
Core Viewpoint - The coal chemical industry in China is characterized by a diverse range of listed companies, each with distinct business layouts and performance metrics, focusing on both traditional and modern coal chemical products [1][3][20]. Industry Overview - The coal chemical industry is supported by upstream coal mining companies, which provide raw materials, and is influenced by coal price fluctuations that affect production costs and profit margins [1]. - The industry is divided into traditional coal chemical (e.g., coal-based fertilizers, synthetic ammonia) and modern coal chemical (e.g., new coal-based energy and materials) [1]. Key Listed Companies - Major listed companies in the coal chemical sector include China Shenhua (601088), Yanzhou Coal (600188), Baofeng Energy (600989), and others, with varying degrees of involvement in the coal chemical value chain [1][3][4]. - China Shenhua is recognized as a global leader in coal-based comprehensive energy [3]. Financial Performance - In the first half of 2024, China Shenhua reported revenues of 1680.78 billion, while other companies like Yanzhou Coal and Baofeng Energy reported revenues of 723.12 billion and 168.97 billion respectively [4][5]. - The overall gross profit margins in the coal chemical sector vary significantly, with Baofeng Energy achieving a gross margin exceeding 40% [19]. Business Layout and Strategy - Companies are strategically located in resource-rich regions, primarily in North and East China, focusing on traditional coal chemical products while expanding into modern coal chemical sectors [16][18]. - Business strategies emphasize safety, environmental protection, energy efficiency, and technological advancement to align with national policies and market demands [20][21]. Employee Composition - China Shenhua has the largest workforce in the sector, employing approximately 83,400 individuals, including 11,400 technical staff [11]. Future Planning - Companies are focusing on high-quality development, with plans to enhance core competencies, ensure energy security, and promote green and sustainable practices [21][22].