煤炭行业中报惨淡：25家上市企业利润齐降，头部四企损失超百亿

Core Viewpoint - The coal industry is experiencing a significant decline in performance for the first half of 2025, with most listed companies reporting decreased revenues and profits compared to previous years [1][2]. Company Performance - Among 25 coal companies, 23 reported a year-on-year decline in revenue, and all 25 experienced negative growth in net profit attributable to shareholders [1]. - The total net profit of these companies for the first half of 2025 was 554.72 billion yuan, down nearly 250 billion yuan from 808.11 billion yuan in the same period last year, and down almost 500 billion yuan from 1,057.54 billion yuan in 2023 [1]. - Major companies like China Shenhua, China Coal Energy, Shaanxi Coal and Yanzhou Coal Mining collectively saw profits drop by over 10 billion yuan compared to 2024 [1]. - China Shenhua's net profit decreased by 12.03%, while China Coal Energy, Shaanxi Coal, and Yanzhou Coal reported declines of 21.28%, 31.18%, and 38.53% respectively [1][2]. Market Conditions - The overall coal price has been on a downward trend, with average prices for thermal coal dropping by over 20% in major markets, significantly impacting the revenues of coal companies [1][4]. - Nationally, the raw coal output increased by 5.4% year-on-year, while coal imports fell by 11.1%, indicating a relaxed supply-demand relationship in the domestic market [4]. - Weak downstream demand has led to a decline in coal prices, with thermal coal spot prices experiencing significant drops and even instances of price inversion between long-term contracts and spot prices [4]. Profitability and Future Outlook - The number of coal companies reporting profits over 1 billion yuan has decreased from 15 to 8, with some companies like Pingmei Shenma and Yongtai Energy seeing profit declines exceeding 80% [5]. - The number of loss-making companies increased from 1 to 5, with Anyuan Coal Industry reporting the largest loss of 290 million yuan [5]. - Despite challenges, some analysts remain optimistic about future coal prices, anticipating potential increases due to seasonal demand and supply adjustments [5]. - However, caution is advised as demand may weaken after high temperatures, and the market lacks strong supportive factors, leading to expectations of continued price fluctuations [5].