点击蓝字关注我们 长江商报记者 沈右荣 总资产879亿元的淮北矿业（600985.SH）经营业绩下滑势头未遏制住。 8月26日晚，淮北矿业披露的2025年半年度业绩报告显示，上半年，公司实现的营业收入为206.82亿元，同比下降约45%；归母净利润10.32亿元，同比下 降约65%。 长江商报记者发现，淮北矿业业绩下滑始于2023年，历经连续2年下降，2025年上半年，营收、扣非净利再度双降。 淮北矿业表示，供给充足、需求不足的格局下，煤炭价格弱势震荡下行，公司生产经营相对平稳，管控效果逐步显现。 淮北矿业以煤炭开采、煤化工为主业，拥有煤种及煤质、上下游产业一体化等多种优势。 作为传统煤炭开采及煤化工企业，淮北矿业的现金流并非十分充足。2025年上半年，公司资产负债率48.11%，较年初有所上升，财务费用2.35亿元。 二级市场上，淮北矿业的表现缺乏亮点，2025年初至8月27日，公司股价在波动中略有下降。 Wind系统显示，2024年三季度以来，陆股通已经连续四个季度减仓淮北矿业。 中期营收、扣非三连降 淮北矿业的经营业绩再现下滑。 根据最新披露的半年报，2025年上半年，淮北矿业实现营业收入206.82亿 ...

2025 年 08 月 28 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 陈晨 S0350522110007 | | | | chenc09@ghzq.com.cn | | 联系人 | ： | 张益 S0350124100016 | | | | zhangy33@ghzq.com.cn | [Table_Title] 2025H1 成本管控较佳、未来优质项目逐步投产 将增厚公司业绩 ——淮北矿业（600985）2025 年半年报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/08/27 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 淮北矿业 | -4.7% | 10.0% | -0.4% | | 沪深 300 | 6.3% | 14.2% | 32.7% | | 市场数据 | | | 2025/08/27 | | 当前价格（元） | | | 12.65 | | 52 周价格区间（元） | | | 11.19-19.78 | | 总市值（百万） | ...

事件: 2025 年8 月26 日，淮北矿业发布2025 年中报：2025H1 公司实现营业收入206.12 亿元，同比-45%；归 母净利润10.32 亿元，同比-65%；加权平均净资产收益率2.4%，同比减少4.9pct。 环比看二季度，焦炭、甲醇量增价减，乙醇量价齐升。焦炭方面，2025Q2 焦炭产量97 万吨，环比 +30%；焦炭销量98 万吨，环比+40%；焦炭单位价格（不含税，下同）1361 元/吨，环比-9%。甲醇方 面，甲醇产量19 万吨，环比+58%；甲醇销量7 万吨（不含内部销售），环比+68%；甲醇单位价格2070 元/吨，环比-7%。乙醇方面，乙醇实现产量13 万吨，环比+39%，销量13 万吨，环比+41%，单位售价 4979 元/吨，环比+4%。 盈利预测与估值：我们预计公司2025-2027 年实现营业收入分别为627/672/700 亿元，同 比-5%/+7%/+4%，归母净利润分别为30 /37/41 亿元，同比-39%/+23%/+11%；EPS 分别为1.10/1.36/1.51 元，对应当前股价PE 为11/9/8 倍。考虑到公司长协定价为主，煤炭业务经营有望稳健向好， ...

我们预期Q3 业绩环比改善。由于"反内卷"情绪催化+下游钢厂补库，焦煤自6 月底部反弹，8 月触发现 货熔断、向上调整130 元，当前主焦煤长协价为1,460 元/吨。往前看，我们判断焦煤价格反弹企稳，预 计三季度业绩环比修复，后续四季度焦煤价格主要看铁水需求表现。 全年产量预期下调，关注2026 年信湖复产及陶忽图投产进度。由于信湖矿恢复生产节奏略低于预期， 我们认为全年产销量（均含内销）低于1,900 万吨，同比下滑100 万吨以上。展望2026 年，我们认为若 信湖复产爬坡、叠加陶忽图投产，全年产销量有望上升至2,400 万吨以上，助力业绩增长。 2Q25 业绩低于我们及市场预期 公司公布1H25 业绩：营业收入206.12 亿元，同比-44.64%，归母净利润10.32 亿元，同比-64.85%； 2Q25 收入100.83 亿元，归母净利润3.4 亿元，同比-74.73%、环比-50.8%，2Q 业绩低于我们及市场预 期，主要系6月焦煤价格跌幅超预期。点评：1、煤炭业务：产销量：上半年商品煤产量、销量（不含内 销，下同）为891/648 万吨，分别同比-14%/-19%，主要系上半年部分矿井受地质条 ...

总资产879亿元的淮北矿业（600985）（600985.SH）经营业绩下滑势头未遏制住。 淮北矿业的经营业绩再现下滑。 根据最新披露的半年报，2025年上半年，淮北矿业实现营业收入206.82亿元，同比下降44.58%；归母净 利润10.32亿元，同比下降64.85%；扣非净利润为9.73亿元，同比下降66.29%。 分季度看，2025年一、二季度，公司实现的营业收入分别为105.99亿元、100.83亿元，同比下降 38.95%、49.47%；归母净利润分别为6.92亿元、3.40亿元，同比下降56.50%、74.72%；扣非净利润分别 为6.74亿元、3亿元，同比下降56.96%、77.33%。二季度的业绩同比降幅明显高于一季度，且环比一季 度也有明显下降。 8月26日晚，淮北矿业披露的2025年半年度业绩报告显示，上半年，公司实现的营业收入为206.82亿 元，同比下降约45%；归母净利润10.32亿元，同比下降约65%。 长江商报记者发现，淮北矿业业绩下滑始于2023年，历经连续2年下降，2025年上半年，营收、扣非净 利再度双降。 淮北矿业表示，供给充足、需求不足的格局下，煤炭价格弱势震荡下行，公 ...

REX American Resources (REX) Q2 2026 Earnings Call August 27, 2025 11:00 AM ET Company ParticipantsDouglas Bruggeman - VP - Finance, CFO & TreasurerStuart Rose - Executive Chairman & Head of Corporate DevelopmentZafar Rizvi - CEO, President & DirectorJarrod Edelen - Portfolio ManagerConference Call ParticipantsPeter Gastreich - MD - Energy & Sustainability AnalystOperatorGreetings, and welcome to REX American Resource Corporation Second Quarter twenty twenty five Earnings Conference Call. At this time, all ...

Financial Data and Key Metrics Changes - Ethanol sales volumes increased to 70.6 million gallons in Q2 2025 from 65.1 million gallons in Q2 2024, while the average selling price decreased to $1.75 per gallon from $1.79 [12] - Gross profit for Q2 2025 was $14.3 million, down from $19.8 million in Q2 2024, primarily due to lower sales prices for dry distiller grains and higher shipping costs [13] - Net income attributable to REX shareholders was $7.1 million or $0.43 per diluted share, compared to $12.4 million or $0.70 per diluted share in Q2 2024 [14] Business Line Data and Key Metrics Changes - Dry distiller grain sales volumes were approximately 148,000 tons with an average selling price of $143.63 per ton, down from 133,000 tons at $164.45 per ton in the prior year [12] - Modified distillers grain volumes totaled approximately 19,000 tons at an average selling price of $64.41 per ton [12] - Foreign oil sales volumes increased by approximately 14% with a 26% increase in prices, leading to a 46% increase in sales dollars [13] Market Data and Key Metrics Changes - The U.S. corn crop is on track for a potential record harvest, which is expected to benefit REX [17] - Ethanol exports are running about 10% ahead of 2024 levels, with expectations for 2025 to set a new export record [16][17] Company Strategy and Development Direction - REX's strategy is guided by profit, position, and policy, focusing on sustainable long-term organic growth through ethanol expansion and carbon capture initiatives [15] - The company is positioned to maximize benefits from the 45Q and 45Z tax credits, enhancing the economics of operations and future earning potential [15][16] Management's Comments on Operating Environment and Future Outlook - Management anticipates better performance in Q3 2025 compared to Q2 2025, supported by favorable corn supply trends and steady demand, particularly from rising ethanol exports [16][17] - The company remains confident in its core business outlook and is committed to executing its growth strategy while delivering long-term value to shareholders [17] Other Important Information - REX announced a two-for-one stock split to reward shareholders and increase liquidity, effective for shareholders of record as of September 8, 2025 [5][6] - The company has invested approximately $126.7 million in carbon capture and ethanol expansion projects, remaining within a combined budget range of $220 million to $230 million [11] Q&A Session Summary Question: Can you discuss the event held at the One Earth facility and its implications for local support? - The event was well attended by local officials and shareholders, enhancing community relations and support for growth projects [20][21] Question: Was the issue with the interconnection from the local utility resolved? - Yes, the issue has been resolved, allowing for direct utility access [22] Question: What is the outlook for co-products and ethanol margins? - The third quarter is expected to be better than the second quarter, with strong corn oil production but weaker DDG prices relative to corn [24][27] Question: What is the status of the CI score and potential credits without a carbon pipeline? - The CI score has not been publicly discussed due to unclear guidelines, but the removal of Smart Farming from calculations may help improve the score [31][32] Question: If the Class six well is approved, will construction begin soon after the Illinois moratorium expires? - The goal is to begin construction soon after receiving all necessary permits [33][34] Question: What is the expected build time for the pipeline once approvals are received? - The pipeline construction is expected to take a couple of months once permissions are granted [35]

淮北矿业 20250827 摘要 华北矿业 2025 年上半年营收 206 亿元，同比减少 166 亿元；归母净利 润 10.32 亿元，同比减少 19 亿元，受煤炭和焦炭市场双重压力影响， 但内部挖潜取得一定成效。 煤炭板块上半年收入 54 亿元，同比减少 38 亿元，主要因销量和价格双 降。商品煤均价 835 元/吨，同比降 309 元/吨；焦煤均价 1,820 元/吨， 同比降 553 元/吨，对净利润影响约 20 亿元。 煤化工板块上半年营收 43 亿元，同比减少 5 亿元。焦炭价格下降导致 收入减少近 11 亿元，乙醇销量增加但价格下降，增收约 7 亿元。煤化 工板块亏损 2.67 亿元，同比减亏 2.89 亿，价格上涨有望盈亏平衡。 电力板块发电量同比减少，受新能源调度和环保影响，但综合上网电价 基本持平。电力板块营收 9.57 亿，实现利润 7,300 万元。 非煤矿山业务营收 6.95 亿，同比增长 3,000 万；利润 1.5 亿，同比增 长 2,600 万，砂石骨料业务是增长亮点。 焦煤长协定价机制为季度定价，随市场波动调整。二季度长协价约为 1,700 多元/吨，三季度为 1,330 元 ...

Core Viewpoint - Xinjiang Tianye Co., Ltd. has released its key operational data for the second quarter of 2025, highlighting production, sales, and revenue figures across its main products, along with price changes and raw material costs [1][2]. Group 1: Production, Sales, and Revenue - The company reported the following production and sales figures for its main products in Q2 2025: - Electricity: Production of 19.18 billion kWh, sales of 0.08 billion kWh, revenue of 316.21 million CNY - Special PVC Resin: Production of 2.79 million tons, sales of 2.83 million tons, revenue of 16,235.36 million CNY - Caustic Soda: Production of 18.77 million tons, sales of 19.10 million tons, revenue of 56,249.64 million CNY - Cement: Production of 82.97 million tons, sales of 75.62 million tons, revenue of 23,369.49 million CNY - Clinker: Production of 96.36 million tons, sales of 13.27 million tons, revenue of 2,664.93 million CNY - Ethanol: Production of 4.54 million tons, sales of 4.64 million tons, revenue of 18,088.80 million CNY [1]. Group 2: Price Changes - The average selling prices for key products in Q2 2025 compared to the same period in 2024 are as follows: - Electricity: 381.17 CNY/MWh, up 14.05% - Special PVC Resin: 5,734.51 CNY/ton, down 13.56% - Caustic Soda: 2,945.23 CNY/ton, up 7.86% - Cement: 309.06 CNY/ton, down 6.84% - Clinker: 200.83 CNY/ton, down 16.95% - Ethanol: 3,899.88 CNY/ton [1][2]. Group 3: Raw Material Price Changes - The average procurement prices for major raw materials in Q2 2025 compared to the same period in 2024 are as follows: - Coal: 183.10 CNY/ton, down 25.39% - Lantan: 731.48 CNY/ton, down 18.24% - Coke: 860.71 CNY/ton, down 15.97% - Lime: 407.64 CNY/ton, down 5.06% - Industrial Salt: 177.45 CNY/ton, down 3.70% [2].

该国目前拥有6家乙醇工厂，年产能合计为60万立方米，可满足约40%的E10汽油生产需求。 文件还表示，使用E10汽油将有助于减少碳排放，并符合该国的净零目标。 "这是增加从美国进口商品、减少贸易顺差的快速有效解决方案之一，"该文件称。 去年，美国对越南的贸易逆差为1230亿美元，是全球逆差最高的国家之一。 越南每年消耗的石油产品不到3000万吨，该国还承诺增加其他美国产品的进口，包括飞机、液化天然 气、原油和农产品(000061)。 越南海关数据显示，今年前七个月越南从美国的进口额增长22.7%，至105.4亿美元，但燃料和玉米并未 具体列在进口清单中。 据报道，越南计划从明年开始全面改用乙醇混合汽油，从而使这个东南亚国家有可能从美国进口更多的 乙醇和玉米。 越南工业和贸易部文件显示，该部已向政府提交了一份改用E10的提案，E10是一种将汽油与至多10% 的生物乙醇混合在一起的混合物。越南目前使用的是RON95和RON92无铅汽油。 一份文件显示，这一转变将为越南进口美国乙醇和玉米铺平道路，从而缩小与美国的贸易顺差。 在2021年11月格拉斯哥举行的联合国气候大会（COP26）上，越南承诺到2050年实现碳中 ...