Yankuang Energy today... sigh, fell nearly 3% again. I feel quite uncomfortable looking at the 10.32 level. How to put it? This price level always gives me a psychological shadow 😂. The market cap is just this big, a hundred-billion level standing there is no joke, but look at the trading volume—nothing explosive, just over 300 million? Among blue chips these two days, it's really not particularly lively.

The main business is coal and electricity, the kind of large-scale energy that's steady and reliable. Last year's earnings were really good, and the net profit margin... I think it's better than many traditional manufacturers. But the problem is... coal prices are like this, rising and falling unpredictably. How to put it? No one can guess next year's market conditions. Industry risks, everyone faces some waves 🚤.

In terms of dividends, Yankuang is generally quite generous. Looking back at the records, the cash flow is strong too—they don’t like to blatantly withhold. Several major institutions adjusted their positions mid-year, adjusting back and forth, probably the 'cautiously optimistic' crowd—I see they talk a big game but their actions are quite honest, haha.

On the macro side, the RMB had some minor fluctuations recently, which more or less affected overseas business. The commodity market is lively too, with oil and iron ore setting the stage, and one chaotic supporting act—who knows who the next lead will be.

In the Longbridge community, I only realized after chatting around that most people think Yankuang is too stable and too boring. As soon as the earnings report comes out, a bunch of people start analyzing the data to teach lessons 🤣, and there’s endless debate about coal prices and policies... Old energy companies, no new stories to hype, just ups and downs, back-and-forth discussions. A glance at the historical comment section is like a collection of golden quotes.