北京市金杜律师事务所 关于淮河能源（集团）股份有限公司 发行股份及支付现金购买资产暨关联交易的 补充法律意见书（四） 致：淮河能源（集团）股份有限公司 北京市金杜律师事务所（以下简称本所）接受淮河能源（集团）股份有限公 司（以下简称上市公司或淮河能源）委托，担任淮河能源拟通过发行股份及支付 现金的方式向淮南矿业（集团）有限责任公司（以下简称交易对方或淮南矿业） 购买其持有的淮河能源电力集团有限责任公司（以下简称电力集团）89.30%股权 （以下简称本次交易）的专项法律顾问。 为本次交易，本所已出具《北京市金杜律师事务所关于淮河能源（集团）股 份有限公司发行股份及支付现金购买资产暨关联交易的法律意见书》（以下简称 《法律意见书》）、《北京市金杜律师事务所关于淮河能源（集团）股份有限公 司发行股份及支付现金购买资产暨关联交易的补充法律意见书》（以下简称《补 充法律意见书（一）》）、《北京市金杜律师事务所关于淮河能源（集团）股份 有限公司发行股份及支付现金购买资产暨关联交易的补充法律意见书（二）》（以 下简称《补充法律意见书（二）》）及《北京市金杜律师事务所关于淮河能源（集 团）股份有限公司发行股份及支付现金购买资 ...

相较公司于 2025 年 10 月 30 日披露的草案（上会稿），草案（注册稿）对部 分内容进行了修订，主要修订情况如下： 证券代码：600575 证券简称：淮河能源 公告编号：临 2025-054 淮河能源（集团）股份有限公司 关于发行股份及支付现金购买资产暨关联交易 报告书（草案）（注册稿）修订说明的公告 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。 淮河能源（集团）股份有限公司（以下简称"公司"）拟通过发行股份及支 付现金的方式购买控股股东淮南矿业（集团）有限责任公司持有的淮河能源电力 集团有限责任公司 89.30%股权（以下简称"本次交易"）。本次交易构成《上市 公司重大资产重组管理办法》规定的重大资产重组，不会导致公司实际控制人发 生变更，不构成重组上市，构成关联交易。 公司于 2025 年 11 月 5 日收到上海证券交易所并购重组审核委员会出具的 《上海证券交易所并购重组审核委员会 2025 年第 17 次审议会议结果公告》，审 议结果为：本次交易符合重组条件和信息披露要求。公司于 2025 年 10 月 30 ...

股票代码：600575 股票简称：淮河能源 上市地点：上海证券交易所 淮河能源（集团）股份有限公司 发行股份及支付现金购买资产 暨关联交易报告书（草案）摘要 （注册稿） | 交易类型 | 交易对方 | | --- | --- | | 发行股份及支付现金购买资产 | 淮南矿业 | 独立财务顾问 二〇二五年十一月 淮河能源（集团）股份有限公司发行股份及支付现金购买资产暨关联交易报告书（草案）摘要 上市公司声明 本公司及全体董事、监事、高级管理人员保证重组报告书及本摘要内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、 准确性和完整性承担相应的法律责任。 本公司控股股东及全体董事、监事、高级管理人员承诺：如本次交易所披 露或提供的信息涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立案侦 查或者被中国证监会立案调查的，在形成调查结论以前，不转让在上市公司拥 有权益的股份，并于收到立案稽查通知的两个交易日内将暂停转让的书面申请 和股票账户提交上市公司董事会，由董事会代其向证券交易所和证券登记结算 机构申请锁定；未在两个交易日内提交锁定申请的，授权董事会核实后直接向 证券交易所和证券登记结算 ...

暨关联交易报告书（草案） 股票代码：600575 股票简称：淮河能源 上市地点：上海证券交易所 淮河能源（集团）股份有限公司 发行股份及支付现金购买资产 （注册稿） | 交易类型 | 交易对方 | | --- | --- | | 发行股份及支付现金购买资产 | 淮南矿业 | 独立财务顾问 二〇二五年十一月 淮河能源（集团）股份有限公司发行股份及支付现金购买资产暨关联交易报告书（草案） 上市公司声明 本公司及全体董事、监事、高级管理人员保证本报告书及其摘要内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、 准确性和完整性承担相应的法律责任。 本公司控股股东及全体董事、监事、高级管理人员承诺：如本次交易所披 露或提供的信息涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立案侦 查或者被中国证监会立案调查的，在形成调查结论以前，不转让在上市公司拥 有权益的股份，并于收到立案稽查通知的两个交易日内将暂停转让的书面申请 和股票账户提交上市公司董事会，由董事会代其向证券交易所和证券登记结算 机构申请锁定；未在两个交易日内提交锁定申请的，授权董事会核实后直接向 证券交易所和证券登记结算机构报送本 ...

Core Viewpoint - Huaihe Energy plans to acquire 89.30% equity of Huaihe Energy Power Group from its controlling shareholder, Huainan Mining, through a combination of issuing shares and cash payment, pending approval from the China Securities Regulatory Commission [1][7]. Group 1: Transaction Details - The transaction involves a total price of 1,169,412.85 million yuan, with cash payment of 175,411.93 million yuan and share payment of 994,000.92 million yuan [5][6]. - The share issuance price is set at 3.03 yuan per share, which is not lower than 80% of the average trading price over the last 120 trading days prior to the pricing date [4][5]. - The number of shares to be issued for the acquisition is 3,280,531,105 shares [6]. Group 2: Valuation and Assessment - The total equity value of the target company, Huaihe Energy Power Group, is assessed at 1,309,532.87 million yuan using the asset-based approach, with a 22.23% increase from its book value [2][4]. - The final transaction price for the 89.30% equity is based on the approved valuation, amounting to 1,169,412.85 million yuan [4][5]. Group 3: Shareholding Structure Post-Transaction - After the transaction, the total share capital of Huaihe Energy will increase to 7,166,792,170 shares, with Huainan Mining and its concerted parties holding 80.08% of the shares [7]. - The public shareholding ratio will remain above 10%, ensuring compliance with stock listing requirements [7].

Core Viewpoint - Huaihe Energy plans to acquire 89.3% of Huaihe Energy Power Group from its controlling shareholder, Huainan Mining, through a combination of share issuance and cash payment, which has been approved by the Shanghai Stock Exchange's M&A review committee [1][2]. Group 1: Transaction Details - The transaction values the target assets at 11.694 billion yuan, with a cash payment of 1.754 billion yuan and a share payment of 9.94 billion yuan. The share issuance price is set at 3.03 yuan per share, with approximately 3.28 billion shares to be issued, accounting for 45.77% of the post-transaction total share capital [2]. - Upon successful completion of the acquisition, the controlling shareholder's stake in Huaihe Energy will increase from 63.27% to 80.08%, with the actual controller remaining the State-owned Assets Supervision and Administration Commission of Anhui Province [2]. Group 2: Business Synergy and Strategic Focus - Huaihe Energy's main business includes thermal power generation, electricity sales, railway transportation, and coal blending. The target company, Huaihe Energy Power, also engages in thermal power generation and has a coal mine, indicating significant business overlap and potential for synergy [3]. - The acquisition is expected to help Huaihe Energy focus on its core business and strengthen its strategic positioning as a capital operation platform for energy under Huainan Mining [3]. Group 3: Financial Impact and Industry Context - A report from Tianjian Accounting Firm indicates that if the transaction is completed, Huaihe Energy's total assets, net assets, operating income, and net profit will increase, enhancing its profitability and risk resistance, as well as its overall competitive strength [3]. - The third-quarter report shows Huaihe Energy's operating income at 7.566 billion yuan, a year-on-year decrease of 2.67%, while net profit reached 305 million yuan, a year-on-year increase of 13.97%. For the first three quarters of 2025, operating income was 21.303 billion yuan, down 9.71%, and net profit was 752 million yuan, down 10.69% [3]. Group 4: Policy Alignment and Industry Development - The restructuring aligns with national capital market policy directions, emphasizing the role of coal power as a stabilizing force and promoting integrated coal and power operations. Recent policies advocate for coal power's role in ensuring energy supply and enhancing standards for clean and reliable energy [4]. - The restructuring is seen as a significant move for Huaihe Energy and Anhui Province in response to national policies, supporting the high-quality development of the thermal power industry and resource integration to enhance core competitiveness in energy supply [4].

Core Viewpoint - The company has received approval from the Shanghai Stock Exchange for a significant asset acquisition involving the purchase of an 89.30% stake in Huaihe Energy Power Group from its controlling shareholder, Huainan Mining Group, for a total price of 11.694 billion yuan [2][3] Group 1: Transaction Details - The transaction price for the acquisition is set at 11.694 billion yuan, with a share issuance price of 3.03 yuan per share, resulting in the issuance of 3.281 billion shares, which will account for 45.77% of the total share capital post-issuance [2] - The company's stock closed at 3.84 yuan per share on November 5, prior to the announcement [2] Group 2: Business Operations - The target company primarily engages in thermal power generation and renewable energy generation, supported by a coal mine, leveraging the abundant coal resources in the Huainan mining area to establish a coal-electricity integrated operation model [2] - The operational model includes a competitive advantage in coal procurement, transportation, and storage, enhancing operational efficiency and profitability of the power generation units [2] Group 3: Strategic Implications - The transaction aims to inject high-quality assets into Huaihe Energy, facilitating the creation of a focused energy platform, enhancing the company's core business, and achieving operational synergies [3] - Post-transaction, the company's total share capital will increase to 7.167 billion shares, with Huainan Mining and its concerted parties holding an 80.08% stake, maintaining Huainan Mining as the controlling shareholder [3]

Core Viewpoint - Huaihe Energy (600575.SH) plans to acquire 89.30% equity of Huaihe Energy Power Group Co., Ltd. from its controlling shareholder, Huainan Mining (Group) Co., Ltd. through a combination of share issuance and cash payment [1] Group 1 - The Shanghai Stock Exchange's restructuring committee will hold a meeting on November 5, 2025, to review the company's application for this transaction [1] - The restructuring committee announced that the transaction meets the restructuring conditions and information disclosure requirements [1]

证券代码：600575 证券简称：淮河能源 公告编号：临2025-053 淮河能源（集团）股份有限公司 关于发行股份及支付现金购买资产暨关联交易事项获得 上海证券交易所并购重组审核委员会审核通过的公告 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。 淮河能源（集团）股份有限公司（以下简称"公司"）拟通过发行股份及支 付现金的方式购买控股股东淮南矿业（集团）有限责任公司持有的淮河能源电力 集团有限责任公司 89.30%股权（以下简称"本次交易"）。 上海证券交易所并购重组审核委员会（以下简称"上交所重组委"）于 2025 年 11 月 5 日召开 2025 年第 17 次并购重组审核委员会审议会议，对公司本次交 易的申请进行了审议。根据上交所重组委发布的《上海证券交易所并购重组审核 委员会 2025 年第 17 次审议会议结果公告》，本次会议的审议结果为：本次交易 符合重组条件和信息披露要求。 本次交易尚需经中国证券监督管理委员会同意注册后方可实施。本次交易能 否取得注册以及取得注册的时间均存在不确定性，公司将根据上述事项的进展 ...

Core Viewpoint - Huaihe Energy (600575.SH) plans to acquire 89.30% equity of Huaihe Energy Power Group Co., Ltd. from its controlling shareholder, Huainan Mining (Group) Co., Ltd. through a combination of share issuance and cash payment [1] Group 1 - The Shanghai Stock Exchange's restructuring committee will hold a meeting on November 5, 2025, to review the company's application for this transaction [1] - The review results from the Shanghai Stock Exchange's restructuring committee indicate that the transaction meets the restructuring conditions and information disclosure requirements [1]