Henan Jinma Energy

What Henan Jinma Energy does

Henan Jinma Energy Company Limited (河南金马能源股份有限公司) is a Hong Kong-listed (06885.HK, since October 2017) integrated coal-chemical operator headquartered in Jiyuan City, Henan Province. Founded in February 2003 as a mixed-ownership enterprise with founding shareholders Jinma Energy (Hong Kong), Ma'anshan Iron & Steel, Jiangxi Pinggang Industrial, and Jiyuan Jinma Xingye Investment, the company runs a 1.8 million square meter production complex anchored on the Huling Chemical Industrial Park with a dedicated 13km railway line and 2,600+ employees.

Core operations span metallurgical coke (4.25 million tons/year annual capacity), coal tar deep processing (360,000 tons/year), crude benzene processing (400,000 tons/year), hydrogen production (350 million cubic meters/year), LNG (130 million cubic meters/year), and industrial gas supply (600 million cubic meters/year), with stamp-charging coking technology enabling the use of lower-cost, higher-volatilization coal blends. The downstream portfolio is housed across at least 10 subsidiaries, including Henan Bohai Chemical, Jin Yuan Hydrogenation (separately listed on HKEX as 02502.HK in December 2023), Jinpu Energy, Jinrui Energy, Henan Jinjiang Refining and Chemical, Jiyuan Jinyuan Chemical, Jinning Energy, Shanghai Jinma Energy, and Henan Golden Horse Middle East Energy.

The business model is industrial B2B direct sales, with a dedicated sales department selling under quote-based pricing and long-term contracts to steel mills and chemical industry customers. Primary customers are steel manufacturers — Ma'anshan Iron & Steel is both a founding equity holder and a long-term strategic coke customer, complemented by long-term partnerships with Jiyuan Steel and a 1.2 million tons/year coking joint venture with Anyang Group's Xinyang Iron and Steel. 2023 reported revenue was 12.078 billion CNY, ranking the firm 25th in the 2024 Henan Private Enterprise Top 100 and 250th in the 2025 China Energy Enterprise (Group) 500 Strong List. Multiple national-level designations (National Green Factory, National Civilized Unit, Steel Industry Advanced Collective, National May Day Labor Award) reflect recognized operational and ESG standing, while ongoing digital transformation (Henan Province CDO Pilot, Digital Leading Enterprise) signals gradual modernization of the asset base.

Name

Henan Jinma Energy

Legal name

河南金马能源股份有限公司

Website

https://hnjmny.com

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Henan Jinma Energy (06885.HK) is an integrated coal-chemical producer in Henan Province, China, manufacturing metallurgical coke, coal tar, benzene derivatives, hydrogen, LNG, and industrial gas primarily for steel mills and industrial customers through B2B long-term contracts.

Ownership category

akta.pro rank

Headquarters

HQ city

Jiyuan

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D

Revenue model

1. Coke Sales: Primary product - metallurgical coke used as reducing agent, heat agent and column skeleton for blast furnaces in steel production.
2. Chemical By-products: Coal tar deep processing (36万吨/year), crude benzene processing (40万吨/year), industrial naphthalene, and other chemical products derived from coking process.
3. Clean Energy: Hydrogen production (3.5亿立方米/year), LNG production (1.3亿立方米/year), industrial gas supply (6亿立方米/year).
4. Hydrogen Energy: Hydrogen production, purification, storage, transportation, refueling station operation, and hydrogen application scenarios - forming integrated hydrogen energy supply chain.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Henan Jinma Energy is an integrated coal chemical producer that manufactures metallurgical coke, coal tar derivatives, crude benzene and refined benzene products, industrial naphthalene, liquefied natural gas (LNG), hydrogen, and industrial gases from coal. Its primary output is metallurgical coke sold as the reducing agent, heat agent, and column skeleton for blast furnaces in iron and steel production, with downstream chemical processing and clean energy as secondary product lines.

Product overview

Henan Jinma Energy is a coal energy and chemical company with a diversified product portfolio including coke, crude benzene, coal gas, liquefied natural gas (LNG), industrial naphthalene, hydrogen, and coal tar derivatives. The company operates in the coal chemical industry with capabilities spanning coke production (4.25 million tons/year), coal tar deep processing (360,000 tons/year), crude benzene processing (400,000 tons/year), hydrogen production (350 million cubic meters/year), LNG production (130 million cubic meters/year), and industrial gas supply (600 million cubic meters/year). The products are integrated within the company's coal chemical industry value chain, serving steel, chemical, and energy sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Coke (焦炭) Hard, dry carbon substance produced by high-temperature distillation of blended coal in the absence of air, used as the main reducing agent, heat agent, and column skeleton for blast furnaces in iron and steel making. Annual production capacity of 4.25 million tons.
• Crude Benzene (粗苯) Light yellow-brown, highly flammable liquid by-product of the coking process, composed primarily of benzene, toluene, and xylene, used to produce pure benzene, toluene, and other benzene-based chemicals. Annual processing capacity of 400,000 tons.
• Coal Gas (煤气) Gas obtained from purification of crude oven gas generated in the coking process, after recovery of crude benzene, coal tar, sulfur, and ammonia. Used primarily as domestic or industrial fuel and contains chemical raw materials including carbon monoxide, hydrogen, and methane.
• Liquefied Natural Gas (LNG) LNG produced by purifying and separating methane from coke oven gas and hydrogen-producing exhaust gas from refining operations, produced by subsidiary Jinrui Energy. Annual production capacity of 130 million cubic meters.
• Industrial Naphthalene (工业萘) White crystalline solid with a characteristic odor produced from coal tar processing, primarily used in the manufacture of concrete super-plasticizers, dyes, plastics, and solvents.
• Hydrogen (氢气) Hydrogen produced from coke oven gas as part of the company's clean energy and integrated hydrogen energy supply chain covering production, purification, storage, transportation, refueling station operation, and application scenarios. Annual production capacity of 350 million cubic meters.
• Coal Tar Deep Processing (焦油深加工) Coal tar processed to produce coal tar, naphthalene, anthracene oil, washing oil, and other chemical products. Annual processing capacity of 360,000 tons.
• Industrial Gas Supply Industrial gases (including oxygen, nitrogen, and other gases from air separation) supplied to industrial customers, with annual supply capacity of 600 million cubic meters.

Named customers3 records

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Ma Steel Limited (马钢有限公司)coreStrategic or Co-development Partner · 26 June 2026Party building co-construction agreement signed between party committees. Semi-annual technical and business exchange meetings. Coke quality management and supply chain cooperation.
• Jixing Agricultural Development Group (济兴农发集团)minorStrategic or Co-development Partner · 10 June 2026Party building co-construction partnership. Plans for waste heat supply, vegetable supply, and employee welfare cooperation.
• Petroleum and Chemical Industry Planning Institute (石油和化学工业规划院)minorStrategic or Co-development Partner · 25 December 2025Discussions on '15th Five-Year Plan' development strategy and future direction of coal coking sector.
• Jiyuan Steel (济源钢铁)coreStrategic or Co-development Partner · 12 November 2025Exchange visits for raw material supply, production technology optimization, and future development discussions. Coke supply and gas resource guarantee cooperation.
• Xinyang Iron and Steel / 安钢集团信阳钢铁有限公司coreStrategic or Co-development Partner · 22 September 2020Strategic cooperation for 120万吨/年 coking project with total investment of 18 billion yuan. Clean and intelligent hot-recovery coke oven technology.
• Zhengzhou UniversitycoreTechnology or Integration · 1 January 2003Long-term cooperation to build provincial Coal-based Ecological Fine Chemical Engineering Laboratory. Talent cultivation and technology R&D partnership.
• Anshan Coke and Refining Institute, Chemical Engineering Second Institute, Southwest Chemical Design InstitutecoreTechnology or Integration · 1 January 2003Technology development partnerships to develop multiple domestic technology-leading projects.

Scale indicators12 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Lv'an Environmental Energy Co., Ltd. Shanxi-based integrated coal and coking company (601699.SH) producing metallurgical coke alongside coal mining operations. Closely comparable business model combining coal upstream with downstream coking and chemical by-product processing for the steel industry.
• Inner Mongolia Yitai Coal Co., Ltd. Inner Mongolia-based coal and coal-to-liquids producer (03948.HK) with integrated coal mining and coal chemical operations including coal-to-olefin and coal-to-liquid fuel production. Comparable Hong Kong-listed platform with overlapping coal-to-chemicals business model.
• Shougang Fushan Resources Group Ltd. Hong Kong-listed coking coal miner (0639.HK) supplying metallurgical coal to Chinese steel mills. Directly comparable dual-listed platform serving the same blast furnace customer base; comparable product focus on metallurgical coal and coke-related products.
• Kailuan Energy Chemical Co., Ltd. Coal-coking and chemical producer (600997.SH) affiliated with Kailuan Group, operating coking capacity and coal tar/benzene processing in Hebei. Direct comparable on integrated coal chemical value chain serving metallurgical and specialty chemical end markets.
• Huaibei Mining Co., Ltd. Anhui-based integrated coal mining and coking producer (600985.SH) operating metallurgical coke capacity alongside coal production. Comparable business profile combining upstream coal with downstream coking products for steel industry customers.
• Shanxi Coking Co., Ltd. Major Chinese metallurgical coke and coal tar chemical producer listed on Shanghai Stock Exchange (600740). Operates integrated coking capacity in Shanxi Province and competes directly with Henan Jinma for steel mill customers; comparable product mix spanning coke, benzene, and tar derivatives.

Broad incumbents

• Yanzhou Coal Mining Company Limited: Shandong-based diversified coal miner (1171.HK) producing thermal and coking coal for domestic and export markets. Much larger and more mining-focused than Jinma but adjacent value chain participant serving similar steel industry customers.
• China Coal Energy Co., Ltd. Major diversified coal producer (601898.SH/1898.HK) with coal mining, coking, and coal-to-chemicals segments. Much larger and more diversified than Jinma but shares the coal-to-coke-to-chemical value chain integration and serves overlapping metallurgical customers.
• Ma'anshan Iron and Steel Co., Ltd. Major Chinese integrated steel producer (600808.SH) and Henan Jinma's founding shareholder plus long-term strategic coke customer. Not a coking competitor but a critical downstream customer and equity stakeholder — relevant comparable for understanding offtake dynamics.
• China Shenhua Energy Co., Ltd. China's largest coal producer (601088.SH/1088.HK) with integrated mining, power generation, and coal-to-chemicals operations. Operates at vastly larger scale than Jinma with much broader coal portfolio; comparable only on coal chemistry/coal-to-products exposure rather than as direct coking competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Henan Jinma Energy