Shaanxi Energy Investment's Power Generation Drops 10%, Coal Output Jumps 25% in Q2

Chinese shares were mixed at the close of Friday's trade as investors are wary over the ongoing trade war with the US as new ship fees were planned to be introduced.

The Shanghai Composite Index, the main gauge of Chinese stocks, slipped marginally to cap the trading week at 3,276.73. The Shenzhen Component Index added 0.2%, or 22.60 points, to 9,781.65.

The Trump administration plans to impose port fees on Chinese ships docking at US ports in a bid to boost shipbuilding in the US, according to the US Trade Representative on Thursday.

Chinese vessels will be charged fees based on net tonnage per voyage in the first 180 days, while carrier vessels and ships built in the US will be incentivized.

In corporate news, Zhejiang Dingli Machinery slumped 8.6% after its 2024 attributable net profit dropped 13% year on year to 1.63 billion yuan, while its operating income jumped 24% to 7.80 billion yuan.

Shaanxi Energy Investment slid 3% after its first-quarter attributable net profit fell 29% year on year to 703 million yuan and its operating income slipped 7.8% to 5.20 billion yuan.

Shaanxi Energy Investment's net profit attributable to shareholders in the first quarter dropped 29% to 703 million yuan from 987.2 million yuan in the prior year, according to a Shenzhen Stock Exchange disclosure on Friday.

Earnings per share fell 27% year on year to 0.19 yuan from 0.26 yuan.

The Chinese power services company's operating income slipped 7.8% to 5.20 billion yuan from 5.64 billion yuan a year earlier, the disclosure said.

The company's shares dropped less than 4% in recent trade.

Shaanxi Energy Investment's net profit attributable to shareholders in 2024 climbed 18% to 3.01 billion yuan from 2.56 billion yuan in the preceding year, according to a Shenzhen Stock Exchange disclosure on Friday.

Earnings per share rose 9.6% year on year to 0.80 yuan from 0.73 yuan.

The Chinese power services company's operating income rose 19% to 23.2 billion yuan from 19.5 billion yuan a year earlier, the disclosure said.

The company's shares dropped less than 4% in recent trade.

Shaanxi Energy Investment's board of directors elected the company's vice chairman, Wang Dong, as chairman, according to a Shenzhen Stock Exchange filing on Tuesday.

Wang, who was also named as the Chinese power services company's general manager, will take over the chairman position from Zhao Jun, who resigned after reaching the statutory retirement age.

Shaanxi Energy Investment's board of directors elected the company's vice chairman, Wang Dong, as chairman, according to a Shenzhen Stock Exchange filing on Tuesday.

Wang, who was also named as the Chinese power services company's general manager, will take over the chairman position from Zhao Jun, who resigned after reaching the statutory retirement age.

Shaanxi Energy Investment plans to establish a subsidiary to develop and operate the Qianyangshan Coal Mine in China, according to a Shenzhen Stock Exchange disclosure on Friday.

The planned coal mining subsidiary, Shaanxi Energy Qingyang Energy Development, will have a registered capital worth 1.40 billion yuan and be located in Qingyang City, Gansu Province, China.

The Chinese power services company acquired the mining rights of Qianyangshan Coal Mine in May, the disclosure said.