Core Insights - The trend of using interest-free installment payments is gaining popularity among consumers, with 85% preferring this method even when they can afford to pay in full [4][5][6] - The "618" shopping festival has seen significant changes, with interest-free installments becoming a favored marketing tool for merchants [4][7] Consumer Behavior - 55% of consumers use interest-free installments to reduce short-term capital occupation, while over 14% believe in taking advantage of "free" offers [5] - 30% of consumers face short-term payment pressure due to cash flow issues, leading them to opt for installment payments [5] - Many consumers aim to invest their available funds while making purchases, with one example showing a potential earning of 80 yuan from a 10,000 yuan purchase through interest-free installments [5] Demographics - The majority of consumers using interest-free installments have a monthly after-tax income above 5,000 yuan, with 87% holding a bachelor's degree or higher [5][6] - Female consumers account for 63% of those using interest-free installments during the "618" period, with the highest usage rates in Guangdong, Zhejiang, and Jiangsu provinces [6] Product Preferences - Consumers show a strong preference for using interest-free installments for durable goods such as smartphones, computers, and electric vehicles, with smartphones being the most popular category [7] - The apparel category also saw a 30% increase in interest-free installment usage, attributed to more merchants offering such options [7] Economic Impact - Consumption is identified as a key driver of economic growth, with interest-free installment payments serving as an effective tool to stimulate consumer spending and support merchants [7]

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the fiscal year 2024, with a continued downward trend in Q1 2025, primarily due to falling coal prices and production volumes [1][2][3]. Financial Performance - For the fiscal year 2024, the company achieved operating revenue of 25.06 billion yuan, a year-on-year decrease of 12.13% [1] - The net profit attributable to shareholders was 2.23 billion yuan, down 57.05% year-on-year [1] - In Q1 2025, the company reported operating revenue of 5.82 billion yuan, a decline of 5.53% year-on-year [1] Coal Production and Sales - In 2024, the company produced 38.37 million tons of raw coal, a decrease of 16.42% year-on-year, and sold 35.54 million tons, down 13.32% [2] - The average selling price of coal was 567.04 yuan per ton, a decrease of 6.40% year-on-year, while the cost per ton increased by 14.66% to 338.99 yuan [2] - The coal business generated revenue of 20.15 billion yuan, down 18.86% year-on-year, with a gross margin of 40.22%, a decrease of 10.98 percentage points [2] Q1 2025 Coal Segment Performance - In Q1 2025, coal production increased to 9.94 million tons, up 16.85% year-on-year, while sales were 8.75 million tons, up 5.67% [3] - The average selling price for coal in Q1 2025 was 511.54 yuan per ton, down 13.08% year-on-year [3] - The coal segment achieved a gross margin of 42.88%, an increase of 4.29 percentage points year-on-year, benefiting from reduced costs due to scale recovery [3] Power Generation and New Energy - In 2024, the company's power generation increased significantly to 5.863 billion kWh, a rise of 242.93% year-on-year, driven by the commissioning of the Yangquan Thermal Power Plant [4] - The power segment reported revenue of 2.01 billion yuan, up 295.02% year-on-year, with a gross margin of 20.85%, an increase of 4.62 percentage points [4] - The company is advancing its new energy initiatives, including sodium-ion battery products and emergency power sources for coal mines [4] Dividend Policy - The company plans to distribute a cash dividend of 3.09 yuan per 10 shares for 2024, amounting to approximately 1.115 billion yuan, which represents 50.11% of the net profit attributable to shareholders [4] - The dividend yield is approximately 4.70%, which remains attractive in the current low-interest-rate environment [4] Investment Outlook - The company expects EPS for 2025-2027 to be 0.65, 0.77, and 0.91 yuan, respectively, with corresponding PE ratios of 10.2, 8.5, and 7.2 based on the April 25 closing price of 6.57 yuan [5] - The anticipated increase in coal production from new mines is expected to offset the impact of declining prices on profitability, leading to a projected recovery in performance over the next three years [5]