SCIE(SH:600546) Sou Hu Cai Jing·2025-11-03 12:28Core Insights - The coal industry in China is experiencing significant pressure, with major adjustments in prices for raw coal and coke, leading to a deep industry adjustment [1] - Shanxi Coal International has reported the largest decline in revenue growth among coal companies, with a 30.2% year-on-year decrease in total revenue for the first three quarters of the year [1] - The company's net profit also fell sharply by 49.74%, marking a continuous decline in both revenue and profit for three consecutive years [1] Financial Performance - For the first three quarters of the year, Shanxi Coal International achieved total revenue of 15.332 billion yuan and a net profit of 1.046 billion yuan [1] - The company's gross profit margin decreased to 34.71%, while the net profit margin fell to 10.38%, both reaching four-year lows [1] - The diluted return on equity (ROE) dropped to 6.64%, a decline of 6.5 percentage points compared to the same period last year [1] Cash Flow Situation - The net cash flow from operating activities for the first three quarters was 2.219 billion yuan, marking a 38.22% decrease year-on-year [2] - The cash balance at the end of the third quarter was 5.98 billion yuan, down 35.53% from the previous year, both figures being the lowest in nearly five years [2] ESG Performance - Shanxi Coal International has a low ESG (Environmental, Social, and Governance) score, ranking third from the bottom among state-owned enterprises in Shanxi province [4] - The company has the lowest ESG score in the environmental dimension among coal companies listed in the A-share market with a market capitalization of over 10 billion yuan [4] - The company's poor performance in ESG may indicate a limited understanding of the strategic value of ESG initiatives, potentially leading to a disconnect with national policy directions and market expectations [4]