SHCI(SH:601225) Xin Lang Cai Jing·2025-09-01 14:28Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to falling coal prices and reduced electricity demand [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 77.983 billion yuan, a year-on-year decrease of 14.19%, and a net profit attributable to shareholders of 7.638 billion yuan, down 31.18% [1]. - For Q2 2025, the company reported operating revenue of 37.821 billion yuan, a decline of 20.46%, and a net profit of 2.834 billion yuan, down 54.55% [1]. - The coal segment generated revenue of 68.4 billion yuan, reflecting a year-on-year decrease of 11.67% [1]. Group 2: Coal Production and Pricing - The company increased its coal production to 87.4 million tons in H1 2025, a year-on-year increase of 1.15%, and sold 80.16 million tons, up 2.87% [1]. - The average selling price of coal was 440 yuan per ton, down 23.81% year-on-year, while the self-produced coal price was 420 yuan per ton, a decrease of 21.90% [1]. - The cost of self-produced coal was 280 yuan per ton, a slight decrease of 0.49%, resulting in a net profit of 140 yuan per ton, down 45.4% [1]. Group 3: Power Generation and Future Projects - The company’s power generation capacity includes 8,960 MW in operation and 11,320 MW under construction, totaling 20,280 MW [2]. - In H1 2025, the company generated 177.69 billion kWh of electricity, a decrease of 11.82%, and sold 166.19 billion kWh, down 11.38% [2]. - The average selling price of electricity was 0.408 yuan per kWh, up 0.19%, while the unit cost was 0.343 yuan per kWh, an increase of 0.01%, resulting in a net profit of 0.065 yuan per kWh, up 1.2% [2]. Group 4: Dividends and Future Outlook - The company announced an interim dividend of 0.039 yuan per share, corresponding to a dividend yield of 0.2% as of August 28 [3]. - Revenue projections for 2025-2027 are estimated at 142 billion, 148 billion, and 152.2 billion yuan, with net profits of 14.8 billion, 15.2 billion, and 16.5 billion yuan respectively [3].