兰州长城电工股份有限公司转让全资孙公司100%股权暨关联交易公告（2026年）

兰州长城电工股份有限公司关于转让全资孙公司100%股权暨关联交易的公告详解

一、重大事项概述

兰州长城电工股份有限公司（简称“长城电工”）发布公告，决定转让其全资子公司天水长城开关厂集团有限公司（简称“长开厂公司”）持有的全资孙公司天水长开电力工程有限公司（简称“长开电力公司”）100%股权。此次股权将以评估价值34,832.11万元人民币转让给公司控股股东甘肃电气装备集团有限公司（简称“甘肃电气集团”）的全资子公司甘肃电气装备集团水利水电工程有限公司（简称“水利水电公司”）。

二、交易背景与目的

本次交易旨在剥离长开厂公司非核心、低盈利业务，强化其在输配电设备制造主业上的聚焦与发展，提升运营效能，实现专业化集约运营。该举措是公司扭亏治亏、化解经营风险的关键步骤，通过处置低效资产优化财务结构，集中资源推动主业提质增效，增强公司抗风险能力并夯实持续经营基础。

三、交易详情及定价依据

交易标的：长开电力公司100%股权
评估机构：深圳市鹏信资产评估土地房地产估价有限公司
评估基准日：2025年12月31日
评估价值：34,832.11万元，账面净资产为34,356.65万元，增值率为1.38%
支付方式：一次性现金支付，协议生效后5个工作日内完成
资产基础法作为最终评估方法

值得注意的是，评估报告指出资产基础法更能反映公司真实价值，而市场法受可比上市公司差异影响较大，评估结果可靠性有限。

四、交易对方及关联关系

水利水电公司为甘肃电气集团全资子公司，属于长城电工控股股东控制的企业。水利水电公司经营状况稳定，资信状况良好，具备履约能力。

五、交易标的基本情况

成立日期：2010年11月17日
注册资本：3000万元人民币
主营业务涵盖建设工程设计、施工、电力设施安装、维修等
2025年度资产总额：55,612.61万元，净资产：34,136.50万元，营业收入：16,871.96万元，净利润为-772.88万元（亏损）
2026年1-3月资产总额：56,424.84万元，净资产：34,019.43万元，营业收入：1,536.21万元，净利润为-117.07万元（亏损）

长开电力公司存在与长开厂公司往来款项余额4335.07万元，其中1000万元为资金周转借款，交易完成前需由长开电力公司足额偿还。

六、协议核心条款

股权转让价款一次性支付，资金来源为甘肃电气集团向水利水电公司增资
交割日为支付当天，交割后15日内完成工商变更登记，交割后不再纳入长城电工合并报表
标的公司全体员工劳动关系、薪酬标准、福利待遇保持不变，技术骨干全部留存
债权债务由标的公司自行承担，交割后与甲方无涉
过渡期内公司不得转移、侵占资产，重大合同和资产处置需乙方书面同意
违约责任明确，未按期付款每逾期一日按万分之一支付违约金，逾期30日可解除协议

七、对上市公司影响与股价敏感事项

此次交易将导致长开电力公司不再纳入长城电工合并报表范围，上市公司业务边界更加清晰，有助于提升治理水平。交易完成后公司将优化财务结构，集中资源发展主业，增强盈利能力和持续经营能力。公司强调不存在控股股东及关联方非经营性资金占用情况，交易资金来源明确，受让方具备付款能力。此外，亏损企业剥离有助于改善整体业绩，或对股价产生积极影响。

本次交易尚需股东会审议，与该关联交易有利害关系的关联人将放弃在股东会对该议案的投票权。

八、重要风险提示

标的公司2025年及2026年一季度均处于亏损状态，剥离后可改善公司业绩，但也需关注后续主业发展和盈利能力
部分资产权属未办理过户手续，相关法律责任由标的公司承担
存在账户被冻结情况（5800万元），评估报告未考虑该事项影响
税务发票未开具，长开厂公司承诺后续补开并承担相关责任

九、投资者需知

本次交易属于关联交易但不构成重大资产重组
交易定价公允合理，符合国有资产监管要求
交易完成后公司业务将更聚焦主业，财务结构优化，抗风险能力增强

免责声明

本文仅为信息披露和投资参考，不构成投资建议。投资者需结合自身风险承受能力，关注公司公告及后续信息披露，理性决策。

Detailed Analysis of Great Wall Electric’s Announcement on Transfer of 100% Equity of Wholly-owned Subsidiary & Related Transaction

1. Key Points of the Announcement

Great Wall Electric Co., Ltd. (hereinafter “Great Wall Electric”) announced its plan to transfer 100% equity of its wholly-owned grandson company, Tianshui Changkai Electric Power Engineering Co., Ltd. (“Changkai Electric Power”), held by its wholly-owned subsidiary, Tianshui Changcheng Switchgear Group Co., Ltd. (“Changkai Factory”), to Gansu Electric Equipment Group Water Conservancy and Hydropower Engineering Co., Ltd. (“Water Conservancy & Hydropower Company”), a wholly-owned subsidiary of its controlling shareholder Gansu Electric Equipment Group (“Gansu Electric Group”). The transaction price is RMB 348.32 million, based on asset appraisal.

2. Transaction Background & Purpose

This transaction aims to strip non-core, low-profit businesses from Changkai Factory, strengthen its focus and development in the core business of power transmission and distribution equipment manufacturing, improve operational efficiency, and achieve specialized and intensive operations. It is a key move for Great Wall Electric to reduce losses and resolve operational risks, optimize its financial structure, concentrate resources to enhance the quality and efficiency of its main business, improve risk resistance, and consolidate its foundation for sustainable operations.

3. Transaction Details & Pricing Rationale

Target asset: 100% equity in Changkai Electric Power
Appraisal agency: Shenzhen Pengxin Asset Appraisal Land & Real Estate Valuation Co., Ltd.
Appraisal date: December 31, 2025
Appraised value: RMB 348.32 million; book net assets: RMB 343.57 million; appreciation rate: 1.38%
Payment method: one-off cash payment within 5 working days after the agreement takes effect
Asset-based appraisal method adopted as the final result

The report notes that the asset-based approach more accurately reflects the real value of the company, while the market approach is less reliable due to differences with comparable listed companies.

4. Transaction Counterparty & Related Party Relationship

Water Conservancy & Hydropower Company is a wholly-owned subsidiary of Gansu Electric Group, which is the controlling shareholder of Great Wall Electric. Water Conservancy & Hydropower Company is stable and creditworthy, with payment capability assured.

5. Key Information on the Target Asset

Established: November 17, 2010
Registered capital: RMB 30 million
Main business covers engineering design, construction, power facility installation, maintenance, etc.
2025 total assets: RMB 556.13 million; net assets: RMB 341.37 million; revenue: RMB 168.72 million; net loss: RMB 7.73 million
Q1 2026 total assets: RMB 564.25 million; net assets: RMB 340.19 million; revenue: RMB 15.36 million; net loss: RMB 1.17 million

Outstanding funds between Changkai Factory and Changkai Electric Power total RMB 43.35 million, including RMB 10 million in working capital loans, to be repaid before closing.

6. Key Terms of the Agreement

One-off cash payment, source: capital increase by Gansu Electric Group in Water Conservancy & Hydropower Company
Closing date is payment date; change of registration to be completed within 15 working days
Changkai Electric Power will no longer be consolidated into Great Wall Electric’s group financial statements
All staff employment relationships, salaries, welfare, etc. remain unchanged
Debt and claims handled independently by Changkai Electric Power after closing
During the transition period, major contracts and asset disposals require written approval from the buyer
Clear penalty terms for default, including daily penalty and right to terminate after 30 days

7. Impact on the Listed Company & Price-sensitive Information

The transaction will result in Changkai Electric Power no longer being consolidated into Great Wall Electric’s financial statements. The business boundaries between the listed company and its controlling shareholder will be clearer, improving governance. Financial structure will be optimized, resources focused on main business, profitability and sustainability enhanced. No non-operational fund occupation by major shareholders or related parties; payment source is clear and buyer has payment capacity. Stripping out loss-making subsidiaries may improve overall performance and potentially positively impact share price.

The transaction is subject to shareholder approval. Related parties with interests will abstain from voting.

8. Important Risk Alerts

The target company has been loss-making in 2025 and Q1 2026; stripping it may improve performance but future main business growth and profitability must be monitored
Some asset titles have not completed transfer procedures; legal responsibility assumed by the target company
Account frozen (RMB 58 million) due to litigation; appraisal report does not consider this impact
Tax invoices not yet issued; Changkai Factory undertakes to issue and bear responsibility

9. Investor Reminders

This transaction is a related-party transaction but not a major asset restructuring
Pricing is fair and reasonable, complies with state-owned asset regulations
After completion, the company will focus more on core business, optimize financials, and enhance risk resistance

Disclaimer

This article is for information disclosure and reference only and does not constitute investment advice. Investors should evaluate risks independently, monitor company announcements and subsequent disclosures, and make rational decisions.