SPIC IFH(SZ:000958) Chang Jiang Shang Bao·2026-01-11 23:31Core Viewpoint - The asset restructuring of Electric Power Investment Co., Ltd. (000958.SZ) has been completed, transforming it into the nuclear power operation asset integration platform of the State Power Investment Group, enhancing the efficiency of nuclear power asset operations and supporting green development [1][4]. Group 1: Restructuring Details - The restructuring involved the exchange of financial assets for a 100% stake in Guodian Nuclear Power Co., Ltd., with the transaction values being CNY 151.08 billion for the assets disposed and CNY 553.94 billion for the assets acquired, resulting in a difference of CNY 402.85 billion to be purchased through share issuance [1][3]. - The share issuance price was set at CNY 3.36 per share, with a total of 119.9 billion new shares to be issued, which will be listed on January 13, 2026 [3][4]. - After the restructuring, the controlling shareholder will change from the State Power Investment Group to Guodian Nuclear Power, while the latter will hold 43.62% of the shares, and China Life will become the second-largest shareholder with a 25.4% stake [4][6]. Group 2: Financial Impact - The restructuring is expected to significantly enhance Electric Power Investment's financial metrics, with projected increases of 111.63% in operating revenue and 382.22% in net profit attributable to shareholders based on the first half of 2025 data [1][7]. - The total assets of the company are projected to reach CNY 1,316.57 billion, reflecting a growth of 166.17% compared to pre-restructuring levels [7][8]. - The asset-liability ratio is anticipated to rise from 39.47% to 60.6% post-restructuring, indicating a higher leverage position [7]. Group 3: Future Commitments and Operations - Guodian Nuclear Power has committed to achieving net profit targets of no less than CNY 33.75 billion, CNY 30 billion, and CNY 35.87 billion for the years 2025, 2026, and 2027 respectively, totaling at least CNY 99.62 billion over three years [8]. - The company aims to fully develop the nuclear power operation asset integration platform, ensuring the sustainability and stability of its business segments while enhancing overall competitiveness and profitability [8].