Shaanxi Coal Industry Company (601225) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was RMB 40.16 billion, down 7.3% year-over-year; net profit attributable to shareholders was RMB 4.80 billion, down 1.23% year-over-year.

• Coal output and sales volume increased slightly, but power generation and sales declined over 20% year-over-year.

• The company completed the acquisition of Shaanxi Coal Power, expanding consolidated financials.

Financial highlights

• Operating income: RMB 40.16 billion, down 7.3% year-over-year.

• Net profit attributable to shareholders: RMB 4.80 billion, down 1.23% year-over-year.

• Basic and diluted EPS: RMB 0.4956, down 1.23% year-over-year.

• Operating cash flow: RMB 7.05 billion, down 18.51% year-over-year.

• Gross margin remained stable as cost of sales was flat despite lower revenue.

Outlook and guidance

• Coal production and sales are expected to remain stable, but power generation may face continued pressure.