煤炭巨头兖矿能源上半年净利预降38%“另一条腿”能否撑起未来？

Core Viewpoint - Yanzhou Coal Mining Company (兖矿能源) is experiencing significant profit declines due to a challenging coal market, with a projected net profit drop of 38% year-on-year for the first half of 2025 [1][4]. Group 1: Financial Performance - The company expects a net profit of approximately 46.5 billion yuan for the first half of 2025, down from 76 billion yuan in the same period last year, marking a decrease of about 29 billion yuan [1][4]. - In the first quarter of 2025, the company's net profit was 27.1 billion yuan, a decline of 27.89% compared to 37.58 billion yuan in the previous year [3]. - The average selling price of coal dropped from 727.07 yuan per ton to 551.20 yuan year-on-year, contributing to the profit decline [3]. Group 2: Market Conditions - The coal market is characterized by a "strong supply and weak demand" dynamic, with national raw coal production increasing by 6.6% year-on-year to 1.58 billion tons in the first four months of 2025 [2]. - The demand for coal is weakening, particularly due to the rise of renewable energy and a decline in electricity generation from thermal power, which fell by 3.83% year-on-year [2]. - Coal prices have generally declined by 30% to 40% in the first half of 2025, with some types of coal experiencing price drops as high as 52% [2]. Group 3: Diversification Efforts - The company's diversification into chemical products has shown growth, with chemical production increasing by 11.59% to 241.4 million tons in the first quarter of 2025 [6]. - Despite the growth in the chemical sector, it is insufficient to offset the significant losses in the coal business, where revenue dropped by 75.32 billion yuan in the first quarter [6][5]. - The company is continuing to invest in diversification and capacity expansion, including a significant investment of 140.66 billion yuan to acquire a 51% stake in Northwest Mining [7].