Hua Xia Shi Bao·2025-11-29 00:17Core Viewpoint - Yanzhou Coal Mining Company Limited (referred to as "Yanzhou Coal", 600188.SH) announced that its wholly-owned subsidiary, Yanzhou Donghua Heavy Industry Co., Ltd. ("Donghua Heavy Industry"), intends to acquire 100% equity of Shandong Energy Equipment Group High-end Support Manufacturing Co., Ltd. ("High-end Support Company") from Shandong Energy Group Heavy Equipment Manufacturing (Group) Co., Ltd. ("Shandong Equipment") for a transaction price of 344.8474 million yuan [2][3] Group 1 - The acquisition price is set at 344.8474 million yuan, which will be paid in cash on the delivery date to the designated bank account of the transferor [2] - The High-end Support Company, established in December 2022, has a registered capital of 300 million yuan and is a wholly-owned subsidiary of Shandong Equipment [3] - The assessment report indicates that the book value of the total equity of the High-end Support Company is 302.0936 million yuan, with an assessed value of 344.8474 million yuan, resulting in an appreciation of 42.7539 million yuan, or an appreciation rate of 14.15% [3] Group 2 - As of September 30, 2025, the High-end Support Company has total assets of 1.7817349 billion yuan, total liabilities of 1.4687176 billion yuan, and owner’s equity of 313.0173 million yuan [4] - The company reported a significant decline in profit, with a net profit of only 27.12 thousand yuan in the first three quarters of this year, compared to a net profit of 1.33606 million yuan in 2024 [4] Group 3 - Yanzhou Coal indicated that the profit decline in 2025 is due to a decrease in hydraulic support prices, increased financial costs, and property tax expenditures related to project renovations [5] - The transaction aims to avoid competition within the same industry and implement development strategies, as the High-end Support Company and Donghua Heavy Industry have overlapping business operations [5] - The acquisition is expected to reduce related transactions and enhance overall efficiency, as Yanzhou Coal is a major customer of the High-end Support Company [5] Group 4 - The transferor, Shandong Equipment, is in a state of insolvency, with total assets of 10.9553421 billion yuan and total liabilities of 12.1453326 billion yuan, resulting in negative owner’s equity of 1.1899905 billion yuan [8] - The acquisition is seen as a way for Yanzhou Coal to acquire quality assets from Shandong Equipment while avoiding less desirable assets [8] - Yanzhou Coal has faced performance pressure in recent years, with a net profit of 7.12 billion yuan in the first three quarters, a year-on-year decline of 39.15% [8]