华电国际电力股份有限公司2025年度重大资产重组持续督导意见深度解读

要点概述

华泰联合证券有限责任公司于2026年4月出具了《2025年度持续督导意见》，针对华电国际电力股份有限公司（以下简称“华电国际”或“公司”）2025年度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实施情况进行了全面核查和披露。

一、重大资产重组交易方案要点

• 交易结构： 本次交易分为两部分：发行股份及支付现金购买资产和募集配套资金。
• 收购资产： 公司以发行股份方式向中国华电集团有限公司（“中国华电”）购买其持有的华电江苏能源有限公司（“江苏公司”）80%股权；以现金方式向华电福瑞、华电北京等收购上海福新、上海闵行、广州大学城、福新广州、福新江门、福新清远、贵港公司等多个标的公司部分或全部股权。
• 配套融资： 拟向不超过35名特定投资者以询价方式发行股份募集配套资金不超过34.28亿元人民币，募集资金不超过购买资产交易价格的100%，发行股份数量不超过总股本的30%。
• 现金对价来源： 包括募集配套资金和自有或自筹资金，募集资金到位前可先行支付后置换。

二、资产过户进度与落实

截至持续督导意见出具日，涉及的江苏公司80%、上海福新51%、上海闵行100%、广州大学城55.0007%、福新广州55%、福新江门70%、福新清远100%、贵港公司100%等标的资产均已全部完成过户登记至上市公司名下。

三、交易相关方及高管承诺情况

• 信息披露与合规： 所有交易相关方均承诺所提供资料真实、准确、完整，并保证不存在虚假记载、误导性陈述或重大遗漏。如发生违法违规情况，相关股份将予以锁定并承担赔偿责任。
• 减值补偿承诺： 华电福瑞、华电北京、中国华电分别针对所转让资产在交易后2+1年内的减值风险作出补偿安排，补偿金额不超过交易对价，优先以股份补偿，不足部分以现金补偿。
• 房产瑕疵补偿： 针对尚未取得权属证书的房产作出瑕疵补偿承诺，如因此导致上市公司受损，将按持股比例补偿。
• 股份锁定与减持承诺： 中国华电及其他相关方承诺取得的上市公司股份自发行结束起36个月内不得转让，交易前持有股份自重组完成后18个月内不得转让；交易实施前无减持计划。
• 同业竞争与关联交易规范： 中国华电承诺积极推进资产注入，减少同业竞争和规范关联交易，不会以任何方式违法违规占用上市公司资金。

四、2025年度经营业绩与关键财务数据

• 营业收入： 2025年实现约1,260.13亿元，同比下降10.95%（2024年：1,415.02亿元）。
• 归母净利润： 约60.70亿元，同比增长1.39%（2024年：59.87亿元）。
• 基本每股收益： 0.49元，同比增长6.52%。
• 经营活动现金流净额： 272.21亿元，同比增长39.90%。
• 归母净资产： 691.62亿元，同比下降2.59%。
• 总资产： 2,642.31亿元，同比下降0.44%。

五、公司治理与资产整合进展

• 公司严格按照相关法律法规及规范性文件要求，完善法人治理结构，健全内部控制制度。
• 重组完成后，标的公司全部成为控股子公司，业务整合和协同效应逐步显现，管理水平和运营效率持续提升。

六、与重组方案一致性及其他事项

• 经核查，各方均严格按照已公布的重组方案履行责任和义务，实际实施方案无重大差异。
• 本次交易不涉及盈利预测、利润预测或业绩补偿安排。

对投资者的影响与关注事项

• 标的资产已全部过户，整合风险较小，资产质量和权属补偿措施到位，有利于降低并购后遗症。
• 大股东及实际控制人股份锁定、无减持计划，有助于维护市场信心与股价稳定。
• 业绩保持稳定增长，现金流充足，上市公司治理结构持续完善，标的公司协同效应逐步释放，预计将对公司中长期估值形成正面支撑。
• 减值补偿、瑕疵补偿等承诺为投资者提供了进一步安全垫。
• 需关注未来可能的同业竞争资产注入及关联交易事项带来的不确定性。

结论

本次持续督导意见显示，华电国际本次重大资产重组已顺利推进，相关资产全部完成过户，各项承诺和补偿机制落实到位，公司资产整合顺利，财务状况稳健。相关承诺和锁定措施将进一步稳定市场预期，预计对公司中长期股价具有积极影响，是投资者值得关注的重大利好信息。

免责声明： 本文仅为信息解读，不构成投资建议。投资有风险，入市需谨慎。

English Version

In-depth Analysis of Huadian International Power Co., Ltd. 2025 Continuous Supervision Opinion on Major Asset Restructuring

Key Points Summary

Huatai United Securities issued its 2025 Continuous Supervision Opinion in April 2026, providing a comprehensive review of the implementation of Huadian International Power Co., Ltd. (“Huadian International” or “the Company”)’s 2025 equity and cash acquisition of assets, matching fund raising, and related-party transactions.

1. Key Aspects of Major Asset Restructuring Plan

• Transaction Structure: Two parts: share issuance and cash payment for asset purchase, and supporting fund raising.
• Acquired Assets: The Company acquires 80% of Huadian Jiangsu Energy Co., Ltd. from China Huadian Group via share issuance; acquires equity stakes in Shanghai Fuxin, Shanghai Minhang, Guangzhou University Town, Fuxin Guangzhou, Fuxin Jiangmen, Fuxin Qingyuan, and Guigang Company from Huadian Furui, Huadian Beijing, etc. via cash.
• Supporting Financing: Issues up to 3.428 billion RMB worth of shares to no more than 35 qualified investors, not exceeding 100% of the asset purchase price or 30% of total shares post-acquisition.
• Cash Payment Sources: Include raised funds and self-raised funds; initial self-funding may be replaced once raised funds are received.

2. Asset Transfer Progress

As of this report, all relevant equity stakes (Jiangsu Company, Shanghai Fuxin, Shanghai Minhang, Guangzhou University Town, Fuxin Guangzhou, Fuxin Jiangmen, Fuxin Qingyuan, Guigang Company) have been transferred to Huadian International.

3. Commitments from Transaction Parties and Management

• Disclosure & Compliance: All parties guarantee the authenticity, accuracy, and completeness of information provided. If any violations occur, shares involved will be locked and compensation will be provided.
• Impairment Compensation: Huadian Furui, Huadian Beijing, and China Huadian pledge to compensate for any asset impairment within 3 years post-transaction, up to the purchase price, primarily with shares, otherwise with cash.
• Property Title Defect Compensation: For properties lacking title certificates, parties commit to remediate and compensate for losses (excluding normal registration fees) according to equity ratio.
• Share Lock-up and Non-reduction: Shares obtained through the transaction are locked for 36 months, pre-transaction shares for 18 months; no reduction plans prior to completion.
• Regulating Related Transactions and Competition: China Huadian commits to minimize related transactions, avoid illegal fund occupation, and continue asset injection to reduce intra-group competition.

4. 2025 Operating Results and Key Financial Data

• Revenue: 126.013 billion RMB, down 10.95% YoY.
• Net Profit Attributable to Shareholders: 6.07 billion RMB, up 1.39% YoY.
• Basic EPS: 0.49 RMB, up 6.52% YoY.
• Net Operating Cash Flow: 27.221 billion RMB, up 39.90% YoY.
• Net Assets Attributable to Shareholders: 69.162 billion RMB, down 2.59% YoY.
• Total Assets: 264.231 billion RMB, down 0.44% YoY.

5. Corporate Governance and Asset Integration

• Company governance fully complies with laws and regulations; internal management and controls continue to improve.
• All acquired companies have become subsidiaries; integration and synergy are progressing well, with rising management efficiency.

6. Consistency with Announced Restructuring Plan

• All parties have fulfilled their responsibilities as announced; there are no major deviations from the published plan.
• No profit or performance compensation arrangements are involved.

Investor Impact and Key Considerations

• All asset transfers completed, minimal integration risk, robust asset quality, and sufficient compensation mechanisms—reducing post-acquisition risks.
• Major shareholders’ share lock-ups and no reduction plans help maintain investor confidence and price stability.
• Stable profit growth, strong cash flow, improved governance, and growing synergy support long-term valuation upside.
• Impairment and defect compensation commitments provide extra investor protection.
• Monitor future asset injections and related-party transactions for potential uncertainties.

Conclusion

This supervision opinion confirms Huadian International’s major asset restructuring is progressing smoothly, with all relevant assets transferred, compensation and lock-up mechanisms in place, and sound integration. The commitments and restrictions help stabilize expectations and are likely a positive for the company’s medium- to long-term share price—a significant development for investors.

Disclaimer: This article is for information purposes only and does not constitute investment advice. Investment involves risk. Please exercise caution.

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