国家电投集团水电股份有限公司重大资产重组及减值测试报告深度解读

一、核心要点概览

• 国家电投集团水电股份有限公司完成重大资产重组，标的资产全部过户至公司名下。
• 减值测试报告由致同会计师事务所审核，未发现重大错报。
• 资产减值补偿承诺机制明确，涉及具体补偿方式和金额计算公式。
• 减值测试评估结果显示本次资产评估价值高于账面价值，未发生资产减值，反映资产增值。
• 减值测试期覆盖2025至2027年，补偿期明确，补偿方式包括股份及现金。
• 所有评估、会计、法律流程均已完备，标的资产成为公司子公司。

二、重大资产重组详细情况

资产重组时间线及结构：2024年10月18日，公司董事会通过发行股份及支付现金方式，向中国电力国际发展有限公司和湖南湘投国际投资有限公司收购五柷电力有限公司100%股权，以及向国家电投集团广西电力有限公司收购长洲水电64.93%股权。配套募集资金不超过35名特定投资者，涉及资产交割、变更登记已全部完成。

监管批复：2025年9月30日，中国证监会正式批复资产重组事项，标的资产全部过户至公司名下，五柷电力和长洲水电成为公司全资及控股子公司。

三、资产减值补偿机制

与中国电力及湘投国际签署补充协议，明确资产减值补偿期与业绩承诺期一致：2025至2027年。若资产发生减值，按照持股比例由对方以股份或现金进行补偿。补偿金额、股份数量、现金返还等均有明确公式和规则，涉及转增、送股、现金分红等场景时也有调整机制，保障公司及股东利益。

评估、会计流程规范，减值测试每年结束后四个月内完成，聘请具有证券期货资格的会计师事务所出具专项审核报告，评估方法与资产评估报告保持一致，保证结果权威可靠。

四、减值测试评估过程与结果

评估结论：全部资产评估价值均高于账面价值，整体增值2,300.42万元，未出现资产减值。资产质量优良，反映公司未来盈利能力和资产安全性增强。

五、对股东和投资者的影响

• 资产重组完成及增值：资产重组顺利完成，标的资产增值显著，对公司资产负债表和未来盈利能力有积极影响。
• 减值补偿机制完善：若未来资产发生减值，将按协议及时补偿，最大程度保障股东权益，降低投资风险。
• 无重大会计或法律风险：整个评估、会计、法律流程均合规、透明，报告经致同会计师事务所审核，无重大错报或遗漏。
• 可能影响股价：资产增值、重组完成、减值风险可控，是典型利好消息，预计对公司估值及股价有正面推动。

六、其他重要事项

• 报告仅供公司披露资产重组及减值测试信息使用，不得用于其他目的。
• 减值测试每年将持续进行，保证资产价值透明。
• 资产评估由具有行业资质的机构出具，方法合理、数据真实可靠。

免责声明

本文章仅为信息披露和投资参考，不构成任何投资建议。投资者需结合自身实际情况和风险偏好作出投资决策。本文内容基于公司官方披露材料，如有后续变更，请以公司公告和监管部门批复为准。

English Version:

State Power Investment Hydropower Co., Ltd. Major Asset Restructuring and Impairment Test Report – Detailed Analysis

1. Key Points Overview

• Major asset restructuring completed; all target assets transferred under company ownership.
• Impairment test report audited by Grant Thornton; no material misstatements found.
• Clear asset impairment compensation mechanism, including specific compensation methods and calculation formulas.
• Impairment test results show asset appraisal value exceeds book value, indicating asset appreciation.
• Impairment test period covers 2025-2027; compensation period and methods (shares and cash) are clearly defined.
• All appraisal, accounting, and legal procedures completed; target assets become company subsidiaries.

2. Major Asset Restructuring Details

Timeline & Structure: On October 18, 2024, the Board approved the acquisition of 100% equity in Wuchu Power Co., Ltd. and 64.93% equity in Changzhou Hydropower from China Power International Development Co., Ltd. and Hunan Xiangtou International Investment Co., Ltd., through share issuance and cash payment. Up to 35 selected investors participated in the supporting fundraising. All asset transfer and registration procedures are complete.

Regulatory Approval: On September 30, 2025, China Securities Regulatory Commission officially approved the restructuring, and all target assets are under company ownership. Wuchu Power and Changzhou Hydropower become wholly-owned and controlled subsidiaries.

3. Asset Impairment Compensation Mechanism

Supplementary agreements with counterparties define the compensation period as 2025-2027, aligned with performance commitment period. If impairment occurs, compensation is made in shares or cash based on holding ratios. All calculation rules for compensation amount, share adjustment, and cash return in scenarios like stock dividends or cash distributions are clearly stipulated to safeguard company and shareholder interests.

Appraisal and accounting processes are standardized, with annual impairment tests completed within four months after fiscal year-end, and specialized audit reports issued by certified accounting firms. Appraisal methods are consistent, ensuring authoritative and reliable results.

4. Impairment Test Evaluation Process & Results

Appraisal Conclusion: All asset appraisal values are higher than book values, with overall appreciation of RMB 23 million, no impairment detected. Asset quality is sound, reflecting enhanced profitability and asset security for the company.

5. Impact on Shareholders and Investors

• Restructuring Completed & Asset Appreciation: Successful asset restructuring and significant asset appreciation positively impact the company’s balance sheet and future profitability.
• Comprehensive Impairment Compensation Mechanism: If impairment occurs in the future, timely compensation under the agreement maximizes shareholder protection and minimizes investment risk.
• No Major Accounting or Legal Risks: All appraisal, accounting, and legal procedures are compliant and transparent; audit reports confirm no material misstatements or omissions.
• Potential Share Price Impact: Asset appreciation, restructuring completion, and controllable impairment risk are positive signals likely to boost company valuation and share price.

6. Other Important Matters

• The report is only for disclosure of asset restructuring and impairment test information, not for other purposes.
• Annual impairment tests will continue, ensuring asset value transparency.
• Asset appraisal conducted by qualified institutions, methods and data are reliable.

Disclaimer

This article is for information disclosure and investment reference only and does not constitute investment advice. Investors should make decisions based on their own circumstances and risk preferences. The content is based on official company disclosures; please refer to subsequent company announcements and regulatory approvals for any updates.

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