上海电力股份有限公司2025年度财务公司关联交易专项说明深度解读
上海电力股份有限公司2025年度财务公司关联交易专项说明深度解读
报告重点摘要
- 中汇会计师事务所对上海电力股份有限公司（简称“上海电力”）2025年度涉及财务公司关联交易的存款、贷款等金融业务进行了专项说明，并已对其年度财务报表出具无保留意见的审计报告。
- 本报告包含了上海电力与两家关联财务公司——国家电投集团财务有限公司及国家电投香港财资管理有限公司（简称“财务公司”和“香港财资公司”）之间2025年度的存款、贷款及相关金融业务的详细数据。
- 汇总表详细披露了各类存款、借款的期初余额、本年增加、本期减少、期末余额，以及相关利息收付情况。
对股东及投资者的重要事项
- 大规模存款及借款变动：2025年度上海电力与关联财务公司之间发生了大额存款和贷款业务，年度存款增加及借款变动可能影响公司流动性与资金成本；这些都属于需高度关注的财务活动。
- 关联交易合规性：所有与财务公司之间的金融业务已按上市公司监管要求编制并披露，且经会计师事务所核查，与经审计财务报表保持一致，增强了数据的透明度和合法合规性。
- 潜在的价格敏感信息：大额资金往来及利息收支情况直接影响公司的短期现金流与财务费用，若后续发生流动性变化或重大利率变动，可能对公司盈利能力及股价形成影响。
详细数据披露
1. 与国家电投集团财务有限公司关联交易
| 项目名称 |
期初余额 |
本年增加 |
本期减少 |
期末余额 |
收取的利息 |
支付的利息及手续费 |
| 存放于财务公司存款 |
2,921,848,777.40元 |
185,497,253,740.05元 |
182,434,029,278.93元 |
5,985,073,238.52元 |
26,470,741.52元 |
– |
| 向财务公司借款 |
4,641,909,075.12元 |
23,743,098,420.02元 |
24,005,000,000.00元 |
4,380,007,495.14元 |
– |
119,255,740.84元 |
| 短期借款 |
4,190,000,000.00元 |
23,705,000,000.00元 |
23,575,000,000.00元 |
4,320,000,000.00元 |
– |
116,164,349.97元 |
| 一年内到期的非流动负债 |
430,000,000.00元 |
– |
430,000,000.00元 |
– |
– |
2,173,888.89元 |
| 长期借款 |
21,909,075.12元 |
38,098,420.02元 |
– |
60,007,495.14元 |
– |
917,501.98元 |
2. 与国家电投香港财资管理有限公司关联交易
| 项目名称 |
期初余额 |
本年增加 |
本期减少 |
期末余额 |
收取的利息 |
支付的利息及手续费 |
| 存放于香港财资公司存款 |
180,524,726.92元 |
212,371,050.54元 |
100,117,576.06元 |
292,778,201.40元 |
19,288,044.05元 |
– |
| 向香港财资公司借款（全为短期借款） |
5,026,689,830.80元 |
5,097,438,982.76元 |
2,364,037,782.59元 |
7,760,091,030.97元 |
– |
174,182,733.53元 |
其他合规与披露说明
- 上述全部数据已于2026年4月10日经董事会批准，确保了数据的权威性和合规性。
- 报告特别提示：本专项说明仅为年度报告披露所用，投资者应结合经审计的年度财务报表及相关审计报告一同阅读。
- 会计师事务所对信息与所审会计资料进行核对，未发现重大不一致情况，但未进行额外的审计程序。
投资者关注要点
- 公司与母公司以及境内外财务公司之间存在大额关联资金往来，反映出公司资金调度活跃、融资能力较强。
- 大额资金流进流出及利息支出，直接影响公司现金流、短期偿债能力及财务费用。若未来融资环境或利率发生变化，可能对公司利润水平产生重要影响。
- 整体来看，本次公告进一步提升了公司财务信息披露的透明度，对投资者判断公司资金状况、风险状况具有重要参考价值。
免责声明
本新闻稿基于公开披露及审计报告内容撰写，仅供参考，不构成任何投资建议。投资者应结合公司完整的年度报告及相关公告，全面评估投资风险。公司未来实际经营情况可能受市场、政策等多重因素影响，请关注后续公告。
English Version
In-depth Analysis of Shanghai Electric Power Co., Ltd. 2025 Financial Company Related Party Transactions
In-depth Analysis of Shanghai Electric Power’s 2025 Related Party Transactions with Financial Companies
Key Points of the Report
- Zhonghui Certified Public Accountants issued a special note on the related party transactions involving deposits, loans, and other financial businesses between Shanghai Electric Power (hereinafter “the Company”) and its related finance companies for 2025, with an unqualified audit opinion on the annual financial statements.
- The report details transactions between Shanghai Electric Power and two related financial companies: State Power Investment Group Finance Co., Ltd. and State Power Investment Hong Kong Treasury Management Co., Ltd.
- The attached summary tables disclose detailed information on opening balances, increases, decreases, closing balances, and interest income/expense for various types of deposits and loans.
Important Information for Shareholders and Investors
- Significant Changes in Deposits and Loans: Substantial increases and decreases in deposits and loans between the Company and related finance companies throughout 2025 may impact liquidity and funding costs, making these material financial activities needing close attention.
- Compliance in Related Transactions: All transactions with the finance companies are prepared and disclosed in accordance with listing rules, and have been verified by the auditors as consistent with the audited financial statements, enhancing transparency and compliance.
- Potentially Price Sensitive: Large capital movements and interest payments affect the company’s short-term cash flow and financial expenses. If there are significant changes in liquidity or interest rates, these could materially impact profits and share price.
Detailed Data Disclosure
1. Transactions with State Power Investment Group Finance Co., Ltd.
| Item |
Opening Balance |
Increase |
Decrease |
Closing Balance |
Interest Income |
Interest/Fees Paid |
| Deposits at Finance Company |
RMB 2,921,848,777.40 |
RMB 185,497,253,740.05 |
RMB 182,434,029,278.93 |
RMB 5,985,073,238.52 |
RMB 26,470,741.52 |
– |
| Loans from Finance Company |
RMB 4,641,909,075.12 |
RMB 23,743,098,420.02 |
RMB 24,005,000,000.00 |
RMB 4,380,007,495.14 |
– |
RMB 119,255,740.84 |
| Short-term Loans |
RMB 4,190,000,000.00 |
RMB 23,705,000,000.00 |
RMB 23,575,000,000.00 |
RMB 4,320,000,000.00 |
– |
RMB 116,164,349.97 |
| Non-current Liabilities Due in One Year |
RMB 430,000,000.00 |
– |
RMB 430,000,000.00 |
– |
– |
RMB 2,173,888.89 |
| Long-term Loans |
RMB 21,909,075.12 |
RMB 38,098,420.02 |
– |
RMB 60,007,495.14 |
– |
RMB 917,501.98 |
2. Transactions with State Power Investment Hong Kong Treasury Management Co., Ltd.
| Item |
Opening Balance |
Increase |
Decrease |
Closing Balance |
Interest Income |
Interest/Fees Paid |
| Deposits at HK Treasury Company |
RMB 180,524,726.92 |
RMB 212,371,050.54 |
RMB 100,117,576.06 |
RMB 292,778,201.40 |
RMB 19,288,044.05 |
– |
| Loans from HK Treasury Company (All short-term) |
RMB 5,026,689,830.80 |
RMB 5,097,438,982.76 |
RMB 2,364,037,782.59 |
RMB 7,760,091,030.97 |
– |
RMB 174,182,733.53 |
Other Compliance and Disclosure Notes
- All data have been approved by the Board of Directors as of April 10, 2026, ensuring their authority and compliance.
- Special reminder: The statement is for annual report disclosure only. Investors should read in conjunction with the audited annual financial statements and audit report.
- The accountants checked the information against the audited financials and found no material inconsistencies, but did not perform additional audit procedures.
Investor Focus Points
- The company maintains large-scale capital flows with its parent and related finance companies, reflecting active cash management and strong financing capability.
- Large capital in/outflows and interest payments directly affect cash flow, short-term solvency, and financial expenses. Future changes in the financing environment or interest rates may significantly impact profitability.
- This disclosure further improves the transparency of financial information and is an important reference for investors to assess the company’s liquidity and risk profile.
Disclaimer
This news release is based on public disclosures and audit reports. It is for reference only and does not constitute investment advice. Investors should review the company’s complete annual report and related announcements to fully assess investment risks. The company’s future operating results may be affected by market, policy, and other factors—please monitor further disclosures.
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