Yankuang Energy's net profit in 2025 is 8.38 billion yuan, with commercial coal production reaching a record high of 182 million tons.

On the evening of March 27, Yancoal Energy (600188) released its 2025 annual report. Faced with the pressure of an industry cycle adjustment, the company’s operating performance remained at a high level. According to China’s accounting standards, in 2025, the company recorded operating revenue of RMB 144.93 billion and attributable net profit of RMB 8.38 billion. The company achieved a historic breakthrough in production capacity: its full-year commercial coal output reached 182 million tons, a net increase of 40 million tons year over year, setting a record high.

2025 is the closing year of the 14th Five-Year Plan, and also a critical year for Yancoal Energy to break through in adverse conditions. It is reported that Yancoal Energy deepened and implemented the strategy of “stabilizing supply within the province, expanding to other provinces, and optimizing overseas,” with multiple breakthroughs in core coal bases and coordinated efforts. Among them, the Shaanxi–Inner Mongolia base achieved full production and improved efficiency in an all-round way; commercial coal output was 46.66 million tons, up by 3.54 million tons year over year. Its profit contribution ratio reached 56%, becoming the most core area for coal output growth and a key growth engine for profits. Northwest Mining’s merger and acquisition effects were significant, contributing 33.81 million tons of commercial coal. In Australia, production organization continued to be optimized; commercial coal output was 44.02 million tons, up by 1.72 million tons year over year, setting its best record in history, while its influence in the global market continued to strengthen.

Aiming at the goal of “3 billion tons of raw coal output,” Yancoal Energy has built a stepped capacity release pattern of “putting some into production, building some, and reserving some.” New capacity ramped up quickly: the 1.8 million-ton-per-year Shandong Wanfu Coal Mine was put into production and commenced operations; the 10 million-ton-per-year Xinjiang Wucaiwan No. 4 open-pit coal mine completed its “coal-out” trial operation. Capacity under construction progressed steadily: the civil works for the 5 million-ton-per-year Inner Mongolia Youfanghao Coal Mine were basically completed, and the 5 million-ton-per-year Shaanxi Yangjiaping Coal Mine smoothly commenced construction. Reserved capacity provided strong follow-on: the Inner Mongolia Liusangudan Coal Mine and the Hulinhe No. 1 Coal Mine each obtained mining permits for 10 million tons per year and 7 million tons per year, respectively; the Inner Mongolia Garlutu Coal Mine plans to increase its annual capacity to 8 million tons. The Gansu Mafu Chuan Coal Mine and the Maojia Chuan Coal Mine both obtained mining permits for 5 million tons per year, and received preliminary design approvals.

As disclosed, Yancoal Energy’s future production expansion path is clear. Total capacity from mines in operation, under construction, and planned is about 300 million tons per year. Construction of the “three-billion-ton-level coal industry clusters” in Shaanxi–Gansu–Inner Mongolia, Xinjiang, and Australia is being pushed forward with full force, ensuring long-term steady growth in performance. For the planned mines in the Shaanxi–Gansu–Inner Mongolia base—Youfanghao, Hulinhe No. 1, Liusangudan, Yangjiaping, Mafu Chuan, Maojia Chuan, Garlutu, and others—completion and commissioning are expected to roll out between 2027 and 2031. Meanwhile, production expansion and capacity increases are being advanced for mines such as Silawu Su and Yingpanha. In Xinjiang, the company will ensure the first-phase 10 million-ton project of Wucaiwan No. 4 open-pit coal mine reaches full production as scheduled. It will focus on driving a key push to increase second-phase capacity to 23 million tons, while the Yili mining area maintains stable production and efficiency. In Australia, the company continues to strengthen operational management, actively seeking high-quality resources and mature operating projects.

In addition, Yancoal Energy is accelerating the build-out of a diversified portfolio of “coal + non-ferrous metals” mineral resources, continuously enhancing its ability to withstand industry cycles and its overall competitiveness. The affiliated Inner Mongolia Xinghe Molybdenum Industry’s Cao Siyuantian Molybdenum Mine holds 1.04 billion tons of molybdenum ore resource; it is a domestically super-large, high-grade single molybdenum deposit. Construction is planned to start in the second half of 2026, joint trial operation in 2028, and after completion it will become an important profit growth point for the company. The high-quality potassium chloride resource at the Canadian potassium mine totals 1.7 billion tons of potassium chloride, and the company is actively advancing cooperation with leading domestic and overseas enterprises to accelerate the release of resource value.

Looking ahead to 2026, the global energy landscape will undergo deep adjustments; geopolitical conflicts will continue to disrupt international energy markets; and the domestic and overseas coal price center is expected to move upward. Since March, prices of coal and chemical products have risen across the board, with Qinhuangdao 5,500 kcal thermal coal up by about RMB 70 from the early-year low. With favorable external conditions, Yancoal Energy is expected to capitalize on the momentum. The company said it will stabilize the basic business of its coal segment in 2026, releasing the production capacity of mines in the Shaanxi–Inner Mongolia and Xinjiang regions in every possible way. The full-year plan is to produce 186 million to 190 million tons of commercial coal, a year-over-year increase of 4 million to 8 million tons.

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