Dayou Energy’s revenue is expected to drop by 16.59% in 2025, with a net loss of 20.16 billion yuan.

Bale News, April 2—On April 2, Dayou Energy released its 2025 performance report. The data show that in 2025, the company generated operating revenue of 4.11B yuan, representing a year-on-year decrease of 16.59%; net profit attributable to shareholders was -2.02B yuan, with losses widening year over year; and non-recurring profit and loss net profit was -2.13B yuan, with losses also widening year over year.

As the core business, the coal mining and extraction sales segment accounted for 90.71% of total revenue, further increasing its concentration compared with the previous year. The gross margin of this segment was -10.53%, dropping significantly by 20.73 percentage points year over year, declining from 10.20% last year to a negative figure. Other business revenue accounted for 9.29%, including material sales, leasing of fixed assets, disaster relief services, and so on.

Henan Province accounted for 67.38% of revenue, while revenue outside Henan Province accounted for 23.33%. Of this, the Xinjiang region was disclosed separately with revenue of 962 million yuan, accounting for 23.39% of consolidated revenue. This forms a core leverage point for operations outside the province, creating a dual-polar pattern of “Henan as the main focus and Xinjiang as a supplement.”

R&D investment was 110 million yuan, down 28.53% year over year, and its share of revenue narrowed to 2.68%. The number of R&D personnel was 533. Selling expenses were 121 million yuan, up slightly by 0.56% year over year.

By quarter, in the fourth quarter alone, operating revenue was 1B yuan; net profit attributable to shareholders was -894 million yuan; and non-recurring profit and loss net profit was -983 million yuan. All three indicators showed a markedly negative concentrated release pattern, indicating that operating pressure accelerated and became more explicit at year-end.

Net cash flow from operating activities was -306 million yuan, with year-on-year cash outflow increasing by 118 million yuan. The main reason was a decline in coal selling prices, which led to reduced sales collections. To maintain liquidity, the company added financing loans, pushing finance expenses to 305 million yuan, up 38.25% year over year. As of the end of the reporting period, the company’s total assets were 19.36B yuan, down 5.48% from the end of the prior year; short-term debt was 4.91B yuan, with a current ratio of only 0.40, and the asset-liability ratio rose to 77.77%; and restricted cash totaled 1.31B yuan.