Group 1 - The purpose of the assessment is to provide a value reference for Hunan Energy Group Development Co., Ltd.'s acquisition of 90% equity in Hunan Xiangtou Qingshui Pond Hydropower Development Co., Ltd. through share issuance and cash payment [3][4][15] - The assessment object includes the total equity of Hunan Xiangtou Qingshui Pond Hydropower Development Co., Ltd. as of the assessment benchmark date [4][15] - The assessment scope encompasses all assets and related liabilities of Hunan Xiangtou Qingshui Pond Hydropower Development Co., Ltd. [4][15] Group 2 - The market value of the assessed equity is determined based on the asset-based method and income method [7][20] - The assessment benchmark date is set as March 31, 2025 [4][17] - The total asset book value of Hunan Xiangtou Qingshui Pond Hydropower Development Co., Ltd. is reported at 93,208.45 million yuan, with total liabilities at 62,416.83 million yuan, resulting in net assets of 30,791.62 million yuan [15][16] Group 3 - The company operates in the hydropower development sector, with its main asset being the Qingshui Pond Hydropower Station, which has a total installed capacity of 128 MW and an annual designed power generation of 507.1 million kWh [10][11] - The company has a history of fluctuating power generation hours, with a significant drop in 2023 to 1,917.07 hours compared to previous years [13] - The company’s revenue from electricity sales has also seen a decline, with sales revenue reported at 6,379.40 million yuan in 2023 [13]

Core Viewpoint - The report evaluates the market value of the entire equity of Hunan Xinxiao Creek Hydropower Development Co., Ltd. as part of Hunan Energy Group's acquisition of an 88% stake from Hunan Energy Group Electric Power Investment Co., Ltd. The evaluation is based on the asset-based and income approaches, with a valuation date of March 31, 2025 [2][4][5]. Group 1: Company Overview - Hunan Energy Group Development Co., Ltd. is a publicly listed company with a registered capital of 464.15 million yuan, established on August 12, 1993, and involved in power generation, transmission, and supply [6]. - Hunan Xinxiao Creek Hydropower Development Co., Ltd. was established on December 25, 2003, with a registered capital of 21.76 million yuan, focusing on the construction, production, and operation of hydropower stations [7][8]. Group 2: Evaluation Purpose and Scope - The evaluation aims to provide a value reference for Hunan Energy Group's acquisition of Hunan Xinxiao Creek Hydropower's equity, necessitating an assessment of the company's total assets and liabilities [3][4][15]. - The evaluation scope includes all assets and liabilities of Hunan Xinxiao Creek Hydropower as of the evaluation date, with total assets recorded at 798.24 million yuan and total liabilities at 436.62 million yuan [15][16]. Group 3: Financial Performance - The hydropower station has a designed capacity of 135,000 kW, with all generated electricity sold to the State Grid Hunan Electric Power Co., Ltd. The agreed settlement price for electricity is 302 yuan per megawatt-hour [11][12]. - Historical production and sales data indicate fluctuations in electricity generation and sales, with a notable drop in 2023, producing 27.22 million kWh compared to 50.42 million kWh in 2022 [11][13]. Group 4: Valuation Methodology - The valuation employs both the asset-based and income approaches, with the asset-based method being selected as the final valuation conclusion due to the comprehensive assessment of the company's assets and liabilities [19][20]. - The asset-based method evaluates the value of identifiable assets and liabilities based on the balance sheet as of the evaluation date, while the income approach considers the company's expected future earnings [19][20].

一、委托人、被评估单位和评估委托合同委托的其他评估报告使用者概况 5 北京天健兴业资产评估有限公司 湖南湘投铜湾水利水电开发有限责任公司资产评估报告 第1页 声明 一、本资产评估报告依据财政部发布的资产评估基本准则和中国资产评估协 会发布的资产评估执业准则和职业道德准则编制。 二、委托人或者其他资产评估报告使用人应当按照法律、行政法规规定及本 资产评估报告载明的使用范围使用资产评估报告；委托人或者其他资产评估报告 使用人违反前述规定使用资产评估报告的，本资产评估机构及资产评估师不承担 责任。本资产评估报告仅供委托人、资产评估委托合同中约定的其他资产评估报 告使用人和法律、行政法规规定的资产评估报告使用人使用；除此之外，其他任 何机构和个人不能成为资产评估报告的使用人。本资产评估机构及资产评估师提 示资产评估报告使用人应当正确理解和使用评估结论，评估结论不等同于评估对 象可实现价格，评估结论不应当被认为是对评估对象可实现价格的保证。 三、本资产评估机构及资产评估师遵守法律、行政法规和资产评估准则，坚 持独立、客观和公正的原则，并对所出具的资产评估报告依法承担责任。 四、评估对象涉及的资产、负债清单由委托人、被评 ...

Core Viewpoint - The audit report confirms the authenticity of the financial performance of the target companies involved in the major asset restructuring of Hunan Energy Group Development Co., Ltd. for the period from 2023 to March 2025, with no reservations noted in the audit findings [1][2]. Group 1: Audit Findings - The audit firm conducted a thorough examination of the financial statements of the target companies, issuing unqualified audit reports for each entity involved [1]. - Specific attention was given to the revenue recognition practices of the target companies, which were identified as having fraud risk, and significant transactions were assessed as having special risk [2]. - No anomalies were found in revenue recognition, cost transfer, expense recognition, or significant transactions, indicating that there were no manipulations of accounting profits to meet or evade regulatory requirements [2].

Core Viewpoint - The legal opinion letter confirms that Hunan Energy Group Electric Power Investment Co., Ltd. and its concerted actions can acquire shares of Hunan Energy Group Development Co., Ltd. without the need to issue a public offer, based on compliance with relevant regulations [1][6]. Group 1: Acquisition Details - The acquisition involves Hunan Development purchasing 90% equity in Tongwan Hydropower, 90% in Qingshui Pond Hydropower, 88% in Xiaoxi Hydropower, and 85% in Gaotan Hydropower through a combination of issuing shares and cash [4][6]. - Before the transaction, Hunan Energy Group held 51.53% of Hunan Development's shares, which will increase to 60.58% post-transaction, while other shareholders will decrease from 48.47% to 39.42% [7][9]. Group 2: Legal Compliance - The legal opinion states that the acquisition meets the criteria for exemption from the public offer requirement as outlined in the Acquisition Management Measures, specifically that the acquirer and its concerted actions already hold over 50% of the shares [6][9]. - Hunan Energy Group Electric Power Investment Co., Ltd. is confirmed to be a valid entity for this acquisition, with no legal or regulatory barriers preventing the transaction [5][6].

湖南启元律师事务所 关于 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的 法律意见书 二〇二五年八月 致：湖南能源集团发展股份有限公司 湖南启元律师事务所（以下简称"本所"）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"本次重组""本次交易"或 "本次重大资产重组"）的专项法律顾问，根据《中华人民共和国公司法》《中华人 民共和国证券法》《上市公司重大资产重组管理办法》《上市公司监管指引第9号—— 上市公司筹划和实施重大资产重组的监管要求》《公开发行证券的公司信息披露内容 与格式准则第26号——上市公司重大资产重组》等现行法律、行政法规及中国证券监 督管理委员会相关文件的规定，为湖南发展本次重组出具《湖南启元律师事务所关于 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 联交易的法律意见书》（以下简称"本法律意见书"）。 本所及经办律师依据《中华人民共和国证券法》《律师事务所从事证券法律业务 管理办法》《律师事务所证券法律业务执业规则（ ...

中信证券股份有限公司 关于本次交易摊薄即期回报及公司采取的措施之专项核查意见 湖南能源集团发展股份有限公司（以下简称"公司"或"上市公司"）拟通 过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"）持有的湖南湘投铜湾水利水电开发有限责任公司 90%股权、湖南 湘投清水塘水电开发有限责任公司 90%股权、湖南新邵筱溪水电开发有限责任公 司 88%股权、湖南湘投沅陵高滩发电有限责任公司 85%股权，同时向不超过 35 名符合条件的特定对象发行股份募集配套资金（以下简称"本次交易"）。 中信证券股份有限公司（以下简称"中信证券"、"独立财务顾问"）作为 本次交易的独立财务顾问，根据《国务院关于进一步促进资本市场健康发展的若 干意见》（国发〔2014〕17 号）、《国务院办公厅关于进一步加强资本市场中 小投资者合法权益保护工作的意见》（国办发〔2013〕110 号）和中国证券监督 管理委员会（以下简称"中国证监会"）《关于首发及再融资、重大资产重组摊 薄即期回报有关事项的指导意见》（证监会公告〔2015〕31 号）等有关规定， 就本次交易对即期回报摊薄的影响情况、防范和填补措施以及相关 ...

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 ...

证券代码：000722 证券简称：湖南发展 公告编号：2025-063 湖南能源集团发展股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 湖南能源集团发展股份有限公司（以下简称"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 85%股权、湖南湘投铜湾水利水电开发有限责任 公司 90%股权、湖南湘投清水塘水电开发有限责任公司 90%股权、湖南新邵筱溪 水电开发有限责任公司 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"本次交易"）。 一、本次权益变动基本情况 计委员会第十四次会议和第十一届董事会第三十二次会议，审议通过了《关于 <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》等与本次交易相关的各项议案。本次交 易由发行股份及支付现金购买资产以及募集配套资金组成。其中，募集配套资金以 发行股份及支付现金购买资产的成功实施为前提，但最终募集配套资金成功与否不 ...