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 之标的资产过户完成的公告 证券代码：600575 证券简称：淮河能源 公告编号：临 2025-059 3、公司尚需就本次交易涉及的注册资本增加、公司章程修订等事项在市场 监督主管部门办理变更登记或备案手续； 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（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"）89.30% 股权（以下简称"本次交易"）。 公司于 2025 年 11 月 21 日收到中国证券监督管理委员会（以下简称"中国 证监会"）出具的《关于同意淮河能源（集团）股份有限公司发行股份购买资产 注册的批复》（证监许可〔2025〕2578 号），具体内容详见公司于 2025 年 11 月 22 日披露的《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中国证券监督管理委员 ...

淮河能源公告，公司通过发行股份及支付现金的方式购买控股股东淮南矿业持有的电力集团89.30%股 权的过户手续已完成。公司已取得电力集团89.30%股权。本次交易的相关后续事项包括支付剩余交易 对价、确定过渡期间标的资产损益、办理注册资本增加和公司章程修订等手续。 ...

证券日报网讯12月8日，淮河能源（600575）在互动平台回答投资者提问时表示，公司目前正在积极推 进本次重组标的资产交割过户、新增股份登记、上市等后续工作，请继续关注公司后续相关公告。 ...

Group 1 - The core viewpoint of the article is that Huaihe Energy has confirmed that both the company and its controlling shareholder are currently operating normally without any significant production accidents [2] Group 2 - Huaihe Energy responded to investor inquiries on an interactive platform, indicating that their production and operations are stable [2] - The company reassured stakeholders that there have been no major incidents affecting production [2]

Core Viewpoint - The company will continue to focus on its main responsibilities and business, implementing a strategy of "efficiency improvement in existing operations and transformation through new growth" while promoting a development model of "two joint operations plus" [2] Group 1 - The company aims to build an industrial system that relies on coal power for security, focuses on clean energy for direction, and extends into comprehensive energy services [2]

Core Viewpoint - On December 4th, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies in the coal mining, gaming, and military electronics sectors, specifically Huaihe Energy, Giant Network, and Zhimingda, with target price increases of 46.67%, 44.12%, and 37.65% respectively [1][2]. Group 1: Target Price Increases - Huaihe Energy (600575) received a target price of 5.28 yuan, with a target price increase of 46.67% from Huatai Securities [2]. - Giant Network (002558) has a target price of 57.00 yuan, reflecting a 44.12% increase from CITIC Securities [2]. - Zhimingda (688636) was assigned a target price of 48.00 yuan, indicating a 37.65% increase from CITIC Securities [2]. - Other companies with significant target price increases include Zhend Medical (603301) at 37.21%, Wanfu Biology (300482) at 35.14%, and Yongxin Optical (603297) at 32.22% [2]. Group 2: Brokerage Recommendations - A total of 17 listed companies received brokerage recommendations on December 4th, with notable mentions including Great Wall Motors, Yutong Bus, Jereh, and BYD, each receiving recommendations from two brokerage firms [2][4]. - Great Wall Motors (601633) closed at 21.80 yuan with two brokerage recommendations in the passenger vehicle sector [4]. - Yutong Bus (600066) closed at 33.11 yuan, also receiving two recommendations in the commercial vehicle sector [4]. - Jereh (002353) closed at 66.69 yuan and received two recommendations in the specialized equipment sector [4]. - BYD (002594) closed at 95.24 yuan, with two recommendations in the passenger vehicle sector [4]. Group 3: First Coverage - On December 4th, three companies received initial coverage from brokerages: Cankin Technology, Kaiter Co., and Haidar [5]. - Cankin Technology (688182) was rated "Outperform Industry" by China International Capital Corporation in the communication equipment sector [5]. - Kaiter Co. (920978) received a "Buy" rating from Tianfeng Securities in the automotive parts sector [5]. - Haidar (920699) was rated "Hold" by Dongwu Securities in the home appliance parts sector [5].

Investment Rating - The report maintains a "Buy" rating for the company [7][5] Core Views - The company is expected to benefit from a stable high dividend yield, with a commitment to a minimum dividend payout ratio of 75% and a minimum DPS of 0.19 RMB, corresponding to a guaranteed dividend yield of 5.2% for 2025-2027 [4][5] - The integration of coal and power operations allows the company to mitigate the impact of rising coal prices, as its fuel cost pressure is significantly lower compared to companies with a lower proportion of long-term coal contracts [3][5] - The injection of high-quality assets from the group is anticipated to enhance the company's asset scale and profitability, with the potential to increase operational coal power capacity by 231 MW and coal production capacity by 67% [2][5] Summary by Relevant Sections Dividend Policy - The company has committed to a minimum DPS of 0.19 RMB for 2025-2027, which translates to a guaranteed dividend yield of 5.2% based on the closing price as of December 3, 2025 [4][5] Financial Projections - The projected net profit for the company for 2025-2027 is 875 million, 892 million, and 908 million RMB respectively, with BPS expected to be 3.17, 3.40, and 3.64 RMB [5][11] - The target price for the company is set at 5.28 RMB, reflecting a target PB of 1.55x for 2026 [5][11] Market Context - The report highlights the increasing preference for stable high-dividend stocks amid uncertainties in the profitability expectations for thermal power companies in 2026 due to fluctuations in coal prices and ongoing market reforms [1][5]

Group 1 - Liu Liliang, the former Party Secretary and Chairman of Huaihe Energy Holding Group Equipment Leasing Co., Ltd., is under disciplinary review for serious violations of discipline and law [1] - The disciplinary review is being conducted by the Huaihe Energy Holding Group's Discipline Inspection Commission [1] - Liu is also under investigation by the Bengbu Municipal Supervisory Committee as designated by the Anhui Provincial Supervisory Commission [1]

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2][5]. Core Views - The coal price is expected to maintain a strong oscillation due to a combination of recovering port operations, colder weather, and the need for power plants to replenish their stocks. The demand for coal is anticipated to increase as winter progresses, despite current weak consumption levels [7][8]. - The report highlights the "anti-involution" policy which is expected to continue to restrict supply, thereby supporting coal prices. Additionally, external coal supply is projected to decrease due to various factors affecting major exporting countries [7][8]. - The report suggests investment opportunities in the coal sector, particularly in companies with high elasticity to price changes, as the demand is expected to rise during the peak winter season [8]. Summary by Sections Basic Conditions - The industry comprises 37 listed companies with a total market value of 1,918.464 billion yuan and a circulating market value of 1,881.057 billion yuan [2]. Key Company Performance - Major companies such as Shanxi Coking Coal, Lu'an Environmental Energy, and Yanzhou Coal Mining Company are highlighted with their respective earnings per share (EPS) and price-to-earnings (PE) ratios indicating strong investment potential [5][6]. Coal Price Tracking - The report notes that the price of thermal coal at the port has seen fluctuations, with the price of Shanxi-produced thermal coal at 821 yuan/ton as of November 28, 2025, reflecting a week-on-week decrease of 18 yuan/ton [8]. - The report also tracks the production levels and inventory of coal, indicating a slight decrease in daily production and a stable inventory situation at ports [8][9]. Downstream Performance - The report discusses the daily coal consumption in power plants, which is currently lower than expected but is projected to increase as winter progresses. The report also notes the impact of steel production on coal demand [9][10]. Investment Opportunities - The report emphasizes the potential for investment in coal stocks, particularly those that are expected to benefit from rising coal prices due to seasonal demand increases. Companies like Yanzhou Coal Mining and Shanxi Coking Coal are recommended for their strong market positions and growth potential [8][9].

Core Viewpoint - Huaihe Energy Holding Group, established in 1897, has evolved into a comprehensive energy enterprise focusing on coal, electricity, and gas, and is now leading in digital transformation within the industry [1] Group 1: Digital Transformation - The newly updated "Huaihe Energy" HarmonyOS version enhances mobile office capabilities, integrating multiple new features to improve organizational collaboration, business approval, and employee services [1][3] - The application achieves full business coverage by adding key functionalities such as email, mock exams, and customer service centers, allowing employees to complete office tasks seamlessly on HarmonyOS [3] Group 2: Innovative Features - Multi-device adaptation allows the application to function seamlessly across various HarmonyOS devices, ensuring a consistent user experience in any scenario [3] - Unified scanning service enables employees to access specific pages directly through system-level scanning, significantly improving business accessibility [3] - Intelligent information filling reduces repetitive input by recognizing clipboard content for one-click filling, enhancing efficiency [3][4] - One-click login via Huawei accounts simplifies access while improving security and reducing account management costs for large organizations like Huaihe Energy [3] Group 3: Calendar and Task Management - The application allows for one-click synchronization of important meetings and deadlines to system calendars, with smart reminders to enhance time management [4] - Huaihe Energy's collaboration with HarmonyOS has significantly improved its digital office capabilities, boosting internal business collaboration efficiency [4] - The company aims to continue exploring innovative experiences with HarmonyOS to contribute to the digital transformation of state-owned enterprises in China [4]