Eagle Eye Warning: Yankuang Energy Revenue Decline

Sina Finance Listed Company Research Institute | Earnings Hawk-Eye Early Warning

On March 28, Yanzhou Coal and Energy released its 2025 annual report, and the audit opinion was a standard unqualified audit opinion.

The report shows that the company’s operating revenue for the full year 2025 was RMB 144.933 billion, down 7.49% year over year; net profit attributable to shareholders was RMB 8.381 billion, down 43.61% year over year; net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 7.399 billion, down 46.73% year over year; and basic earnings per share was RMB 0.8389 per share.

Since the company’s listing in July 1998, it has made cash dividends 34 times, with cumulative implemented cash dividends totaling RMB 86.846 billion. According to the announcement, the company plans to distribute a cash dividend of RMB 3.2 for every 10 shares to all shareholders (including tax).

The Listed Company Financial Report Hawk-Eye Early Warning System conducts intelligent quantitative analysis of Yanzhou Coal and Energy’s 2025 annual report across four major dimensions: performance quality, profitability, capital pressure and safety, as well as operating efficiency.

I. Performance Quality

During the reporting period, the company’s revenue was RMB 144.933 billion, down 7.49% year over year; net profit was RMB 14.226 billion, down 35.53% year over year; and net cash flow from operating activities was RMB 19.485 billion, down 24.63% year over year.

From the overall performance perspective, it is important to focus on:

• Operating revenue declined. During the reporting period, operating revenue was RMB 144.93 billion, down 7.49% year over year.

• Net profit attributable to shareholders fell sharply. During the reporting period, net profit attributable to shareholders was RMB 8.38 billion, down sharply by 43.61% year over year.

• Net profit attributable to shareholders after deducting non-recurring gains and losses fell sharply. During the reporting period, net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 7.4 billion, down sharply by 46.73% year over year.

II. Profitability

During the reporting period, the company’s gross margin was 29.34%, down 18.37% year over year; net profit margin was 9.82%, down 30.31% year over year; and return on equity (weighted) was 9.95%, down 43.85% year over year.

In light of the company’s operating results, it is important to focus on:

• Gross margin from sales continued to decline. In the past three annual reports, gross margin from sales was 40.64%, 35.8%, and 29.34%, respectively, and the downward trend continued.

• Net profit margin from sales continued to decline. In the past three annual reports, net profit margin from sales was 18.1%, 15.05%, and 9.82%, respectively, and the downward trend continued.

In light of the company’s asset side, it is important to focus on:

• Return on equity continued to decline. In the past three annual reports, the weighted average return on equity was 21.91%, 17.72%, and 9.95%, respectively, and the downward trend continued.

III. Capital Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 62.23%, down 2.28% year over year; the current ratio was 0.84 and the quick ratio was 0.79; total debt was RMB 147.169 billion, of which short-term debt was RMB 67.106 billion, and the ratio of short-term debt to total debt was 45.6%.

From the perspective of short-term funding pressure, it is important to focus on:

• The cash ratio continued to decline. In the past three annual reports, the cash ratio was 0.32, 0.29, and 0.27, respectively, showing a continuous decline.

From the perspective of long-term funding pressure, it is important to focus on:

• Short-term debt can be covered by broad money market funds, but long-term debt cannot be covered. During the reporting period, the ratio of broad monetary funds to total debt was 0.5, and broad monetary funds were lower than total debt.

• The cash coverage ratio for total debt gradually gets smaller. In the past three annual reports, the ratio of broad monetary funds to total debt was 0.59, 0.57, and 0.5, respectively, showing a continuous decline.

From the perspective of capital management and control, it is important to focus on:

• The ratio of interest income to monetary funds is less than 1.5%. During the reporting period, monetary funds were RMB 37.43 billion, short-term debt was RMB 53.39 billion, and the company’s average ratio of interest income to monetary funds was 1.469%, which is below 1.5%.

• Prepaid accounts vary significantly. During the reporting period, prepaid accounts were RMB 7.32 billion, with a change rate of 52.93% compared with the beginning of the period.

• The growth rate of prepaid accounts is higher than the growth rate of operating costs. During the reporting period, prepaid accounts increased by 52.93% compared with the beginning of the period, operating costs increased by 2.04% year over year, and the growth rate of prepaid accounts was higher than the growth rate of operating costs.

• Other receivables fluctuate significantly. During the reporting period, other receivables were RMB 22.95 billion, with a change rate of 567.57% compared with the beginning of the period.

IV. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover was 15.94, down 15.83% year over year; inventory turnover was 13.27, up 3.21% year over year; and total asset turnover was 0.34, down 18.03% year over year.

From the perspective of operating assets, it is important to focus on:

• The accounts receivable turnover rate continues to decline. In the past three annual reports, the accounts receivable turnover rate was 19.97, 17.14, and 15.94, respectively, indicating weakening accounts receivable turnover capacity.

From the perspective of long-term assets, it is important to focus on:

• Total asset turnover continues to decline. In the past three annual reports, total asset turnover was 0.41, 0.39, and 0.34, respectively, indicating weakening total asset turnover capacity.

• Unit fixed-asset revenue output value declines year by year. In the past three annual reports, the ratio of operating revenue to original value of fixed assets was 1.33, 1.18, and 1.02, respectively, showing a continuous decline.

• Long-term prepaid expenses show a relatively large change compared with the beginning of the period. During the reporting period, long-term prepaid expenses were RMB 1.11 billion, up 33.13% compared with the beginning of the period.

Click on Yanzhou Coal and Energy’s Hawk-Eye Early Warning to view the latest warning details and a visual preview of financial reports.

Sina Finance Listed Company Financial Report Hawk-Eye Early Warning introduction: The Listed Company Financial Report Hawk-Eye Early Warning is an intelligent, professional analysis system for listed company financial reports. The Hawk-Eye Early Warning, by pooling a large number of authoritative financial experts from accounting firms and listed companies, tracks and interprets the latest financial reports of listed companies across multiple dimensions—including company performance growth, earnings quality, capital pressure and safety, and operating efficiency—and uses text and visuals to highlight potential financial risk points. It provides professional, efficient, and convenient technical solutions for financial institutions, listed companies, regulatory authorities, and others to identify and issue early warnings on financial risks of listed companies.

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Responsible editor: Xiao Lang Express News