China Coal Energy Company (1898) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB148.057 billion, down 21.8% year-over-year due to lower coal and coal chemical prices and volumes.

• Profit attributable to equity holders was RMB14.497 billion, a 20.0% decrease year-over-year.

• EBITDA fell 18.2% to RMB33.167 billion; basic EPS was RMB1.09, down from RMB1.37.

• Final dividend of RMB0.217 per share proposed, subject to shareholder approval.

• Operating performance remained above industry average despite market downturn.

Financial highlights

• Gross profit decreased 21.3% to RMB29.832 billion; gross margin was 20.1%.

• Net cash from operating activities was RMB29.792 billion, down 12.7% year-over-year.

• Total assets rose 3.5% to RMB370.518 billion; equity increased 4.5% to RMB200.842 billion.

• Gearing ratio increased to 26.1% from 24.9%.

• Borrowings rose 13.0% to RMB60.268 billion; long-term bonds up 2.5% to RMB10.494 billion.

Outlook and guidance

• 2026 plans target over 131 million tonnes of self-produced coal, 1.45 million tonnes polyolefin, and 2.03 million tonnes urea.

• Focus on stable revenue and profit, safety, green transition, and innovation.

• Market expected to remain volatile with weak coal demand and price pressure.