China Shenhua Energy Company (1088) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 was RMB138,109 million, down 18.3% year-over-year; net profit attributable to equity holders was RMB26,706 million, down 14.8%.

• Coal and power sales volumes and prices declined, reflecting weak market demand and lower coal prices.

• The company maintained stable operations, advanced key projects, and completed the acquisition of Hangjin Energy, increasing coal reserves and installed power capacity.

• Interim dividend of RMB0.98 per share (tax inclusive) proposed, totaling RMB19,471 million, representing 72.9% payout ratio.

Financial highlights

• EBITDA for H1 2025 was RMB50,629 million, down 7.6% year-over-year.

• Basic EPS was RMB1.344, down 14.8% year-over-year.

• Net cash from operating activities was RMB45,794 million, down 11.7% year-over-year.

• Gearing ratio increased to 25.5% from 23.3% at year-end 2024.

• Total assets increased to RMB671,639 million; total equity decreased to RMB500,262 million.

Outlook and guidance

• The company expects coal consumption to slightly increase in H2 2025, with coal prices stabilizing.

• National power consumption for 2025 is forecast to rise 5–6% year-over-year.

• The company will focus on stabilizing operations, innovation, and green development to achieve annual targets.