CSEC,China Shenhua(SH:601088) 证券时报·2025-08-16 10:32Core Viewpoint - China Shenhua (601088) has disclosed a restructuring plan involving the acquisition of multiple energy-related assets, aiming to enhance its operational scale and efficiency through vertical integration [1][5][8]. Group 1: Restructuring Plan - The company plans to acquire 100% stakes in several subsidiaries from the State Energy Group, including Guoyuan Power, Xinjiang Energy, and others, through a combination of issuing A-shares and cash payments [3][5]. - The total assets of the targeted companies amount to 258.36 billion yuan, with a net asset value of 93.89 billion yuan as of the end of 2024 [6]. - The restructuring involves 13 companies across coal, coal power, and coal chemical sectors, which will significantly increase the company's asset scale and operational capabilities [6][8]. Group 2: Financial Impact - The targeted assets are expected to generate a total revenue of 125.996 billion yuan and a net profit of 8.005 billion yuan for the year 2024 [6]. - The company anticipates a substantial increase in its total assets, net assets, and revenue post-acquisition, thereby improving overall profitability and asset quality [8]. Group 3: Market Context - The restructuring aligns with a broader trend among state-owned enterprises in China, focusing on industry consolidation and transformation to enhance operational efficiency [15][16]. - Recent activities by other state-owned enterprises, such as China Power and Sinochem Equipment, indicate a growing momentum in mergers and acquisitions within the sector [16][17].