兖矿能源：预计下半年煤炭供需形势将得到改善

Core Viewpoint - Yancoal Energy reported a stable performance in the first half of the year despite challenges in the coal market and energy sector transformation, with a focus on increasing production, controlling costs, expanding markets, and strengthening management [1] Financial Performance - In the first half of the year, Yancoal Energy achieved operating revenue of 59.349 billion yuan and a net profit attributable to shareholders of 4.652 billion yuan, with record-high coal production and enhanced profitability from the coal chemical segment [1] - The company anticipates continued performance support in the second half due to stabilizing coal prices, effective capacity release, and profit contributions from the integration of Northwest Mining [1] Production and Capacity - Yancoal Energy's production in the Shaanxi and Mongolia bases and Australian bases showed significant increases, with total coal production reaching 73.6 million tons in the first half, a year-on-year increase of 4.52 million tons or 6.5% [2] - The Shaanxi and Mongolia base achieved full production capacity with a coal output of 23.55 million tons, a year-on-year increase of 2.15 million tons or 10%, with key mines contributing significantly to profit [2] Market Outlook - The company expects improved coal supply and demand dynamics in the second half of the year, driven by policy and market factors, leading to a more regulated and orderly coal supply [2] - Yancoal Energy predicts stable growth in electricity coal demand and increased coal consumption in the chemical sector, supported by major infrastructure projects [3] Supply and Demand Dynamics - Domestic supply is expected to be limited in the second half of 2025 due to enhanced production checks and adverse weather conditions, while imports are likely to continue declining due to restrictions on low-quality coal [3] - The International Energy Agency forecasts a slight increase in global coal demand in 2025, with Yancoal Energy anticipating stable international coal prices amid limited production increases from major coal-producing countries [3]