Wintime Energy Group (600157) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was RMB 5.64 billion, down 22.96% year-over-year; net profit attributable to shareholders was RMB 51.07 million, down 89.06%.

• Coal and power business margins and volumes declined due to market impacts and lower prices.

• Major progress in Haizetan coal mine construction, with key milestones achieved and production ramp-up expected in 2026.

Financial highlights

• Operating cash flow was RMB 1.04 billion, down 7.19% year-over-year.

• Basic and diluted EPS were RMB 0.0023, down 89.05% year-over-year.

• Total assets at quarter-end were RMB 107.47 billion, slightly down from year-end 2024.

• Net profit excluding non-recurring items was RMB 42.37 million, down 90.99% year-over-year.

Outlook and guidance

• Haizetan coal mine to start production in mid-2026, targeting 3 million tons in 2026 and 10 million tons in 2027.

• Continued focus on cost control, efficiency, and technological upgrades across coal, power, petrochemical, and storage segments.