淮河能源（集团）股份有限公司 2024 年年度股东大会材料 淮河能源（集团）股份有限公司 600575 2024 年年度股东大会材料 二〇二五年四月十七日 1 淮河能源（集团）股份有限公司 2024 年年度股东大会材料 淮河能源（集团）股份有限公司 2024 年年度股东大会会议议题 1.审议《淮河能源（集团）股份有限公司 2024 年度董事会工作 报告》 2.审议《淮河能源（集团）股份有限公司 2024 年度独立董事履 职报告》 3.审议《淮河能源（集团）股份有限公司 2024 年度监事会工作 报告》 4.审议《淮河能源（集团）股份有限公司 2024 年年度报告》全 文及其摘要 5.审议《淮河能源（集团）股份有限公司 2024 年度财务决算报 告和 2025 年度财务预算报告》 6.审议《关于公司 2025 年度投资计划的议案》 7.审议《关于制定<淮河能源（集团）股份有限公司 2025-2027 年度现金分红回报规划>的议案》 8.审议《关于拟以公开摘牌方式购买淮河能源电力集团有限责任 公司部分股权暨关联交易的议案》 9.审议《淮河能源（集团）股份有限公司 2024 年度利润分配预 案》 10.审议《淮河能 ...

证券代码：600575 证券简称：淮河能源 公告编号：临 2025-016 淮河能源（集团）股份有限公司 关于收到《安徽省能源局关于同意潘三电厂关停拆除 的函》的提示性公告 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"）近日收到《安徽省能 源局关于同意潘三电厂关停拆除的函》（以下简称"《复函》"），安徽省能源 局原则同意潘三电厂关停拆除。现将《复函》关于关停拆除潘三电厂的目标任务 及有关事项公告如下： 一、事项概述 根据《国家能源局关于下达 2022-2025 年煤电行业先立后改淘汰落后产能目 标任务（第一批）的通知》（国能发电力〔2022〕85 号）有关要求，本次淘汰 落后产能目标任务为关停拆除潘三电厂#1、#2 机组，容量合计 27 万千瓦。 根据《复函》要求，公司需按照既定关停方案，依法依规做好人员分流、职 工安置等工作，尽快完成机组拆除关停，至少拆除锅炉、汽轮机、发电机、输煤 栈桥、冷却塔、烟囱中的任两项。 5、成立时间：2015 年 7 月 1 日 6、经营范围：火力 ...

Core Viewpoint - The company, Huaihe Energy Group Co., Ltd., is set to hold an annual performance briefing for the year 2024 on April 10, 2025, to discuss its operational results and financial status with investors [2][3]. Group 1: Event Details - The annual performance briefing will take place on April 10, 2025, from 9:00 AM to 10:00 AM [5][6]. - The event will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [4][5]. - Investors can submit questions for the briefing from April 2 to April 9, 2025, through the Roadshow Center or via the company's email [2][7]. Group 2: Participation Information - Participants in the briefing will include the Chairman, Mr. Zhou Tao, and other key executives such as the General Manager and Board Secretary, Mr. Ma Jinhua [6]. - Investors can access the briefing by logging into the Shanghai Stock Exchange Roadshow Center website [4][5]. - After the briefing, the main content and proceedings will be available for review on the Roadshow Center [7].

证券代码：600575 证券简称：淮河能源 公告编号：临 2025-015 淮河能源（集团）股份有限公司 关于召开 2024 年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 4 月 10 日（星期四）上午 9:00-10:00 会议召开地点： 上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 4 月 2 日（星期三）至 4 月 9 日（星期三）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 hhny575@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 淮河能源（集团）股份有限公司（以下简称"公司"）已于 2025 年 3 月 28 日发布公司 2024 年年度报告，为便于广大投资者更全面深入地了解公司 2024 年 度经营成果、财务状况，公司计划于 2025 年 4 月 10 日（星期四）上午 ...

Core Viewpoint - The company, Huaihe Energy, is in the process of acquiring a total of 100% equity in Huaihe Power by first purchasing 89.3% from its parent company, Huainan Mining, and then acquiring the remaining 10.7% from Guokai Fund through a public bidding process [1][4][8]. Group 1: Acquisition Details - Huaihe Energy announced its intention to acquire 89.3% of Huaihe Power's equity, which has already received preliminary approval from the Anhui State-owned Assets Supervision and Administration Commission [4][7]. - The acquisition of the remaining 10.7% equity from Guokai Fund is set at a base price of 1.194 billion yuan [8]. - If both acquisitions are completed successfully, Huaihe Energy will hold 100% of Huaihe Power [3][8]. Group 2: Historical Context - This marks the third attempt by Huaihe Energy to acquire equity from Huainan Mining or its subsidiaries since 2019 [6]. - The relationship between Huaihe Energy and Huainan Mining has involved multiple asset restructurings and acquisitions since 2010 [9]. - Huainan Mining holds a 56.61% stake in Huaihe Energy, making it the controlling shareholder [4]. Group 3: Financial Performance - For the year 2024, Huaihe Energy reported a revenue of 30.021 billion yuan, reflecting a year-on-year increase of 9.83%, and a net profit attributable to shareholders of 858 million yuan, up by 2.17% [9].

Investment Rating - The report upgrades the investment rating of the company to "Buy" [4][7][10] Core Views - The company is expected to achieve significant revenue growth driven by the acquisition of quality assets and the closure of outdated production capacity, with projected revenues of 30.6 billion, 41.99 billion, and 47.04 billion yuan for 2025, 2026, and 2027 respectively [6][7] - The company plans to distribute a cash dividend of no less than 75% of the net profit attributable to shareholders from 2025 to 2027, with a minimum cash dividend of 0.19 yuan per share [6][7] Financial Performance Summary - In 2024, the company achieved operating revenue of 30.021 billion yuan, a year-on-year increase of 9.83%, and a net profit attributable to shareholders of 858 million yuan, a year-on-year increase of 2.17% [6][7] - The company’s cash flow from operating activities reached 2.757 billion yuan, a year-on-year increase of 181.64% [6] - The company’s power generation business reported revenue of 6.685 billion yuan in 2024, with a gross profit increase of 60.47% [6][7] Earnings Forecast and Valuation - The company is projected to achieve net profits of 1.137 billion, 2.022 billion, and 2.711 billion yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share of 0.29, 0.52, and 0.70 yuan [7][9] - The current stock price of 3.33 yuan corresponds to a price-to-earnings ratio of 11.4X for 2025, 6.4X for 2026, and 4.8X for 2027 [7][9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 4.93 [7][8]. Core Views - The company reported a revenue increase of 9.8% year-on-year to RMB 30.02 billion for 2024, while the net profit attributable to shareholders rose by 2.2% to RMB 858 million, which was below expectations due to asset impairment related to the planned shutdown of certain power plants [1]. - The company plans to not distribute cash dividends in 2024 but commits to a dividend payout ratio of no less than 75% for the years 2025-2027, with a minimum DPS of RMB 0.19 (including tax) [1]. - The average on-grid electricity price for 2024 is projected to be RMB 462.73 per MWh, reflecting a slight decrease of approximately RMB 4.7 per MWh year-on-year [2]. - The logistics and trading business revenue is expected to grow by 12.8% year-on-year to RMB 20.52 billion in 2024, while coal sales revenue is projected to decline by 3.0% to RMB 1.875 billion [3]. Summary by Sections Financial Performance - The company achieved a total on-grid electricity generation of 159.13 billion kWh in 2024, up 6.2% year-on-year, driven by increased demand in Anhui province [2]. - The gross margin for the electricity business improved by 4.3 percentage points to 13.4% due to lower coal prices [2]. - The company’s logistics and trading revenue for 2024 is expected to reach RMB 20.52 billion, with a stable gross margin [3]. Profitability Forecast - The report forecasts a decline in net profit attributable to shareholders for 2025 and 2026 by 14.0% and 11.1% respectively, adjusting the estimates to RMB 909 million and RMB 942 million [4]. - The projected EPS for 2025 is RMB 0.23, with a gradual increase to RMB 0.25 by 2027 [6][22]. Valuation Metrics - The company’s target price is set at RMB 4.93, based on a projected PB of 1.55x for 2025, reflecting the potential for significant asset injections from ongoing projects [4]. - The report indicates a market capitalization of RMB 13.68 billion, with a closing price of RMB 3.52 as of March 27, 2025 [8].

Core Points - The meeting of the Supervisory Board of Huaihe Energy Group Co., Ltd. was held on March 27, 2025, to review and approve various reports and proposals for the 2024 fiscal year [1][2][4]. Summary by Sections Supervisory Board Reports - The Supervisory Board approved the 2024 Work Report, the Independent Director's Performance Report, and the Audit Committee's Performance Report, all of which will be submitted to the 2024 Annual General Meeting for review [1][2][4]. Financial Reports - The 2024 Annual Report and its summary were approved, reflecting the company's operational and financial status [2]. - The financial results for 2024 included total revenue of 205.24 billion yuan, with specific revenues from various segments: railway transportation at 7.72 billion yuan, electricity at 66.85 billion yuan, coal sales at 18.75 billion yuan, and other income at 1.65 billion yuan [4]. - The company reported a net profit attributable to shareholders of 114.64 billion yuan, an increase of 5.63 billion yuan year-on-year, with total liabilities of 101.51 billion yuan, a decrease of 10.06 billion yuan [4]. Financial Budget for 2025 - The company plans to achieve total revenue of 280 billion yuan and a net profit of 9.2 billion yuan in 2025 [5]. Asset Impairment and Profit Distribution - The Supervisory Board approved a proposal for asset impairment provisions, affirming compliance with accounting standards [6]. - A profit distribution plan for 2024 was also approved, ensuring it aligns with the company's profitability and operational needs [6]. Audit and Internal Control - The renewal of the audit firm, Rongcheng Accounting Firm, for the 2025 financial audit was approved, citing their qualifications and experience [7]. - The internal control evaluation report for 2024 was approved, emphasizing the importance of internal controls in enhancing management and risk prevention [10][11]. Financing Plans - The company plans to raise 7.15 billion yuan in 2025 for operational needs, with specific allocations for liquidity, production operations, and coal trade [8][9]. - A proposal to use up to 300 million yuan of idle funds for cash management in safe financial products was also approved [10].

证券代码：600575 证券简称：淮河能源 公告编号：临 2025-014 淮河能源（集团）股份有限公司 关于召开 2024 年年度股东大会的通知 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。 重要内容提示： 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 17 日 至 2025 年 4 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 二、 会议审议事项 本次股东大会审议议案及投票股东类型 投票股东类型 序号 议案名称 一、 召开会议的基本情况 A 股股东 非累积投票议案 淮河能源（集团）股份有限公司 2024 年度财务决算报告和 2025 年度财务预算报告 关于制定《淮河能源（集团）股份有限公司 2025-2027 年度现金 分红回报规划》的议案 关于拟以公开摘牌方式购买淮 ...

证券代码：600575 证券简称：淮河能源 公告编号：临 2025-014 淮河能源（集团）股份有限公司 关于召开 2024 年年度股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年年度股东大会 召开的日期时间：2025 年 4 月 17 日 9 点 00 分 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 17 日 至 2025 年 4 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年4月17日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 东大会召开当日的交易时间段，即 9:15-9:25,9:30-1 ...