IMDTECL(SZ:002128) 3 6 Ke·2025-11-27 04:00Core Viewpoint - The asset restructuring valued at 11.149 billion yuan is part of State Power Investment Corporation's strategy to build a coal-electricity-aluminum empire in Inner Mongolia, enhancing its operational efficiency and market position [1][2]. Group 1: Asset Restructuring Details - State Power Investment Corporation plans to acquire 100% equity of Baiyinhu Coal Power Co., Ltd. from its controlling shareholder, Inner Mongolia Energy Co., Ltd., for a total price of 11.149 billion yuan [1]. - The acquisition will be financed through a combination of share issuance and cash payment, along with a fundraising plan of up to 4.5 billion yuan for ongoing projects and working capital [1][2]. - Post-acquisition, the coal production capacity will increase to 63 million tons per year, and aluminum production capacity will exceed 1.26 million tons [2]. Group 2: Strategic Implications - The restructuring is part of a broader strategic adjustment by State Power Investment Corporation, focusing on specialized operations across its listed platforms [2]. - Other subsidiaries are also undergoing transformations, such as Yuanda Environmental Protection acquiring hydropower assets and shifting focus to nuclear power [2]. - The integration aims to create a closed-loop system where coal is converted to aluminum on-site, significantly reducing production costs by 2,300 yuan per ton compared to market prices [2][3]. Group 3: Financial Impact - The acquisition is expected to increase the total assets of State Power Investment Corporation from 54.979 billion yuan to 80.079 billion yuan, with projected revenue growth from 14.464 billion yuan to 19.942 billion yuan by mid-2025 [4]. - Analysts estimate that the transaction could enhance the annual net profit attributable to shareholders by approximately 1.867 billion yuan [5]. - However, Baiyinhu Coal Power Co., Ltd. has a high debt level, with total liabilities reaching 16.9 billion yuan and a debt ratio of 67% as of mid-2025, raising concerns about financial stability [5][6]. Group 4: Industry Trends - The merger reflects an accelerating trend of asset securitization in the power industry, with state-owned enterprises increasingly optimizing their asset structures [7]. - The focus has shifted from merely filling funding gaps to strategically enhancing asset structures, particularly in the renewable energy sector [7]. - The restructuring also indicates a renewed recognition of the value of traditional energy sources, as coal prices stabilize and the role of coal in the new power system is reassessed [7].