Xin Lang Cai Jing·2025-11-19 14:06Core Insights - The coal industry in China is experiencing a recovery in profitability despite a year-on-year decline in coal prices and corporate earnings [2][3][4]. Group 1: Industry Performance - The total electricity generation from coal-fired power plants in Q3 reached 1.76 trillion kWh, a year-on-year increase of 1% [2]. - Coal production and sales for 23 listed companies in the first three quarters were 940 million tons and 1.11 billion tons, respectively, with a slight quarter-on-quarter increase in Q3 [3]. - The average price of thermal coal at Huanghua Port rose from 641.7 yuan/ton to 679 yuan/ton, while the price of coking coal at Jingtang Port increased from 1315.3 yuan/ton to 1566.7 yuan/ton [2]. Group 2: Company Performance - The total profit for the coal industry in Q3 reached 75.5 billion yuan, a quarter-on-quarter increase of 9.7% [2]. - Among 37 listed coal companies, the net profit for Q3 was 29.942 billion yuan, up 22.83% from the previous quarter [3]. - Leading companies like China Shenhua reported a Q3 net profit of 14.7 billion yuan, a quarter-on-quarter increase of 13%, driven by strong performance in the power sector [4]. Group 3: Market Outlook - As of November 12, the spot price for 5500 kcal coal in the Bohai Rim region reached 828 yuan/ton, exceeding the price at the beginning of the year [5]. - The coal market sentiment is currently high, with coastal power plant inventories down 5%-6% year-on-year due to slow replenishment during the off-season [5].