国家电投集团水电股份有限公司重大资产重组2025年度业绩承诺与减值测试结果出炉

核心要点一览

• 国家电投集团水电股份有限公司（简称“国家电投水电”）2025年度业绩承诺全面实现，交易对方无须补偿。
• 涉及五凌电力100%股权及长洲水电64.93%股权收购，交易总对价数十亿元，并同步募集配套资金不超过50亿元。
• 标的资产2025年业绩超额完成：五凌电力实现净利润33,954.24万元，长洲水电实现净利润41,758.33万元，分别超出承诺111%、130%。
• 减值测试资产未发生减值，资产价值整体增值，解除投资者对资产价值缩水的担忧。
• 本次重组为公司注入优质水电资产，增强盈利能力和资产质量，为未来业绩增长奠定基础。

详细内容解读

一、重组基本情况

2025年，国家电投水电通过发行股份及支付现金，收购五凌电力100%股权（中国电力持有63%、湘投国际持有37%）及国家电投广西长洲水电64.93%股权，并向不超过35名特定投资者募集不超过50亿元配套资金。该交易已获公司董事会及临时股东大会审议通过，并获得中国证监会注册批准。标的资产于2025年10月底完成过户，新增股份于11月12日在上交所登记完成。

二、业绩承诺及补偿安排

业绩承诺期为2025-2027年三年。五凌电力业绩承诺资产2025年净利润不低于30,589.22万元，长洲水电（64.93%股权）不低于32,053.43万元。若未达承诺，交易对方需以股份或现金进行补偿，补偿计算方法详见协议，并对分红、送转、股份冻结等特殊情形作出详细安排，保护上市公司和中小股东利益。

此外，针对部分采用市场法评估的资产（如自有房产、土地、其他权益投资），设立了专门减值测试和补偿机制。补偿上限以新增取得股份及交易对价为限，防止过度索赔。

三、2025年度业绩承诺实现情况

解读：所有承诺资产均超额完成业绩目标，无须补偿，显示标的公司经营状况优良，盈利能力超预期。

四、减值测试情况

按照协议，重组涉及采用市场法评估的自有房产、土地及其他权益工具投资需进行年度减值测试。2025年12月31日评估结果显示，全部减值测试资产估值不仅未出现减值，反而较交易基准日整体增值2,300.42万元（总计37,294.41万元 vs 交易时34,993.99万元），资产质量稳健，交易对方无需进行减值补偿。

• 五凌电力自有房产、其他权益工具投资、土地等资产组合均有不同幅度增值。
• 所有减值测试资产评估均经独立会计师事务所与资产评估机构专项审核，确保公允性和合规性。

五、对投资者的影响及须知事项

• 业绩承诺全面兑现，彰显重组资产盈利能力，为上市公司2025年业绩增长提供有力支撑，提升投资者信心。
• 减值风险解除，资产价值稳健增长，降低股东对资产缩水的担忧，具有积极的市值管理意义。
• 大型水电资产注入，有望带动公司长期成长性和行业竞争力提升，未来三年业绩目标明确，有望持续释放业绩弹性。
• 标的资产盈利超预期，若后续业绩持续乐观，或带来估值提升、资本市场关注度提升，具有显著的股价催化剂效应。
• 公司为重组专门设立严格的业绩和减值补偿机制，切实保障中小股东利益，为资本市场树立良好治理标杆。

六、后续关注点

• 未来两年业绩承诺完成情况及补偿履约进展。
• 水电行业政策、市场环境和公司后续资产整合进展。

免责声明：本新闻稿仅供投资者参考，不构成任何投资建议。投资有风险，入市需谨慎。文章内容基于公司公告及公开信息，实际业绩表现与市场风险因素相关，敬请投资者关注后续公司公告和相关披露。

English Version

SPIC Hydropower Announces 2025 Performance Commitment Realization and Impairment Test Results for Major Asset Restructuring

Key Highlights

• SPIC Hydropower (State Power Investment Corporation Hydropower Co., Ltd.) has fully achieved its 2025 performance commitments on newly acquired assets, and no compensation is required from counterparties.
• The deal includes acquiring 100% of Wuling Power and 64.93% of Changzhou Hydropower, with a transaction value in the billions of RMB, alongside up to RMB 5 billion in supporting fundraising.
• 2025 net profit outperformed commitments: Wuling Power delivered RMB 339.54 million, Changzhou Hydropower RMB 417.58 million, reaching 111% and 130% of their respective targets.
• No impairment was detected in the assets subject to impairment testing; instead, their value appreciated, easing market concerns over asset devaluation.
• This restructuring injects high-quality hydropower assets, strengthens profitability and asset quality, and sets a solid foundation for future growth.

In-Depth Details

1. Transaction Overview

In 2025, SPIC Hydropower acquired 100% of Wuling Power (63% from China Power, 37% from Xiangtou International) and 64.93% of Changzhou Hydropower. The transaction was settled by issuing shares and cash, with additional supporting fundraising of up to RMB 5 billion from up to 35 qualified investors. The deal received all necessary board and regulatory approvals, with asset handover completed by October 2025 and new shares registered in November.

2. Performance Commitment and Compensation Arrangements

The performance commitment period covers 2025-2027. For 2025, Wuling Power’s committed net profit was not less than RMB 305.89 million, Changzhou Hydropower (64.93% stake) not less than RMB 320.53 million. If these targets were not met, counterparties would compensate in shares or cash, with detailed mechanisms covering dividends, bonus shares, share freezes, etc., to protect minority shareholder interests.

Additionally, for assets valued using market methods (e.g., properties, land, equity investments), specific impairment testing and compensation mechanisms were established, with compensation capped at the transaction consideration and incremental shares to prevent excessive claims.

3. 2025 Performance Commitment Results

Interpretation: All performance commitments were outperformed, highlighting robust operations and profitability of the acquired assets.

4. Impairment Testing

Annual impairment testing was conducted on assets valued by market approach, such as properties and equity investments. As of December 31, 2025, these assets showed a total appreciation of RMB 23.00 million (RMB 372.94 million vs RMB 349.94 million at transaction), with no impairment detected. No compensation obligation arises for counterparties.

• All asset increases were independently audited and appraised, ensuring fairness and compliance.
• Key property and land assets under Wuling Power and its subsidiaries all recorded value appreciation.

5. Investor Implications & Potential Price Sensitivity

• Full performance delivery demonstrates the quality of acquired assets and supports SPIC Hydropower’s 2025 financials, likely boosting investor confidence.
• No impairment risk and asset appreciation reduce concerns of asset devaluation, which is positive for the company’s valuation and share price stability.
• The injection of major hydropower assets enhances long-term growth and sector competitiveness, with clear three-year performance targets and visible upside potential.
• Outperformance of profit targets could drive further re-rating and increased market attention, acting as a strong share price catalyst.
• Strict performance and impairment compensation mechanisms protect minority shareholders and demonstrate best practices in corporate governance.

6. Future Watch Points

• Performance completion and compensation over the next two years (2026-2027).
• Sector policy changes, market environment, and further asset integration steps.

Disclaimer: This news release is for information purposes only and does not constitute investment advice. Investments are subject to risk. Please refer to future company disclosures and regulatory filings for updated information.

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