Huaihe Energy(SH:600575) Zheng Quan Zhi Xing·2025-08-22 14:18Group 1: Related Transactions - The report analyzes the borrowing of funds from related parties by Huaihe Energy Group, including details such as borrowing background, interest rates, amounts, and repayment schedules, confirming no non-operational fund occupation occurred [2][3][14] - The independence and asset differences between Huaihe Energy's subsidiary Panji Power Generation and the parent company are highlighted, indicating that both entities operate independently without any confusion or impact on their independence [4][14] - The sale of Panji Power Plant Phase I assets and the subsequent transfer to Panji Power Generation was executed to resolve competition issues, with payment progress aligning with contractual agreements, and no overdue payments reported [5][14] Group 2: Financial Management - Huaihe Energy Group has established a comprehensive fund management system, ensuring effective control over fund usage, management, and related transactions, with key control points in place for fund account management and budget approvals [15][16] - The financial company associated with Huaihe Energy has implemented various management measures to control business risks, including maintaining legal deposit reserves and ensuring efficient fund allocation [16][17] - The report indicates that the funds deposited with the financial company are managed independently and securely, with no restrictions on withdrawals, ensuring no non-operational fund occupation [20][21]