Group 1 - The transaction involves China Shenhua Energy Co., Ltd. acquiring coal, coal-fired power, and coal-to-oil and coal-to-gas chemical assets from China Energy Investment Corporation [1] - The transaction will be financed through the issuance of A-shares and cash payments [1] - The controlling shareholder and actual controller of the company will remain unchanged after the transaction, ensuring no change in control [1] Group 2 - The independent financial advisor, CITIC Securities, confirms that the transaction does not constitute a restructuring listing according to relevant regulations [1] - The company has maintained the same actual controller, the State-owned Assets Supervision and Administration Commission of the State Council, for the last 36 months [1] - The transaction complies with the regulations outlined in the Major Asset Restructuring Management Measures for Listed Companies [1]

Core Viewpoint - China Shenhua Energy Co., Ltd. plans to issue A-shares and pay cash to acquire assets from China Energy Investment Corporation, which includes coal, pit coal power, and coal-to-oil and coal-to-gas chemical assets, while also raising matching funds through A-shares [1][2] Group 1: Industry and Company Overview - The industry classification for China Shenhua is "B06 Coal Mining and Washing Industry," and the target company's classification includes "B06 Coal Mining and Washing Industry," "D44 Power and Heat Production and Supply Industry," and others, which do not fall under the key supported industries for mergers and acquisitions as per the China Securities Regulatory Commission [1][2] - China Shenhua is a leading integrated energy company based on coal, operating in six major sectors: coal, electricity, coal chemicals, railways, ports, and shipping, implementing a cross-industry and cross-sector vertical integration development model [2][3] Group 2: Transaction Details - The transaction involves the issuance of A-shares and cash payment for the acquisition of assets, which is confirmed to involve the issuance of shares [4] - The transaction does not constitute a restructuring listing as there has been no change in control within the last 36 months, and the actual controller remains the State-owned Assets Supervision and Administration Commission of the State Council [3][4]

（以下无正文） 中信证券股份有限公司关于 （本页无正文，为《中信证券股份有限公司关于中国神华能源股份有限公司本次 交易前 12 个月内购买、出售资产的核查意见》之签章页） 中国神华能源股份有限公司本次交易前 12 个月内购买、出 售资产的核查意见 中国神华能源股份有限公司（以下简称"公司"、"中国神华"）拟通过发行 A 股股份及支付现金方式购买国家能源投资集团有限责任公司持有的煤炭、坑口 煤电以及煤制油煤制气煤化工等相关资产并于 A 股募集配套资金（以下合称"本 次交易"）。 根据《上市公司重大资产重组管理办法》 （以下简称"《重组管理办法》"）第 十四条规定：上市公司在十二个月内连续对同一或者相关资产进行购买、出售的， 以其累计数分别计算相应数额。已按照《重组管理办法》的规定编制并披露重大 资产重组报告书的资产交易行为，无须纳入累计计算的范围。中国证监会对《重 组管理办法》第十三条第一款规定的重大资产重组的累计期限和范围另有规定的， 从其规定。交易标的资产属于同一交易方所有或者控制，或者属于相同或者相近 的业务范围，或者中国证监会认定的其他情形下，可以认定为同一或者相关资产。 中信证券股份有限公司（以下简称 ...

Group 1 - The company, China Shenhua (601088), has entered into an asset purchase agreement with the National Energy Group and its subsidiary, Western Energy, to acquire 100% equity stakes in multiple companies, including Guoyuan Power, Xinjiang Energy, and others, through a combination of issuing shares and cash payments [1] - The company plans to issue new A-shares to no more than 35 qualified investors, with total fundraising not exceeding 100% of the transaction price, and the number of new A-shares not exceeding 30% of the total share capital after the completion of the share issuance [1] - The issuance of new A-shares will be subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission, with the final number determined based on the inquiry results [1] Group 2 - Upon completion of the transaction, the company's asset scale and business strength will significantly increase, leading to improvements in total assets, net assets, and operating income, thereby enhancing asset quality and profitability [2] - All acquired companies, except for Jinshen Energy, will become subsidiaries of the company and will be included in the consolidated financial statements, while Jinshen Energy will be accounted for using the equity method due to the company's 49% ownership [2]

Group 1 - The company has entered into an asset purchase agreement with the National Energy Group and its subsidiary, West Energy, to acquire 100% equity stakes in multiple companies, including Guoyuan Power and Xinjiang Energy, among others [1] - The company plans to issue new A-shares to no more than 35 qualified investors, raising funds up to 100% of the transaction price, with the number of new A-shares not exceeding 30% of the total share capital after the issuance [1] - All issuance participants will subscribe to the new A-shares at the same price in cash, with the final number of shares to be determined after approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [1] Group 2 - Upon completion of the transaction, the company's asset scale and business strength will significantly increase, leading to improvements in total assets, net assets, and operating income, thereby enhancing asset quality and profitability [2] - Most of the acquired companies will become subsidiaries of the company and will be included in the consolidated financial statements, while Jinshen Energy will be accounted for using the equity method due to the company's 49% ownership [2]

格隆汇8月15日丨中国神华(01088.HK)公告，公司将于2025年8月29日于北京举行董事会会议，藉以审议 并(如认为适当)批准公司截至2025年6月30日止6个月的业绩公告及建议支付中期股息事宜。 ...

Core Viewpoint - China Shenhua (601088) has successfully completed the commissioning of the second unit of the South Sumatra 1 Independent Power Project in Indonesia, marking the full operational status of both 350MW supercritical coal-fired generating units [1] Group 1: Project Details - The South Sumatra 1 Independent Power Project is located in South Sumatra Province, Indonesia, and operates under a BOO (Build-Own-Operate) model [1] - Both units during the trial operation period demonstrated stable performance with environmental indicators significantly exceeding the emission standards stipulated in the power purchase agreement [1] Group 2: Operational Impact - After the commissioning of the South Sumatra 1 Independent Power Project, the expected annual effective utilization hours can reach 7,008 hours, which will effectively alleviate local power supply pressure [1] - The project is anticipated to support and ensure local energy security and contribute to economic and social development in the region [1]

中信证券股份有限公司 关于中国神华能源股份有限公司发行股份及支付现 金购买资产并募集配套资金暨关联交易 产业政策和交易类型之独立财务顾问核查意见 中国神华能源股份有限公司（以下简称"中国神华"）拟发行 A 股股份及 支付现金购买国家能源投资集团有限责任公司（以下简称"国家能源集团"）持 有的煤炭、坑口煤电以及煤制油煤制气煤化工等相关资产并于 A 股募集配套资 金（以下简称"本次交易"）。中信证券股份有限公司（以下简称"本独立财务 顾问"）作为中国神华本次交易的独立财务顾问，根据中国证券监督管理委员会 （以下简称"中国证监会"）《监管规则适用指引——上市类第 1 号》《上海证 券交易所上市公司自律监管指引第 6 号——重大资产重组》等规范性文件的要 求，对本次交易所涉及的产业政策和交易类型进行了核查，并发表如下核查意见： 一、本次交易涉及的行业或企业是否属于中国证监会《监管规则适用指引 ——上市类第 1 号》确定的"汽车、钢铁、水泥、船舶、电解铝、稀土、电子 信息、医药、农业产业化龙头企业、高档数控机床和机器人、航空航天装备、 海洋工程装备及高技术船舶、先进轨道交通装备、电力装备、新一代信息技术、 新材料、环保 ...

（本页无正文，为《中信证券股份有限公司关于中国神华能源股份有限公司本次 交易不构成重组上市的核查意见》之签章页） 中信证券股份有限公司 关于中国神华能源股份有限公司 本次交易不构成重组上市的核查意见 中信证券股份有限公司（以下简称"中信证券"、"独立财务顾问"）作为 中国神华能源股份有限公司（以下简称"中国神华"、"公司"）发行A股股份 及支付现金方式购买国家能源投资集团有限责任公司（以下简称"国家能源集 团"）持有的煤炭、坑口煤电以及煤制油煤制气煤化工等相关资产并于A股募集 配套资金（以下合称"本次交易"）的财务顾问，对本次交易是否构成重组上市 的情况核查如下： 上市公司最近36个月内控制权未发生变更。本次交易前，公司控股股东为国 家能源集团，实际控制人为国务院国有资产监督管理委员会；本次交易完成后， 公司实际控制人将仍然为国务院国有资产监督管理委员会。本次交易不会导致公 司控制权变更，根据《上市公司重大资产重组管理办法》第十三条的规定，本次 交易不构成重组上市。 （以下无正文） 1 2 独立财务顾问主办人： 李 宁 秦 镭 康昊昱 王天阳 中信证券股份有限公司 年 月 日 ...

中信证券股份有限公司 关于中国神华能源股份有限公司 在本次交易首次公告日前20个交易日内 股票价格波动情况的核查意见 中国神华能源股份有限公司（以下简称"公司"、"中国神华"）拟通过发 行 A 股股份及支付现金方式购买国家能源投资集团有限责任公司持有的煤炭、 坑口煤电以及煤制油煤制气煤化工等相关资产并于 A 股募集配套资金（以下合 称"本次交易"）。中信证券股份有限公司作为本次交易的独立财务顾问，对中 国神华在本次交易首次公告日前 20 个交易日内股票价格波动情况进行核查并出 具核查意见。 一、中国神华股票价格波动情况 因中国神华筹划本次交易，公司股票自 2025 年 8 月 4 日开市起开始停牌。 股票停牌前第 21 个交易日（2025 年 7 月 4 日）至前 1 交易日（2025 年 8 月 1 日）的收盘价格及同期大盘及行业指数如下： | | | 停牌前第 21 | 个交易日 | 停牌前最后 | 1 个交 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 项目 | | | | 易日（2025 年 | 8 月 1 | 涨跌幅 | | | ...