Core Viewpoint - Huaihe Energy plans to acquire 89.3% of Huaihe Energy Power Group from its controlling shareholder, Huainan Mining, through a combination of share issuance and cash payment, which has been approved by the Shanghai Stock Exchange's M&A review committee [1][2]. Group 1: Transaction Details - The transaction values the target assets at 11.694 billion yuan, with a cash payment of 1.754 billion yuan and a share payment of 9.94 billion yuan. The share issuance price is set at 3.03 yuan per share, with approximately 3.28 billion shares to be issued, accounting for 45.77% of the post-transaction total share capital [2]. - Upon successful completion of the acquisition, the controlling shareholder's stake in Huaihe Energy will increase from 63.27% to 80.08%, with the actual controller remaining the State-owned Assets Supervision and Administration Commission of Anhui Province [2]. Group 2: Business Synergy and Strategic Focus - Huaihe Energy's main business includes thermal power generation, electricity sales, railway transportation, and coal blending. The target company, Huaihe Energy Power, also engages in thermal power generation and has a coal mine, indicating significant business overlap and potential for synergy [3]. - The acquisition is expected to help Huaihe Energy focus on its core business and strengthen its strategic positioning as a capital operation platform for energy under Huainan Mining [3]. Group 3: Financial Impact and Industry Context - A report from Tianjian Accounting Firm indicates that if the transaction is completed, Huaihe Energy's total assets, net assets, operating income, and net profit will increase, enhancing its profitability and risk resistance, as well as its overall competitive strength [3]. - The third-quarter report shows Huaihe Energy's operating income at 7.566 billion yuan, a year-on-year decrease of 2.67%, while net profit reached 305 million yuan, a year-on-year increase of 13.97%. For the first three quarters of 2025, operating income was 21.303 billion yuan, down 9.71%, and net profit was 752 million yuan, down 10.69% [3]. Group 4: Policy Alignment and Industry Development - The restructuring aligns with national capital market policy directions, emphasizing the role of coal power as a stabilizing force and promoting integrated coal and power operations. Recent policies advocate for coal power's role in ensuring energy supply and enhancing standards for clean and reliable energy [4]. - The restructuring is seen as a significant move for Huaihe Energy and Anhui Province in response to national policies, supporting the high-quality development of the thermal power industry and resource integration to enhance core competitiveness in energy supply [4].

Core Viewpoint - The company has received approval from the Shanghai Stock Exchange for a significant asset acquisition involving the purchase of an 89.30% stake in Huaihe Energy Power Group from its controlling shareholder, Huainan Mining Group, for a total price of 11.694 billion yuan [2][3] Group 1: Transaction Details - The transaction price for the acquisition is set at 11.694 billion yuan, with a share issuance price of 3.03 yuan per share, resulting in the issuance of 3.281 billion shares, which will account for 45.77% of the total share capital post-issuance [2] - The company's stock closed at 3.84 yuan per share on November 5, prior to the announcement [2] Group 2: Business Operations - The target company primarily engages in thermal power generation and renewable energy generation, supported by a coal mine, leveraging the abundant coal resources in the Huainan mining area to establish a coal-electricity integrated operation model [2] - The operational model includes a competitive advantage in coal procurement, transportation, and storage, enhancing operational efficiency and profitability of the power generation units [2] Group 3: Strategic Implications - The transaction aims to inject high-quality assets into Huaihe Energy, facilitating the creation of a focused energy platform, enhancing the company's core business, and achieving operational synergies [3] - Post-transaction, the company's total share capital will increase to 7.167 billion shares, with Huainan Mining and its concerted parties holding an 80.08% stake, maintaining Huainan Mining as the controlling shareholder [3]

Core Viewpoint - Huaihe Energy (600575.SH) plans to acquire 89.30% equity of Huaihe Energy Power Group Co., Ltd. from its controlling shareholder, Huainan Mining (Group) Co., Ltd. through a combination of share issuance and cash payment [1] Group 1 - The Shanghai Stock Exchange's restructuring committee will hold a meeting on November 5, 2025, to review the company's application for this transaction [1] - The restructuring committee announced that the transaction meets the restructuring conditions and information disclosure requirements [1]

证券代码：600575 证券简称：淮河能源 公告编号：临2025-053 淮河能源（集团）股份有限公司 关于发行股份及支付现金购买资产暨关联交易事项获得 上海证券交易所并购重组审核委员会审核通过的公告 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。 淮河能源（集团）股份有限公司（以下简称"公司"）拟通过发行股份及支 付现金的方式购买控股股东淮南矿业（集团）有限责任公司持有的淮河能源电力 集团有限责任公司 89.30%股权（以下简称"本次交易"）。 上海证券交易所并购重组审核委员会（以下简称"上交所重组委"）于 2025 年 11 月 5 日召开 2025 年第 17 次并购重组审核委员会审议会议，对公司本次交 易的申请进行了审议。根据上交所重组委发布的《上海证券交易所并购重组审核 委员会 2025 年第 17 次审议会议结果公告》，本次会议的审议结果为：本次交易 符合重组条件和信息披露要求。 本次交易尚需经中国证券监督管理委员会同意注册后方可实施。本次交易能 否取得注册以及取得注册的时间均存在不确定性，公司将根据上述事项的进展 ...

Core Viewpoint - Huaihe Energy (600575.SH) plans to acquire 89.30% equity of Huaihe Energy Power Group Co., Ltd. from its controlling shareholder, Huainan Mining (Group) Co., Ltd. through a combination of share issuance and cash payment [1] Group 1 - The Shanghai Stock Exchange's restructuring committee will hold a meeting on November 5, 2025, to review the company's application for this transaction [1] - The review results from the Shanghai Stock Exchange's restructuring committee indicate that the transaction meets the restructuring conditions and information disclosure requirements [1]

Core Viewpoint - Huaihe Energy plans to acquire 89.3% equity of Huaihe Energy Power Group from its controlling shareholder, Huainan Mining Group, through a combination of share issuance and cash payment [1] Group 1 - The transaction has been reviewed by the M&A Review Committee of the Shanghai Stock Exchange, which confirmed that it meets the restructuring conditions and information disclosure requirements [1] - The transaction is subject to approval and registration by the China Securities Regulatory Commission before implementation [1]

Core Points - The company plans to acquire 89.30% equity stake in Huaihe Energy Power Group Co., Ltd. from its controlling shareholder Huainan Mining (Group) Co., Ltd. through a combination of issuing shares and cash [1] - The Shanghai Stock Exchange's M&A Review Committee held a meeting on November 5, 2025, to review the company's transaction application [1] - The review committee concluded that the transaction meets the restructuring conditions and information disclosure requirements [1] - The transaction is subject to approval and registration by the China Securities Regulatory Commission before implementation [1]

Core Insights - The coal mining sector experienced a slight increase of 0.02% on November 4, with Dayou Energy leading the gains [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Coal Mining Sector Performance - Dayou Energy (600403) closed at 8.55, up 3.51% with a trading volume of 1.2684 million shares and a transaction value of 1.075 billion [1] - Zhengzhou Coal Electricity (600121) closed at 5.48, up 3.01%, with a trading volume of 1.3942 million shares and a transaction value of 768 million [1] - Huaihe Energy (600575) closed at 3.87, up 2.93%, with a trading volume of 1.1622 million shares and a transaction value of 446 million [1] - The overall coal mining sector saw a net outflow of 234 million from main funds, while retail investors contributed a net inflow of 121 million [2][3] Fund Flow Analysis - China Shenhua (601088) had a main fund net inflow of 67.05 million, but also saw net outflows from retail investors totaling 38.75 million [3] - The main fund net inflow for Zhongmei Energy (601898) was 56.14 million, with a retail net outflow of 72.97 million [3] - Huaihe Energy (600575) experienced a main fund net inflow of 29.67 million, while retail investors had a net outflow of 28.12 million [3]

Core Viewpoint - Huaihe Energy (600575.SH) has not yet constructed energy storage facilities but is exploring the potential to build a new friendly molten salt thermal storage demonstration power station using the existing site and facilities of the decommissioned Pansan Power Plant [1] Group 1 - The company is currently not engaged in the construction of energy storage facilities [1] - The company plans to actively explore the use of the existing site, facilities, and grid connection lines of the closed Pansan Power Plant [1] - The proposed project involves the construction of a new type of friendly molten salt thermal storage demonstration power station [1]

Core Viewpoint - Huaihe Energy (600575.SH) currently has no plans related to nuclear power projects [1] Company Summary - The company has communicated through its investor interaction platform that there are no ongoing or future plans for nuclear power projects [1]