国家电投集团水电股份有限公司2025年度财务公司关联交易专项说明深度解读

报告核心要点

• 国家电投集团水电股份有限公司（简称“电投水电公司”）委托致同会计师事务所（特殊普通合伙）（简称“致同所”）出具了2025年度财务公司关联交易专项说明。
• 本专项说明涵盖了公司通过财务公司办理的存款、贷款等金融业务的详细情况。
• 致同所已对公司2025年12月31日的合并及公司资产负债表、利润表、现金流量表和股东权益变动表进行了审计，并出具了无保留意见的审计报告，表明财务报表真实、合法、完整。
• 本次专项说明的编制符合《上海证券交易所上市公司自律监管指引第5号——交易与关联交易》的要求。
• 致同所在核对汇总表与审计报表相关内容后，确认未发现重大不一致之处。
• 本专项说明仅用于公司年度报告披露，不得用于其他用途。

对投资者和股东的重要提示

• 无保留意见审计报告：致同所为电投水电公司2025年度财务报表出具了无保留意见的审计报告，这显示公司财务状况稳健，内部控制有效，有利于维护投资者信心。
• 关联交易透明披露：电投水电公司已按监管要求详细披露通过财务公司进行的存款、贷款等金融业务，增强了公司治理透明度，降低了潜在的关联交易风险。
• 潜在影响股价事项：若投资者对公司与集团内财务公司的资金往来存在疑虑，本专项说明或有助于消除市场疑虑，有望提振公司估值；反之，如发现重大异常则可能引发市场关注。但本专项说明确认未见重大异常。
• 仅供年报披露用途：本说明文件仅作为年报相关内容，不能做为任何其他目的的法律或投资依据。

详细内容解读

电投水电公司依据中国注册会计师执业准则，委托致同会计师事务所对2025年度财务报表进行了全面审计，并根据监管规定编制了专项说明及相关汇总表。致同所核对了公司编制的《2025年度通过财务公司存款、贷款等金融业务汇总表》，确认其与经审计财务报表相关内容在所有重大方面一致，未发现重大异常。
该专项说明及相关汇总表的编制和披露，体现了公司对合规与信息透明的重视，有助于投资者及市场各方全面了解公司与集团财务公司之间的资金往来情况，从而更准确地评估公司财务稳健性和风险管控能力。
值得注意的是，本专项说明明确指出，除了在年度财务报表审计中已对关联交易等事项履行必要程序外，审计师并未就专项说明内容执行额外的审计程序。因此，投资者需结合经审计财务报表和本专项说明一同阅读与判断。

结论与投资建议

本专项说明的披露，进一步提升了电投水电公司在合规经营、关联交易管理及财务透明度方面的市场形象。未发现重大异常事项，有助于稳定投资者预期，若市场此前对内部关联交易存在疑虑，该说明有望消除相关顾虑，对公司股价或产生正面影响。
但投资者仍应关注后续公司年报中披露的具体数据，以及任何可能影响公司与集团财务公司资金往来的后续事项。

免责声明： 本文基于国家电投集团水电股份有限公司2025年度财务公司关联交易专项说明及相关审计报告编制，仅供投资者参考，不构成任何投资建议或法律依据。投资者应结合自身情况，审慎决策。

English Version

In-depth Analysis: State Power Investment Corporation Hydropower Co., Ltd. 2025 Special Statement on Financial Company Related Transactions

Key Highlights of the Report

• State Power Investment Corporation Hydropower Co., Ltd. (“SPIC Hydropower”) engaged Grant Thornton (Special General Partnership) to issue a special statement on related transactions with the group financial company for 2025.
• This statement covers detailed information on deposits, loans, and other financial business conducted through the group’s financial company.
• Grant Thornton audited the company’s consolidated and parent balance sheets as of December 31, 2025, as well as its consolidated and parent income statement, cash flow statement, and changes in equity statement, and issued an unqualified audit opinion—demonstrating the company’s financials are true, lawful, and complete.
• The special statement is prepared in line with the “Shanghai Stock Exchange Self-regulatory Guidelines No. 5—Transactions and Related Transactions.”
• Grant Thornton verified the summary table attached to the statement against the audited financial statements and found no significant inconsistencies.
• This statement is for disclosure in the annual report only and is not to be used for any other purpose.

Important Notes for Investors and Shareholders

• Unqualified Audit Opinion: Grant Thornton issued an unqualified audit opinion for SPIC Hydropower’s 2025 financials, indicating strong financial health and effective internal controls, which should boost investor confidence.
• Transparent Disclosure of Related Transactions: The company has disclosed its financial dealings with the group financial company in detail, reducing potential related-party transaction risks and enhancing governance transparency.
• Potential Share Price Impact: If investors had concerns about intra-group financial dealings, this statement may help alleviate such concerns and support the company’s valuation. Conversely, any major abnormality could trigger market reaction; however, the statement confirms no significant issues found.
• For Annual Report Use Only: This statement is solely for annual report purposes and cannot be used as legal or investment grounds for other uses.

Detailed Analysis

SPIC Hydropower engaged Grant Thornton to conduct a full audit of its 2025 financial statements under Chinese CPA standards and, as required by regulators, prepared this special statement and summary table. Grant Thornton verified that the summary table on deposits, loans, and other financial business with the group financial company is consistent with the audited financial statements in all material respects and found no significant abnormalities.
The preparation and disclosure of this statement and summary table reflect the company’s commitment to compliance and transparency, enabling investors and market participants to better assess the company’s financial stability and risk management regarding intra-group transactions.
Importantly, the statement clarifies that Grant Thornton did not perform additional audit procedures on the special statement, aside from those conducted as part of the main audit. Investors should review the audited financial statements alongside this statement for a comprehensive view.

Conclusion & Investment Implications

The disclosure of this special statement further demonstrates SPIC Hydropower’s compliance, related-party transaction management, and financial transparency. No material abnormalities were found, which should help stabilize investor expectations. If there had been doubts about intra-group transactions, this statement may help remove those concerns and positively affect the share price.
Investors should still monitor the company’s full annual report and any future developments in its dealings with the group financial company.

Disclaimer: This article is based on the 2025 special statement and audit report on related transactions with the financial company by State Power Investment Corporation Hydropower Co., Ltd. It is for investor reference only and does not constitute investment advice or legal grounds. Investors should make decisions based on their own judgment.

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