Core Viewpoint - UBS reports that China Shenhua's (601088)(01088) earnings and dividends for the first half of the year exceeded expectations, with net profit down 15% year-on-year, aligning with the profit forecast median [1] Financial Performance - The company's net profit for the second quarter decreased by 10% year-on-year to 13.3 billion RMB [1] - A mid-term dividend of 0.98 RMB per share was declared, with a payout ratio of 79%, higher than the guidance and last year's 76.5% [1] Earnings Forecast - UBS slightly raised its earnings estimates for China Shenhua by 3% and 7% for the current and next year, respectively [1] - The target price was increased from 27.8 HKD to 29.6 HKD, while maintaining a "Sell" rating [1] Industry Insights - The company's stable earnings are attributed to effective cost control, and the dividend payout ratio exceeded expectations [1] - Seasonal weakness in thermal coal demand is anticipated as summer ends, which may lead to a slightly positive reaction from investors regarding the latest performance [1] - According to recent surveys with industry experts, the anti-involution policies in the coal industry have had limited actual impact on the thermal coal supply side [1]

Core Viewpoint - UBS reports that China Shenhua's (01088) earnings and dividends for the first half of the year exceeded expectations, with a 15% year-on-year decline in net profit, aligning with the profit forecast median [1] Financial Performance - Net profit for the second quarter decreased by 10% year-on-year to 13.3 billion RMB [1] - The interim dividend declared is 0.98 RMB per share, with a payout ratio of 79%, higher than the guidance and last year's 76.5% [1] Earnings Forecast - UBS slightly raised its earnings estimates for China Shenhua by 3% and 7% for the next two years [1] - The target price has been adjusted from 27.8 HKD to 29.6 HKD, while maintaining a "Sell" rating [1] Market Outlook - The company's stable earnings are attributed to effective cost control, and the dividend payout ratio exceeded expectations [1] - Seasonal weakness in thermal coal demand is anticipated as summer ends, which may lead to a slightly positive reaction from investors regarding the latest performance [1] - Recent surveys with industry experts indicate that the anti-involution policies in the coal sector have had limited actual impact on the thermal coal supply side [1]

该行表示，中国神华稳健盈利是受惠于其成本控制，而且派息比率胜预期，不过，由于夏季结束，热煤 需求将出现季节性疲弱，因此整体预计投资者对最新业绩有稍微正面的反应。另外，根据该行最近与行 业专家的调查，煤炭行业的反内卷政策迄今对热煤供应端的实际影响有限。该行将中国神华今明两年的 盈测轻微上调3%和7%，目标价由27.8港元上调至29.6港元，维持"沽售"评级。 瑞银发表研究报告指，中国神华上半年的盈利及派息均胜于预期，纯利按年跌15%，处于盈利预告的中 位，亦意味着公司次季盈利按年降10%至133亿元；派中期息0.98元，派息比率为79%，高于指引及去年 同期的76.5%水平。 ...

Group 1 - The core point of the article indicates that Japan's oil imports increased by 3.5% year-on-year in May, while thermal coal imports decreased by 3.5% to 5.794 million tons, and liquefied natural gas imports fell by 4.3% to 4.664 million tons [1]