Core Viewpoint - The company has received approval from the Shanghai Stock Exchange for a significant asset acquisition involving the purchase of an 89.30% stake in Huaihe Energy Power Group from its controlling shareholder, Huainan Mining Group, for a total price of 11.694 billion yuan [2][3] Group 1: Transaction Details - The transaction price for the acquisition is set at 11.694 billion yuan, with a share issuance price of 3.03 yuan per share, resulting in the issuance of 3.281 billion shares, which will account for 45.77% of the total share capital post-issuance [2] - The company's stock closed at 3.84 yuan per share on November 5, prior to the announcement [2] Group 2: Business Operations - The target company primarily engages in thermal power generation and renewable energy generation, supported by a coal mine, leveraging the abundant coal resources in the Huainan mining area to establish a coal-electricity integrated operation model [2] - The operational model includes a competitive advantage in coal procurement, transportation, and storage, enhancing operational efficiency and profitability of the power generation units [2] Group 3: Strategic Implications - The transaction aims to inject high-quality assets into Huaihe Energy, facilitating the creation of a focused energy platform, enhancing the company's core business, and achieving operational synergies [3] - Post-transaction, the company's total share capital will increase to 7.167 billion shares, with Huainan Mining and its concerted parties holding an 80.08% stake, maintaining Huainan Mining as the controlling shareholder [3]

Core Viewpoint - First Shanghai maintains a "buy" rating for China Shenhua (601088) and projects net profit for the parent company to be 58.8 billion, 58.7 billion, and 58.9 billion yuan for 2025-2027, with a target price of 47.7 HKD. The company's Q3 performance significantly outperformed the industry average, highlighting its leading position and competitive advantages. The completion of asset injections is expected to greatly enhance the company's business scale and strengthen its "coal-electricity integration" model, improving overall synergy and risk resistance, thus opening new avenues for long-term valuation enhancement [1]. Group 1 - The overall performance met expectations, showing positive signals of improvement. Due to the oversupply in the coal industry, the company's revenue for the first three quarters was 213.15 billion yuan, a year-on-year decrease of 16.6%, and net profit was 41.37 billion yuan, down 13.8% year-on-year. In Q3 alone, revenue was 75.04 billion yuan, down 13.1% year-on-year, and net profit was 14.66 billion yuan, down 11.8% year-on-year, but showed a quarter-on-quarter improvement, indicating that profitability may have bottomed out and begun to recover [2]. Group 2 - The coal sector faced a decline in both volume and price, but the company's cost control demonstrated its strength. Coal sales volume for the first three quarters was 316.5 million tons, a year-on-year decrease of 8.4%. In Q3, the production volume was 86 million tons, and sales volume was 112 million tons, indicating some destocking or coal trade activities. The dual pressure of slowing demand and price corrections in the domestic coal market in 2025 directly led to a decline in coal sales revenue. However, the company maintained a unit production cost of 164.4 yuan per ton, down 3.1% year-on-year, showcasing its refined management and internal efficiency, which are key sources of profitability resilience [3]. Group 3 - The electricity and other non-coal sectors showed counter-cyclical growth, demonstrating significant integrated synergy effects. The electricity business benefited from a 7.8% year-on-year decrease in fuel costs due to falling coal prices, leading to a notable improvement in profitability, with gross margin rising by 3.2 percentage points year-on-year. This exemplifies the internal hedging mechanism of the integrated model, where falling coal prices negatively impact coal sales profits but enhance the gross margin of the power generation business. The transportation business (railway and port) and coal chemical business also maintained stable or improved profitability, contributing steady profits and cash flow to the company [4].

Group 1: Operational Performance - In Q3 2025, the company achieved a power generation of 15.225 billion kWh, a 56.36% increase compared to the previous quarter [1][2] - From January to September 2025, the total power generation was 37.147 billion kWh, a year-on-year decrease of 5.91% [2] - Coal production for the same period reached 15.7241 million tons, a year-on-year increase of 10.46% [2] - The company reported a total revenue of 16.359 billion yuan, a year-on-year decrease of 2.83% [2] - Net profit attributable to shareholders was 2.417 billion yuan, a year-on-year decrease of 3.23% [2] Group 2: Pricing and Market Strategy - The benchmark electricity price for thermal power in Shaanxi Province for 2025 is set at 354.5 yuan per MWh [3] - The company is actively optimizing coal procurement and sales strategies to enhance market responsiveness and increase coal sales [5] Group 3: Project Updates - The Zhao Shipan coal mine is expected to enter joint trial operation by the end of August 2025, requiring approximately 6 months for testing [4] - Several projects, including the Xinfeng Power Plant Phase II and Yan'an Thermal Power Phase II, are on track for completion by the end of 2026 [4] - The company is in the process of handling preliminary procedures for the Qianyangshan and Zhangba coal mines [4] Group 4: Stock Stability and Growth - The stability and growth of the stock price are influenced by various factors, including the company's integrated coal and electricity strategy and participation in market transactions [5] - The company is committed to enhancing internal management and implementing effective quality improvement measures [5] Group 5: Future Plans - The listing of the Xiaohatu coal mine is contingent upon meeting construction conditions, with ongoing efforts to complete preliminary procedures [6]

Summary of Shaanxi Coal Industry Conference Call Company Overview - **Company**: Shaanxi Coal Industry - **Industry**: Coal Mining and Power Generation Key Points Production and Sales - In Q3 2025, Shaanxi Coal's production is expected to remain high at approximately 43 million tons, maintaining over 14 million tons per month [2][3] - The company is balancing production and sales, with stable coal sales channels [2][3] - Q3 sales volume decreased slightly year-on-year due to settlement timing issues [3] Cost and Pricing - The total cost in Q3 was 280 RMB/ton, consistent with the first half of the year [2][3][8] - Costs are projected to rise slightly in Q4 due to project settlements, but remain manageable [2][3] - Coal prices have increased since the end of June, reaching 428 RMB/ton in September, with a slight increase expected in October [2][3] - Most mining areas are close to the long-term contract price ceiling of 520 RMB/ton, with discounts from the second quarter being phased out [2][3][5][6] Profitability - Non-recurring gains contributed approximately 1.3 billion RMB to profits, mainly from stock sales and asset management plan returns [2][3] - Monthly net profit, excluding non-recurring items, stabilized around 1.5 billion RMB [2][3] Power Generation Segment - The power generation segment contributed about 900 million RMB to net profit in the first nine months, expected to exceed 1.2 billion RMB for the full year [2][3] - The company plans to increase installed power capacity to 8.3 million kilowatts and develop multiple thermal power projects [2][3][14] Regulatory Environment - The national policy remains cautious regarding long-term coal supply, with new capacity applications in Shaanxi halted since March 2023 to prevent oversupply [2][15][16] - The government is implementing measures to control excessive production and ensure safety, impacting private mines more than state-owned enterprises [11][12] Future Strategy - Shaanxi Coal is focusing on coal and power integration, gradually exiting asset management plans to concentrate on core business [2][13] - The company plans significant capital expenditure of around 10 billion RMB for power plant construction, with projects expected to complete between late 2026 and mid-2027 [17] Market Outlook - Future coal price trends are uncertain, but a return to rational pricing is anticipated following significant losses in the industry [7] - The company is cautious about external resource purchases, preferring to utilize its own resources due to cost advantages [18] Tax and Cost Implications - An increase in coal prices will lead to higher related taxes, with an estimated increase of about 14 RMB per ton for every 100 RMB rise in coal price [19] - Labor costs do not directly correlate with coal price changes, as hiring decisions depend on overall business conditions [20]

Summary of Shaanxi Energy Conference Call Company Overview - **Company**: Shaanxi Energy - **Period**: First three quarters of 2025 Key Financial Performance - **Revenue**: 16.359 billion CNY, down 2.83% year-on-year [2][4] - **Total Profit**: 4.422 billion CNY, down 2.79% year-on-year [2][4] - **Net Profit Attributable to Shareholders**: 2.417 billion CNY, down 3.23% year-on-year [2][4] - **Average On-grid Electricity Price**: - In Shaanxi: 0.368 CNY/kWh [4] - Outside Shaanxi (e.g., 6,337: 0.324 CNY/kWh, Zhao Can: 0.344 CNY/kWh, Xinjiang: 0.258 CNY/kWh) [2][4] Operational Highlights - **Cost Control Measures**: Implemented cost reduction and efficiency improvement strategies to counteract declines in electricity volume, price, and coal prices [2][3] - **Coal Production**: - Zhao Shipan coal mine contributed 30% of the coal production increase in Q3 [3][6] - Overall coal prices decreased by approximately 100-150 CNY per ton year-on-year [3][9] - Average price for Liangshui Coal Mine: 404 CNY/ton, down 19.6% year-on-year [9] - Average price for Yuanshigou: 440.79 CNY/ton, down 18.06% year-on-year [9] Future Projections - **Electricity Price Forecast for 2026**: Expected to decrease by 1 to 2 cents due to increased renewable energy installations, which will reduce the utilization hours of thermal power units to around 3,000 hours [5] - **Coal Mine Production**: Zhao Shipan coal mine is expected to officially start production by the end of March 2026, with positive profit contributions anticipated [6] Strategic Developments - **New Projects**: Ongoing construction of several power plants, with expected completion dates in 2026 [9][16] - **External Sales**: Increased external coal sales, with a focus on maintaining favorable pricing conditions despite slight price declines in Hubei [7][11] Financial Management - **Financial Costs**: Reduced financial costs to below 3%, with a target of below 2.3% for 2025 [3][13] - **Capital Expenditure**: Expected annual capital expenditure of 5-6 billion CNY, with adjustments based on project needs [14] Regulatory and Market Environment - **Coal Industry Regulations**: Strict regulations and sufficient overall capacity are expected to keep coal prices stable without significant fluctuations [10] - **Environmental Tax Impact**: Minimal impact from the environmental tax, with additional costs estimated at a few million CNY annually [20] Conclusion - **Market Adaptation**: Shaanxi Energy aims to adapt to market changes by optimizing its operational structure and maintaining a balance between capital expenditure and shareholder returns [22]

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨新集能源（601918.SH） [Table_Title] 新集能源：Q3 煤电盈利环比均改善，展望 2026 年价值成长 报告要点 [Table_Summary] 公司发布 2025 年三季报：2025Q1-Q3 实现归母净利润 14.77 亿元，同比减少 3.5 亿元（-19%）； 2025Q3 实现归母净利润 5.56 亿元，同比减少 0.9 亿元（-14%），环比+1.7 亿元（+43%）。整 体而言，公司 2025Q3 煤电盈利环比均改善，2026 年展望投产带来的价值成长。 分析师及联系人 [Table_Author] 肖勇 赵超 叶如祯 庄越 韦思宇 SAC：S0490516080003 SAC：S0490519030001 SAC：S0490517070008 SAC：S0490522090003 SAC：S0490524120007 SFC：BUT918 SFC：BUY139 %% %% research.95579.com 1 请阅读最后评级说明和重要声明 %% %% [Table_scodeMsg2] 新集能源（6 ...

Investment Rating - The investment rating for Shaanxi Coal and Chemical Industry Co., Ltd. is "Buy" [1] Core Views - The report highlights that the coal production and sales have shown steady growth, with a notable cost control, indicating resilience in the main business operations [3] - The power business is operating steadily with significant growth potential in the future, supported by a substantial installed capacity of coal-fired power generation [3] - Investment income has bolstered the third-quarter performance, focusing on enhancing profitability stability through the exit from investment businesses [3] - The coal main business is operating steadily with abundant high-quality capacity reserves for future development [3] - The report predicts that the coal industry will continue to exhibit inelastic supply and elastic demand over the next 3-5 years, with domestic thermal coal prices expected to remain at a mid-to-high level [3] Financial Summary - For the first three quarters of 2025, the company achieved operating revenue of 1180.83 billion yuan, a year-on-year decrease of 12.81%, and a net profit attributable to shareholders of the parent company of 12.713 billion yuan, down 27.22% [1] - In Q3 2025, the company reported operating revenue of 40.1 billion yuan, a year-on-year decline of 1.45%, and a net profit attributable to shareholders of 5.075 billion yuan, down 5.80% [2] - The company’s coal production for the first three quarters of 2025 reached 130.37 million tons, an increase of 2.03% year-on-year, while coal sales were 189.20 million tons, up 0.4% [3] - The average coal selling price was 540 yuan/ton, down 13.04% year-on-year, while the sales cost was 376 yuan/ton, down 5.44% [3] - The forecast for net profit attributable to shareholders for 2025-2027 is 17.4 billion, 18.8 billion, and 19.3 billion yuan respectively, with EPS projected at 1.79, 1.94, and 1.99 yuan per share [3][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is impacted by the coal sector, while the injection of wind power assets is expected to support profit growth [1] - The company reported a total revenue of 15.052 billion yuan for the first three quarters of 2025, a year-on-year decrease of 9.23%, and a net profit attributable to shareholders of 2.208 billion yuan, down 10.60% year-on-year, which aligns with expectations [6] - The company is optimistic about the profitability of the wind power assets being injected, committing to a minimum net profit contribution of 800 million yuan from these assets over three years [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 19.908 billion yuan, with a year-on-year decline of 10.7% [5] - Net profit attributable to shareholders for 2025 is projected at 2.348 billion yuan, reflecting a slight increase of 1.0% year-on-year [5] - Earnings per share for 2025 is estimated at 0.36 yuan, with a projected price-to-earnings ratio of 12 [5] - The company’s coal production for the first three quarters of 2025 was 10.459 million tons, a decrease of 0.92% year-on-year, while coal sales averaged 304.10 yuan per ton, down 26.42% year-on-year [6]

Investment Rating - The report maintains a "Buy" rating for Shaanxi Coal and Chemical Industry Co., Ltd. (601225 CH) with a target price of RMB 33.11 [6][4]. Core Views - The company reported a Q3 revenue of RMB 40.1 billion, down 10.01% year-on-year but up 6.03% quarter-on-quarter. The net profit attributable to shareholders was RMB 5.075 billion, down 20.34% year-on-year but up 79.08% quarter-on-quarter. The overall performance improvement in Q3 is attributed to the recovery in coal prices and the gradual elimination of the impact from deferred income tax related to the exit from the Zhuque New Materials Asset Management Plan [1][4]. - The company is expected to benefit from stable coal prices and a favorable interest rate environment, enhancing its dividend value as a leading thermal coal player with a high dividend payout ratio [1][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of RMB 118.083 billion, down 12.81% year-on-year, and a net profit of RMB 12.713 billion, down 27.22% year-on-year. The non-recurring net profit was RMB 11.494 billion, down 29.70% year-on-year [1][4]. - The coal production and sales for the first nine months of 2025 were 130.37 million tons and 189.20 million tons, respectively, showing a year-on-year increase of 2.03% and 0.40% [2][4]. Market Outlook - The report suggests that the thermal coal market may maintain a tight supply-demand balance, with coal prices expected to stabilize in the range of RMB 700-750 per ton [3][4]. - The company is likely to benefit from high electricity prices in Shaanxi, supporting long-term coal contract prices, while the power segment acts as a stabilizer for coal consumption and contributes to stable cash flow [2][4]. Profit Forecast and Valuation - The net profit forecasts for 2025-2027 have been adjusted downwards by 11%, 1%, and 0%, respectively, to RMB 18.885 billion, RMB 21.773 billion, and RMB 22.091 billion, with corresponding EPS of RMB 1.95, RMB 2.25, and RMB 2.28 [4][10]. - The report assigns a 2025 PE valuation of 17 times, reflecting an increase from the previous valuation of 15 times, with a target price adjustment to RMB 33.11 [4][10].

Core Viewpoint - Xian Energy reported a net profit attributable to shareholders of 2.417 billion yuan for Q1-Q3 2025, a year-on-year decrease of 3.23%, while Q3 alone saw a net profit of 1.083 billion yuan, reflecting a year-on-year increase of 13.24% and a quarter-on-quarter increase of 71.81% [1] Group 1: Financial Performance - For Q1-Q3 2025, Xian Energy achieved a net profit of 2.417 billion yuan, down 3.23% year-on-year [1] - In Q3 2025, the company reported a net profit of 1.083 billion yuan, up 13.24% year-on-year and up 71.81% quarter-on-quarter [1] Group 2: Company Overview - Xian Energy, controlled by Shaanxi Investment Group, is a leading coal and electricity integrated operator in Northwest China, with high-quality coal asset reserves and strong cost control [1] - The company is expected to continue to see stable operations and high growth potential due to the anticipated ongoing development of coal and electricity production capacity [1] Group 3: Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 2.946 billion, 3.603 billion, and 3.993 billion yuan respectively [1] - Corresponding to the closing price on October 28, the price-to-earnings ratios are projected to be 11.88, 9.71, and 8.76 times for the years 2025, 2026, and 2027 [1] Group 4: Investment Rating - The company is viewed positively due to its coal and electricity integration strategy, which is expected to drive performance growth, maintaining a "buy" rating [1]