Xin Lang Cai Jing·2025-08-28 00:28Core Viewpoint - The company's performance is under pressure due to falling coal prices, but it shows potential for high dividends and growth, maintaining a "buy" rating [1][3] Financial Performance - In H1 2025, the company achieved operating revenue of 74.44 billion yuan, a year-on-year decrease of 19.9%, and a net profit attributable to shareholders of 7.71 billion yuan, down 21.3% [1] - For Q2 2025, the company reported operating revenue of 36.04 billion yuan, a quarter-on-quarter decline of 6.11%, and a net profit of 3.73 billion yuan, down 6.31% [1] - The company adjusted its profit forecast for 2025-2027, expecting net profits of 16.37 billion, 18.13 billion, and 18.62 billion yuan respectively, with a year-on-year change of -15.3%, +10.8%, and +2.7% [1] Coal Business Performance - In H1 2025, the coal business generated operating revenue of 60.57 billion yuan, a decrease of 22.1%, with a gross profit of 14.35 billion yuan, down 27.7% [2] - The average selling price of self-produced coal was 470 yuan per ton, a year-on-year drop of 19.5%, while the cost was 263 yuan per ton, down 10.2% [2] - Coal production and sales volumes were 67.34 million tons and 67.11 million tons respectively, both showing a slight increase of 1.3% and 1.4% year-on-year [2] Non-Coal Business Performance - The company operates in coal chemical, coal mining equipment, financial services, and other sectors, with coal chemicals being the main business [2] - In H1 2025, coal chemical revenue was 9.36 billion yuan, down 13.6%, while the sales volumes of various products showed mixed results [2] Dividend Potential and Strategic Initiatives - The company has the potential to increase its dividend payout, with a debt-to-asset ratio of 45% as of June 30, 2025 [3] - A cash dividend of 0.166 yuan per share was announced, resulting in a dividend yield of 1.38% based on the stock price [3] - The company is enhancing its smart mining capabilities, with 18 mines passing smart mining assessments and several projects underway to strengthen the "coal-electric-chemical" integrated industry chain [3]