安徽恒源煤电股份有限公司 2025 年第一次临时股东大会会议资料 二 O 二五年十一月 1 会议须知及议程 一、现场会议时间：2025 年 12 月 2 日（星期二）14:30 二、会议召集人：安徽恒源煤电股份有限公司董事会 三、现场会议地点：宿州市西昌路 157 号公司 9 楼会议室 四、会议召开方式：采取现场投票与网络投票相结合的方式 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 12 月 2 日至 2025 年 12 月 2 日 采用上海证券交易所网络投票系统，通过交易系统投票平台 的投票时间为股东大会召开当日的交易时间段，即 9:15-9:25， 9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股 东大会召开当日的 9:15-15:00。 五、会议审议表决事项： 1.关于续聘会计师事务所的议案 2.关于修订《公司章程》并取消监事会的议案 3.关于修订《股东大会议事规则》的议案 4.关于修订《董事会议事规则》的议案 5.关于修订《独立董事工作制度》的议案 6.关于修订《关联交易决策制度》的议案 2.现场参会股东提问与解答 2 3.对上述 ...

证券代码：600971 证券简称：恒源煤电 公告编号：2025-050 安徽恒源煤电股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 17 日 （星期一） 至 11 月 21 日 （星 期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 283563672@qq.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 安徽恒源煤电股份有限公司（以下简称"公司"）已于 2025 年 10 月 24 日发布公司 2025 年第三季度报告，为便于广大投资者更全 面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划 于 2025 年 11 月 24 日 （星期一） 16:00-17:00 举行 2025 年第三季 度业绩说明会，就投资者关心的问题进行交流。 一、 说明会 ...

Core Viewpoint - Hengyuan Coal Power's stock price has shown fluctuations, with a recent increase of 2.06%, while the company has faced significant declines in revenue and profit year-to-date [1][2]. Financial Performance - As of September 30, 2025, Hengyuan Coal Power reported a revenue of 3.782 billion yuan, a year-on-year decrease of 30.07% [2]. - The net profit attributable to shareholders was -99.72 million yuan, reflecting a year-on-year decrease of 110.56% [2]. - The company's stock price has decreased by 16.78% since the beginning of the year, but has seen a slight recovery in the last five trading days with a gain of 1.64% [1]. Shareholder Information - The number of shareholders as of September 30, 2025, was 39,000, a decrease of 4.37% from the previous period [2]. - The average number of circulating shares per shareholder increased by 4.57% to 30,760 shares [2]. Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder is Huatai-PB SSE Dividend ETF, holding 50.98 million shares, a decrease of 1.1711 million shares from the previous period [3]. - The third-largest shareholder, Guotai CSI Coal ETF, increased its holdings by 14.2608 million shares to 23.5816 million shares [3]. - Other notable changes include increases in holdings by several ETFs, while Hong Kong Central Clearing Limited reduced its holdings by 1.90302 million shares [3].

Core Insights - A significant number of A-share listed companies are actively engaging in asset sales, equity transfers, or property disposals as the year-end approaches, with transaction amounts ranging from millions to billions [1][2][3] - Companies are leveraging these asset disposals to enhance profits and optimize their asset structures, indicating a strategic focus on core business operations [1][2][3] Group 1: Asset Sales and Profit Enhancement - Zhuhai Zhongfu plans to sell real estate for 50 million yuan, expecting a pre-tax profit increase of approximately 26.05 million yuan [1] - Shaanxi Black Cat is selling 100% stakes in two coal companies for an estimated 439 million yuan, aiming to maximize shareholder returns and align with long-term strategic goals [2] - The trend of asset sales is seen as a response to favorable market conditions for resource consolidation in the coal industry [2] Group 2: Business Streamlining and Strategic Focus - Yantai Yatong is divesting a loss-making subsidiary for 3.668 million yuan to optimize its industrial layout and enhance competitiveness [2] - Shenzhen Jian Design is selling its loss-making subsidiary to focus on its core business, reflecting a broader trend of companies shedding non-core and inefficient assets [3] - Experts suggest that these asset disposals are proactive measures for financial optimization and strategic adjustments, allowing companies to improve operational quality and prepare for future business developments [3]

Core Insights - The China Securities State-Owned Enterprises Dividend Index (000824) has shown a positive performance with a 0.54% increase as of November 10, 2025, with notable gains in constituent stocks such as Luxi Chemical (000830) up by 9.99% and Shaanxi鼓动力 (601369) up by 2.90% [1] - The National State-Owned Enterprises Dividend ETF (159515) has also increased by 0.25%, indicating a favorable market sentiment towards dividend-paying stocks [1] - Analysts suggest that the fourth quarter may see increased policy measures aimed at stabilizing growth and promoting consumption, which could benefit stable dividend-paying companies [1] Market Performance - The National State-Owned Enterprises Dividend ETF recorded a turnover rate of 1.26% with a transaction volume of 568,400 yuan, and an average daily transaction volume of 4.0748 million yuan over the past month [1] - The top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index account for 17.08% of the index, with China COSCO Shipping (601919) being the largest component [2] Investment Strategy - The current market environment, characterized by high historical index levels and profit-taking pressures, suggests that dividend stocks may offer better value during periods of market volatility [1] - The index comprises 100 listed companies selected for their high cash dividend yields and stable dividend distributions, reflecting the overall performance of high-dividend securities among state-owned enterprises [1]

Core Viewpoint - The company has approved the continuation and division of Anhui Qianyingzi Power Co., Ltd. to optimize management structure and enhance operational efficiency [1] Group 1: Overview of the Division - The division aims to improve resource allocation and promote business synergy [1] - Anhui Qianyingzi Power Co., Ltd. will continue to exist post-division, and a new subsidiary will be established [4] - The division does not constitute a related party transaction or a major asset restructuring [1] Group 2: Pre-Division Basic Information - Anhui Qianyingzi Power Co., Ltd. has a registered capital of 1,572 million yuan [2] - The company was established on August 28, 2013, and operates a 2x350MW low calorific value coal power generation project [2] - The company is jointly owned by the company and Anhui Waneng Co., Ltd., each holding 50% of the shares [3] Group 3: Division Plan - The division will create a new company, Anhui Qianyingzi (Second) Power Co., Ltd., which will handle the second phase expansion project [4] - The existing company will continue its current operations, while the new company will focus on a 1x1000MW coal-fired power generation project and related services [6] Group 4: Financial and Employee Considerations - The division will involve the allocation of assets, liabilities, and equity based on a special audit report as of October 1, 2025 [7] - An employee placement plan will be established to ensure that employee rights are protected during the division process [7] Group 5: Impact of the Division - The division aligns with the company's future strategic planning and is expected to enhance internal resource integration and operational efficiency [8] - The division is not anticipated to adversely affect the company's operational status or the interests of shareholders, particularly minority shareholders [8]

Group 1 - The core point of the article is that Hengyuan Coal Power announced the approval of the spin-off of its subsidiary, Anhui Qianyingzi Power Co., Ltd. [2] Group 2 - The decision was made during the 20th meeting of the 8th board of directors on November 7, 2025 [2]

证券代码：600971 证券简称：恒源煤电 公告编号：2025-049 安徽恒源煤电股份有限公司 关于钱营孜发电公司存续分立的公告 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 担个别及连带责任。 2025年11月7日，公司第八届董事会第二十次会议审议通过了《关 于安徽钱营孜发电有限公司存续分立的议案》，同意公司子公司安徽 钱营孜发电有限公司（简称"钱营孜发电公司"）实施存续分立。现 将有关情况公告如下： 目，电（热）能的生产和销售；电厂废弃物的综合利用及经营；电力 技术咨询、服务；电力物资、设备采购和销售；（依法须经批准的项 目，经相关部门批准后方可开展经营活动）。 （九）股权结构：公司持有其50%股权，安徽省皖能股份有限公 司持有其50%股权。 （十）钱营孜发电公司最近一年经审计的主要财务数据： 单位：万元 | 项目 | 2024年12月31日 | | --- | --- | | 资产总额 | 556,580.55 | | 负债总额 | 387,768.94 | | 净资产 | 168,811.61 | | 项目 | 2024年度 ...

Core Viewpoint - Hengyuan Coal Power (600971.SH) announced a plan to optimize its management structure and resource allocation, aiming to enhance operational efficiency and promote business synergy through the spin-off of Qianyingzi Power Company [1] Group 1 - The company intends to carry out a spin-off of Qianyingzi Power Company, which will continue to exist post-separation [1] - A new subsidiary will be established as a result of the spin-off [1]

Core Viewpoint - The news highlights the increasing importance of dividend assets in the context of China's economic policies, particularly emphasizing the role of "patient capital" from insurance funds and the regulatory push for higher dividend payouts from listed companies [1][2]. Group 1: Market Performance - As of November 7, 2025, the CSI State-Owned Enterprises Dividend Index (000824) rose by 0.39%, with notable increases in constituent stocks such as Huayang Co. (600348) up by 2.58% and CITIC Bank (601998) up by 2.25% [1]. - The National Enterprise Dividend ETF (159515) also saw an increase of 0.50% [1]. Group 2: Policy and Regulatory Environment - The "14th Five-Year Plan" emphasizes the introduction of "patient capital," primarily from insurance funds, which favor dividend assets due to their stable cash flow characteristics [1]. - Policies like the "Nine National Policies" require listed companies to increase their dividend payout ratios, with state-owned enterprises' dividend scale exceeding 370 billion yuan [1][2]. - Regulatory focus on dividend payouts is expected to provide a solid institutional guarantee for the long-term investment value of dividend assets [1]. Group 3: Investment Strategy - Analysts suggest that the policy guidance injects significant vitality into dividend assets, with major brokerages recommending a dual strategy of technology and dividend stocks for 2025, positioning dividend stocks as defensive assets in a low-interest-rate environment [1].