Group 1 - The core viewpoint of the report is that Minsheng Securities recommends a buy rating for Hengyuan Coal Power (600971.SH) based on several factors [2] Group 2 - In Q2 2025, the company experienced a loss compared to the previous quarter, with a significant increase in expense ratios [2] - The gross profit margin of the coal business has declined, although there was a quarter-on-quarter increase in the production and sales of commodity coal in Q2 2025 [2] - Coking coal prices have rebounded, suggesting that the company's performance may improve in the second half of the year [2] - In the first half of 2025, the net profit attributable to the power business increased year-on-year, aided by the divestment of loss-making power assets [2]