2025H1上市煤企销量下滑叠加售价回落，盈利能力下滑 2025H127家上市煤企（不含山西焦煤）合计煤炭产量为6.1亿吨，同比+2.5%；煤炭销量 为6.5亿吨，同比-5.4%。2025H128家上市煤企合计实现营业收入5384亿元，同比-18.1%；合 计实现归母净利润560亿元，同比-31.7%。2025H128家上市煤企毛利率加权平均值为 28.8%，同比-2.1pct；净利率加权平均值为13.3%，同比-2.6pct；ROE加权平均值为4.8%，同 比-2.5pct。 开源证券近日发布煤炭行业2025年中报综述：分煤种来看，2025H1秦港动力煤山西产 Q5500均价为676元/吨，同比-22.8%，其中2025Q2动力煤价格回落明显，Q2均价632元/吨， 环比-12.4%；2025H1京唐港主焦煤（山西产）均价为1379元/吨，同比-38.8%，其中2025Q2 主焦煤价格回落放缓，Q2均价1315元/吨，环比-8.8%。 以下为研究报告摘要： 2025H1煤炭价格呈下跌趋势，煤价中枢整体下移 分煤种来看，2025H1秦港动力煤山西产Q5500均价为676元/吨，同比-22.8%，其中 2025 ...

股票代码：600188 股票简称：兖矿能源 编号：临2025-060 兖矿能源集团股份有限公司 关于终止并购Highfield Resources Limited的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、原交易安排概述 兖矿能源集团股份有限公司（"兖矿能源""公司"）于2024年9月23日与Highfield Resources Limited（一家 于澳大利亚证券交易所上市的公司，股份代码：HFR，"高地资源"）签署了"Implementation Agreement"（《实施协议》）及"Equity Subscription Agreement"（《股份认购协议》）。兖矿能源将通 过资产注入和现金认购方式获得高地资源新增发股份（"本次交易"）。 2025年9月15日 二、交易终止情况 近日，因《实施协议》和《股份认购协议》约定的先决条件未能在最后截止日当日或之前全部满足或被 豁免，兖矿能源向高地资源发出了终止《实施协议》和《股份认购协议》的书面通知。书面通知发出 后，《实施协议》和《股份认购协议》立即终止 ...

Group 1: Yancoal Energy - Yancoal Energy announced the termination of the acquisition of Highland Resources due to unmet conditions in the implementation and subscription agreements [1] - The decision to terminate the agreement was made after careful consideration, ensuring the maximization of company interests [1] - Yancoal Energy confirmed that the termination will not affect its existing operations or future development, and it will continue to advance its potash mining project in Canada [1] Group 2: ST Lingda - ST Lingda received a regulatory attention letter from the Dalian Regulatory Bureau of the China Securities Regulatory Commission, highlighting insufficient impairment provisions for the Jinzhai Jiayue Phase I project [2] - The letter pointed out issues such as the omission of impairment provisions for general equipment and discrepancies in the economic depreciation data in the assessment report [2] - The company was also criticized for inadequate execution of internal control systems, including incomplete approval processes, non-compliant salary payments, and incomplete insider information registration [2] Group 3: Solid-State Batteries - Xu Yanhua emphasized the critical role of power battery technology in the development of new energy vehicles during the 21st China Automotive Industry Development Forum [3] - Solid-state batteries are becoming the main focus in the post-lithium battery era due to their higher safety, energy density, and longer cycle life [3] - The trend towards solid-state battery technology indicates a forthcoming technological revolution in the new energy vehicle industry, presenting new growth opportunities for the market [3]

Core Viewpoint - Yancoal Energy has officially terminated its acquisition of Highfield Resources due to unmet conditions in the agreements, marking the end of a nearly year-long cross-border merger attempt [1][2][3] Group 1: Acquisition Details - The acquisition was initially seen as a strategic move for Yancoal to enhance its asset portfolio and enter the global potash industry [1][3] - The agreements involved a significant asset injection from Yancoal's subsidiary, Yancoal Canada, which holds a potash resource of approximately 1.696 billion tons [3][4] - The termination of the agreement means Yancoal will not be able to leverage Highfield's core potash projects in Spain, which would have strengthened its position in the global market [3][4] Group 2: Timeline of Events - The strategic cooperation began with a non-binding letter of intent signed on July 19, 2024, followed by the signing of binding agreements on September 23, 2024 [4][5] - The situation became complicated in May 2025 when Salt Lake Potash entered the scene, proposing a significant cash investment in Highfield, which was seen as a potential game-changer [5] - However, Salt Lake Potash withdrew from the agreement in August 2025, citing that the conditions for collaboration were not mature enough [5][6] Group 3: Future Outlook - Despite the failed acquisition, Yancoal has indicated it will continue to pursue its interests in the potash sector, focusing on the development of its Canadian potash project [6]

Core Viewpoint - Yancoal Energy has decided to terminate its acquisition of Highfield Resources due to unmet conditions in the implementation and subscription agreements by the deadline [1] Group 1: Acquisition Details - Yancoal Energy signed the implementation and subscription agreements with Highfield Resources on September 23, 2024, to enter the global potash industry [1] - The agreement involved Yancoal transferring 100% of its Canadian coal assets to Highfield Resources, which would issue shares at AUD 0.50 per share as consideration [1] - Highfield Resources aimed to raise USD 220 million through a directed share issuance, with Yancoal intending to invest up to USD 90 million [1] Group 2: Highfield Resources Overview - Highfield Resources was listed on the Australian Securities Exchange in February 2012, focusing on potash project development, with its core asset being the Muga project in northern Spain [2] - The Muga project has a proven and controlled ore reserve of 104 million tons, with a potassium chloride grade of 16.1%, and a total designed capacity of 1 million tons per year [2] Group 3: Background and Developments - The acquisition faced complications when Yancoal announced on May 12 that Highfield Resources had signed a non-binding cooperation letter with Salt Lake Potash, which planned to invest approximately USD 300 million [3] - Following Salt Lake Potash's withdrawal from the cooperation on August 2023, Yancoal's acquisition of Highfield Resources faced renewed uncertainty [4] - Yancoal stated that the termination of the transaction would not affect its existing operations or development plans, and it would continue to advance its Canadian potash projects [4] Group 4: Financial Performance - In the first half of the year, Yancoal Energy reported revenue of CNY 59.349 billion and a net profit of CNY 4.652 billion, achieving a historical high in coal production [5]

格隆汇9月15日丨兖矿能源(600188.SH)公布，公司于2024年9月23日与HighfieldResourcesLimited（一家 于澳大利亚证券交易所上市的公司，股份代码：HFR，"高地资源"）签署 了"ImplementationAgreement"（《实施协议》）及"EquitySubscriptionAgreement"（《股份认购协 议》）。兖矿能源将通过资产注入和现金认购方式获得高地资源新增发股份。 近日，因《实施协议》和《股份认购协议》约定的先决条件未能在最后截止日当日或之前全部满足或被 豁免，兖矿能源向高地资源发出了终止《实施协议》和《股份认购协议》的书面通知。书面通知发出 后，《实施协议》和《股份认购协议》立即终止。终止《实施协议》和《股份认购协议》系公司审慎研 究后作出的决定，符合《实施协议》和《股份认购协议》的约定，不会影响公司现有生产经营活动，也 不会对公司的发展造成不利影响，不存在损害公司及全体股东，特别是中小股东利益的情形。 ...

下一步，公司将从维护公司整体利益出发，按照市场化原则推动加拿大钾矿开发项目後续工作，相关进 展请关注公司公告。 格隆汇9月15日丨兖矿能源(01171.HK)公布，此前披露，公司拟通过资产注入和现金认购方式获得高地 资源新增发股份。近日，因《实施协议》和《股份认购协议》约定的先决条件未能在最后截止日当日或 之前全部满足或被豁免，公司向高地资源发出了终止《实施协议》和《股份认购协议》的书面通知。书 面通知发出后，《实施协议》和《股份认购协议》立即终止。 终止《实施协议》和《股份认购协议》系公司审慎研究后作出的决定，符合《实施协议》和《股份认购 协议》的约定，不会影响公司现有生产经营活动，也不会对公司的发展造成不利影响，不存在损害公司 及全体股东，特别是中小股东利益的情形。 ...

股票代码：600188 股票简称：兖矿能源 编号：临 2025-060 兖矿能源集团股份有限公司 关于终止并购 Highfield Resources Limited 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性 承担法律责任。 一、原交易安排概述 兖矿能源集团股份有限公司（"兖矿能源""公司"）于 2024 年 9 月 23 日与 Highfield Resources Limited（一家于澳大利亚证 券交易所上市的公司，股份代码：HFR，"高地资源"）签署了 "Implementation Agreement" （ 《 实 施 协 议 》 ） 及 "Equity Subscription Agreement"（《股份认购协议》）。兖矿能源将通 过资产注入和现金认购方式获得高地资源新增发股份（"本次交 易"）。 2025 年 9 月 15 日 2 有关详情请参见公司日期为 2024 年 9 月 23 日的关于并购 Highfield Resources Limited 的公告，该等资料刊载于上海证券交易 所网站、香港联合交易所 ...

每经AI快讯，9月15日，兖矿能源(600188.SH)公告称，此前披露，公司拟通过资产注入和现金认购方式 获得高地资源新增发股份。近日，由于《实施协议》和《股份认购协议》约定的先决条件未在最后截止 日当日或之前全部满足或被豁免，公司已向高地资源发出书面通知终止上述协议。终止协议是公司审慎 研究后的决定，不会影响现有生产经营活动，也不会对公司发展造成不利影响。公司将继续推进加拿大 钾矿开发项目，相关进展将发布公告。 （文章来源：每日经济新闻） ...

下一步，本公司将从维护本公司整体利益出发，按照市场化塬则推动加拿大钾矿开发项目后续工作。 兖矿能源（600188）(01171)发布公告，有关本公司与高地资源正式签署《实施协议》及《股份认购协 议》的相关事宜。近日，因《实施协议》和《股份认购协议》约定的先决条件未能在最后截止日当日或 之前全部满足或被豁免，本公司向高地资源发出了终止《实施协议》和《股份认购协议》的书面通知。 书面通知发出后，《实施协议》和《股份认购协议》立即终止。 终止《实施协议》和《股份认购协议》系本公司审慎研究后作出的决定，符合《实施协议》和《股份认 购协议》的约定，不会影响本公司现有生产经营活动，也不会对本公司的发展造成不利影响，不存在损 害本公司及全体股东，特别是中小股东利益的情形。 ...