Shan Xi Hua Yang Group New Energy (600348) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 was RMB 16.96 billion, down 8.85% year-over-year, with Q3 revenue at RMB 5.72 billion, down 10.72% from the same period last year.

• Net profit attributable to shareholders for the first nine months was RMB 1.12 billion, a decrease of 38.20% year-over-year; Q3 net profit was RMB 341.5 million, down 34.33% year-over-year.

• The decline in profit was mainly due to lower coal prices during the reporting period.

Financial highlights

• Operating income for the first nine months: RMB 16.96 billion, down 8.85% year-over-year.

• Total profit for the first nine months: RMB 1.96 billion, down 30.75% year-over-year.

• Net cash flow from operating activities: RMB 714.8 million, down 61.62% year-over-year.

• Basic and diluted EPS for the first nine months: RMB 0.31, down 38.00% year-over-year.

• Gross margin for coal sales: RMB 4.998 billion on sales revenue of RMB 13.856 billion.

Outlook and guidance

• The company expects continued pressure on profitability if coal prices remain low.