GDEP(SH:600310) Zheng Quan Shi Bao Wang·2025-09-09 13:46Core Viewpoint - Guangxi Energy plans to swap its 3.23% stake in Guohai Securities for a 30% stake in Guoneng Beihai Power Co., Ltd, with a cash payment of 79.4031 million yuan after offsetting the transaction value of 915 million yuan [1][2]. Group 1: Transaction Details - The asset swap will result in Guangxi Energy no longer holding shares in Guohai Securities and directly owning a 30% stake in Guoneng Beihai [2]. - This transaction is classified as a related party transaction and does not constitute a major asset restructuring [2]. - Over the past 12 months, the company has engaged in three related party transactions with the same related party, totaling 324 million yuan [2]. Group 2: Guoneng Beihai Power Co., Ltd Overview - Guoneng Beihai is planning to construct eight 1000MW ultra-supercritical coal-fired generating units, with a total investment of approximately 36 billion yuan [3]. - The first phase of the power plant will include two 1000MW units, expected to commence commercial operation in October and December 2022, with an anticipated annual electricity generation of 4.8818 million MWh in 2024 [3]. - The second phase will expand with two additional 1000MW units, projected to generate 8.64 million MWh annually, and is expected to be operational by 2025 [3]. Group 3: Strategic Rationale - The swap aligns with Guangxi Energy's strategy to focus on its core business of power generation, enhancing its competitive position in the industry [4]. - By divesting from Guohai Securities, the company aims to eliminate the impact of fair value fluctuations on its financial statements, thereby reflecting a more accurate financial position [4]. - Guoneng Beihai is expected to leverage its reliable coal supply and advanced power generation technologies, contributing positively to the company's performance and profitability [4].