Sou Hu Cai Jing·2025-12-20 14:24Core Viewpoint - China Shenhua announced a major asset restructuring plan to acquire equity stakes in 12 core enterprises under its controlling shareholder, China Energy Group, with a total transaction value of 133.598 billion yuan [1][6]. Group 1: Transaction Details - The acquisition involves issuing A-shares and cash payments for 100% equity stakes in several companies, including Guoyuan Power, Xinjiang Energy Chemical, and others, while also acquiring a 41% stake in Shanxi Jingshen Energy and a 49% stake in Shenyan Coal [1][2]. - The total assets of the target companies amount to 233.423 billion yuan, with a net asset value of 87.399 billion yuan as of July 31, 2025 [6]. Group 2: Strategic Importance - This transaction is a significant step for the company to address industry competition, optimize resource allocation, and enhance core competitiveness, which is crucial for strengthening national energy security and boosting market confidence [5]. - The restructuring will allow China Shenhua to integrate coal mining, coal power, coal chemical, and logistics services, significantly increasing its core business capacity and resource reserves [5]. Group 3: Financial Impact - Post-transaction, the company's coal reserves will increase to 6.849 billion tons, a growth rate of 64.72%, while the recoverable coal reserves will rise to 3.45 billion tons, reflecting a 97.71% increase [7]. - The basic earnings per share, excluding non-recurring gains and losses, are projected to increase to 3.15 yuan per share for 2024, representing a 6.10% enhancement [7][8].