【导读】A股又一历史性收购！中国神华调整收购国家能源集团资产方案，确定交易价格 1335.98 亿元 中国基金报记者 闻言 12 月 19 日晚间，中国神华发布公告称，中国神华拟收购其控股股东国家能源投资集团有限 责任公司（以下简称国家能源集团）旗下 12 家标的公司的股权，合计交易价格约为 1335.98 亿元。 对比可见，中国神华调整了交易方案，不再收购国家能源集团所持国家能源集团电子商务有 限公司 100% 的股权。 调整交易方案明确交易价格 截至 12 月 19 日收盘，中国神华 A 股股价报 40.59 元 / 股，总市值为 7910 亿元。 调整后的交易方案显示，中国神华整体发行股份购买资产和现金支付的比例分别为 30% 和 70% ，涉及 12 家标的公司，并且发行股份购买资产的定价基准日为 29.40 元 / 股。 具体来看，中国神华拟通过发行 A 股股份及支付现金的方式，购买国家能源集团所持 11 家 公司的股权，包括中国神华煤制油化工有限公司 100% 的股权。 | 用 - | 标的公司 | 交易对方 | 原方案 | 调整后方案 | | --- | --- | --- | --- | -- ...

Group 1 - The core point of the article is that China Shenhua (601088) plans to acquire 100% equity stakes in multiple companies from the State Energy Group, with a total transaction value of approximately 133.598 billion yuan, financed through a combination of cash and A-share issuance [1][2] - The transaction involves 12 target companies across coal, coal power, and coal chemical sectors, which will enhance the company's core business capacity and resource reserves, optimizing the entire industry chain layout [2] - The overall payment structure for the transaction consists of 30% in shares and 70% in cash, with cash payment amounting to approximately 93.5188 billion yuan and the issuance of about 1.363 billion shares at a price of 29.40 yuan per share [1] Group 2 - Following the transaction, China Shenhua's coal reserves will increase to 6.849 billion tons, representing a growth rate of 64.72%, while its recoverable coal reserves will rise to 3.45 billion tons, with a growth rate of 97.71% [3] - The company's coal production is expected to reach 512 million tons, reflecting a growth rate of 56.57%, and the basic earnings per share (EPS) for 2024, excluding non-recurring losses, will increase to 3.15 yuan per share, an increase of 6.10% [3] - The transaction is anticipated to significantly enhance the company's business strength, asset quality, and profitability, ultimately benefiting all investors [3]

本次交易共涉及 12 家标的公司，业务覆盖煤炭、坑口煤电、煤化工等多个领域，有利于提高上市公司 核心业务产能与资源储备规模，进一步优化全产业链布局，为推进清洁生产、优化产能匹配、提升盈利 能力创造有利条件。截至 2025 年 7 月 31 日，标的资产合计的总资产为 2,334.23 亿元，合计的归母净资 产为 873.99 亿元;2024 年度，标的资产合计实现营业收入为 1,139.74 亿元，合计的扣非归母净利润为 94.28 亿元，合计的剔除长期资产减值损失影响后的扣非归母净利润为 105.70 亿元，对应整体交易对价 1,286.71 亿元。考虑评估基准日后国家能源集团对化工公司增资 49.27 亿元事项，调整后最终整体交易 对价为 1335.98 亿元。 通过本次交易，中国神华的煤炭保有资源量将提升至 684.9 亿吨，增长率达 64.72%;煤炭可采储量将提 升至 345 亿吨，增长率达 97.71%;煤炭产量将提升至 5.12 亿吨，增长率达 56.57%;中国神华 2024 年扣除 非经常性损益后的基本每股收益将提升至 3.15 元/股，增厚 6.10%。2025 年 1-7 月扣除非经常性 ...

Core Viewpoint - China Shenhua has announced the acquisition of 12 companies for a total transaction price of 133.598 billion yuan, aimed at enhancing its core business capacity and resource reserves across various sectors including coal, coal power, and coal chemical industries [1][2]. Group 1: Transaction Details - The acquisition involves purchasing 100% stakes in multiple companies, including Guoyuan Power, Xinjiang Energy, and others, with a payment structure of 30% in shares and 70% in cash, amounting to 93.519 billion yuan in cash [1]. - The transaction is expected to optimize the company's entire industry chain layout and create favorable conditions for clean production and profitability enhancement [1]. Group 2: Resource and Earnings Impact - Post-transaction, China Shenhua's coal reserves will increase to 6.849 billion tons, a growth rate of 64.72%, while its recoverable coal reserves will rise to 3.45 billion tons, reflecting a 97.71% increase [2]. - The company's coal production is projected to reach 512 million tons, marking a 56.57% increase, and the earnings per share (EPS) for 2024 is expected to rise to 3.15 yuan, an increase of 6.1% [2]. Group 3: Market Position - As of December 19, China Shenhua's stock price was 40.59 yuan, with a market capitalization of 790.9 billion yuan [3].

Group 1 - The core point of the article is that China Shenhua (01088.HK) has signed a factoring service agreement with Guoneng Factoring Company, effective from January 1, 2026, to December 31, 2026 [1] - The agreement includes services such as factoring, consulting, agency, asset management, and supply chain financial platform services related to factoring [1] - The agreement will take effect upon approval by the board of directors and signing by the legal representatives or authorized representatives of both parties [1]

交易价格超过1300亿元。 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 12月19日，中国神华(601088.SH)公告称，拟通过发行A股股份及支付现金的方式购买国家能源集团持有 的国源电力100%股权、新疆能源100%股权、化工公司100%股权、乌海能源100%股权、平庄煤业 100%股权、神延煤炭41%股权、晋神能源49%股权、包头矿业100%股权、航运公司100%股权、煤炭 运销公司100%股权、港口公司100%股权，并以支付现金的方式购买西部能源持有的内蒙建投100%股 权；同时，上市公司拟向不超过35名特定投资者发行A股股份募集配套资金。交易价格1335.98亿元。 本次交易对价的整体股份和现金支付比例分别为30%和70%，其中现金支付对价为935.19亿元。本次交 易共涉及12家标的公司，业务覆盖煤炭、坑口煤电、煤化工等多个领域，有利于提高上市公司核心业务 产能与资源储备规模，进一步优化全产业链布局，为推进清洁生产、优化产能匹配 ...

Group 1 - The core transaction value is 1335.98 billion yuan, involving the acquisition of 100% stakes in multiple companies from the State Energy Group [1][2] - The payment structure consists of 30% in shares and 70% in cash, with the cash component amounting to 935.19 billion yuan [2] - The transaction includes 12 target companies across coal, coal power, and coal chemical sectors, enhancing the company's core business capacity and resource reserves [2] Group 2 - Post-transaction, the coal reserves of China Shenhua will increase to 684.9 billion tons, a growth rate of 64.72% [2] - The recoverable coal reserves will rise to 345 billion tons, reflecting a growth rate of 97.71% [2] - The coal production is expected to reach 5.12 billion tons, with a growth rate of 56.57% [2] Group 3 - The earnings per share (EPS) for 2024 is projected to increase to 3.15 yuan, representing a 6.1% enhancement [2] - For the period of January to July 2025, the EPS is expected to rise to 1.54 yuan, indicating a 4.4% increase [2] - Additionally, the company plans to invest 6 billion yuan in the financial company to improve its capital adequacy ratio and enhance its capital strength [2]

12月19日，中国神华（601088）披露了购买12家企业的最新进展，多个本次交易的核心指标公布，交易 对价1335.98亿元。 | 交易类型 | 交易对方名称 | | --- | --- | | 发行股份及支付现金购买资产 | 国家能源投资集团有限责任公司 | | | 国家能源集团西部能源投资有限公司 | | 募集配套资金 | 不超过 35 名符合条件的特定对象 | 公告截图 中国神华公告称，拟通过发行A股股份及支付现金的方式购买国家能源集团持有的国源电力100%股 权、新疆能源100%股权、化工公司100%股权、乌海能源100%股权、平庄煤业100%股权、神延煤炭 41%股权、晋神能源49%股权、包头矿业100%股权、航运公司100%股权、煤炭运销公司100%股权、港 口公司100%股权，并以支付现金的方式购买西部能源持有的内蒙建投100%股权；同时，上市公司拟向 不超过35名特定投资者发行A股股份募集配套资金。交易价格1335.98亿元。 | 股票代码:601088 | 股票简称:中国神华 | 上市地点:上海证券交易所 | | --- | --- | --- | | 股票代码:01088 | 股票简称: ...

Core Viewpoint - China Shenhua plans to invest 133.598 billion yuan to acquire equity stakes in 11 core energy companies under the State Energy Group and 100% equity of Inner Mongolia Jian Investment held by Western Energy, with total asset scale exceeding 200 billion yuan [1][2]. Group 1: Business Expansion - The acquisition will significantly increase China Shenhua's business scale, with total assets expected to rise by over 200 billion yuan [2][3]. - Coal reserves will increase to 34.5 billion tons, a growth rate of 97.72%, while annual coal production will rise to 512 million tons, reflecting a growth rate of 56.57% [2]. - Power generation capacity will increase to 60.881 million kilowatts, a growth rate of 27.82%, and polyethylene production will rise to 1.88 million tons, with an increase of 213.33% [2]. Group 2: Industry Integration - The restructuring is a significant move for state-owned enterprises to address long-standing issues of intra-industry competition since 2004, enhancing resource reserves and core business capacity [3][4]. - The integration will optimize the entire industry chain, improving core competitiveness and supporting clean production and operational cost reduction [3][5]. Group 3: Policy Support - The restructuring is backed by favorable policies, including the simplified review process introduced by the China Securities Regulatory Commission, which will expedite the transaction [4]. - The new review process allows for a maximum of 12 working days from acceptance to approval, significantly enhancing transaction efficiency [4]. Group 4: Profitability Enhancement - The restructuring aims to create a full industry chain synergy, enhancing the company's quality and risk resistance, particularly during critical energy supply periods [5][6]. - China Shenhua has committed to a cash dividend policy, ensuring that the annual cash dividend ratio will not be less than 65% of the net profit attributable to shareholders [5][6]. Group 5: Market Impact - The restructuring is seen as a model for capital market service to the real economy and a benchmark for state-owned enterprise reform, potentially increasing market activity and scale [6]. - As of December 19, China Shenhua's stock price was 40.59 yuan per share, with a market capitalization of 790.9 billion yuan [7].

Core Viewpoint - China Shenhua announced the acquisition of 12 companies for a total transaction price of 133.598 billion yuan, aimed at enhancing its core business capacity and resource reserves across multiple sectors including coal, coal power, and coal chemical industries [1][5]. Group 1: Transaction Details - The acquisition involves issuing A-shares and cash payments to purchase 100% equity stakes in various companies, including Guoyuan Power, Xinjiang Energy, and others, with a cash payment component of 93.519 billion yuan [5][6]. - The overall payment structure consists of 30% in shares and 70% in cash, with the total transaction price being 133.598 billion yuan [6]. Group 2: Valuation and Premiums - The valuation of the acquired companies shows significant premiums, with Guoyuan Power having a premium rate of 61.71% and Inner Mongolia Construction Investment showing a remarkable premium of 764.82% [6]. - The total assessed value of the 12 companies is approximately 143.674 billion yuan, reflecting an overall premium rate of 59.52% [6]. Group 3: Impact on Company Metrics - Post-acquisition, China Shenhua's coal reserves will increase to 6.849 billion tons, a growth rate of 64.72%, while its recoverable coal reserves will rise to 3.45 billion tons, marking a 97.71% increase [7]. - The company's coal production is expected to reach 512 million tons, reflecting a growth rate of 56.57%, and the earnings per share for 2024 is projected to increase to 3.15 yuan, enhancing by 6.1% [7]. - As of December 19, China Shenhua's stock price was 40.59 yuan, with a market capitalization of 790.9 billion yuan [7].