Core Viewpoint - Huaihe Energy Group's recent response to the Shanghai Stock Exchange's inquiry highlights the necessity of the asset acquisition and its potential benefits in enhancing business scale and asset quality, while also addressing concerns regarding industry competition and related transactions [1][2]. Group 1: Transaction Necessity - The transaction aims to enhance the company's business scale and asset quality, thereby improving core competitiveness and reducing industry competition [2]. - Post-transaction, the company and the target power group will achieve synergies in coal-electricity integration, management, regional influence, and technology application [2]. - Although related transactions will increase, they are deemed commercially reasonable and fair, with no significant adverse impact on competition or independence [2]. Group 2: Power Group Business - The power group operates three thermal power plants and 22 photovoltaic projects, with plans for four additional thermal and five photovoltaic projects [3]. - The group's power generation metrics are competitive compared to regional peers, aligning with energy-saving and carbon reduction policies [3]. - Despite rapid growth in renewable energy capacity, thermal power is expected to maintain high utilization hours, supporting electricity consumption in Anhui province [3]. - The group plans to enhance coal-electricity operations and establish an integrated transition model post-acquisition [3]. - The projected increase in carbon emission rights purchases in 2024 is attributed to prior year allocations, with no significant adverse impact expected on operations [3].

Core Viewpoint - Huaihe Energy Group Co., Ltd. is undergoing a significant acquisition of 89.30% equity in a power group, which is expected to enhance its scale, reduce industry competition, and strengthen its core competitiveness [1] Group 1: Transaction Necessity and Synergy - The transaction is deemed necessary due to significant business synergy, as both the listed company and the target company primarily engage in thermal power generation, which will lead to enhanced operational efficiency [2] - The acquisition will help resolve industry competition issues by incorporating Huaihe Coal Power and Huaihe Electric Power into the listed company, thereby enhancing its core competitiveness [2] - The financial company within the group will provide various supports to the power group and its subsidiaries, aligning with the main business operations [2] Group 2: Business Operations and Competitiveness - The power group operates multiple thermal and photovoltaic power projects, demonstrating competitive advantages in power generation metrics compared to regional peers [3] - Despite rapid growth in renewable energy capacity, thermal power is expected to maintain high utilization hours, indicating low consumption risk for the power group [3] - The acquisition is projected to improve the operational quality of coal power business and facilitate the development of clean energy projects [3] Group 3: Asset Evaluation and Investor Protection - The asset-based valuation method was chosen as it aligns closely with the results from the income approach, which is considered reasonable and in line with industry practices [4] - The performance commitment scope of the transaction is comprehensive and complies with regulatory requirements, which is beneficial for protecting the rights of minority investors [4] - The overall assessment and arrangements related to the acquisition are deemed reasonable and supportive of the long-term development of the listed company [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 market淮河能源（600575）于2025年8月23日发布公告，公司拟通过发行股份及支付现金方式，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。 值得注意的是，本次交易尚需上交所审核通过，并经中国证券监督管理委员会同意注册后方可实施。淮 河能源表示，将根据事项进展，严格按法律法规规定及时履行信息披露义务，同时提醒投资者注意投资 风险。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 2025年6月6日，淮河能源收到上海证券交易所出具的《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申请的审核问询函》。 ...

关于 上海证券交易所 《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申请的审核问询 函》 之回复报告 独立财务顾问 二〇二五年八月 上海证券交易所： 淮河能源（集团）股份有限公司（以下简称"淮河能源"、"上市公司"或 "公司"）于 2025 年 6 月 6 日收到贵所下发的《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申请的审核问询函》（上证上审 （并购重组）[2025]37 号，以下简称"《问询函》"）。上市公司会同本次交易的 各中介机构根据问询函的相关要求，就问询函所列问题进行了认真核查和逐项 落实，现就问询函相关内容作如下回复说明，并根据问询函对有关问题进行了 进一步说明和披露。 如无特殊说明，本回复中出现的简称均与《重组报告书》中的释义内容相 同。 | 审核问询函所列问题 | 黑体 | | --- | --- | | 审核问询函所列问题的回复 | 宋体 | | 对《重组报告书》的引用 | 宋体 | 本文涉及数字均按照四舍五入保留两位小数，合计数与各加数直接相加之和 在尾数上可能略有差异，上述差异是由于计算过程中四舍五入造成的。 6-1-1 | 13. ...

北京市金杜律师事务所 致：淮河能源（集团）股份有限公司 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国 证券法》（以下简称《证券法》）、《上市公司重大资产重组管理办法》（以下简 称《重组办法》）等法律、行政法规、部门规章及其他规范性文件（以下简称法律 法规）的有关规定，北京市金杜律师事务所（以下简称本所）接受委托，担任淮河 能源（集团）股份有限公司（以下简称淮河能源或上市公司）发行股份及支付现金 购买淮南矿业（集团）有限责任公司（以下简称淮南矿业）持有的淮河能源电力集 团有限责任公司（以下简称电力集团或标的公司）89.30%股权暨关联交易项目（以 下简称本次交易或本次重组）的专项法律顾问。 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》）。 现本所根据上海证券交易所（以下简称上交所）《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申请的审核问询函》（上证上审（并 购重组）[2025]37 号）（以下简称《问询函》）的要求，就需本所发表意见的相关事 项进行核查，现出具本补充 ...

中信证券股份有限公司 关于 上海证券交易所 《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申请的审核问询 函》 之回复报告 之专项核查意见 独立财务顾问 二〇二五年八月 上海证券交易所： 淮河能源（集团）股份有限公司（以下简称"淮河能源"、"上市公司"或 "公司"）于 2025 年 6 月 6 日收到贵所下发的《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申请的审核问询函》（上证上审 （并购重组）[2025]37 号，以下简称"《问询函》"）。中信证券股份有限公司 （以下简称"中信证券"或"独立财务顾问"）作为淮河能源的独立财务顾问， 会同上市公司及其他中介机构根据问询函的相关要求，就问询函所列问题进行 了认真核查和逐项落实，现就问询函相关内容作如下回复说明，并根据问询函 对有关问题进行了进一步说明和披露。 如无特殊说明，本回复中出现的简称均与《重组报告书》中的释义内容相 同。 | 审核问询函所列问题 | 黑体 | | --- | --- | | 审核问询函所列问题的回复 | 宋体 | | 对《重组报告书》的引用 | 宋体 | 本文涉及数字均按照四舍五入保留 ...

安徽中联国信资产评估有限责任公司关于对上海证券交易所 《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申请的审核问询函》 淮河能源（集团）股份有限公司（以下简称"公司"、"上市公司"或"淮河 能源"于 2025年6月6日收到贵所下发的《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申请的审核问询函》（上证上审（并购重组）〔 2025〕37号） （以下简称"问询函"），上市公司组织就问询函所提问题进行了回 复。安徽中联国信资产评估有限责任公司就上市公司对贵所所提问题的回复进行了 认真核查，对需评估师核查的问题进行了回复，现提交贵所，请予审核。 除非文义另有所指，本问询函回复中的简称与《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）》（以下简称"重组报告书" ）中的释义具有相同含义。 6-5-1 3.关于资产基础法评估 3.1关于评估方法选择 重组报告书披露，（1）本次采用资产基础法和收益法对电力集团股东全部权益 进行评估，最终选用资产基础法评估结果作为本次评估结论；（2）截至评估基准日， 电力集团股东全部权益资产基础法和收益法评估 ...

Group 1: Related Transactions - The report analyzes the borrowing of funds from related parties by Huaihe Energy Group, including details such as borrowing background, interest rates, amounts, and repayment schedules, confirming no non-operational fund occupation occurred [2][3][14] - The independence and asset differences between Huaihe Energy's subsidiary Panji Power Generation and the parent company are highlighted, indicating that both entities operate independently without any confusion or impact on their independence [4][14] - The sale of Panji Power Plant Phase I assets and the subsequent transfer to Panji Power Generation was executed to resolve competition issues, with payment progress aligning with contractual agreements, and no overdue payments reported [5][14] Group 2: Financial Management - Huaihe Energy Group has established a comprehensive fund management system, ensuring effective control over fund usage, management, and related transactions, with key control points in place for fund account management and budget approvals [15][16] - The financial company associated with Huaihe Energy has implemented various management measures to control business risks, including maintaining legal deposit reserves and ensuring efficient fund allocation [16][17] - The report indicates that the funds deposited with the financial company are managed independently and securely, with no restrictions on withdrawals, ensuring no non-operational fund occupation [20][21]

Core Viewpoint - The company 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 issuing shares and cash payment [1][2]. Group 1 - The company received an inquiry letter from the Shanghai Stock Exchange regarding the application for the acquisition and related transactions on June 6, 2025 [1]. - The company and relevant intermediaries have provided detailed explanations and responses to the inquiries as required by the Shanghai Stock Exchange [2]. - The transaction is subject to approval from the Shanghai Stock Exchange and registration consent from the China Securities Regulatory Commission before implementation [2].

中信证券股份有限公司 关于 上海证券交易所 《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申请的审核问询 函》 之回复报告 之专项核查意见 独立财务顾问 二〇二五年八月 上海证券交易所： 淮河能源（集团）股份有限公司（以下简称"淮河能源"、"上市公司"或 "公司"）于 2025 年 6 月 6 日收到贵所下发的《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申请的审核问询函》（上证上审 （并购重组）[2025]37 号，以下简称"《问询函》"）。中信证券股份有限公司 （以下简称"中信证券"或"独立财务顾问"）作为淮河能源的独立财务顾问， 会同上市公司及其他中介机构根据问询函的相关要求，就问询函所列问题进行 了认真核查和逐项落实，现就问询函相关内容作如下回复说明，并根据问询函 对有关问题进行了进一步说明和披露。 如无特殊说明，本回复中出现的简称均与《重组报告书》中的释义内容相 同。 | 审核问询函所列问题 | 黑体 | | --- | --- | | 审核问询函所列问题的回复 | 宋体 | | 对《重组报告书》的引用 | 宋体 | 本文涉及数字均按照四舍五入保留 ...