China's coal supply guarantee policies since 2021 bear fruit, with long-term contracts advancing steadily and coal prices gradually returning to a reasonable range. Under the constraints of carbon peak & carbon neutrality goal, the proportion of coal consumption will continue to fall in China's energy mix in the future. The declined prosperity of the coal industry builds up the operating pressure on coal enterprises. The 2023-2025 is a crucial period for China's carbon emission reductions, as well as economic and energy structure adjustment during the 14th Five-Year Plan period. Coal miners are facing a more complex environment, thus highlighting the significance of coal cost research.