Coal prices have fallen while demand has risen, leading to a significant recovery in the profits of thermal power companies in the first three quarters

Recently, thermal power companies have successively released their Q3 2025 reports or performance forecasts for the first three quarters. The sector is showing signs of profit recovery driven by the dual factors of a year-on-year decline in thermal coal prices and an increase in electricity demand during the peak summer season. Among them, JEI expects a year-on-year increase of up to 231.75% in net profit for the first three quarters. Some industry insiders in the coal sector believe that the fourth quarter will see a competition between the resilience of heating season demand and rising coal prices, which may become a key variable for the continuation of profitability in the thermal power industry