Panjiang refined coal: mixed Q3 2025 performance, power segment surges

Guizhou Panjiang Refined Coal Co., Ltd. announced its key production and operational data for the first nine months of 2025, showing varied performance across its coal and power segments compared to the same period in 2024. Coal production increased by 8.74% to 751.86 ten thousand tonnes, while coal sales rose by 8.00% to 751.67 ten thousand tonnes. Self-used coal saw a substantial 60.67% increase to 166.92 ten thousand tonnes. However, external coal sales slightly decreased by 1.25% to 584.75 ten thousand tonnes.

The coal business experienced a decline in revenue and profit. External coal sales revenue dropped by 21.32% to 386,287.05 yuan, with sales costs also falling by 20.20% to 304,266.92 yuan. Consequently, the gross profit from coal decreased by 25.19% to 82,020.13 yuan.

In contrast, the electricity business saw significant growth. Total power generation surged by 139.56% to 934,842.49 ten thousand kilowatt-hours, and on-grid power increased by 138.99% to 877,909.10 ten thousand kilowatt-hours. This was driven by a 162.78% rise in thermal power generation to 731,954.03 ten thousand kilowatt-hours and a 64.36% increase in new energy power generation to 145,955.07 ten thousand kilowatt-hours. The average on-grid electricity price (excluding tax) decreased slightly by 1.29% to 0.3601 yuan per kilowatt-hour. Investors are advised to use these unaudited figures cautiously.