负债率居高走高！南网能源拟1.6亿甩卖资产后再抛20亿“补血”计划

Core Viewpoint - The company plans to raise up to 2 billion yuan through a private placement of A-shares to fund energy-saving and carbon reduction projects, as well as to supplement working capital and repay interest-bearing debts [1][2]. Fund Allocation - The total amount to be raised is 200 million yuan, with 160 million yuan allocated for energy-saving and carbon reduction projects and 40 million yuan for working capital and debt repayment [2]. - The estimated costs for the energy-saving and carbon reduction projects include 147.8 million yuan for engineering costs, 5.5 million yuan for supporting engineering costs, and 6.7 million yuan for other construction expenses [1]. Shareholder Participation - The controlling shareholder, Southern Power Grid, has agreed to subscribe for at least 41.26% of the total shares issued in this private placement, with a maximum investment of 1 billion yuan [2]. Financial Performance - The company reported total revenue of 2.629 billion yuan for the first three quarters of the year, representing a year-on-year increase of 15.37% [6]. - The net profit attributable to shareholders for the same period was 342 million yuan, a significant increase of 125.08% year-on-year [6]. - The company has experienced a steady rise in financial expenses over the past few years, with figures of 231 million yuan, 255 million yuan, 273 million yuan, and 234 million yuan for the years 2022 to 2025 [3]. Debt and Asset Management - The company's debt-to-asset ratio has been increasing, reaching 54.11% at the end of 2022 and projected to rise to 66.29% by September 2025 [2]. - The company plans to sell its 51% stake in the Hezhou Wind Power Project for no less than 160 million yuan as part of its strategic adjustment to optimize core business layout [3]. Regional Focus - The company's operations are primarily concentrated in the South China region, with revenue distribution in this area accounting for 70.11%, 68.81%, and 71.11% over the last three years [4].