hbky(SH:600985) Chang Jiang Shang Bao·2025-08-27 23:51Core Viewpoint - Huabei Mining's operating performance continues to decline, with significant drops in revenue and net profit in the first half of 2025 compared to the previous year [1][5][7]. Financial Performance - In the first half of 2025, Huabei Mining reported operating revenue of 20.682 billion yuan, a year-on-year decrease of approximately 45% [1][5]. - The net profit attributable to shareholders was 1.032 billion yuan, down about 65% year-on-year [1][5]. - The company experienced a three consecutive period decline in revenue and net profit, with the first and second quarters of 2025 showing revenue of 10.599 billion yuan and 10.083 billion yuan, respectively, reflecting declines of 38.95% and 49.47% year-on-year [5][7]. Market Conditions - The coal market is characterized by an oversupply and weak demand, leading to a downward trend in coal prices [6][8]. - Despite the challenging market environment, Huabei Mining has maintained stable production operations and achieved safety milestones [6]. Debt and Cash Flow - As of the first half of 2025, the company's debt-to-asset ratio was 48.11%, an increase from the beginning of the year [2][11]. - The net operating cash flow was 2.126 billion yuan, a decrease of 60.63% compared to the same period last year [11]. Stock Market Performance - Huabei Mining's stock price has shown a slight decline from 14.07 yuan per share at the beginning of 2025 to 12.65 yuan per share by August 27, 2025 [3][12]. - The company has seen a reduction in holdings by institutional investors, with a decrease in shareholding from 3.82% to 1.06% over four consecutive quarters [4][12]. Future Outlook - The company anticipates a potential improvement in performance for the second half of 2025, supported by government policies and seasonal demand increases in the coal market [8][9].