KINETIC DEV (01277) announced its annual results for the period ending December 31, 2025. The group recorded total revenue of RMB 5.293 billion, a decrease of 6.4% year-on-year. Profit attributable to shareholders was RMB 896 million, down 57.54% compared to the previous year. Earnings per share stood at 10.66 cents. The board proposed a final dividend of 6.0 HK cents per share.
In 2025, frequent international geopolitical conflicts, intertwined global uncertainties, heightened instability, and prevailing trade protectionism weakened global economic growth momentum. Faced with shrinking external demand and rising uncertainties, the Chinese government adhered to promoting high-quality development, strengthened macroeconomic regulation, and implemented proactive fiscal policies and prudent monetary measures. Despite multiple pressures, the national economy maintained stable and progressive growth. According to data from China's National Bureau of Statistics, the country's gross domestic product reached approximately RMB 140.2 trillion in 2025, up 5.0% year-on-year. Revenue generated by industrial enterprises above the designated size totaled about RMB 139.20 trillion, increasing by 1.1%. Total profits of these enterprises amounted to approximately RMB 7,398.2 billion, rising 0.6%.
Throughout 2025, the domestic coal market experienced an overall oversupply. On the supply side, coal production growth showed a pattern of starting high and ending low for the year, yet still achieved a slight increase overall. Data from the National Bureau of Statistics indicated that China's raw coal output from industrial enterprises above the designated size reached about 4.83 billion tons, up 1.2% year-on-year. Meanwhile, due to diminished price advantages of imported coal, import volumes contracted significantly. Customs data revealed that coal imports for the year fell approximately 9.6% to around 490 million tons.
On the demand side, downstream demand remained generally weak. Thermal power generation and major coal-consuming industries experienced declining demand, limiting growth in coal consumption. National Bureau of Statistics figures showed that thermal power generation by enterprises above the designated size was about 6.3 trillion kWh, down 1.0% year-on-year. Pig iron output reached 840 million tons, a decrease of 3.0%, while crude steel production totaled 960 million tons, declining 4.4%.
In 2025, the price center of domestic coal shifted downward compared to the previous year. During the first half of the year, coal prices continued to bottom out. From July to early November, prices rebounded from lows, supported by national policies against "internal competition" in the coal sector and seasonal demand improvements during peak consumption periods. Toward the year-end, sustained government supply stabilization policies led to a rapid decline in coal prices.
Due to the lower average coal prices, coal enterprises faced operational pressures, with both revenue and profits declining. Data from the National Bureau of Statistics indicated that main business revenue for coal mining and washing enterprises above the designated size fell 17.8% to approximately RMB 2,608.86 billion. Total profits dropped 41.8% on a comparable basis to about RMB 32.0 billion.
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