上海电力为黄河公司境外资产提供管理服务暨关联交易详细解读

一、交易概述与背景

上海电力股份有限公司（证券代码：600021，简称“上海电力”）于2026年3月14日发布公告，宣布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。黄河公司为公司控股股东国家电力投资集团有限公司（简称“国家电投集团”）的控股子公司，因此本次交易属于关联交易。

此次交易的核心内容是，上海电力将为黄河公司位于境外、权益装机容量约为121.01万千瓦的资产提供管理服务。该项服务费用暂定为每年4657.5万元（不含税），服务期限为2026年1月1日至2028年12月31日，按市场化原则协商定价。

二、关联方及交易内容详解

• 关联方企业名称：国家电投集团黄河上游水电开发有限责任公司
• 注册地址：陕西省西安市曲江新区雁塔南路396号1幢1单元10105室
• 主营业务：电站开发建设、生产经营，硅产品和太阳能发电设备的生产销售，铝制品和碳素制品的销售
• 关联关系：为上海电力控股股东国家电投集团的子公司

管理服务内容包括：

• 战略规划
• 投资管理
• 人力资源管理
• 综合计划与预算管理
• 能源营销
• 境外项目公共安全与安全生产管理
• 工程管理
• 科技与信息化
• 党建纪检、财务管理、审计监督、保险管理、税务管理、资质证照管理、生态环保、企业文化、法律合规、法人治理、采购管理、制度建设、国际化传播等全方位管理服务

此外，在协议项下，上海电力对管理资产范围内的股权或资产享有优先购买权。在托管公司股权或资产拟转让时，黄河公司需书面征求上海电力的意见。

三、交易目的及对公司的影响

受托管理的境外资产主要为光伏、储能电站等，与上海电力现有产业结构高度契合。受托管理的资产主要分布于中东地区，有助于增强公司在属地项目开发能力，推动上海电力国际化战略的实施。此次交易有望提升公司管理效率、优化资源配置、增强规模化优势，对公司长期发展具有重要意义。

值得注意的是，本次交易不会导致合并报表范围变更，不涉及资产和股权交易，也未构成重大资产重组。

四、审议程序及独立董事意见

• 本次交易已通过公司第九届董事会第七次会议审议。
• 涉及关联董事的议案表决已全部回避，由非关联董事6人进行表决，结果为6票同意，0票反对，0票弃权。
• 公司独立董事及审计与风险委员会认为交易价格公允、条件公平合理，不损害公司及广大中小股东和非关联股东的利益。

五、风险提示及投资者需关注的重要事项

• 本次交易为提供管理服务，不涉及实物资产与股权交易。
• 交易未构成重大资产重组，但金额大、涉及中东战略布局，对公司国际化发展有重要影响，属潜在影响公司长期价值的事项，需投资者重点关注。
• 协议价格暂估为每年4657.5万元，若实际服务成本或资产变动，可能影响公司经营业绩。

六、结语

综上，上海电力此次为黄河公司境外资产提供管理服务，既增强了公司在国际新能源领域的管理与运营能力，也可能为公司带来持续稳定的收入及战略协同，是公司国际化布局的重要举措。鉴于协议标的规模较大且涉及中东新市场，投资者需关注后续执行进展及对公司业绩的实际影响。

免责声明：本文内容仅供投资者参考，不构成任何投资建议。投资有风险，决策需谨慎。投资者应结合自身实际情况及风险承受能力，理性判断。

English Version

Shanghai Electric Power Signs Management Service Agreement for Overseas Assets of Huanghe Company – In-depth Review

1. Transaction Overview and Background

Shanghai Electric Power Co., Ltd. (Stock Code: 600021, “Shanghai Electric Power”) announced on March 14, 2026, that it plans to sign an overseas asset management service agreement with State Power Investment Corporation Huanghe Hydropower Development Co., Ltd. (“Huanghe Company”). Huanghe Company is a subsidiary of Shanghai Electric Power’s controlling shareholder, State Power Investment Corporation (“SPIC”), making this a connected transaction.

The core of this transaction is that Shanghai Electric Power will provide management services for Huanghe Company’s overseas assets, with approximately 1.2101 million kW of installed capacity. The management fee is tentatively set at RMB 46.575 million per year (excluding tax), with a service period from January 1, 2026, to December 31, 2028. The price is set on a market-oriented basis after negotiation.

2. Details of the Related Party and Transaction

• Related Company Name: SPIC Huanghe Hydropower Development Co., Ltd.
• Registered Address: Room 10105, Unit 1, Building 1, No. 396 Yanta South Road, Qujiang New Area, Xi’an, Shaanxi Province
• Main Business: Power station development and operation, production and sales of silicon products and solar power generation equipment, sales of aluminum products and carbon products
• Relationship: Subsidiary of Shanghai Electric Power’s controlling shareholder, SPIC

Scope of Management Services Includes：

• Strategic planning
• Investment management
• Human resources management
• Comprehensive planning and budgeting
• Energy marketing
• Overseas project public safety and production safety management
• Project management
• Technology and IT
• Comprehensive management services covering party construction and discipline, financial management, audit supervision, insurance, taxation, qualification certification, environmental protection, corporate culture, legal compliance, corporate governance, procurement, institutional building, and international communication

Additionally, Shanghai Electric Power has the right of first refusal for equity or assets within the entrusted management scope. If Huanghe Company intends to transfer or sell such assets, it must first consult Shanghai Electric Power in writing.

3. Purpose and Impact on the Company

The entrusted assets are mainly photovoltaic and energy storage power stations, highly consistent with Shanghai Electric Power’s existing industrial structure. The assets are located mainly in the Middle East, supporting Shanghai Electric Power’s internationalization strategy, enhancing its capabilities in local project development, and potentially improving management efficiency and resource optimization.

It is noteworthy that this transaction will not change the scope of consolidated financial statements, does not involve tangible assets or equity transfer, and does not constitute a major asset restructuring.

4. Review Procedures and Independent Director Opinions

• The transaction was reviewed and approved by the seventh meeting of the company’s ninth board of directors.
• All related directors recused themselves from voting. The remaining 6 non-related directors voted unanimously in favor.
• Independent directors and the audit and risk committee determined that the transaction price is fair and does not harm the interests of the company or minority shareholders.

5. Risk Alerts and Key Points for Investors

• This transaction is for management services only and does not involve physical asset or equity transfers.
• Although not a major asset restructuring, the transaction amount is significant and relates to strategic expansion in the Middle East, potentially affecting the company’s long-term value—investors should pay close attention.
• The service fee is currently estimated. Changes in service costs or asset status could affect operational results.

6. Conclusion

In summary, Shanghai Electric Power’s management services for Huanghe Company’s overseas assets will enhance its international management and operational capacity, potentially bringing stable income and strategic synergies. Given the scale and new market involvement, investors should monitor follow-up execution and real performance impact.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investment is risky; please make cautious decisions based on your own situation and risk tolerance.

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