China Coal Energy Co Ltd

China Coal Energy released its 2026 interim report. First-half operating revenue was 73.14 billion yuan, down 1.7 percent year on year. Net profit attributable to the parent company was 8.15 billion yuan, up 5.8 percent year on year. Net profit attributable to the parent company excluding non-recurring items was 8.54 billion yuan, up 11.6 percent year on year. Net operating cash flow was 9.864 billion yuan, up 28.7 percent year on year. In the second quarter, operating revenue was 38.95 billion yuan, up 8.1 percent year on year, and net profit attributable to the parent company was 4.3 billion yuan, up 15.5 percent year on year. The company said commercial coal production in its coal business was 61.95 million tonnes, a year-on-year decrease, mainly affected by adjustments to safety regulatory policies, complex geological conditions at some mines, and phased production suspensions caused by accidents at nearby mines. Output of major products in its chemicals business was 3.02 million tonnes, up 1.0 percent year on year.

China Coal Energy announced plans to distribute a cash dividend of 0.184 yuan per share, including tax, to all shareholders, with an estimated total payout of 2.445 billion yuan. In the first half of 2026, the company achieved revenue of 73.136 billion yuan and net profit attributable to the parent of 8.149 billion yuan.

China Coal Energy announced that its controlling shareholder, China National Coal Group, has recently received a loan commitment letter from the Beijing branch of Industrial and Commercial Bank of China. The bank agreed to provide special loan support for China National Coal Group's purchase of the company's A-shares, with a loan amount not exceeding 90 million yuan and no more than 90 percent of the actual purchase plan amount. The loan term is no more than three years. The total amount of this purchase plan is between 50 million and 100 million yuan, with the number of shares purchased not exceeding 2 percent of the company's total share capital. The funding sources include self-owned funds and self-raised funds.

On the morning of July 20, several listed central state-owned enterprises including Chalco, CRRC, and China Coal Energy announced shareholding increase plans by their controlling shareholders, while NARI Technology and Sinopec disclosed buyback plans or progress. Chalco's controlling shareholder Chinalco and its concert parties plan to increase their holdings of the company's A-shares and H-shares by 1 billion to 2 billion yuan, with the number of shares not exceeding 2% of total share capital, over a 12-month period. CRRC's controlling shareholder CRRC Group plans to increase its holdings by 150 million to 300 million yuan within the next six months, with no price range set. China Coal Energy's controlling shareholder China Coal Group plans to increase its holdings by 50 million to 100 million yuan. NARI Technology's chairman proposed a buyback of 500 million to 1 billion yuan worth of shares for equity incentives or registered capital reduction. Sinopec disclosed buyback progress, having repurchased a cumulative 77.9 million A-shares as of July 17, 2026, for a total of 365 million yuan, under a buyback plan totaling 500 million to 1 billion yuan. Several companies have recently reported improving performance. Chalco expects first-half net profit of 11.2 billion to 12.2 billion yuan, up 58% to 73% year-on-year, a record high for the period. China Shenhua Energy expects first-half net profit of 26.3 billion to 29.8 billion yuan, up 6.9% to 21.1% year-on-year.

China Reform Holdings Corporation and China Chengtong Holdings Group simultaneously disclosed progress on large-scale secondary market purchases, having together deployed nearly 60 billion yuan into core A-share assets. China Reform’s investment arm used over 50 billion yuan from a special central bank relending facility for share buybacks and increases, while China Chengtong, together with Chengtong Capital and Chengtong Yang Capital, has cumulatively bought close to 10 billion yuan. Both firms define these purchases as medium- to long-term strategic allocations, with funds continuously deployed via the central bank’s special relending facility. On the same day, five central enterprises—China Coal Energy, CRRC, Aluminum Corporation of China, NARI Technology, and China Shenhua Energy—jointly announced share increases, buybacks, asset injections, and dividend plans. Among them, three controlling shareholders’ increase plans total between 1.2 billion and 2.4 billion yuan. Five insurance institutions with assets under management exceeding one trillion yuan each voiced support for the stock market. China Pacific Insurance said it will continue to add positions in technology, consumer, and new energy stocks and ETFs. Ping An Insurance stated it will increase allocations to emerging industries, advanced manufacturing, and undervalued value stocks. New China Life Insurance expressed confidence in the market’s long-term value and will raise equity allocations. PICC and China Life Group also expressed a firm bullish stance and plans to boost allocations. On the evening of July 20, more than 20 listed companies issued share increase and buyback announcements, with confirmed deployed funds exceeding 720 million yuan and planned implementation funds totaling between 4.64 billion and 7.6 billion yuan. China Securities Regulatory Commission Chairman Wu Qing visited a securities branch to exchange views with investor representatives, listening to suggestions on strengthening oversight of quantitative and AI program trading and encouraging listed companies to increase dividend payouts.

Two major state-owned capital operation platforms, China Reform Holdings and China Chengtong Holdings, simultaneously announced large-scale increased holdings of A-shares, injecting strong confidence into the capital market. China Reform Holdings' investment arm has already used over 50 billion yuan from special re-lending for stock buybacks and increased holdings along with supporting funds, and will continue to increase holdings in central enterprise stocks. China Chengtong and its affiliated entities have recently purchased nearly 10 billion yuan of state-owned central enterprise and technology company stocks and ETFs, and will continue to make large additional purchases. Driven by this, many central and state-owned enterprises and industry leaders have intensively disclosed buyback and increased holding plans. Among them, the controlling shareholder of China Coal Energy plans to increase holdings by 50 million to 100 million yuan, the controlling shareholder of CRRC Corporation has an increased holding plan of 150 million to 300 million yuan, the chairman of NARI Technology proposed a buyback of 500 million to 1 billion yuan, the controlling shareholder of China State Construction Engineering plans to increase holdings by 500 million to 1 billion yuan, Huayou Cobalt plans a buyback of 600 million to 1 billion yuan, and the chairman of SANY Heavy Industry proposed a buyback of 400 million to 800 million yuan. Since July, nearly 300 listed companies have implemented share buybacks, with cumulative buyback scale exceeding 15 billion yuan. Midea Group, TCL Technology, and Haier Smart Home rank top three in buyback scale, totaling nearly 4.9 billion yuan. Meanwhile, nearly 120 listed companies have seen net increased holdings by significant shareholders, with the chemical sector becoming the main battleground, and Jiangsu Eastern Shenghong receiving over 300 million yuan in increased holdings. Industry insiders point out that this round of concentrated increased holdings and buybacks by central and state-owned enterprises is a medium- to long-term strategic layout based on long-term economic resilience and aimed at fostering new quality productive forces, with cancellation-type buybacks expected to become the mainstream model.

China Coal Energy announced that its controlling shareholder, China Coal Group, plans to increase its holdings of the company's A-shares through the Shanghai Stock Exchange over the next 12 months, with a total increase amount of no less than 50 million yuan and no more than 100 million yuan, and the number of shares increased will not exceed 2% of the company's total share capital. In the first quarter of 2026, the company achieved revenue of 34.189 billion yuan and net profit attributable to the parent of 3.844 billion yuan.

The China Securities Regulatory Commission recently organised a symposium with representatives from securities fund institutions and listed companies to hear opinions and suggestions on promoting the stable and healthy development of the capital market. Before the market opened on 20 July, five central enterprise listed companies—China Shenhua Energy, CRRC Corporation, Aluminum Corporation of China, NARI Technology, and China Coal Energy—released intensive announcements, sending positive signals through shareholder shareholding increases, share buybacks, cash dividends, and injections of high-quality assets. The previous evening, China Reform Holdings disclosed that it had already used over 50 billion yuan in special re-lending for share buybacks and shareholding increases, along with supporting funds, to maintain market stability, while China Chengtong Holdings disclosed that it had recently purchased nearly 10 billion yuan in onshore stock assets cumulatively. In the brokerage sector, three brokerages—Huaan Securities, Guolian Minsheng Securities, and Sinolink Securities—successively launched buyback plans with a combined maximum amount of 700 million yuan. In the private equity industry, two billion-yuan-level quantitative private equity firms, Lingjun Investment and Pingfanghe Investment, simultaneously announced large-scale self-purchases. Since July, six institutions have made self-purchases totalling 412 million yuan, accounting for nearly 79 percent of the full-year total. Funds entered the market against the trend via exchange-traded funds. Last week, total net inflows into ETFs across the market reached 229.033 billion yuan, of which equity ETFs contributed 203.592 billion yuan, and broad-based ETFs saw net inflows of 156.12 billion yuan in a single week. The latest size of the Huatai-PineBridge CSI 300 ETF reached 99.521 billion yuan. The market adjustment was mainly triggered by external factors such as geopolitical tensions in the Middle East and deleveraging in overseas technology sectors. There has been no trend reversal in the fundamentals of the domestic economy or corporate earnings. The 900 companies on the Shenzhen market that have disclosed half-year earnings forecasts reported total net profits of approximately 230.7 billion yuan, a year-on-year surge of 147 percent.

The coal mining concept strengthened in trading, with the sector rising 3.07%. Among related constituent stocks, Dayou Energy rose 10.00%, Zhengzhou Coal Industry rose 9.06%, Liaoning Energy rose 8.28%, China Coal Energy rose 6.78%, and Haohua Energy rose 4.96%. A research report from Sealand Securities pointed out that in June 2026, raw coal output fell 9.7% year-on-year, the largest drop in a decade, with significant supply-side contraction. Over the same period, thermal coal and primary coking coal prices rose 39.93% and 71.93% year-on-year respectively, with the supply-demand gap continuing to widen and the coal price uptrend clearly established. A research report from Shenwan Hongyuan Securities noted that from January to May 2026, thermal power generation increased 3.4% year-on-year, expected to drive total coal consumption up 3.0% for the full year, while the supply side is tightening due to the window for capacity reduction and import contraction. The coal price center is likely to enter a long-term upward channel of fluctuating increases.

In early trading on July 20, the three major A-share indices rose. The Shanghai Composite Index gained 1.18%, the Shenzhen Component Index rose 0.21%, and the ChiNext Index climbed 1.13%. Combined turnover on the two exchanges reached 1.67 trillion yuan, with over 2,900 stocks advancing. Sectors such as oil and gas, baijiu, and coal led the gains, while the power sector rebounded collectively. Jiawei New Energy, Huayin Electric Power, and Fuling Electric Power hit their daily limit up. Kweichow Moutai surged over 5% to 1,322.97 yuan. Before the market opened, multiple companies in the power and coal sectors announced plans to increase holdings or conduct buybacks. SDIC Power's controlling shareholder plans to increase its stake by 150 million yuan within six months. China Coal Energy's controlling shareholder plans to increase holdings by 50 million to 100 million yuan within 12 months. NARI Technology's chairman proposed a buyback of 500 million to 1 billion yuan. China Shenhua Energy announced a 2026 coal sales volume target of 618.1 million tonnes, a power generation target of 288.1 billion kilowatt-hours, and an operating revenue target of 360 billion yuan. Longyuan Power plans to distribute annual cash dividends of no less than 30% of net profit attributable to the parent company from 2025 to 2027. In addition, Aluminum Corporation of China's controlling shareholder plans to increase holdings by 1 billion to 2 billion yuan, and CRRC Corporation's controlling shareholder plans to increase holdings by 150 million to 300 million yuan. Both stocks rose over 6% in early trading.