Shaanxi Coal Industry Company (601225) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 was RMB 118.08 billion, down 12.81% year-over-year.

• Net profit attributable to shareholders was RMB 12.71 billion, a 27.22% decrease year-over-year.

• Coal sales volume increased slightly by 0.4% to 189.2 million tons, but sales revenue dropped 12.69%.

• Gross margin declined as coal sales cost fell less than revenue, leading to a 26.28% drop in gross profit.

Financial highlights

• Operating income for Q3 was RMB 40.10 billion, down 20.91% from the same quarter last year.

• Q3 net profit attributable to shareholders was RMB 5.07 billion, down 26.59% year-over-year.

• Basic and diluted EPS for the first nine months were RMB 1.31, down 27.22% year-over-year.

• Operating cash flow for the first nine months was RMB 27.72 billion, a 26.86% decrease year-over-year.

• Total assets at quarter-end were RMB 238.30 billion, up 4.27% from year-end 2024.

Outlook and guidance

• Coal production and sales volumes are stable, but revenue and profit are under pressure from lower coal prices.

• Power generation and sales volumes declined slightly, reflecting softer demand.