China Coal Energy Company Limited

China Coal Energy said 2025 revenue was CNY 148.1 billion, down 21.8% year over year; total profit was CNY 26.6 billion, down 15.7%; net profit attributable to parent was CNY 17.9 billion, down 7.3%; gross profit margin was 27.5%, up 2.6 percentage points; and basic EPS was CNY 1.35. Net cash inflow from operating activities was nearly CNY 30 billion, and the asset-liability ratio fell to 45.8%. For 2026, China Coal Energy guided self-produced commercial coal output and sales of over 130 million tonnes, polyolefin output of 1.45 million tonnes, and urea output of over 2.03 million tonnes, while aiming to keep revenue and profit broadly stable absent major market changes. The company’s 2026 CapEx plan was CNY 21.32 billion, up 7.05% from 2025. Shanghai Energy reported 2025 operating income of CNY 7.67 billion, net profit attributable to shareholders of CNY 220 million, total profit of CNY 150 million, EPS of CNY 0.31, and an asset-liability ratio of 35.28%. Xinji Energy reported 2025 operating revenue of CNY 12.3 billion, total profit of CNY 3.1 billion, net profit attributable to shareholders of CNY 2.1 billion, and EPS of CNY 0.8. It also said 2026 commercial coal production will be less than 18.5 million tonnes and aiming for 19 million tonnes, with power generation of no less than 30 billion kWh.

Gao Shigang framed the group as a national energy-security platform spanning coal, power, chemicals, equipment, and renewables, and repeatedly stressed the “two integrated” model and hedging mechanisms. His tone was strategic and policy-oriented, with the 15th Five-Year Plan presented as a period to deepen reform, expand green transformation, and build a more resilient industrial chain. He also emphasized that China Coal will keep strengthening investor communication, disclosure quality, and market-cap management.

The financial discussion for China Coal Energy highlighted that 2025 profits held up better than revenue because costs fell: self-produced commercial coal unit sales cost declined to CNY 251.51 per tonne, down CNY 30.2 per tonne, even as the average selling price of self-produced coal declined to CNY 485 per tonne. The company said operating cash flow remained strong at nearly CNY 30 billion and leverage improved to 45.8%. It also said the board proposed a CNY 5.07 billion cash dividend for 2025, of which CNY 2.2 billion had already been paid as an interim dividend, leaving CNY 2.87 billion to be distributed; 2026 CapEx is planned at CNY 21.32 billion, with CNY 7.24 billion for coal, CNY 8.48 billion for coal chemicals, CNY 2.18 billion for coal power, and CNY 2.6 billion for new energy.

Analysts pressed management on coal-chemical pricing after Middle East tensions, whether polyolefin volumes and costs could improve, how CapEx would affect dividends, the outlook for power generation in 2026-27, and plans to lift the price-to-book ratio. Management said urea pricing was basically flat versus last year, while polyolefin pricing was higher than last year but had recently become more volatile as new capacity comes online; they expected prices to be more reasonable in 2026 but not to fall sharply. On volumes, management said polyolefin output should recover because two units were under major maintenance in 2025, with 2026 production planned at 1.45 million tonnes and potentially about 60,000 tonnes above that. On power, management said new plants should lift electricity generation by about 13 billion and improve profitability, while also noting coal still accounts for about 75% of power costs; for capital markets, management emphasized better governance, disclosure, and market-cap management rather than a specific valuation target.