花旗发表报告指，中国神华(01088.HK) 发布上半年初步业绩，净利润料介乎256亿至276亿元人民币，按年下降15.8%至21.9%，占该行全年预测的51%至55%，占市场预测的50%至54%。净利润符合该行预期。2025年第二季的隐含净利润为122亿至142亿元人民币，按年下降5%至19%，按季则介乎下降9%至增长6%。公司将上半年净利润按年下降主要归因于煤炭平均售价和销售量下降。评级“买入”，目标价36.3元。
经重述后，神华上半年的煤炭产量/销售量为1.654亿吨及2.049亿吨，按年分别降1.7%及10.9%，占该行全年预测的49%/46%。神华上半年发电量/调度电量为987.8亿千瓦时及929.1亿千瓦时，按年分别降7.4%及7.3%，占该行全年预测的48%及48%。(ha/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-11 16:25。)
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