), industrial policy risks (changes in industry regulatory policies), energy substitution risks (declining coal share under "dual carbon" goals), and market fluctuation risks (macroeconomic impact on coal prices) - Production Safety Risk: Increased mining depth leads to intensified natural disasters such as gas outbursts, rock bursts, and increased difficulty in water prevention and control[34] - Industrial Policy Risk: The coal industry is regulated by multiple departments, and policy changes may affect the company's production and operations[34] - Energy Substitution Risk: Under the "dual carbon" goals, the development of new and renewable energy will have a substitution impact on coal consumption[34] - Market Fluctuation Risk: Small changes in the supply-demand relationship of coal products may lead to significant price fluctuations, affecting the company's profitability[34] Section IV Corporate Governance, Environment and Society This section discloses changes in the company's directors, supervisors, and senior management, confirms no profit distribution or capital reserve capitalization plan for the current semi-annual period, and lists subsidiaries included in the environmental information disclosure enterprise list with their respective query indexes I. Changes in Directors, Supervisors, and Senior Management of the Company During the reporting period, the company's Chief Engineer Wang Nianhong and Supervisor Dong Zhiqiang resigned - Chief Engineer Wang Nianhong resigned[37] - Supervisor Dong Zhiqiang resigned[37] II. Profit Distribution or Capital Reserve Capitalization Plan The company's proposed profit distribution or capital reserve capitalization plan for the current semi-annual period is "No," meaning no distribution or capitalization will occur - The proposed semi-annual profit distribution plan and capital reserve capitalization plan are "No"[37] IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the Environmental Information Disclosure Enterprise List The company and its four major subsidiaries (Xin'an Coal Mine, Mengjin Coal Mine, Qianqiu Coal Mine, Changcun Coal Mine) are included in the list of enterprises required to disclose environmental information, with corresponding environmental information disclosure report query indexes provided - Henan Dayou Energy Co., Ltd. Xin'an Coal Mine, Yima Coal Industry Group Mengjin Coal Mine Co., Ltd., Henan Dayou Energy Co., Ltd. Qianqiu Coal Mine, and Henan Dayou Energy Co., Ltd. Changcun Coal Mine are included in the list of enterprises required to disclose environmental information[37] - Environmental information disclosure reports can be queried via specific website addresses[37] Section V Important Matters This section details the fulfillment of the company's commitments, noting that controlling shareholder Henan Energy has not fully fulfilled its commitment to resolve horizontal competition, and discloses multiple significant lawsuits and arbitrations, as well as daily related-party transactions and major guarantees, including a total of 420 million yuan in guarantees for subsidiaries I. Fulfillment of Commitments Controlling shareholder Henan Energy has not fully fulfilled its commitment to resolve horizontal competition due to the complexity and number of its coal mines, and the company will continue to urge Henan Energy to inject quality coal assets into the listed company - Henan Energy's commitment to resolve horizontal competition has not been fully fulfilled, with the original commitment period being 3 years[40] - Specific reasons for non-fulfillment include the large number and wide distribution of coal mines, complex situations, high quality requirements for target assets in asset restructuring, longer time required for standardization and rectification, and other historical issues[40] - The company will urge Henan Energy to promote the standardization and rectification of quality coal assets and strive to inject them into the listed company as soon as possible[40] VII. Significant Litigation and Arbitration Matters During the reporting period, the company was involved in multiple significant lawsuits, including pursuing delayed interest on equity transfer from Henan Renhe Jinyu Mining Co., Ltd., and Xiaohan Power pursuing electricity fees and liquidated damages from Sanmenxia Yixiang Aluminum Industry Co., Ltd. and Henan Renhe Jinyu Mining Co., Ltd., with some cases still under trial or execution Significant Litigation and Arbitration Matters During the Reporting Period | Plaintiff (Applicant) | Defendant (Respondent) | Type of Litigation/Arbitration | Basic Situation of Litigation/Arbitration | Amount Involved (ten thousand yuan) | Progress of Litigation/Arbitration | | :--- | :--- | :--- | :--- | :--- | :--- | | Dayou Energy | Henan Renhe Jinyu Mining Co., Ltd. | Litigation | Transfer of Sunshine Mining equity and claims, defendant delayed payment, sued for delayed interest | 2,502 | Second instance upheld original judgment, defendant is fulfilling | | Xiaohan Power | Sanmenxia Yixiang Aluminum Industry Co., Ltd., Henan Renhe Jinyu Mining Co., Ltd. | Litigation | Sued for payment of electricity fees and liquidated damages | 8,682.98 | Second instance upheld the first judgment's first item, Henan Renhe Jinyu Mining Co., Ltd. bears joint liability | | Fuzhou Shuiwu Zhilian Supply Chain Co., Ltd. | Yuxi Coal Storage and Distribution Center, Dayou Energy | Litigation | Sued for refund of advance payment, payment of liquidated damages | 2,811.27 | Plaintiff withdrew the lawsuit | | Longyan City State-owned Assets Investment and Management Co., Ltd. | Yuxi Coal Storage and Distribution Center, Dayou Energy | Litigation | Sued for refund of advance payment, payment of late fees | 5,948.52 | First instance under trial | | Zhongping Neng Hua Group Tiangong Machinery Manufacturing Co., Ltd. | Dayou Energy | Litigation | Sued for payment of goods, interest | 2,537.67 | First instance under trial | X. Significant Related-Party Transactions The company's estimated daily related-party transactions for 2024 were 3.02 billion yuan, with actual transactions totaling 1.90331 billion yuan; additionally, the company has deposit business with related party Henan Energy Group Finance Co., Ltd., with an ending deposit balance of 1.689 billion yuan (I) Related-Party Transactions Related to Daily Operations The company's estimated daily related-party transactions for 2024 were 3.02 billion yuan, with actual transactions totaling 1.90331 billion yuan - The company's estimated daily related-party transactions for 2024 were 3.02 billion yuan, with actual transactions totaling 1.90331 billion yuan[44] (V) Financial Business Between the Company and Related Financial Companies, and Between the Company's Holding Financial Companies and Related Parties The company has deposit business with Henan Energy Group Finance Co., Ltd., with an ending balance of 1.689 billion yuan and a maximum daily deposit limit of 3.5 billion yuan Related-Party Deposit Business | Related Party | Related Relationship | Maximum Daily Deposit Limit (billion yuan) | Deposit Interest Rate Range | Beginning Balance (billion yuan) | Total Deposits in Current Period (billion yuan) | Total Withdrawals in Current Period (billion yuan) | Ending Balance (billion yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Henan Energy Group Finance Co., Ltd. | Under common control with the company by Henan Energy | 3.5 | 0.455%-1.35% | 1.547 | 15.914 | 15.772 | 1.689 | XI. Significant Contracts and Their Fulfillment During the reporting period, the company's guarantees for subsidiaries totaled 340 million yuan in new guarantees and 420 million yuan in outstanding guarantees at period-end, representing 7.42% of the company's net assets, with 92 million yuan provided for guaranteed entities with a debt-to-asset ratio exceeding 70% (II) Significant Guarantees Executed and Unfulfilled During the Reporting Period The company's guarantees for subsidiaries during the reporting period totaled 340 million yuan in new guarantees, with an outstanding balance of 420 million yuan at period-end, representing 7.42% of the company's net assets, including 92 million yuan for guaranteed entities with a debt-to-asset ratio exceeding 70% Company's Total Guarantee Situation (Including Guarantees for Subsidiaries) | Indicator | Amount (billion yuan) | | :--- | :--- | | Total new guarantees for subsidiaries in current period | 0.34 | | Total outstanding guarantees for subsidiaries at period end (B) | 0.42 | | Total guarantees (A+B) | 0.42 | | Percentage of total guarantees to company's net assets (%) | 7.42 | | Debt guarantees provided directly or indirectly for guaranteed entities with debt-to-asset ratio exceeding 70% (D) | 0.092 | | Total of the above three guarantee amounts (C+D+E) | 0.092 | Section VI Changes in Shares and Shareholder Information This section discloses that the company's share capital structure remained unchanged during the reporting period and details the total number of shareholders, top ten shareholders, and top ten unrestricted shareholders at the end of the reporting period, with controlling shareholder Yima Coal Industry Group Co., Ltd. and its concerted party holding over 84% of shares I. Changes in Share Capital During the reporting period, the company's total share capital and share capital structure remained unchanged - During the reporting period, the company's total share capital and share capital structure remained unchanged[51] II. Shareholder Information As of the end of the reporting period, the company had 38,240 common shareholders, with the top two shareholders, Yima Coal Industry Group Co., Ltd. and Yima Coal Industry Group Qinghai Yihai Energy Co., Ltd., holding a combined 84.5% of shares, some of which are pledged - As of the end of the reporting period, the total number of common shareholders was 38,240[52] Top Ten Shareholders at the End of the Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Restricted Shares Held (shares) | Share Status | Quantity (shares) | Shareholder Type | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yima Coal Industry Group Co., Ltd. | 1,477,659,766 | 61.81 | 0 | Pledged | 738,519,900 | State-owned Legal Person | | Yima Coal Industry Group Qinghai Yihai Energy Co., Ltd. | 542,500,845 | 22.69 | 0 | Pledged | 160,000,000 | State-owned Legal Person | | Xu Kaitong | 14,386,400 | 0.60 | 0 | Unrestricted | 0 | Domestic Natural Person | | China Broadcasting Network Information Network Co., Ltd. | 12,627,784 | 0.53 | 0 | Unrestricted | 0 | State-owned Legal Person | | Xu Xiaorong | 8,646,400 | 0.36 | 0 | Unrestricted | 0 | Domestic Natural Person | - The company's controlling shareholder, Yima Coal Industry Group Co., Ltd., is the parent company of shareholder Yima Coal Industry Group Qinghai Yihai Energy Co., Ltd., and they are concerted parties[54] Section VII Bond-Related Information This section states that the company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor does it have convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[58] - The company has no convertible corporate bonds[58] Section VIII Financial Report This section includes the company's unaudited consolidated and parent company financial statements, along with detailed notes, showing operating pressure, a net loss, but stable total assets, and comprehensive disclosures on accounting policies, taxes, assets, liabilities, and related-party transactions I. Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[60] II. Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, with consolidated statements showing a slight increase in total assets but decreases in net assets attributable to the parent company and net profit, alongside increased cash outflows (I) Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 20.506 billion yuan, a slight increase of 0.09% from the end of the previous year; net assets attributable to shareholders of the listed company were 4.845 billion yuan, a decrease of 14.48% from the end of the previous year Major Data from Consolidated Balance Sheet | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 20,506,250,759.73 | 20,488,050,589.15 | | Total Liabilities | 14,970,843,228.07 | 14,118,546,226.01 | | Total Owners' Equity Attributable to Parent Company | 4,845,474,598.13 | 5,666,044,137.31 | (II) Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 20.228 billion yuan, slightly lower than 20.259 billion yuan at the end of the previous year; total owners' equity was 7.854 billion yuan, a decrease of 7.59% from the end of the previous year Major Data from Parent Company Balance Sheet | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 20,227,761,504.09 | 20,258,623,884.00 | | Total Liabilities | 12,373,498,738.93 | 11,759,686,197.67 | | Total Owners' Equity | 7,854,262,765.16 | 8,498,937,686.33 | (III) Consolidated Income Statement In the first half of 2025, the company's consolidated total operating revenue was 1.920 billion yuan, a year-on-year decrease of 26.14%; total profit was -825 million yuan, and net profit attributable to parent company shareholders was -851 million yuan, indicating an expanded loss Major Data from Consolidated Income Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,920,222,888.57 | 2,599,934,639.94 | | Total Operating Cost | 2,722,483,270.87 | 2,954,832,391.27 | | Total Profit | -824,727,174.85 | -381,278,240.51 | | Net Profit | -872,203,636.16 | -490,234,324.77 | | Net Profit Attributable to Parent Company Shareholders | -851,481,501.94 | -489,878,382.64 | | Basic Earnings Per Share (yuan/share) | -0.3561 | -0.2049 | (IV) Parent Company Income Statement In the first half of 2025, the parent company's operating revenue was 1.064 billion yuan, a year-on-year decrease of 27.19%; net profit was -653 million yuan, indicating an expanded loss Major Data from Parent Company Income Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Operating Revenue | 1,063,882,838.09 | 1,458,365,407.18 | | Operating Cost | 1,226,963,005.12 | 1,451,241,866.94 | | Total Profit | -673,360,276.58 | -578,847,506.08 | | Net Profit | -652,853,412.84 | -564,769,267.73 | (V) Consolidated Cash Flow Statement In the first half of 2025, the company's net cash flow from operating activities was 102 million yuan, a significant year-on-year decrease of 79.23%; net cash flow from investing activities was -113 million yuan; net cash flow from financing activities was -251 million yuan, turning negative year-on-year Major Data from Consolidated Cash Flow Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 101,788,625.87 | 489,978,657.12 | | Net Cash Flow from Investing Activities | -112,798,274.85 | -137,349,314.27 | | Net Cash Flow from Financing Activities | -250,843,888.30 | 845,750,309.83 | | Net Increase in Cash and Cash Equivalents | -261,853,537.28 | 1,198,379,652.68 | | Cash and Cash Equivalents at End of Period | 2,731,000,032.44 | 3,754,106,221.63 | (VI) Parent Company Cash Flow Statement In the first half of 2025, the parent company's net cash flow from operating activities was -182 million yuan, an expanded loss year-on-year; net cash flow from investing activities was -90 million yuan; net cash flow from financing activities was -128 million yuan, turning negative year-on-year Major Data from Parent Company Cash Flow Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -181,704,412.84 | -138,894,829.54 | | Net Cash Flow from Investing Activities | -89,846,854.51 | 5,930,861.37 | | Net Cash Flow from Financing Activities | -128,023,512.36 | 969,129,390.00 | | Net Increase in Cash and Cash Equivalents | -399,574,779.71 | 836,165,421.83 | | Cash and Cash Equivalents at End of Period | 1,249,700,092.63 | 2,185,419,182.60 | (VII) Consolidated Statement of Changes in Owners' Equity In the first half of 2025, the company's consolidated total owners' equity was 5.535 billion yuan, a decrease of 834 million yuan from the beginning of the period, primarily due to a total comprehensive income attributable to parent company owners of -852 million yuan - Total owners' equity at period end was 5,535,407,531.66 yuan, a decrease of 834,096,831.48 yuan from the beginning of the period[80] - Total comprehensive income attributable to parent company owners was -851,565,435.05 yuan[80] (VIII) Parent Company Statement of Changes in Owners' Equity In the first half of 2025, the parent company's total owners' equity was 7.854 billion yuan, a decrease of 645 million yuan from the beginning of the period, primarily due to a total comprehensive income of -653 million yuan - Total owners' equity at period end was 7,854,262,765.16 yuan, a decrease of 644,674,921.17 yuan from the beginning of the period[85] - Total comprehensive income was -652,937,345.95 yuan[86] III. Company Basic Information This section outlines the company's historical evolution, from Nanjing Xinwang Shixun Technology Co., Ltd. to Henan Dayou Energy Co., Ltd. through a major asset restructuring, including subsequent equity acquisitions and capital reserve capitalization, with its main business being raw coal mining and processing 1. Historical Evolution The company, formerly Nanjing Xinwang Shixun Technology Co., Ltd., underwent a major asset restructuring in 2010 to acquire Yimei Group's coal business assets, changing its name to Henan Dayou Energy Co., Ltd. in 2011, and subsequently increased its share capital to 2,390,812,402 shares through non-public offerings and capital reserve capitalization - The company was formerly Nanjing Xinwang Shixun Technology Co., Ltd., established on January 15, 1998[89] - In 2010, a major asset restructuring was implemented, issuing new shares to Yimei Group to acquire coal business assets[89] - On January 27, 2011, it was renamed "Henan Dayou Energy Co., Ltd.," and its stock abbreviation was changed to "Dayou Energy"[90] - In 2013, capital reserves were used to capitalize 10 shares for every 10 shares held by all shareholders, bringing the total share capital to 2,390,812,402 shares[91] 2. Main Operating Activities The company's main operating activities include raw coal mining, coal wholesale and processing, coal transportation via its own railway lines, domestic and foreign trade, technical and consulting services, water supply, heating, and equipment and property leasing - Main operating activities include raw coal mining, coal wholesale, coal washing and processing, coal transportation via its own railway lines, domestic trade, foreign trade, etc[92] IV. Basis for Preparation of Financial Statements The company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards, and there are no significant doubts about its ability to continue as a going concern within 12 months from the end of the reporting period 1. Basis of Preparation The company's financial statements are prepared on a going concern basis, recognizing and measuring transactions and events in accordance with enterprise accounting standards - The company's financial statements are prepared on a going concern basis, recognizing and measuring transactions and events in accordance with enterprise accounting standards[93] 2. Going Concern There are no matters or circumstances that raise significant doubts about the company's ability to continue as a going concern within 12 months from the end of the reporting period - There are no matters or circumstances that raise significant doubts about the company's ability to continue as a going concern within 12 months from the end of the reporting period[94] V. Significant Accounting Policies and Accounting Estimates This section details the company's adherence to enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, and policies for business combinations, consolidated financial statements, financial instruments, receivables, inventories, long-term equity investments, fixed assets, construction in progress, borrowing costs, right-of-use assets, intangible assets, R&D expenses, long-term asset impairment, contract liabilities, employee benefits, provisions, lease liabilities, revenue recognition, contract costs, government grants, deferred tax assets/liabilities, and leases, including adjustments to the extraction standards for coal mine maintenance and safety production fees - The company's financial statements comply with enterprise accounting standards and accurately and completely reflect its financial position[95] - Financial instruments are classified as financial assets and liabilities measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss[115][116] - Fixed asset depreciation uses the straight-line method, with depreciation periods of 15-30 years for buildings and structures, and mine shafts, and 3-15 years for machinery and equipment[146] - Revenue is recognized when the customer obtains control of the related goods or services[167] - Coal safety production fees (safety fees) are adjusted according to new management measures: 70 yuan/ton for coal (rock) and gas outburst mines and Henan Province Class I gas management mines, 50 yuan/ton for rock burst mines, and 38 yuan/ton for low gas management mines[186] VI. Taxes This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, property tax, education surcharge, local education surcharge, and resource tax, noting that subsidiary Luoyang Yian Mining Co., Ltd. enjoys a 15% corporate income tax rate as a high-tech enterprise Main Tax Categories and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Output tax on sales of goods and taxable services less input tax | 13%, 9%, 6%, 5%, 3%, 1% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 5% or 7% | | Corporate Income Tax | Taxable income | 15% or 25% | | Property Tax | 1.2% of original value of property less 30% deduction; 12% of rental income for rental-based assessment | 1.2% or 12% | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | | Resource Tax | Sales amount of taxable coal products | 2% or 6% | - Subsidiary Luoyang Yian Mining Co., Ltd. is recognized as a high-tech enterprise and is subject to a 15% corporate income tax rate[191] VII. Notes to Consolidated Financial Statements This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, accounts receivable, inventories, long-term equity investments, fixed assets, intangible assets, deferred taxes, restricted assets, short-term and long-term borrowings, accounts payable, contract liabilities, employee benefits, taxes payable, other payables, provisions, and revenue/cost, highlighting 1.752 billion yuan in restricted monetary funds, 968 million yuan in accounts receivable impairment, 18.79 million yuan in inventory impairment, 5.306 billion yuan in short-term borrowings, 612 million yuan in long-term borrowings, and 1.059 billion yuan in provisions primarily for abandonment costs Monetary Funds Restriction Status | Item | Balance at Period End (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Bank Acceptance Bill Deposits | 838,103,803.37 | Restricted use | | Letter of Credit Deposits | 830,877,158.86 | Restricted use | | Frozen Bank Deposits | 70,834,834.67 | Restricted use | | Land Reclamation Deposits for Production and Construction Projects | 11,921,694.32 | Restricted use | | Total | 1,751,737,491.22 | / | - Accounts receivable at period end had a book balance of 1.701 billion yuan, with an impairment provision of 968 million yuan, an impairment rate of 56.89%[198] - Inventories at period end had a book value of 239 million yuan, with an inventory impairment provision of 18.79 million yuan, mainly for inventory write-downs[231][233] - Fixed assets at period end had a book value of 8.176 billion yuan, including 1.633 billion yuan for buildings and structures, 2.526 billion yuan for mine shafts, and 3.604 billion yuan for machinery and equipment[247] - Intangible assets at period end had a book value of 4.426 billion yuan, primarily 4.028 billion yuan for mining rights[265] - Short-term borrowings at period end totaled 5.306 billion yuan, mainly pledged and guaranteed borrowings[280] - Accounts payable at period end totaled 3.475 billion yuan, mainly for materials, equipment, and engineering costs[288] - Provisions at period end totaled 1.059 billion yuan, primarily for abandonment costs[317] - Operating revenue was 1.920 billion yuan, operating cost was 1.976 billion yuan, with operating revenue decreasing by 26.14% year-on-year[337] - Financial expenses were 149 million yuan, a year-on-year increase of 27.74%, mainly due to increased interest expenses[345] - Credit impairment losses were -24.6051 million yuan, and asset impairment losses were -16.8091 million yuan[347][349] VIII. Research and Development Expenses This section details the company's R&D expenses for the reporting period, totaling 77.5819 million yuan, all expensed, primarily for materials, fuel and power, employee compensation, and outsourced R&D services R&D Expenses by Nature of Expense | Item | Amount in Current Period (yuan) | Amount in Prior Period (yuan) | | :--- | :--- | :--- | | Materials, Fuel and Power | 33,556,221.72 | 54,006,502.49 | | Employee Compensation | 23,344,032.38 | 25,100,449.70 | | Depreciation | 9,150,228.45 | 7,679,231.01 | | Outsourced Research and Development Fees | 11,333,296.79 | 9,878,302.35 | | Other Expenses | 198,113.21 | 1,729,460.63 | | Total | 77,581,892.55 | 98,393,946.18 | | Of which: Expensed R&D Expenditure | 77,581,892.55 | 98,393,946.18 | | Capitalized R&D Expenditure | 0.00 | 0.00 | IX. Changes in Consolidation Scope During the reporting period, the company experienced no changes in its consolidation scope due to non-same control business combinations, same control business combinations, reverse acquisitions, or disposal of subsidiaries leading to loss of control, nor any other reasons - During the reporting period, the company had no non-same control business combinations, same control business combinations, reverse acquisitions, or disposal of subsidiaries leading to loss of control[377][378] X. Equity in Other Entities This section discloses the company's equity interests in subsidiaries, joint ventures, and associates, including 13 subsidiaries, with Aksu Tahe Mining, Kuche Yushuling Coal Mine, Kuche Kexing Coal Industry, Luoyang Yian Mining, and Yimei Group Ligou Mining identified as significant non-wholly-owned subsidiaries, and three significant joint or associate ventures including Xinjiang Tunnan Coal Industry Co., Ltd 1. Equity in Subsidiaries The company owns 13 subsidiaries engaged in production, sales, services, and mining, acquired through non-same control business combinations, establishment, and same control business combinations - The company owns 13 subsidiaries, including Luoyang Yian Mining Co., Ltd., Yimei Group Ligou Mining Co., Ltd., Yimei Group Yiyang Yiluo Coal Industry Co., Ltd., Yima Coal Industry Group Mengjin Coal Mine Co., Ltd., and Yimei Group Gongyi Tieshengou Coal Industry Co., Ltd.[378][379] 2. Significant Non-Wholly-Owned Subsidiaries The company's significant non-wholly-owned subsidiaries include Aksu Tahe Mining Co., Ltd., Kuche Yushuling Coal Mine Co., Ltd., Kuche Kexing Coal Industry Co., Ltd., Luoyang Yian Mining Co., Ltd., and Yimei Group Ligou Mining Co., Ltd., with minority shareholder stakes of 20% or 49.5%/49% Minority Shareholder Stakes in Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholder Stake (%) | | :--- | :--- | | Aksu Tahe Mining Co., Ltd. | 20.00 | | Kuche Yushuling Coal Mine Co., Ltd. | 20.00 | | Kuche Kexing Coal Industry Co., Ltd. | 20.00 | | Luoyang Yian Mining Co., Ltd. | 49.50 | | Yimei Group Ligou Mining Co., Ltd. | 49.00 | 3. Main Financial Information of Significant Non-Wholly-Owned Subsidiaries Aksu Tahe Mining, Kuche Yushuling Coal Mine, and Kuche Kexing Coal Industry have relatively high minority shareholder equity balances, while Luoyang Yian Mining and Yimei Group Ligou Mining show negative minority shareholder profit and equity Main Financial Information of Significant Non-Wholly-Owned Subsidiaries (Current Period) | Subsidiary Name | Profit/Loss Attributable to Minority Shareholders in Current Period (yuan) | Minority Shareholder Equity Balance at Period End (yuan) | | :--- | :--- | :--- | | Aksu Tahe Mining Co., Ltd. | -1,727,634.00 | 109,196,712.81 | | Kuche Yushuling Coal Mine Co., Ltd. | 2,271,943.67 | 419,133,410.32 | | Kuche Kexing Coal Industry Co., Ltd. | 9,549,700.61 | 306,707,112.98 | | Luoyang Yian Mining Co., Ltd. | -21,262,945.07 | -104,235,510.48 | | Yimei Group Ligou Mining Co., Ltd. | -2,358,357.50 | -40,868,792.09 | 3. Equity in Joint Ventures or Associates The company's significant joint venture is Xinjiang Tunnan Coal Industry Co., Ltd. (50% stake), and significant associates include Henan Zhongyi Tendering Co., Ltd. (49.72% stake) and Henan Dayou Energy Coal Storage and Trading Co., Ltd. (40% stake) Significant Joint Ventures or Associates | Joint Venture or Associate Name | Main Operating Location | Registered Location | Business Nature | Shareholding Percentage (%) | | :--- | :--- | :--- | :--- | :--- | | Xinjiang Tunnan Coal Industry Co., Ltd. | Xinjiang | Hoboksar County, Tacheng Prefecture, Xinjiang | Coal Mining and Washing | 50.00 | | Henan Zhongyi Tendering Co., Ltd. | Henan | Henan Free Trade Zone | Business Services | 49.72 | | Henan Dayou Energy Coal Storage and Trading Co., Ltd. | Henan | Yima City, Sanmenxia City, Henan Province | Wholesale Trade | 40.00 | XI. Government Grants This section discloses the company's government grant-related liability items and government grants recognized in current profit or loss, with deferred income from government grants totaling 192 million yuan at period-end, and 26.8325 million yuan recognized in current profit or loss, comprising 3.836 million yuan related to assets and 22.9965 million yuan related to income 2. Liability Items Involving Government Grants Deferred income from government grants totaled 192 million yuan at period-end, with 465,000 yuan in new grants, 529,059.24 yuan recognized as non-operating income, and 3.3069 million yuan transferred to other income during the current period Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (yuan) | New Grants in Current Period (yuan) | Amount Recognized as Non-Operating Income in Current Period (yuan) | Amount Transferred to Other Income in Current Period (yuan) | Ending Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 19