hbky(SH:600985) Xin Lang Cai Jing·2025-10-31 06:37Core Viewpoint - The company reported a significant decline in revenue and net profit for Q3 2025, primarily due to decreased coal production and prices, as well as reduced trading activities [1][2]. Financial Performance - Total revenue for Q3 2025 was 11.243 billion yuan, a year-on-year decrease of 42.26% and a quarter-on-quarter increase of 11.50% [1]. - Net profit attributable to the parent company was 38.7216 million yuan, down 96.78% year-on-year and down 88.61% quarter-on-quarter [1]. Production and Sales - Coal production and sales in Q3 2025 were 4.13 million tons and 3.34 million tons, respectively, representing a year-on-year decrease of 22.8% and 13.2%, and a quarter-on-quarter decrease of 10.2% and 4.8% [2]. - The average selling price of coal was 743 yuan per ton, down 29.4% year-on-year and down 0.6% quarter-on-quarter [2]. - The cost of coal was 446 yuan per ton, down 17.5% year-on-year and up 4.8% quarter-on-quarter, resulting in a gross profit of 297 yuan per ton, down 41.9% year-on-year and down 7.7% quarter-on-quarter [2]. Chemical Production - Methanol production and sales in Q3 2025 were 20.8 thousand tons and 9.6 thousand tons, respectively, showing a year-on-year increase of 64.4% and 141.1%, and a quarter-on-quarter increase of 11.0% and 33.2% [3]. - Ethanol production and sales were 15.2 thousand tons and 14.4 thousand tons, respectively, with a quarter-on-quarter increase of 14.0% and 12.0% [4]. Future Outlook - The company anticipates a marginal recovery in performance for Q4 2025, supported by rising coal prices [4]. - The company has closed the Zhuzhuang coal mine due to resource depletion, which is not expected to significantly impact overall performance [5]. - The company is advancing its coal and electricity projects, including the construction of the Tao Hutu mine and a significant power generation project [5]. Non-Coal Business Development - The company is focusing on expanding its chemical industry, with successful production of carbonate and ethylamine [6]. - In the renewable energy sector, the company generated 104 million kWh from solar power and 102 million kWh from gas [6]. - The company has also initiated mining projects in other regions, securing limestone resources [6].