盘江股份: 盘江股份2025年半年度报告

Core Viewpoint - Guizhou Panjiang Refined Coal Co., Ltd. reported a significant decline in net profit for the first half of 2025, with a net loss of approximately 5.1 million yuan, attributed to falling coal prices and increased operational costs, despite a rise in overall revenue [2][4][9]. Financial Performance - The company achieved operating revenue of 5.15 billion yuan, a 27.34% increase compared to the same period last year [2][14]. - Total profit for the period was approximately 20.66 million yuan, a decrease of 80.75% year-on-year [2][14]. - The net profit attributable to shareholders was a loss of 5.1 million yuan, a decline of 113.67% compared to the previous year [2][14]. - The company’s total assets increased by 5.60% to approximately 45.89 billion yuan [2][14]. Business Operations - The company produced 515,370 tons of commercial coal and sold 394,710 tons during the reporting period [4][9]. - The average on-grid electricity price was 0.3656 yuan per kilowatt-hour (excluding tax) [4]. - The company’s coal sales revenue decreased by 24.75% due to falling coal prices, while electricity sales revenue surged by 372.51% as new projects came online [2][14]. Industry Context - The coal market faced significant challenges, with a notable drop in prices leading to reduced profitability across the sector [4][9]. - Nationally, raw coal production reached 2.4 billion tons, a 5.4% increase year-on-year, while coal imports fell by 11.1% [3][4]. - The installed power generation capacity in China grew by 18.7% year-on-year, with a significant increase in renewable energy sources [3][4]. Strategic Initiatives - The company is focusing on coal-electricity integration and expanding its renewable energy projects, with a total of 303 megawatts of new energy capacity connected to the grid [5][12]. - Emphasis is placed on safety, innovation, and ecological practices, including advanced coal washing and processing technologies [5][12]. - The company aims to enhance its operational efficiency and reduce costs through various measures, including optimizing sales channels and improving resource utilization [6][12].