国家电投集团水电股份有限公司2025年度业绩承诺及减值测试核查详细解读

一、重大资产重组交易概述

国家电投集团水电股份有限公司（简称“电投水电”）于2025年完成了发行股份及支付现金购买五凌电力有限公司（100%股权）及国家电投集团广西长洲水电开发有限公司（64.93%股权）的重大资产重组，并募集配套资金不超过50亿元人民币。此次重组不仅涉及资产并购，还包括对相关标的资产2025-2027年连续三年的业绩承诺安排，以及详细的业绩和减值补偿机制，对公司未来盈利能力及资产质量具有重要影响。

二、业绩承诺及补偿安排详解

• 业绩承诺期间：自资产交割当年起连续3年（2025、2026、2027年）。
• 五凌电力业绩承诺：2025-2027年净利润合计不低于30589.22万元、33334.63万元、35338.03万元，且部分资产为募集资金投资项目的，将独立核算，不计入承诺净利润。
• 长洲水电业绩承诺：2025-2027年净利润分别不低于32053.43万元、33822.72万元、34328.85万元。
• 补偿方式：如未达承诺，交易对方应以优先股份补偿，不足部分以现金补偿。股份补偿数量、调整方式及现金返还均有详细公式和条款约束，涵盖转增、送股、分红等多种情形，最大程度保障上市公司权益。
• 减值测试机制：业绩承诺期满后4个月内进行资产减值测试，若标的资产发生减值，亦需补偿，补偿方式同上，且明确补偿上限不超过交易对价及新增取得股份数。

三、2025年度业绩承诺完成情况

根据致同会计师事务所审核，五凌电力2025年度实现净利润33954.24万元，超额完成业绩承诺（111.00%完成率）；长洲水电2025年度实现净利润41758.33万元，业绩完成率高达130.28%。交易对方中国电力、湘投国际及广西公司均已全面履行业绩承诺，无需进行补偿。

四、减值测试结果

2025年12月31日的资产减值测试显示，五凌电力及其下属企业相关减值测试资产（包括其他权益工具投资、自有房产、土地使用权等）均未发生减值，资产评估值较交易时有所提升，亦无需触发减值补偿机制。所有减值测试均由具有证券业资格的评估机构和会计师事务所出具专项报告，程序规范、信息透明。

五、对股东及市场的影响——潜在股价驱动因素

• 业绩超额完成：标的资产2025年度均大幅超额完成业绩承诺，有助于提升电投水电整体盈利能力和资产质量，增强市场信心。
• 补偿机制到位：多重严密的业绩及减值补偿机制最大限度保护上市公司和全体股东利益，降低并购风险。
• 资产未减值：资产评估结果向好，减值风险暂未显现，有利于维持公司估值水平。
• 业绩兑现与资产安全性提升：业绩兑现及资产安全性提升，或有助于提升市场对公司未来业绩可持续性的预期，具有正面股价影响。

六、减值测试资产明细（附件摘要）

减值测试资产包括五凌电力及下属公司持有的国电投集团财务公司股权、自有房产（如北京、银川、长沙、常德等地不动产）、自有土地（株洲氢能科技公司工业及商业服务用地）、以及贵州清水江水电公司等单位的成套住宅资产，均采用市场法进行评估，详细权证号与评估值详见附件。

免责声明：本文基于公司公告及相关财务、评估报告整理，仅供投资者参考，不构成任何投资建议。投资有风险，决策请审慎。

English Version

Comprehensive Review: State Power Investment Corporation Hydropower Co., Ltd. 2025 Performance Commitment & Impairment Test

1. Transaction Overview

In 2025, SPIC Hydropower completed a major asset restructuring, acquiring 100% of Wuling Power and 64.93% of Changzhou Hydropower via share issuance and cash, with a supporting fund-raising plan not exceeding RMB 5 billion. The deal includes multi-year (2025-2027) performance commitments for the acquired assets, with detailed compensation and impairment mechanisms that could impact the company’s future profitability and asset quality.

2. Performance Commitments & Compensation Details

• Commitment Period: Three consecutive years starting from the year of asset delivery (2025-2027).
• Wuling Power Commitment: Net profits for 2025, 2026, 2027 should not be less than RMB 305.89 million, 333.35 million, and 353.38 million, respectively. Projects funded by raised proceeds are independently accounted for.
• Changzhou Hydropower Commitment: Net profits for 2025, 2026, 2027 should not be less than RMB 320.53 million, 338.23 million, and 343.29 million.
• Compensation Mechanism: If commitments are not met, counterparties must compensate primarily with shares, and any shortfall with cash. Formulas for compensation, treatment of stock splits, dividends, etc., are detailed in the agreements, maximizing protection for listed company shareholders.
• Impairment Tests: Four months after the end of the commitment period, impairment tests will be conducted. If asset impairment occurs, compensation is triggered, subject to maximum limits.

3. 2025 Performance Results

According to Grant Thornton, Wuling Power achieved net profits of RMB 339.54 million in 2025 (111%), while Changzhou Hydropower achieved RMB 417.58 million (130.28%). All counterparties fulfilled their commitments, and no compensation is required.

4. Impairment Test Results

As of December 31, 2025, impairment tests showed no impairment for any tested assets; in fact, asset valuations have increased. No impairment compensation is necessary, as confirmed by independent third-party appraisal and audit.

5. Key Investor Takeaways & Potential Share Price Drivers

• Outperformance: Both acquired assets significantly exceeded profit targets, boosting overall profitability and investor confidence.
• Strong Safeguards: Comprehensive compensation mechanisms protect shareholders, reducing M&A risks.
• No Impairment: Asset values rose, suggesting sound asset quality and supporting the company’s valuation.
• Positive Outlook: Delivery on performance and asset safety could positively affect market expectations and share price.

6. Asset Details (Summary)

Impairment-tested assets include financial company equity, self-owned properties in Beijing, Yinchuan, Changsha, Changde, industrial lands in Zhuzhou, and residential properties in Guizhou. All were appraised with the market approach, with full details provided in the appendix.

Disclaimer: This article is based on official company disclosures and audited reports for informational purposes only and does not constitute investment advice. Please make investment decisions prudently.

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