Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or misleading statements [2][3][4] Financial Data - The financial statements for the third quarter are unaudited [3][8] - The company has repurchased a total of 2,041,139 shares, accounting for 1.44% of the total share capital, with a total expenditure of approximately RMB 44.99 million [6] - The net profit of the merged entity for the current period is RMB 3,796,435.53, compared to RMB 1,866,539.38 in the previous period [7] Shareholder Information - The company does not have any changes in the top ten shareholders or significant shareholders participating in the securities lending business [5][6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之 內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示 概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引 致之任何損失承擔任何責任。 ( 在中華人民共和國註冊成立的股份有限公司 ) (股份代碼:01088) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而 做出。 茲載列中國神華能源股份有限公司於 2025 年 10 月 25 日在上海證券 交易所網站(www.sse.com.cn)刊登的「2025 年第三季度報告」等文件， 僅供參閱。 承董事會命 中國神華能源股份有限公司 總會計師、董事會秘書 宋靜剛 北京，2025 年 10 月 24 日 於本公告日期，董事會成員包括執行董事張長岩先生，非執行董事康 鳳偉先生及李新華先生，獨立非執行董事袁國強博士、陳漢文博士及 王虹先生，職工董事焦蕾女士。 1 中国神华能源股份有限公司2025 年第三季度报告 证券代码：601088 证券简称：中国神华 中国神华能源股份有限公司 2025 年第三季度报告 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 ...

Core Viewpoint - The company plans to integrate resources by merging Shanghai Yuanzhu with Liaoning Yuanzhu and Hunan Yuanzhu, leading to the cancellation of the legal status of the latter two entities [1] Group 1 - After the merger, Shanghai Yuanzhu will inherit all business, assets, debts, and contractual relationships of Liaoning Yuanzhu and Hunan Yuanzhu [1]

Core Thesis - American Axle & Manufacturing Holdings, Inc. (AXL) is merging with Dowlais (DWL), creating a leading entity in the Tier 1 auto supplier market and becoming the sixth-largest global auto parts producer [3] Merger Details - The merger is expected to generate $300 million in annual run-rate cost synergies over three years, with half of these synergies coming from purchasing power and the rest from integrated driveline solutions [4] - AXL shareholders will retain 51% of the combined company, with $811 million in cash allocated for DWL shareholders, financed partly by $2.2 billion in new debt [6] Financial Outlook - The combined company is projected to deliver approximately 350% upside over five years under conservative assumptions, with robust cash flows capable of deleveraging over three to five years [6] - AXL's focus on U.S. SUV and pickup truck platforms provides stable revenue, insulated from the transition to electric vehicles, while reshoring trends enhance its market position [5] Strategic Positioning - The merger mitigates legacy risks from AXL's ICE-heavy portfolio and unlocks substantial value through scale, synergies, and strategic positioning, offering an attractive risk/reward profile for investors [6]

Core Viewpoint - China Shipbuilding (600150) expects a significant increase in net profit for the first three quarters of 2025, driven by strategic focus on shipbuilding and operational efficiency [1][2] Financial Performance - The company anticipates net profit attributable to shareholders to be between 55.50 billion and 61.50 billion yuan, representing a year-on-year increase of 104.30% to 126.39% compared to the previous year [1] - After excluding non-recurring gains and losses, the expected net profit is projected to be between 40.80 billion and 46.80 billion yuan, reflecting a growth of 106.93% to 137.36% year-on-year [1] Business Integration - The completion of the equity integration with China Shipbuilding Industry Corporation (China Heavy Industry) on September 11, 2025, has led to a significant increase in total assets exceeding 403.44 billion yuan and revenue surpassing 130 billion yuan [1][2] - The integration allows China Shipbuilding to consolidate China Heavy Industry's financials starting from the third quarter of 2025, enhancing its market position as the largest publicly listed shipbuilding company globally [1][2] Operational Efficiency - Key factors contributing to the financial growth include a focus on core shipbuilding operations, improved production organization and safety management, and effective cost control measures [2] - The company has seen an increase in the number and price of delivered civilian ships, alongside a continuous improvement in the performance of its joint ventures [2] Market Position - As of June 30, 2025, China Shipbuilding holds a total of 333 civilian ship orders, amounting to 23.35 billion yuan, with a global market share of 18% in hand-held orders, solidifying its status in the industry [2]

Core Viewpoint - The company, Chongqing Port, is undertaking a merger between its wholly-owned subsidiaries, Chongqing Jiujing Logistics and Chongqing Port Nine Liangjiang Logistics, to enhance operational efficiency and optimize management structure as part of state-owned enterprise reform [1][2] Group 1: Merger Details - The merger has been approved by the company's board and is aimed at resource optimization and strengthening the logistics core business [1] - The merger will take effect on August 31, 2025, with Jiujing Logistics as the surviving entity, inheriting all assets, liabilities, and rights from Liangjiang Logistics [1] - Following the merger, Liangjiang Logistics will be legally dissolved, and Jiujing Logistics' registered capital will increase to 520 million yuan, while the shareholder structure remains unchanged [1] Group 2: Business Synergy - The merger is expected to achieve resource complementarity and efficiency enhancement, leveraging Jiujing Logistics' strengths in international freight, supply chain integration, and multimodal transport [2] - Liangjiang Logistics focuses on domestic freight forwarding, warehousing, and steel processing, which complements Jiujing Logistics' operations [2] - Post-merger, Jiujing Logistics will establish a branch at Liangjiang Logistics' former location to improve service network and reduce internal coordination costs [2]

Group 1 - The core point of the news is the merger agreement between Rayonier (RYN.US) and PotlatchDeltic Corp. (PCH.US), which will create a new company valued at $7.1 billion, making it the second-largest publicly traded timber and wood products company in North America [1] - The combined entity will hold timberland resources across 11 states, covering a total area of 4.2 million acres [1] - The merger is structured as an all-stock transaction, with Rayonier shareholders owning 54% of the new entity, and Mark McHugh serving as the CEO of the merged company [1] Group 2 - The merger has been approved by the boards of both companies, and the stock exchange ratio offers an 8.25% premium over PotlatchDeltic's closing price on October 10 [1] - The new company will have a new name and will be headquartered in Atlanta, Georgia, while maintaining significant regional offices in Spokane, Washington, and Wildlight, Florida [1] - The announcement of the merger coincided with the implementation of tariffs on imported timber and wood products, aimed at boosting the U.S. manufacturing sector, which is expected to impact Canada, the largest timber supplier to the U.S. [1] Group 3 - The U.S. Lumber Coalition has indicated that timber suppliers are facing one of the most challenging market environments ever, citing weak new housing demand and a significant supply surplus due to Canadian and European producers rushing to ship products to avoid tariffs [2] - Eric Cremers, the current CEO of PotlatchDeltic, stated that the merger will create significant strategic and financial benefits that could not be achieved by the companies operating separately [2]

Core Viewpoint - Axcelis Technologies, Inc. is set to merge with Veeco Instruments Inc., creating a leading semiconductor equipment company, with positive implications for future growth and shareholder value [2][3][5] Group 1: Merger Details - The merger between Axcelis and Veeco is an all-stock transaction, expected to diversify their portfolio and expand addressable markets [2] - Axcelis shareholders will hold approximately 58% of the newly combined entity, with investigations into the merger's fairness ongoing [2] - The combined entity is projected to have an enterprise value of approximately $4.4 billion, enhancing the operating profile and balance sheet [3][5] Group 2: Financial Projections - The merger is anticipated to be accretive to non-GAAP earnings per share within the first year post-closing, indicating potential financial benefits for shareholders [3][5] - D.A. Davidson has set a price target of $110 for Axcelis, suggesting a potential increase of about 12.13% from its then-current price of $98.10 [1][5] Group 3: Current Stock Performance - Currently, ACLS stock is priced at $92.79, reflecting a decrease of approximately 2.08% or $1.97 [4] - The stock has fluctuated between a low of $92.74 and a high of $98.35 today, with a market capitalization of approximately $2.92 billion [4]

Core Viewpoint - The UK's competition regulator has initiated an investigation into the merger between Norway's Subsea 7 and Italy's Saipem due to potential competition concerns in the energy services sector [1] Company Summary - Subsea 7, a Norwegian company, is involved in the energy services sector and is currently under scrutiny for its proposed merger with Saipem [1] - Saipem, an Italian company, is also part of the merger being investigated for its implications on competition within the energy services industry [1] Industry Summary - The investigation highlights potential competition issues that may arise from the merger in the energy services sector, indicating regulatory concerns about market consolidation [1]

Core Viewpoint - The largest railroad union in the United States, SMART, has expressed support for Union Pacific's proposed $85 billion merger with Norfolk Southern after obtaining job protection guarantees for its members [1] Group 1: Union Support - SMART's backing of the merger indicates a significant endorsement from a major labor organization, which could influence regulatory approval [1] - The job protection guarantees secured by SMART are crucial for alleviating concerns among union members regarding potential job losses resulting from the merger [1] Group 2: Merger Details - The proposed merger between Union Pacific and Norfolk Southern is valued at $85 billion, highlighting the scale of the transaction within the railroad industry [1] - This merger could reshape the competitive landscape of the railroad sector, potentially leading to increased efficiency and service improvements [1]