Guizhou Panjiang Refined Coal Co., Ltd. said its net profit surged 216.34% in 2025, supported by strong growth in its power business and improved cost control.

The company reported revenue of 9.76 billion yuan ($1.35 billion), up 9.68% year on year, while net profit reached 330 million yuan. Net profit excluding non-recurring items rose 1,053.31% to 268 million yuan. Basic earnings per share stood at 0.153 yuan.

Guizhou Panjiang said the revenue increase was mainly driven by a sharp rise in electricity sales as new power projects entered commercial operation, with power revenue climbing 78.43% from a year earlier.

This offset weaker coal sales revenue, which fell 13.61% due to lower prices. Average selling prices of washed coal dropped by 494.55 yuan/t, while mixed coal prices declined by 19.92 yuan/t, although higher cleaned coal volumes partly cushioned the impact.

The company's core businesses include coal mining, washing and sales, as well as power generation. It said the coal segment remained broadly stable in 2025, while the power business emerged as a key growth driver.

As of end-2025, Guizhou Panjiang held coal resources of 8 billion tonnes, with recoverable reserves of 4.1 billion tonnes. Its operating coal capacity stood at 20.7 million tonnes per year, with a further 2.2 million tonnes under construction.

The company has installed coal-fired power capacity of 2.64 GW, with an additional 1.32 GW under construction. Its grid-connected renewable capacity reached 3.2 GW, with 0.74 GW under development.

In 2025, Guizhou Panjiang produced 15.88 million tonnes of raw coal and 10.09 million tonnes of saleable coal, while sales totaled 7.96 million tonnes. Power generation reached 11.10 TWh. Net cash flow from operating activities rose 237.62% to 945 million yuan, supported by higher electricity sales receipts.

The company plans to pay a cash dividend of 0.60 yuan per 10 shares, totaling about 128.8 million yuan, equivalent to 39.09% of net profit attributable to shareholders.

Looking ahead, Guizhou Panjiang said China's coal market will continue to priorities supply security and price stability, alongside structural optimization and the orderly release of advanced capacity. It added that the power sector is undergoing a transition towards cleaner, smarter and more market-driven development.

For 2026, the company targets raw coal output of 16.28 million tonnes, saleable coal production of 10.76 million tonnes and power generation of 12.34 TWh, with revenue expected to reach 10.22 billion yuan and total profit 450 million yuan.

In the first quarter of 2026, Guizhou Panjiang reported revenue of 2.5 billion yuan, up 0.74% year on year, while net profit attributable to shareholders rose 143.34% to 45.32 million yuan, returning to profitability.

The improvement was driven mainly by the coal segment, where saleable coal output rose 12.16% and sales increased 14.31%. Coal sales revenue climbed 30.43%, while costs fell 6.90%, lifting gross profit more than threefold.

In contrast, power generation fell 18.04% due to a drop in thermal output, although renewable generation surged 67.02%, providing a new source of growth.