China Coal Energy Company Limited

Top-line & profitability (1–3Q 2026): steady growth, cash generation strong - Operating revenue CNY 115.636bn, +4.6% YoY; total profit CNY 19bn, +4.9% YoY. - Net profit attributable to shareholders CNY 12.7bn, +2.1% YoY; basic EPS CNY 0.96, +2.1% YoY. - Operating cash flow CNY 22.5bn, +6.9% YoY—a supportive signal for liquidity and capital management.

Operational delivery & prices: stable output despite constraints; pricing rebound is a key driver - Production: 93.38m tonnes completed (described as “stable and orderly” but with mine continuity / underground geology constraints). - Sales: 182m tonnes total; self-produced commercial coal 93.59m tonnes. - Major product prices rebounded: commercial coal ASP CNY 557/t (+17.5% YoY), thermal coal CNY 514/t (+17.4%), coking coal CNY 1,192/t (+29.4%); polyolefin CNY 7,258/t (+10.9%). (Urea and ammonium nitrate were weaker—see next bullet.)

Costs & margin: cost pressure mainly from labor + volume decline; offset partly by price - Company cited cost/efficiency efforts amid “declining coal output and rising costs.” - Gross margin improved YoY, but unit sale cost of commercial coal increased to CNY 299/t (+41% YoY), attributed largely to lower production/sales volume and fixed/overhead absorption. - Labor cost rose QoQ in Q3 due to switching some teams from outsourcing to self-employment and bonus withdrawal, plus increasing safety requirements that raise fixed costs. - Q4 cost control guidance: management expects scientific/within-budget cost management, but warned Q4 may still see uncertainty and possible labor/maintenance increases.