Xin Lang Cai Jing·2025-10-28 06:34Core Insights - The company reported its Q3 2025 results on October 25, showing a revenue of 213.15 billion RMB for the first three quarters, a year-on-year decline of 16.6% after restatement, and a net profit attributable to shareholders of 39.05 billion RMB, down 10.0% year-on-year [1] - In Q3 2025, the company achieved a revenue of 75.04 billion RMB, a quarter-on-quarter increase of 9.51%, but a year-on-year decline of 13.10%, with a net profit of 14.41 billion RMB, up 13.54% quarter-on-quarter and down 6.24% year-on-year [1] Revenue and Profitability - The company's self-produced coal sales price decreased, leading to a decline in gross margin. For the first three quarters of 2025, the coal production was 250.9 million tons, a slight decrease of 0.4% year-on-year, with sales volume at 248.7 million tons, down 1.3% year-on-year, and an average selling price of 470 RMB/ton, down 10.6% year-on-year [2] - The gross profit per ton was 187 RMB, a decline of 17.1% year-on-year, resulting in a gross margin of 39.7%, down 3.1 percentage points year-on-year [2] Power Generation and Sales - Power generation and sales volumes both decreased year-on-year, with total power generation for the first three quarters at 162.87 billion kWh, down 5.4%, and total sales at 153.09 billion kWh, down 5.5% [3] - The average selling price for electricity was 382 RMB/MWh, a year-on-year decrease of 4.50% [3] Cost Management - Management expenses increased while total expenses slightly decreased. Total expenses for the first three quarters were 9.49 billion RMB, down 2.87% year-on-year, with management expenses rising by 2.46% to 7.50 billion RMB [3] Dividend Policy - The company has a shareholder return plan for 2025-2027, committing to a cash dividend of no less than 65% of the annual net profit attributable to shareholders, with a proposed mid-year dividend of 19.47 billion RMB for 2025 [4] - Assuming a maintained dividend payout ratio of 79% for 2025, the expected dividend yield is 5.0% based on the closing price on October 27 [4] Earnings Forecast - Due to rising coal prices, the company adjusted its profit forecast for 2025-2027, estimating net profits of 53.18 billion, 57.66 billion, and 59.36 billion RMB respectively, with corresponding EPS of 2.68, 2.90, and 2.99 RMB [4]