增收不增利 神火股份上半年归母净利润同比下降16.62%

Core Viewpoint - Shenhuo Co., Ltd. reported a decline in net profit for the first half of 2025, primarily due to a significant drop in coal prices, despite a year-on-year increase in revenue [2][3]. Financial Performance - The company achieved a revenue of 20.428 billion yuan in the first half of 2025, representing a year-on-year growth of 12.12% [2]. - The net profit attributable to shareholders was 1.904 billion yuan, showing a year-on-year decrease of 16.62% [2]. - The coal mining business revenue decreased by 18.99% to 2.887 billion yuan, while the non-ferrous metal business revenue increased by 20.79% to 14.182 billion yuan [3]. Production and Sales - Shenhuo Co., Ltd. maintained a balance between production and sales for its main products in the first half of 2025, with aluminum production at 871,100 tons and sales at 871,400 tons, both achieving around 51% of the annual plan [3]. - Coal production was 3.7078 million tons with sales of 3.7275 million tons, also around 51% of the annual plan [3]. - The company’s coal reserves were reported at 1.308 billion tons, with a recoverable reserve of 605 million tons [3]. Share Buyback - The board approved a share buyback plan on December 30, 2024, with a budget of 250 million to 450 million yuan, at a price not exceeding 20 yuan per share [4]. - As of June 30, 2025, the company had repurchased 15.4204 million shares, accounting for 0.686% of the total share capital, with a total expenditure of 255 million yuan [4]. Business Developments - Shenhuo Co., Ltd. has no current plans for overseas expansion due to high investment risks and long payback periods [5][6]. - The company invested 186 million yuan in Anhui Xiangbang Composite Materials Co., acquiring a 35% stake, aiming to enhance the value and technology of aluminum processing products [6]. Market Outlook - The coal market is expected to experience a supply-demand balance and potential price stabilization in the second half of 2025, driven by national growth policies [6]. - The company anticipates that aluminum prices will remain high in the second half of 2025 due to government initiatives in key industries [6]. - The aluminum foil industry is facing increased competition, which is impacting profit margins for the company’s aluminum processing business [6].