中国神华煤电均跌价单季仍赚超百亿 负债率三连降拟分红449亿分红率77%

Core Viewpoint - China Shenhua's fundamentals remain unchanged despite a high proportion of dividends, with a significant decline in revenue and net profit in Q1 2025 compared to the previous year [1][5]. Financial Performance - In Q1 2025, China Shenhua reported approximately 70 billion yuan in revenue and about 11.9 billion yuan in net profit attributable to shareholders, both showing a double-digit percentage decline year-on-year [1][5]. - The company's revenue for Q1 2025 was 69.585 billion yuan, a decrease of 21.07% year-on-year, while the net profit decreased by 17.96% [5]. - Coal sales volume reached 99.3 million tons in Q1 2025, down 15.3% year-on-year, with an average selling price of 506 yuan per ton, down 11.5% [6]. Dividend Policy - China Shenhua plans to distribute cash dividends of 44.903 billion yuan in 2024, maintaining a high dividend payout ratio of 76.53% [4][12]. - The company has a history of high dividend payouts, with cumulative cash dividends of 460.999 billion yuan since its listing in 2007, reflecting an average dividend payout ratio of 61.53% [12]. Financial Stability - As of Q1 2025, China Shenhua's debt-to-asset ratio stood at 23.71%, indicating strong financial stability [3]. - The company reported cash and cash equivalents of 142.415 billion yuan and trading financial assets of 17.302 billion yuan, totaling 159.717 billion yuan, significantly exceeding its interest-bearing liabilities of 42.342 billion yuan [10][11]. Industry Context - The coal and electricity prices have been declining, impacting revenue and net profit, with China Shenhua experiencing two consecutive years of revenue and profit declines [2][7]. - Despite the industry's low prosperity, China Shenhua maintains strong profitability, with stable gross and net profit margins since 2021 [8].