XINJI ENERGY(SH:601918) Xin Lang Cai Jing·2025-08-27 06:28Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a slight increase in production and sales volume, while facing challenges from falling coal prices and electricity rates [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 5.81 billion yuan, a year-on-year decrease of 2.91% [1] - The net profit attributable to shareholders was 0.92 billion yuan, down 21.7% year-on-year [1] - Q2 2025 saw operating revenue of 2.90 billion yuan, a decrease of 0.89% year-on-year, and a net profit of 0.39 billion yuan, down 32.8% year-on-year [1] Group 2: Production and Sales - The company’s coal production reached 11.2 million tons in H1 2025, an increase of 7.9% year-on-year, with a total coal sales volume of 9.43 million tons, up 3.63% year-on-year [1] - The average selling price of coal was 529 yuan per ton, down 6.3% year-on-year, while the external sales price was 513 yuan per ton, down 9.0% year-on-year [1] - The cost per ton of coal was 327 yuan, a decrease of 3.5% year-on-year, resulting in a gross profit of 201 yuan per ton, down 10.6% year-on-year [1] Group 3: Electricity Generation - The company’s electricity generation increased significantly, with a total output of 6.67 billion kWh in H1 2025, up 44.6% year-on-year [2] - The average on-grid electricity price was approximately 0.372 yuan per kWh, down 9.7% year-on-year [2] - The electricity segment generated revenue of 2.33 billion yuan in H1 2025, an increase of 30.2% year-on-year [2] Group 4: Future Outlook - The company has plans for new power generation capacity, including the commissioning of the Banjic Power Plant Phase II in October 2024 and additional projects scheduled for 2026 [2] - The company is also planning the resumption of operations at the Yangcun Mine [2] Group 5: Profit Forecast and Valuation - The company is expected to achieve revenues of 12.1 billion yuan, 14.3 billion yuan, and 14.7 billion yuan for 2025-2027, with corresponding net profits of 2.01 billion yuan, 2.45 billion yuan, and 2.58 billion yuan [3] - The projected price-to-earnings (PE) ratios are 7.99, 6.79, and 6.48 for the respective years [3]