SPIC IFH(SZ:000958) Chang Jiang Shang Bao·2026-01-12 00:21Core 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 initiatives [1][5]. Group 1: Restructuring Details - The restructuring involved the exchange of financial business for a 100% stake in Guodian Nuclear Power Co., Ltd., with the transaction values being CNY 151.08 billion for the assets being divested and CNY 553.94 billion for the assets being acquired [1][3]. - The difference of CNY 402.85 billion will be settled through the issuance of new shares at a price of CNY 3.36 per share [3]. - The restructuring process began in October 2024, with approvals from the Shenzhen Stock Exchange and the China Securities Regulatory Commission obtained by December 2025 [2]. Group 2: Shareholding Changes - Following the restructuring, the State Nuclear Power will hold 43.62% of Electric Power Investment Co., Ltd., making it the controlling shareholder, while the State Power Investment Group's stake will be diluted to 15.42% [4]. - China Life Insurance has become the second-largest shareholder with a 25.4% stake [4]. Group 3: Financial Impact - The restructuring is expected to significantly boost Electric Power Investment Co., Ltd.'s revenue and net profit, with projected increases of 111.63% and 382.22%, respectively, based on mid-2025 financial data [1][6]. - The total assets of the company are anticipated to reach CNY 1,316.57 billion, reflecting a growth of 166.17% [6]. - The asset-liability ratio is projected to rise from 39.47% to 60.6% post-restructuring [6]. Group 4: Future Commitments - The State Nuclear Power has committed to achieving a net profit 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 [7]. - The company aims to enhance its overall competitiveness and profitability through resource and business integration following the acquisition [7].