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 ...

Core Viewpoint - The company is undergoing a significant asset acquisition and cash payment transaction, which is subject to regulatory scrutiny and evaluation methods to determine the fair value of the assets involved [1][2]. Group 1: Evaluation Methods - The evaluation of the power group's total equity was conducted using both the asset-based approach and the income approach, with the asset-based approach ultimately selected due to its alignment with industry practices [2][3]. - The asset-based approach yielded a valuation of 1,309,532.87 million yuan, while the income approach provided a close estimate of 1,319,700.00 million yuan, resulting in a difference rate of 0.78% [4][5]. - The asset-based approach is deemed more appropriate for capital-intensive industries like power generation, as it accurately reflects the market value of assets while considering depreciation and maintenance costs [5][6]. Group 2: Company Background and Financial Data - The power group has been actively involved in the coal-electricity integration model since 2005, establishing multiple power plants and partnerships with major energy companies [8][9]. - Recent policies from the national level have supported the development of coal-electricity integration projects, emphasizing the importance of such models for energy stability and efficiency [8][9]. - Financial data for the subsidiary companies indicate varying performance, with total assets and liabilities reflecting the operational scale and market conditions affecting revenue and profitability [11][12][13][14][15][16][17][18][19]. Group 3: Subsidiary Performance - Subsidiary companies like Huaihe Coal Power and Fengtai New Energy have shown fluctuations in financial performance, with total assets and liabilities reflecting their operational challenges and market conditions [11][12][13][14][15][16]. - The financial performance of subsidiaries such as Wanan Maanshan and Wanan Tongling has improved due to cost management and market price adjustments, leading to a recovery in profitability [14][15][16]. - The overall strategy of the power group focuses on expanding its clean energy portfolio while maintaining its core coal power operations, aligning with national energy policies [8][9][18].

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 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] ...

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。 重组报告书披露，（1） ...

目 录 6-3-1 | 一、关于关联交易……………………………………………………第 | 1—10 | 页 | | --- | --- | --- | | 二、关于存放集团财务公司资金…………………………………第 | 10—24 | 页 | | 三、关于投资收益…………………………………………………第 | 24—34 | 页 | | 四、关于固定资产、在建工程和无形资产………………………第 | 34—63 | 页 | | 五、关于客户………………………………………………………第 | 64—78 | 页 | | 六、关于收入………………………………………………………第 | 78—106 | 页 | | 七、关于成本和毛利率…………………………………………第 | 106—116 | 页 | | 八、关于应收账款………………………………………………第 | 116—125 | 页 | 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 审核问询函中有关财务事项的说明 天健函〔2025〕5-48 号 上海证券交易所： 由中信证券股份有限公司转来的《关于淮河能源(集团)股份有限公司发行股份及 支付 ...

公司于 2025 年 6 月 6 日收到上海证券交易所（以下简称"上交所"）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》（上证上审（并购重组）〔2025〕37 号）（以下简称"《审 核问询函》"）。 公司及相关中介机构根据《审核问询函》的要求，就相关事项逐项说明、论 证和回复，具体内容详见公司同日在上交所网站（www.sse.com.cn）披露的《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》及相关中介机构出具的回复 文件。 本次交易尚需上交所审核通过及经中国证券监督管理委员会同意注册后方 可实施。公司将根据上述事项的进展情况，严格按照有关法律法规的规定和要求 及时履行信息披露义务，提请广大投资者注意投资风险。 特此公告。 证券代码：600575 证券简称：淮河能源 公告编号：临 2025-037 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申请 的审核问询函回复的公告 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 ...

Investment Rating - The investment rating for the electricity industry is "Positive" [2] Core Viewpoints - The report highlights the implementation of the "136" policy in five regions, leading to significant differentiation in the support for existing and new energy projects [7][10] - Future outlook indicates a need for clarity on pricing mechanisms, which will impact investment enthusiasm in the renewable energy sector [10] Summary by Sections Monthly Special Commentary - Five regions have introduced connection mechanisms, showing clear differentiation in support for existing and new energy projects. Shanxi has a robust protection for existing projects, while Hainan offers moderate support with lower guarantees for new projects. Liaoning provides good protection for existing projects but less favorable terms for new projects. Gansu has limited support for existing projects, and Ningxia offers the least protection overall [8][11] Monthly Sector and Key Listed Company Performance - In July, the electricity and public utilities sector fell by 0.8%, underperforming the broader market, while the Shanghai and Shenzhen 300 index rose by 3.54% [12][15] Monthly Electricity Demand Analysis - In June 2025, total electricity consumption reached 867 billion kWh, with a year-on-year growth of 5.40%. The growth rate for the secondary industry improved, while residential electricity consumption continued to rise [18][20] Monthly Electricity Supply Analysis - National electricity generation in June 2025 increased by 1.70% year-on-year, with coal power generation growing by 1.10% and solar power generation surging by 28.70% [39][40] Monthly Electricity Market Data Analysis - The average purchase price of electricity in August was 384.25 RMB/MWh, reflecting a 1.18% increase month-on-month [39] Investment Recommendations - The report suggests that the electricity sector is poised for profit improvement and value reassessment, particularly as the supply-demand balance stabilizes and new energy installations continue to grow [10][11]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The combination of "logistics package" and "volume-price linkage" is driving the increase in industry concentration, forcing intermediaries out of the market and enhancing the sensitivity of coal prices [5] - The "logistics package" mechanism significantly reduces comprehensive logistics costs, creating sustainable advantages in delivery certainty and cost, while raising entry barriers for small coal operators [5] - The "volume-price linkage" mechanism strengthens scale premiums, allowing large mining and trading enterprises to gain larger discounts, while smaller entities face profit margin compression [5] - The weakening of intermediary roles is expected to enhance coal price sensitivity, with a clear trend of price reversal under the backdrop of supply contraction expectations [5] - The report emphasizes the importance of evaluating the effectiveness of "anti-involution" policies and their impact on liquidity and risk preferences to seize coal investment opportunities [5] Summary by Sections Policy Focus on Cost Reduction and Efficiency - National policies are continuously promoting the development of logistics package models [14] - The logistics package model is seen as a core strategy to reduce overall logistics costs through integrated services [7] Strengthening Long-term Contract Barriers - Long-term contract policies are reinforcing scale barriers, putting pressure on intermediaries [16] - The proportion of railway coal in total coal shipments has increased significantly in 2023 compared to 2022 [21][20] Volume-Price Linkage Trading Pilot - The introduction of volume-price linkage trading mechanisms is expected to benefit large market players significantly [25] - The rapid decrease in port coal inventories contrasts with weak net inflows, indicating a structural tightening in supply [24][23] - The Taiyuan Coal Trading Center has initiated a volume-price linkage trading mechanism to enhance market liquidity and efficiency [27] Investment Recommendations - The report recommends focusing on elastic stocks in the coal sector, highlighting specific companies likely to benefit from the current market dynamics [10]

Group 1 - The coal industry is experiencing signs of "involution," characterized by increased supply without corresponding profit growth, leading to a decline in revenue and profit margins [2][4] - From January to June, coal production reached a historical high of 2.4 billion tons, an increase of 120 million tons or 5.4% year-on-year, while coal consumption remains limited [2][4] - The number of coal mines in China has decreased from over 4,600 to below 4,300 since the start of the 14th Five-Year Plan, indicating a trend towards consolidation in the industry [2][4] Group 2 - The coal production is increasingly concentrated in major producing regions such as Shanxi, Shaanxi, Inner Mongolia, and Xinjiang, which accounted for 82.03% of total production in the first five months of the year [4] - The coal industry is facing significant operational pressures, particularly in older mining regions, where some companies are experiencing severe losses due to declining market prices [4][5] - Companies are adapting by transitioning operations from older mining areas to newer, more productive regions, which is essential for maintaining competitiveness [4][5] Group 3 - The demand for coal in the power generation sector has increased due to rising electricity demand, with thermal power generation seeing a year-on-year growth [6] - Major coal companies are enhancing their coal-to-power integration strategies, which allows them to reduce fuel costs and improve operational efficiency [6][7] - Companies like China Energy Group and China Coal are leveraging their coal supply to enhance the competitiveness of their power generation operations [7]

与此同时，仍有部分上市公司并购重组宣告失败。据记者初步统计，年内宣告并购重组失败的上市公司 共有鸿博股份、城发环境等35家。原因方面，多家上市公司表示，因市场环境较交易筹划之初发生较大 变化、交易各项工作进度不及预期等。此外，部分以"借壳"为目的的并购重组案例也并未成功实施。7 月10日晚间，爱司凯发布公告称，公司决定终止购买鹏城金云科技有限公司（以下简称"金云科技"） 100%股权并募集配套资金事项。 环保企业积极布局新能源 从行业来看，年内并购案例主要集中在医药生物、机械设备、基础化工、电子等领域，相关行业企业并 购重组案例均超过200个。此外，电力设备、计算机、汽车等行业的并购案例数量也较多。从并购案例 交易金额来看，交通运输、有色金属、公共事业等并购重组交易总价值金额最为突出。 川财证券首席经济学家、研究所所长陈雳表示，推动企业并购重组在当前市场环境下具有"抗风 险"与"促发展"的双重意义。一方面，通过并购重组来打通上下游，甚至实现跨行业发展，有助于企业 分摊风险；另一方面，当前市场估值水平处于历史相对低位，对于企业来说，是开拓业务新版图的良 机，特别是传统制造业用并购重组的方式掌握新业务、新技术，可 ...