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]

Core Viewpoint - Huaihe Energy plans to acquire 89.3% equity of Huaihe Energy Power Group from its controlling shareholder, Huainan Mining Group, through a combination of share issuance and cash payment [1] Group 1 - The transaction has been reviewed by the M&A Review Committee of the Shanghai Stock Exchange, which confirmed that it meets the restructuring conditions and information disclosure requirements [1] - The transaction is subject to approval and registration by the China Securities Regulatory Commission before implementation [1]

Core Points - The company plans to acquire 89.30% equity stake in Huaihe Energy Power Group Co., Ltd. from its controlling shareholder Huainan Mining (Group) Co., Ltd. through a combination of issuing shares and cash [1] - The Shanghai Stock Exchange's M&A Review Committee held a meeting on November 5, 2025, to review the company's transaction application [1] - The review committee concluded that the transaction meets the restructuring conditions and information disclosure requirements [1] - The transaction is subject to approval and registration by the China Securities Regulatory Commission before implementation [1]

Core Insights - The coal mining sector experienced a slight increase of 0.02% on November 4, with Dayou Energy leading the gains [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Coal Mining Sector Performance - Dayou Energy (600403) closed at 8.55, up 3.51% with a trading volume of 1.2684 million shares and a transaction value of 1.075 billion [1] - Zhengzhou Coal Electricity (600121) closed at 5.48, up 3.01%, with a trading volume of 1.3942 million shares and a transaction value of 768 million [1] - Huaihe Energy (600575) closed at 3.87, up 2.93%, with a trading volume of 1.1622 million shares and a transaction value of 446 million [1] - The overall coal mining sector saw a net outflow of 234 million from main funds, while retail investors contributed a net inflow of 121 million [2][3] Fund Flow Analysis - China Shenhua (601088) had a main fund net inflow of 67.05 million, but also saw net outflows from retail investors totaling 38.75 million [3] - The main fund net inflow for Zhongmei Energy (601898) was 56.14 million, with a retail net outflow of 72.97 million [3] - Huaihe Energy (600575) experienced a main fund net inflow of 29.67 million, while retail investors had a net outflow of 28.12 million [3]

Core Viewpoint - Huaihe Energy (600575.SH) has not yet constructed energy storage facilities but is exploring the potential to build a new friendly molten salt thermal storage demonstration power station using the existing site and facilities of the decommissioned Pansan Power Plant [1] Group 1 - The company is currently not engaged in the construction of energy storage facilities [1] - The company plans to actively explore the use of the existing site, facilities, and grid connection lines of the closed Pansan Power Plant [1] - The proposed project involves the construction of a new type of friendly molten salt thermal storage demonstration power station [1]

Core Viewpoint - Huaihe Energy (600575.SH) currently has no plans related to nuclear power projects [1] Company Summary - The company has communicated through its investor interaction platform that there are no ongoing or future plans for nuclear power projects [1]

Core Viewpoint - The company plans to acquire an 89.30% stake in Huaihe Energy Power Group through a combination of cash and stock issuance, with a total transaction value of approximately 1.169 billion yuan, aiming to enhance its core business in thermal power generation and improve operational efficiency [3][4][9]. Transaction Overview - The transaction involves the acquisition of Huaihe Energy Power Group, which operates in thermal and renewable power generation and owns a coal mine [3][9]. - The total transaction price is set at 1,169,412.85 thousand yuan, with cash payment of 175,411.93 thousand yuan and stock payment of 994,000.92 thousand yuan [4][5]. - The share issuance price is 3.03 yuan per share, resulting in the issuance of 3,280,531,105 shares, which will constitute 45.77% of the company's total share capital post-transaction [4][6]. Financial Impact - The acquisition is expected to increase the company's net profit attributable to shareholders from 85,779.77 thousand yuan to 179,303.58 thousand yuan for the fiscal year 2024, raising the basic earnings per share from 0.22 yuan to 0.25 yuan [9][11]. - The asset evaluation report indicates that the total equity value of the power group is 1,309,532.87 thousand yuan, with a premium rate of 22.23% [9][11]. Shareholding Structure - Post-transaction, Huainan Mining's shareholding will increase from 63.27% to 80.08%, solidifying its position as the controlling shareholder [6][8]. - The transaction will result in a significant change in the shareholding structure, with Huainan Mining holding 5,480,624,854 shares, representing 76.47% of the total [8]. Regulatory Approval - The transaction has received approval from the Anhui Provincial State-owned Assets Supervision and Administration Commission and has been passed by the company's shareholders' meeting, pending further review by the Shanghai Stock Exchange and registration with the China Securities Regulatory Commission [11].

Core Insights - The coal mining sector experienced a rise of 0.85% on October 30, with Huaihe Energy leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Company Performance - Huaihe Energy (600575) closed at 3.76, up 6.52% with a trading volume of 2.5068 million shares [1] - Biaoyang Co. (600348) closed at 8.06, up 4.40% with a trading volume of 1.057 million shares [1] - Dayou Energy (600403) closed at 8.79, up 3.05% with a trading volume of 1.449 million shares [1] - China Shenhua (601088) closed at 43.04, up 2.14% with a trading volume of 385,800 shares [1] - Shaanxi Coal and Chemical Industry (601225) closed at 22.91, up 1.73% with a trading volume of 428,500 shares [1] Market Trends - The coal mining sector saw a net outflow of 386 million yuan from main funds, while retail investors contributed a net inflow of 447 million yuan [2] - The overall trading volume and turnover for various coal companies indicate a mixed performance, with some companies experiencing significant declines [2][3] Fund Flow Analysis - China Shenhua had a net inflow of 79.39 million yuan from main funds, while retail investors showed a net outflow of 16.94 million yuan [3] - Huaihe Energy saw a net inflow of 63.56 million yuan from main funds, with retail investors also experiencing a net outflow [3] - Biaoyang Co. had a net inflow of 38.92 million yuan from main funds, but a significant outflow from retail investors [3]