China Coal Energy released its audited results for the year ended 31 December 2025. Revenue declined 21.8% year-on-year to RMB 148.06 billion, reflecting softer coal and coal-chemical prices.

Profit attributable to equity holders dropped 20.0% to RMB 14.50 billion, while basic EPS fell to RMB 1.09 (-RMB 0.28). EBITDA decreased 18.2% to RMB 33.17 billion and profit before tax contracted 26.4% to RMB 22.28 billion.

Segment performance • Coal: Revenue slid 25.1% to RMB 120.40 billion; gross profit margin narrowed 1.0 percentage point to 18.3% as lower selling prices more than offset a 4.7% cut in unit cash cost to RMB 328.80/tonne. • Coal-Chemical: Revenue fell 9.1% to RMB 18.66 billion; gross profit margin eased to 12.8% amid weaker polyolefin and urea prices. • Coal Mining Equipment: Revenue declined 15.7% to RMB 9.39 billion, yet margin improved to 21.2% on product-mix upgrade and cost control. • Finance: Revenue slipped 12.0% to RMB 2.21 billion; gross profit margin rose to 65.7% as funding costs fell. • Other businesses (power, aluminium, services): Revenue grew 37.5% to RMB 10.11 billion, boosting segment gross profit by 127.3% to RMB 2.26 billion on higher power output and lower coal input costs.

Cash flow & balance sheet Operating cash inflow was RMB 29.79 billion, down 12.7% year-on-year. Net cash used in investing expanded to RMB 30.93 billion, reflecting higher capital expenditure and larger term deposits. Interest-bearing debt rose 11.3% to RMB 707.62 billion, lifting the gearing ratio to 26.1%. Total assets increased 3.5% to RMB 370.52 billion, while the asset-liability ratio stood at 45.8%.

Dividends After paying an interim dividend of RMB 0.166 per share in August 2025, the Board proposes a final cash dividend of RMB 0.217 per share (inclusive of tax), equal to a 35% payout of 2025 attributable profit. The proposal is subject to shareholder approval at the 2025 AGM.

Operational highlights • Self-produced commercial coal output: 135.10 million tonnes (-1.8% YoY); sales: 136.36 million tonnes (-0.9% YoY). • Proprietary coal trading volume: 109.14 million tonnes (-23.0% YoY). • Major coal-chemical products output: 6.06 million tonnes (+6.5% YoY); sales: 6.36 million tonnes (+8.8% YoY). • Capex on non-current assets reached RMB 19.71 billion.

Outlook Management plans to produce over 131 million tonnes of self-produced coal and more than 1.45 million tonnes of polyolefins in 2026, while maintaining focus on cost control, project execution and asset optimisation. The company will continue pursuing its “two combinations” strategy—integrating coal with power and renewable energy—and targets a stable revenue and profit performance, subject to market conditions.