节点：上游（原材料/资源端）位置：上游情绪：利好参考度：6/10
印尼布基特阿萨姆（国企）公司（股票代码PTBA）2025年实现煤炭产量与销量双增长，但因售价走低导致营收基本保持稳定。根据2025年财报，PTBA全年产量达4718万吨，同比增长9%，较上年4328万吨提升明显；运输量同比增长6%至4043万吨，销量同比增长6%至4542万吨，其中内销增长9%至2474万吨，外销增长2%至2068万吨，主要出口目的地为孟加拉国、印度、越南、韩国及菲律宾。
PTBA总裁Arsal Ismail表示，公司运营表现已达预期，但平均售价（ASP）同比下跌6%，主因全球煤价走弱——其中NCI煤价同比降22%、ICI-3煤价同比降16%，拖累公司平均售价下滑。尽管面临2025年全球煤价压..
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