煤价处近5年低位，郑州煤电净利下滑2256.68％

Core Viewpoint - The coal industry is facing significant challenges due to declining coal prices, leading to substantial losses for several coal companies, including Zhengzhou Coal Electricity [2][6]. Group 1: Company Performance - Zhengzhou Coal Electricity reported a 15.01% decline in revenue for the first half of the year, with a total profit drop of 189.82% and a staggering net profit decrease of 2256.68% [2][3]. - The company's average coal price fell by approximately 19% year-on-year, resulting in a sales revenue decrease of 25.52 million yuan [3]. - Other coal companies, such as Anyuan Coal Industry and China Coal Energy, also reported significant declines in performance, with net profit losses expanding [2][6]. Group 2: Cost Structure - Despite the drop in coal prices, Zhengzhou Coal Electricity's operating costs remained relatively stable, with total costs reaching 1.978 billion yuan, only slightly down from 2.076 billion yuan the previous year [4]. - Direct costs, including labor, materials, and safety, constitute a significant portion of expenses, with employee compensation being a major factor [5][6]. - Indirect costs, such as sales, management, and financial expenses, have not decreased significantly, complicating the company's financial situation [4][5]. Group 3: Market Outlook - The coal market is expected to remain under pressure, with Zhengzhou Coal Electricity predicting a continuation of the "strong supply, weak demand" scenario, which may lead to sustained low prices [7][8]. - Recent price increases in coal have been noted, but the overall sentiment remains cautious regarding the sustainability of these gains [7][8]. - The coal industry is anticipated to experience limited price rebounds due to ongoing market conditions and regulatory factors [8].