中证天通会计师事务所（特殊普通合伙） 关于内蒙古蒙电华能热电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申请 的审核问询函中相关财务问题的专项核查意见 中证天通会计师事务所（特殊普通合伙） 中国·北京 | 目 录 | | --- | | 问题 | 1.关于交易目的 | 2 | | --- | --- | --- | | 问题 | 2.关于交易方案 | 8 | | 问题 | 4.关于关联交易 | 21 | | 问题 | 8.关于标的公司收入 | 53 | | 问题 | 9.关于标的公司成本与费用 | 67 | | 问题 | 10.关于标的公司毛利率和盈利水平 | 104 | | 问题 | 11.关于标的公司偿债能力 | 118 | | 问题 | 12.关于标的公司采购与供应商 | 129 | 中证天通会计师事务所（特殊普通合伙） 关于内蒙古蒙电华能热电股份有限公司 发行股份购买资产并募集配套资金的审核问询函中 2 相关财务问题的专项核查意见 中证天通（2025）专审 21100138 号 上海证券交易所： 根据贵所于 2025 年 8 月 14 日下发的《关于内蒙古蒙电华能热电股份有限 公司 ...

国泰海通证券股份有限公司 关于 内蒙古蒙电华能热电股份有限公司 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 之 独立财务顾问报告 （注册稿） 独立财务顾问 二〇二五年十二月 2-1-1 独立财务顾问声明和承诺 国泰海通证券股份有限公司（以下简称"国泰海通"、"独立财务顾问"） 接受内蒙古蒙电华能热电股份有限公司（以下简称"内蒙华电"、"上市公司" 或"公司"）委托，担任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，就该事项向上市公司全体股 东提供独立意见，并制作本独立财务顾问报告。 本独立财务顾问核查意见是依据《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》《上市公司并购重组财务顾问业 务管理办法》《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》《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》和《上海证券交易所上市公司重大资产重组审核规则》等法 律法规及文件的规定和要求，以及证券行业公认的业务标准、道德规范，经过审 慎调查，本着诚实信用和勤勉尽责的态度，就 ...

股票代码：600863 上市地：上海证券交易所 股票简称：内蒙华电 内蒙古蒙电华能热电股份有限公司 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） （摘要）（注册稿） | 交易对方类型 交易对方名称 | | --- | | 发行股份及支付现金购买资产 北方联合电力有限责任公司 | | 募集配套资金 不超过 名符合条件的特定投资者 35 | 独立财务顾问 二〇二五年十二月 内蒙华电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）（摘要）（注册稿） 上市公司声明 本公司及本公司全体董事、高级管理人员保证本报告书及其摘要内容的真实、 准确、完整，对本报告书及其摘要的虚假记载、误导性陈述或重大遗漏负相应的 法律责任。 本公司控股股东、实际控制人、董事、高级管理人员承诺，如本次交易因涉 嫌所提供或者披露的信息存在虚假记载、误导性陈述或者重大遗漏而被司法机关 立案侦查或者被中国证券监督管理委员会立案调查的，在案件调查结论明确之前， 将暂停转让所持有的上市公司股份（如有）。将于收到立案稽查通知的两个交易 日内将暂停转让的书面申请和股票账户提交上市公司董事会，由董事会代向上海 证券交易所（ ...

证券代码：600863 证券简称：内蒙华电 公告编号：临 2025-074 债券代码：240364 债券简称：23 蒙电 Y2 内蒙古蒙电华能热电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。 内蒙古蒙电华能热电股份有限公司（以下简称"公司"）拟通过发行股份及 支付现金相结合的方式向北方联合电力有限责任公司购买其持有的北方上都正 蓝旗新能源有限责任公司 70%股权与北方多伦新能源有限责任公司 75.51%股权， 并募集配套资金（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 12 月 11 日召开 2025 年第 22 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 22 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。 本次交易尚需中国 ...

证券代码：600863 证券简称：内蒙华电 公告编号：临 2025-075 债券代码：240364 债券简称：23 蒙电 Y2 除上述补充和修订之外， 公司对重组报告书全文进行梳理和自查，完善了 少许表述与格式，对本次交易不构成影响。 内蒙古蒙电华能热电股份有限公司关于发行股份及支 付现金购买资产并募集配套资金暨关联交易报告书 （草案）（注册稿）的修订说明 特此公告。 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。 内蒙古蒙电华能热电股份有限公司（以下简称"公司"）拟通过发行股份及 支付现金相结合的方式向北方联合电力有限责任公司购买其持有的北方上都正 蓝旗新能源有限责任公司 70%股权与北方多伦新能源有限责任公司 75.51%股权， 并募集配套资金（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 12 月 11 日召开 2025 年第 22 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 ...

内蒙华电公告称，公司拟通过发行股份及支付现金方式，向北方联合电力购买北方上都正蓝旗新能源 70%股权与北方多伦新能源75.51%股权，并募集配套资金。2025年上交所重组委召开会议审议该交易申 请，结果显示本次交易符合重组条件和信息披露要求。不过，本次交易尚需中国证监会同意注册方可实 施，存在不确定性。 ...

Core Viewpoint - Inner Mongolia Huadian's acquisition is under scrutiny due to a significant price reduction from 5.717 billion to 5.336 billion yuan, raising concerns about the valuation of the acquired assets and the implications of related party transactions [1][2]. Group 1: Acquisition Details - The acquisition involves related party transactions, with the controlling shareholder of the target assets being the same as Inner Mongolia Huadian's controlling shareholder, Northern United Power Company [2]. - Following the acquisition, Northern United Power Company's shareholding in Inner Mongolia Huadian will increase from 53.23% to 58.18%, enhancing its control [2]. - The valuation of the target companies shows a substantial increase, with Zhenglanqi Wind Power at a 106.18% appraisal increase and Beifang Duolun at 78.74% [2]. Group 2: Share Issuance and Pricing - The share issuance price is set at 3.46 yuan per share, which is 80% of the average trading price over the last 60 trading days prior to the pricing date [3]. - As of December 10, the company's stock closed at 4.67 yuan per share, with a year-to-date low of 3.51 yuan [3]. - There are concerns from small and medium investors regarding the low-priced issuance and high-priced acquisition, although the pricing is deemed legal and compliant [3]. Group 3: Performance Commitments - Northern United Power Company has committed that the cumulative net profit of the two target companies will not be less than 2.683 billion yuan from 2025 to 2027 if the transaction is completed by 2025 [4]. - The performance commitments appear to be lower than historical performance, with Zhenglanqi Wind Power's 2024 net profit at 649 million yuan, while the average annual commitment for 2025-2027 is around 600 million yuan [5]. - Beifang Duolun's 2024 net profit is projected at 344 million yuan, with a commitment of approximately 285 million yuan per year during the commitment period, indicating a cautious outlook on future operational conditions [5].

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly highlighting opportunities in hydropower, thermal power, nuclear power, green energy, and gas companies [11][13]. Core Insights - The mechanism electricity pricing results across multiple regions are approaching their upper limits, indicating strong demand and government support for renewable energy projects [4][7]. - Natural gas prices in Europe are declining, while U.S. gas prices have reached a new high for 2023, driven by increased heating demand due to cold weather [13][20]. - The report emphasizes the importance of operational efficiency in renewable energy projects, as profitability varies significantly across different regions [10][11]. Summary by Sections 1. Electricity Pricing - Recent mechanism electricity pricing results show that several regions, including Hebei and Ningxia, have prices close to the upper limits, reflecting strong demand and sufficient mechanism electricity indicators [4][8]. - The competitive pricing results indicate a disparity based on local consumption capacity and policy direction, with some provinces achieving significantly lower prices due to weaker demand [9][10]. 2. Natural Gas Market - U.S. Henry Hub spot prices reached $5.19/mmBtu, marking a 12.91% increase week-on-week, while European gas prices, such as the TTF, have seen a decline [13][20]. - The report notes a 1.3% year-on-year decrease in China's natural gas consumption in October, with expectations for growth in the upcoming winter months due to heating demand [30][32]. 3. Investment Recommendations - Hydropower: Favorable conditions for winter and spring generation, with recommendations for companies like Yangtze Power and Guodian Power [11]. - Thermal Power: Companies with diversified income sources are recommended, including Guodian Power and Inner Mongolia Huadian [11]. - Nuclear Power: Continued growth expected with new approvals, suggesting a focus on China Nuclear Power and China General Nuclear Power [11]. - Green Energy: Increased stability in project returns with recommendations for companies like Xintian Green Energy and Longyuan Power [11]. - Gas Companies: Recommendations include Kunlun Energy and New Hope Energy, benefiting from cost reductions and improved profitability [32].

Investment Rating - The report maintains a positive outlook on the public utility and environmental sectors, particularly in electricity and natural gas [3][4]. Core Insights - The report highlights significant regional differences in mechanism electricity pricing, with recent auction results approaching upper limits across multiple provinces, indicating strong demand and government support for renewable energy projects [4][10]. - Natural gas prices in Europe continue to decline, while U.S. prices have reached a new high for 2023, driven by increased heating demand due to cold weather [14][21]. - The report emphasizes the importance of refined operational strategies for power stations, as profitability varies significantly across regions and projects [11][12]. Summary by Sections 1. Electricity - Recent mechanism electricity auction results show prices close to upper limits in regions like Hebei and Ningxia, with significant volumes of wind and solar energy being auctioned [8][9]. - The report notes that the differences in mechanism electricity pricing reflect local consumption capabilities and policy directions [10][11]. 2. Natural Gas - U.S. Henry Hub spot prices reached $5.19/mmBtu, a 12.91% increase week-on-week, while European gas prices, such as TTF and NBP, have seen declines of 5.57% and 9.96% respectively [14][15]. - The report indicates a 1.3% year-on-year decline in China's apparent natural gas consumption in October, with expectations for growth in Q4 due to seasonal heating demands [31][33]. 3. Investment Recommendations - Recommendations include investing in hydropower companies like Yangtze Power and Guodian Power, as well as coal-fired power companies such as Guodian Power and Inner Mongolia Huadian [12]. - For natural gas, the report suggests focusing on integrated companies like Kunlun Energy and New Hope Energy, which are expected to benefit from cost reductions and improved profitability [33][34].