恒源煤电股份回购进展公告深度解读

要点概述

• 回购方案首次披露时间：2026年1月30日
• 回购实施期限：2026年1月29日至2027年1月28日
• 预计回购金额：2亿元至2.5亿元人民币
• 回购用途：本次回购股份将主要用于公司发行的可转换公司债券转股（并非用于注销、员工持股或股权激励）
• 最新回购进展：截至2026年4月30日，累计已回购8,656,300股，占总股本0.72%，累计金额63,268,662.5元（不含交易费用）
• 价格区间：回购成交最高价7.62元/股，最低价7.10元/股，回购价格上限为9.55元/股

详细内容与投资者关注要点

安徽恒源煤电股份有限公司（600971）于2026年1月29日召开第八届董事会第二十二次会议，审议通过了《回购方案》。公司决定以自有资金通过集中竞价交易方式回购股份，回购总金额不低于2亿元、不超过2.5亿元，回购价格不超过9.55元/股，期限为12个月。此次回购的股份将全部用于公司发行的可转债转股，非用于注销股份、员工持股计划或其他用途。

公司已于2026年1月30日首次披露回购方案，此举表明公司对自身发展前景和内在价值的信心，亦有助于维持公司股价的稳定，并为可转债转股提供充足股份。

根据公告，2026年4月公司通过上海证券交易所系统以集中竞价交易方式回购6,122,400股，占总股本0.51%，交易最高价7.51元/股，最低价7.10元/股，总金额为4,422.5万元。至2026年4月30日累计已回购8,656,300股，占总股本0.72%，累计金额6,326.9万元。整体回购价格区间在7.10-7.62元/股，显著低于回购上限价9.55元/股，为公司后续的资本运作和可转债转股提供了较好保障。

公司表示，已严格遵循《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号》等法规，未来将根据市场情况择机实施回购，并及时披露回购进展。

对股东及股价的潜在影响

• 价格敏感信息：公司大规模回购股份并用于可转债转股，市场通常解读为管理层对公司前景充满信心，且回购区间低于回购上限，显示公司审慎操作，有利于稳定公司股价。
• 股权结构影响：本次回购不用于注销股份而是为可转债转股做准备，可能会在未来可转债转股时稀释现有股东持股比例，投资者需持续关注相关进展。
• 资本运作信号：公司持续回购股份，释放积极信号，若后续市场情绪配合，有望推动公司股价向回购上限靠拢。
• 信息披露透明：公司承诺将继续严格履行信息披露义务，有利于投资者及时了解相关进展，减少信息不对称带来的风险。

结论

恒源煤电本次大规模股份回购行为及其进展，传递出管理层对公司基本面与未来增长信心，有望对公司短期及中长期股价形成支撑。建议投资者关注后续回购进度及可转债转股相关安排，及时判断股权结构变化对自身权益的具体影响。

免责声明：本文仅为根据公开公告整理的投资参考信息，不构成任何投资建议。投资者据此操作，风险自负。请关注公司后续公告并结合自身情况谨慎决策。

English Version

Hengyuan Coal & Electricity Share Repurchase Progress In-Depth Interpretation

Key Highlights

• Initial Disclosure of Repurchase Plan: January 30, 2026
• Repurchase Period: January 29, 2026 to January 28, 2027
• Expected Repurchase Amount: RMB 200 million to 250 million
• Purpose: All repurchased shares will be used for convertible bond conversion (not for cancellation, employee stock ownership, or incentive plans)
• Latest Progress: As of April 30, 2026, a cumulative total of 8,656,300 shares repurchased, representing 0.72% of total share capital, totaling RMB 63.27 million (excluding fees)
• Price Range: Highest repurchase price at RMB 7.62/share, lowest at RMB 7.10/share, with a maximum cap at RMB 9.55/share

Details and Points of Interest for Investors

Anhui Hengyuan Coal & Electricity Co., Ltd. (600971) held its 22nd meeting of the 8th Board of Directors on January 29, 2026, approving the share repurchase plan. The company will use its own funds to repurchase shares via centralized bidding, with a total amount not less than RMB 200 million and not more than RMB 250 million, at a price not exceeding RMB 9.55/share, for a duration of 12 months. All shares repurchased under this plan will be used for convertible bond conversion.

The repurchase plan was first disclosed on January 30, 2026, signaling management’s confidence in the company’s future and intrinsic value, supporting share price stability and ensuring sufficient shares for convertible bond conversion.

According to the announcement, during April 2026, the company repurchased 6,122,400 shares via the Shanghai Stock Exchange, accounting for 0.51% of total share capital, with trading prices between RMB 7.10-7.51/share, amounting to RMB 44.23 million. As of April 30, 2026, a total of 8,656,300 shares had been repurchased, representing 0.72% of total share capital, with a total amount of RMB 63.27 million. The repurchase price range (RMB 7.10-7.62/share) is well below the cap (RMB 9.55/share), providing a solid foundation for subsequent capital operations and convertible bond conversions.

The company emphasized strict compliance with relevant rules and regulations and will continue to implement the repurchase in line with market conditions, disclosing progress in a timely manner.

Potential Impact on Shareholders and Share Price

• Price-sensitive information: Large-scale share repurchase for convertible bond conversion is generally interpreted by the market as management’s strong confidence; the repurchase price is prudent and below the upper limit, which is positive for share price stability.
• Equity structure: As repurchased shares are not for cancellation but for convertible bond conversion, existing shareholders may see dilution when the conversion occurs. Investors should monitor further developments.
• Capital operations signal: Continued repurchase activity sends a positive market signal and may push the share price towards the repurchase cap if market sentiment cooperates.
• Transparency: The company pledges continued timely disclosure, reducing information asymmetry and associated risks.

Conclusion

Hengyuan Coal & Electricity’s large-scale share repurchase signals strong confidence from management and should support share price in the short and medium term. Investors are advised to closely follow further repurchase progress and convertible bond conversion arrangements, assessing the impact on their own holdings.

Disclaimer: This article is compiled from public disclosures for reference only and does not constitute investment advice. Investors act at their own risk. Please pay attention to further company announcements and make prudent decisions based on your own situation.

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