上海电力股份有限公司2025年度财务公司关联交易专项说明详解

报告要点梳理

• 本报告由中汇会计师事务所（特殊普通合伙）出具，针对上海电力股份有限公司（以下简称“上海电力”）2025年度涉及财务公司关联交易的存款、贷款等金融业务情况进行专项说明。
• 审计师对上海电力2025年度财务报表进行了审计，并出具了无保留意见的审计报告。
• 专项说明所附的汇总表反映了上海电力及下属子公司与关联财务公司之间的存款、贷款等金融业务的发生额及余额，已由董事会于2026年4月10日批准。
• 上海电力与两家关联财务公司发生大规模的存贷款业务，分别为国家电投集团财务有限公司（以下简称“财务公司”）及国家电投香港财资管理有限公司（以下简称“香港财资公司”）。

对投资者及股东的重要信息及潜在影响

• 大额资金往来： 上海电力与财务公司及香港财资公司在2025年度的资金往来数额巨大。2025年末在财务公司的存款余额为59.85亿元人民币，向财务公司借款余额为43.80亿元人民币。与香港财资公司存款余额达2.93亿元人民币，借款余额高达77.60亿元人民币。如此大规模的关联金融业务可能对公司流动性、资金成本及财务结构产生重大影响。
• 利息收入与费用： 2025年度，公司在财务公司存款获得利息收入2647万元人民币，支付贷款利息1.19亿元人民币。在香港财资公司存款获得利息收入1929万元人民币，支付借款利息1.74亿元人民币。高额的利息费用显示公司较为依赖关联方融资，投资者应关注关联方资金价格变化对利润的影响。
• 短期与长期借款结构： 上海电力主要以短期借款为主。2025年末向财务公司短期借款余额为43.2亿元人民币，向香港财资公司短期借款余额为77.60亿元人民币。这种结构意味着公司短期偿债压力较大，一旦市场资金紧张、关联方政策收紧，可能对公司现金流及偿债能力构成风险。
• 合规与信息披露： 审计师声明，本次专项说明及相关数据仅供2025年度报告披露使用，不得作为其他用途。审计师未就专项说明附表执行额外审计程序，投资者需结合年度审计报告综合判断。
• 董事会审批： 所有关联交易数据已获董事会批准，显示公司治理结构对重大资金往来保持监督。

详细数据披露

与国家电投集团财务有限公司关联交易汇总：

与国家电投香港财资管理有限公司关联交易汇总：

可能影响股价的因素

• 大规模的短期借款和关联方存贷款业务表明公司对关联方资金依赖度高，若未来关联方融资条件变化，公司资金链可能面临压力。
• 持续的高额利息支出或将对公司净利润产生压制，投资者需关注公司未来资本结构优化和资金成本控制能力。
• 报告的真实、合法、完整性得到会计师事务所核验，无重大不一致，有助于提升市场信心。
• 所有关联交易均经董事会审批，通过规范的治理程序，有利于维护中小股东利益。

结论

上海电力2025年度与关联财务公司之间的资金往来规模庞大，结构以短期借款为主，资金成本较高。此举对公司财务健康、资金流动性、盈利能力等构成重要影响，属于投资者需重点关注的事项。若相关融资条件、利率或政策发生变化，可能直接影响公司现金流与盈利表现，进而影响公司估值及股价。因此，此次关联交易专项说明具有一定价格敏感性。

免责声明：本新闻稿仅根据已披露的专项说明及财报数据整理，不构成任何投资建议或买卖证券的依据。投资者应结合公司其他公开信息及自身风险承受能力，谨慎决策。

ENGLISH VERSION

In-Depth Analysis: Shanghai Electric Power Co., Ltd. 2025 Intercompany Financial Transactions Special Statement

Key Points:

• The report, issued by Zhonghui CPA LLP, provides a special explanation of related financial transactions (deposits, loans, etc.) between Shanghai Electric Power (SEP) and its associated finance companies for the 2025 fiscal year.
• The auditor issued an unqualified opinion on SEP’s 2025 financial statements.
• The summary tables reflect massive intercompany deposits and borrowings between SEP, its subsidiaries, State Power Investment Corporation Finance Co., Ltd. (SPIC Finance), and SPIC Hong Kong Treasury Management Co., Ltd. (HK Treasury), all approved by the board on April 10, 2026.

Material Issues for Investors & Shareholders:

• Large-Scale Capital Movements: As of year-end 2025, deposits with SPIC Finance totaled RMB 5.99 billion, and borrowings reached RMB 4.38 billion. Deposits with HK Treasury were RMB 292.78 million, while borrowings soared to RMB 7.76 billion. The scale of these transactions could significantly affect SEP’s liquidity, funding costs, and capital structure.
• Interest Income & Expense: In 2025, SEP earned RMB 26.47 million in interest from SPIC Finance deposits and paid RMB 119.26 million in loan interest. From HK Treasury, it earned RMB 19.29 million in interest income but paid RMB 174.18 million in loan interest. Heavy reliance on related-party funding and the high-interest burden could impact profitability.
• Short-term Debt Structure: Most borrowing is short-term, with RMB 4.32 billion from SPIC Finance and RMB 7.76 billion from HK Treasury. This structure presents refinancing and liquidity risks if funding conditions tighten.
• Compliance & Disclosure: The auditor clarifies that no additional audit procedures were performed on the attached summary table. Investors should read this information together with the audited annual financial statements.
• Board Approval: All related transactions were approved by the board, indicating a sound corporate governance process.

Detailed Data:

SPIC Finance Transactions:

HK Treasury Transactions:

Potential Share Price Impact:

• Heavy dependence on related-party funding and a concentration of short-term debt could expose SEP to refinancing and interest rate risks, affecting cash flow and profitability.
• High interest expenses may weigh on future net profit, so investors should watch for capital structure adjustments and cost management efforts.
• The auditor’s confirmation of data accuracy underpins market confidence, but investors should remain vigilant for any changes in group financing policies or terms.

Conclusion:

Shanghai Electric Power’s sizeable related-party financial transactions, especially short-term borrowings, significantly affect its liquidity and cost of funds. Any adverse changes in financing terms or group policies may directly impact cash flow and profits, making this disclosure price sensitive and relevant for investors’ attention.

Disclaimer: This news article is for informational purposes only, based on disclosed special statements and financial data. It does not constitute investment advice. Investors should review other public information and assess their own risk tolerance before making investment decisions.

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