Splashing out 16.4 billion! Yankuang Energy makes a massive acquisition to integrate the entire coal-to-power-to-sales chain.

Yankuang Energy (600188.SH/01171.HK) disclosed a major related-party acquisition announcement. The company plans to use full cash payment, with a total investment of 16.415 billion yuan, to acquire 100% equity in two major platforms under its controlling shareholder, Shandong Energy Group, encompassing core assets for new energy power generation and electricity sales. This large-scale asset injection aims to accelerate the transformation of the traditional coal enterprise into a comprehensive energy service provider and consolidate the foundation for the integrated development of wind, solar, thermal, and storage power. — Shanghai Securities Report · China Securities Net.

According to the plan disclosed after the market close, this acquisition is divided into two targets: the transaction consideration for 100% equity of Shandong Energy Group New Energy Group Co., Ltd. is 15.57 billion yuan, and 100% equity of Shandong Energy Power Sales Co., Ltd. is valued at 845 million yuan. Both equity acquisitions involve a premium, with the appraisal appreciation of the New Energy Group approaching 6 billion yuan. In terms of equity structure, Shandong Energy Group holds the vast majority of the equity in the New Energy Group, corresponding to a consideration of 14.152 billion yuan, while the 9.11% equity held by Yankuang Hong Kong is valued at 1.418 billion yuan. To lock in the profit level of the targets, the transferors, Shandong Energy Group and Yankuang Hong Kong, simultaneously made performance commitments, agreeing that within the three complete fiscal years from 2026 to 2028, the cumulative net profit attributable to shareholders of the New Energy Group after deducting non-recurring gains and losses shall not be less than 3.059 billion yuan, thereby hedging the risk of the premium acquisition through a performance guarantee.

From the perspective of strategic acquisition value, the materialization of these assets will empower the listed company in two dimensions: industrial synergy and corporate governance. On one hand, the target assets cover the entire chain of thermal power, wind power, photovoltaics, and electricity sales, plugging the gap in Yankuang Energy's power industry, rapidly expanding the volume of power generation assets, and strengthening the emerging new energy sector. On the other hand, this equity acquisition will thoroughly resolve the horizontal competition problem between the listed company and its controlling shareholder in the power business sector, reduce historically large and continuous related-party transactions, achieve closed-loop settlement of internal supply and demand, further optimize the internal control structure, and enhance the independence and standardized governance level of the listed company.

Thermal power cements the foundation, coal-power linkage smoothes cyclical fluctuations

Thermal power is the core high-quality asset of the New Energy Group, serving as a ballast for performance due to its steady profitability. As of the end of January 2026, the New Energy Group's book net assets attributable to shareholders were 9.787 billion yuan, with operating revenue of 7.71 billion yuan and net profit of 1.173 billion yuan achieved in 2025. Its thermal power entities, such as Shenglu Power and Luxi Power, have a total installed capacity of 6,520 megawatts, of which 5,200 megawatts of units have been officially put into commercial operation, and the remaining 1,320 megawatts of units under construction are steadily progressing toward grid connection.

After the completion of the merger, Yankuang Energy will rely on its own coal production capacity to support downstream thermal power, building a closed-loop coal-power integrated business model. Self-produced coal will be prioritized for consumption by internal power plants, reducing operational volatility caused by market prices and supply-demand cycles in external coal sales, stabilizing the profit space of the main business, strengthening the company's resilience against cyclical operations, and solidifying the foundation of the coal main business.

Wind and solar assets materialize in batches, fully accelerating green and low-carbon transformation

In addition to mature thermal power, the New Energy Group holds a large number of onshore wind power and ground-mounted photovoltaic projects, with sufficient reserves of existing operational, under-construction, and preparatory projects, becoming a key carrier for the company to implement the dual-carbon goals. Among them, the total installed wind power capacity is 3,065 megawatts, with 1,401 megawatts already in commercial operation, 1,100 megawatts connected to the grid awaiting production, and 564 megawatts under construction. The total installed photovoltaic capacity is 1,102 megawatts, with 452 megawatts achieving commercial operation and 650 megawatts of units connected to the grid not yet put into production. Meanwhile, the enterprise holds reserve projects that have completed filing and approval procedures with a total installed capacity of 1,240 megawatts, including 930 megawatts of wind power and 310 megawatts of photovoltaics, which can be successively put into production according to the development rhythm.

After the batch of wind and solar assets are incorporated into the listed company's statements, Yankuang Energy's clean energy installed capacity will achieve a leapfrog expansion. Relying on existing projects and reserve resources to accelerate the implementation of the green power industry, closely seizing the window period for domestic energy structure transformation, implementing the enterprise's new energy priority development plan, and accelerating the completion of the transformation from a traditional fossil energy enterprise to a comprehensive energy enterprise that places equal emphasis on coal and power while expanding green power.

Acquiring power sales platform to打通 the closed-loop of the entire chain of generation, distribution, and sales

The simultaneous acquisition of Shaneng Power Sales is a key link in perfecting the end of the industrial chain. The target company has a paid-in registered capital of 793 million yuan. As of the end of January 2026, the total assets of the consolidated statements were 3.229 billion yuan, and net assets attributable to shareholders were 757 million yuan. For the full year of 2025, revenue was 48 million yuan, and net profit after deducting non-recurring gains and losses was 14.5372 million yuan, deeply cultivating the fields of market-oriented power trading, green power operation and maintenance, and power distribution and sales services.

After the acquisition is completed, Yankuang Energy will form a full industrial chain closed-loop of "coal mining + thermal power + wind and solar power generation + power sales": Upstream, self-produced coal supplies own power plants for generation; midstream, thermal power and wind/solar power stations output electricity; downstream, relying on Shaneng Power Sales to face end-users directly for market-oriented power sales. Integrated operation of the entire chain can not only hedge the risk of power generation volume fluctuations through the power sales business and flexibly match market power demand, but also compress intermediate circulation costs by relying on the integration of production and sales, comprehensively raising the competitive barriers of the entire industrial chain.

Industry analysis points out that after the landing of this multi-billion-level merger, Yankuang Energy has successfully assembled three types of assets: thermal power for stable returns, wind and solar for growth expansion, and power sales to connect with terminals, officially implementing the strategic blueprint for the integration of wind, solar, thermal, and storage power, achieving two-way empowerment between traditional energy and new energy, and opening a new curve for long-term performance growth.