| 证券代码：600863 | 证券简称：内蒙华电 | 公告编号：临 | 2025-014 | | --- | --- | --- | --- | | 债券代码：240363 | | 债券简称：23 | 蒙电 Y1 | | 债券代码：240364 | | 债券简称：23 | 蒙电 Y2 | 内蒙古蒙电华能热电股份有限公司 为响应国家能源结构调整、火电行业加速绿色转型的发展战略， 加快实现绿色能源布局，提升清洁能源占比，内蒙古蒙电华能热电股 份有限公司（以下简称"内蒙华电"或"公司"）拟通过发行股份及 支付现金相结合的方式向北方联合电力有限责任公司（以下简称"北 方公司"）购买其分别持有的北方上都正蓝旗新能源有限责任公司60% 股权与北方多伦新能源有限责任公司 75.51%股权，同时募集配套资 金（以下简称"本次交易"）。 二、本次交易的进展情况 公司因筹划本次交易相关事项，根据上海证券交易所有关规定， 申请公司股票于 2025 年 2 月 11 日（星期二）开市起停牌，停牌时间 不超过 10 个交易日，具体内容详见公司 2025-002 号公告。停牌期间， 公司按照相关规定披露了《关于筹划发行股份及支付现金购 ...

增持计划基本情况：基于对内蒙古蒙电华能热电股份有限公司（以 下简称 "公司"）未来发展的信心，公司控股股东北方联合电力有限 责任公司（以下简称"北方公司"）计划在未来 3 个月内，通过上海 证券交易所允许的方式（包括但不限于集中竞价交易、大宗交易等） 增持公司股份，增持金额不低于人民币 0.5 亿元，不超过人民币 1 亿 元，增持价格不超过 4.45 元/股，资金来源为北方公司自有资金。 风险提示： 本次增持计划可能存在因资本市场发生变化导致延迟或无法实施 的风险，敬请广大投资者注意投资风险。 | 证券代码：600863 | 证券简称：内蒙华电 | 公告编号：临 | 2025-013 | | --- | --- | --- | --- | | 债券代码：240363 | | 债券简称：23 | 蒙电 Y1 | | 债券代码：240364 | | 债券简称：23 | 蒙电 Y2 | 内蒙古蒙电华能热电股份有限公司 关于控股股东增持计划的公告 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： 近日，公司接到控股股东北 ...

| 证券代码：600863 | 证券简称：内蒙华电 | 公告编号：临 | 2025-012 | | --- | --- | --- | --- | | 债券代码：240363 | | 债券简称：23 | 蒙电 Y1 | | 债券代码：240364 | | 债券简称：23 | 蒙电 Y2 | 内蒙古蒙电华能热电股份有限公司 关于发行股份及支付现金购买资产并募集配套资金 暨关联交易事项的进展公告 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。 一、本次交易的基本情况 2025 年 2 月 19 日，公司第十一届董事会第十四次会议审议通过 了《关于公司发行股份及支付现金购买资产并募集配套资金暨关联交 易方案的议案》《关于<内蒙古蒙电华能热电股份有限公司发行股份及 支付现金购买资产并募集配套资金暨关联交易预案>及其摘要的议案》 等相关议案，具体详见本公司于 2025 年 2 月 21 日披露的相关公告。 根据相关规定，经公司向上海证券交易所申请，公司股票（股票简称： 内蒙华电，股票代码：600863）于 2025 年 2 月 21 日 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 5.54 [9]. Core Views - The company has committed to a dividend payout ratio of at least 70% of its distributable profits, with a projected dividend per share (DPS) of no less than RMB 0.1, indicating a strong focus on shareholder returns [3]. - The company plans to acquire wind power assets, which are expected to enhance its profitability, although the specific valuation details are yet to be disclosed [4]. - The market reacted negatively to the asset acquisition announcement, reflecting concerns over the stability of the new assets' profitability and potential dilution of earnings per share (EPS) [5]. Summary by Sections Dividend Policy - The company has reiterated its commitment to a minimum 70% dividend payout ratio for the years 2025 to 2027, alleviating market concerns about potential reductions due to increased capital expenditures in renewable energy [3][6]. Asset Acquisition - The company intends to acquire 60% of the wind power assets from Zhenglanqi and 75.51% from Beifang Duolun, which are part of a larger wind power project [4]. - The average utilization hours for the acquired assets are significantly higher than the regional average, supporting their profitability [5]. Financial Projections - The company forecasts net profits of RMB 2.51 billion, RMB 2.89 billion, and RMB 3.26 billion for the years 2024, 2025, and 2026 respectively, with corresponding EPS of RMB 0.38, RMB 0.44, and RMB 0.50 [8]. - The projected revenue for 2024 is RMB 21.87 billion, reflecting a slight decline from 2023, but expected to recover in subsequent years [8]. Valuation Metrics - The company is currently trading at a PE ratio of 9.6x for 2024, which is below the industry average of 11.1x, suggesting potential undervaluation [13]. - The target price of RMB 5.54 is based on a PE multiple of 12.5x for 2025 earnings, indicating a favorable investment opportunity [7].

| 证券代码：600863 | 证券简称：内蒙华电 | 公告编号：临 | 2025-011 | | | --- | --- | --- | --- | --- | | 债券代码：240363 | | 债券简称：23 | 蒙电 | Y1 | | 债券代码：240364 | | 债券简称：23 | 蒙电 | Y2 | 内蒙古蒙电华能热电股份有限公司关于未来三年 （2025-2027年）股东回报规划的提示性公告 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。 为积极落实中国证券监督管理委员会《关于进一步落实上市公司 现金分红有关事项的通知》和《上市公司监管指引第 3 号——上市 公司现金分红》，以及国资委《关于改进和加强中央企业控股上市公 司市值管理工作的若干意见》的要求，回应广大投资者关切、稳定投 资者信心及预期，进一步巩固内蒙古蒙电华能热电股份有限公司（以 下简称"公司"）与长期股东、耐心股东的紧密联系，截至本公告披 露日，公司已完成《未来三年（2025-2027 年）股东回报规划》的初 步编制工作，现就主要内容提示如下： 20 ...

2025年2月21日，公司在上海证券交易所网站（www.sse.com.cn） 披露了《内蒙古蒙电华能热电股份有限公司发行股份及支付现金购买 资产并募集配套资金暨关联交易预案》（以下简称"重组预案"）等相 关公告及文件。为便于广大投资者全面深入了解公司发展战略、拟收 购标的公司等情况，公司现将投资者关注的热点问题答复如下： （说明：规划、预测相关内容受多种因素影响，非公司相应承诺） 关于投资者关注热点的问答公告 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。 一、投资者关注热点问题 | 证券代码：600863 | 证券简称：内蒙华电 | 公告编号：临 | 2025-010 | | --- | --- | --- | --- | | 债券代码：240363 | | 债券简称：23 | 蒙电 Y1 | | 债券代码：240364 | | 债券简称：23 | 蒙电 Y2 | 内蒙古蒙电华能热电股份有限公司 本次拟募集配套资金的总额不超过本次交易中以发行股份方式 购买资产的交易价格的 100%，且发行股份数量不超过本次发行股份 及支付 ...

| 证券代码：600863 | 证券简称：内蒙华电 | 公告编号：临 | 2025-009 | | --- | --- | --- | --- | | 债券代码：240363 | | 债券简称：23 | 蒙电 Y1 | | 债券代码：240364 | | 债券简称：23 | 蒙电 Y2 | 内蒙古蒙电华能热电股份有限公司关于发行股份及 支付现金购买资产控股股东补充承诺的提示性公告 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。 2025 年 2 月 19 日，公司第十一届董事会第十四次会议审议通过 了关于本次发行股份及支付现金购买资产并募集配套资金暨关联交 易预案的相关议案，具体详见公司于 2025 年 2 月 21 日披露的相关公 告。 截至本公告披露日，本次交易涉及资产的审计、评估、尽职调查 等工作仍在进行中，公司将在相关工作完成后，再次召开董事会会议 审议本次交易的相关事项，并由董事会提请股东大会审议与本次交易 相关的议案。 2025 年 2 月 24 日，北方公司基于对公司未来发展前景的信心和 对公司价值的高度认可，为 ...

Summary of Conference Call Company and Industry - The conference call discusses a renewable energy company involved in wind and coal power generation, specifically focusing on projects in Inner Mongolia. Key Points and Arguments 1. **Investor Concerns**: There are concerns among investors regarding potential dilution and the profitability of ongoing projects, which may have contributed to stock price adjustments [1][3][4]. 2. **Project Performance**: Two renewable energy projects are highlighted, with individual capacities exceeding 4.5 MW. The utilization hours for these projects reached over 3,000 hours, significantly above the regional average of approximately 2,200 hours [2][10]. 3. **Financial Performance**: The company reported profits of 5.4 billion and 2.45 billion for two projects in 2023, with expectations of continued profitability into 2024 [3][4]. 4. **Capital Structure**: The company is pursuing a capital operation project to ensure a balanced industrial structure and protect the interests of minority shareholders [4][5]. 5. **Industry Position**: The company aims to enhance its renewable energy capacity to match its coal-fired power generation capacity, currently at 1,140 MW, with plans to reach 570 MW in renewable energy [5][6]. 6. **Acquisition Strategy**: The company is engaging in mergers and acquisitions to align with national policies and secure financing for large-scale projects, with a focus on wind energy [6][7]. 7. **Market Dynamics**: The company anticipates stable electricity prices, with current market prices for renewable energy projects being higher than coal-fired electricity prices due to demand dynamics [12][22]. 8. **Future Projects**: There are plans for additional projects, with a focus on ensuring they are operational before the new pricing mechanisms take effect in mid-2025 [19][20]. 9. **Debt Management**: The company is working on reducing its perpetual debt and optimizing its capital structure without relying heavily on bank loans [16][21]. 10. **Dividend Policy**: The company emphasizes its commitment to returning value to shareholders, with discussions ongoing regarding future dividend plans [17][18]. Other Important but Overlooked Content 1. **Market Valuation**: The average price-to-earnings (P/E) ratio for similar renewable energy assets is reported at 11.84, while the company's current P/E is around 11, indicating potential undervaluation [8][9]. 2. **Electricity Pricing Mechanism**: The company’s projects are expected to be market-driven rather than reliant on fixed pricing mechanisms, which may provide a competitive edge [32][34]. 3. **Coal Procurement Costs**: The company is experiencing favorable coal procurement costs, which are projected to decrease, benefiting overall profitability [24][28]. 4. **Future Capacity Plans**: There are ongoing efforts to secure additional renewable energy capacity, with potential projects still in the planning stages [30][31]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the company's current status and future outlook in the renewable energy sector.

Core Viewpoint - Inner Mongolia Mengdian Huaneng Thermal Power Co., Ltd. plans to acquire 60% of the equity of Northern Shangdu Zhenglanqi New Energy Co., Ltd. and 75.51% of the equity of Northern Duolun New Energy Co., Ltd. through a combination of issuing shares and cash payment, which will enhance the company's clean energy proportion and align with national carbon reduction goals [1][2]. Group 1 - The acquisition will increase the company's clean energy asset ratio, reducing reliance on traditional energy assets and diversifying the asset structure [2][3]. - The project involves a total installed capacity of 1.6 million kilowatts, with 1.1 million kilowatts from Zhenglanqi Wind Power and 500,000 kilowatts from Northern Duolun [1]. - The share issuance price will not be less than 3.32 yuan per share [1]. Group 2 - The acquisition aligns with the national "dual carbon" goals and the company's development strategy, promoting energy structure transformation [2]. - The company has been actively enhancing its clean energy capacity, with a current installed capacity of 1.8762 million kilowatts, accounting for 14.13% of its total capacity [3]. - The integration of high-quality renewable energy assets will allow the company to invest more in storage and smart grid sectors, enhancing competitiveness in the new energy industry [3].

内蒙古蒙电华能热电股份有限公司董事会 关于本次交易相关主体不存在不得参与任何上市公司 特此说明。 内蒙古蒙电华能热电股份有限公司董事会 2025 年 2 月 21 日 内蒙古蒙电华能热电股份有限公司（以下简称"公司"）拟发行股份及支付现 金购买北方联合电力有限责任公司持有的北方上都正蓝旗新能源有限责任公司 60%股权与北方多伦新能源有限责任公司 75.51%股权，并向不超过 35 名特定投 资者发行股份募集配套资金（以下简称"本次交易"）。现公司董事会就本次交易 相关主体不存在不得参与任何上市公司重大资产重组情形说明如下： 就本次交易，经公司比照《上市公司监管指引第 7 号——上市公司重大资产 重组相关股票异常交易监管》第十二条与《上海证券交易所上市公司自律监管指 引第 6 号——重大资产重组》第三十条的规定逐项自查并审慎判断，本次交易相 关主体，包括公司及公司董事、监事、高级管理人员，公司控股股东（交易对方）、 实际控制人，公司控股股东（交易对方）及实际控制人的董事、监事、高级管理 人员，为本次交易提供服务的中介机构及其经办人员，以及参与本次交易的其他 主体均不存在因涉嫌本次交易相关的内幕交易被立案调查或者 ...