2025年预亏12亿元，陕西黑猫年末甩卖资产“补血”

Core Viewpoint - Shaanxi Black Cat is expected to continue incurring losses in 2025, with a projected net profit attributable to shareholders ranging from -1.19 billion to -1.09 billion yuan, reflecting a year-on-year decline of 2.73% to 5.90% [1][7]. Company Performance - In the first half of 2025, Shaanxi Black Cat reported total operating revenue of 5.234 billion yuan, a decrease of 32.46% year-on-year, and a net loss of 462 million yuan [5]. - By the third quarter, the company faced continued operational pressure, with quarterly revenue of 2.619 billion yuan, down 28.67% year-on-year, leading to a cumulative revenue of 7.852 billion yuan for the first three quarters, a decline of 31.24% [5]. - The third quarter alone saw a loss of 284 million yuan, an increase of 44.32% year-on-year, resulting in a total loss of 746 million yuan for the first three quarters [5]. Industry Context - The coking coal industry is under pressure due to rising upstream raw material prices and a sluggish downstream market, which is expected to persist into 2025 [3]. - Shaanxi Black Cat's performance is heavily influenced by the volatility of coking coal prices, which have declined, leading to reduced gross margins and losses in its main business [2][5]. Financial Management - Despite declining performance, the company has shown positive signals in cash flow management, with a net cash flow from operating activities turning positive at 53 million yuan in the first half of 2025, and a cumulative improvement of 174.58% year-on-year for the first three quarters [6]. - The improvement in cash flow is attributed to a reduction in expenses related to raw material purchases, although this has been accompanied by increased borrowing to maintain operations [6][8]. Strategic Adjustments - To address funding needs amid industry fluctuations, Shaanxi Black Cat has engaged in asset disposals, including a 600 million yuan capital increase to Xinjiang Black Cat Coal Industry and the transfer of production capacity to its subsidiary [9][10]. - The company plans to sell its 100% stake in Hongneng Coal Industry and related debts for a total of 1.137 billion yuan, which is expected to enhance cash flow and alleviate debt burdens [11][13]. - The asset sales are part of a strategic shift to focus resources on key production bases in Shaanxi, Inner Mongolia, and Xinjiang, despite concerns about the long-term viability of its core business amid ongoing losses [12][13].