XINJI ENERGY(SH:601918) Xin Lang Cai Jing·2025-05-22 08:26Core Viewpoint - The company demonstrates stable performance with effective cost management and efficiency improvements, while the integration of coal and electricity operations is gradually taking shape [1][2]. Financial Performance - In Q1 2025, the company reported total revenue of 2.91 billion yuan, a year-on-year decrease of 4.85%, and a net profit attributable to shareholders of 532 million yuan, down 11.01% year-on-year [2]. - The company's coal production reached 4.99 million tons, an increase of 6.27% year-on-year, while coal sales were 4.60 million tons, up 1.76% year-on-year [2]. - The average selling price of coal was 560 yuan per ton, a decrease of 15 yuan per ton year-on-year, benefiting from a high proportion of long-term contracts (85%) [2]. - The cost per ton of coal was 324 yuan, down 23 yuan year-on-year, leading to a gross profit of 1.09 billion yuan for the coal segment, an increase of 5.23% year-on-year [2]. Electricity Business - In Q1 2025, the company generated 3.62 billion kWh of electricity, a year-on-year increase of 47.16%, and sold 3.43 billion kWh, up 46.91% year-on-year [3]. - The selling price of electricity was 0.3749 yuan per kWh, down 8.14% year-on-year, impacted by the commissioning of two new units at the Banji power plant [3]. - The company has ongoing construction projects for power plants, including the Shangrao (21000MW), Chuzhou (2660MW), and Liu'an (2*660MW) plants, expected to be operational by 2026 [3]. Market Outlook - The coal market is expected to reach a turning point in supply and demand by May 2025, with a seasonal increase in non-electric coal demand anticipated [3]. - The integration of coal and electricity operations is expected to enhance the company's profitability and risk resilience [3].