SHCI(SH:601225) Xin Lang Cai Jing·2025-08-28 10:26Core Viewpoint - In the first half of 2025, the company experienced a decline in revenue and net profit, attributed to lower coal prices and reduced electricity sales, despite stable production and sales volumes in coal [1][2][3]. Financial Performance - The company reported a revenue of 77.983 billion yuan in the first half of 2025, a decrease of 14.19% year-on-year [1]. - The net profit attributable to shareholders was 7.638 billion yuan, down 31.18% year-on-year, with a basic earnings per share of 0.79 yuan, also reflecting a 31% decline [1]. - The weighted average return on equity (ROE) was 8.02%, a decrease of 2.66 percentage points year-on-year [1]. Coal Production and Sales - Coal production reached 87.3964 million tons in the first half of 2025, an increase of 1.15% year-on-year, while coal sales were 125.9892 million tons, up 0.92% year-on-year [2]. - The average selling price of coal was 439.67 yuan per ton, down 23.81% year-on-year, with the cost of raw coal at 280 yuan per ton, a slight decrease of 0.49% [2]. Electricity Business - Total electricity generation was 17.769 billion kilowatt-hours, a decrease of 11.82% year-on-year, while total electricity sales were 16.619 billion kilowatt-hours, down 11.38% year-on-year [3]. - The average electricity selling price increased by 0.19% to 407.64 yuan per megawatt-hour, while the total generation cost rose slightly to 342.59 yuan per megawatt-hour [3]. Dividends and Investments - The company announced a mid-year dividend of 0.039 yuan per share, corresponding to a dividend yield of 0.18% based on the stock price as of August 27 [3]. - The company reported a fair value gain of 447 million yuan in the first half of 2025, recovering from a loss of 641 million yuan in the same period of 2024 [3]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are 157.2 billion yuan, 167.2 billion yuan, and 178 billion yuan, with net profits expected to be 16.8 billion yuan, 18.3 billion yuan, and 20.2 billion yuan respectively [4]. - The estimated earnings per share (EPS) for the same period are 1.74 yuan, 1.89 yuan, and 2.09 yuan, with corresponding price-to-earnings (PE) ratios of 12.32, 11.33, and 10.24 [4].