Core Viewpoint - Guanghui Energy reported a significant decline in both revenue and net profit for the first three quarters of 2025, indicating challenges in its operational performance and market conditions [1] Financial Performance - For Q1-3 2025, the company achieved a revenue of 22.5 billion yuan, down 15% year-on-year, and a net profit attributable to shareholders of 1 billion yuan, a decrease of 49% [1] - In Q3 2025, revenue was 6.8 billion yuan, a 1% decrease quarter-on-quarter and a 26% decrease year-on-year; net profit was 160 million yuan, down 0.5% quarter-on-quarter and 71% year-on-year [1] Coal Business - In the first three quarters of 2025, the company saw a significant increase in coal production and sales, with raw coal production reaching 38.68 million tons, up 79% year-on-year, and sales of 36.01 million tons, up 41% year-on-year [2] - However, Q3 2025 showed a decline in coal production and sales, with raw coal production at 11.81 million tons, down 8% quarter-on-quarter, and sales at 11.27 million tons, down 1% quarter-on-quarter [2] Natural Gas Business - The company faced challenges in its LNG operations, with production for Q1-3 2025 at 46.57 million cubic meters, down 4% year-on-year, and sales at 217.89 million cubic meters, down 32% year-on-year [2] - In Q3 2025, LNG production was 12.11 million cubic meters, down 32% quarter-on-quarter, and sales were 65.66 million cubic meters, down 0.1% quarter-on-quarter [3] Coal Chemical Business - The coal chemical segment showed mixed results, with methanol production at 750,000 tons, down 1% year-on-year, and sales at 730,000 tons, down 8% year-on-year [4] - Overall, coal chemical production for Q1-3 2025 was 1.58 million tons, down 0.12% year-on-year, while sales were 1.58 million tons, down 10% year-on-year [4] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 34.1 billion, 40.9 billion, and 48 billion yuan, with expected net profits of 1.6 billion, 2.6 billion, and 4 billion yuan respectively [4] - The company maintains a "buy" rating, citing significant growth potential in coal production capacity, flexibility in natural gas operations, and growth opportunities in coal chemical projects [4]

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [7] Core Views - The company's revenue for the first three quarters of 2025 was 22.53 billion yuan, a year-on-year decrease of 14.63%, with a net profit attributable to shareholders of 1.01 billion yuan, down 49.03% year-on-year [1][2] - The decline in profits is primarily attributed to falling prices of coal and coal chemical products, as well as a significant increase in water conservation compensation fees [2] - The company has made progress in its planned projects, including a coal quality utilization demonstration project with an expected investment of 16.48 billion yuan, projected to generate an average annual after-tax profit of 1.638 billion yuan [5] Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 6.783 billion yuan, down 25.81% year-on-year and 0.92% quarter-on-quarter; net profit attributable to shareholders was 159 million yuan, down 71.01% year-on-year and 0.46% quarter-on-quarter [2] - The coal production in Q3 2025 was 12.57 million tons, with a year-on-year increase of 0.24% but a quarter-on-quarter decrease of 8.80% [3] - The natural gas sales in Q3 2025 were 655 million cubic meters, down 36.17% year-on-year and 0.06% quarter-on-quarter [4] Future Outlook - The company forecasts net profits attributable to shareholders of 1.354 billion yuan, 1.566 billion yuan, and 1.844 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.21 yuan, 0.24 yuan, and 0.29 yuan per share [5][6] - The projected PE ratios for 2025, 2026, and 2027 are 25, 22, and 19 respectively, based on the stock price as of October 30, 2025 [6]

Group 1 - In the first half of 2025, the company reported a revenue of 15.748 billion yuan, a year-on-year decrease of 8.70%, and a net profit attributable to shareholders of 853 million yuan, down 40.67% year-on-year [1] - The company's coal production significantly increased by 150.41% year-on-year to 28.82 million tons in the first half of 2025, while coal sales rose by 75.97% to 27.64 million tons [2] - The average price of Qinhuangdao port Q5500 thermal coal fell by 22.57% year-on-year to 678 yuan/ton, contributing to a 56.36% decline in gross profit from coal operations to 819 million yuan [2] Group 2 - Natural gas sales decreased by 30.12% year-on-year to 1.522 billion cubic meters in the first half of 2025, primarily due to a strategic reduction in business scale to mitigate market price risks [3] - Despite the decline in sales volume, the natural gas segment achieved a gross profit of 1.182 billion yuan, an increase of 77.62% year-on-year, with a gross margin of 23.37% [3] - The coal chemical segment's gross profit fell by 13.77% year-on-year to 665 million yuan, influenced by maintenance activities affecting the ethylene glycol project in Q2 [4] Group 3 - The company plans to invest 16.48 billion yuan in a coal quality utilization demonstration project, which is expected to generate an average annual after-tax profit of 1.638 billion yuan upon completion [4] - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 1.721 billion yuan, 1.842 billion yuan, and 2.099 billion yuan, respectively, with corresponding EPS of 0.27, 0.29, and 0.33 yuan per share [5]

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [5][7]. Core Views - The company experienced a significant increase in coal production in H1 2025, but faced a decline in revenue and net profit due to falling coal prices [1][2]. - Natural gas sales volume decreased, yet profitability improved, indicating a strategic reduction in operations to mitigate market risks [3]. - The coal chemical segment saw a decline in gross profit, primarily due to maintenance activities affecting the ethylene glycol project [4]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 15.748 billion yuan, a year-on-year decrease of 8.70%, and a net profit attributable to shareholders of 853 million yuan, down 40.67% [1]. - For Q2 2025, revenue was 6.846 billion yuan, with a significant drop in net profit to 159 million yuan, reflecting a 74.73% decline year-on-year [1]. Coal Production and Sales - The company achieved a coal production of 28.82 million tons in H1 2025, marking a year-on-year increase of 150.41%, while coal sales reached 27.64 million tons, up 75.97% [2]. - The average price of coal decreased, leading to a gross profit of 819 million yuan from coal operations, down 56.36% year-on-year, with a gross margin of 10.10% [2]. Natural Gas Operations - Natural gas sales volume fell to 1.522 billion cubic meters in H1 2025, a decrease of 30.12%, with a gross profit of 1.182 billion yuan, an increase of 77.62% [3]. - The gross margin for natural gas operations improved to 23.37%, up 13.57 percentage points year-on-year [3]. Coal Chemical Products - The production of key coal chemical products showed mixed results, with methanol production at 563,800 tons (down 2.52%) and ethylene glycol production at 40,500 tons (down 13.61%) [4]. - The coal chemical segment's gross profit was 665 million yuan, down 13.77%, with a gross margin of 29.03% [4]. Future Projections - The company forecasts net profits of 1.721 billion yuan, 1.842 billion yuan, and 2.099 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.27, 0.29, and 0.33 yuan per share [5][6].

证券代码：600256 证券简称：广汇能源 公告编号：2025-072 广汇能源股份有限公司 2025 年第二季度主要运营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完 整性承担法律责任。 | 产品 | 计量 | 类别 | 2025 年第二季度 | 同比增减幅 | 自年初累计 | | | --- | --- | --- | --- | --- | --- | --- | | | 单位 | | 数值 | （%） | 数值 | 同比增减幅 （%） | | | 万方 | 产量 | 17,893.23 | 0.25 | 34,459.59 | -5.95 | | 天然气 | 万方 | 销量 | 65,697.54 | -34.11 | 152,232.96 | -30.12 | | 煤炭 | 万吨 | 原煤产量 | 1,280.29 | 230.40 | 2,686.94 | 175.11 | | | 万吨 | 原煤销量 | 1,138.34 | 104.08 | 2,474.12 | 84.90 | | | 万吨 | 提质煤产量 | 97. ...

二、风险提示 上述主要运营数据源自公司内部统计，运营数据在季度之间可能 存在差异，其影响因素包括但不限于宏观政策调整、国内外市场环境 变化、行业周期、季节性因素、恶劣天气、设备检修及安全检查等。 运营数据可能与相关期间定期报告披露的数据有差异，最终将以相关 期间定期报告披露数据为准。公司披露的运营数据仅作为初步及阶段 1 产品 计量单位 类别 2025 年第一季度 2024 年第一季度 同比增减幅 （%） 天然气 万方 产量 16,566.35 18,791.55 -11.84 万方 销量 86,535.42 118,140.81 -26.75 煤炭 万吨 原煤产量 1,406.65 589.17 138.75 万吨 原煤销量 1,335.77 780.30 71.19 万吨 提质煤产量 97.38 85.68 13.65 万吨 提质煤销量 133.27 121.53 9.66 甲醇 万吨 产量 27.79 28.80 -3.52 万吨 销量 27.13 28.43 -4.56 乙二醇 万吨 产量 4.05 - - 万吨 销量 6.22 - - 煤基油品 万吨 产量 16.22 14.49 11.96 万吨 ...