内蒙古蒙电华能热电股份有限公司 关于聘任高级管理人员的公告 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"）第十一届 董事会第二十次会议审议批准了《关于聘任公司高级管理人员的议 案》。 鉴于公司副总经理王晓戎先生已任期届满，根据公司总经理张岩 先生提名，经董事会提名委员会审议，董事会同意聘任王晓戎先生（简 历附后）继续担任公司副总经理职务，任期三年。 证券代码：600863 证券简称：内蒙华电 公告编号：临 2025-077 债券代码：240364 债券简称：23 蒙电 Y2 附件： 王晓戎先生简历 王晓戎，男，汉族，1971 年 9 月出生，中国共产党党员，大学 本科学历，高级会计师。 工作经历：曾任内蒙古蒙电华能热电股份有限公司财务部主管、 财务部经理、副总会计师；锡林郭勒热电有限责任公司总会计师；北 方联合电力有限责任公司乌拉特发电厂总会计师；北方联合电力有限 责任公司股权管理部副经理；内蒙古蒙电华能热电股份有限公司副总 经理兼董事会秘书、工会主席、党委委员；内蒙古蒙电华 ...

证券代码：600863 证券简称：内蒙华电 公告编号：临 2025-076 债券代码：240364 债券简称：23 蒙电 Y2 （一）同意《关于聘任公司高级管理人员的议案》。 （三）本次会议以通讯方式召开，于 2025 年 12 月 17 日形成决 议。 （四）公司董事 7 人，实到 7 人。 （五）本次会议由董事长高原先生主持，公司高级管理人员列席 会议。 二、 董事会会议审议情况 内蒙古蒙电华能热电股份有限公司 第十一届董事会第二十次会议决议公告 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。 一、 董事会会议召开情况 （一）本次董事会的召开符合有关法律、行政法规、部门规章、 规范性文件和公司章程的规定。 （二）召开本次会议的通知及资料于 2025 年 12 月 12 日以电子 邮件、书面方式送达。 《内蒙古蒙电华能热电股份有限公司关于聘任高级管理人员的 公告》与本公告同日发布，详见公司临 2025-077 号公告。 根据公司总经理提名，经董事会聘任，由王晓戎先生担任公司副 总经理，任期三年；董事会提名委员会会前对王晓戎先 ...

1 2月12日，内蒙古蒙电华能热电股份有限公司（以下简称"内蒙华电"）发布公告称，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。 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2 2次并购重组审核委员会审议会议，对该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。 内蒙古首家电力上市公司内蒙华电资产重组通过上交所审核。 公告称，本次交易尚需中国证券监督管理委员会同意注册后方可实施。本次交易能否取得 注册，以及最终取得注册的时间均存在不确定性。该公司将根据上述事项的进展情况，严 格按照有关法律法规的规定和要求及时履行信息披露义务，提请广大投资者注意投资风 险。 来源： 上海证券交易所网站 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c n e n e rg y） 编辑丨闫志强 ...

12月12日，内蒙古蒙电华能热电股份有限公司（以下简称"内蒙华电"）发布公告称，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，对该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。 公告称，本次交易尚需中国证券监督管理委员会同意注册后方可实施。本次交易能否取得注册，以及最 终取得注册的时间均存在不确定性。该公司将根据上述事项的进展情况，严格按照有关法律法规的规定 和要求及时履行信息披露义务，提请广大投资者注意投资风险。 公告原文： | 证券代码:600863 | 证券简称:内蒙华电 | 公告编号:临 2025-074 - - - - - - - | | --- | --- | -- ...

Core Viewpoint - Inner Mongolia Huadian (600863.SH) has received approval for a significant asset restructuring, aimed at strengthening its core business and increasing the proportion of clean energy in its portfolio [2][6]. Group 1: Acquisition Details - The company plans to acquire 70% of the equity in Northern Shangdu Zhenglanqi New Energy Co., Ltd. and 75.51% of the equity in Northern Duolun New Energy Co., Ltd. for a total consideration of 5.336 billion yuan [2][4]. - The acquisition will be financed through a combination of issuing shares and cash payments, with a maximum of 2.65 billion yuan raised from specific investors to cover transaction costs and related fees [5][6]. - The overall valuation for Zhenglanqi Wind Power and Duolun is estimated at 4.687 billion yuan and 3.264 billion yuan, respectively, reflecting an appreciation rate of 106.18% and 78.74% [4][5]. Group 2: Financial Impact - Following the completion of the acquisition and ongoing projects, Inner Mongolia Huadian's installed capacity for renewable energy is expected to reach approximately 5.5 million kilowatts, with nearly 50% of its total capacity being from thermal power [3][8]. - The company's revenue and net profit are projected to increase by 7.85% and 23.83%, respectively, compared to pre-restructuring figures, with total assets expected to reach 49.27 billion yuan, a growth of 22.61% [3][9]. Group 3: Strategic Importance - This restructuring is part of Inner Mongolia Huadian's broader strategy to transition towards clean energy, reducing reliance on traditional thermal power amid fluctuating coal prices that impact profitability [7][8]. - The company has been actively enhancing its renewable energy capacity, with significant projects approved and completed in recent years, marking a critical step in its transformation [8][9].

Investment Rating - The report maintains a positive outlook on the power sector, particularly following the increase in coal power capacity pricing in Yunnan, which is expected to stabilize revenue for coal power companies [6][8]. Core Insights - Yunnan has announced an increase in the coal power capacity price recovery of fixed costs to 100%, effective from 2026, which will enhance the stability of coal power revenues and support the integration of renewable energy sources [6][7]. - The report highlights a significant drop in natural gas prices in the U.S. and Northeast Asia, with the latter reaching a 20-month low, indicating a favorable environment for gas companies [10][24]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity, capacity, and ancillary service revenues [8]. Summary by Sections 1. Power Sector - Yunnan's new policy sets the coal power capacity price at 330 RMB per kilowatt per year, allowing full recovery of fixed costs, which is expected to improve the profitability of coal power plants [6][7]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% being green energy, necessitating coal power for peak load support [7]. - The report recommends several companies, including Guodian Power and Inner Mongolia Huadian, for their integrated coal power operations [8]. 2. Natural Gas Sector - U.S. Henry Hub spot prices fell to $4.07/mmBtu, a decrease of 21.56% week-on-week, while Northeast Asia LNG prices dropped to $10/mmBtu, down 6.19% [10][11]. - The report notes that strong supply and high inventory levels in Northeast Asia are contributing to the price decline, with expectations of further price sensitivity from buyers as prices approach $10/mmBtu [24][26]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower costs and improved margins [31][32]. 3. Market Performance - The report indicates that the power and equipment sectors outperformed the Shanghai Composite Index during the review period, while the gas and environmental sectors lagged [34]. - It provides a detailed valuation table for key utility companies, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios [46]. 4. Company and Industry Dynamics - Recent government policies emphasize the development of a clean, low-carbon energy system, with a target of 25% non-fossil energy consumption by 2030 [40][41]. - The report discusses the ongoing transition in the energy sector towards market-driven growth, particularly in new energy storage solutions [41].

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power Investment Corporation, Inner Mongolia Huadian, and China Resources Power [48]. Core Insights - Yunnan Province has increased the coal power capacity price recovery of fixed costs to 100%, which is expected to stabilize revenue for coal power companies and enhance their role in supporting renewable energy integration [7][8]. - The report highlights a significant drop in natural gas prices, with Northeast Asia LNG prices reaching a 20-month low, driven by strong supply and mild weather conditions [12][26]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity revenue, capacity income, and ancillary service income [9]. Summary by Sections 1. Power: Yunnan Increases Coal Power Capacity Price - Yunnan has announced a new mechanism for coal power capacity pricing, allowing for full recovery of fixed costs starting in 2026, set at 330 RMB per kilowatt per year [7][8]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% from green energy sources, necessitating coal power for peak load support [8]. 2. Gas: Global Gas Price Trends - As of December 12, the Henry Hub spot price in the U.S. was $4.07/mmBtu, down 21.56% week-on-week, while Northeast Asia LNG prices fell to $10/mmBtu, a decrease of 6.19% [12][13]. - The report notes that the overall supply of natural gas remains robust, contributing to lower prices in Northeast Asia [26][28]. 3. Weekly Market Review - The power and power equipment sectors outperformed the CSI 300 index, while the public utility, gas, and environmental protection sectors lagged behind [36]. 4. Company and Industry Dynamics - Recent government meetings and policy announcements emphasize the importance of a clean, low-carbon energy system and the development of a new energy system by 2030 [40][43]. - The report includes updates on major companies, such as China Resources Power and Longyuan Power, highlighting their financial activities and operational performance [44][46].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a decline in performance for the third quarter, but its stable earnings and dividend value are highlighted [5] - The company plans to acquire 1.6GW of wind power, which is expected to significantly enhance profitability [7] - The coal-electricity integration strategy is expected to solidify the company's profit moat, with a commitment to substantial dividends over the next three years [7] Financial Summary - For 2025, the company is projected to have a revenue of 19,533 million RMB, a decrease of 12.38% year-on-year [6] - The net profit attributable to shareholders is expected to be 2,140 million RMB, reflecting a year-on-year decline of 7.96% [6] - The earnings per share (EPS) for 2025 is estimated at 0.33 RMB [6] - The company has a target price of 5.03 RMB per share based on a discounted cash flow analysis [7]

Group 1 - The core viewpoint of the article highlights the growth in China's electricity generation, with a reported production of 800.2 billion kilowatt-hours in October 2025, reflecting a year-on-year increase of 7.9% [1] - Cumulative electricity generation from January to October 2025 reached 8,062.55 billion kilowatt-hours, showing a cumulative growth of 2.3% [1] - The article references a market research report by Zhiyan Consulting, which assesses the investment prospects in the Chinese energy industry from 2026 to 2032 [1] Group 2 - The listed companies in the energy sector include Huaneng International (600011), Datang Power (601991), Guodian Power (600795), Huadian International (600027), Changjiang Power (600900), State Power Investment (600886), Chuanwei Energy (600674), Guiguan Power (600236), Inner Mongolia Huadian (600863), and Zhejiang Energy (600023) [1] - The data source for the statistics mentioned is the National Bureau of Statistics, with the information organized by Zhiyan Consulting [1]

中国经济网北京12月12日讯上海证券交易所并购重组审核委员会2025年第22次审议会议于昨日召开，审 议结果显示，内蒙古蒙电华能热电股份有限公司(简称"内蒙华电（600863）"，600863.SH)发行股份购 买资产本次交易符合重组条件和信息披露要求。 重组委会议现场问询的主要问题： 1.请上市公司代表结合上市公司近年来加速推进新能源转型并投资新能源项目背景、控股股东承诺内容 及履行、标的公司规划建设过程等情况，说明本次交易方案设计的合理性。请独立财务顾问代表、律师 代表发表明确意见。 2.请上市公司代表结合本次评估使用的弃风率、结算电量、结算电价、折现率等指标的选取和相关指标 预测期变化，基准日后实际数据和同行业可比案例等情况，说明标的资产评估是否审慎合理。请独立财 务顾问代表、评估师代表发表明确意见。 内蒙华电于昨日晚间更新的《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)》显示，内蒙华电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(简 称"北方公司")购买其持有的北方上都正蓝旗新能源有限责任公司(简称"正蓝旗风电")70%股权与北方多 伦新能源有限责任公 ...