Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6] Core Views - The company's performance in the first half of 2025 met expectations, with a revenue of 4.395 billion yuan, a year-on-year decrease of 7.2%, and a net profit attributable to shareholders of 448 million yuan, down 47.8% year-on-year [1] - In Q2 2025, the company experienced a significant decline in both revenue and net profit compared to the previous quarter, with revenue of 1.859 billion yuan, down 20.0% quarter-on-quarter, and a net profit of 172 million yuan, down 57.8% quarter-on-quarter [1][2] - The coal sales volume increased both year-on-year and quarter-on-quarter, but the significant drop in price led to a decline in gross profit margin [2] - The methanol sales volume decreased in Q2 2025, but the gross profit margin improved compared to the previous quarter [3] - The railway dedicated line transportation volume saw a substantial increase in Q2 2025, with stable gross profit margins [4] - The forecast for net profit attributable to shareholders for 2025-2027 is 780 million, 910 million, and 1.051 billion yuan, respectively, with corresponding EPS of 0.54, 0.63, and 0.73 yuan per share [5][4] Summary by Sections Financial Performance - In H1 2025, coal production and sales reached 9.757 million and 9.713 million tons, respectively, with year-on-year increases of 2.7% and 2.2% [2] - The average selling price of coal was 362.0 yuan per ton, down 17.0% year-on-year, while the cost was 225.5 yuan per ton, up 15.4% year-on-year, resulting in a coal business gross profit margin of 37.7%, down 17.5 percentage points year-on-year [2] - For Q2 2025, coal production was 4.874 million tons, with a sales volume of 4.969 million tons, showing quarter-on-quarter increases of 4.6% and 7.5%, respectively [2] - The average selling price of coal in Q2 2025 was 334.9 yuan per ton, down 22.5% quarter-on-quarter, while the cost was 223.4 yuan per ton, up 11.6% quarter-on-quarter, leading to a gross profit margin of 33.3%, down 20.4 percentage points quarter-on-quarter [2] Business Segments - The methanol segment reported a production volume of 128,000 tons in Q2 2025, with a sales volume of 113,000 tons, reflecting a quarter-on-quarter decrease of 7.4% [3] - The average selling price of methanol was 1,814.5 yuan per ton in Q2 2025, down 5.5% quarter-on-quarter, while the cost was 1,607.8 yuan per ton, down 10.6% quarter-on-quarter, resulting in a gross profit margin of 11.4%, up 5.0 percentage points quarter-on-quarter [3] - The railway dedicated line transportation volume in H1 2025 was 4.052 million tons, up 23.7% year-on-year, with a gross profit margin of 71.1%, up 0.8 percentage points year-on-year [4] - In Q2 2025, the railway dedicated line transportation volume was 2.154 million tons, up 41.6% quarter-on-quarter, with a stable gross profit margin of 71.1% [4]

公司正式披露的 2025 年半年度报告为准。 上述数据与内容并不是对公司未来经营情况做出的预测或保证， 公司董事会提醒投资者审慎使用该数据，敬请广大投资者注意投资 风险。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业 信息披露》的要求，现将北京昊华能源股份有限公司（以下简称"公 司"）2025 年上半年及第二季度经营情况公告如下： | | 2025 年二季度 | 同比增减（%） 2025 | 年上半年 | 同比增减（%） | | --- | --- | --- | --- | --- | | 自产煤炭产量（万吨） | 487.40 | 4.57% | 975.69 | 2.69% | | 自产煤炭销量（万吨） | 496.89 | 7.49% | 971.26 | 2.22% | | 自产煤炭销售收入（万元） | 166,422 | -20.89% | 351,641 | -18.40% | | 自产煤炭销售成本（万元） | 111,011 | 7.99% | 219,045 | 8.78% | | 自产煤炭销售毛利（万元） | 55,411 | -48.48% | 132,595 | -42. ...

Core Viewpoint - Beijing Haohua Energy Co., Ltd. reported a significant decline in coal sales revenue and gross profit due to a sharp drop in coal prices, while methanol gross profit increased due to lower raw material costs [1]. Group 1: Coal Production and Sales - Self-produced coal output reached 4.874 million tons, an increase of 4.57% year-on-year [1]. - Self-produced coal sales amounted to 4.969 million tons, up 7.49% year-on-year [1]. - Sales revenue from self-produced coal was 1.664 billion yuan, down 20.89% year-on-year [1]. - The cost of self-produced coal sales was 1.110 billion yuan, an increase of 7.99% year-on-year [1]. - Gross profit from self-produced coal sales was 554.11 million yuan, a decrease of 48.48% year-on-year [1]. Group 2: Methanol Production and Sales - Methanol production totaled 128,300 tons, a rise of 1.90% year-on-year [1]. - Methanol sales were 112,600 tons, down 7.39% year-on-year [1]. - Methanol revenue was 204.31 million yuan, a decrease of 12.51% year-on-year [1]. - The cost of methanol sales was 181.04 million yuan, down 17.19% year-on-year [1]. - Gross profit from methanol sales was 23.27 million yuan, an increase of 56.07% year-on-year [1]. Group 3: Railway Operations - Railway dedicated line volume reached 2.154 million tons, an increase of 41.63% year-on-year [1]. - Railway dedicated line revenue was 46.97 million yuan, up 35.56% year-on-year [1]. - The cost of railway dedicated line operations was 13.56 million yuan, an increase of 26.68% year-on-year [1]. - Gross profit from railway dedicated line operations was 33.41 million yuan, a rise of 39.53% year-on-year [1]. Group 4: Key Changes and Reasons - The main reason for the significant decline in coal gross profit was the sharp drop in coal prices during the reporting period [1]. - Methanol gross profit increased significantly due to the decrease in raw material coal prices [1].

证券代码：601101 证券简称：昊华能源 公告编号：2025-015 北京昊华能源股份有限公司 关于 2025 年第一季度经营情况的公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信 息披露》的要求，北京昊华能源股份有限公司（以下简称"公司"） 2025 年第一季度经营情况如下： | 项目 | 2025 年第一季度 | 同比增减 | | --- | --- | --- | | 自产煤炭产量（万吨） | 488.29 | 0.87% | | 自产煤炭销量（万吨） | 474.37 | -2.78% | | 自产煤炭销售收入（万元） | 185,218.45 | -16.03% | | 自产煤炭销售成本（万元） | 108,034.46 | 9.61% | | 自产煤炭销售毛利（万元） | 77,183.99 | -36.74% | | 甲醇产量（万吨） | 13.21 | 6.19% | | 甲醇销量（万吨） | 13.58 | 6.41% | | 甲醇销售收入（万元） ...