国家电投集团水电股份发行股份购买资产及2025年度业绩承诺与减值测试核查报告

国家电投集团水电股份有限公司重大资产重组业绩承诺与减值测试详细报告

摘要：
国家电投集团水电股份有限公司（简称“电投水电”）发布了关于发行股份及支付现金购买五凌电力有限公司100%股权和国家电投集团广西长洲水电开发有限公司64.93%股权，并募集配套资金暨关联交易的2025年度业绩承诺实现情况及减值测试核查意见。该报告由中信建投证券作为独立财务顾问出具，并经致同会计师事务所及北京天健兴业资产评估有限公司专项审核与评估。

一、交易基本情况

电投水电通过发行股份及支付现金方式收购五凌电力和长洲水电相关股权。
向中国电力、湘投国际、广西公司购买相应股权，并向不超过35名特定投资者发行股份募集资金，募集总额不超过50亿元人民币。
中国证监会已于2025年9月30日核准相关注册申请，资产过户及新增股份登记于2025年10-11月完成。

二、业绩承诺及补偿安排

业绩承诺期限：自资产过户当年起连续3个会计年度（2025-2027年）。
业绩承诺金额：
- 五凌电力：2025年、2026年、2027年承诺净利润分别不低于30,589.22万元、33,334.63万元、35,338.03万元。
- 长洲水电：2025-2027年承诺净利润分别不低于32,053.43万元、33,822.72万元、34,328.85万元。
补偿方式：如未达到业绩承诺，交易对方需以股份优先补偿，不足部分以现金补偿。补偿公式明确，涉及股份发行价格、利润差额等因素。
若补偿期内上市公司实施转增或送股、现金分红，股份补偿及返还金额需相应调整。
减值测试安排：业绩承诺期满后四个月内进行资产减值评估，若有减值需补偿，亦按股份和现金补偿方式执行。
补偿上限：补偿金额及股份数均以本次交易取得的股份及交易对价为限。

三、2025年度业绩承诺实现情况

五凌电力相关资产2025年度实际净利润为33,954.24万元，业绩完成率111%。
长洲水电64.93%股权2025年度实际净利润为41,758.33万元，业绩完成率130.28%。
两项资产均超额完成业绩承诺，2025年度无需补偿。

四、资产减值测试情况

减值测试资产包括五凌电力持有的国电财务股权、自有房产及土地等。
截至2025年底，减值测试资产评估价值较交易时评估值均有增值，未发生减值，亦无需补偿。
减值测试方法与资产评估报告保持一致，评估结果经会计师事务所专项审核。

五、对股东和投资者的重要影响

业绩承诺超额完成：2025年度两项收购资产均超额完成业绩承诺，显示资产质量优良，有助于增强上市公司盈利能力。
无补偿风险：交易对方无需补偿，上市公司风险降低，未来利润分配更具弹性。
资产减值风险可控：减值测试资产未发生减值，资产安全性高，对股东利益构成正面保障。
资金募集与资产扩张：募集资金上限达50亿元人民币，为公司后续扩张及产业升级提供充足弹药。
与国企上市公司相关的业绩承诺与补偿机制透明，投资者可据此判断公司未来盈利保障。

六、潜在影响与股价敏感点

业绩承诺超额完成及减值测试无减值，进一步强化了公司盈利能力与资产安全，属于利好消息。
补偿机制明确，交易对方责任落实，降低投资者对资产重组风险的担忧。
募集资金到位，为未来发展提供支持，可能对公司估值产生正面影响。

附：主要资产明细

五凌电力资产涉及国电财务股权、自有房产分布于北京、银川、长沙、常德等地，总评估价值达30,325.10万元。
湖南五凌电力工程公司资产位于乌鲁木齐市，评估价值67.35万元。
贵州清水江水电公司资产位于凯里市，评估价值354.33万元。
五凌汉兴株洲氢能科技公司自有土地位于株洲市，评估价值4,247.21万元。

免责声明：本文基于上市公司公告及第三方会计师事务所、评估机构报告整理，仅供投资者参考，不构成具体投资建议。投资者应结合自身风险偏好与市场状况，理性决策。公司经营情况可能因宏观经济、政策变化等因素产生波动，投资需谨慎。

State Power Investment Hydropower Co., Ltd. Major Asset Restructuring: Performance Commitment & Impairment Test Report

Summary:
State Power Investment Hydropower Co., Ltd. (SPI Hydropower) has released detailed findings regarding its major asset restructuring, involving the acquisition of 100% equity in Wuling Electric Power Co., Ltd. and 64.93% equity in Guangxi Changzhou Hydropower Development Co., Ltd., alongside a supporting capital raise. The report, issued by CITIC Securities as independent financial advisor and audited by Grant Thornton and Beijing Tianjian Xingye Asset Appraisal, covers the fulfillment of 2025 performance commitments and asset impairment testing.

1. Transaction Overview

SPI Hydropower acquired stakes in Wuling Electric Power and Changzhou Hydropower via share issuance and cash payment.
Shares purchased from China Power International, Xiangtou International, and Guangxi Power, with a capital raise from up to 35 qualified investors, totaling up to RMB 5 billion.
CSRC approved the registration in September 2025; asset transfers and new share registrations completed in October-November 2025.

2. Performance Commitment & Compensation Mechanism

Commitment Period: Three consecutive fiscal years starting from asset transfer (2025-2027).
Performance Targets:
- Wuling Electric Power: Committed net profit for 2025/2026/2027 no less than RMB 305.89m, 333.35m, and 353.38m respectively.
- Changzhou Hydropower: Committed net profit for 2025/2026/2027 no less than RMB 320.53m, 338.23m, and 343.29m respectively.
Compensation: If targets are not met, sellers must compensate primarily with shares, supplemented with cash if shares are insufficient. Formulas are specified, and adjustments are made for dividends and stock splits.
Impairment Test: Asset impairment tests conducted four months after the commitment period; compensation for impairment also follows share/cash mechanism.
Compensation Cap: Total compensation (shares/cash) cannot exceed the value of shares acquired or the transaction consideration.

3. 2025 Performance Commitment Fulfillment

Wuling Electric Power assets delivered actual net profit of RMB 339.54m in 2025, achieving 111% of commitment.
Changzhou Hydropower 64.93% stake delivered net profit of RMB 417.58m in 2025, achieving 130.28% of commitment.
Both assets exceeded performance commitments; no compensation required for 2025.

4. Asset Impairment Test Results

Impairment-tested assets include SPI Hydropower’s holdings in Guodian Finance, self-owned properties and land across Beijing, Yinchuan, Changsha, Changde, Urumqi, Kaili, and Zhuzhou.
As of year-end 2025, asset values increased from transaction benchmarks; no impairment and no compensation required.
Assessment methods consistent with initial asset appraisal; results verified by independent auditors.

5. Key Points for Shareholders and Investors

Performance Commitment Exceeded: Both acquired assets outperformed commitments, demonstrating asset quality and enhancing SPI Hydropower’s profitability.
No Compensation Risk: Sellers have no compensation obligations for 2025, reducing risk and allowing more flexible profit distribution in future years.
Asset Security Confirmed: No impairment detected, safeguarding shareholder interests.
Capital Raise Supports Growth: Up to RMB 5 billion raised, providing resources for expansion and industrial upgrade.
Transparent Mechanism: Clear compensation and impairment testing, allowing investors to assess future profit security.

6. Potential Impact & Price Sensitivity

Performance overachievement and asset security are positive for the share price.
Clear compensation mechanism and risk control may increase investor confidence and positively affect valuation.
Successful capital raise supports future development and could be a catalyst for share price appreciation.

Appendix: Main Asset Details

Wuling Electric Power assets: Guodian Finance equity, self-owned properties in Beijing, Yinchuan, Changsha, Changde, total appraisal value RMB 303.25m.
Hunan Wuling Electric Engineering: asset in Urumqi, appraisal value RMB 0.67m.
Guizhou Qingshui River Hydropower: asset in Kaili, appraisal value RMB 3.54m.
Wuling Hanxing Zhuzhou Hydrogen Technology: land in Zhuzhou, appraisal value RMB 42.47m.

Disclaimer: This article is based on official company disclosures and third-party audit/appraisal reports. It is for investor reference only and does not constitute investment advice. Investors should assess risks and market conditions carefully. Company earnings may fluctuate due to macroeconomic or policy changes. Invest prudently.