盘江股份：持续深化经营管控 二季度业绩改善

Core Insights - The company reported a total revenue of 5.152 billion yuan for the first half of 2025, marking a year-on-year increase of 27.34% [1] - The total profit and net profit attributable to shareholders were 20.66 million yuan and -5.10 million yuan, respectively [1] - The net cash flow from operating activities reached 308 million yuan, reflecting a year-on-year growth of approximately 185% [1] Revenue Breakdown - The coal business generated 2.561 billion yuan in revenue, accounting for 49.71% of total revenue, while the electricity business contributed 2.446 billion yuan, representing 47.47% of total revenue [1] - The electricity business's revenue increased significantly by 19.28 billion yuan, a growth rate of 372.51% compared to the previous year [2] Production and Sales Performance - The company produced 5.1537 million tons of commodity coal, a year-on-year increase of 15.27%, and sold 5.1011 million tons, up 13.32% [2] - The online electricity generation reached 6.69 billion kWh, showing a remarkable year-on-year growth of 375.23%, with coal-fired power generation at 5.913 billion kWh, up 532.05% [2] Strategic Focus - The company is implementing a dual-path strategy to enhance operational management, focusing on increasing production and revenue while controlling costs [2] - The strategy includes optimizing sales channels and improving production efficiency, as well as reducing non-production expenses to enhance economic benefits [2]