Hua Xia Shi Bao·2025-09-03 14:08Core Viewpoint - The coal industry is experiencing significant profit declines, with 23 out of 25 listed coal companies reporting revenue drops and all 25 showing negative net profit growth in the first half of 2025, indicating a severe contraction in industry profitability [1][2][4]. Group 1: Financial Performance - In the first half of 2025, the total net profit of 25 coal companies was 554.72 billion yuan, a decrease of nearly 250 billion yuan from 808.11 billion yuan in the same period last year, and down nearly 500 billion yuan from 1,057.54 billion yuan two years ago [1][2]. - The top four coal companies, including China Shenhua, China Coal Energy, Shaanxi Coal and Yanzhou Coal, collectively earned over 100 billion yuan less compared to the first half of 2024 [1][2]. - China Shenhua maintained the highest revenue at 1,381.09 billion yuan, down 18.34% year-on-year, with a net profit of 246.41 billion yuan, down 12.03% [2][3]. Group 2: Price and Demand Factors - The decline in coal prices is attributed to a weak supply-demand relationship, with average sales prices for thermal coal dropping by over 20% across major markets [1][4]. - China Shenhua reported a 10.9% decrease in coal sales volume and a 12.9% drop in average sales price, leading to a significant reduction in sales revenue [3][4]. - The average selling price of coal for Shaanxi Coal was 439.67 yuan/ton, down 23.81% year-on-year, while China Coal Energy's price fell by 114 yuan/ton [3][4]. Group 3: Industry Outlook - Despite the current downturn, there are expectations for a potential recovery in coal prices during the second half of 2025, driven by seasonal demand increases and policy support [7][9]. - Analysts suggest that while short-term pressures remain, the coal market may stabilize as supply constraints and seasonal demand factors come into play [8][9]. - The overall sentiment among several coal companies indicates a cautious optimism for the second half of 2025, with expectations of improved demand due to seasonal factors and economic recovery policies [9].