湖南发展: 湖南新邵筱溪水电开发有限责任公司股东全部权益价值资产评估报告

Core Viewpoint - The report evaluates the market value of the entire equity of Hunan Xinxiao Creek Hydropower Development Co., Ltd. as part of Hunan Energy Group's acquisition of an 88% stake from Hunan Energy Group Electric Power Investment Co., Ltd. The evaluation is based on the asset-based and income approaches, with a valuation date of March 31, 2025 [2][4][5]. Group 1: Company Overview - Hunan Energy Group Development Co., Ltd. is a publicly listed company with a registered capital of 464.15 million yuan, established on August 12, 1993, and involved in power generation, transmission, and supply [6]. - Hunan Xinxiao Creek Hydropower Development Co., Ltd. was established on December 25, 2003, with a registered capital of 21.76 million yuan, focusing on the construction, production, and operation of hydropower stations [7][8]. Group 2: Evaluation Purpose and Scope - The evaluation aims to provide a value reference for Hunan Energy Group's acquisition of Hunan Xinxiao Creek Hydropower's equity, necessitating an assessment of the company's total assets and liabilities [3][4][15]. - The evaluation scope includes all assets and liabilities of Hunan Xinxiao Creek Hydropower as of the evaluation date, with total assets recorded at 798.24 million yuan and total liabilities at 436.62 million yuan [15][16]. Group 3: Financial Performance - The hydropower station has a designed capacity of 135,000 kW, with all generated electricity sold to the State Grid Hunan Electric Power Co., Ltd. The agreed settlement price for electricity is 302 yuan per megawatt-hour [11][12]. - Historical production and sales data indicate fluctuations in electricity generation and sales, with a notable drop in 2023, producing 27.22 million kWh compared to 50.42 million kWh in 2022 [11][13]. Group 4: Valuation Methodology - The valuation employs both the asset-based and income approaches, with the asset-based method being selected as the final valuation conclusion due to the comprehensive assessment of the company's assets and liabilities [19][20]. - The asset-based method evaluates the value of identifiable assets and liabilities based on the balance sheet as of the evaluation date, while the income approach considers the company's expected future earnings [19][20].