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 证券简称：600863.SH 股票简称：内蒙华电 上市地点：上海证券交易所 实施情况暨新增股份上市公告书（摘要） 独立财务顾问 二〇二六年一月 1 上市公司声明 本部分所述词语或简称与本上市公告书摘要"释义"所述词语或简称具有相 同含义。 1、本公司及全体董事、高级管理人员保证本上市公告书摘要内容的真实、 准确、完整，并对其虚假记载、误导性陈述或者重大遗漏承担相应的法律责任。 2、本公司负责人和主管会计工作的负责人、会计机构负责人保证本上市公 告书摘要中所引用的相关数据真实、准确、完整。 3、本次交易完成后，本公司经营与收益的变化，由本公司自行负责；由此 变化引致的投资风险，由投资者自行负责。投资者在评价本次交易时，除本上市 公告书摘要内容以及与其同时披露的相关文件外，还应认真考虑本次交易的其他 全部信息披露文件。投资者若对本上市公告书摘要存在任何疑问，应咨询自己的 股票经纪人、律师、专业会计师或其他专业顾问。 4、本上市公告书摘要所述事项并不代表中国证监会、上交所及其他监管部 门对本次交易相关事项的实质判断。审批机关对于本 ...

证券简称：600863.SH 股票简称：内蒙华电 上市地点：上海证券交易所 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 实施情况暨新增股份上市公告书 独立财务顾问 二〇二六年一月 1 上市公司声明 本部分所述词语或简称与本上市公告书"释义"所述词语或简称具有相同含 义。 1、本公司及全体董事、高级管理人员保证本上市公告书内容的真实、准确、 完整，并对其虚假记载、误导性陈述或者重大遗漏承担相应的法律责任。 2、本公司负责人和主管会计工作的负责人、会计机构负责人保证本上市公 告书中所引用的相关数据真实、准确、完整。 3、本次交易完成后，本公司经营与收益的变化，由本公司自行负责；由此 变化引致的投资风险，由投资者自行负责。投资者在评价本次交易时，除本上市 公告书内容以及与其同时披露的相关文件外，还应认真考虑本次交易的其他全部 信息披露文件。投资者若对本上市公告书存在任何疑问，应咨询自己的股票经纪 人、律师、专业会计师或其他专业顾问。 4、本上市公告书所述事项并不代表中国证监会、上交所及其他监管部门对 本次交易相关事项的实质判断。审批机关对于本次交易相关事项所做的任何决定 或 ...

证券代码：600863 证券简称：内蒙华电 公告编号：临 2026-002 债券代码：240364 债券简称：23 蒙电 Y2 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：3.46 元/股 发行数量：771,864,503 股 预计上市时间 内蒙古蒙电华能热电股份有限公司（以下简称"公司"、"上市公司"或 "内蒙华电"）本次发行股份及支付现金购买资产涉及的新增股份已于 2026 年 1 月 7 日在中国证券登记结算有限责任公司上海分公司（以下简称 "中证登上海分公司"）办理完毕股份登记手续。本次新增股份可在其限售 期满的次一交易日在上海证券交易所（以下简称"上交所"）上市交易（如 遇法定节假日或休息日，则顺延至其后的第一个交易日），限售期自股份发 行结束之日起开始计算。 资产过户情况 截至本公告披露日，本次发行股份及支付现金购买的标的资产已过户 登记至公司名下，公司现持有北方上都正蓝旗新能源有限责任公司（以下 简称"正蓝旗风电"）70%股权与北方多伦新能源有限责任公司（以下简称 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 暨关联交易之发行结果暨 ...

北京市嘉源律师事务所 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 之实施情况的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 二〇二六年一月 ̣ 源 律师 事务所 IA YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONGKONG · 广州 GUANGZHOU· 西安 XI AN 致:内蒙古蒙电华能热电股份有限公司 北京市嘉源律师事务所 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 之实施情况的法律意见书 嘉源(2026)-02-004 敬启者: 根据内蒙华电的委托,本所担任内蒙华电本次重组的专项法律顾问。本所 已于 2025年 7 月 9 日就本次重组出具了嘉源(2025)-02-071《北京市嘉源律师事 务所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法律意见书》,于 2025年7月25日就本次重组出具 了嘉源(2025)-02-080《北京市嘉源律师事务所关于内蒙古蒙电华能 ...

北京市嘉源律师事务所 关于北方联合电力有限责任公司 免于发出要约的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 二〇二六年一月 l 聖务所 A YUAN LAW OFFICES 北京 BEIJING ·上海 SHANGHAI ·深圳 SHENZHEN ·香港 HONGKONG · 广州 GUANGZHOU · 西安 XI AN 北京市嘉源律师事务所 关于北方联合电力有限责任公司 免于发出要约的法律意见书 嘉源(2026)-02-005 敬启者: 内蒙古蒙电华能热电股份有限公司(以下简称"内蒙华电")拟发行股份 及支付现金购买资产并募集配套资金(以下简称"本次重组"),北京市嘉源 律师事务所(以下简称"本所")担任本次重组的专项法律顾问,并获授权就 本次重组涉及的北方联合电力有限责任公司(以下简称"北方公司")增持内 蒙华电股份免于发出要约事宜进行核查,出具本法律意见书。 本法律意见书根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 16号 -- 上市公司收购报告书》等法律法规及规范性文件的规定,按照律师行 业公 ...

内蒙华电公告称，公司拟发行股份及支付现金，向北方公司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。2025年12月31日，公司获证监会相关批复。本次权益变动后，北方公司及其 一致行动人持股比例由53.23%增至58.18%，权益变动比例触及5%刻度整数倍。本次变动不会导致公司 控股股东及实际控制人变更，符合免于发出要约规定，不影响公司上市地位。 ...

Summary of Inner Mongolia Huadian Conference Call Company Overview - Inner Mongolia Huadian is a key player in the northern thermal power sector, benefiting from a recent stock price correction that has increased expected returns, presenting a secondary investment opportunity [2][3]. Key Points and Arguments Investment Potential - The company is recommended as a top pick in the thermal power sector due to the market's reassessment of the value of such companies [2]. - The integration of coal and electricity operations provides stronger profitability stability and competitiveness, especially in fluctuating coal price environments [2][4]. Capacity Price Increase - A tiered increase in capacity prices is expected in 2026, with most regions seeing prices rise from 100 RMB/kW per year to 165 RMB/kW per year, positively impacting cash flow and dividend predictability for thermal power companies [2][8]. Dividend Policy - Inner Mongolia Huadian commits to distributing no less than 70% of its distributable profits as dividends, with a minimum payout of 0.1 RMB per share, enhancing investor confidence [2][9]. Coal Supply and Cost Management - The company produces nearly 45% of its coal needs internally, which helps reduce costs and mitigate risks associated with coal price fluctuations [2][10]. Competitive Advantages - Inner Mongolia Huadian's coal power generation capacity is 11 GW, with 6 GW serving the Inner Mongolia region and 5 GW serving the North China grid, benefiting from stable electricity prices in North China [10][12]. Market Valuation - Traditional market valuations for thermal power are considered simplistic; a reevaluation based on the company's self-sufficiency in fuel supply could yield a more competitive market valuation [11]. Additional Insights Renewable Energy Initiatives - The company is actively expanding its renewable energy portfolio, with approximately 1.8 GW of wind and solar capacity, aligning with national green development strategies [4][13]. - Recent asset injections from major shareholders into wind projects indicate strong support for the company's growth [17][18]. Future Market Dynamics - The renewable energy sector is viewed as nearing a bottom in the market cycle, with long-term potential driven by policy improvements and increased demand for green certificates [14][16]. Overall Recommendation - Inner Mongolia Huadian is recommended as a key investment target due to its stable asset profitability, reasonable valuations, high dividend yield, and ongoing expansion in renewable energy, which could provide further market value growth [19].

Core Viewpoint - The acquisition by Inner Mongolia Huadian (600863.SH) reflects a strategic shift towards renewable energy, aligning with national policies to optimize state-owned assets and enhance the quality of central enterprises [1][2][19]. Transaction Features - The transaction showcases typical characteristics of state-owned enterprises, involving internal asset integration under the same control of China Huaneng, which aligns with the State-owned Assets Supervision and Administration Commission's (SASAC) policies [1][17]. - The assessed value of the target assets shows a high appreciation rate, with the Zhenglanqi Wind Power project valued at an increase of 106.18%, and the major shareholder has committed to a three-year performance guarantee with a long lock-up period of 60 months, indicating confidence in long-term development [1][17]. Timeline - Key dates include: - February 11, 2025: Trading suspension - February 21, 2025: Transaction proposal - July 10, 2025: Disclosure of restructuring draft - December 31, 2025: Completion of asset transfer after approvals [18]. Industry and Business Logic - The core logic behind the acquisition is to respond to policy shifts, strengthen the renewable energy business, and optimize profit structure, ultimately enhancing asset quality and market value [2][19]. - As of the end of 2024, the company's renewable energy installed capacity reached 1.8762 million kilowatts, accounting for 14.13% of total capacity, with expectations for further growth post-transaction [20]. Transaction Overview - Inner Mongolia Huadian operates primarily in thermal power generation and has a total installed capacity of 13.2762 million kilowatts, with coal-fired generation accounting for 85.87% and renewable energy for 14.13% [3][20]. - The target assets include: - Zhenglanqi Wind Power Company with a capacity of 1.1 million kilowatts, recognized for its innovative infrastructure [4]. - Duolun Wind Power Company with a capacity of 0.5 million kilowatts [5]. Transaction Plan - The company plans to acquire 70% of Zhenglanqi Wind Power and 75.51% of Duolun Wind Power through a combination of share issuance and cash payment, with a total transaction value of 5.336 billion yuan [6][21]. - The shareholding structure post-transaction will see the controlling shareholder's stake increase from 53.23% to 58.18% [22]. Performance Commitment - The major shareholder has committed to a cumulative net profit of no less than 871.37 million yuan by the end of 2025, with further commitments for subsequent years [23][24]. Secondary Market Performance - The company has maintained a consistent profit distribution policy, with a cash dividend of 1.85 yuan per 10 shares in 2024, totaling 1.207 billion yuan [12][26]. - The historical dividend statistics show a cumulative cash dividend of 11.656 billion yuan since its listing, with an average dividend payout ratio of 56.69% [29].

Core Viewpoint - Inner Mongolia Mengdian Huaneng Thermal Power Co., Ltd. plans to acquire 70% equity of Northern Shangdu Zhenglanqi New Energy Co., Ltd. and 75.51% equity of Northern Duolun New Energy Co., Ltd. from Northern United Power Co., Ltd. through a combination of issuing shares and cash payment, along with raising supporting funds [1][8] Group 1 - The company received approval from the China Securities Regulatory Commission (CSRC) on December 31, 2025, for the registration of the share issuance to purchase assets and raise supporting funds [1][8] - The company will issue 771,864,503 shares to acquire the relevant assets and raise no more than 265 million yuan in supporting funds [2][8] - The approval is valid for 12 months from the date of issuance, and the company must comply with relevant regulations during the implementation process [5][8] Group 2 - The company has revised the asset purchase and fundraising report, ensuring that the content does not contain any false records, misleading statements, or significant omissions [8][9] - The revised report includes minor adjustments in expression and format but does not affect the transaction [9]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [1]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, reflecting a shift in the power generation model from reliance on thermal power to a more diversified income structure [6][7]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, indicating a recovery in demand, particularly due to heating needs during the winter season [34]. - The report highlights the importance of optimizing the electricity market mechanism and restructuring the power generation mix as key future trends [7]. Summary by Sections 1. Electricity: 2026 Long-term Electricity Prices - The annual transaction results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 yuan/MWh, down 16.55% from the previous year [6][8]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively [6][8]. - The report suggests that coastal provinces will face significant pricing pressure in 2026, as the role of thermal power shifts from being the main energy source to a regulatory support role [7]. 2. Gas: November Natural Gas Consumption - In November 2025, the apparent consumption of natural gas reached 362.8 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 3,880 billion m³, a slight decline of 0.1% [34]. - The report notes that the increase in consumption is attributed to a low base from the previous year and a recovery in industrial gas demand [34]. - The report also highlights a favorable trend in natural gas pricing, with a decrease in costs due to lower international oil prices and improved supply conditions [36]. 3. Investment Analysis Recommendations - For thermal power, the report recommends companies with integrated coal and power operations, such as Guodian Power and Inner Mongolia Huadian, as well as those with significant large unit ratios like Datang Power and Huaneng International [10]. - In the hydropower sector, companies like Yangtze Power and Guotou Power are recommended due to their sufficient capacity and expected improvements in profit margins [10]. - The report suggests focusing on nuclear power companies like China Nuclear Power and China General Nuclear Power, which have stable cost structures and high utilization hours [10]. - For green energy, companies such as Xintian Green Energy and Longyuan Power are highlighted for their stable returns and increasing operational benefits from environmental value releases [10].