Core Viewpoint - Meijin Energy plans to issue H-shares and list on the Hong Kong Stock Exchange, aiming to enhance its global strategy and international competitiveness [2][3] Company Overview - Meijin Energy, founded in 1981, is one of China's largest independent producers of coking coal and has a complete industrial chain from coal to coke to gas [3] - The company has been listed since 2007 and underwent significant asset restructuring in 2015 [3] Financial Performance - In the first half of 2025, Meijin Energy reported revenue of 8.245 billion yuan, a year-on-year decline of 6.46%, and a net loss of 674 million yuan, marking a 1.29% increase in losses compared to the previous year [4] - The company experienced its first loss since 2016 in 2024, with a net loss of 1.33 billion yuan [4] - The decline in performance is attributed to structural imbalances between the prices and costs of coal and coke, leading to a significant reduction in gross profit margins [4][7] Coal Business Performance - The coal market has seen a continuous price decline in the first half of 2025, impacting Meijin Energy's revenue [5][6] - The average price of coal and coke has decreased, with the price of Shanxi premium dry coke falling by 27.3% since January 2025 [6] - Despite an increase in production volume, the revenue from coal business was 8.035 billion yuan, down 2.69% year-on-year, indicating a "volume increase but price drop" scenario [6][7] Hydrogen Energy Business - Meijin Energy has been developing its hydrogen energy business since 2017, leveraging synergies with its traditional coking industry [9] - The company has established a circular economy model integrating coking and hydrogen energy, with ongoing projects to enhance hydrogen production capacity [9][10] - However, the hydrogen energy segment reported a revenue of 210 million yuan in the first half of 2025, down 62.25% year-on-year, with a negative gross margin of -15.85% [11]