华泰联合证券有限责任公司 关于 华电能源股份有限公司 发行股份购买资产并募集配套资金暨关联交易 之 标的资产减值测试情况的核查意见 独立财务顾问 签署日期：二〇二五年十二月 释 义 | 本独立财务顾问核查 | 指 | 《华泰联合证券有限责任公司关于华电能源股份有限公司 发行股份购买资产并募集配套资金暨关联交易之标的资产 | | --- | --- | --- | | 意见 | | 减值测试情况的核查意见》 | | 华电能源、公司、上 | 指 | 华电能源股份有限公司 | | 市公司 | | | | 本次交易 | 指 | 华电能源向华电煤业发行股份购买其持有的锦兴能源 | | | | 51.00%股权并募集配套资金 | | 标的公司、锦兴能源 | 指 | 山西锦兴能源有限公司 | | 标的资产 | 指 | 华电煤业持有的锦兴能源 51.00%的股权 | | 交易对方、华电煤业 | 指 | 华电煤业集团有限公司 | | 《盈利预测补偿协 | 指 | 华电能源与交易对方于 年 月 日签署的《盈利预 2022 7 26 | | 议》 | | 测补偿协议》 | | 中国证监会 | 指 | 中国证券监督管理委员会 | | ...

华电能源股份有限公司 投资管理规定 第一章 总 则 第一条 以习近平新时代中国特色社会主义思想为指导，完 整、准确、全面贯彻新发展理念，建立战略导向明确、治理结构 优良、管控体系科学、运作机制高效、基础管理扎实、监督考核 闭环的投资管理体系，切实提高发展质量和效益，有效防范投资 风险，根据国家有关法律、法规及《华电能源股份有限公司章程》 等管理制度，制定本规定。 第二条 本规定适用于华电能源股份有限公司（以下简称 "公司"）系统各基层企业的境内投资活动。本规定所指基层企 业是指公司所管理的企业。 第三条 本规定所称投资包括固定资产投资与股权投资。 固定资产投资是指建造和购置固定资产的投资活动。主要包 括：（1）基建投资，指能够形成新增生产能力、直接产生经济 效益的新建、扩建、改建等基本建设项目投资以及固定资产购置 等；（2）技改投资，指对经营性固定资产以及现有设施、工艺 条件等，采用新技术、新工艺、新设备、新材料进行改造提升， 以及设备更新、生产零购等投资活动；（3）研发投入，指为实 施科学研究与试验发展，而实际发生的全部经费支出，主要包括 电力生产类、电力建设类、煤炭类、研发和数智化类、安全环保 — 1 — ...

Core Viewpoint - Huadian Liao Energy's stock has shown fluctuations with a year-to-date increase of 9.78%, but recent trends indicate a decline over various time frames, raising concerns about its performance in the market [1][2]. Financial Performance - For the period from January to September 2025, Huadian Liao Energy reported operating revenue of 3.068 billion yuan, a year-on-year decrease of 1.72% [2]. - The net profit attributable to shareholders was 3.3242 million yuan, reflecting a significant year-on-year decline of 86.27% [2]. Stock Market Activity - As of November 25, the stock price was 3.03 yuan per share, with a market capitalization of 4.462 billion yuan [1]. - The stock experienced a net inflow of main funds amounting to 4.1903 million yuan, with large orders accounting for 24.55% of total buying [1]. - The stock has appeared on the "龙虎榜" (Dragon and Tiger List) seven times this year, with the most recent instance on July 10, where it recorded a net buy of -29.0404 million yuan [1]. Shareholder Information - As of September 30, the number of shareholders increased to 64,300, a rise of 3.63% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 3.50% to 22,898 shares [2]. Dividend Information - Since its A-share listing, Huadian Liao Energy has distributed a total of 328 million yuan in dividends, with no dividends paid in the last three years [3].

博润律师事务所 黑龙江博润律师事务所 关于华电能源股份有限公司 2025 年第二次临时股东会律师见证 法律意见书 地址:哈尔滨市香坊区红旗大街 227 号四通中心 13 层 电话:0451-82397555 2025 年 11 月 博润律师事务所 致:华电能源股份有限公司 黑龙江博润律师事务所 关于华电能源股份有限公司 2025 年第二次临时股东会律师见证之 根据华电能源股份有限公司(下称"公司")的委托,并依据《中 华人民共和国公司法》(下称"《公司法》")、《中华人民共和国 证券法》(下称"《证券法》")、《上市公司股东会规则》(下称"《股 东会规则》")等法律、行政法规、规范性文件以及《华电能源股份 有限公司章程》(下称"《公司章程》")的规定,黑龙江博润律师 事务所(下称"本所")指派本所刘绒绒、王立欢律师出席了公司 2025 年第二次临时股东会(下称"本次股东会"),对本次股东会的相关事 项依法进行见证。 本所同意将本法律意见书随公司本次股东会的决议一并予以公 告,并依法对本所出具的法律意见承担相应责任。 本所律师仅对本次股东会的召集和召开程序、本次股东会召集 人和出席会议人员的资格、本次股东会审议 ...

证券代码：600726 900937 证券简称：华电能源 华电 B 股 公告编号：2025-040 华电能源股份有限公司 2025年第二次临时股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 441 | | --- | --- | | 其中：A 股股东人数 | 437 | | 境内上市外资股股东人数（B 股） | 4 | | 2、出席会议的股东所持有表决权的股份总数（股） | 6,496,026,098 | | 其中：A 股股东持有股份总数 | 6,495,933,898 | | 境内上市外资股股东持有股份总数(B 股) | 92,200 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 82.1518 | (一) 股东会召开的时间：2025 年 11 月 24 日 (二) 股东会召开的地点：黑龙江省哈尔滨市南岗区大成街 209 号公司本部 (三) 出席会议 ...

Core Viewpoint - The company is focusing on the integration of coal power and renewable energy, aiming to enhance its operational efficiency and profitability while promoting green development and high-quality growth [1][2][3] Group 1: Company Overview - Huadian Energy operates 12 wholly-owned and controlled thermal power generation enterprises and one coal enterprise, with a total installed capacity of 6.412 million kilowatts and a total heating area of 143 million square meters [1] - The company is the largest thermal power generation enterprise in Heilongjiang Province, primarily producing electricity and heat, with its thermal power plants located in major cities [1] - Huadian Energy also engages in coal production and sales, with its coal enterprise located in Shanxi Province, focusing on high-quality thermal coal and coking coal [1] Group 2: Environmental and Safety Initiatives - The company emphasizes environmental protection and transformation in coal energy, implementing a clear development path for environmental governance and clean utilization of coal [2] - Safety is a cornerstone of the company's operations, with strict adherence to safety production responsibilities and the application of advanced technologies for real-time monitoring of over 200 key indicators [2] Group 3: Investment and Project Development - On November 8, the company announced plans to invest 12.043 billion yuan in the construction of two 660,000-kilowatt thermal power generation units and a 1.4 million-kilowatt wind power project [2] - This investment is a significant milestone in the company's energy structure transformation, expected to enhance the capacity and proportion of clean energy [2][3] - The "coal power + renewable energy" integrated operation model aims to optimize the company's power generation structure and improve overall operational efficiency [3] Group 4: Strategic Growth and Capacity Enhancement - The investment project will replace six smaller units with two advanced 660,000-kilowatt units, significantly improving energy efficiency and reducing emissions [3] - The acquisition of capacity replacement indicators by the company's subsidiary is in line with national policies, enhancing the company's capacity reserves and supply capabilities [3]

Core Viewpoint - Huadian Energy is focusing on the integration of coal and renewable energy to enhance operational efficiency and promote green development, with significant investments planned for new projects [1][2][3] Group 1: Company Overview - Huadian Energy operates 12 thermal power generation enterprises and one coal enterprise, with a total installed capacity of 6.412 million kilowatts and a heating supply area of 143 million square meters [1] - The company is the largest thermal power generation enterprise in Heilongjiang Province, primarily engaged in the production and sale of electricity and heat [1] - The coal production and sales operations are based in Shanxi Province, focusing on high-quality thermal coal and coking coal, serving multiple regions including Shandong, Anhui, and others [1] Group 2: Environmental and Safety Initiatives - The company emphasizes environmental protection and the transformation of coal energy, implementing a clear development path for environmental governance and clean utilization of coal [2] - Safety is a cornerstone of the company's operations, with strict adherence to safety production responsibilities and the use of advanced technologies for real-time monitoring of over 200 key indicators [2] Group 3: Investment and Project Development - Huadian Energy plans to invest 12.043 billion yuan in the construction of two 660,000-kilowatt thermal power generation units and a 1.4 million-kilowatt wind power project [2] - The investment is seen as a significant milestone in the company's energy structure transformation, expected to enhance the capacity and proportion of clean energy [2][3] - The "coal and renewable energy" integrated operation model aims to optimize the power generation structure and improve overall operational efficiency and profitability [3] Group 4: Strategic Initiatives - The investment project will replace six smaller units with two advanced units, significantly improving energy efficiency and reducing emissions [3] - The acquisition of capacity replacement indicators by the subsidiary Jin Xing Company aligns with national policies, enhancing the company's capacity reserves and supply capabilities [3]

Investment Rating - The industry investment rating is "Overweight" (maintained) [4] Core Viewpoints - The report highlights the continuous increase in wind power bidding in November, with expectations for wind turbine prices to stabilize and recover [3] - The integration of "wind power + supercomputing" and "coal power + wind power" is seen as a key driver for energy transition in Heilongjiang [4] - The establishment of the first "wind power + supercomputing" project in Northeast China aims to create a closed-loop system for green electricity supply and high-performance computing, significantly reducing carbon emissions from data centers [4] Summary by Sections Project Developments - On November 6, a framework agreement was signed for a green industry project in Tonghe County, with a total investment of approximately 2.228 billion yuan, focusing on the synergy between energy structure and digital infrastructure [4] - On November 7, Huadian Energy announced plans to invest 12.043 billion yuan in a new integrated coal and renewable energy project in Heilongjiang [4] Financial Projections - The report outlines expected investment returns for six wind power projects, with the Qiqihar Fularji wind power project leading at a 20.55% return rate, while others range from 9.01% to 19.76% [4] Investment Recommendations - The report suggests focusing on local wind power operator Jiuzhou Group and Huadian Energy, one of China's five major power groups [4]

华电能源股份有限公司 2025年第二次临时股东会会议材料 2025年11月 1 会议议题 1.关于黑龙江华电富拉尔基发电厂 2×66 万千瓦"上大 压小"热电联产机组与新能源一体化联营项目投资决策的议 案 2 各位股东： 为贯彻落实国家相关产业政策，推动公司转型升级，华 电能源股份有限公司（简称"华电能源"或"公司"）拟投 资黑龙江华电富拉尔基发电厂（以下简称"富发电厂"）2 ×66 万千瓦"上大压小"热电联产机组与新能源一体化联营 项目（简称"本项目""煤电项目"或"风电项目"），项 目总投资 120.43 亿元（具体投资金额以实际投入为准）。 本次对外投资不构成关联交易，亦不构成《上市公司重 大资产重组管理办法》规定的重大资产重组。 一、项目基本情况 煤电项目拟在富发电厂厂区内扩建 2×66 万千瓦超超临 界燃煤热电机组，建成后关停 6×20 万千瓦机组，并接替其 现有供热负荷。煤电项目总投资 59.6 亿元，建设单位为富发 电厂。 2×66 万千瓦"上大压小"热电联产项目总投资 59.6 亿 元，计划 2026 年 7 月开工建设，2028 年底前实现双投。 配套 140 万千瓦新能源暂由六个风电项目组 ...

Core Viewpoint - Huadian Energy is actively pursuing structural adjustments and green transformation, focusing on the integration of coal and renewable energy projects to enhance profitability and align with national energy policies [1][2]. Group 1: Company Operations - Huadian Energy is the largest thermal power generation company in Heilongjiang Province, with power generation facilities located in major cities such as Harbin, Qiqihar, Mudanjiang, and Jiamusi [1]. - The company maintains a high proportion of long-term coal contracts, effectively stabilizing coal supply and prices [1]. - Huadian Energy is advancing the renovation of old units and the "large-scale replacement of small units" initiative, particularly at the Harbin Third Power Plant [1]. Group 2: Investment Projects - The company plans to invest a total of 120.43 billion yuan in the Fulaerji Power Plant, which includes the construction of two 66 MW supercritical coal-fired units and the integration of renewable energy projects [2]. - The coal power project is expected to replace six existing 20 MW units, with a total investment of 59.6 billion yuan, scheduled to start construction in July 2026 and achieve dual investment by the end of 2028 [2]. - The renewable energy component consists of six wind power projects with a total investment of 60.83 billion yuan [2]. Group 3: Strategic Direction - The company's strategic planning is aligned with national energy policies and market changes, with no current plans to divest from power generation and heating businesses [2]. - The implementation of these projects is expected to support regional economic development, energy security, and enhance the company's profitability, aligning with future industry trends [2].