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China's second-largest state-owned coal producer, also making coal chemicals and equipment.
China's second-largest state-owned coal producer, also making coal chemicals and equipment.
Sells coal to power plants largely under long-term contracts priced by a government-guided formula, with the rest at spot prices, which dampens swings. It also runs coal-chemical plants and a mining-equipment unit. These are the Hong Kong-listed H shares; China National Coal Group, the state-owned parent, is the controlling shareholder.
In one line: A Chinese Peabody Energy, state-owned.
Moat: narrow (scale, regulatory licence). Large state-backed reserve base and mining licences support scale in a state-controlled sector.
Headquarters: Beijing, China · Founded: 2006 · Employees: 46,585
Size China Coal Energy (1898.HK) is a Hong Kong Energy company (Coal) with a market value of $23.8B, the 73rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$9.71 on 6 Nov 2026.
Performance Over six months the shares fell 25.1%, against -10.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue fell 11.2% over the last twelve months (peer median +1.9%); the operating margin is 15.1% (peer median 12.9%).
Valuation It trades at 5.9× forward earnings against a peer median of 11.1× (2nd cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.2 points above its cost of capital (5.6% WACC).
Next results Next results expected around 24 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$164B | HK$161B | HK$205B | HK$213B | HK$257B |
| Revenue growth | — | -22% | -4% | -17% | — |
| Gross profit | HK$33.8B | HK$31.3B | HK$40.1B | HK$45.0B | HK$56.5B |
| EBITDA | HK$37.5B | HK$35.6B | HK$43.5B | HK$49.4B | HK$61.0B |
| Net income | HK$17.2B | HK$15.7B | HK$19.6B | HK$22.3B | HK$23.0B |
| Free cash flow | HK$18.6B | HK$9.66B | HK$19.8B | HK$37.5B | HK$44.6B |
| Capital expenditure | HK$19.5B | HK$23.6B | HK$19.6B | HK$19.4B | HK$11.3B |
| Total debt | n/a | HK$81.9B | HK$72.2B | HK$84.1B | HK$99.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| China Coal Energy 1898.HK | $23.8B | -25% | -11% | 15% | 5.9× | -10.2% |
| China Shenhua 1088.HK | $155B | -4% | +34% | 23% | 12.7× | -8.1% |
| Yankuang Energy 1171.HK | $21.1B | -27% | +33% | 12% | 5.6× | n/a |
| Peabody Energy BTU | $1.95B | -32% | +3% | -4% | 6.3× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1898.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.3% | -6.8% | 7th highest of 21 |
| 6-month return | -25.1% | -10.0% | 2nd lowest of 21 |
| Distance from 52-week high | -36.3% | -24.5% | 3rd lowest of 21 |
| Revenue growth (TTM) | -11.2% | +1.9% | 2nd lowest of 21 |
| Operating margin | 15.1% | 12.9% | 10th highest of 21 |
| Forward P/E | 5.9× | 11.1× | 2nd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -10.2% | -5.8% | 4th least demanding of 14 |
| Growth delivered (Del g) | +0.3% | +4.8% | 4th lowest of 14 |
| Hurdle (Req g minus delivered) | -10.4 pp | -12.2 pp | 6th most demanding of 14 |
| ROIC minus cost of capital | +2.2 pp | +2.1 pp | 10th highest of 20 |
| EV / EBITDA | 5.7× | 6.6× | 3rd cheapest of 8 |
| Net debt / EBITDA | -0.5× | -0.1× | 5th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Coal Energy 1898.HK | Hong Kong | $23.8B | -25% | -11% | 15% | 5.9× | -10.2% | +0.3% |
| Yankuang Energy 1171.HK | Hong Kong | $21.1B | -27% | +33% | 12% | 5.6× | n/a | n/a |
| Shaanxi Coal Industry 601225.SS | China | $37.6B | -1% | -8% | 22% | 11.1× | -15.1% | +10.7% |
| Shanxi Lu'An Environmental Energy Development 601699.SS | China | $6.03B | -17% | -1% | 10% | 10.9× | n/a | n/a |
| Huaibei Mining 600985.SS | China | $5.70B | -5% | +9% | 7% | 11.2× | -5.8% | -4.7% |
| Shanxi Coking Coal Energy 000983.SZ | China | $5.38B | -10% | -5% | 9% | 12.7× | -6.4% | +2.7% |
| Yancoal Australia YAL.AX | Australia | $5.07B | -16% | -1% | 8% | 10.4× | -2.3% | +10.6% |
| Shan Xi Hua Yang Group New Energy 600348.SS | China | $4.54B | -20% | -10% | 21% | 12.8× | n/a | n/a |
| Warrior Met Coal HCC | United States | $4.44B | -2% | +37% | 14% | 8.6× | n/a | n/a |
| Whitehaven Coal WHC.AX | Australia | $3.97B | -10% | -7% | 10% | 10.6× | 4.2% | +28.2% |
| Core Natural Resources CNR | United States | $3.94B | -7% | +30% | -1% | 16.4× | -1.6% | +32.9% |
| Jinneng Holding Shanxi Coal Industry 601001.SS | China | $3.87B | -20% | +4% | 24% | 11.8× | -13.4% | +3.7% |
| Jiangsu Xukuang Energy 600925.SS | China | $3.77B | -10% | +19% | 10% | n/a | -2.7% | +4.8% |
| China Shenhua Energy 601088.SS | China | $151B | +1% | -13% | 24% | 16.9× | n/a | n/a |
| China Coal Xinji Energy 601918.SS | China | $3.67B | +5% | +28% | 24% | 10.2× | n/a | n/a |
| China Shenhua 1088.HK | Hong Kong | $155B | -4% | +34% | 23% | 12.7× | -8.1% | +4.1% |
| Shanxi Coal International Energy 600546.SS | China | $3.29B | -21% | -10% | 21% | 9.9× | -16.9% | -10.0% |
| Alliance Resource Partners, L.P ARLP | United States | $3.14B | -2% | -2% | 18% | 8.2× | -10.0% | +10.6% |
| New Hope NHC.AX | Australia | $3.08B | +5% | 0% | 16% | 11.0× | -1.1% | +11.0% |
| Pingdingshan Tianan Coal Mining 601666.SS | China | $2.83B | -10% | +17% | 8% | 14.4× | n/a | n/a |
| Jizhong Energy Resources 000937.SZ | China | $2.48B | -17% | +7% | 8% | 15.2× | -4.2% | -6.0% |