Credit Brief — China Coal Energy Company Limited (中煤能源)
601898.SH · Shanghai Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 王树东
- Registered address: 中华人民共和国北京市朝阳区黄寺大街 1 号
- Office address: 中华人民共和国北京市朝阳区黄寺大街 1 号
- Controlling shareholder: 中国中煤能源集团有限公司
- Actual controller: 国务院国有资产监督管理委员会
- Employees: 46,585
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 91,025.5 | 91,542.8 | 84,353.1 | 88,717.4 | 95,153.2 |
| Accounts receivable | 8,239.3 | 7,117.0 | 8,401.7 | 7,251.5 | 10,087.0 |
| Other receivables | 2,590.0 | 2,112.2 | 2,201.4 | 2,161.5 | 2,279.6 |
| Inventories | 9,350.0 | 8,735.0 | 7,743.4 | 6,995.0 | 7,229.1 |
| Long-term equity investments | 29,903.6 | 30,957.7 | 31,811.0 | 34,515.4 | 35,054.3 |
| Fixed assets | 114,960.2 | 116,048.0 | 121,975.6 | 122,746.1 | 122,168.4 |
| Construction in progress | 11,045.4 | 11,223.4 | 18,203.2 | 26,266.0 | 30,488.0 |
| Intangible assets | 48,168.1 | 55,637.9 | 54,654.2 | 52,785.4 | 51,079.7 |
| Total assets | 340,223.2 | 349,359.9 | 357,964.6 | 370,254.2 | 386,226.6 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 205.4 | 122.6 | 1,062.5 | 1,045.6 | 996.6 |
| Notes payable | 2,101.1 | 2,845.4 | 3,440.5 | 1,897.5 | 2,517.3 |
| Accounts payable | 23,319.8 | 23,892.4 | 23,600.2 | 22,378.0 | 27,249.9 |
| Contract liabilities | 6,236.8 | 5,040.2 | 3,408.8 | 2,362.8 | 2,835.3 |
| Other payables | 9,027.3 | 5,521.1 | 11,862.2 | 7,364.4 | 7,994.4 |
| Current portion of non-current liabilities | 31,168.2 | 21,743.3 | 16,540.5 | 24,403.7 | 15,339.6 |
| Long-term borrowings | 39,506.5 | 42,369.3 | 40,345.8 | 37,574.2 | 50,640.1 |
| Bonds payable | 12,977.2 | 7,993.0 | 5,494.2 | 7,294.6 | 9,793.9 |
| Total liabilities | 175,055.0 | 166,577.8 | 165,718.4 | 169,638.4 | 179,740.0 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 13,258.7 | 13,258.7 | 13,258.7 | 13,258.7 | 13,258.7 |
| Capital reserve | 38,866.1 | 39,059.9 | 39,378.2 | 39,250.7 | 40,195.6 |
| Retained earnings | 64,747.6 | 77,212.3 | 86,138.0 | 98,349.5 | 103,621.7 |
| Equity attributable to owners of the parent | 130,864.8 | 144,121.0 | 151,911.2 | 160,133.1 | 166,185.5 |
| Minority interests | 34,303.3 | 38,661.1 | 40,335.0 | 40,482.7 | 40,301.0 |
| Total equity | 165,168.1 | 182,782.1 | 192,246.2 | 200,615.8 | 206,486.6 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 220,576.9 | 192,968.8 | 189,398.8 | 148,056.7 | 73,136.1 |
| Cost of sales | 165,158.4 | 144,595.3 | 142,278.8 | 107,357.2 | 53,448.4 |
| Selling expenses | 928.8 | 1,049.5 | 1,077.8 | 1,060.1 | 389.1 |
| Administrative expenses | 5,246.4 | 5,452.3 | 5,512.3 | 5,303.4 | 2,334.3 |
| Finance costs | 3,728.0 | 2,994.9 | 2,388.3 | 2,002.7 | 889.3 |
| Investment income | 5,035.4 | 3,004.7 | 2,564.2 | 2,218.8 | 1,211.1 |
| Operating profit | 33,165.8 | 33,099.4 | 31,485.4 | 26,582.3 | 12,947.2 |
| Profit before tax | 32,897.3 | 33,048.7 | 31,579.6 | 26,589.1 | 12,459.9 |
| Net profit | 25,398.9 | 25,748.8 | 24,954.0 | 21,839.4 | 9,585.0 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.18x | 1.22x | 1.11x | 1.07x | 1.22x |
| Quick ratio | 1.09x | 1.13x | 1.03x | 1.00x | 1.15x |
| Debt-to-asset ratio | 51.5% | 47.7% | 46.3% | 45.8% | 46.5% |
| Total debt / EBITDA | 1.78x | 1.54x | 1.40x | 1.76x | 3.13x |
| EBITDA interest coverage | 12.24x | 15.34x | 17.81x | 19.02x | 26.33x |
| Gross margin | 25.1% | 25.1% | 24.9% | 27.5% | 26.9% |
| Net margin | 11.5% | 13.3% | 13.2% | 14.8% | 13.1% |
| Return on equity (ROE) | 15.4% | 14.1% | 13.0% | 10.9% | 4.6% |
| Revenue growth | — | -12.5% | -1.9% | -21.8% | -50.6% |
| Net profit growth | — | 1.4% | -3.1% | -12.5% | -56.1% |
| Receivable days | 14 | 13 | 16 | 18 | 50 |
| Cash received / revenue | 112.8% | 113.9% | 110.4% | 112.5% | 105.2% |
| Operating CF / net profit | 1.72x | 1.67x | 1.37x | 1.36x | 1.03x |
| Free cash flow | 47,694.5 | 53,010.8 | 46,373.6 | 34,733.0 | 20,067.0 |
Mechanical risk flags
- ⚠ Current ratio: 1.07 (level: medium, reference threshold: <1.5)
- ⚠ Debt-to-asset ratio: 0.46 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 1,584.8 vs 517.2 CNY mn (deviation 67.36%, severity mid)
Sources: 2024年年度报告.pdf p.106 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.101 「货币资金」. CF-statement figure above the balance-sheet movement by 1,067.6 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: 371.9 vs -7,189.6 CNY mn (deviation 105.17%, severity mid)
Sources: 2025年年度报告.pdf p.101 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.101 「货币资金」. CF-statement figure above the balance-sheet movement by 7,561.5 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: 9,939.1 vs 6,435.8 CNY mn (deviation 35.25%, severity mid)
Sources: 2026年半年度报告.pdf p.66 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.60 「货币资金」. CF-statement figure above the balance-sheet movement by 3,503.2 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
5 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 现金及现金等价物净增加额 vs 货币资金变动; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 88,717.4 | 2025年年度报告.pdf | 95 | 货币资金 | 88717371.0 (千元) |
| Total assets | 2025 | 370,254.2 | 2025年年度报告.pdf | 95 | 资产总计 | 370254237.0 (千元) |
| Accounts receivable | 2025 | 7,251.5 | 2025年年度报告.pdf | 95 | 应收账款 | 7251488.0 (千元) |
| Fixed assets | 2025 | 122,746.1 | 2025年年度报告.pdf | 95 | 固定资产 | 122746079.0 (千元) |
| Short-term borrowings | 2025 | 1,045.6 | 2025年年度报告.pdf | 95 | 短期借款 | 1045605.0 (千元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.