Huaihe Energy(SH:600575) Zheng Quan Zhi Xing·2025-08-22 14:17Core Viewpoint - The company is undergoing a significant asset acquisition and cash payment transaction, which is subject to regulatory scrutiny and evaluation methods to determine the fair value of the assets involved [1][2]. Group 1: Evaluation Methods - The evaluation of the power group's total equity was conducted using both the asset-based approach and the income approach, with the asset-based approach ultimately selected due to its alignment with industry practices [2][3]. - The asset-based approach yielded a valuation of 1,309,532.87 million yuan, while the income approach provided a close estimate of 1,319,700.00 million yuan, resulting in a difference rate of 0.78% [4][5]. - The asset-based approach is deemed more appropriate for capital-intensive industries like power generation, as it accurately reflects the market value of assets while considering depreciation and maintenance costs [5][6]. Group 2: Company Background and Financial Data - The power group has been actively involved in the coal-electricity integration model since 2005, establishing multiple power plants and partnerships with major energy companies [8][9]. - Recent policies from the national level have supported the development of coal-electricity integration projects, emphasizing the importance of such models for energy stability and efficiency [8][9]. - Financial data for the subsidiary companies indicate varying performance, with total assets and liabilities reflecting the operational scale and market conditions affecting revenue and profitability [11][12][13][14][15][16][17][18][19]. Group 3: Subsidiary Performance - Subsidiary companies like Huaihe Coal Power and Fengtai New Energy have shown fluctuations in financial performance, with total assets and liabilities reflecting their operational challenges and market conditions [11][12][13][14][15][16]. - The financial performance of subsidiaries such as Wanan Maanshan and Wanan Tongling has improved due to cost management and market price adjustments, leading to a recovery in profitability [14][15][16]. - The overall strategy of the power group focuses on expanding its clean energy portfolio while maintaining its core coal power operations, aligning with national energy policies [8][9][18].