中信证券股份有限公司 关于担任湖南能源集团发展股份有限公司资产重组 独立财务顾问的承诺函 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）接受 湖南能源集团发展股份有限公司（以下简称"湖南发展"或"上市公司"）的委 托，担任湖南发展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 （以下简称"本次交易"）的独立财务顾问。中信证券在充分尽职调查和内部核 查的基础上作出以下承诺： 发表有关核查意见是独立进行的； 供方已承诺上述有关资料、信息均为真实、准确和完整的，保证所提供的资料、 信息不存在任何虚假记载、误导性陈述或者重大遗漏，并对所提供资料、信息的 真实性、准确性和完整性承担相应的法律责任。本独立财务顾问不承担由此引起 的任何风险和责任； 上有理由确信所发表的专业意见与本次交易各方现阶段披露的文件内容不存在 实质性差异； 确信披露文件的内容与格式符合要求； 立财务顾问出具核查意见的交易方案符合法律、法规和中国证券监督管理委员会 及深圳证券交易所的相关规定，基于所获取的信息及履行的尽职调查，所披露的 信息真实、准确、完整，未发现虚假记载、误导性陈述或者重大遗漏； 本独立财务顾问内核机构审查， ...

Group 1 - The transaction does not constitute a restructuring listing as the actual control of the company has not changed in the last thirty-six months [1] - The controlling shareholder before and after the transaction remains Hunan Energy Group Co., Ltd. [1] - The actual controller of the company is still the State-owned Assets Supervision and Administration Commission of Hunan Provincial People's Government [1]

中信证券股份有限公司 关于本次交易符合《关于加强证券公司在投资银行类业务中聘请第三 方等廉洁从业风险防控的意见》的相关规定之核查意见 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）接受 湖南能源集团发展股份有限公司（以下简称"湖南发展"或"上市公司"）的委 托，担任湖南发展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 （以下简称"本次交易"）的独立财务顾问。中信证券根据《上市公司重大资产 重组管理办法》的规定，就本次交易是否符合《关于加强证券公司在投资银行类 业务中聘请第三方等廉洁从业风险防控的意见》的相关规定进行核查，并发表如 下意见： 财务顾问主办人： 一、独立财务顾问有偿聘请第三方的核查 本次交易中，独立财务顾问不存在直接或间接有偿聘请第三方的行为。 二、上市公司有偿聘请第三方的核查 独立财务顾问对上市公司有偿聘请第三方等相关行为进行了专项核查。经核 查，截至本核查意见出具之日，上市公司在本次交易中聘请的第三方机构或个人 的情况如下： 构和上市公司备考报表审阅机构； 上述中介机构均为本次交易依法聘请的证券服务机构，聘请行为合法合规。 除上述聘请行为外，上市公司本次交易不存在直接 ...

Core Viewpoint - The independent financial advisor, CITIC Securities, has confirmed that Hunan Development does not have any significant asset purchases or sales related to the transaction target within the last twelve months, thus no cumulative calculation is required [1] Group 1: Transaction Overview - CITIC Securities is acting as the independent financial advisor for Hunan Development's transaction involving the issuance of shares and cash payment for asset acquisition [1] - The transaction is categorized as a related party transaction under the regulations governing major asset restructuring [1] Group 2: Regulatory Compliance - According to the regulations, if a listed company engages in continuous purchases or sales of the same or related assets within twelve months, the cumulative amounts must be calculated [1] - The independent financial advisor has verified that there are no significant asset transactions involving the same transaction party or similar business scope that would require cumulative calculation [1]

Core Viewpoint - Hunan Energy Group Development Co., Ltd. is undergoing a significant restructuring involving the issuance of shares and cash payments to acquire assets, along with raising supporting funds through related transactions [1][2]. Group 1: Overview of the Restructuring - The restructuring plan has not undergone major changes as of the date of the comparison table [2]. - The restructuring report includes updates on the transaction scheme, specific details regarding the issuance of shares, and the impact of the restructuring on the company [2][3]. Group 2: Differences Between the Restructuring Report and the Proposal - The restructuring report has added a section on the declaration of securities service institutions and personnel [2]. - The report updates the risk warning section with additional content [2][6]. - New sections have been added to the report, including recent major asset restructuring cases and the company's compliance with legal operations [3][4]. Group 3: Financial and Operational Details - The report includes updated financial indicators for the last two years and a summary of financial statements for the most recent year [4][5]. - New content has been added regarding the basic situation of the transaction targets, including their historical evolution and major asset ownership [5][6]. Group 4: Compliance and Analysis - The restructuring report introduces new chapters on the main content of the transaction contract and compliance analysis as per disclosure standards [6][7]. - Management discussions and analyses have been included to provide insights into the financial accounting information related to the restructuring [6][7]. Group 5: Additional Important Matters - The report has added sections on the impact of the transaction on the company's debt structure and cash dividend policy post-transaction [6][8]. - Independent directors' opinions and legal advisor opinions have been modified and included in the report [7][8].

Core Viewpoint - Hunan Energy Group Development Co., Ltd. plans to acquire 90% stakes in four hydropower companies through a combination of share issuance and cash payment, with the transaction being subject to a performance verification report by CITIC Securities [1]. Group 1: Company Overview - Hunan Xiangtou Tongwan Hydropower Development Co., Ltd. has a registered capital of 330 million yuan and focuses on hydropower generation [1]. - Hunan Xiangtou Qingshui Pond Hydropower Development Co., Ltd. has a registered capital of 280 million yuan and also specializes in hydropower generation [2]. - Hunan Xinxiao Xixi Hydropower Development Co., Ltd. has a registered capital of 217.6 million yuan and is engaged in hydropower generation [4]. - Hunan Xiangtou Yuanling Gaotan Power Generation Co., Ltd. has a registered capital of approximately 124.48 million yuan and focuses on hydropower generation [9]. Group 2: Financial Performance - For Hunan Xiangtou Tongwan, the operating income for 2023 was 88.1 million yuan, with a net profit of 40.71 million yuan, showing a significant recovery from a net loss of 30.84 million yuan in 2022 [2]. - Hunan Xiangtou Qingshui Pond reported an operating income of 63.79 million yuan in 2023, with a net profit of 22.92 million yuan, recovering from a net loss of 29.70 million yuan in 2022 [3]. - Hunan Xinxiao Xixi reported an operating income of 70.39 million yuan in 2023, with a net profit of 5.73 million yuan, compared to a net loss of 0.50 million yuan in 2022 [5]. - Hunan Xiangtou Yuanling Gaotan reported an operating income of 66.22 million yuan in 2023, with a net profit of 22.89 million yuan, recovering from a net loss of 0.75 million yuan in 2022 [7]. Group 3: Performance Verification Process - The verification process included interviews, document checks, and analytical procedures to ensure the authenticity and completeness of the reported revenues, costs, and expenses of the target assets [10][11]. - The verification covered internal control processes related to sales and collections, revenue recognition policies, and comparisons with industry peers to identify any unusual revenue fluctuations [10][11]. - The verification also involved checking major customer and supplier backgrounds, as well as confirming the accuracy of financial records through bank statements and invoices [10][11].

Group 1 - The transaction involves Hunan Energy Group Development Co., Ltd. issuing shares and paying cash to acquire 90% equity stakes in Hunan Xiangtou Congwan Hydropower Development Co., Ltd., Hunan Xiangtou Qingshui Pond Hydropower Development Co., Ltd., 88% in Hunan Xinshao Xiaoxi Hydropower Development Co., Ltd., and 85% in Hunan Xiangtou Yuanling Gaotan Power Generation Co., Ltd. [1] - CITIC Securities Co., Ltd. acted as the independent financial advisor for the transaction and conducted a review to ensure that the involved parties do not fall under the prohibitions outlined in the regulatory guidelines regarding major asset restructuring [1][2] - As of the date of the review, none of the parties involved in the transaction have been investigated for insider trading related to this transaction, nor have they faced administrative penalties or criminal charges from the China Securities Regulatory Commission in the past 36 months [1]

湖南能源集团发展股份有限公司（以下简称"湖南发展"或"上市公司"）拟以发 行股份及支付现金的方式购买湖南能源集团电力投资有限公司（以下简称"电投公司"） 持有的湖南湘投沅陵高滩发电有限责任公司（以下简称"高滩水电"）85%股权、湖南 湘投铜湾水利水电开发有限责任公司（以下简称"铜湾水电"）90%股权、湖南湘投清 水塘水电开发有限责任公司（以下简称"清水塘水电"）90%股权、湖南新邵筱溪水电 开发有限责任公司（以下简称"筱溪水电"）88%股权，同时向不超过 35 名符合条件 的特定投资者发行股份募集配套资金（以下简称"本次重组"或"本次交易"）。本次 交易预计构成重大资产重组和关联交易，不构成重组上市。 于 <湖南能源集团发展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）>及其摘要的议案》《关于本次交易方案调整不构成重组方案重 大调整的议案》等相关议案，对本次交易方案进行了调整。中信证券股份有限公司（以 下简称"独立财务顾问"）作为上市公司本次重组的独立财务顾问，就上市公司本次交 易方案调整事项进行核查，并出具如下核查意见。 一、本次交易方案调整情况 （一）调整前的交易方案 中 ...

Group 1 - The company plans to issue shares and pay cash to acquire 90% equity in Cuowan Hydropower, 90% equity in Qingshui Pond Hydropower, 88% equity in Xiaoxi Hydropower, and 85% equity in Gaotan Hydropower from Hunan Energy Group Electric Power Investment Co., Ltd. [10][24] - The total transaction amount is determined to be 151,244.52 million yuan based on asset appraisal reports using asset-based and income approaches, with the asset-based approach being selected as the final valuation method [10][14]. - The company intends to raise no more than 80,000.00 million yuan through the issuance of shares to no more than 35 specific investors to support the transaction [16][18]. Group 2 - The restructuring is expected to enhance the company's focus on its core business of clean energy, particularly hydropower, by acquiring high-quality hydropower assets [24]. - The restructuring will not change the controlling shareholder or the actual controller of the company, as Hunan Energy Group will remain the controlling shareholder post-transaction [24][26]. - Financial projections indicate that the restructuring will improve the company's asset scale and profitability, with an increase in net profit attributable to shareholders of the parent company [25][26].

Core Viewpoint - The company, Hunan Energy Group Development Co., Ltd., plans to acquire 90% equity in the Copper Bay Hydropower, 90% in the Qingshui Pond Hydropower, 88% in the Xiaoxi Hydropower, and 85% in the Gaotan Hydropower through a combination of issuing shares and cash payments, while also raising supporting funds from up to 35 specific investors [1][10][19]. Transaction Overview - The transaction involves issuing shares and cash payments to acquire the aforementioned hydropower assets from Hunan Energy Group Electric Power Investment Co., Ltd. [1][10]. - The total transaction price for the assets is set at 151,244.52 million yuan, based on asset valuation reports [10][15]. - The company aims to raise up to 80,000 million yuan through the issuance of shares to support the transaction [17][18]. Impact on Business Operations - This acquisition is expected to significantly enhance the company's hydropower generation capacity and output, aligning with its focus on clean energy and natural resource-related businesses [21]. - The transaction is categorized as a merger within the same industry, which is anticipated to create synergies and improve operational efficiency [21]. Shareholding Structure Changes - Post-transaction, the shareholding structure will change, with Hunan Energy Group's stake decreasing from 51.53% to 41.91%, while Electric Power Investment Co. will hold 18.66% [21]. - The overall number of shares will increase from 464,158,282 to 570,668,509, but the controlling shareholder will remain the same [21]. Financial Implications - The financial data before and after the transaction indicates a potential improvement in the company's financial health and profitability, although specific figures are not detailed in the provided documents [21].