上海电力发布重大关联交易公告：为黄河公司境外资产提供管理服务

一、交易概述及核心内容

2026年3月14日，上海电力股份有限公司（证券代码：600021，简称“上海电力”）发布公告，拟与国家电投集团黄河上游水电开发有限责任公司（简称“黄河公司”）签订境外资产管理服务协议。此次协议的内容是上海电力将为黄河公司位于境外、总权益装机容量约121.01万千瓦的资产提供全方位管理服务，管理服务费用暂估为4,657.5万元/年（不含税），服务期限为自2026年1月1日至2028年12月31日。

二、关联交易性质说明

值得注意的是，黄河公司为公司控股股东国家电力投资集团有限公司的子公司，因此本次交易构成关联交易。此次交易已经公司第九届董事会第七次会议审议通过，所有与交易有关的关联董事均已回避表决，确保决策过程的公正与合规。

三、管理服务内容详解

本次管理服务内容涵盖战略规划、投资管理、人力资源、计划与预算、能源营销、境外项目安全、工程管理、科技与信息化、党建纪检、财务管理、审计监督、保险、税务、资质证照、生态环保、企业文化、法律合规、法人治理、采购、制度建设及国际传播等多项领域，几乎覆盖了资产管理的全部关键环节。

四、交易对公司的影响及投资亮点

• 产业协同与国际化布局：受托管理的境外资产主要为光伏及储能电站，与上海电力现有产业结构高度契合，有助于提升公司在中东等海外市场的项目开发能力，推动公司国际化战略落地。
• 优先购买权条款：上海电力拥有协议项下委托管理资产的优先购买权，未来如黄河公司拟出售相关股权或资产，上海电力可优先收购，为后续资产扩张埋下伏笔。
• 合并报表范围未变：此次交易不涉及资产和股权转让，不会导致公司合并报表范围发生变更，风险较低。
• 交易价格公允：董事会独立董事及审计与风险委员会成员认为此次管理服务价格公允、条件公平合理，不损害中小股东利益。

五、审议程序及合规性

本次关联交易经公司董事会2026年首次独立董事会议及第二次审计与风险委员会会议审议，相关关联董事全数回避表决，最终6名非关联方董事全票通过。整个流程严格按照上市公司治理及关联交易相关法规执行，进一步保证了交易的透明与合规。

六、风险提示及投资者关注要点

• 此次交易主要为管理服务，不涉及资产和股权转让，不构成重大资产重组，风险相对可控。
• 管理费用金额较大，未来若实际服务成本或市场环境发生变动，合同金额可能调整。
• 本次管理服务对上海电力国际化业务及中东市场布局具有重要意义，若管理成效显著，或为公司带来新的业绩增长点。
• 建议投资者理性判断，关注后续公司在境外管理业务的进展及相关资产的经营表现。

七、结语

综上所述，上海电力本次为黄河公司境外光伏及储能等资产提供管理服务，不仅有助于提升公司国际化管理能力，还为公司未来资产扩展留有空间。作为一项有潜力推动公司国际业务发展的重要交易，该事项值得投资者持续关注。

免责声明：本文仅基于公司公告内容整理，旨在为投资者提供信息参考，不构成任何投资建议。投资者应自主判断并注意投资风险。

English Version

Shanghai Electric Power Announces Major Related-Party Transaction: Management Services for Huanghe Company’s Overseas Assets

1. Transaction Overview and Key Points

On March 14, 2026, Shanghai Electric Power Co., Ltd. (Ticker: 600021) announced that it plans to sign an overseas asset management service agreement with State Power Investment Corporation Huanghe Hydropower Development Co., Ltd. (“Huanghe Company”). Under the agreement, Shanghai Electric Power will provide comprehensive management services for Huanghe Company’s overseas assets with a total equity-installed capacity of approximately 1.2101 million kW. The estimated annual management fee is RMB 46.575 million (excluding tax), and the service period runs from January 1, 2026 to December 31, 2028.

2. Nature of Related-Party Transaction

It is noteworthy that Huanghe Company is a subsidiary of Shanghai Electric Power’s controlling shareholder, State Power Investment Corporation. Therefore, this constitutes a related-party transaction. The deal has been approved by the 9th Board of Directors’ seventh meeting, with all interested directors abstaining to ensure a fair and compliant decision-making process.

3. Details of Management Services

The management services include strategic planning, investment management, HR, planning & budgeting, energy marketing, overseas project safety, engineering management, science & IT, Party building and discipline, finance, audit, insurance, tax, certification, environmental protection, corporate culture, legal compliance, corporate governance, procurement, system construction, and international communications—covering all critical aspects of asset management.

4. Transaction Impact and Investment Highlights

• Synergy and International Expansion: The managed assets are mainly photovoltaic and energy storage plants, in line with Shanghai Electric Power’s existing business structure. Managing these assets in the Middle East will strengthen the company’s local project development and accelerate international business expansion.
• Right of First Refusal Clause: Shanghai Electric Power has a right of first refusal on the managed assets. If Huanghe Company intends to transfer or sell any of these assets, Shanghai Electric Power can acquire them first—laying the groundwork for future expansion.
• No Impact on Consolidated Statements: The transaction involves only management services (not asset or equity transfers), so the company’s consolidation scope remains unchanged and risk is limited.
• Fair Pricing: The price has been reviewed by independent board members and the audit & risk committee as fair and reasonable, protecting minority shareholders’ interests.

5. Review Procedures and Compliance

The related transaction underwent review by the board’s first independent director meeting and second audit & risk committee meeting in 2026. All related directors abstained, and the remaining six unrelated directors unanimously voted in favor. The process fully complied with corporate governance and related-party transaction regulations, ensuring transparency and fairness.

6. Risk Alerts and Investor Points of Focus

• This is a management services deal only, not a major asset restructuring. Risk is relatively low.
• The annual management fee is significant; future changes in costs or market conditions may affect contract amounts.
• The project expands Shanghai Electric Power’s international business and presence in the Middle East. If successfully executed, it could become a new growth driver.
• Investors should monitor the implementation of the management services and the performance of the managed assets.

7. Conclusion

In summary, the deal positions Shanghai Electric Power as a key player in managing overseas photovoltaic and energy storage assets, boosting its international management capabilities and laying a foundation for future asset acquisitions. As a potentially significant driver for the company’s international business, this deal deserves investors’ close attention.

Disclaimer: This article is for informational purposes only and is based on official filings. It does not constitute investment advice. Investors should make independent decisions and be mindful of risks.

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