Ge Long Hui·2025-09-16 09:31Core Viewpoint - China Shenhua (01088.HK) reported a slight decrease in coal production and sales for the year ending August 2024, indicating a potential shift in market dynamics and operational adjustments [1] Production and Sales - The company's coal production for 2024 is projected at 28.6 million tons, a decrease of 0.3% year-on-year [1] - Coal sales are expected to reach 37.5 million tons, reflecting a year-on-year decline of 3.1% [1] Transportation Metrics - Self-owned railway transportation turnover is anticipated to be 28 billion ton-kilometers, showing a year-on-year increase of 10.7% [1] - Huanghua Port's shipping volume is expected to be 19.3 million tons, up 11.6% year-on-year [1] - Tianjin coal terminal's shipping volume is projected at 4 million tons, marking an 8.1% increase year-on-year [1] - However, shipping freight volume is expected to decline to 9.6 million tons, a decrease of 16.5% year-on-year [1] - Shipping turnover is projected to be 94 tons nautical miles, down 27.1% year-on-year [1] Power Generation - Total power generation is expected to reach 23.39 billion kWh, reflecting a year-on-year increase of 3.8% [1] - Total electricity sales are projected at 21.97 billion kWh, showing a year-on-year growth of 3.6% [1] Chemical Production - Polyethylene sales are expected to be 32,300 tons, a slight increase of 0.9% year-on-year [1] - Polypropylene sales are projected at 28,100 tons, indicating a year-on-year decrease of 4.4% [1] Factors Influencing Changes - The increase in self-owned railway transportation turnover is attributed to sufficient coal sources along the railway [1] - The growth in Huanghua Port's shipping volume is due to an increase in incoming resources [1] - The decline in shipping freight volume and turnover is primarily due to business structure adjustments and changes in shipping routes [1] - The year-on-year growth in polyethylene and polypropylene sales is influenced by lower production levels in the previous year due to scheduled maintenance of coal-to-olefin production equipment [1]