恒源煤电2025年中报简析：净利润同比下降117.04%，三费占比上升明显

Core Viewpoint - The financial performance of Hengyuan Coal Power (600971) for the first half of 2025 shows significant declines in revenue and profit, indicating challenges in the coal industry due to falling prices and reduced sales volume [1] Financial Performance Summary - Total revenue for the first half of 2025 was 2.377 billion yuan, a decrease of 38.94% compared to 3.893 billion yuan in the same period of 2024 [1] - The net profit attributable to shareholders was -129 million yuan, down 117.04% from 758 million yuan in the previous year [1] - Gross margin fell to 19.05%, a decline of 54.66% year-on-year, while net margin was -5.61%, down 128.78% [1] - Total expenses (selling, administrative, and financial) increased by 47.57%, accounting for 15.91% of total revenue [1] - Earnings per share dropped to -0.11 yuan, a decrease of 117.04% from 0.63 yuan [1] Changes in Financial Items - Trading financial assets decreased by 62.29% due to a reduction in held financial products [3] - Accounts receivable fell by 33.33% as coal revenue decreased [4] - Other receivables increased by 80.87% due to an increase in outstanding payments [7] - Other non-current assets surged by 1183.25% due to new prepayments for mining rights [8] - Long-term borrowings increased by 59.09% as the company renewed maturing loans [11] Cash Flow Analysis - Net cash flow from operating activities decreased by 123.82% due to reduced cash inflows from sales [11] - Cash flow from investing activities increased by 103.24% due to higher cash from maturing financial products [11] - Cash flow from financing activities rose by 65.81% due to increased borrowings and cash received from dividends [11] Industry Context - The company's return on invested capital (ROIC) was 7.16%, indicating average capital returns, with a historical median ROIC of 11.5% over the past decade [11] - Analysts expect the company's performance in 2025 to improve, projecting a net profit of 173 million yuan and earnings per share of 0.14 yuan [12] Fund Holdings - The largest fund holding in Hengyuan Coal Power is the Qianhai Kaiyuan China Growth Mixed Fund, which holds 106,000 shares [13] - The fund has shown a significant increase in value, with a 40.79% rise over the past year [13]