节点：上游（原材料/资源端）位置：上游情绪：利空参考度：10/10
PT Indo Tambangraya Megah Tbk.（ITMG）2025年录得营收及净利润双降，主要受全球煤炭价格走弱影响。
根据2025年审计财务报告，ITMG实现净营收18.8亿美元，较2024年的23亿美元同比下滑18.35%。从营收构成看，第三方煤炭销售贡献18.4亿美元，关联方煤炭销售1819万美元，第三方服务收入464万美元，煤炭互换交易收益1056万美元。主要第三方客户包括中国白桂国际贸易有限公司（2.1302...
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