China Shenhua’s revenue last year was 2949.16 billion yuan, and it plans to distribute dividends of 223.4 billion yuan.

On the evening of March 30, China Shenhua (601088) released its 2025 annual report. Last year, the company achieved operating revenue of 294.916 billion yuan, down 13.2% year over year; attributable net profit of 52.849 billion yuan, down 5.3% year over year; basic earnings per share of 2.66 yuan; and it plans to distribute a cash dividend of 1.03 yuan per share (inclusive of tax), with total expected cash dividends of 22.34 billion yuan (inclusive of tax).

China Shenhua’s main businesses include the production and sales of coal and power, rail, port, and vessel transportation, coal-to-olefins, and other businesses. Among them, the company has high-quality coal resources in places such as the Shendong Mining Area, the Jungar Mining Area, the Shengli Mining Area, the Baorixile Mining Area, and the Xinjietai Giemiao Mining Area, making it a leading enterprise in China’s coal industry.

In 2025, China Shenhua’s full-year commodity coal production reached 332 million tons, down 1.7% year over year; the full-year coal sales volume was 431 million tons, down 6.4% year over year. Coal revenue was 221.232 billion yuan, down 17.7% year over year; the gross margin was 30.1%. The decline in revenue was due to the decreases in coal sales volume and average selling prices.

By the end of the reporting period, China Shenhua’s coal retained resources were 41.41 billion tons, an increase of 7.05 billion tons compared with the end of 2024. This was mainly because the acquisition of Hangjing Energy (including the Dayan Mining Area and the Taran Geler Mining Area) added 3.82 billion tons of resources, and the verification of resource reserve in the south area of the Xinjietai Giemiao Mining Area increased resources by 3.49 billion tons. China Shenhua’s retained mineable reserves were 17.31 billion tons, an increase of 2.22 billion tons compared with the end of 2024; under the JORC standard, the company’s coal sellable reserves were 11.13 billion tons, an increase of 0.62 billion tons compared with the end of 2024.

In the power sector, in 2025 China Shenhua completed total electricity generation of 220.2 billion kWh and total electricity sold of 207.0 billion kWh; the average electricity selling price was 386 yuan per MWh, down 4% year over year. In 2025, it realized total capacity charge revenue of 5.12 billion yuan (inclusive of tax), with an average capacity charge collection rate of 99.1%; and it realized auxiliary services (including peak-load shifting, frequency regulation, etc.) revenue totaling 0.64 billion yuan (inclusive of tax).

During the reporting period, China Shenhua vigorously developed its new energy business. In 2025, it added a total of 259 MW of solar power generation installed capacity newly put into external commercial operation. At the same time, the operating performance of the Beijing Guoneng New Energy Industry Investment Fund and the Beijing Guoneng Green Low-Carbon Development Investment Fund, which the company participates in establishing, has been strong. By the end of 2025, the company had cumulatively invested in and acquired new energy power generation capacity such as solar and wind, with a total scale of approximately 6.8 million kW.

As a leading enterprise in the coal industry, China Shenhua’s assessment of the industry is that in 2026 the supply and demand in the coal market will be basically balanced, and coal market prices will operate with fluctuations within a reasonable range. Affected by factors such as seasonal fluctuations, unexpected events, and extreme weather, in some local areas and certain time periods the situation of tight supply may occur.

China Shenhua has completed the distribution of its 2025 interim dividend of 19.471 billion yuan (inclusive of tax). Together with the 2025 final dividend of 22.34 billion yuan (inclusive of tax) recommended by the board of directors, the total cash dividends expected to be distributed for 2025 will reach 41.811 billion yuan (inclusive of tax).

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