hbky(SH:600985) Xin Lang Cai Jing·2025-08-31 00:28Core Viewpoint - The company reported a significant decline in net profit for H1 2025, primarily due to decreased production and sales in the coal sector, alongside challenges in pricing and costs [1][2][3]. Group 1: Financial Performance - In H1 2025, the company achieved a net profit attributable to shareholders of 1.03 billion yuan, a year-on-year decrease of 65.0% [1]. - Q2 2025 net profit was 340 million yuan, down 74.7% year-on-year [1]. - Coal business revenue in H1 2025 was 5.41 billion yuan, a decline of 41.2% year-on-year [2]. Group 2: Production and Sales - The company produced 8.91 million tons of commodity coal in H1 2025, a decrease of 13.71% year-on-year, with sales of 6.48 million tons, down 19.38% [1]. - In Q2 2025, production and sales showed slight recovery, with production up 6.8% and sales up 17.9% compared to Q1 2025 [1]. Group 3: Pricing and Costs - The average selling price of commodity coal in H1 2025 was 835 yuan per ton, down 27.0% year-on-year, while the cost per ton was 469 yuan, down 17.0% [1]. - The unit gross profit for H1 2025 was 366 yuan per ton, a decrease of 36.8% year-on-year [1]. Group 4: New Projects and Future Outlook - The company is advancing new projects, including the 8 million tons power coal project expected to be completed by the end of 2025 and the 2×660MW ultra-supercritical power generation units [3]. - The company forecasts revenues of 38.7 billion yuan in 2025, with a net profit of 1.867 billion yuan, reflecting a year-on-year decline of 61.54% [3].