山西焦煤（000983.SZ）2025 年半年报点评 短期业绩承压，关注长久发展 2025 年 08 月 28 日 ➢ 事件：2025 年 8 月 27 日，公司披露半年报，公司上半年实现营业收入 180.53 亿元，同比下降 16.30%；归属于上市公司股东的净利润 10.14 亿元，同 比下降 48.44%。 ➢ 25Q2 业绩环比下降，期间费用环比增加。25Q2 公司实现营业收入 90.28 亿元，环比增长 0.02%，归母净利润 3.33 亿元，同比下降 67.26%，环比下降 51.15%。25Q2 公司期间费用合计为 15.25 亿元，同比增长 5.85%，环比增长 38.97%，期间费用率为 16.9%，同比增长 3.82 个百分点，环比增长 4.73 个百 分点。 ➢ 25H1 煤炭业务毛利率下滑，电力业务毛利率提升。25H1 公司总销售毛利 率为 30%，同比下降 1.22 个百分点。其中煤炭业务毛利率为 47.55%，同比下 降 6.69 个百分点；电力热力业务毛利率为 8.44%，同比增长 7.66 个百分点；焦 炭业务发生亏损，毛利率为-1.56%，同比下降 2.16 个百分点。 ➢ ...

Core Viewpoint - The potential return of Exxon Mobil to Russia's Sakhalin oil and gas projects indicates a significant shift in U.S.-Russia relations, contingent on the resolution of the Ukraine conflict and U.S. sanctions [1][3][5] Group 1: Exxon Mobil's Engagement with Russia - Exxon Mobil executives have held secret talks with Russia's state-owned energy company regarding the possibility of returning to the Sakhalin project, which they exited in 2022 due to the Ukraine conflict [1][2] - The Sakhalin project, initiated in 1995, is a major investment for Exxon, where it holds a 30% stake and leads operations alongside partners like Rosneft and SODECO [2][4] - The discussions have gained momentum following meetings between U.S. and Russian officials, with Exxon seeking support from the U.S. government for a potential return [3][4] Group 2: Implications for Russia and Exxon Mobil - For the Kremlin, attracting Exxon back would be a significant victory, as it seeks Western investment to stabilize its economy amid ongoing sanctions [3][5] - The return of Exxon could depend on favorable terms from Russia, including compensation for losses incurred during its exit, as well as the lifting of certain sanctions [4][5] - The energy landscape in Russia has changed, with European buyers reducing dependence on Russian oil, while India and China have increased their purchases, complicating Exxon's potential re-entry [5]

Investment consulting business qualification：CSRC License [2012] No.669 咨询业务资格：证监许可【2012】669 号 能源列国志：苏丹&南苏丹 桂晨曦 Gui Chenxi 从业资格号 Qualification No：F3023159 投资咨询号 Consulting No.：Z0013632 CITIC Futures International Service Platform：https://internationalservice.citicsf.com 摘要 Abstract 苏丹和南苏丹均位于非洲东北部，但苏丹位于红海西岸，南苏丹则系内陆国。19 世纪以前，南苏丹没 有成文历史，2011 年 7 月南苏丹成立。目前，苏丹正陷入与快速支援部队的武装冲突中，而南苏丹国内政 治斗争激烈，政治过渡期数度延长。 两国均属于世界上不发达的国家。其中，苏丹工业基础薄弱，农业是主要经济支柱。粮食作物主要有 高粱、谷子、玉米和小麦。经济作物主要有棉花、花生、芝麻和阿拉伯胶，大多数供出口。南苏丹则几乎没 有规模化工业生产，工业产品及日用品完全依 ...