江苏神马电力股份有限公司控股股东部分股份质押公告深度解读

要点摘要

• 控股股东股份质押：控股股东上海神马电力控股有限公司（简称“神马控股”）将其持有的公司部分股份进行质押，涉及股数为770万股。
• 质押后累计质押比例：本次质押后，神马控股累计质押股份4788万股，占其持股总额的17.73%，占公司总股本的11.09%。
• 控股结构：神马控股及其一致行动人陈小琴女士合计持有公司33738.53万股，占公司总股本的78.16%，累计质押4788万股，占其持股总额的14.19%。
• 质押用途：本次质押融资资金用途为项目投资，质押权人为招商证券股份有限公司。
• 质押股份性质：本次质押股份均为无限售流通股，未用于重大资产重组业绩补偿等担保事项。
• 风险披露：截至公告日，控股股东及一致行动人具备相应履约能力，所质押股份不存在平仓风险或被强制平仓的情形，对公司生产经营、公司治理等无不利影响。

详细解读

江苏神马电力股份有限公司（证券代码：603530，简称“神马电力”）于2026年4月22日发布公告称，其控股股东上海神马电力控股有限公司于近日将其持有的公司股份770万股质押给招商证券股份有限公司，本次质押股份占神马控股所持全部股份的2.85%，占公司总股本的1.78%。

截至公告披露日，神马控股合计持有公司2.7亿股，占公司总股本的62.55%，其一致行动人陈小琴女士持有6738.53万股，占公司总股本的15.61%。两者合计持有公司33738.53万股，占比高达78.16%。本次质押完成后，神马控股及一致行动人累计质押股份4788万股，占合计持股总额的14.19%，占公司总股本的11.09%。

值得注意的是，本次被质押股份均为无限售流通股，未涉及重大资产重组业绩补偿等事项的担保用途。此外，神马控股及其一致行动人目前不存在经营性资金占用、违规担保等侵害上市公司利益的情形。公司方面表示，控股股东具备履约能力，质押股份不存在平仓风险或被强制平仓的情形，本次质押不会对公司日常生产经营及公司治理产生不利影响。

对投资者的影响与风险提示

• 控股权稳定：神马控股及其一致行动人仍持有绝大部分股份，控股权未发生实质性变化，但质押比例提升至14.19%，需关注后续质押比例变动及潜在风险。
• 质押风险可控：公告强调目前不存在强平风险，但市场需持续关注大股东质押比例变化，若后续股价波动或质押比例进一步提升，可能引发市场担忧。
• 资金用途明确：本次质押主要用于项目投资，未涉及“补充流动资金”或“偿还债务”类表述，短期内对资金链稳定性影响有限。
• 信息披露合规：公司承诺将持续关注控股股东质押情况，及时披露相关风险，建议投资者密切关注后续公告。

结论

本次控股股东股份质押事项虽然属于股东常规资本运作行为，但因质押比例有所提升，且占公司总股本比例超过11%，对投资者情绪及公司估值可能构成一定影响。投资者应关注公司后续公告，警惕因市场波动带来的质押风险变化。

免责声明：本文内容仅供参考，不构成任何投资建议。投资者据此操作，风险自负。请务必结合自身实际情况，理性判断和决策，并关注公司后续公告信息。

English Version

In-Depth Analysis: Partial Share Pledge by Controlling Shareholder of Jiangsu Shenma Electric Power Co., Ltd.

Key Highlights

• Share Pledge by Controlling Shareholder: The controlling shareholder, Shanghai Shenma Electric Power Holding Co., Ltd. (“Shenma Holding”), pledged 7.7 million shares recently.
• Accumulated Pledge Ratio: After this pledge, Shenma Holding has pledged a total of 47.88 million shares, accounting for 17.73% of its total holdings and 11.09% of the company’s total share capital.
• Shareholding Structure: Shenma Holding and its concerted actor, Ms. Chen Xiaoqin, together hold 337.3853 million shares, representing 78.16% of total share capital, with a cumulative pledge of 47.88 million shares (14.19% of their holdings).
• Pledge Purpose: The funds raised from the pledge are for project investment. The pledgee is China Merchants Securities Co., Ltd.
• Nature of Pledged Shares: All pledged shares are non-restricted, free-floating shares and are not used for major asset restructuring or performance compensation guarantees.
• Risk Disclosure: As of the announcement date, the controlling shareholder and persons acting in concert have the ability to fulfill their obligations. There is currently no risk of forced liquidation or margin calls, and this pledge will not adversely affect the company’s daily operations or governance.

Detailed Analysis

Jiangsu Shenma Electric Power Co., Ltd. (Stock Code: 603530, “Shenma Electric Power”) announced on April 22, 2026, that its controlling shareholder, Shanghai Shenma Electric Power Holding Co., Ltd., had pledged 7.7 million shares to China Merchants Securities Co., Ltd. This pledge accounts for 2.85% of Shenma Holding’s shares and 1.78% of the company’s total share capital.

As of the announcement date, Shenma Holding holds 270 million shares (62.55% of total share capital), while its concerted actor, Ms. Chen Xiaoqin, holds 67.3853 million shares (15.61%). Together, they hold 337.3853 million shares, or 78.16% of the company’s total shares. After the latest pledge, their cumulative pledged shares stand at 47.88 million, accounting for 14.19% of their combined holdings and 11.09% of the company’s total share capital.

It is important to note that these pledged shares are all non-restricted and not used as guarantees for major asset restructuring or performance compensation. Furthermore, there are currently no cases of misappropriation of operating funds, illegal guarantees, or any infringement on the interests of the listed company by the controlling shareholders or their concerted actors. The company emphasizes that the controlling shareholder has sufficient repayment ability, and there is no risk of forced liquidation. The pledge will not negatively impact the company’s operations or governance.

Investor Impact and Risk Alert

• Stability of Control: The controlling shareholder and its concerted actor still hold a dominant stake. However, with the pledge ratio rising to 14.19%, investors should monitor any further changes in pledge ratios and the associated risks.
• Controllable Pledge Risk: The announcement stresses there is no forced liquidation risk presently. However, investors should keep an eye on any further increases in the pledge ratio or share price fluctuations that could trigger market concerns.
• Clear Use of Funds: The pledge is for project investments only, with no mention of supplementing working capital or debt repayment, suggesting limited immediate impact on the company’s cash flow.
• Regulatory Compliance: The company pledges to keep investors updated on future pledge changes and associated risks. Investors should pay close attention to future disclosures.

Conclusion

While the share pledge is a routine capital operation by the controlling shareholder, the increase in the pledge ratio and the fact that the pledged shares now account for over 11% of the company’s total share capital could influence investor sentiment and valuation. Investors are advised to monitor future company announcements and be alert to any changes in pledge risks due to market fluctuations.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should make decisions based on their own situation and bear all risks. Please pay attention to future company disclosures.

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