Wintime Energy Group (600157) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB 23.82 billion, down 16.01% year-over-year, with net profit attributable to shareholders at RMB 209 million, down 86.63% year-over-year.

• Coal and power remained core businesses, with power generation at 405.55 billion kWh and coal output at 13.3 million tons.

• The company completed a RMB 500 million share buyback and is implementing a new RMB 300–500 million buyback plan.

• No cash dividend for 2025; share buybacks are considered as shareholder returns.

Financial highlights

• Operating income: RMB 23.82 billion, down 16.01% year-over-year.

• Net profit attributable to shareholders: RMB 209 million, down 86.63% year-over-year.

• Operating cash flow: RMB 6.13 billion, down 5.89% year-over-year.

• Gross margin: 20.07%, down 4.22 percentage points year-over-year.

• Basic and diluted EPS: RMB 0.0095, down 86.52% year-over-year.

• Net assets: RMB 46.81 billion at year-end, down 0.70% from prior year.

Outlook and guidance

• 2026 targets: power and coal output to remain at or above 2025 levels; Haizetan coal mine to begin trial production.

• Focus on safety, cost control, and efficiency improvements; continued investment in smart mining and energy storage.

• Industry outlook: power demand to grow 6% in 2026; coal market to remain tight for thermal coal, loose for coking coal.