China's coal industry saw profits recover in the first half of 2026 as coal prices moved higher, with surveyed coal enterprises above a designated size posting combined profits of 50.25 billion yuan after subsidies, up 41.1% year on year, according to the National Bureau of Statistics.

Listed coal companies largely reported improved results during the period. As of Aug 31, 45 coal-related listed firms had released their 2026 interim reports, with 32 posting profits — over 70% — and 13 reporting losses.

Among profitable firms, 25 saw net profit growth year on year. Notable gainers included Inner Mongolia Yitai Coal (up 82.45%), Ningxia Baofeng Energy (up 70.14%), Haohua Energy Resources (up 66.14%) and Yankuang Energy (up 54.23%).

Most companies attributed earnings growth to higher product sales volumes and rising prices during the reporting period. Haohua Energy said in its interim report that the coal and methanol industries experienced "a dramatic shift from sustained market decline to rapid recovery" in the first half, driven by geopolitical conflicts and volatile international energy prices. The company seized favorable opportunities to set record coal production and sales volumes for the period.

Profitability varied sharply across companies. China Shenhua Energy remained the most profitable, posting net profit of 28.72 billion yuan in the first half, followed by Shaanxi Coal Industry and Ningxia Baofeng Energy with 11.27 billion yuan and 9.73 billion yuan, respectively.

Among loss-making firms, six narrowed losses, four swung from profit to loss, and two widened losses. CCS Supply Chain Management posted the largest loss of 1.06 billion yuan, followed by Henan Dayou Energy with a loss of 643 million yuan.

Gansu Energy Chemical, Hengyuan Coal Industry & Electricity Power and Panjiang Refined Coal all returned to profitability in the first half compared with a year earlier. Panjiang Refined Coal's interim report showed its coal business as the core profit source, generating operating revenue of 2.96 billion yuan, accounting for 61.06% of total revenue — up 11.35 percentage points year on year. Despite lower mixed coal sales, the coal segment added nearly 400 million yuan in revenue, supported by higher average washed coal prices and increased sales volumes.