电投水电全资子公司五凌电力并购湖南7个新能源项目，交易金额逾3.3亿元

一、并购交易概况

2026年4月17日，国家电投集团水电股份有限公司（证券代码：600292，简称“电投水电”）公告，旗下全资子公司五凌电力有限公司（“五凌电力”）将以约33,053.83万元的评估值，收购湖南轻电投新能源有限公司及其控股子公司湖南凌瑞新能源有限公司持有的7个湖南省内新能源项目公司的控股权。

• 标的项目包括2家湖南轻电投直接持有公司及5家湖南凌瑞持有公司。
• 收购总装机容量：391.81MW，其中已投产装机284.31MW。
• 交易不构成关联交易，也不构成重大资产重组。
• 收购价以国有资产有权机构备案评估值为准，支付方式为现金分三期支付。

二、详细收购标的及股权比例

三、交易对价与财务数据

• 本次收购7家标的公司合计100%股权评估值为51,465.7万元，实际拟收购股权评估值合计33,053.83万元。
• 2025年8月31日，7个项目合计资产总额359,748万元，净资产50,273万元。
• 2025年1-8月合计收入7,805万元，净利润1,992万元。
• 项目经营期年均营业收入预计为24,605万元，平均净资产收益率为5.64%。
• 五凌电力将以现金支付，三期付款，基准日至交割日的期间损益归收购方享有。

四、法律和风险事项

• 已完成财务审计、资产评估、法律尽调及技术、安环尽调，风险整体可控。
• 法律尽调提示五项主要风险，包括投资主体变更、股权转让程序、审批手续、屋顶光伏租赁合同、运维管理等，相关风险清单已制订并有应对措施，部分风险已有效化解。
• 项目安全及环保措施到位，符合国家及地方政策法规。
• 交易不涉及人员安置，债务由项目公司继续承继，交割前需完成关联债权清理。

五、对公司及股东的影响——潜在股价敏感点

• 此次并购大幅提升公司在湖南区域新能源装机规模，有利于巩固和提升公司市场份额。
• 预计将带来稳定的营业收入和净资产收益，有助于提升整体经济效益。
• 交易顺利推进将直接增强公司新能源资产规模和盈利能力，属于典型的利好事项，或对公司股价形成正面推动。
• 特别值得注意的是，所有交易均以现金支付，短期内或对现金流产生一定压力，但从长期收益能力和资产结构优化角度，将显著提升公司价值。
• 法律及合规风险总体可控，对项目投产和收益影响有限。

六、结论

此次五凌电力并购湖南省内7个新能源项目，是电投水电积极布局新能源、扩大主营业务规模的重要举措。项目标的优质，装机容量大，且大部分项目即将或已投产。并购完成后，预计将显著提升公司盈利能力及市场竞争力，利好公司长期发展及股东权益，具备较强的股价催化潜力。投资者应重点关注项目交割进度及后续经营表现。

【免责声明】

本文根据公司公告公开信息整理，仅供投资参考，不构成任何投资建议。投资有风险，入市需谨慎。

English Version

SPIC Hydropower’s Wholly-Owned Subsidiary to Acquire 7 Hunan New Energy Projects for Over RMB 330 Million

1. Overview of the Acquisition

On April 17, 2026, State Power Investment Corporation Hydropower Co., Ltd. (Stock Code: 600292, “SPIC Hydropower”) announced that its wholly-owned subsidiary, Wuling Power Co., Ltd. (“Wuling Power”), will acquire controlling stakes in 7 Hunan-based new energy project companies held by Hunan Qingdiantou New Energy Co., Ltd. and its holding subsidiary Hunan Lingrui New Energy Co., Ltd., for a total assessed value of approximately RMB 330.54 million.

• The acquisition targets include 2 companies directly held by Hunan Qingdiantou and 5 by Hunan Lingrui.
• Total installed capacity: 391.81MW, with 284.31MW already operational.
• The deal is neither a related-party transaction nor constitutes a major asset restructuring.
• Consideration is based on the value filed with the state-owned assets authority, and will be paid in cash in three installments.

2. Details of Acquisition Targets and Equity Percentages

3. Transaction Price and Financial Data

• Total assessed value for 100% equity of all 7 targets: RMB 514.66 million; actual equity to be acquired valued at RMB 330.54 million.
• As of August 31, 2025, combined assets: RMB 3.60 billion; net assets: RMB 502.73 million.
• January-August 2025 combined revenue: RMB 78.05 million; net profit: RMB 19.92 million.
• Estimated annual average operating income during project operation: RMB 246.05 million; average ROE: 5.64%.
• Wuling Power to pay in cash over three installments; interim profit/loss from valuation date to closing will accrue to acquirer.

4. Legal and Risk Considerations

• Financial audit, asset appraisal, legal, technical, and safety/environmental due diligence completed. Overall risk is controllable.
• Legal DD identified five main risks: change of investment entity, equity transfer procedures, incomplete approval documents, rooftop PV lease contracts, and O&M management. Detailed risk lists and mitigation plans have been established; some risks already resolved.
• Project safety and environmental controls are in place, compliant with national/local regulations.
• No personnel placement issues; project companies will continue to bear existing debt; related-party receivables to be cleared before closing.

5. Impact on Company and Shareholders – Potential Price Sensitivity

• This acquisition will significantly increase SPIC Hydropower’s new energy capacity in Hunan, strengthening its market share.
• Expected to generate stable revenue and ROE, boosting overall profitability.
• If smoothly completed, the deal will enhance the company’s asset scale and earnings power, representing a clear positive that could drive share price upward.
• Note: All-cash payment may temporarily pressure cash flow, but long-term returns and asset optimization will significantly benefit company value.
• Legal and compliance risks are overall manageable; minimal impact on project revenue and commissioning.

6. Conclusion

Wuling Power’s acquisition of 7 Hunan new energy projects is a major move for SPIC Hydropower to expand its renewable energy portfolio and core business. The targets are of high quality with large capacity, most already or soon to be operational. Upon completion, the deal is expected to significantly enhance company profitability and competitiveness, offering strong long-term upside and share price catalysts. Investors should closely monitor the transaction progress and subsequent operational performance.

Disclaimer

This article is based on publicly available company announcements and is for informational purposes only. It does not constitute investment advice. Investment carries risk; please exercise caution.

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