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Coal Mining

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31/100 70Buffett Hold Shaanxi Coal Industry: A Low-Cost Mine Base, 9.32 GW of Unfinished Power, and a 2026 Recovery Already in the Price Shaanxi Coal Industry is a Shaanxi provincial SOE that mined 174.889 Mt in FY2025 from a low-cost northern-Shaanxi resource base, and since the end of 2024 it has also owned 88.6525% of a power platform carrying 20.18 GW of coal-fired capacity, 9.32 GW of it still under construction. FY2025 revenue fell 14.10% to RMB 158.179 billion and attributable profit fell 25.02% to RMB 16.765 billion even as output rose 2.58%, because realized coal price dropped 16.59% to RMB 443.78/t; power gross profit rose only about RMB 0.169 billion against a RMB 13.856 billion fall in coal gross profit, an offset of 1.2%. Rating Hold: at CNY 25.55 the shares already trade at about 16.1 times FY2025 ex-item earnings and 12 to 13 times normalized earnings, so the 2026 recovery is largely in the price while the unfinished power fleet absorbs the cash that would otherwise lift the 3.71% yield. Shaanxi Coal Industry Company Limited601225 · ShanghaiCoal MiningAug 20, 2026