CHINA SHENHUA ENERGY(601088)：3Q25 RESULTS BEAT EXPECTATIONS;POWER BUSINESS BOOSTS GROWTH

机构：中金公司 研究员：Yan CHEN 3Q25 results beat our expectations China Shenhua Energy (Shenhua) announced its 3Q25 results: Net profit attributable to shareholders of Shenhua A-shares fell 6% YoY but grew 14% QoQ to Rmb14.4bn, while recurring net profit dropped 13% YoY but increased 14% QoQ to Rmb14.4bn. In 3Q25, net profit attributable to shareholders of Shenhua H- shares dropped 12% YoY but grew 10% QoQ to Rmb14.7bn. The QoQ improvements beat our expectations, mainly due to relatively rapid growth in profit of the ...