财务分析☆ ◇601088 中国神华 更新日期：2026-11-07◇ 通达信沪深京F10
★本栏包括【1.主要财务指标】【2.偿债能力指标】【3.营运能力指标】【4.盈利能力指标】
【5.成长能力指标】【6.指标变动说明】【7.资产负债表摘要】【8.利润表摘要】
【9.现金流量表摘要】【10.环比分析】
【1.主要财务指标】
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│财务指标 │ 2026-09-30│ 2025-12-31│ 2024-12-31│ 2023-12-31│ 2022-12-31│ 2021-12-31│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│审计意见 │ 未经审计│ 无保留意见│ 无保留意见│ 无保留意见│ 无保留意见│ 无保留意见│
│归母净利(未调整:万) │ 4440300.00│ 5284900.00│ 5867100.00│ 5969400.00│ 6962600.00│ 5026900.00│
│归母净利(调整后:万) │ ---│ ---│ 5580500.00│ 5969400.00│ 6964800.00│ 5008400.00│
│净利润增长率(%) │ 3.79│ -5.30│ -1.71│ -14.29│ 39.02│ 28.34│
│扣非净利润(万) │ 4280800.00│ 4858900.00│ 6012500.00│ 6286800.00│ 7033700.00│ 5003600.00│
│营业总收(未调整:万) │ 29603100.00│ 29491600.00│ 33837500.00│ 34307400.00│ 34453300.00│ 33521600.00│
│营业总收(调整后:万) │ ---│ ---│ 33978800.00│ 34307400.00│ 34453300.00│ 33564000.00│
│总营收同比增长率(%) │ 8.97│ -13.21│ -1.37│ -0.42│ 2.65│ 43.71│
│加权净资产收益率(%) │ 8.81│ 12.76│ 14.04│ 14.88│ 18.07│ 13.64│
│资产负债比率(%) │ 40.83│ 23.31│ 23.42│ 24.08│ 26.13│ 26.58│
│净利润现金含量(%) │ 208.77│ 142.03│ 159.10│ 150.24│ 157.60│ 188.14│
│基本每股收益(元) │ 2.0620│ 2.6600│ 2.8090│ 3.0040│ 3.5050│ 2.5210│
│每股收益-扣除(元) │ 1.9737│ 2.4450│ 3.0260│ 3.1640│ 3.5400│ 2.5180│
│每股收益-摊薄(元) │ 2.0472│ 2.6599│ 2.9529│ 3.0044│ 3.5043│ 2.5300│
│每股资本公积金(元) │ 7.1500│ 4.0928│ 3.4373│ 3.4316│ 3.4231│ 3.7580│
│每股未分配利润(元) │ 10.1159│ 13.5881│ 15.2122│ 14.5197│ 14.0652│ 13.1081│
│每股净资产(元) │ 20.4970│ 20.5900│ 21.4800│ 20.5700│ 19.8200│ 18.9700│
│每股经营现金流量(元)│ 4.2740│ 3.7800│ 4.7000│ 4.5100│ 5.5200│ 4.7600│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│财务指标 │ 2026-09-30│ 2026-06-30│ 2026-03-31│ 2025-12-31│ 2025-09-30│ 2025-06-30│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│审计意见 │ 未经审计│ 未经审计│ 未经审计│ 无保留意见│ 未经审计│ 未经审计│
│归母净利(未调整:万) │ 4440300.00│ 2871500.00│ 1066700.00│ 5284900.00│ 3905200.00│ 2464100.00│
│归母净利(调整后:万) │ ---│ ---│ ---│ ---│ 4278000.00│ 2758300.00│
│净利润增长率(%) │ 3.79│ 4.10│ -10.73│ -5.30│ -9.98│ -12.03│
│扣非净利润(万) │ 4280800.00│ 2689500.00│ 1071200.00│ 4858900.00│ 3870400.00│ 2431200.00│
│营业总收(未调整:万) │ 29603100.00│ 18933800.00│ 7039700.00│ 29491600.00│ 21315100.00│ 13810900.00│
│营业总收(调整后:万) │ ---│ ---│ ---│ ---│ 27165100.00│ 17542300.00│
│总营收同比增长率(%) │ 8.97│ 7.93│ 1.17│ -13.21│ -16.57│ -18.34│
│加权净资产收益率(%) │ 8.81│ 5.83│ 2.40│ 12.76│ 9.35│ 6.00│
│资产负债比率(%) │ 40.83│ 40.27│ 29.03│ 23.31│ 24.36│ 31.12│
│净利润现金含量(%) │ 208.77│ 190.37│ 162.77│ 142.03│ 167.09│ 185.84│
│基本每股收益(元) │ 2.0620│ 1.3390│ 0.5300│ 2.6600│ 2.0190│ 1.3020│
│每股收益-扣除(元) │ 1.9737│ 1.2870│ 0.5045│ 2.4450│ 1.9480│ 1.2240│
│每股收益-摊薄(元) │ 2.0472│ 1.3239│ 0.5024│ 2.6599│ 1.9655│ 1.2402│
│每股资本公积金(元) │ 7.1500│ 7.1413│ 6.5750│ 4.0928│ 4.1010│ 4.0967│
│每股未分配利润(元) │ 10.1159│ 10.4284│ 13.2193│ 13.5881│ 13.8694│ 13.1482│
│每股净资产(元) │ 20.4970│ 20.7900│ 22.6501│ 20.5900│ 20.9419│ 20.2100│
│每股经营现金流量(元)│ 4.2740│ 2.5500│ 0.8178│ 3.7800│ 3.2842│ 2.3000│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
【2.偿债能力指标】
┌───────────┬─────┬──────┬──────┬──────┬──────┬──────┐
│偿债能力指标 │2026-09-30│ 2025-12-31│ 2024-12-31│ 2023-12-31│ 2022-12-31│ 2021-12-31│
├───────────┼─────┼──────┼──────┼──────┼──────┼──────┤
│流动比率 │ 0.85│ 1.65│ 2.21│ 2.17│ 2.14│ 2.27│
│速动比率 │ 0.77│ 1.51│ 2.08│ 2.03│ 2.02│ 2.13│
│资产负债比率(%) │ 40.83│ 23.31│ 23.42│ 24.08│ 26.13│ 26.58│
│产权比率 │ 0.84│ 0.36│ 0.36│ 0.37│ 0.41│ 0.43│
│现金流比率(短期债务)% │ 0.38│ 0.84│ 1.01│ 0.98│ 1.12│ 1.03│
└───────────┴─────┴──────┴──────┴──────┴──────┴──────┘
┌───────────┬─────┬──────┬──────┬──────┬──────┬──────┐
│偿债能力指标 │2026-09-30│ 2026-06-30│ 2026-03-31│ 2025-12-31│ 2025-09-30│ 2025-06-30│
├───────────┼─────┼──────┼──────┼──────┼──────┼──────┤
│流动比率 │ 0.85│ 0.87│ 0.99│ 1.65│ 1.80│ 1.43│
│速动比率 │ 0.77│ 0.80│ 0.93│ 1.51│ 1.66│ 1.34│
│资产负债比率(%) │ 40.83│ 40.27│ 29.03│ 23.31│ 24.36│ 31.12│
│产权比率 │ 0.84│ 0.82│ 0.47│ 0.36│ 0.38│ 0.53│
│现金流比率(短期债务)% │ 0.38│ 0.23│ 0.10│ 0.84│ 0.67│ 0.30│
└───────────┴─────┴──────┴──────┴──────┴──────┴──────┘
【3.营运能力指标】
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│营运能力指标 │ 2026-09-30│ 2025-12-31│ 2024-12-31│ 2023-12-31│ 2022-12-31│ 2021-12-31│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│应收账款周转率 │ 16.21│ 22.87│ 27.80│ 30.04│ 32.46│ 37.13│
│存货周转率 │ 11.63│ 15.62│ 17.62│ 17.63│ 16.99│ 17.69│
│流动资产周转率 │ 1.43│ 1.67│ 1.67│ 1.67│ 1.64│ 1.76│
│固定资产周转率 │ 0.82│ 1.10│ 1.32│ 1.36│ 1.42│ 1.47│
│总资产周转率 │ 0.33│ 0.46│ 0.53│ 0.55│ 0.56│ 0.58│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│营运能力指标 │ 2026-09-30│ 2026-06-30│ 2026-03-31│ 2025-12-31│ 2025-09-30│ 2025-06-30│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│应收账款周转率 │ 16.21│ 10.72│ 5.31│ 22.87│ 17.37│ 10.75│
│存货周转率 │ 11.63│ 7.38│ 4.17│ 15.62│ 10.36│ 6.86│
│流动资产周转率 │ 1.43│ 0.90│ 0.45│ 1.67│ 1.11│ 0.65│
│固定资产周转率 │ 0.82│ 0.53│ 0.26│ 1.10│ 0.82│ 0.53│
│总资产周转率 │ 0.33│ 0.21│ 0.10│ 0.46│ 0.33│ 0.20│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
【4.盈利能力指标】
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│盈利能力指标(%) │ 2026-09-30│ 2025-12-31│ 2024-12-31│ 2023-12-31│ 2022-12-31│ 2021-12-31│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│净资产收益率 │ 9.99│ 12.92│ 13.74│ 14.61│ 17.68│ 13.34│
│销售毛利率 │ 34.99│ 35.08│ 34.04│ 35.90│ 39.03│ 33.04│
│营业利润率 │ 23.78│ 25.61│ 26.11│ 26.63│ 28.48│ 23.34│
│销售净利率 │ 18.43│ 21.29│ 20.35│ 20.29│ 23.70│ 17.71│
│总资产净利率 │ 6.00│ 9.69│ 10.69│ 11.12│ 13.29│ 10.19│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│盈利能力指标(%) │ 2026-09-30│ 2026-06-30│ 2026-03-31│ 2025-12-31│ 2025-09-30│ 2025-06-30│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│净资产收益率 │ 9.99│ 6.37│ 2.22│ 12.92│ 9.39│ 6.14│
│销售毛利率 │ 34.99│ 35.48│ 32.89│ 35.08│ 36.04│ 35.70│
│营业利润率 │ 23.78│ 24.23│ 23.63│ 25.61│ 27.63│ 27.05│
│销售净利率 │ 18.43│ 18.76│ 18.91│ 21.29│ 22.01│ 21.45│
│总资产净利率 │ 6.00│ 3.89│ 1.89│ 9.69│ 7.16│ 4.39│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
【5.成长能力指标】
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│成长能力指标(%) │ 2026-09-30│ 2025-12-31│ 2024-12-31│ 2023-12-31│ 2022-12-31│ 2021-12-31│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│营业收入增长率 │ 8.97│ -13.21│ -1.37│ -0.42│ 2.65│ 43.71│
│营业利润增长率 │ 5.49│ -13.26│ -3.29│ -6.90│ 25.79│ 23.24│
│净利润增长率 │ 3.79│ -5.30│ -1.71│ -14.29│ 39.02│ 28.34│
│净资产增长率 │ -13.17│ -2.49│ 4.45│ 3.76│ 4.56│ 4.63│
│总资产增长率 │ 1.25│ -6.03│ 4.43│ 1.33│ 2.45│ 8.70│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│成长能力指标(%) │ 2026-09-30│ 2026-06-30│ 2026-03-31│ 2025-12-31│ 2025-09-30│ 2025-06-30│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│营业收入增长率 │ 8.97│ 7.93│ 1.17│ -13.21│ -16.57│ -18.34│
│营业利润增长率 │ 5.49│ 6.28│ -6.43│ -13.26│ -10.37│ -11.37│
│净利润增长率 │ 3.79│ 4.10│ -10.73│ -5.30│ -9.98│ -12.03│
│净资产增长率 │ -13.17│ -11.93│ 17.55│ -2.49│ -0.83│ -4.30│
│总资产增长率 │ 1.25│ 1.89│ 24.77│ -6.03│ -3.76│ 2.17│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
【6.指标变动说明】
截止日期:2026-09-30
┌──────┬────────┬──────┬────────┬──────┐
│变动科目 │变动原因 │本期数值(万)│ 上期/期初数(万)│ 变动幅度(%)│
├──────┼────────┼──────┼────────┼──────┤
│营业收入 │煤炭、煤化工、发│ 29603100.00│ 27165100.00│ 8.97│
│ │电等业务收入增长│ │ │ │
│营业成本 │外购煤采购成本增│ 19245800.00│ 17671600.00│ 8.91│
│ │长；发电燃煤采购│ │ │ │
│ │成本增长 │ │ │ │
│税金及附加 │油品销售量增长导│ 1993900.00│ 1682200.00│ 18.53│
│ │致消费税增加，以│ │ │ │
│ │及资源税增加 │ │ │ │
│财务费用 │存款规模下降导致│ 239900.00│ 160100.00│ 49.84│
│ │利息收入减少，以│ │ │ │
│ │及借款规模增长导│ │ │ │
│ │致利息支出增加 │ │ │ │
│投资收益 │对联营公司的投资│ 234700.00│ 391800.00│ -40.10│
│ │收益减少；上年同│ │ │ │
│ │期处置子公司产生│ │ │ │
│ │的投资收益较多 │ │ │ │
│营业外支出 │滞纳金等增加 │ 136200.00│ 57300.00│ 137.70│
│应收票据 │销售票据结算增加│ 1025900.00│ 563200.00│ 82.16│
│应收账款 │应收售煤款增加 │ 1995000.00│ 1656600.00│ 20.43│
│应收款项融资│计划用于贴现或背│ 86200.00│ 201000.00│ -57.11│
│ │书的应收票据减少│ │ │ │
│其他应收款 │押金、保证金等减│ 425800.00│ 782600.00│ -45.59│
│ │少 │ │ │ │
│存货 │煤炭存货增加 │ 1781100.00│ 1528000.00│ 16.56│
│长期股权投资│新增对财务公司、│ 8241200.00│ 7156900.00│ 15.15│
│ │晋神能源等联营公│ │ │ │
│ │司投资，以及确认│ │ │ │
│ │对联营公司的投资│ │ │ │
│ │收益 │ │ │ │
│在建工程 │在建煤化工、发电│ 5727300.00│ 4929100.00│ 16.19│
│ │、煤炭等项目持续│ │ │ │
│ │投入 │ │ │ │
│其他非流动资│预付工程款、设备│ 5039600.00│ 5912200.00│ -14.76│
│产 │款等减少 │ │ │ │
│短期借款 │并购贷款增加 │ 6198100.00│ 1311800.00│ 372.49│
│合同负债 │预收售煤款增加 │ 1184800.00│ 617400.00│ 91.90│
│应付职工薪酬│受计提员工薪酬进│ 1777300.00│ 1165900.00│ 52.44│
│ │度影响 │ │ │ │
│其他应付款 │已宣告但尚未支付│ 5101300.00│ 2680200.00│ 90.33│
│ │2026年中期股息 │ │ │ │
│一年内到期的│部分一年内到期的│ 2374500.00│ 3013800.00│ -21.21│
│非流动负债 │长期借款、长期应│ │ │ │
│ │付款到期偿还 │ │ │ │
│长期应付款 │煤炭子分公司缴纳│ 2682500.00│ 2994600.00│ -10.42│
│ │长期应付采矿权价│ │ │ │
│ │款 │ │ │ │
│股本 │完成发行股份及支│ 2168900.00│ 1986900.00│ 9.16│
│ │付现金购买资产并│ │ │ │
│ │募集配套资金 │ │ │ │
│资本公积 │完成发行股份及支│ 15507900.00│ 22561600.00│ -31.26│
│ │付现金购买资产并│ │ │ │
│ │募集配套资金 │ │ │ │
│经营活动产生│煤炭、煤化工、发│ 9270000.00│ 7531500.00│ 23.08│
│的现金流量净│电等业务收入同比│ │ │ │
│额 │增长 │ │ │ │
│投资活动产生│购建长期资产支付│ -3486900.00│ -2885700.00│ -20.83│
│的现金流量净│的现金较多，以及│ │ │ │
│额 │对联营公司投入资│ │ │ │
│ │本增加 │ │ │ │
│筹资活动产生│新增借款收到的现│ -4821500.00│ -6644000.00│ 27.43│
│的现金流量净│金较多 │ │ │ │
│额 │ │ │ │ │
└──────┴────────┴──────┴────────┴──────┘
截止日期:2026-06-30
┌──────┬────────┬──────┬────────┬──────┐
│变动科目 │变动原因 │本期数值(万)│ 上期/期初数(万)│ 变动幅度(%)│
├──────┼────────┼──────┼────────┼──────┤
│货币资金 │购买结构性存款产│ 13559200.00│ 14101300.00│ -3.84│
│ │品等现金流出较多│ │ │ │
│ │；三个月以上定期│ │ │ │
│ │存款及限制用途的│ │ │ │
│ │银行存款减少 │ │ │ │
│交易性金融资│本公司购买结构性│ 670100.00│ 0.00│ ---│
│产 │存款产品 │ │ │ │
│应收票据 │销售票据结算增加│ 806700.00│ 563200.00│ 43.24│
│应收款项 │应收售煤款增加 │ 1875600.00│ 1656600.00│ 13.22│
│应收款项融资│计划用于贴现或背│ 106300.00│ 201000.00│ -47.11│
│ │书的应收票据减少│ │ │ │
│其他应收款 │押金、保证金等减│ 386700.00│ 782600.00│ -50.59│
│ │少 │ │ │ │
│存货 │煤炭存货增加 │ 1781000.00│ 1528000.00│ 16.56│
│长期股权投资│新增对财务公司、│ 8313500.00│ 7156900.00│ 16.16│
│ │晋神能源等联营公│ │ │ │
│ │司投资，以及确认│ │ │ │
│ │对联营公司的投资│ │ │ │
│ │收益 │ │ │ │
│在建工程 │在建煤化工、发电│ 5288100.00│ 4929100.00│ 7.28│
│ │、煤炭项目持续投│ │ │ │
│ │入 │ │ │ │
│短期借款 │并购贷款增加 │ 6754900.00│ 1311800.00│ 414.93│
│应付票据 │部分应付票据到期│ 131600.00│ 287400.00│ -54.21│
│ │兑付 │ │ │ │
│应付账款 │应付材料款、工程│ 5216800.00│ 5721700.00│ -8.82│
│ │款减少 │ │ │ │
│合同负债 │预收售煤款增加 │ 850200.00│ 617400.00│ 37.71│
│应付职工薪酬│受计提员工薪酬进│ 1617700.00│ 1165900.00│ 38.75│
│ │度影响 │ │ │ │
│其他应付款 │报告期末主要为本│ 5002400.00│ 2680200.00│ 86.64│
│ │公司应付的2025年│ │ │ │
│ │度末期股息 │ │ │ │
│一年内到期的│部分一年内到期的│ 2526500.00│ 3013800.00│ -16.17│
│非流动负债 │长期借款、长期应│ │ │ │
│ │付款到期偿还 │ │ │ │
│长期应付款 │本集团煤炭子分公│ 2756200.00│ 2994600.00│ -7.96│
│ │司缴纳长期应付采│ │ │ │
│ │矿权价款 │ │ │ │
│股本 │本公司完成发行股│ 2168900.00│ 1986900.00│ 9.16│
│ │份及支付现金购买│ │ │ │
│ │资产并募集配套资│ │ │ │
│ │金导致股本及资本│ │ │ │
│ │公积变化 │ │ │ │
│资本公积 │本公司完成发行股│ 15488700.00│ 22561600.00│ -31.35│
│ │份及支付现金购买│ │ │ │
│ │资产并募集配套资│ │ │ │
│ │金导致股本及资本│ │ │ │
│ │公积变化 │ │ │ │
│营业收入 │①受煤炭市场供需│ 18933800.00│ 17542300.00│ 7.93│
│ │形势影响，本集团│ │ │ │
│ │煤炭销售量及平均│ │ │ │
│ │销售价格同比分别│ │ │ │
│ │增长1.8%和4.5%，│ │ │ │
│ │煤炭销售收入实现│ │ │ │
│ │增长。②受设备升│ │ │ │
│ │级改造、生产安排│ │ │ │
│ │等因素影响，本集│ │ │ │
│ │团主要煤化工产品│ │ │ │
│ │销售量同比增长，│ │ │ │
│ │其中油品销售量增│ │ │ │
│ │长387.1%、乙二醇│ │ │ │
│ │销售量增长29.8% │ │ │ │
│ │，煤化工业务收入│ │ │ │
│ │相应增长。③受新│ │ │ │
│ │机组投运等因素影│ │ │ │
│ │响，本集团售电量│ │ │ │
│ │同比增长5.5%，售│ │ │ │
│ │电收入相应增长。│ │ │ │
│ │④本集团运输业务│ │ │ │
│ │主要运营指标同比│ │ │ │
│ │均有所增长，运输│ │ │ │
│ │业务收入相应增长│ │ │ │
│营业成本 │①外购煤成本同比│ 12215300.00│ 11371500.00│ 7.42│
│ │增长的主要原因：│ │ │ │
│ │外购煤销售量及其│ │ │ │
│ │采购成本增长。②│ │ │ │
│ │原材料、燃料及动│ │ │ │
│ │力成本同比增长的│ │ │ │
│ │主要原因：售电量│ │ │ │
│ │增长及燃煤采购价│ │ │ │
│ │格上升导致燃煤采│ │ │ │
│ │购成本增加；煤化│ │ │ │
│ │工产品销售量增长│ │ │ │
│ │导致相应原材料、│ │ │ │
│ │燃料及动力成本同│ │ │ │
│ │比增加。③运输费│ │ │ │
│ │同比增长的主要原│ │ │ │
│ │因：船舶租赁费、│ │ │ │
│ │外部铁路运输费等│ │ │ │
│ │增长 │ │ │ │
│税金及附加 │油品销售量增长导│ 1303300.00│ 1124800.00│ 15.87│
│ │致消费税增加，以│ │ │ │
│ │及资源税增加 │ │ │ │
│管理费用 │人工成本下降 │ 706300.00│ 776300.00│ -9.02│
│财务费用 │本集团存款规模下│ 164100.00│ 112100.00│ 46.39│
│ │降导致利息收入减│ │ │ │
│ │少；受汇率波动影│ │ │ │
│ │响，本集团汇兑损│ │ │ │
│ │失增加 │ │ │ │
│投资收益 │本公司对联营公司│ 168300.00│ 282400.00│ -40.40│
│ │的投资收益减少；│ │ │ │
│ │上年同期处置子公│ │ │ │
│ │司产生的投资收益│ │ │ │
│ │较多 │ │ │ │
│营业外支出 │本集团滞纳金等增│ 82000.00│ 33500.00│ 144.78│
│ │加 │ │ │ │
│经营活动产生│本集团煤炭、煤化│ 5466400.00│ 5154500.00│ 6.05│
│的现金流量净│工、运输等业务收│ │ │ │
│额 │入同比增长 │ │ │ │
│投资活动使用│本公司购买结构性│ -3600700.00│ -3143200.00│ -14.56│
│的现金流量净│存款产品，以及对│ │ │ │
│额 │联营公司投入资本│ │ │ │
│ │增加 │ │ │ │
│筹资活动使用│支付收购控股股东│ -1729600.00│ -565400.00│ -205.91│
│的现金流量净│国家能源集团公司│ │ │ │
│额 │及其全资子公司西│ │ │ │
│ │部能源所持相关标│ │ │ │
│ │的公司股权的现金│ │ │ │
│ │对价款 │ │ │ │
└──────┴────────┴──────┴────────┴──────┘
【7.资产负债表摘要】
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│资产负债指标(万元) │ 2026-09-30│ 2025-12-31│ 2024-12-31│ 2023-12-31│ 2022-12-31│ 2021-12-31│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│货币资金 │ 13317400.00│ 9677200.00│ 14241500.00│ 14998600.00│ 17050300.00│ 16288600.00│
│存货 │ 1781100.00│ 1185000.00│ 1248200.00│ 1284600.00│ 1209600.00│ 1263300.00│
│应收票据及应收账款 │ 3020900.00│ 1884300.00│ 1550200.00│ 1985800.00│ 1210000.00│ 1360700.00│
│合同资产 │ ---│ ---│ ---│ ---│ ---│ ---│
│预付款项 │ 1184700.00│ 650900.00│ 623200.00│ 599900.00│ 680900.00│ 789300.00│
│其他应收款 │ 425800.00│ 291000.00│ 237800.00│ 273100.00│ 237700.00│ 230700.00│
│流动资产合计 │ 20669900.00│ 14696900.00│ 20512500.00│ 19895100.00│ 21105000.00│ 20831000.00│
│可出售金融资产 │ ---│ ---│ ---│ ---│ ---│ ---│
│长期股权投资 │ 8241200.00│ 6204400.00│ 5984000.00│ 5557100.00│ 4965000.00│ 4764400.00│
│固定资产净额 │ 36234400.00│ 27217200.00│ 25714900.00│ 25693300.00│ 24838100.00│ 23802600.00│
│在建工程 │ 5727300.00│ 3326200.00│ 2757500.00│ 2047400.00│ 2206100.00│ 2620100.00│
│无形资产 │ 12888800.00│ 6985700.00│ 6477600.00│ 6163000.00│ 5258900.00│ 5090800.00│
│商誉 │ ---│ ---│ ---│ ---│ ---│ ---│
│非流动资产合计 │ 70844100.00│ 48079200.00│ 45294300.00│ 43118000.00│ 41065100.00│ 39874200.00│
│资产总计 │ 91514000.00│ 62776100.00│ 65806800.00│ 63013100.00│ 62170100.00│ 60705200.00│
│应付票据及应付账款 │ 5599800.00│ 4151300.00│ 3820500.00│ 3890100.00│ 3897200.00│ 3521600.00│
│预收款项 │ 6000.00│ 2800.00│ 7300.00│ ---│ ---│ ---│
│合同负债 │ 1184800.00│ 381000.00│ 404500.00│ 720800.00│ 559700.00│ 686400.00│
│流动负债 │ 24455700.00│ 8926200.00│ 9262000.00│ 9158500.00│ 9840400.00│ 9174800.00│
│长期借款 │ 7604000.00│ 2826800.00│ 2893200.00│ 2963600.00│ 3843800.00│ 4919300.00│
│长期应付款 │ 2682500.00│ 1425000.00│ 1876900.00│ 1465600.00│ 885400.00│ 788100.00│
│非流动负债 │ 12908900.00│ 5704800.00│ 6149600.00│ 6017600.00│ 6405200.00│ 6962800.00│
│负债合计 │ 37364600.00│ 14631000.00│ 15411600.00│ 15176100.00│ 16245600.00│ 16137600.00│
│实收资本 │ 2168900.00│ 1986900.00│ 1986900.00│ 1986900.00│ 1986900.00│ 1986900.00│
│资本公积金 │ 15507900.00│ 8131900.00│ 6829600.00│ 6818200.00│ 6801400.00│ 7466700.00│
│盈余公积 │ 1143300.00│ 1143300.00│ 1143300.00│ 1143300.00│ 1143300.00│ 1143300.00│
│未分配利润 │ 21940800.00│ 26998100.00│ 30225200.00│ 28849100.00│ 27946100.00│ 26044500.00│
│少数股东权益 │ 9692500.00│ 7234400.00│ 7708600.00│ 6967800.00│ 6539100.00│ 6880100.00│
│归属母公司权益 │ 44456900.00│ 40910700.00│ 42686600.00│ 40869200.00│ 39385400.00│ 37687500.00│
│股东权益合计 │ 54149400.00│ 48145100.00│ 50395200.00│ 47837000.00│ 45924500.00│ 44567600.00│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│资产负债指标(万元) │ 2026-09-30│ 2026-06-30│ 2026-03-31│ 2025-12-31│ 2025-09-30│ 2025-06-30│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│货币资金 │ 13317400.00│ 13559200.00│ 11858500.00│ 9677200.00│ 12441800.00│ 16158100.00│
│存货 │ 1781100.00│ 1781000.00│ 1079200.00│ 1185000.00│ 1366100.00│ 1324300.00│
│应收票据及应收账款 │ 3020900.00│ 2682300.00│ 1857700.00│ 1884300.00│ 1722900.00│ 1654700.00│
│合同资产 │ ---│ ---│ ---│ ---│ ---│ ---│
│预付款项 │ 1184700.00│ 1046100.00│ 786400.00│ 650900.00│ 890400.00│ 555000.00│
│其他应收款 │ 425800.00│ 386700.00│ 293100.00│ 291000.00│ 242000.00│ 271100.00│
│流动资产合计 │ 20669900.00│ 21059200.00│ 16763400.00│ 14696900.00│ 17527500.00│ 21503900.00│
│可出售金融资产 │ ---│ ---│ ---│ ---│ ---│ ---│
│长期股权投资 │ 8241200.00│ 8313500.00│ 6224300.00│ 6204400.00│ 6121300.00│ 6171100.00│
│固定资产净额 │ 36234400.00│ 36188500.00│ 27105500.00│ 27217200.00│ 25841700.00│ 25669500.00│
│在建工程 │ 5727300.00│ 5288100.00│ 3404300.00│ 3326200.00│ 3793800.00│ 3674100.00│
│无形资产 │ 12888800.00│ 12986300.00│ 6951100.00│ 6985700.00│ 6667500.00│ 6701300.00│
│商誉 │ ---│ ---│ ---│ ---│ ---│ ---│
│非流动资产合计 │ 70844100.00│ 71031300.00│ 61564500.00│ 48079200.00│ 46760100.00│ 46748900.00│
│资产总计 │ 91514000.00│ 92090500.00│ 78327900.00│ 62776100.00│ 64287600.00│ 68252800.00│
│应付票据及应付账款 │ 5599800.00│ 5348400.00│ 3488600.00│ 4151300.00│ 3366900.00│ 3176600.00│
│预收款项 │ 6000.00│ 5500.00│ 8500.00│ 2800.00│ 6300.00│ 6000.00│
│合同负债 │ 1184800.00│ 850200.00│ 471500.00│ 381000.00│ 547400.00│ 407900.00│
│流动负债 │ 24455700.00│ 24221100.00│ 16929400.00│ 8926200.00│ 9747000.00│ 15049700.00│
│长期借款 │ 7604000.00│ 7492300.00│ 2967300.00│ 2826800.00│ 2979100.00│ 3242300.00│
│长期应付款 │ 2682500.00│ 2756200.00│ 1389200.00│ 1425000.00│ 1543800.00│ 1558400.00│
│非流动负债 │ 12908900.00│ 12866300.00│ 5810200.00│ 5704800.00│ 5914200.00│ 6193600.00│
│负债合计 │ 37364600.00│ 37087400.00│ 22739600.00│ 14631000.00│ 15661200.00│ 21243300.00│
│实收资本 │ 2168900.00│ 2168900.00│ 2168900.00│ 1986900.00│ 1986900.00│ 1986900.00│
│资本公积金 │ 15507900.00│ 15488700.00│ 13959800.00│ 8131900.00│ 8148100.00│ 8139800.00│
│盈余公积 │ 1143300.00│ 1143300.00│ 1143300.00│ 1143300.00│ 1143300.00│ 1143300.00│
│未分配利润 │ 21940800.00│ 22618100.00│ 28067000.00│ 26998100.00│ 27556400.00│ 26124100.00│
│少数股东权益 │ 9692500.00│ 9909800.00│ 7498100.00│ 7234400.00│ 7017900.00│ 6857200.00│
│归属母公司权益 │ 44456900.00│ 45093300.00│ 48090200.00│ 40910700.00│ 41608500.00│ 40152300.00│
│股东权益合计 │ 54149400.00│ 55003100.00│ 55588300.00│ 48145100.00│ 48626400.00│ 47009500.00│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
【8.利润表摘要】
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│利润表指标(万元) │ 2026-09-30│ 2025-12-31│ 2024-12-31│ 2023-12-31│ 2022-12-31│ 2021-12-31│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│营业总收入 │ 29603100.00│ 29491600.00│ 33837500.00│ 34307400.00│ 34453300.00│ 33521600.00│
│营业总成本 │ 22839600.00│ 22364900.00│ 25466300.00│ 25205200.00│ 24497000.00│ 25324100.00│
│营业税金及附加 │ 1993900.00│ 1697800.00│ 1778400.00│ 1838500.00│ 1997200.00│ 1650200.00│
│销售费用 │ 75500.00│ 52700.00│ 49100.00│ 42500.00│ 41000.00│ 58100.00│
│财务费用 │ 239900.00│ 44500.00│ 12900.00│ 50100.00│ 87700.00│ 8800.00│
│管理费用 │ 1101200.00│ 1138000.00│ 1034000.00│ 981200.00│ 993000.00│ 911900.00│
│资产减值损失 │ 700.00│ -19100.00│ -53500.00│ -369100.00│ -337200.00│ -129200.00│
│公允价值变动净收益 │ -1100.00│ 100.00│ 200.00│ ---│ ---│ ---│
│投资收益 │ 234700.00│ 415500.00│ 487100.00│ 381500.00│ 242000.00│ -88500.00│
│营业利润 │ 7039700.00│ 7553200.00│ 8836200.00│ 9136700.00│ 9813800.00│ 7824200.00│
│营业外收入 │ 57400.00│ 68500.00│ 81300.00│ 91200.00│ 44300.00│ 38000.00│
│营业外支出 │ 136200.00│ -312200.00│ 338200.00│ 510300.00│ 233400.00│ 124700.00│
│利润总额 │ 6960900.00│ 7933900.00│ 8579300.00│ 8717600.00│ 9624700.00│ 7737500.00│
│所得税 │ 1505400.00│ 1655600.00│ 1692800.00│ 1757800.00│ 1459200.00│ 1801600.00│
│净利润 │ 5455500.00│ 6278300.00│ 6886500.00│ 6959800.00│ 8165500.00│ 5935900.00│
│归属母公司净利润 │ 4440300.00│ 5284900.00│ 5867100.00│ 5969400.00│ 6962600.00│ 5026900.00│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│利润表指标(万元) │ 2026-09-30│ 2026-06-30│ 2026-03-31│ 2025-12-31│ 2025-09-30│ 2025-06-30│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│营业总收入 │ 29603100.00│ 18933800.00│ 7039700.00│ 29491600.00│ 21315100.00│ 13810900.00│
│营业总成本 │ 22839600.00│ 14536100.00│ 5427700.00│ 22364900.00│ 15775600.00│ 10310800.00│
│营业税金及附加 │ 1993900.00│ 1303300.00│ 388400.00│ 1697800.00│ 1194300.00│ 797900.00│
│销售费用 │ 75500.00│ 46100.00│ 11400.00│ 52700.00│ 38300.00│ 26300.00│
│财务费用 │ 239900.00│ 164100.00│ 29200.00│ 44500.00│ 27100.00│ 19100.00│
│管理费用 │ 1101200.00│ 706300.00│ 241000.00│ 1138000.00│ 749800.00│ 514200.00│
│资产减值损失 │ 700.00│ -300.00│ -300.00│ -19100.00│ 4500.00│ 2300.00│
│公允价值变动净收益 │ -1100.00│ -1000.00│ 0.00│ 100.00│ 800.00│ 800.00│
│投资收益 │ 234700.00│ 168300.00│ 44300.00│ 415500.00│ 315500.00│ 214900.00│
│营业利润 │ 7039700.00│ 4588100.00│ 1663700.00│ 7553200.00│ 5888500.00│ 3736400.00│
│营业外收入 │ 57400.00│ 43300.00│ 6400.00│ 68500.00│ 35900.00│ 24400.00│
│营业外支出 │ 136200.00│ 82000.00│ 10700.00│ -312200.00│ 18100.00│ 600.00│
│利润总额 │ 6960900.00│ 4549400.00│ 1659400.00│ 7933900.00│ 5906300.00│ 3760200.00│
│所得税 │ 1505400.00│ 997400.00│ 328200.00│ 1655600.00│ 1214100.00│ 797400.00│
│净利润 │ 5455500.00│ 3552000.00│ 1331200.00│ 6278300.00│ 4692200.00│ 2962800.00│
│归属母公司净利润 │ 4440300.00│ 2871500.00│ 1066700.00│ 5284900.00│ 3905200.00│ 2464100.00│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
【9.现金流量表摘要】
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│现金流量指标(万元) │ 2026-09-30│ 2025-12-31│ 2024-12-31│ 2023-12-31│ 2022-12-31│ 2021-12-31│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│经营活动现金流入 │ 33803500.00│ 31084400.00│ 36514700.00│ 35813500.00│ 36961800.00│ 35698400.00│
│经营活动现金流出 │ 24533500.00│ 23578500.00│ 27179900.00│ 26844800.00│ 25988400.00│ 26240900.00│
│经营活动现金流量净额│ 9270000.00│ 7505900.00│ 9334800.00│ 8968700.00│ 10973400.00│ 9457500.00│
│投资活动现金流入 │ 4413100.00│ 7778800.00│ 2992000.00│ 7344300.00│ 1349400.00│ 1988900.00│
│投资活动现金流出 │ 7900000.00│ 9958200.00│ 11527900.00│ 11041700.00│ 7007900.00│ 2673300.00│
│投资活动现金流量净额│ -3486900.00│ -2179400.00│ -8535900.00│ -3697400.00│ -5658500.00│ -684400.00│
│筹资活动现金流入 │ 19284500.00│ 1447900.00│ 1381200.00│ 1422400.00│ 3036200.00│ 2423800.00│
│筹资活动现金流出 │ 24106000.00│ 11072100.00│ 6498500.00│ 9035500.00│ 10909600.00│ 6796900.00│
│筹资活动现金流量净额│ -4821500.00│ -9624200.00│ -5117300.00│ -7613100.00│ -7873400.00│ -4373100.00│
│汇率变动对现金的影响│ -34800.00│ -14800.00│ 8400.00│ 13400.00│ 33700.00│ -17400.00│
│现金及等价物净增加额│ 926800.00│ -4312500.00│ -4310000.00│ -2328400.00│ -2524800.00│ 4382600.00│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
┌──────────┬──────┬──────┬──────┬──────┬──────┬──────┐
│现金流量指标(万元) │ 2026-09-30│ 2026-06-30│ 2026-03-31│ 2025-12-31│ 2025-09-30│ 2025-06-30│
├──────────┼──────┼──────┼──────┼──────┼──────┼──────┤
│经营活动现金流入 │ 33803500.00│ 21733500.00│ 7990300.00│ 31084400.00│ 23858200.00│ 15436400.00│
│经营活动现金流出 │ 24533500.00│ 16267100.00│ 6254000.00│ 23578500.00│ 17332900.00│ 10857000.00│
│经营活动现金流量净额│ 9270000.00│ 5466400.00│ 1736300.00│ 7505900.00│ 6525300.00│ 4579400.00│
│投资活动现金流入 │ 4413100.00│ 2466900.00│ 387000.00│ 7778800.00│ 7155000.00│ 5537200.00│
│投资活动现金流出 │ 7900000.00│ 6067600.00│ 10621600.00│ 9958200.00│ 8043000.00│ 7492900.00│
│投资活动现金流量净额│ -3486900.00│ -3600700.00│-10234600.00│ -2179400.00│ -888000.00│ -1955700.00│
│筹资活动现金流入 │ 19284500.00│ 15504400.00│ 11620100.00│ 1447900.00│ 710100.00│ 467900.00│
│筹资活动现金流出 │ 24106000.00│ 17234000.00│ 966600.00│ 11072100.00│ 8175300.00│ 1751200.00│
│筹资活动现金流量净额│ -4821500.00│ -1729600.00│ 10653500.00│ -9624200.00│ -7465200.00│ -1283300.00│
│汇率变动对现金的影响│ -34800.00│ -17500.00│ -14300.00│ -14800.00│ -8100.00│ -3200.00│
│现金及等价物净增加额│ 926800.00│ 118600.00│ 2140900.00│ -4312500.00│ -1836000.00│ 1337200.00│
└──────────┴──────┴──────┴──────┴──────┴──────┴──────┘
【10.环比分析】
┌──────┬───────┬───────┬───────┬───────┐
│2025年度 │主营收入(万元)│ 占年度比重(%)│ 净利润(万元)│ 占年度比重(%)│
├──────┼───────┼───────┼───────┼───────┤
│一季报 │ 6958500.00│ 23.59│ 1194900.00│ 22.61│
│二季报 │ 6852400.00│ 23.24│ 1269200.00│ 24.02│
│三季报 │ 7504200.00│ 25.45│ 1441100.00│ 27.27│
│四季报 │ 8176500.00│ 27.72│ 1379700.00│ 26.11│
└──────┴───────┴───────┴───────┴───────┘
┌──────┬───────┬───────┬───────┬───────┐
│2024年度 │主营收入(万元)│ 占年度比重(%)│ 净利润(万元)│ 占年度比重(%)│
├──────┼───────┼───────┼───────┼───────┤
│一季报 │ 8764700.00│ 25.90│ 1588400.00│ 27.07│
│二季报 │ 8043100.00│ 23.77│ 1362000.00│ 23.21│
│三季报 │ 8582100.00│ 25.36│ 1657000.00│ 28.24│
│四季报 │ 8447600.00│ 24.97│ 1259700.00│ 21.47│
└──────┴───────┴───────┴───────┴───────┘
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