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 实施情况 之 独立财务顾问核查意见 中信证券股份有限公司 二〇二五年十二月 独立财务顾问声明 （一）本独立财务顾问与本次交易各方无任何关联关系。本独立财务顾问本 着客观、公正的原则对本次交易出具独立财务顾问报告； （二）本独立财务顾问报告所依据的文件和材料由本次交易各方提供，提供 方对所提供文件及资料的真实性、准确性和完整性负责，并保证该等信息不存在 虚假记载、误导性陈述或者重大遗漏。本独立财务顾问不承担由此引起的任何风 险责任； （三）本独立财务顾问报告是在假设本次交易各方当事人均全面和及时履行 本次交易相关协议和声明或承诺的基础上出具； （四）本独立财务顾问报告不构成对上市公司的任何投资建议或意见，对投 资者根据本独立财务顾问报告作出的任何投资决策可能产生的风险，本独立财务 顾问不承担任何责任； （五）本独立财务顾问未委托或授权其他任何机构和个人提供未在独立财务 顾问报告中列载的信息，以作为本独立财务顾问报告的补充和修改，或者对本独 立财务顾问报告作任何解释或说明。未经独立财务顾问书面同意，任何人不得在 任何时间、为任何目的、以任 ...

| 二、附件 ・ | | --- | | (一)注册资本及实收股本变更前后对照表 …………………………………第3页 | | (二)验资事项说明 …………………………………………………………………………… 第４―5 页 | | (三)本所营业执照复印件 ·································································第 6 页 | | (四)本所执业证书复印件……………………………………………………………………………………… 第 7 页 | | (五)签字注册会计师执业证书复印件 | 器 观看 日 录 | 一、验资报告 ……………………………………………………………………………………… 第 1―2 页 | | --- | ___ 验 资 报 告 天健验〔 2025 〕5-8 号 淮河能源(集团)股份有限公司: 我们接受委托,审验了贵公司截至 2025年12月9日止的新增注册资本及实 收股本情况。按照法律法规以及协议、章程的要求出资,提供真实、合法、完整 的验资资料,保护资产的安全、完整是全体出资者及贵公司的责任。我们的责任 是对贵公司新增注册资本 ...

证券代码：600575 证券简称：淮河能源 上市地：上海证券交易所 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 实施情况暨新增股份上市公告书 独立财务顾问 1 签署日期：二〇二五年十二月 声 明 本公司及全体董事、高级管理人员保证本公告书及其摘要内容的真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性和完整 性承担相应的法律责任。 本公司控股股东及全体董事、高级管理人员承诺：如本次交易所披露或提供 的信息涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立案侦查或者被中 国证监会立案调查的，在形成调查结论以前，不转让在上市公司拥有权益的股份， 并于收到立案稽查通知的两个交易日内将暂停转让的书面申请和股票账户提交 上市公司董事会，由董事会代其向证券交易所和证券登记结算机构申请锁定；未 在两个交易日内提交锁定申请的，授权董事会核实后直接向证券交易所和证券登 记结算机构报送本人或本单位的身份信息和账户信息并申请锁定；董事会未向证 券交易所和证券登记结算机构报送本人或本单位的身份信息和账户信息的，授权 证券交易所和证券登记结算机构直接锁定相关股份。如调查结论发现存在 ...

证券代码：600575 证券简称：淮河能源 上市地：上海证券交易所 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 实施情况暨新增股份上市公告书 （摘要） 独立财务顾问 1 特别提示 签署日期：二〇二五年十二月 声 明 本公司及全体董事、高级管理人员保证本公告书及其摘要内容的真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性和完整 性承担相应的法律责任。 本公司控股股东及全体董事、高级管理人员承诺：如本次交易所披露或提供 的信息涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立案侦查或者被中 国证监会立案调查的，在形成调查结论以前，不转让在上市公司拥有权益的股份， 并于收到立案稽查通知的两个交易日内将暂停转让的书面申请和股票账户提交 上市公司董事会，由董事会代其向证券交易所和证券登记结算机构申请锁定；未 在两个交易日内提交锁定申请的，授权董事会核实后直接向证券交易所和证券登 记结算机构报送本人或本单位的身份信息和账户信息并申请锁定；董事会未向证 券交易所和证券登记结算机构报送本人或本单位的身份信息和账户信息的，授权 证券交易所和证券登记结算机构直接锁定相关股份 ...

证券代码：600575 证券简称：淮河能源 公告编号：临 2025-060 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 暨关联交易之发行结果暨股本变动的公告 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： 发行数量和价格 股票种类：人民币普通股（A 股） 发行价格：3.03 元/股 发行数量：3,280,531,105 股 预计上市时间 一、本次发行概况 （一）本次发行已经履行的决策及批准程序 1、本次交易已获得公司控股股东淮南矿业、间接控股股东淮河能源控股集 团有限责任公司（以下简称"淮河能源集团"）的原则性同意，已经实际控制人 安徽省人民政府国有资产监督管理委员会（以下简称"安徽省国资委"）预审核 通过； 2、本次交易涉及的标的资产评估报告已经淮河能源集团核准； 3、本次交易已经标的公司股东会审议通过； 4、本次交易已经交易对方淮南矿业股东会审议通过； 5、本次交易的预案已经上市公司第八届董事会第十次会议审议通过，本次 交易正式方案已经上市公司第八届董事会第十二次会议、第八届董事会第十六次 ...

Group 1 - The report highlights the tightening of safety and environmental regulations in the coal industry, which is expected to impact supply and pricing dynamics [4][5][6]. - Domestic coal production growth is slowing, with November coal production showing a year-on-year decline of 3.3% in Shanxi province, while overall national coal production for the first eleven months of 2025 increased by 1.4% [23][25][33]. - Industrial coal demand remains stable, but thermal power demand is experiencing temporary pressure, leading to fluctuations in coal prices [10][61]. Group 2 - The report notes that the seasonal adjustment of national railway freight rates is expected to enhance the economic viability of coal production areas and increase price volatility during adjustment periods [9]. - The report indicates that coal prices are likely to recover in the fourth quarter due to seasonal demand increases, particularly in the context of winter heating needs [10][41]. - The coal supply-demand balance shows that the top ten coal companies account for approximately 50% of total coal production, with significant production contributions from major companies like China Energy Group and Shanxi Coking Coal Group [33][34]. Group 3 - The report emphasizes that coal imports have decreased significantly, with a 12% year-on-year decline in imports for the first eleven months of 2025, particularly from Indonesia and Russia [50][54]. - The report also highlights that the coal production in Xinjiang has been growing, with November production reaching 5 million tons, a month-on-month increase of 11.6% [41][42]. - The report discusses the resilience of the steel industry’s coal demand, with low inventory levels potentially supporting price rebounds [56][60].

Group 1 - The coal mining sector experienced a slight increase of 0.1% on December 26, with Huayang Co. leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] - Key stocks in the coal mining sector showed varied performance, with Huayang Co. rising by 6.10% to a closing price of 8.17 [1] Group 2 - The coal mining sector saw a net outflow of 92.22 million yuan from major funds, while retail investors contributed a net inflow of 180 million yuan [2] - Notable stocks with significant net inflows from retail investors included Xinda Zhou A, which had a net inflow of 42.99 million yuan [3] - The overall trading volume and turnover in the coal mining sector reflected active participation, with Xinda Zhou A achieving a trading volume of 601,600 shares [1][2]

Summary of Huaihe Energy Conference Call Company Overview - **Company**: Huaihe Energy - **Industry**: Power Generation and Coal Mining Key Points Acquisition and Financial Strength - Huaihe Energy completed the acquisition of the Power Group, which will be included in the consolidated financial statements starting from the 2025 annual report, enhancing the company's overall strength [2][3] Operational Performance - In the first nine months of the year, both power generation and on-grid electricity decreased by approximately 10% year-on-year. However, in the fourth quarter (up to October), the decline narrowed to about 2% to 3% [4] - Financial data also showed a reduction in year-on-year decline, though specific figures have not yet been disclosed [4] Cost Management - The decrease in coal cost per kilowatt-hour in Q3 was primarily due to timing differences in fuel cost settlements, benefiting from long-term coal supply agreements, which minimized the impact of market coal price fluctuations [6] - The company anticipates significant operational pressure in the coming year, mainly due to fuel costs [5][15] Electricity Pricing - Retail electricity price negotiations in Anhui are expected to conclude with prices around 0.35 yuan, slightly higher than other provinces, but overall prices are trending downwards [7] - The wholesale side negotiations are ongoing and expected to conclude soon [7] Power Generation Capacity and Projects - The fourth quarter's thermal power generation hours were influenced by weather conditions, with October showing higher generation and December slightly lower, but overall expected to be on par or slightly better than last year [8] - The second phase of the Panji Power Plant has been commissioned, with the fourth phase of the Luohe Plant expected to be operational by the end of next year, and the second unit of the Xieqiao Power Plant expected to start in January [2][12] Capital Expenditure and Cash Flow - The projected capital expenditure for next year is approximately 6.3 billion yuan, with 20% funded by internal resources, indicating a strong cash flow position to cover investments and dividends [12][13] - The company believes that the annual capital expenditure of several billion yuan is manageable and will not affect its dividend commitments [13] Profitability of Power Plants - The net profit per kilowatt-hour for the first and second phases of the Panji Power Plant is approximately 0.055 yuan, making it one of the most profitable units in Anhui [14] - The profitability of smaller units is lower, around 0.01 to 0.02 yuan per kilowatt-hour, while advanced technology units average between 0.045 to 0.06 yuan [14] Future Outlook - The company is optimistic about its growth potential post-restructuring, with plans to inject additional quality assets in the future, maintaining a positive long-term outlook for overall listing expectations [24] - The demand for thermal power in Anhui is expected to grow, driven by industrial and commercial electricity needs, despite a slowdown in growth this year [22] Regulatory and Tax Issues - Ongoing negotiations with local governments regarding resource tax fee repayments are in progress, with no final resolution yet [18] Strategic Direction - The company is focused on coal-electricity integration and will continue to develop along the coal, electricity, gas, and new energy pathways, with a commitment to enhancing operational resilience [20][23] Additional Insights - The company is managing its coal supply effectively, with a significant portion secured through long-term agreements, ensuring stability in coal costs for its power plants [11][16] - The overall asset quality of Huaihe Energy is considered high, and the recent restructuring is expected to significantly enhance its competitive position in the market [24]

Core Viewpoint - The integration of coal and renewable energy is essential for achieving China's dual carbon goals while ensuring energy security, as demonstrated by the successful projects in Anhui province, particularly the "Photovoltaic + Coal Mining Subsidence Area" initiative by Huaihe Energy [1][2][4] Group 1: Project Overview - The first integrated demonstration project in Anhui features 373,000 photovoltaic panels over 5,300 acres in a coal mining subsidence area, with a total installed capacity of 40,000 kilowatts across two phases [1] - The first phase has an operational capacity of 156,800 kilowatts, while the second phase, currently under construction, will have a capacity of 243,200 kilowatts [1] Group 2: Environmental Impact - The photovoltaic project is expected to reduce carbon dioxide emissions by approximately 11.27 million tons during its operational period, equivalent to saving 4.23 million tons of standard coal [3] - The first phase of the photovoltaic power station has generated 440 million kilowatt-hours of electricity, meeting the annual electricity needs of over 200,000 households and saving about 131,400 tons of standard coal, resulting in a reduction of approximately 340,000 tons of carbon dioxide emissions [6] Group 3: Industry Trends - The integration of coal and renewable energy is seen as a critical step in building a new energy system, where non-fossil energy serves as the main supply and fossil energy acts as a backup [4] - The coal industry, traditionally high in energy consumption, is now leveraging its electrification needs to create natural scenarios for renewable energy applications [3] Group 4: Technological and Policy Challenges - Despite progress, challenges remain in policy implementation and technological innovation, particularly in local regulations and subsidy disbursement affecting investment enthusiasm [9] - There is a call for increased investment in foundational research to overcome technical challenges related to low-concentration gas utilization and geothermal energy development [9][10] Group 5: Future Directions - Companies are encouraged to adopt a long-term perspective, prioritizing investments in renewable energy to cultivate core competitiveness and drive ecological restoration and carbon asset management [10] - Huaihe Energy aims to implement an integrated zero-carbon park model that combines wind, solar, storage, and charging facilities, revitalizing traditional coal bases [10]

Core Viewpoint - The integration of coal and renewable energy is essential for achieving China's dual carbon goals while ensuring energy security, as demonstrated by the successful projects in Anhui Province [1][2][4]. Group 1: Project Overview - The first integrated demonstration project of "Photovoltaic + Coal Mining Subsidence Area" in Anhui covers 5,300 acres with 372,800 solar panels, showcasing a significant investment by Huaihe Energy [1]. - The first phase of the project has a capacity of 156,800 kW, while the second phase, currently under construction, will have a capacity of 243,200 kW [1]. - The project is expected to reduce carbon dioxide emissions by approximately 11.27 million tons over its operational period, equivalent to saving 4.23 million tons of standard coal [3]. Group 2: Industry Context - The coal industry remains a high-energy-consuming sector, and the electrification needs of mining operations provide natural scenarios for renewable energy applications [3]. - Huaihe Energy has reduced carbon emissions significantly, with CO2 emissions per unit of output decreasing by 27% in the coal sector and about 60% in the clean energy sector from 2020 levels [2]. Group 3: Technological Integration - The integration of coal and renewable energy is seen as a key component in building a new energy system, where non-fossil energy serves as the main supply and fossil energy acts as a backup [4]. - Huaihe Energy's clean and efficient coal power units, which account for over 90% of its capacity, can be flexibly modified to work alongside solar and wind energy, enhancing energy system stability [4]. Group 4: Multi-Energy System Development - Various regions are exploring feasible paths for integrating coal and renewable energy, with examples including the multi-energy integration approach in Shaanxi and the comprehensive development in Guizhou [5]. - Huaihe Energy has developed a multi-faceted clean energy system that includes photovoltaic, wind, gas power, and energy storage [8]. Group 5: Policy and Technical Challenges - Despite progress, challenges remain in policy implementation and technological innovation, particularly in local execution of national policies and the complexity of approval processes [9]. - Experts suggest that companies should engage with local planning and that governments need to establish fair resource distribution mechanisms to reduce competition among enterprises [9]. Group 6: Future Directions - Companies are encouraged to adopt a long-term perspective, investing in renewable energy to build core competitiveness and create new value through ecological restoration and carbon asset management [10]. - Huaihe Energy aims to implement a zero-carbon park integrating wind, solar, storage, and charging facilities, revitalizing traditional coal bases [10].