Pingdingshan Tianan Coal Mining (601666) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 was RMB 14.82 billion, down 36.46% year-over-year, with Q3 revenue at RMB 4.70 billion, down 33%.

• Net profit attributable to shareholders for the first nine months was RMB 279.67 million, a decrease of 86.32% year-over-year; Q3 net profit was RMB 21.81 million, down 96.66%.

• Operating cash flow for the first nine months was RMB 238.47 million, down 96.02% year-over-year.

Financial highlights

• Gross margin and profitability declined sharply due to a significant drop in coal prices and sales volume.

• Basic EPS for the first nine months was RMB 0.1130, down 86.56% year-over-year; Q3 EPS was RMB 0.0088, down 96.72%.

• Total assets at Q3-end were RMB 83.51 billion, up 8.93% from year-end 2024.

• Shareholders’ equity attributable to listed company shareholders was RMB 27.20 billion, up 3.95% from year-end 2024.

Outlook and guidance

• Management attributes the sharp decline in revenue and profit to falling coal prices and reduced sales.

• Inventory levels increased due to slower sales.