证券研究报告 | 半年报点评 gszqdatemark 2025 08 28 年 月 日 山西焦煤（000983.SZ） 资源禀赋优势依旧，半年度分红回馈市场 公司发布 2025 年半年度 业绩公告。2025H1 公司营业收 入 180.53 亿元，同比减少 16.3%；归母净利润 10.14 亿 元，同比减少 48.44%；25Q2 公司营业收入 90.28 亿元， 同比减少 18.06%；归母净利润 3.33 亿元，同比减少 67.26%。 25H1 公司煤炭业务收入 103.9 亿元，同比-13.48%； 煤炭业务成本 54.5 亿元，同比-0.82%。电力业务毛利 恢复，25H1 公司电力业务收入 31.5 亿元，同比- 5.24%，电力业务成本 28.8 亿元，同比-12.6%，毛利 率同比+7.66%。 煤炭资源禀赋优势突出。截至 2024 年末，公司共拥有 17 座矿井，其中：在产矿井 16 座，在建矿井 1 座；煤炭资 源储量 65.30 亿吨。此外，公司于 2024 年 10 月 23 日通 过公开竞买的方式获取了山西省吕梁市兴县区块煤炭及 共伴生铝土矿探矿权，煤炭资源储量 9.53 亿吨， ...

Core Viewpoint - Daqing Huake announced a semi-annual distribution plan for 2025, proposing a cash dividend of 0.15 yuan per share, totaling approximately 1.94 million yuan, which represents 21.45% of the company's net profit [1][2][3] Company Summary - The company reported a revenue of 959 million yuan for the first half of 2025, a year-on-year decrease of 0.85%, while net profit reached 9.06 million yuan, an increase of 12.99% [1] - The basic earnings per share (EPS) for the company is 0.0699 yuan [1] Dividend History - This distribution marks the 21st cash dividend since the company's listing, with the following historical distribution details: - 2025.06.30: 0.15 yuan per share, total cash of 0.02 billion yuan, dividend yield of 0.08% - 2024.12.31: 0.50 yuan per share, total cash of 0.06 billion yuan, dividend yield of 0.32% - 2023.12.31: 0.18 yuan per share, total cash of 0.02 billion yuan, dividend yield of 0.11% - 2022.12.31: 0.48 yuan per share, total cash of 0.06 billion yuan, dividend yield of 0.27% - 2021.12.31: 0.46 yuan per share, total cash of 0.06 billion yuan, dividend yield of 0.37% [1] Industry Context - In the oil and petrochemical sector, four companies have announced their semi-annual distribution plans for 2025, with China Petroleum & Chemical Corporation (Sinopec) leading with a cash distribution of 10.67 billion yuan, followed by Hengli Petrochemical and China National Petroleum Engineering with distributions of 563.12 million yuan and 72.58 million yuan, respectively [2][3]

Core Viewpoint - The company reported a slight decline in revenue for the first half of 2025, but managed to achieve a modest increase in net profit, indicating resilience in a challenging market environment [4][5]. Financial Performance - In H1 2025, the company achieved operating revenue of 54.715 billion yuan, a year-on-year decrease of 4.02%, while net profit attributable to shareholders was 2.798 billion yuan, an increase of 2.67% [4]. - For Q2 2025, the company reported operating revenue of 27.875 billion yuan, a year-on-year decrease of 2.45%, but a quarter-on-quarter increase of 3.86% [4]. - The net profit for Q2 was 1.414 billion yuan, reflecting a year-on-year increase of 3.58% and a quarter-on-quarter increase of 2.21% [4]. Sales and Pricing - The company sold 9.8226 million tons of steel in H1 2025, a year-on-year increase of 3.23%, with exports remaining stable at 1.1216 million tons [5]. - The average selling price of steel products in H1 2025 was 5,570 yuan per ton, a decrease of 7.02% year-on-year, while the gross profit per ton increased by 8.56% to 800 yuan [6]. Product Demand and Structure Adjustment - The company actively seized opportunities in industries with strong demand, such as wind power, oil and gas, hydrogen energy, and new energy vehicles, adjusting its product structure accordingly [8]. - Sales of automotive steel rods and wires remained stable at 2.85 million tons, while sales of wind power billets increased by 2.6% to 1.592 million tons [8]. International Expansion - The company has made progress in its international projects, with plans to accelerate overseas project implementation in the second half of 2025 [9]. Shareholder Returns - The company plans to implement semi-annual dividends to enhance shareholder returns, with a total cash dividend of 1.009 billion yuan in H1 2025, representing a payout ratio of 36.07% [10].