In terms of profit, although there was a year-on-year increase of 13.8% in Q3, the profit for the first three quarters decreased by 3.7% year-on-year. The increase in profit was mainly due to cost control and other income gains
Benefiting from the increase in coal imports and electricity sales, China Shenhua's Q3 revenue increased by 3.4% year-on-year. Q3 net profit increased by 13.8% year-on-year, mainly due to cost control and increased other gains.
On the 25th, China Shenhua released its third-quarter financial report.
1）Key Financial Data
- Revenue: In the third quarter, revenue was RMB 85.821 billion, a 3.4% increase year-on-year; revenue for the first three quarters was RMB 253.899 billion, a 0.6% increase year-on-year.
- Net Profit: In the third quarter, the net profit attributable to the company's owners was approximately RMB 17.798 billion, a 13.8% increase year-on-year; profit was RMB 50.569 billion, a 3.7% decrease year-on-year.
- Basic Earnings Per Share: Basic earnings per share in the third quarter were RMB 0.897; basic earnings per share for the first three quarters were RMB 2.546.
- Cash Flow: As of September 30, 2024, the net cash flow generated from operating activities was RMB 83.504 billion, an 11.8% increase year-on-year.
2）Sales Situation
- Total Sales Volume: From January to September 2024, the total coal sales volume was 345.3 million tons, an increase of approximately 3.8% compared to the same period last year.
- Average Selling Price: The overall average selling price decreased from RMB 583/ton in 2023 to RMB 564/ton in 2024, a decrease of 3.3%.
- Selling Prices: In terms of prices, the annual long-term contract price decreased from RMB 597/ton to RMB 579/ton (a 3.0% decrease), while the monthly long-term contract price decreased from RMB 818/ton to RMB 713/ton (a 12.8% decrease).
During the reporting period, China Shenhua's main revenue came from coal sales, driven by the growth in imported coal sales and electricity sales. Total revenue increased by 0.6% year-on-year, reaching RMB 253.899 billion. However, the decrease in selling prices posed certain pressure on overall revenue.
The company plans to continue expanding its clean energy initiatives, such as the expansion of photovoltaic power projects. In addition, management has indicated that they will continue to optimize cost structures in the future and actively explore new market opportunities