China Coal Energy reported a resilient first-half 2026 performance, with profit before tax reaching RMB12.43 billion, up 7.1% year-on-year. Net profit attributable to shareholders rose 11.8% to RMB8.19 billion, while revenue edged down 1.8% to RMB73.14 billion amid softer coal trading volumes.

Operating cash flow strengthened, climbing 28.6% to RMB9.86 billion; underlying cash generated from production and sales surged 68.2% to RMB12.61 billion. EBITDA improved 4.1% to RMB17.56 billion.

Segment highlights • Coal: Self-produced commercial coal sales slipped 8.5% to 61.42 million tonnes, yet average realised price added RMB54 per tonne, lifting segment gross profit 6.9% to RMB11.47 billion and margin to 19.8% (up 2.1 ppts). • Chemical: Output of major chemical products rose 1.0% to 3.02 million tonnes; segment gross profit jumped 69.2% to RMB2.19 billion, with margin expanding 7.2 ppts to 21.0%. • Coal-mining equipment: Revenue fell 16.9% to RMB3.96 billion amid market softness; gross profit contracted 22.3% to RMB0.72 billion. • Finance: Profit before tax reached RMB0.46 billion despite lower market rates; deposits absorbed increased 20.1% to RMB99.49 billion. • Power: Electricity generation grew 10.7% to 8.62 billion kWh, driving segment profit before tax to RMB0.57 billion.

Balance sheet and investment Total assets stood at RMB386.47 billion, up 4.3% from end-2025. Interest-bearing debt rose 9.1% to RMB77.23 billion, nudging the gearing ratio to 27.2% (up 1.1 ppts). Capital expenditure reached RMB9.73 billion in 1H26, equivalent to 45.6% of the full-year budget, with spending focused on coal, chemical, power and new-energy projects.

Project execution Key milestones included intermediate handover of the 900,000-tonne polyolefin Phase II project in Shaanxi Yulin, equipment installation for the Wushenqi 2×660 MW pit-mouth power plant, and commissioning progress on the “Liquid Sunlight” methanol project in Ordos. Shanghai Energy completed the acquisition of a 400 MW fishery-solar hybrid PV project for RMB421 million (RMB295 million paid by 30 June).

Dividend The Board approved an interim cash dividend of RMB0.184 per share, equal to 30% of 1H26 net profit under PRC GAAP, payable on or before 21 October 2026. A final dividend of RMB0.217 per share for FY25, totalling RMB2.88 billion, was distributed in August.

Outlook Management reiterated commitment to the “coal-electricity-chemical-new energy” integrated model, prioritising project delivery, intelligent and green upgrades, and continued cost control while maintaining energy-supply security.