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]

Core Points - Huaihe Energy plans to acquire 89.30% equity of Huaihe Energy Power Group from its controlling shareholder, Huainan Mining Group, through a combination of issuing shares and cash payment [1] - The transaction is subject to approval from the Shanghai Stock Exchange and registration consent from the China Securities Regulatory Commission [1] - Huaihe Energy has committed to timely information disclosure in accordance with legal regulations as the transaction progresses [1] Summary by Sections - **Transaction Details** - Huaihe Energy announced the acquisition of 89.30% equity of Huaihe Energy Power Group from Huainan Mining Group [1] - The acquisition will be executed through issuing shares and cash payment [1] - **Regulatory Approval** - The transaction requires approval from the Shanghai Stock Exchange and registration consent from the China Securities Regulatory Commission before implementation [1] - **Disclosure Commitment** - Huaihe Energy will adhere to legal requirements for timely information disclosure regarding the transaction's progress [1]

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 ...

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].