周四（10月30日）早盘，中国神华（01088）股价表现强劲，盘中大涨5.03%，引发市场关注。该公司近期发布的2025年第三季度业绩报告显示出其经营韧性，成为推动股价上涨的主要因素。
根据公司财报，中国神华2025年第三季度单季营收达750.42亿元人民币，环比增长9.51%；归母净利润144.11亿元，环比提升13.54%。尽管前三季度营收同比下降16.6%，但公司通过精准的成本管控措施，成功将自产煤成本降低7.5%，有效对冲了煤价下行的压力。此外，公司优化了销售结构，前三季度年度长协占比达53.2%，月度长协回升至39.3%，有助于稳定现金流。
电力业务方面也呈现改善趋势。第三季度发电量达641亿千瓦时，单位售电成本同比下降10%至每兆瓦时310元，推动毛利率提升至24.2%。在能源转型背景下，中国神华新增燃煤装机1000兆瓦与光伏装机264兆瓦，持续推进清洁能源布局。公司凭借一体化运营优势与精细化管理，在行业调整期中维持稳健的盈利能力，展现出良好的发展前景。投资者可关注其长协合同占比变化与新能源发展进程，以评估公司未来增长潜力。
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