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In terms of profit, although Q3 grew by 13.8% year-on-year, 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 external coal purchases and electricity sales, China Shenhua's Q3 revenue increased by 3.4% year-on-year. Q3 net income increased by 13.8% year-on-year, mainly due to cost control and increased other gains.
On the 25th, China Shenhua announced its third-quarter financial report.
1) Main financial data
- Revenue: In the third quarter, revenue was 85.821 billion yuan, a year-on-year increase of 3.4%; revenue for the first three quarters was 253.899 billion yuan, a year-on-year increase of 0.6%.
- Net Income: In the third quarter, the current period profit attributable to the owners of the company was approximately 17.798 billion yuan, an increase of 13.8% year-on-year; profit was 50.569 billion yuan, a decrease of 3.7% year-on-year.
- Earnings Per Share (EPS): Basic earnings per share in the third quarter were 0.897 yuan; basic earnings per share for the first three quarters were 2.546 yuan.
- Cash Flow: As of September 30, 2024, the net cash flow from operating activities was 83.504 billion yuan, an 11.8% year-on-year increase.
2) Sales Situation
- Total Sales Volume: In the period from January to September 2024, the total sales volume of coal was 345.3 million tons, an increase of approximately 3.8% compared to the same period last year when it was 332.5 million tons.
- Average Selling Price: The overall average selling price decreased from 583 yuan/ton in 2023 to 564 yuan/ton in 2024, a decrease of 3.3%.
- Selling Prices: In terms of prices, the annual long-term contract price decreased from 597 yuan/ton to 579 yuan/ton (a 3.0% decrease), while the monthly long-term contract price decreased from 818 yuan/ton to 713 yuan/ton (a decrease of 12.8%).
During the reporting period, china shenhua energy's main revenue came from coal sales, driven by the growth in purchased coal volume and electricity sales. Total revenue increased by 0.6% year-on-year, reaching 253.899 billion yuan. However, the decrease in selling prices posed certain pressure on overall revenue.
The company plans to continue expanding its presence in clean energy, such as the expansion of photovoltaic power projects. In addition, the management has indicated that they will continue to optimize the cost structure in the future and actively explore new market opportunities.