Report Information - Report Type: Coking Coal and Coke Daily Review [1] - Date: June 3, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] 1. Market Conditions 1.1 Futures Market - On May 30, the main contract J2509 of coking coal futures hit a new low since January 2017 for the September contract, with the decline narrowing. The main contract JM2509 of coking coal futures saw an enlarged decline, hitting a new low since July 2016 for the September contract [5]. - J2509: The previous closing price was 1332 yuan/ton, opening at 1333 yuan/ton, with a high of 1334.5 yuan/ton, a low of 1295.5 yuan/ton, and a closing price of 1308 yuan/ton, down 2.13%. The trading volume was 31,257 lots, and the open interest was 56,074 lots, a decrease of 358 lots, with a capital outflow of 0.36 billion yuan [5]. - JM2509: The previous closing price was 759 yuan/ton, opening at 757 yuan/ton, with a high of 759.5 yuan/ton, a low of 726 yuan/ton, and a closing price of 726 yuan/ton, down 5.28%. The trading volume was 875,062 lots, and the open interest was 552,525 lots, an increase of 12,197 lots, with a capital outflow of 1.08 billion yuan [5]. 1.2 Spot Market - On May 30, the ex - warehouse price index of quasi - first - grade metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port was 1340 yuan/ton, with no change. The price in Tangshan was 1270 yuan/ton, also unchanged [8]. - The aggregated price of low - sulfur primary coking coal in Tangshan was 1275 yuan/ton, unchanged; in Lvliang, it was 1150 yuan/ton, down 50 yuan/ton; in Linfen, it was 1200 yuan/ton, unchanged; in Handan, it was 1220 yuan/ton, unchanged; in Heze, it was 1320 yuan/ton, unchanged; in Pingdingshan, it was 1460 yuan/ton, unchanged [8]. 2. Technical Analysis - On May 30, the daily KDJ indicators of the coking coal 2509 contract showed a divergent trend, with the J and K values turning up and the D value continuing to decline, showing a potential golden cross. The daily KDJ indicators of the coking coal 2509 contract continued to diverge downward. The daily MACD green bars of the coking coal 2509 contract continued to expand slightly, while those of the coking coal 2509 contract expanded further [8]. 3. Outlook 3.1 Coking Coal - In the past 5 weeks, the coking coal production of independent coking plants has slightly declined after hovering near the highest level since early August last year. The coking coal production of steel mills has also slightly declined compared to late April. In the past 6 weeks, the coking coal inventory at ports has significantly decreased, but the de - stocking speed of steel mills is slow, and the inventory of coking plants has started to accumulate, adding new downward pressure on coking coal prices. The profit per ton of coking coal has been in the red for 2 consecutive weeks, mainly due to two rounds of price cuts for coking coal in mid - and late May, hitting a new low in recent years [10]. 3.2 Coking Coal - From January to April, the year - on - year growth of imports turned negative, but the absolute value of imports remained high, and the overall loose supply pattern was difficult to reverse. The raw coal inventory of coal washing plants first increased and then decreased, and the clean coal inventory rose again to a relatively high level. In the past 6 weeks, the inventory of independent coking plants has significantly decreased, and the port inventory has also returned to the normal level before early August last year, but the steel mill inventory has increased steadily. With steel mills still having relatively sufficient inventory, if coking plants also adopt a de - stocking strategy, coking coal prices are likely to fall rather than rise [10]. 3.3 Overall - Although the weak market for coking coal and coke futures continues, and there may still be new lows in early June, positive factors in the fundamentals and news are accumulating. Attention should be paid to whether a turnaround in the market can occur around early June due to changes in tariff policies and the recovery of confidence in the steel market [10]. 4. Industry News - On May 29, the General Office of the Communist Party of China Central Committee and the General Office of the State Council issued an opinion on improving the market - based allocation system for resource and environmental factors, aiming to improve the carbon market coverage and other aspects by 2027 [11]. - The third - round and fourth - batch of central ecological and environmental protection inspections were launched, targeting 5 provinces and 3 central enterprises [11]. - Zhang Guoqing emphasized safety production at the launch ceremony of the 2025 National "Safety Production Month" [12]. - Sansteel Minguang's production, capacity replacement, fuel procurement, and sales situation were introduced, and it believed that relevant production - restriction policies were reasonable and necessary [12]. - Shanxi Coking Coal International Energy will focus on its main business in 2025 and optimize resource allocation [12]. - Shaanxi Energy's profit decline in the first quarter was due to lower power generation and coal sales prices [12]. - As of May 30, the coal inventory at Qinhuangdao Port was 6.75 million tons, showing different changes compared to the previous week, month, and year [13]. - Yitai B - share completed the tender offer for ST Xinchao's controlling stake [13]. - Tongbao Energy will manage its coal inventory according to market conditions [13]. - From January to April 2025, China's shipbuilding industry maintained its leading position globally, and the industry's boom cycle is expected to continue [13]. - The US Federal Circuit Court of Appeals temporarily suspended the ruling against Trump's tariff measures [14]. - The OECD report pointed out that planned capacity expansion may exacerbate global steel over - capacity [14]. - Clean energy accounted for an increasing proportion of US power generation in March and April [14]. - Turkey's coal imports in April 2025 increased year - on - year and month - on - month [14]. - Bayan Resources' coal sales volume in the first quarter of this year increased significantly, but the average selling price was lower than expected [14]. 5. Data Overview - The report provides various data charts, including the spot price index of metallurgical coke, the aggregated price of primary coking coal, the production and capacity utilization of coking plants and steel mills, the daily average pig iron production, the inventory of coking coal and coke at ports, steel mills, and coking plants, the profit per ton of coking coal, the production and operating rate of coal washing plants, the raw coal and clean coal inventory of coal washing plants, and the basis between spot and futures contracts [16][17][22]

Core Viewpoint - The acquisition battle for ST Xinchao has concluded with Yitai B shares successfully acquiring 50.10% of ST Xinchao's total shares, marking a significant event in the capital market despite ST Xinchao's troubled status as a company facing delisting risks [1][5]. Group 1: Acquisition Details - Yitai B shares announced a purchase price of 3.40 yuan per share, totaling approximately 11.792 billion yuan for the acquisition of ST Xinchao [4]. - The acquisition process involved multiple competitors, including Guo Jinshu of Huineng Haitou and Jindi Petroleum, with the latter offering a lower price of 3.15 yuan per share [3][5]. - The acquisition by Yitai B shares was completed after other offers failed to meet the necessary conditions for acceptance [5]. Group 2: Company Background - ST Xinchao is primarily engaged in oil and gas exploration and production, with significant assets located in the United States, particularly in the Permian Basin [8]. - The company has faced operational challenges, including a lack of a controlling shareholder and internal control deficiencies, leading to its current ST (Special Treatment) status [8][9]. - Despite its troubled financial state, ST Xinchao possesses valuable assets that make it an attractive target for acquisition [8][10]. Group 3: Strategic Implications - For Yitai Group, acquiring ST Xinchao represents a strategic move to diversify into the overseas energy market, particularly in light of the current easing of energy policies between China and the U.S. [10]. - The acquisition is seen as a potential platform for future capital operations, including asset injections and financial explorations, which could enhance Yitai's market presence and financing capabilities [10][11]. - The deal is positioned as a way for Yitai to optimize its business structure and address financing challenges faced by its coal and chemical projects [10][12].

Core Viewpoint - The article highlights the journey and investment philosophy of Wang Wen, a prominent figure in the private equity sector, emphasizing his successful investment strategies and the establishment of his firm, Rido Investment, which has achieved significant returns in the competitive market [2][19]. Group 1: Journey to Success - Wang Wen, born in a rural family, graduated from China Agricultural University in 1990, which laid a solid foundation for his understanding of economic principles [6]. - He entered the A-share market in 1993, initially facing challenges due to limited funds and experience, but gradually developed his investment acumen [6][7]. - A pivotal moment in his career was in 1995 when he transitioned into the financial industry, gaining extensive knowledge and practical experience [7]. Group 2: Key Investment Opportunities - Wang Wen's early investment in Sichuan Changhong in 1995 yielded a tenfold return, showcasing his ability to identify growth opportunities in the booming color TV industry [8]. - From 1999 to 2004, he capitalized on the B-share market, particularly investing in Guangdong Electric Power B, which resulted in a fivefold profit when B-shares were opened to domestic investors [9]. - His investment in Yitai B from 2004 to 2012, driven by insights into coal prices and market dynamics, led to a remarkable 100-fold return [10]. Group 3: Establishment of Rido Investment - In 2019, Wang Wen founded Rido Investment, focusing on deep value investing and aiming to uncover undervalued quality assets for long-term returns [19]. - Rido Investment has grown significantly, achieving a management scale of over 100 billion, positioning itself as a leading player in the private equity sector [19]. Group 4: Investment Philosophy - Wang Wen's investment strategy revolves around the principle of "high cash flow, high dividends, and low valuation," emphasizing the importance of cash flow in assessing a company's value [30]. - He advocates for concentrated positions in a few stocks rather than frequent trading, believing that substantial returns come from holding quality stocks over time [34]. - Wang Wen supports the cautious use of leverage, suggesting a range of 10%-20% while being selective about the stocks chosen for leveraging [34]. Group 5: Future Outlook - Looking ahead, Rido Investment will continue to focus on value investing, particularly in sectors like consumer goods, energy, and high-end manufacturing, which are expected to provide stable returns [36]. - The firm aims to enhance its team and research capabilities, ensuring informed investment decisions and expanding its service offerings to clients [38].

4月28日，上交所就上述问题，向ST新潮下发监管工作函，上交所称，公司年审机构立信会计师事务所 已向公司发送《关于山东新潮能源股份有限公司2024年度财务报表审计和内部控制审计完成情况的沟通 函》，显示目前所有审计工作已经完成，基于执行审计工作的结果，根据审计准则的相关规定，对公司 2024年度财务报表发表无法表示意见，对公司2024年12月31日的财务报告内部控制发表无法表示意见。 尽管审计遇到波折，但ST新潮却是资本市场的香饽饽，去年汇能集团发起要约收购，今年1月17日，金 帝石油计划按照3.10元/股的价格，向全体ST新潮股东要约收购20%股权。4月18日，伊泰B股宣布，向 ST新潮全体股东以及金帝石油发出竞争性要约，计划以3.40元/股，收购51%的总股本。 ST新潮（600777）和伊泰B(900948)今日晚间公告，伊泰B股收购ST新潮总股本的50.10%已完成交割。 ST新潮公告，公司2024年年报和2025年一季报未能按时披露，公司正在积极推进解决。 3月20日晚间，ST新潮对外发布公告，宣布拟聘任立信会计师事务所(特殊普通合伙)为公司2024年度审 计机构。公司原聘任的审计机构中瑞诚会计师事 ...

Core Viewpoint - The announcement indicates that the tender offer for ST New Wave (600777) has successfully met the required conditions, with a significant portion of shares being accepted by shareholders [1] Group 1: Tender Offer Details - The tender offer period will expire on May 22, 2025 [1] - A total of 20,168 shareholder accounts participated in the tender offer [1] - The total number of shares tendered amounts to 3.407 billion shares, representing 50.10% of the company's total shares [1] Group 2: Shareholding Changes - The final number of shares tendered meets the conditions for the tender offer to be effective, although it is less than the number of shares the acquirer intended to purchase [1] - As of the date of the announcement, the clearing and transfer procedures for the tender offer have been completed [1] - After the tender offer, Yitai B shares hold a total of 3.407 billion shares in the company, which constitutes 50.10% of the total share capital [1]

1 截至 2025 年 5 月 22 日收盘，已有 20,168 户股东持有的 3,407,350,144 股（占 ST 新潮总股本的 50.10%）预受伊泰 B 股要约，本次要约收购已达生效条件。 公司已按照上海证券交易所和中国证券登记结算有限责任公司上海分公司 的有关规定履行了相关义务，截至本公告披露日，本次要约收购清算过户手续已 经办理完毕，公司直接持有 ST 新潮 3,407,350,144 股股份，占 ST 新潮总股本的 50.10%。 特此公告。 内蒙古伊泰煤炭股份有限公司董事会 2025 年 5 月 29 日 证券代码：900948 证券简称：伊泰 B 股 公告编号：临 2025-039 内蒙古伊泰煤炭股份有限公司 关于要约收购山东新潮能源股份有限公司 股份交割完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 内蒙古伊泰煤炭股份有限公司（以下简称"公司""伊泰 B 股"）于 2025 年 4 月 18 日召开第九届董事会第十四次会议，审议通过了《关于要约收购山东新 潮能源股份有限公司控股权的议案》。同意 ...

证券代码：900948 证券简称：伊泰 B 股 公告编号：2025-038 内蒙古伊泰煤炭股份有限公司2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 三、 相关日期 B 股每股现金红利0.139022美元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ｂ股 | 2025/6/10 | 2025/6/5 | 2025/6/6 | 2025/6/24 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 19 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本2,929,267,782股为基数，每股 ...

Core Viewpoint - ST New潮 has successfully completed a competitive tender offer for Inner Mongolia Yitai Coal Co., Ltd. (Yitai B shares), with a total of 3.407 billion shares accepted, accounting for 50.10% of the company's total shares [1][3]. Group 1: Tender Offer Details - The tender offer period ended on May 22, 2025, and the number of shares accepted met the conditions for the offer to be effective [1]. - Yitai B shares have deposited 100% of the required funds for the tender offer into a designated account at the Shanghai branch of China Securities Depository and Clearing Corporation [2]. - Following the completion of the tender offer, the transfer and registration of shares will be handled by a securities company within three trading days [2]. Group 2: Competitive Tender Offer Context - ST New潮's case is notable as it is the first instance of a competitive tender offer in the A-share market, where multiple parties (Yitai B shares and Jindi Petroleum) attempted to acquire the same target company [3]. - Jindi Petroleum was unable to meet the conditions for its tender offer and exited the process [3]. Group 3: Company Operations and Risks - Despite the completion of the tender offer, ST New潮's operational status may still present uncertainties [4]. - The company has been suspended from trading since May 6 due to its inability to disclose audited financial reports for 2024 and Q1 2025, and it is under investigation by the China Securities Regulatory Commission [5].

Group 1 - The core point of the announcement is that the tender offer for ST Xinchao (600777) will expire on May 22, 2025, and the total number of shareholder accounts that accepted the offer is 20,168 [1] - A total of 3.407 billion shares were tendered, which represents 50.10% of the company's total shares [1] - The number of shares tendered meets the conditions for the tender offer to be effective, and the acquirer, Yitai B shares, will purchase the shares tendered by shareholders according to the terms of the offer [1] Group 2 - After the completion of the tender offer, Yitai B shares will hold a total of 3.407 billion shares, accounting for 50.10% of the company's total equity [1]

Core Viewpoint - The competitive takeover of ST New潮 has reached a significant milestone, with the offer from Inner Mongolia Yitai Coal Co., Ltd. successfully meeting the necessary conditions for effectiveness [1][2]. Group 1: Takeover Details - As of May 22, 2023, 20,200 shareholders holding 3.407 billion shares of ST New潮 accepted the offer from Yitai B shares, representing approximately 50.10% of ST New潮's total share capital [1]. - The total amount offered by Yitai B shares exceeds 11.5 billion yuan [1]. - The offer price was set at 3.40 yuan per share, with a maximum of 3.468 billion shares targeted for acquisition, accounting for 51% of ST New潮's total shares [1]. Group 2: Offer Conditions - The effectiveness condition for the offer required that at least 1.9 billion shares be accepted by the deadline, which represents 28.00% of ST New潮's total shares [1]. - The acceptance of shares far exceeded the minimum requirement by the deadline [1]. Group 3: Competitive Landscape - Earlier in the year, ST New潮 faced a rare competitive acquisition attempt from Jindi Petroleum, which ultimately failed to meet the effectiveness conditions [4]. - The competitive nature of the acquisition indicates potential uncertainties regarding Yitai B's ability to secure control over ST New潮, especially considering the company's assets are primarily overseas and it currently lacks a controlling shareholder [4]. Group 4: Company Background - ST New潮, established in 1985, focuses on the exploration, extraction, and sale of oil and natural gas [4]. - Yitai Coal, founded in 1997, is the largest local coal enterprise in Inner Mongolia and one of China's major coal companies [4].