中国神华9月商品煤产量2760万吨 同比增长0.7%

Core Insights - China Shenhua (01088) reported a slight increase in commodity coal production for September 2025, with a total of 27.6 million tons, reflecting a year-on-year growth of 0.7% [1] - The company experienced a decrease in coal sales volume, which totaled 36.3 million tons, down 1.6% year-on-year [1] Production and Sales Performance - For the period of January to August 2025, commodity coal production reached 251 million tons, showing a year-on-year decline of 0.4% [1] - Coal sales volume during the same period was 317 million tons, representing a significant decrease of 8.4% year-on-year [1] Transportation and Shipping - In September 2025, the self-owned railway transportation turnover was 27 billion ton-kilometers, marking a year-on-year increase of 13.4% [1] - Shipping cargo volume was recorded at 9.6 million tons, which is a decrease of 15.8% year-on-year [1] Power Generation and Chemical Sales - Total power generation for September 2025 was 18.75 billion kilowatt-hours, down 16.3% year-on-year [1] - Polyethylene sales reached 30,300 tons, reflecting a year-on-year growth of 0.7%, while polypropylene sales were 29,400 tons, up 1.7% year-on-year [1] Factors Influencing Performance - The increase in railway transportation turnover was primarily due to sufficient coal sources along the self-owned railway [1] - The growth in shipping volumes at Huanghua Port and Tianjin coal terminal was attributed to increased resource availability and a low base from the previous year [1] - The decline in shipping cargo volume and turnover was linked to business structure adjustments and changes in shipping routes [1] - The decrease in total power generation and sales was influenced by insufficient electricity demand in certain regions due to weather conditions and increased output from renewable energy sources [1] - The growth in polyethylene and polypropylene sales was mainly due to a low base effect from planned maintenance of coal-to-olefins production equipment in the previous year [1]