Xin Lang Cai Jing·2025-08-23 16:48Core Viewpoint - The company reported a decline in net profit and revenue for the first half of 2025, primarily due to falling coal prices and increased operational costs [1][2][4]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 5.81 billion yuan, a decrease of 2.9% year-on-year, and a net profit attributable to shareholders of 920 million yuan, down 21.7% year-on-year [1]. - The company's Q2 2025 revenue was 2.9 billion yuan, with a quarter-on-quarter decline of 0.3%, and a net profit of 390 million yuan, down 26.9% quarter-on-quarter [1]. - The adjusted net profit after excluding non-recurring items for H1 2025 was 930 million yuan, a decrease of 17.9% year-on-year [1]. Group 2: Coal Production and Sales - The company's raw coal production in H1 2025 was 11.197 million tons, an increase of 7.9% year-on-year, while Q2 production was 5.657 million tons, up 2.1% quarter-on-quarter [2]. - In H1 2025, the company produced and sold 9.937 million tons and 9.434 million tons of commercial coal, respectively, representing increases of 6.2% and 3.6% year-on-year [2]. - The average selling price of commercial coal in H1 2025 was 528.5 yuan per ton, down 6.3% year-on-year [2]. Group 3: Power Generation - The company’s power generation and grid-connected power generation in H1 2025 were 6.67 billion kWh and 6.28 billion kWh, respectively, reflecting increases of 44.6% and 44.2% year-on-year [3]. - The average grid-connected electricity price in H1 2025 was 0.3716 yuan per kWh, a decrease of 9.7% year-on-year [3]. Group 4: Profit Forecast and Valuation - Due to the decline in coal and electricity prices, the company has revised its profit forecasts for 2025-2026, now expecting net profits of 2 billion yuan, 2.27 billion yuan, and 2.4 billion yuan for 2025, 2026, and 2027, respectively [4]. - The expected earnings per share (EPS) for 2025-2027 are 0.77 yuan, 0.88 yuan, and 0.93 yuan, with corresponding price-to-earnings (PE) ratios of 8.4, 7.4, and 7.0 times [4].