Ge Long Hui A P P·2025-09-01 09:42Core Viewpoint - China Shenhua's net profit attributable to shareholders for H1 2025 is 24.64 billion yuan, a year-on-year decrease of 12%, indicating a stable performance despite falling coal prices [1] Financial Performance - The integration of coal, electricity, and transportation has significantly enhanced the stability of the company's performance [1] - The price of Qinhuangdao thermal coal fell approximately 22.8% in H1 2025, but the decline in net profit was much smaller than the drop in coal prices [1] - The company's coal business remains stable, with excellent cost control capabilities [1] Cost Management - As of H1 2025, the cost of self-produced coal is 177.7 yuan per ton, a year-on-year decrease of 7.7% [1] - Most cost items have seen varying degrees of decline, with significant reductions in repair costs and other expenses [1] - Depreciation and amortization expenses have seen a slight increase [1] Sales and Revenue Stability - The ratio of annual and monthly long-term contracts has increased again, while the proportion of spot sales has decreased, which is beneficial for stabilizing sales revenue [1] Capital Expenditure and Future Growth - The company has significant capital expenditures in the power sector, with the highest proportion allocated to power generation projects in Guangdong, Guangxi, Jiangxi, and Hebei [1] - The total installed capacity increase is expected to be 8.64 million kilowatts, which is anticipated to contribute to future performance growth [1] Investor Returns - The mid-term profit distribution plan reflects the company's high regard for investor returns, maintaining a "buy" rating [1]