Xin Lang Cai Jing·2025-09-02 06:32Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the coal and electricity sectors due to falling prices and demand [1][2][3]. Revenue and Profit Summary - In H1 2025, the company achieved operating revenue of 138.1 billion yuan, a year-on-year decrease of 18.34% - The net profit attributable to shareholders was 24.6 billion yuan, down 12.03% year-on-year - In Q2 2025, operating revenue was 68.5 billion yuan, a decline of 15.36%, with net profit at 12.7 billion yuan, down 5.62% [1]. Coal Production and Sales - The company produced 165 million tons of commodity coal in H1 2025, a decrease of 1.7% year-on-year, while coal sales were 205 million tons, down 10.9% - Self-produced coal sales were 162 million tons, a decline of 3.4%, and purchased coal sales dropped significantly by 31.1% to 43 million tons - The average selling price of coal (excluding tax) was 493 yuan/ton, down 12.9% year-on-year, with self-produced coal priced at 478 yuan/ton, a decrease of 9.3% - The cost of coal decreased to 339 yuan/ton, down 15.9% year-on-year, with self-produced coal production cost at 177.7 yuan/ton, a decline of 7.7% - Overall coal revenue was 101 billion yuan, down 22.5%, with operating costs at 69.5 billion yuan, down 25.1%, resulting in a total gross profit of 31.4 billion yuan, down 15.9% [2]. Electricity Generation and Sales - Total electricity generation in H1 2025 was 98.8 billion kWh, a decrease of 7.4%, with total sales at 92.9 billion kWh, down 7.3% - The average selling price of electricity was 0.386 yuan/kWh, down 4.2%, while the cost was 0.347 yuan/kWh, approximately down 4.1% - The gross profit per kWh was 0.039 yuan, down 5.6% - Total electricity sales revenue was 40.5 billion yuan, down 10.3%, with sales costs at 34 billion yuan, down 10.7%, leading to a gross profit of 6.5 billion yuan, down 7.9% [3]. Dividend and Future Outlook - The company announced a dividend payout ratio of 79% for H1 2025, with a cash dividend of 0.98 yuan per share, resulting in a dividend yield of 2.6% - The company has committed to a dividend payout ratio of 65% for 2025-2027, an increase from the previously planned 60% - The acquisition of Hangjin Energy is expected to enhance resource capabilities, with 10 million tons of coal mines under construction and 15.7 million tons in production, along with coal-fired power generation capacity [4]. - Revenue projections for 2025-2027 are 285.6 billion yuan, 287.9 billion yuan, and 293.9 billion yuan, with net profits expected to be 41.4 billion yuan, 44.1 billion yuan, and 47.5 billion yuan respectively [4].