Guosheng Securities: Maintains "Buy" rating on hbky, non-coal business is progressing in an orderly manner

Guosheng Securities research report points out that HuaiBei Mining's net profit attributable to shareholders in the first half of 2025 is 1.032 billion yuan, a year-on-year decrease of 64.85%; the net profit attributable to shareholders in Q2 2025 is 340 million yuan, a year-on-year decrease of 74.72%. In terms of production and sales, the company's commodity coal production and sales in H1 2025 are 8.91 million tons / 6.48 million tons, a year-on-year decrease of -13.7% / -19.4%; in Q2 2025, the company's commodity coal production and sales are 4.6 million tons / 3.5 million tons, a year-on-year decrease of -9.6% / -12.5%, and a quarter-on-quarter increase of +6.8% / +17.9%. Currently, the filling of the Zhuzhuang coal mine has been completed and has been accepted by the Anhui Provincial Energy Bureau. As of June 30, 2025, the total assets of the Zhuzhuang coal mine are 350 million yuan, mainly consisting of internal receivables of 282 million yuan and land of 51 million yuan. The closure of the mine will not have a significant impact on the company's performance. In the coal and electricity industry, the construction of the Tao Hutou mine is being accelerated to ensure the completion of the main shaft tower and equipment installation by the end of 2025; the construction of the 2×660MW ultra-supercritical coal-fired power generation unit project, an important supporting power source for Anhui Province's 14th Five-Year Plan, is also being accelerated, with the goal of achieving "dual machine dual investment" by the end of the year. In addition, the company's non-coal business continues to advance. Maintain a "Buy" rating