Shanxi Lu'an Environmental Energy Development (601699) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was RMB 7.03 billion, down 21.83% year-over-year; YTD revenue was RMB 21.10 billion, down 20.82% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 206 million, down 63.96% year-over-year; YTD net profit was RMB 1.55 billion, down 44.45% year-over-year.

• Operating cash flow for the first nine months was RMB 2.68 billion, down 28.26% year-over-year.

Financial highlights

• Gross margin for commodity coal sales was RMB 7.08 billion on sales revenue of RMB 19.53 billion and cost of RMB 12.45 billion.

• Basic and diluted EPS for Q3 was RMB 0.07, down 65% year-over-year; YTD EPS was RMB 0.52, down 22%.

• Total assets at Q3-end were RMB 80.93 billion, up 0.81% from year-end 2024.

• Shareholders’ equity at Q3-end was RMB 46.76 billion, up 1.21% from year-end 2024.

Outlook and guidance

• Commodity coal sales volume for the period was 37.58 million tons, with an average price of RMB 519.76/ton.

• Mixed coal and pulverized coal sales volumes were 18.67 million and 16.27 million tons, respectively.