Pingdingshan Tianan Coal Mining (601666) H2 2024 earnings summary

Executive summary

• Revenue for 2024 was ¥30.28 billion, down 4.25% year-over-year; net profit attributable to shareholders was ¥2.35 billion, down 41.41% year-over-year.

• Coal production reached 27.53 million tons, with 11.95 million tons of refined coal produced.

• Gross margin for coal mining and processing was 28.53%, down 3.96 percentage points year-over-year.

• The company maintained industry leadership in high-quality, low-sulfur coking coal, with a strong market position and customer base.

Financial highlights

• Operating cash flow was ¥5.72 billion, down 6.8% year-over-year; capital expenditures increased, with fixed assets up 4.56% and construction in progress up 32.76%.

• Basic EPS was ¥0.96, down 44.5% year-over-year; weighted average ROE was 9.72%, down 4.45 percentage points.

• Total assets at year-end were ¥76.66 billion; net assets attributable to shareholders were ¥26.16 billion.

• Dividend payout ratio was 60.31%, with a cash dividend of ¥1.42 billion proposed.

Outlook and guidance

• 2025 coal production is planned at 30.93 million tons, with refined coal output targeted at 12.3 million tons.

• The company will continue to focus on safety, green development, cost control, and digital transformation.

• Industry outlook expects import growth to slow, with domestic supply-demand balance remaining loose and price volatility persisting.