Abstract: This paper analyze the investors and investment strategies in the pilot area based on current policies and enterprise operation methods under the opening-up of incremental power distribution business. Then, the investment income model for power distribution/sales companies is established considering the enterprise operations. Next, the most likely operation mode is studied under the current situation. Finally, the model applicability is verified by a practical case, which provides new idea and strong support for the development of investment and operation strategies of power grid enterprises.