Core Viewpoint - The cross-border acquisition of Highfield Resources Limited by Yanzhou Coal Mining Company has been officially terminated due to unmet conditions in the agreements, marking the end of a nearly year-long negotiation process [1][2]. Group 1: Acquisition Details - Yanzhou Coal Mining announced the termination of the "Implementation Agreement" and "Equity Subscription Agreement" with Highfield Resources, stating that the preconditions were not fully met by the deadline [2]. - The acquisition was initially seen as a strategic move for Yanzhou Coal to enhance its position in the global potash market by injecting its subsidiary, Yancoal Canada, which holds significant potash resources [3]. Group 2: Market Reactions and Developments - The acquisition process faced complications, including the unexpected involvement of Qinghai Salt Lake Industry, which aimed to become the largest shareholder of Highfield Resources through a $300 million cash subscription [4]. - Following the withdrawal of Salt Lake Industry from the partnership, Yanzhou Coal decided to terminate the acquisition, indicating a shift in strategy [4][5]. Group 3: Future Plans - Despite the termination of the acquisition, Yanzhou Coal has not abandoned its plans in the potash sector and intends to continue developing its Canadian potash project while adhering to market principles [6].

Core Viewpoint - The coal industry is experiencing a downward trend in prices, with significant declines in both thermal and coking coal prices in the first half of 2025 compared to the previous year [2][3]. Price Trends - In H1 2025, the average price of Qinhuangdao thermal coal (Shanxi origin) Q5500 was 676 CNY/ton, down 22.8% year-on-year. In Q2 2025, the price dropped significantly to an average of 632 CNY/ton, a decrease of 12.4% quarter-on-quarter [1][2]. - The average price of coking coal at Jingtang Port (Shanxi origin) in H1 2025 was 1379 CNY/ton, down 38.8% year-on-year, with Q2 2025 averaging 1315 CNY/ton, a quarter-on-quarter decline of 8.8% [1][2]. Company Performance - In H1 2025, 27 listed coal companies (excluding Shanxi Coking Coal) produced a total of 610 million tons of coal, a year-on-year increase of 2.5%, but sales fell to 650 million tons, down 5.4% year-on-year. The total revenue for these companies was 538.4 billion CNY, a decrease of 18.1% year-on-year, and net profit attributable to shareholders was 56 billion CNY, down 31.7% year-on-year [3][4]. - The weighted average gross margin for these companies was 28.8%, down 2.1 percentage points year-on-year, while the net margin was 13.3%, down 2.6 percentage points year-on-year. The weighted average return on equity (ROE) was 4.8%, down 2.5 percentage points year-on-year [3]. Future Outlook - The coal price is expected to rebound due to policy support and market dynamics, with thermal coal prices projected to recover to long-term contract prices around 700 CNY/ton. The forecast for thermal coal prices in 2025 is around 750 CNY/ton, with a potential peak at 860 CNY/ton [5][6]. - Coking coal prices are anticipated to be influenced by supply-demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices. The current ratio suggests target prices for coking coal of 1608 CNY, 1680 CNY, 1800 CNY, and 2064 CNY for various scenarios [6]. - Despite the overall profit pressure in 2025, many coal companies maintain high dividend yields, with six listed companies announcing interim dividend plans totaling 24.13 billion CNY, indicating a strong commitment to shareholder returns [6].

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]

Core Viewpoint - Yanzhou Coal Mining Company Limited has terminated the "Implementation Agreement" and "Equity Subscription Agreement" with Highfield Resources Limited due to unmet conditions, a decision made after careful consideration, ensuring no adverse impact on its current operations or shareholder interests [1] Group 1 - Yanzhou Coal signed the "Implementation Agreement" and "Equity Subscription Agreement" with Highfield Resources on September 23, 2024, to acquire newly issued shares through asset injection and cash subscription [1] - The termination of the agreements was communicated in writing after the conditions were not fully met by the deadline, leading to an immediate cessation of the agreements [1] - The decision to terminate the agreements aligns with the terms set forth in the agreements and is stated to not affect the company's existing production and operational activities [1]

Core Viewpoint - Yanzhou Coal Mining Company (01171.HK) has terminated the Implementation Agreement and Share Subscription Agreement with Highland Resources due to unmet conditions, which will not adversely affect its operations or shareholder interests [1] Group 1 - The company announced the termination of the agreements after careful consideration, as the conditions stipulated in the agreements were not fully met by the deadline [1] - The termination is in accordance with the agreements and will not impact the company's existing production and operational activities [1] - The company reassures that the decision does not harm the interests of the company and all shareholders, particularly minority shareholders [1] Group 2 - Moving forward, the company will focus on advancing the Canadian potash mining project based on market principles, with further updates to be provided in future announcements [1]

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 ...

Core Viewpoint - Yanzhou Coal Mining Company announced the termination of agreements to acquire new shares from Highland Resources due to unmet conditions, emphasizing that this decision will not adversely affect its current operations or development plans [2] Group 1: Agreement Termination - The company issued a written notice to Highland Resources to terminate the asset injection and cash subscription agreements [2] - The termination was based on the failure to meet all conditions outlined in the Implementation Agreement and Share Subscription Agreement by the deadline [2] Group 2: Impact on Operations - The company stated that the termination of the agreements will not impact its existing production and operational activities [2] - The company will continue to advance its potash mining project in Canada, with further updates to be announced [2]