Shan Xi Hua Yang Group New Energy (600348) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was RMB 5.82 billion, down 5.53% year-over-year; net profit attributable to shareholders was RMB 597 million, a 31.18% decrease year-over-year.

• Coal production reached 9.94 million tons, with sales of 8.75 million tons and a comprehensive coal price of RMB 511.54/ton.

Financial highlights

• Operating income: RMB 5.82 billion, down 5.53% year-over-year.

• Net profit attributable to shareholders: RMB 597 million, down 31.18% year-over-year.

• Basic and diluted EPS: RMB 0.17, down 29.17% year-over-year.

• Gross margin on coal sales: RMB 1.92 billion on revenue of RMB 4.48 billion.

• Net cash flow from operating activities: -RMB 344 million, improved from -RMB 426 million year-over-year.

Outlook and guidance

• Resource tax rate adjustment from April 1, 2024, expected to impact future tax expenses.

• Increased R&D investment signals focus on innovation and future growth.