WTECL(SH:600157) Zhong Guo Jing Ji Wang·2025-06-30 10:44Core Viewpoint - Yongtai Energy has successfully completed its share repurchase plan, demonstrating confidence in its future development and accelerating the construction of the Haizetang coal mine as a new growth engine [1] Group 1: Company Overview - Yongtai Energy's main businesses include electricity and coal, with a total installed capacity of 9.18 million kilowatts and a coal resource volume of 3.821 billion tons, including 913 million tons of premium coking coal and 2.908 billion tons of premium thermal coal [1] - The company achieved a record high electricity generation of 41.26 billion kilowatt-hours and raw coal production of 13.68 million tons in 2024, with a year-on-year increase of 21.54% in raw coal production in Q1 2025 [1] Group 2: Financial Performance - Since the debt restructuring, Yongtai Energy has repaid a total of 53.511 billion yuan, reducing its interest-bearing debt from 70.947 billion yuan to 39.352 billion yuan, and its asset-liability ratio from 73.18% to 51.72%, which is below the industry average [2] - The company has maintained stable operating cash flow over the past three years, with net cash flow from operations of 6.442 billion yuan, 7.025 billion yuan, 6.510 billion yuan, and 1.035 billion yuan [1][2] Group 3: Project Development - The Haizetang coal mine project, located in Yulin City, Shaanxi Province, is a key coal source for the national coal transportation route and is expected to have a coal resource reserve of 1.145 billion tons, with an average calorific value of over 6,500 kcal [3] - The project is currently under construction, with plans to complete the third phase by Q2 2026 and achieve trial production of 3 million tons in the same year, followed by full production of 10 million tons in 2027 [3]