IMDTECL(SZ:002128) Zhong Guo Jing Ying Bao·2025-11-21 05:39Core Viewpoint - The acquisition of 100% equity in Baiyinhu Coal Power by Electric Power Investment Energy (002128.SZ) from the State Power Investment Corporation's Inner Mongolia Energy Company is a strategic move to deepen the integration of coal, thermal power, and electrolytic aluminum assets, with a transaction value of 11.149 billion yuan [2][3]. Group 1: Acquisition Details - Electric Power Investment Energy plans to issue approximately 649 million shares at a price of 14.77 yuan per share and pay part of the cash to acquire Baiyinhu Coal Power, which will account for 22.46% of the company's total share capital post-transaction [3]. - The company aims to raise up to 4.5 billion yuan from no more than 35 qualified investors to support the acquisition and related projects [3]. - Baiyinhu Coal Power, established in October 2003, is a wholly-owned subsidiary of Inner Mongolia Company and has a coal production capacity of 15 million tons per year [3][4]. Group 2: Financial Performance - In the first half of 2025, Baiyinhu Coal Power reported revenue of 5.552 billion yuan and a net profit of 762 million yuan [4]. - For the first three quarters of 2025, Electric Power Investment Energy achieved revenue of 22.403 billion yuan, a year-on-year increase of 2.72%, while net profit decreased by 6.40% [4]. Group 3: Industry Context - The coal market has experienced price fluctuations, with the Qinhuangdao 5500 kcal thermal coal price rising from 621 yuan/ton on June 30 to 699 yuan/ton on September 30, marking a 12.6% increase in the third quarter [6]. - The coal industry is witnessing a trend towards consolidation, with several companies, including Electric Power Investment Energy, engaging in strategic mergers to enhance operational efficiency and market competitiveness [6][7]. - The restructuring in the coal sector is driven by policy and strategic considerations, aiming to optimize energy resource allocation and improve the resilience of large energy groups in meeting national energy security needs [7].