国家电投集团水电股份有限公司2025年度业绩承诺实现及资产减值测试情况详解

一、重大资产重组及业绩承诺基本情况

国家电投集团水电股份有限公司（简称“电投水电”或“公司”）于2025年通过发行股份及支付现金的方式，完成对五凌电力有限公司100%股权和国家电投集团广西长洲水电开发有限公司64.93%股权的收购，并配套募集资金不超过50亿元。相关议案已获股东大会及证监会批准，标的资产过户及新增股份登记均已于2025年10月末至11月完成。

二、业绩承诺及补偿安排详解

• 业绩承诺方：中国电力、湘投国际、广西公司
• 业绩承诺期：自标的资产交割年起连续3个会计年度（2025-2027年）
• 承诺净利润（扣非后）：
  • 五凌电力部分子公司：2025年不低于30,589.22万元，2026年不低于33,334.63万元，2027年不低于35,338.03万元。
  • 长洲水电64.93%股权：2025年不低于32,053.43万元，2026年不低于33,822.72万元，2027年不低于34,328.85万元。
• 业绩补偿机制：
  • 如实际净利润低于承诺值，补偿方须优先以股份补偿，不足部分以现金补偿。
  • 股份补偿数量、现金补偿金额有详细公式约定，并根据转增、送股、分红等情况进行调整。
  • 补偿总额上限为因本次交易新增取得的股份及交易作价。

三、资产减值测试补偿安排

• 在业绩承诺期满后四个月内对标的资产进行减值测试，方法原则上与原资产评估一致。
• 如发生减值，补偿方须以股份或现金方式进行补偿，具体计算公式详见协议。
• 涉及市场法评估的资产（如自有房产、土地、金融股权等）也有明确的年度减值测试及补偿规定。

四、2025年度业绩承诺实现情况

2025年度，所有业绩承诺资产均超额完成承诺净利润，无需补偿，显示标的资产盈利能力优异，交易对方严守承诺。

五、资产减值测试结果

2025年末，经权威第三方评估，所有减值测试资产的评估值均高于交易时评估价值，未发生减值，亦无需进行减值补偿，显示资产质量稳健。

六、对投资者和股价的潜在影响

• 业绩兑现超预期： 标的资产2025年盈利显著超承诺，提升公司整体盈利能力和未来业绩确定性。
• 风险防控到位： 明确的补偿和减值安排为投资者提供了强有力的业绩保障和资产安全垫。
• 资产质量优良： 资产减值风险低，支撑公司长期稳健发展预期。
• 潜在股价利好： 业绩超预期兑现和资产无减值，可能提振市场信心，正面影响股价表现。

七、结论

本次报告充分显示国家电投水电股份的重大资产重组标的业绩远超承诺，同时资产质量良好、无减值风险，业绩补偿及减值补偿机制完善，将进一步提升上市公司核心竞争力和投资价值，是资本市场高度关注、可能影响股价的重要利好信息。

免责声明： 本文仅为信息解读，不构成任何投资建议。投资有风险，决策请谨慎。

English Version

SPIC Hydropower: 2025 Performance Commitment Fulfillment & Asset Impairment Test Detailed Analysis

1. Major Asset Restructuring and Performance Commitment Overview

In 2025, SPIC Hydropower (the “Company”) completed the acquisition of 100% equity of Wuling Power and 64.93% equity of Changzhou Hydropower, via share issuance and cash payment, raising up to RMB 5 billion in supporting funds. The transaction was approved by shareholders and the CSRC, with asset handover and new share registration completed by November 2025.

2. Detailed Performance Commitments & Compensation Arrangements

• Commitment Parties: China Power, Xiangtou International, Guangxi Company
• Commitment Period: 3 consecutive years from the year of asset delivery (2025-2027)
• Committed Net Profit (after non-recurring items):
  • Wuling Power subsidiaries: Not less than RMB 305.89mn (2025), RMB 333.35mn (2026), RMB 353.38mn (2027)
  • Changzhou Hydropower 64.93%: Not less than RMB 320.53mn (2025), RMB 338.23mn (2026), RMB 343.29mn (2027)
• Compensation Mechanism:
  • If actual profit falls short, compensators will first use shares, and then cash if shares are insufficient.
  • The number of compensation shares/cash has detailed formulas and is adjusted for share dividends, stock splits, etc.
  • Compensation caps at the shares newly obtained in this transaction and the transaction price.

3. Asset Impairment Test and Compensation

• Impairment tests are conducted within four months after the performance commitment period, using consistent appraisal methods.
• If impairment occurs, compensators must make up the deficit via shares or cash as per the agreement.
• Assets subject to market-based valuation (including real estate, land, financial equity) also have annual impairment test and compensation arrangements.

4. 2025 Performance Fulfillment Results

In 2025, all performance assets exceeded their commitments, requiring no compensation, highlighting the strong profitability of the acquired assets and strict commitment by transaction counterparts.

5. Asset Impairment Test Results

As of year-end 2025, third-party valuation confirmed all impairment test assets increased in value versus the transaction date, with no impairment and no need for compensation, demonstrating the solid asset quality.

6. Potential Impact on Investors and Share Price

• Outperformance: Acquired assets’ profits far exceeded commitments, boosting company earnings visibility and certainty.
• Risk Control: Clear compensation and impairment mechanisms provide robust performance and asset safety guarantees for investors.
• Strong Asset Quality: Low impairment risk supports the company’s long-term growth outlook.
• Share Price Catalyst: Such positive surprises and risk reduction may enhance market confidence and support share price.

7. Conclusion

This report highlights that SPIC Hydropower’s 2025 acquired assets delivered superior profitability, with no impairment risks, and robust compensation mechanisms, likely strengthening the company’s core competitiveness and investment value. This is a major positive development, likely to attract significant investor attention and potentially move the share price.

Disclaimer: This article is for information only and does not constitute investment advice. Investment involves risk. Please make decisions cautiously.

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