Earnings release
Page 1
1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (a joint stock limited company incorporated in the People ’s Republic of China with limited liability) (Stock Code: 01088) THIRD QUARTERLY REPORT FOR THE YEAR 2025 Pursuant to the rules and regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange, China Shenhua Energy Company Limited is required to announce quarterly report. This announcement is made pursuant to Rule 13.09(2) and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong). The board of directors of the Company (the “Board ”) hereby presents the results of the Group for the nine months ended 30 September 2025 prepared in accordance with the IFRS Accounting Standards. Such results have not been audited or reviewed by the independent auditors.
Page 2
2 IMPORTANT NOTICE: • The Board and the directors and senior management of the Company warrant that the contents of the quarterly report are authentic, accurate and complete and do not contain any misrepresentation, misleading statement or material omission, and shall jointly and severally accept legal liability. • Zhang Changyan, person-in-charge of the Company, Song Jinggang, person-in-charge of the accounting function of the Company, and Yu Yanling, person-in-charge of the accounting department of the Company, warrant the authenticity, accuracy and completeness of the financial information contained in the quarterly report. • This report was approved at the fourteenth meeting of the sixth session of the Board of the Company. • The third quarterly financial statements have not been audited. I. MAJOR FINANCIAL INDICATORS (I) Major accounting data and financial indicators Unit: RMB million Item The Reporting Period The same period last year Change for the Reporting Period as compared to the same period last year From the beginning of the year to the end of the Reporting Period The same period last year Change for the period from the beginning of the year to the end of the Reporting Period as compared to the same period last year Before restatement After restatement After restatement Before restatement After restatement After restatement % % Revenue 75,042 85,821 86,354 (13.1) 213,151 253,899 255,475 (16.6) Profit for the period attributable to equity holders of the Company 14,660 17,798 16,622 (11.8) 41,366 50,569 47,978 (13.8) Basic earnings per share (RMB/share) 0.738 0.897 0.837 (11.8) 2.082 2.546 2.415 (13.8) Net cash generated from operating activities N/A N/A N/A N/A 65,253 83,504 81,474 (19.9)
Page 3
3 As at the end of the Reporting Period As at the end of last year Change as at the end of the Reporting Period as compared to the end of last year Before restatement After restatement After restatement % Total assets 646,427 661,436 671,639 (3.8) Equity attributable to equity holders of the Company 419,104 429,653 422,595 (0.8) Reasons for retrospective adjustment: On 11 February 2025, the Company completed the acquisition of 100% equity interest in Hangjin Energy held by China Energy. For details, please refer to the relevant announcements published by the Company on 21 January, 24 January and 12 February 2025 on the website of The Stock Exchange of Hong Kong Limited. Since then, Hangjin Energy has been included in the consolidated financial statements of the Company. According to the IFRS Accounting Standards, the above acquisition falls under a business combination under common control. The Company has made retrospective adjustments to the comparative consolidated financial statements presented in this report in accordance with the relevant provisions. (II) Differences of accounting data under domestic and overseas accounting standards Unit: RMB million Net profit attributable to equity holders of the Company Net assets attributable to equity holders of the Company January to September 2025 January to September 2024 (Restated) As at 30 September 2025 As at 31 December 2024 (Restated) Under China Accounting Standards for Business Enterprises 39,052 43,382 416,085 419,559 Adjustments for: Simple production maintenance, safety production and other related expenditures 2,314 4,596 3,019 3,036 Under IFRS Accounting Standards 41,366 47,978 419,104 422,595
Page 4
4 Explanation on differences in accounting data under domestic and overseas accounting standards: Pursuant to the relevant regulations of the related government authorities in the PRC, the Group accrued provisions for simple production maintenance, safety production and other related expenditures, which are recognised as expenses in profit or loss for the current period and separately recorded as a specific reserve in shareholders ’ equity. Upon utilisation of the specific reserve as fixed assets within the stipulated scope, the full amount of accumulated depreciation is recognised at the same time when the cost of the relevant assets is recorded. Under IFRS Accounting Standards, these expenses are recognised in profit or loss as and when incurred. Relevant capital expenditure is recognised as property, plant and equipment when incurred and depreciated according to the relevant depreciation method. The effect on deferred tax arising from such difference is also reflected. (III) Changes in major items of the consolidated financial statements and the main reasons thereof Unit: RMB million No. Items of consolidated statement of profit or loss and other comprehensive income January to September 2025 January to September 2024 (Restated) Change Main reasons for changes % 1 Revenue 213,151 255,475 (16.6) The decrease in sales volume and average selling price of coal resulted in a decrease in revenue from coal sales; the decrease in power output dispatch and average power tariff resulted in a decrease in power sales revenue 2 Cost of sales (145,476) (177,832) (18.2) Decrease in procurement cost of purchased coal; decrease in coal procurement cost 3 Research and development costs (1,340) (1,742) (23.1) Mainly affected by R&D investment and progress 4 Other gains and losses 406 (99) (510.1) Other gains and losses for the period from January to September 2025 were aggregated as gains, which is mainly due to gains arising from the transfer of equity interests in China Energy (Mianzhu) Hydropower Co., Ltd. ( ঐ(ၧ ϶)ʮ̡ ) held by China Energy Sichuan Energy Co., Ltd., a controlled subsidiary of the Company; Other gains and losses for the period from January to September 2024 were aggregated as losses, mainly due to the provision for asset impairment loss for the Yannan Mine of Hangjin Energy 5 Other expenses (100) (2,489) (96.0) Other expenses for the same period last year were mainly due to the donations made by certain coal subsidiaries of the Group to Inner Mongolia Ecological Comprehensive Improvement Fund
Page 5
5 Unit: RMB million No. Items of consolidated statement of financial position As at 30 September 2025 As at 31 December 2024 (Restated) Change Main reasons for changes % 1 Construction in progress 37,116 27,899 33.0 Continuous investment in power generation and coal mine projects under construction 2 Interests in associates 61,277 59,906 2.3 Recognition of investment income from associates 3 Inventories 13,661 12,666 7.9 Increase in coal inventories 4 Accounts and bills receivables 17,229 15,605 10.4 Increase in sales bill settlement 5 Financial assets at fair value through profit or loss 0 17,302 (100.0) Structured deposit products redeemed by the Company 6 Financial assets at fair value through other comprehensive income 642 1,174 (45.3) Decrease in bank acceptance bills that had been planned to be discounted or endorsed 7 Prepaid expenses and other current assets 19,325 16,547 16.8 Increase in prepayments for coal purchases and freight charges, etc. 8 Restricted bank deposits 17,285 14,280 21.0 Increase in the balance of the special account of the mine geological environment treatment and restoration fund 9 Cash and cash equivalents 48,053 66,413 (27.6) Payment of final dividend for 2024 10 Short-term borrowings 4,326 14,021 (69.1) Maturity repayment of certain short-term borrowings; maturity repayment of certain long-term borrowings due within one year 11 Accounts and bills payables 33,669 38,961 (13.6) Decrease in payable for materials, equipment and construction works 12 Accrued expenses and other payables 44,217 35,177 25.7 Increase in accrued expenses such as accrued repair costs; due to the provision for staff wages, the accrued staff wages increased as compared to the end of the last year. As at the end of the Reporting Period, the accrued staff wages decreased by 22.8% as compared to RMB18,670 million (restated) as at the end of the same period last year 13 Current portion of bonds 0 3,020 (100.0) The USD debentures payable of the Group were due and paid off in January 2025 14 Income tax payable 2,853 3,646 (21.7) Decrease in profit before income tax 15 Contract liabilities 5,474 4,001 36.8 Increase in advance for the sales of coal 16 Long-term borrowings 29,791 31,682 (6.0) Repayment of certain long-term borrowings upon expiry 17 Long-term liabilities 15,733 21,075 (25.3) Payment of long-term payables for mining rights by certain coal subsidiaries and branches of the Group
Page 6
6 Unit: RMB million No. Items of condensed consolidated statement of cash flows January to September 2025 January to September 2024 (Restated) Change Main reasons for changes % 1 Net cash generated from operating activities 65,253 81,474 (19.9) Year-on-year decrease in revenue from the Group ’s coal, power generation and other businesses 2 Net cash used in investing activities (8,880) (52,249) (83.0) Redemption of structured deposit products by the Company; greater increase in time deposits of the Group in the same period last year 3 Net cash used in financing activities (74,652) (48,304) 54.5 Year-on-year increase in the Group's repayment of debts and dividend payments II. SHAREHOLDER INFORMATION (I) Total number of shareholders of ordinary shares, number of shareholders of preference shares with restored voting rights and shareholdings of the top 10 shareholders Total number of shareholders of ordinary shares at the end of the Reporting Period (accounts) 209,226 Including: Holders of A shares (including China Energy) (accounts) 207,517 Registered holders of H shares (accounts) 1,709
Page 7
7 Unit: share Shareholdings of top 10 shareholders (excluding lending of shares by way of refinancing) Name of shareholders Nature of shareholder Number of shares Shareholding percentage Number of shares subject to selling restrictions Shares pledged, marked or frozen Status Number % China Energy Investment Corporation Limited State-owned corporation 13,812,709,196 69.52 0 Nil N/A HKSCC NOMINEES LIMITED Overseas corporation 3,369,686,348 16.96 0 Unknown N/A China Securities Finance Corporation Limited Others 594,718,004 2.99 0 Nil N/A Central Huijin Asset Management Ltd. State-owned corporation 106,077,400 0.53 0 Nil N/A Hong Kong Securities Clearing Company Limited Overseas corporation 103,651,663 0.52 0 Nil N/A Guoxin Investment Co., Ltd. State-owned corporation 92,146,857 0.46 0 Nil N/A Industrial and Commercial Bank of China – Shanghai Index 50 Trading Open-end Index Securities Investment Fund Others 62,986,411 0.32 0 Nil N/A China Life Insurance Company Limited – Traditional – General Insurance Products – 005L-CT001 Shanghai Others 59,094,475 0.30 0 Nil N/A Industrial and Commercial Bank of China Limited – Huatai-Pinebridge Shanghai-Shenzhen 300 Index Exchange Traded Open-ended Index Fund Others 56,215,076 0.28 0 Nil N/A Guofeng Xinghua (Beijing) Private Fund Management Co., Ltd.Ñ Guofeng Xinghua Honghu Zhiyuan Private Securities Investment Fund II Others 52,206,131 0.26 0 Nil N/A
Page 8
8 Unit: share Shareholdings of top 10 shareholders without selling restrictions (excluding lending of shares by way of refinancing) Name of shareholders Number of shares without selling restrictions Type and number of shares Type Number China Energy Investment Corporation Limited 13,812,709,196 RMB ordinary shares 13,812,709,196 HKSCC NOMINEES LIMITED 3,369,686,348 Overseas-listed foreign shares 3,369,686,348 China Securities Finance Corporation Limited 594,718,004 RMB ordinary shares 594,718,004 Central Huijin Asset Management Ltd. 106,077,400 RMB ordinary shares 106,077,400 Hong Kong Securities Clearing Company Limited 103,651,663 RMB ordinary shares 103,651,663 Guoxin Investment Co., Ltd. 92,146,857 RMB ordinary shares 92,146,857 Industrial and Commercial Bank of China – Shanghai Index 50 Trading Open-end Index Securities Investment Fund 62,986,411 RMB ordinary shares 62,986,411 China Life Insurance Company Limited – Traditional – General Insurance Products – 005L-CT001 Shanghai 59,094,475 RMB ordinary shares 59,094,475 Industrial and Commercial Bank of China Limited – Huatai-Pinebridge Shanghai-Shenzhen 300 Index Exchange Traded Open-ended Index Fund 56,215,076 RMB ordinary shares 56,215,076 Guofeng Xinghua (Beijing) Private Fund Management Co., Ltd.Ñ Guofeng Xinghua Honghu Zhiyuan Private Securities Investment Fund II 52,206,131 RMB ordinary shares 52,206,131
Page 9
9 Statements on the related party relationships among the above shareholders and whether they are parties acting in concert Both HKSCC NOMINEES LIMITED and Hong Kong Securities Clearing Company Limited are wholly- owned subsidiaries of Hong Kong Exchanges and Clearing Limited. The custodian bank of both Industrial and Commercial Bank of China – Shanghai Index 50 Trading Open-end Index Securities Investment Fund and Industrial and Commercial Bank of China Limited – Huatai-Pinebridge Shanghai-Shenzhen 300 Index Exchange Traded Open-ended Index Fund is Industrial and Commercial Bank of China. Save as disclosed above, the Company is not aware of whether any related party relationship existing among the top 10 shareholders without selling restrictions and the top 10 shareholders, and whether they are parties acting in concert as defined in the Measures for the Administration of Acquisition of Listed Companies. Details of top 10 shareholders and top 10 shareholders without selling restrictions participating in margin trading and securities lending and refinancing business ( “Refinancing ”) N/A Notes: 1. H shares held by HKSCC NOMINEES LIMITED are held on behalf of a number of its clients; A shares held by Hong Kong Securities Clearing Company Limited are held on behalf of a number of its clients. 2. As at the end of the Reporting Period, the controlling shareholder of the Company, China Energy, in addition to its direct shareholding, held 11,593,528 A shares of the Company through its wholly-owned subsidiary, China Energy Capital Holdings Co., Ltd., representing 0.0584% of the total number of issued shares of the Company. China Energy directly and indirectly held a total of 13,824,302,724 A shares of the Company, representing 69.5789% of the total number of issued shares of the Company. (II) Participation of shareholders with shareholding of more than 5%, top 10 shareholders and top 10 shareholders without selling restrictions in lending of shares by way of Refinancing ½Applicable ✓ Not applicable (III) Change in the top 10 shareholders and top 10 shareholders without selling restrictions from the previous period due to shares lending/repayment through Refinancing ½Applicable ✓ Not applicable
Page 10
10 III. OTHER MATERIAL ISSUES (I) Major operational data 2025 2024 Change (Restated) % Operational indicators Unit July to September January to September July to September January to September July to September January to September (I) Coal 1. Commercial coal production Million tonnes 85.5 250.9 83.6 251.8 2.3 (0.4) 2. Coal sales Million tonnes 111.6 316.5 115.6 345.6 (3.5) (8.4) Of which: Self-produced coal Million tonnes 86.8 248.7 84.5 252.1 2.7 (1.3) Purchased coal Million tonnes 24.8 67.8 31.1 93.5 (20.3) (27.5) (II) Transportation 1. Transportation turnover of self-owned railways Billion tonnes km 81.3 234.1 73.4 234.8 10.8 (0.3) 2. Loading volume at Huanghua Port Million tonnes 57.1 164.7 50.2 160.2 13.7 2.8 3. Loading volume at Tianjin Coal Dock Million tonnes 11.8 33.6 11.0 32.9 7.3 2.1 4. Shipment volume Million tonnes 30.0 79.9 34.1 99.6 (12.0) (19.8) 5. Shipment turnover Billion tonne nautical miles 29.9 82.4 38.9 113.9 (23.1) (27.7) (III) Power 1. Gross power generation Billion kWh 64.09 162.87 65.60 172.25 (2.3) (5.4) 2. Total power output dispatch Billion kWh 60.18 153.09 61.73 161.98 (2.5) (5.5) (IV) Coal chemical 1. Polyethylene sales Thousand tonnes 94.7 278.7 92.6 240.8 2.3 15.7 2. Polypropylene sales Thousand tonnes 84.1 254.7 88.0 227.2 (4.4) 12.1 Note: In February 2025, the Company completed the acquisition of 100% equity interest in Hangjin Energy held by China Energy. The Group ’s major operating indicators for January to September 2025 and July to September 2025 include the relevant data of Hangjin Energy. To ensure the comparability of business data, the Group has made retrospective adjustments to the major operating indicators for the same period of the previous year (the same applies hereinafter).
Page 11
11 (II) Operation of the coal segment 1. Coal sales (1) By contract pricing mechanisms January to September 2025 January to September 2024 (Restated) Change Sales volume Percentage to total sales volume Price (exclusive of tax) Sales volume Percentage to total sales volume Price (exclusive of tax) Sales volume Price (exclusive of tax) Million tonnes % RMB/ tonne Million tonnes % RMB/ tonne % % I. Sales through Trading Group 304.4 96.2 496 326.7 94.5 579 (6.8) (14.3) 1. Annual long-term contracts 168.4 53.2 452 183.6 53.1 492 (8.3) (8.1) 2. Monthly long-term contracts 124.3 39.3 553 112.0 32.4 713 11.0 (22.4) 3. Spot commodity 11.7 3.7 533 31.1 9.0 610 (62.4) (12.6) II. Direct sales at the coal mine pit 12.1 3.8 209 18.9 5.5 298 (36.0) (29.9) Total sales volume/average price (exclusive of tax) 316.5 100.0 487 345.6 100.0 564 (8.4) (13.7) Note: The above is a summary of the Group ’s sales of coal products with different calorific values, including electric coal and other coal for metallurgy, chemical engineering, etc.
Page 12
12 (2) By sales regions January to September 2025 January to September 2024 (Restated) Change Sales volume Percentage to total sales volume Price (exclusive of tax) Sales volume Percentage to total sales volume Price (exclusive of tax) Sales volume Price (exclusive of tax) Million tonnes % RMB/ tonne Million tonnes % RMB/ tonne % % I. Domestic sales 313.3 99.0 487 337.3 97.6 562 (7.1) (13.3) Of which: Sales of imported coal 2.8 0.9 470 4.8 1.4 641 (41.7) (26.7) II. Export and overseas sales 3.2 1.0 523 8.3 2.4 651 (61.4) (19.7) Total sales volume/average price (exclusive of tax) 316.5 100.0 487 345.6 100.0 564 (8.4) (13.7) 2. Operating results (before elimination on consolidation) Item Unit January to September 2025 January to September 2024 (Restated) Change Main reasons for changes % Revenue RMB million 159,099 201,598 (21.1) Decrease in sales volume and average selling price of coal Cost of sales RMB million (119,039) (150,057) (20.7) Decrease in sales volume and purchase price of purchased coal; decrease in sales volume and unit production cost of self-produced coal Gross profit RMB million 40,060 51,541 (22.3) Gross profit margin % 25.2 25.6 Decreased by 0.4 percentage point Profit before income tax RMB million 34,467 42,980 (19.8)
Page 13
13 3. Gross profit from sales of coal products by types of sources of coal (before elimination on consolidation) Item January to September 2025 January to September 2024 (Restated) Sales revenue Cost of sales Gross profit Gross profit margin Sales revenue Cost of sales Gross profit Gross profit margin RMB million RMB million RMB million % RMB million RMB million RMB million % Self-produced coal 116,930 (68,337) 48,593 41.6 132,541 (71,250) 61,291 46.2 Purchased coal 37,189 (36,707) 482 1.3 62,329 (61,054) 1,275 2.0 Total 154,119 (105,044) 49,075 31.8 194,870 (132,304) 62,566 32.1 Note: The cost of sales of purchased coal includes the purchase cost of purchased coal, as well as the transportation and port charges incurred to realise the sales. 4. Unit production cost of self-produced coal Unit: RMB/tonne Item January to September 2025 January to September 2024 (Restated) Change Main reasons for changes % Unit production cost of self-produced coal 164.4 169.6 (3.1) Raw materials, fuel and power 28.0 30.6 (8.5) Decrease in coal mine stripping fee and material consumption Personnel expenses 50.5 54.4 (7.2) Repairs and maintenance 9.4 10.1 (6.9) Depreciation and amortisation 20.0 19.5 2.6 Others 56.5 55.0 2.7 Other costs consist of the following three components: Ǻ expenses directly related to production, including expenses for coal washing, selecting and processing expenses, and mining engineering expenses, etc., accounting for approximately 64%; ǻ auxiliary production expenses, accounting for approximately 21%; Ǽ land requisition and surface subsidence compensation, environmental protection expenses, tax, etc., accounting for approximately 15%.
Page 14
14 (III) Operation of the power segment 1. Power generation and power output dispatch Gross power generation Power output dispatch Average utilization hours Power tariff billion kWh billion kWh hour RMB/MWh Location/ Type of power July to September 2025 July to September 2024 (Restated) Change July to September 2025 July to September 2024 (Restated) Change July to September 2025 July to September 2024 (Restated) Change July to September 2025 July to September 2024 (Restated) Change % % % % Domestic 63.77 65.21 (2.2) 59.90 61.39 (2.4) 1,346 1,462 (7.9) 376 394 (4.6) Coal-fired power 61.36 63.52 (3.4) 57.54 59.75 (3.7) 1,386 1,479 (6.3) 371 393 (5.6) Gas-fired power 1.85 1.19 55.5 1.80 1.16 55.2 876 1,252 (30.0) 575 513 12.1 Hydropower 0.15 0.23 (34.8) 0.15 0.22 (31.8) 1,992 1,785 11.6 196 186 5.4 Photovoltaic power 0.41 0.27 51.9 0.41 0.26 57.7 446 466 (4.3) 336 344 (2.3) Overseas 0.32 0.39 (17.9) 0.28 0.34 (17.6) 1,076 1,295 (16.9) 494 472 4.7 Coal-fired power 0.32 0.39 (17.9) 0.28 0.34 (17.6) 1,076 1,295 (16.9) 494 472 4.7 Total/Weighted average 64.09 65.60 (2.3) 60.18 61.73 (2.5) 1,345 1,461 (7.9) 377 394 (4.3) Gross power generation Power output dispatch Average utilization hours Power tariff billion kWh billion kWh hour RMB/MWh Location/ Type of power January to September 2025 January to September 2024 (Restated) Change January to September 2025 January to September 2024 (Restated) Change January to September 2025 January to September 2024 (Restated) Change January to September 2025 January to September 2024 (Restated) Change % % % % Domestic 161.84 171.26 (5.5) 152.20 161.13 (5.5) 3,417 3,840 (11.0) 382 399 (4.3) Coal-fired power 155.76 167.33 (6.9) 146.24 157.29 (7.0) 3,520 3,897 (9.7) 376 398 (5.5) Gas-fired power 4.78 2.83 68.9 4.67 2.76 69.2 2,269 2,977 (23.8) 583 538 8.4 Hydropower 0.32 0.49 (34.7) 0.31 0.48 (35.4) 4,141 3,884 6.6 234 225 4.0 Photovoltaic power 0.98 0.61 60.7 0.98 0.60 63.3 1,068 1,058 0.9 323 315 2.5 Overseas 1.03 0.99 4.0 0.89 0.85 4.7 3,427 3,304 3.7 486 489 (0.6) Coal-fired power 1.03 0.99 4.0 0.89 0.85 4.7 3,427 3,304 3.7 486 489 (0.6) Total/Weighted average 162.87 172.25 (5.4) 153.09 161.98 (5.5) 3,417 3,837 (10.9) 382 400 (4.5)
Page 15
15 2. Installed capacity of power generating units At the end of the Reporting Period, the total installed capacity of the Group ’s commercial operation of power generating units was 48,681 MW, of which, the total installed capacity of coal-fired power generating units was 45,384 MW, accounting for 93.2% of the total installed capacity of the Group. During January to September 2025, the Group ’s installed capacity of coal-fired power generating units increased by 1,000MW, which was mainly due to the commencement of operation of unit No. 3 of the Phase II Expansion Project of China Energy Shenhua Jiujiang Power Co., Ltd., a wholly-owned subsidiary of the Company. The installed capacity of hydropower decreased by 47 MW, which was primarily due to shutdown and transfer of certain hydropower stations of China Energy Sichuan Energy Co., Ltd., a non-wholly-owned subsidiary of the Company. The installed capacity of photovoltaic power generation for external commercial operation increased by 264 MW, mainly due to the commencement of operation of the photovoltaic projects of the Group located in provinces such as Guangdong and Fujian. Unit: MW Type of power Total installed capacity as at 31 December 2024 (Restated) Increase/ (decrease) in installed capacity from January to September 2025 Total installed capacity as at 30 September 2025 Coal-fired power 44,384 1,000 45,384 Gas-fired power 2,194 / 2,194 Hydropower 125 (47) 78 Photovoltaic power 761 264 1,025 Total 47,464 1,217 48,681 Note: The Company completed the acquisition of 100% equity interest in Hangjin Energy held by China Energy in February 2025. To ensure the comparability of business data, the Group restated the total installed capacity as at 31 December 2024, including the installed capacity of Hangjin Energy of 1,200 MW.
Page 16
16 3. Operating results (before elimination on consolidation) Item Unit January to September 2025 January to September 2024 (Restated) Change Main reasons for changes % Revenue RMB million 65,179 71,663 (9.0) Decrease in power output dispatch and average power sales price Cost of sales RMB million (53,180) (60,806) (12.5) Decrease in power output dispatch; decrease in coal procurement prices and procurement costs Gross profit RMB million 11,999 10,857 10.5 Gross profit margin % 18.4 15.2 Increased by 3.2 percentage points Profit before income tax RMB million 10,458 8,881 17.8 From January to September 2025, the Group ’s average cost of power output dispatch of the power business (including heat sales) was RMB325.4/MWh (for the same period in 2024: RMB353.0/MWh, restated), representing a year-on-year decrease of 7.8%, primarily due to the decrease in the purchase price of coal. (IV) Major operation of transportation and coal chemical segments (before elimination on consolidation) Unit: RMB million Railway Port Shipping Coal chemical Item January to September 2025 January to September 2024 Change January to September 2025 January to September 2024 Change January to September 2025 January to September 2024 Change January to September 2025 January to September 2024 Change % % % % Revenue 32,765 32,672 0.3 5,291 5,133 3.1 2,688 3,771 (28.7) 4,351 4,099 6.1 Cost of sales (20,162) (20,157) 0.0 (2,693) (2,931) (8.1) (2,413) (3,376) (28.5) (4,143) (3,933) 5.3 Gross profit 12,603 12,515 0.7 2,598 2,202 18.0 275 395 (30.4) 208 166 25.3 Gross profit margin (%) 38.5 38.3 Increased by 0.2 percentage point 49.1 42.9 Increased by 6.2 percentage points 10.2 10.5 Decreased by 0.3 percentage point 4.8 4.0 Increased by 0.8 percentage point Profit before income tax 10,544 10,408 1.3 2,246 1,816 23.7 171 341 (49.9) 103 22 368.2 During January to September 2025, the year-on-year increase in the gross profit of the port segment was mainly due to the decrease in costs such as waterway dredging fees; the year-on-year decrease in the gross profit of the shipping segment was mainly due to the decrease in shipment volume and turnover as a result of the adjustment of the shipping business; the year-on-year increase in the gross profit of the coal chemical segment was mainly due to the lower sales volume of polyolefin products as a result of the scheduled maintenance of the coal-to-olefin production equipment during the same period of the previous year.
Page 17
17 IV. FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH IFRS ACCOUNTING STANDARDS CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the nine months ended 30 September 2025 2024 RMB million RMB million (unaudited) (unaudited) (restated) Revenue Goods and labour services 213,151 255,475 Cost of sales (145,476) (177,832) Gross profit 67,675 77,643 Selling expenses (383) (384) General and administrative expenses (7,498) (7,318) Research and development costs (1,340) (1,742) Other gains and losses 406 (99) Loss allowances, net of reversal 76 17 Other income 521 588 Other expenses (100) (2,489) Interest income 1,799 2,145 Finance costs (2,059) (2,461) Share of results of associates 2,753 2,938 Profit before income tax 61,850 68,838 Income tax expense (12,131) (12,445) Profit for the period 49,719 56,393
Page 18
18 2025 2024 RMB million RMB million (unaudited) (unaudited) (restated) Other comprehensive income for the period Items that will not be reclassified subsequently to profit or loss, net of income tax: Change in the fair value of investments in equity instruments at fair value through other comprehensive income 20 165 Share of other comprehensive income of associates 122 (11) Items that may be reclassified subsequently to profit or loss, net of income tax: Exchange differences (124) (102) Share of other comprehensive income of associates (119) (22) Other comprehensive income for the period, net of income tax (101) 30 Total comprehensive income for the period 49,618 56,423 Profit for the period attributable to: Equity holders of the Company 41,366 47,978 Non-controlling interests 8,353 8,415 49,719 56,393 Total comprehensive income for the period attributable to: Equity holders of the Company 41,296 48,026 Non-controlling interests 8,322 8,397 49,618 56,423 Earnings per share – Basic (RMB) 2.082 2.415
Page 19
19 CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 September 2025 As at 30 September 2025 As at 31 December 2024 RMB million RMB million (unaudited) (unaudited) (restated) Non-current assets Property, plant and equipment 294,950 298,358 Construction in progress 37,116 27,899 Exploration and evaluation assets 4,842 4,861 Intangible assets 5,778 5,487 Right-of-use assets 25,451 25,927 Interests in associates 61,277 59,906 Equity instruments at fair value through other 2,815 2,787 comprehensive income Financial assets at fair value through profit or loss 60 60 Other non-current assets 32,997 33,057 Deferred tax assets 5,866 6,158 Total non-current assets 471,152 464,500 Current assets Inventories 13,661 12,666 Accounts and bills receivables 17,229 15,605 Financial assets at fair value through profit or loss – 17,302 Financial assets at fair value through other comprehensive income 642 1,174 Prepaid expenses and other current assets 19,325 16,547 Restricted bank deposits 17,285 14,280 Time deposits with original maturity over three months 59,080 63,152 Cash and cash equivalents 48,053 66,413 Total current assets 175,275 207,139
Page 20
20 As at 30 September 2025 As at 31 December 2024 RMB million RMB million (unaudited) (unaudited) (restated) Current liabilities Borrowings 4,326 14,021 Accounts and bills payables 33,669 38,961 Accrued expenses and other payables 44,217 35,177 Current portion of bonds – 3,020 Current portion of lease liabilities 307 365 Current portion of long-term liabilities 6,624 5,925 Income tax payable 2,853 3,646 Contract liabilities 5,474 4,001 Total current liabilities 97,470 105,116 Net current assets 77,805 102,023 Total assets less current liabilities 548,957 566,523 Non-current liabilities Borrowings 29,791 31,682 Lease liabilities 979 1,133 Long-term liabilities 15,733 21,075 Accrued reclamation obligations 9,621 9,668 Deferred tax liabilities 1,380 1,348 Other non-current liabilities 1,638 1,355 Total non-current liabilities 59,142 66,261 Net assets 489,815 500,262 Equity Share capital 19,869 19,869 Reserves 399,235 402,726 Equity attributable to equity holders of the Company 419,104 422,595 Non-controlling interests 70,711 77,667 Total equity 489,815 500,262
Page 21
21 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the nine months ended 30 September 2025 2024 RMB million RMB million unaudited unaudited restated Operating activities Cash generated from operations 77,697 96,023 Income tax paid (12,444) (14,549) Net cash generated from operating activities 65,253 81,474 Investing activities Acquisition of property, plant and equipment, intangible assets, exploration and evaluation assets, additions to construction in progress and other non-current assets (30,197) (21,167) Increase in right-of-use assets (314) (280) Proceeds from disposal of property, plant and equipment, intangible assets, lease prepayments and other non-current assets 470 471 Investment in financial asset at fair value through profit or loss – (60) Cash paid for acquisition of subsidiaries (853) – Proceeds from maturity of structured deposits 47,711 – Repayment of investment from associates 455 246 Investments in associates (810) (431) Net cash increase/(decrease) from disposal of subsidiaries 157 (14) Dividend received from associates 1,914 359 Interest received 1,602 2,318 Purchase of structured deposits (30,400) – Increase in restricted bank deposits (3,006) (3,721) Increase in time deposits with original maturity over three months (14,850) (49,655) Maturity of time deposits with original maturity over three months 19,241 19,685 Net cash used in investing activities (8,880) (52,249)
Page 22
22 2025 2024 RMB million RMB million unaudited unaudited restated Financing activities Capital element of lease rentals paid (382) (430) Interest element of lease rentals paid (18) (27) Interest paid (1,404) (1,723) Proceeds from borrowings 4,554 10,479 Repayments of borrowings (15,770) (9,609) Repayments of bonds (3,021) (57) Proceeds from bills discounted and commercial factoring 1,590 – Acquisition of non-controlling interests in subsidiaries – (58) Contributions from non-controlling shareholders 957 97 Distribution to non-controlling shareholders (16,255) (2,073) Dividends paid to equity holders of the Company (44,903) (44,903) Net cash used in financing activities (74,652) (48,304) Net decrease in cash and cash equivalents (18,279) (19,079) Cash and cash equivalents as at the beginning of the period 66,413 109,928 Effect of foreign exchange rate changes (81) (64) Cash and cash equivalents as at the end of the period 48,053 90,785
Page 23
23 V. DEFINITIONS China Shenhua/the Company China Shenhua Energy Company Limited The Group The Company and its controlled subsidiaries China Energy China Energy Investment Corporation Limited Trading Group China Energy Trading Group Limited Hangjin Energy China Energy Hangjin Energy Co., Ltd. China Accounting Standards for Business Enterprises the Accounting Standards for Business Enterprises, Application Guidance to Accounting Standards for Business Enterprises, Interpretations of Accounting Standards for Business Enterprises and other related requirements issued by the Ministry of Finance of the People ’s Republic of China IFRS Accounting Standards IFRS Accounting Standards issued by the International Accounting Standards Board The Reporting Period July to September 2025 By order of the board China Shenhua Energy Company Limited Song Jinggang Chief Financial Officer and Secretary to the Board of Directors Beijing, 24 October 2025 As at the date of this announcement, the Board comprises the following: Mr. Zhang Changyan as executive director, Mr. Kang Fengwei and Mr. Li Xinhua as non-executive directors, Dr. Yuen Kwok Keung, Dr. Chen Hanwen and Mr. Wang Hong as independent non-executive directors, and Ms. Jiao Lei as employee director.