证券代码：600863 证券简称：内蒙华电 公告编号：临 2025-074 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 付现金购买资产暨关联交易事项获得上海证券交易所 并购重组审核委员会审核通过的公告 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。 内蒙古蒙电华能热电股份有限公司（以下简称"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购买其持有的北方上都正 蓝旗新能源有限责任公司 70%股权与北方多伦新能源有限责任公司 75.51%股权， 并募集配套资金（以下简称"本次交易"）。 上海证券交易所并购重组审核委员会（以下简称"上交所重组委"）于 2025 年 12 月 11 日召开 2025 年第 22 次并购重组审核委员会审议会议，对公司本次交 易的申请进行了审议。根据上交所重组委发布的《上海证券交易所并购重组审核 委员会 2025 年第 22 次审议会议结果公告》，本次会议的审议结果为：本次交易 符合重组条件和信息披露要求。 本次交易尚需中国 ...

证券代码：600863 证券简称：内蒙华电 公告编号：临 2025-075 债券代码：240364 债券简称：23 蒙电 Y2 除上述补充和修订之外， 公司对重组报告书全文进行梳理和自查，完善了 少许表述与格式，对本次交易不构成影响。 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报告书 （草案）（注册稿）的修订说明 特此公告。 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。 内蒙古蒙电华能热电股份有限公司（以下简称"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购买其持有的北方上都正 蓝旗新能源有限责任公司 70%股权与北方多伦新能源有限责任公司 75.51%股权， 并募集配套资金（以下简称"本次交易"）。 上海证券交易所并购重组审核委员会（以下简称"上交所重组委"）于 2025 年 12 月 11 日召开 2025 年第 22 次并购重组审核委员会审议会议，对公司本次交 易的申请进行了审议。根据上交所重组委发布的《上海证券交易所并购重组审核 委员会 2025 ...

内蒙华电公告称，公司拟通过发行股份及支付现金方式，向北方联合电力购买北方上都正蓝旗新能源 70%股权与北方多伦新能源75.51%股权，并募集配套资金。2025年上交所重组委召开会议审议该交易申 请，结果显示本次交易符合重组条件和信息披露要求。不过，本次交易尚需中国证监会同意注册方可实 施，存在不确定性。 ...

Core Viewpoint - Inner Mongolia Huadian's acquisition is under scrutiny due to a significant price reduction from 5.717 billion to 5.336 billion yuan, raising concerns about the valuation of the acquired assets and the implications of related party transactions [1][2]. Group 1: Acquisition Details - The acquisition involves related party transactions, with the controlling shareholder of the target assets being the same as Inner Mongolia Huadian's controlling shareholder, Northern United Power Company [2]. - Following the acquisition, Northern United Power Company's shareholding in Inner Mongolia Huadian will increase from 53.23% to 58.18%, enhancing its control [2]. - The valuation of the target companies shows a substantial increase, with Zhenglanqi Wind Power at a 106.18% appraisal increase and Beifang Duolun at 78.74% [2]. Group 2: Share Issuance and Pricing - The share issuance price is set at 3.46 yuan per share, which is 80% of the average trading price over the last 60 trading days prior to the pricing date [3]. - As of December 10, the company's stock closed at 4.67 yuan per share, with a year-to-date low of 3.51 yuan [3]. - There are concerns from small and medium investors regarding the low-priced issuance and high-priced acquisition, although the pricing is deemed legal and compliant [3]. Group 3: Performance Commitments - Northern United Power Company has committed that the cumulative net profit of the two target companies will not be less than 2.683 billion yuan from 2025 to 2027 if the transaction is completed by 2025 [4]. - The performance commitments appear to be lower than historical performance, with Zhenglanqi Wind Power's 2024 net profit at 649 million yuan, while the average annual commitment for 2025-2027 is around 600 million yuan [5]. - Beifang Duolun's 2024 net profit is projected at 344 million yuan, with a commitment of approximately 285 million yuan per year during the commitment period, indicating a cautious outlook on future operational conditions [5].

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly highlighting opportunities in hydropower, thermal power, nuclear power, green energy, and gas companies [11][13]. Core Insights - The mechanism electricity pricing results across multiple regions are approaching their upper limits, indicating strong demand and government support for renewable energy projects [4][7]. - Natural gas prices in Europe are declining, while U.S. gas prices have reached a new high for 2023, driven by increased heating demand due to cold weather [13][20]. - The report emphasizes the importance of operational efficiency in renewable energy projects, as profitability varies significantly across different regions [10][11]. Summary by Sections 1. Electricity Pricing - Recent mechanism electricity pricing results show that several regions, including Hebei and Ningxia, have prices close to the upper limits, reflecting strong demand and sufficient mechanism electricity indicators [4][8]. - The competitive pricing results indicate a disparity based on local consumption capacity and policy direction, with some provinces achieving significantly lower prices due to weaker demand [9][10]. 2. Natural Gas Market - U.S. Henry Hub spot prices reached $5.19/mmBtu, marking a 12.91% increase week-on-week, while European gas prices, such as the TTF, have seen a decline [13][20]. - The report notes a 1.3% year-on-year decrease in China's natural gas consumption in October, with expectations for growth in the upcoming winter months due to heating demand [30][32]. 3. Investment Recommendations - Hydropower: Favorable conditions for winter and spring generation, with recommendations for companies like Yangtze Power and Guodian Power [11]. - Thermal Power: Companies with diversified income sources are recommended, including Guodian Power and Inner Mongolia Huadian [11]. - Nuclear Power: Continued growth expected with new approvals, suggesting a focus on China Nuclear Power and China General Nuclear Power [11]. - Green Energy: Increased stability in project returns with recommendations for companies like Xintian Green Energy and Longyuan Power [11]. - Gas Companies: Recommendations include Kunlun Energy and New Hope Energy, benefiting from cost reductions and improved profitability [32].

Investment Rating - The report maintains a positive outlook on the public utility and environmental sectors, particularly in electricity and natural gas [3][4]. Core Insights - The report highlights significant regional differences in mechanism electricity pricing, with recent auction results approaching upper limits across multiple provinces, indicating strong demand and government support for renewable energy projects [4][10]. - Natural gas prices in Europe continue to decline, while U.S. prices have reached a new high for 2023, driven by increased heating demand due to cold weather [14][21]. - The report emphasizes the importance of refined operational strategies for power stations, as profitability varies significantly across regions and projects [11][12]. Summary by Sections 1. Electricity - Recent mechanism electricity auction results show prices close to upper limits in regions like Hebei and Ningxia, with significant volumes of wind and solar energy being auctioned [8][9]. - The report notes that the differences in mechanism electricity pricing reflect local consumption capabilities and policy directions [10][11]. 2. Natural Gas - U.S. Henry Hub spot prices reached $5.19/mmBtu, a 12.91% increase week-on-week, while European gas prices, such as TTF and NBP, have seen declines of 5.57% and 9.96% respectively [14][15]. - The report indicates a 1.3% year-on-year decline in China's apparent natural gas consumption in October, with expectations for growth in Q4 due to seasonal heating demands [31][33]. 3. Investment Recommendations - Recommendations include investing in hydropower companies like Yangtze Power and Guodian Power, as well as coal-fired power companies such as Guodian Power and Inner Mongolia Huadian [12]. - For natural gas, the report suggests focusing on integrated companies like Kunlun Energy and New Hope Energy, which are expected to benefit from cost reductions and improved profitability [33][34].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600863证券简称：内蒙华电公告编号：临2025-072 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报告书 （草案）（上会稿）的修订说明 公司近日收到上海证券交易所出具的《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的审核中心意见落实函》（上证上审（并购重组）〔2025〕102号） （以下简称"《落实函》"）。根据《落实函》及上海证券交易所审核意见的要求，公司于2025年12月5 日披露了《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 报告书（草案）（上会稿）》（以下简称"草案(上会稿)")等文件，具体内容详见公司披露在上海证券交 易所网站（http://www.sse.com.cn）的相关文件。 相较公司于2025年12月3日披露的《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报告书（草案）（二次修 ...

Core Viewpoint - The article discusses the resignation of two non-independent directors from Inner Mongolia Mengdian Huaneng Thermal Power Co., Ltd. and the appointment of new board members, indicating a shift in the company's governance structure [2][5][7]. Group 1: Director Resignation - Yang Xiaohua and Gao Yujie resigned from their positions as non-independent directors and members of the Strategy and ESG Committee due to work arrangement adjustments, effective immediately upon submission of their resignation reports [2][5][7]. - The resignations will not lead to a decrease in the number of board members below the legal minimum, ensuring the normal operation of the board and the company's daily operations [7][8]. Group 2: New Appointments - Wang Feifei has been nominated as a non-independent director of the 11th Board, with her term starting from the date of approval by the shareholders' meeting until the end of the current board's term [2][9]. - Wang Xiaorong was elected as the employee representative director during the 6th meeting of the 3rd Employee Congress, with his term starting from December 2, 2025, until the end of the current board's term [2][10]. Group 3: Company Background - Inner Mongolia Mengdian Huaneng Thermal Power Co., Ltd. is the first listed company in Inner Mongolia and one of the first listed companies in the national power system, with a total controllable installed capacity of 13.2469 million kilowatts [17]. - As of June 30, 2024, the company had a total asset value of 40.32 billion yuan, with an operating income of 10.769 billion yuan and a net profit attributable to shareholders of 1.768 billion yuan [17].

智通财经APP讯，内蒙华电(600863.SH)发布公告，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购买其持有的北方上都正蓝旗新能源有限责任公司70%股权与北方多伦新能源 有限责任公司75.51%股权，并募集配套资金。根据上交所并购重组审核委员会公告的《上海证券交易 所并购重组审核委员会2025年第22次审议会议公告》，上交所并购重组审核委员会定于2025年12月11日 召开2025年第22次并购重组审核委员会审议会议，审核公司本次交易的申请。 ...

智通财经APP讯，内蒙华电(600863.SH)发布公告，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购买其持有的北方上都正蓝旗新能源有限责任公司70%股权与北方多伦新能源 有限责任公司75.51%股权，并募集配套资金。根据上交所并购重组审核委员会公告的《上海证券交易 所并购重组审核委员会2025年第22次审议会议公告》，上交所并购重组审核委员会定于2025年12月11日 召开2025年第22次并购重组审核委员会审议会议，审核公司本次交易的申请。 ...