电投水电全资子公司五凌电力33亿元并购湖南省内7个新能源项目股权，装机总容量近400MW

要点摘要

• 五凌电力拟以33,053.83万元（约3.3亿元）收购湖南轻电投及其控股子公司湖南凌瑞持有的湖南省内7个新能源项目控股权。
• 本次收购项目包括5家风电、光伏企业，装机总容量为391.81MW，已投产容量为284.31MW。
• 此次交易不构成关联交易，也不属于重大资产重组。
• 项目资产及财务状况稳健，2025年8月31日资产总额约35.97亿元，净资产5.03亿元。
• 预计年均营业收入2.46亿元，平均净资产收益率为5.64%。
• 交易对价以评估值为准，采用现金分三期支付。
• 所有项目均完成法律、财务、技术等尽职调查，整体风险可控，安全及环保措施合规。

公告详情

2026年4月17日，国家电投集团水电股份有限公司（证券简称：电投水电，600292）发布公告，披露其全资子公司五凌电力有限公司（简称“五凌电力”）将并购湖南轻电投新能源有限公司（简称“湖南轻电投”）及其控股子公司湖南凌瑞新能源有限公司（简称“湖南凌瑞”）持有的湖南省内7个新能源项目公司控股权。

并购背景与目标

本次并购旨在进一步拓展公司经营规模，获取可提供长期稳定收益的优质资产。并购完成后，将显著提升电投水电及五凌电力在湖南地区的新能源装机容量和市场份额，有利于提升整体经济效益。

具体并购标的

交易结构与支付方式

• 并购总对价为33,053.83万元（以国有资产评估备案值为准），分三期以现金支付。
• 湖南轻电投相关项目对价为586.39万元，湖南凌瑞相关项目对价为32,467.44万元。
• 期间损益归收购方所有，债务由项目公司继续承担。

项目公司经营及财务状况

• 截至2025年8月31日，7个项目公司资产总额约35.97亿元，净资产5.03亿元。
• 2025年合计收入约7805万元，净利润1992万元。
• 2024年合计收入4667万元，净利润1427万元，显示出营收和盈利能力逐步提升。
• 主要资产为风电和光伏电站，部分项目处于建设或即将并网阶段，具备持续增长潜力。

评估及风险管控

• 评估方法采用资产基础法与收益法，最终以收益法评估结果为准，更能反映未来收益能力。
• 全部项目公司100%股权评估值为51,465.7万元，拟收购控股权对应的股权评估值为33,053.83万元。
• 已完成法律、财务、技术、安环等多维度尽职调查，整体项目风险等级为中等，可控。
• 存在投资主体变更、股权转让程序、审批手续、屋顶光伏租赁、运维管理等5项法律风险，已制定具体应对措施并分项解决。
• 安全生产和环保体系健全，符合国家及地方政府法规要求。

对公司的影响及经济效益分析

• 项目年均营业收入预计为2.46亿元，平均净资产收益率5.64%。
• 并购完成后，公司湖南区域新能源装机规模和市场份额将大幅提升。
• 有助于电投水电及五凌电力长期稳定盈利，提升整体经济效益。
• 此举或将对公司业绩产生积极影响，具备一定的股价催化剂效应。

投资者须知与潜在影响

• 本次收购有望显著提升公司新能源资产规模和盈利能力，且交易价格公允，支付安排明确。
• 部分项目尚在建设及投产初期，短期内现金流贡献有限，但长期看具备稳定增长潜力。
• 项目风险整体可控，但仍需关注相关法律和运维风险的后续落实。
• 公司经营规模扩大及市场份额提升，或对投资者信心及公司估值产生积极影响。

结论

本次公告披露的五凌电力收购湖南省内7个新能源项目控股权事项，不仅将大幅提升公司新能源装机容量和市场份额，还将带动公司未来业绩增长，对公司中长期发展具备积极意义，具备一定的股价催化效应，值得投资者高度关注。

免责声明：本文仅基于公司公告材料整理，不构成投资建议。股市有风险，投资需谨慎。投资者应结合自身情况，独立判断。

English Version

SPIC Hydropower Subsidiary Wuling Power to Acquire 7 Hunan New Energy Projects for RMB 330 Million, Nearly 400MW of Installed Capacity

Key Points

• Wuling Power will acquire controlling equity in 7 Hunan new energy projects from Hunan Qingdiantou and its subsidiary Hunan Lingrui for RMB 330.54 million.
• The deal covers 7 wind and solar companies with a combined installed capacity of 391.81MW, of which 284.31MW is already operational.
• The transaction is not a related-party transaction and does not constitute a major asset restructuring.
• Project assets and financials are robust, with combined assets of RMB 3.597 billion and equity of RMB 502.73 million as of August 31, 2025.
• Estimated average annual operating income is RMB 246.05 million, with an average ROE of 5.64%.
• Payment will be by cash in three installments, at a price to be confirmed by SASAC appraisal filing.
• All projects have passed legal, financial, technical, safety, and environmental due diligence, with controllable overall risk and compliance with safety and environmental standards.

Announcement Details

On April 17, 2026, State Power Investment Corporation Hydropower Co., Ltd. (Stock Code: 600292, “SPIC Hydropower”) announced that its wholly-owned subsidiary Wuling Power intends to acquire controlling interests in 7 Hunan-based new energy project companies from Hunan Qingdiantou and its subsidiary Lingrui.

M&A Background and Objectives

This acquisition aims to expand SPIC Hydropower’s business scale and secure high-quality assets with long-term stable returns. The deal will significantly increase SPIC Hydropower and Wuling Power’s new energy capacity and market share in Hunan, boosting overall profitability.

Details of the Acquisition Targets

Transaction Structure & Payment

• Total consideration is RMB 330.54 million, to be paid in three cash installments, subject to SASAC appraisal filing.
• Qingdiantou’s consideration is RMB 5.86 million, Lingrui’s is RMB 324.67 million.
• Interim profits/losses will belong to the acquirer; debts to remain with project companies.

Project Company Operations & Financials

• As of August 31, 2025: total assets of RMB 3.597 billion, net assets RMB 502.73 million.
• Combined 2025 revenues RMB 78.05 million, net profit RMB 19.92 million. 2024 revenues RMB 46.67 million, net profit RMB 14.27 million—showing growing profitability.
• Major assets are wind and solar power plants, several under construction or commissioning, with strong future growth potential.

Valuation & Risk Control

• Valuation uses both asset-based and income approaches, with income approach as the basis for the final price.
• All targets’ 100% equity valuation is RMB 514.66 million; the controlling interests acquired are valued at RMB 330.54 million.
• All projects have passed legal, financial, technical, and safety due diligence; overall risk is moderate and controllable.
• Legal risks involving change of investment entity, equity transfer procedures, approval completeness, rooftop lease, and O&M have been identified and addressed.
• Safety and environmental systems are in place and compliant with regulations.

Impact & Economic Benefits

• Expected annual revenue: RMB 246.05 million; average ROE: 5.64%.
• The acquisition will significantly expand SPIC Hydropower’s new energy capacity and market share in Hunan.
• Will contribute to stable long-term earnings and may be a share price catalyst.

Investor Takeaways & Potential Impact

• The deal will increase the company’s scale, asset base, and long-term earnings, with a reasonable purchase price and clear payment terms.
• Some projects are still under construction; short-term cash flow impact is limited, but long-term growth is promising.
• Main risks are under control, but investors should monitor ongoing legal and operational risk management.
• The increased business scale and market share are likely to boost investor confidence and company valuation.

Conclusion

This acquisition of 7 new energy project controlling interests will significantly expand SPIC Hydropower’s new energy portfolio and market share, driving future performance and creating potential share price catalysts worthy of investor attention.

Disclaimer: This article is based solely on company disclosures and is not investment advice. The stock market carries risks. Please make investment decisions prudently and independently.

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