A 100% state-owned equity transfer project for Inner Mongolia Xintai Coal Co., Ltd. has been listed on the Shandong Property Rights Exchange Center, with a base transfer price of 670 million yuan. The transferor is Yankuang Energy's (600188.SH) wholly-owned subsidiary in Inner Mongolia, Yankuang Energy (Ordos) Co., Ltd.
Information shows that Inner Mongolia Xintai Coal Co., Ltd. (hereinafter referred to as "Xintai Coal") is located in Ordos City, Inner Mongolia Autonomous Region. It was established in June 2006, with legal representative Meng Zhaohe and a registered capital of 5 million yuan. The company is primarily engaged in coal production and sales and is wholly owned by Yankuang Energy (Ordos) Co., Ltd.
In 2024, Xintai Coal achieved operating revenue of 454 million yuan and a net profit of 44.6236 million yuan. As of the end of that year, the company's total assets were 1.096 billion yuan, total liabilities were 82.4408 million yuan, and owner's equity attributable to the parent company was 1.013 billion yuan.
An audit report using June 30, 2025, as the assessment base date shows that in the first half of last year, Xintai Coal's operating revenue was 205 million yuan, with a net profit of 19.4812 million yuan.
Recent financial statements show that as of the end of November 2025, Xintai Coal's total assets were 260 million yuan, total liabilities were 78.5237 million yuan, and owner's equity attributable to the parent company was 182 million yuan. During the same period, the company achieved revenue of 444 million yuan and a net profit of 224 million yuan.
The asset appraisal results indicate that the assessed value of Xintai Coal is 624 million yuan, representing a premium of over 7 times compared to its net asset value of 88.1125 million yuan as per the books. The assessed values for total assets and total liabilities are unavailable as the business could not provide them.
Furthermore, a trusteeship matter was disclosed in the announcement. On October 7, 2019, Xintai Coal signed a "Coal Mine Operation Trusteeship Contract" with Shandong Honghe Holding Group Co., Ltd. (hereinafter referred to as "Honghe Group"), entrusting the operation of its branch, Inner Mongolia Xintai Coal Co., Ltd. Wenyu Coal Mine (hereinafter referred to as "Wenyu Coal Mine"), to Honghe Group. Honghe Group is responsible for organizing personnel for production and managing activities related to underground production and mining operations. The trusteeship period is from October 7, 2019, to October 6, 2025.
According to the company's official website, Honghe Group is a wholly state-owned enterprise under the jurisdiction of Zoucheng City, located in Zoucheng City, Shandong Province. Established for over 40 years, Honghe Group currently has nearly 5,000 employees and operates 29 wholly-owned and holding subsidiaries, participating subsidiaries, and third-tier companies. The group has received numerous national and provincial/city-level honors, including being named among the Top 100 Enterprises in China's Coal Industry, an Outstanding Enterprise in China's Coal Industry, a National Model Workers' Home, a Shandong Provincial Model Enterprise for On-site Management, and an Industrial Enterprise with Outstanding Contributions to Jining City.
It is worth noting that on December 19, 2025, the Honghe Group's WeChat public account "Honghe Online" mentioned in an article titled "Strengthening the Safety Foundation, Optimizing Production Layout—Li Xiaodong Leads Team to Conduct Research and Inspection at Wenyu Coal Mine" that "On December 17, Group Party Committee Secretary and Chairman Li Xiaodong led a team to Wenyu Coal Mine to conduct integrated verification checks on the annual production plan and safety production, annual checks on safety production standardization, etc., to accurately grasp the completion status of annual work at affiliated mines and scientifically plan production, operation, and safety development ideas for the next year."
Public information shows that Yankuang Energy (Ordos) Co., Ltd. was established in December 2009, with its registered address in Ordos City, Inner Mongolia Autonomous Region. The legal representative is Zhang Wei, and the registered capital is 10.8 billion yuan. It is a wholly-owned subsidiary of Yankuang Energy, engaged in the comprehensive, efficient, and clean development of coal resources in the Ordos region, as well as investment, financing, trade, and other businesses related to the aforementioned industries. It serves as Yankuang Energy's diversified new energy enterprise in the Inner Mongolia Autonomous Region.
