SCIE(SH:600546) Ge Long Hui A P P·2025-09-04 06:14Core Viewpoint - The report from Open Source Securities indicates that Shanmei International's net profit attributable to shareholders for the first half of the year was 650 million yuan, a year-on-year decrease of 49.25% [1] - The company achieved a net profit of 400 million yuan in Q2, representing a quarter-on-quarter increase of 56.9% [1] Production and Sales Summary - In the first half of 2025, the company's raw coal production reached 17.821 million tons, an increase of 15.86% year-on-year [1] - The total sales of commercial coal were 17.884 million tons, a year-on-year decrease of 14.15% [1] - Self-produced coal sales amounted to 10.346 million tons, down 13.19% year-on-year, while traded coal sales were 7.538 million tons, a decrease of 15.43% year-on-year [1] Profit Forecast and Investment Value - Based on the company's production and sales performance, as well as coal price trends, the profit forecast for 2025-2027 has been revised upward [1] - The company is expected to continue releasing production capacity smoothly, and the dividend payout ratio is likely to remain high, highlighting its long-term investment value [1] - The rating for the company is maintained at "Buy" [1]