Shanxi Coal International Energy Group Co., Ltd.

Most revenue comes from selling coal mined and processed in its own operations, at a higher average price per tonne than the coal it separately buys from others and resells. That trading activity adds a smaller second stream of revenue, with a small amount from transporting coal and other minor activities. Sales run mostly through direct relationships with buyers rather than through agents. The company has stayed profitable every year over the period CompanyGraph has on file, though net income and gross profit have each declined across the most recent several year-over-year comparisons, a pattern that points toward narrowing margins even as profitability itself holds.

Scaling output does not come from simply running existing mines harder. The company's own disclosures show it has had to buy government-allocated capacity-replacement quotas to add production, and it describes its underlying coal reserves as gradually shrinking with extraction. Within its peer group, CompanyGraph's benchmarking places its returns and margins toward the higher end of the range for companies running the same kind of extractive system, a pattern read across multiple years rather than a single period.

Its own filings describe a business that depends on continued government allocation of mining capacity and on policy settings for production and the environment, on the physical availability of coal still recoverable from its own reserves, and, for the portion of coal it buys and resells, on international conditions rather than its own operations. Separately, CompanyGraph's mapping of this company's position in the supply chain shows it draws on a small number of upstream industries, without identifying which ones.

Its own account describes buyers concentrated in heavy industry, chiefly power generation and steel and metals production, that burn or process the coal it mines and trades. A small number of large buyers account for a disproportionate share of its sales, according to its own disclosures, though none of them is named beyond an anonymized label. Separately, CompanyGraph's mapping shows it sits upstream of multiple other industries in the supply chain, without naming them.

CompanyGraph's benchmarking places this company among a large group of businesses that extract a depleting resource under the same kind of economics, so its shape is a common one rather than a rare one. The company's own account claims advantages in the geographic and quality diversity of the coal it can offer, in an integrated network for sourcing, ports, sales and transport, and in cost control, but these are the company's own characterisation of its strengths, and CompanyGraph has not measured whether rivals can replicate them.

The company's own account identifies a shrinking base of coal still economical to recover, and it expects government policy that charges for resource use to keep raising both the cost of acquiring more of it and the cost of producing each unit. This matches a general pattern for businesses that extract a finite resource, where growth depends on replacing what is taken out at a cost that does not exceed what the output is worth, though CompanyGraph treats that broader pattern as a starting expectation to test against this company rather than a measurement of it.

Its own disclosures show a meaningful share of sales concentrated in a small number of buyers, and its production is concentrated in mining areas within a single province, exposing it to conditions specific to that region rather than a geographically spread base. The company itself names safety in mining operations as the largest risk it faces, ahead of the other risks it lists, which points to operational safety as a first-order vulnerability rather than a remote one.

The company's own risk disclosures name safety in mining operations as the largest risk it faces, ahead of shifts in coal demand and price, changes in industrial and environmental policy, rising production costs, and, for its cross-border coal trading, international trade conditions and currency movements it does not control. It also operates under the oversight of securities regulators because of its public listing, and it describes stricter government policy on paying for resource use as a pressure that raises the cost of acquiring more coal to mine.