Core Viewpoint - Tongbao Energy, established in 1992 and listed in 1996, is a significant player in the Shanxi power grid, primarily engaged in thermal power generation and distribution, benefiting from regional advantages [1] Group 1: Business Performance - For Q3 2025, Tongbao Energy reported revenue of 8.185 billion, ranking 21st among 28 companies in the industry, while the top company, Huaneng International, achieved revenue of 172.975 billion [2] - The net profit for the same period was 486 million, placing the company 20th in the industry, with Huaneng International leading at 19.436 billion [2] Group 2: Financial Ratios - As of Q3 2025, Tongbao Energy's debt-to-asset ratio was 26.43%, lower than the previous year's 27.01% and significantly below the industry average of 61.62% [3] - The gross profit margin for Q3 2025 was 9.14%, an increase from 8.30% year-on-year, but still below the industry average of 18.24% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.18% to 32,500, while the average number of shares held per shareholder increased by 2.23% to 35,300 [5] - Among the top ten circulating shareholders, the Southern CSI 1000 ETF held 5.2436 million shares, a decrease of 47,800 shares from the previous period [5]

Core Insights - Tongbao Energy (600780.SH) reported a total operating revenue of 8.185 billion yuan for Q3 2025, marking an increase of 323 million yuan or 4.11% year-on-year [1] - The net profit attributable to shareholders reached 487 million yuan, reflecting a year-on-year increase of 26.60% or 102 million yuan [1] - The net cash inflow from operating activities was 1.141 billion yuan, up 16.37% year-on-year, continuing a two-year upward trend [1] Financial Performance - The latest debt-to-asset ratio stands at 26.43%, ranking 7th among disclosed peers, a decrease of 0.58 percentage points from the same period last year [3] - The gross profit margin is reported at 9.14%, an increase of 0.54 percentage points from the previous quarter and up 0.84 percentage points year-on-year [3] - Return on equity (ROE) is at 5.94%, ranking 29th among peers, with an increase of 0.85 percentage points year-on-year [3] Earnings Metrics - The diluted earnings per share (EPS) is 0.42 yuan, an increase of 0.09 yuan or 26.60% year-on-year, ranking 16th among peers [3] - The total asset turnover ratio is 0.76 times, ranking 1st among disclosed peers [3] - The inventory turnover ratio is 52.18 times, ranking 8th among peers [3] Shareholder Structure - The number of shareholders is 32,500, with the top ten shareholders holding 750 million shares, accounting for 65.46% of the total share capital [3] - The largest shareholder is Shanxi International Power Group Co., Ltd., holding 573 million shares [3]

Core Points - Shanxi Tongbao Energy Co., Ltd. plans to sign a Financial Service Agreement with its affiliate, Jinneng Holding Group Finance Co., Ltd., to optimize financial management and reduce financing costs and risks [2][22] - The agreement will provide various financial services including deposit services, settlement services, and comprehensive credit services, with a validity period of three years [3][22] - The maximum daily deposit balance and comprehensive credit limit under the agreement are both capped at RMB 2.1 billion [3][22] Transaction Overview - The Financial Service Agreement will allow the finance company to provide services within the scope approved by the National Financial Regulatory Administration [3][4] - The finance company is a non-bank financial institution with a registered capital of RMB 204.082 million, primarily funded by Jinneng Holding Group [3][5] - This transaction is classified as a related party transaction and requires approval from the shareholders' meeting [4][22] Financial Services Details - The financial services include: - **Deposit Services**: The company can maintain a maximum daily deposit balance of RMB 2.1 billion, with interest rates not lower than those offered by major domestic banks [8][11] - **Settlement Services**: The finance company will provide free settlement services for the company [10][11] - **Comprehensive Credit Services**: The maximum daily credit limit is also set at RMB 2.1 billion, with interest rates competitive with other financial institutions [11][12] Compliance and Approval Process - The agreement has been reviewed and approved by the independent directors and the audit committee, confirming that the risks associated with the financial services are manageable [23][24] - The board of directors has also approved the agreement, with related directors abstaining from voting [25][26] Impact on the Company - This related party transaction is expected to enhance the company's financial management, broaden financing channels, and lower financing costs and risks, benefiting all shareholders [22][23]

Group 1 - The core point of the article is that Tongbao Energy held its 12th Board of Directors meeting on October 28, 2025, where it reviewed the risk assessment report of Jinneng Holding Group Financial Co., Ltd [1] - For the fiscal year 2024, Tongbao Energy's revenue composition is as follows: distribution business accounts for 82.15%, power generation business for 16.25%, heating business for 1.53%, and other businesses for 0.08% [1] - As of the report date, Tongbao Energy has a market capitalization of 6.9 billion yuan [1]

Core Insights - Tongbao Energy reported a revenue of 2,624,199,909.48 yuan for Q3 2025, representing a year-on-year increase of 0.98% [1] - The net profit attributable to shareholders of the listed company was 172,442,398.11 yuan, showing a significant year-on-year growth of 29.89% [1] Financial Performance - Revenue for Q3 2025: 2,624.20 million yuan, up 0.98% year-on-year [1] - Net profit for Q3 2025: 172.44 million yuan, up 29.89% year-on-year [1]

证券代码：600780 证券简称：通宝能源 公告编号：2025-028 山西通宝能源股份有限公司关于对晋能控股集团财 务有限公司风险评估报告的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、财务公司基本情况 （一）财务公司基本信息 晋能控股集团财务有限公司（以下简称"财务公司"）前身为晋煤集团财务 有限公司，是由原中国银行保险监督管理委员会批准设立的非银行金融机构，注 册资本 100,000 万元，其中，晋能控股装备制造集团有限公司出资金额 92,000 万元，持股比例 92%，山东联盟化工股份有限公司出资金额 8,000 万元，持股比 例 8%。 2025 年 3 月 11 日，财务公司经国家金融监督管理总局《国家金融监督管理 总局关于晋煤集团财务有限公司变更注册资本及调整股权结构的批复》（金复 〔2025〕152 号），同意晋能控股集团有限公司对财务公司增加注册资本 104,082 万元。增资后，财务公司注册资本由 100,000 万元变更为 204,082 万元人民币。 本次注册资本变更及股权结构调整 ...

特此公告。 山西通宝能源股份有限公司董事会 山西通宝能源股份有限公司 2025 年第三季度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 山西通宝能源股份有限公司（以下简称"公司"）所属全资火力 发电企业山西阳光发电有限责任公司 2025 年第三季度完成发电量 153,885 万千瓦时，同比下降 9.39%；上网电量 138,882 万千瓦时， 同比下降 10.04%；上网电价均价(含税)364.50 元/千千瓦时，同比增 加 2.24%。2025 年前三季度完成发电量 413,556 万千瓦时，同比下降 6.54%；上网电量 372,919 万千瓦时，同比下降 7.18%；上网电价均 价（含税）374.58 元/千千瓦时，同比增加 4.69%。市场化交易电量 占上网电量 100%，与上年持平。 公司所属全资风力发电企业通宝宁武清洁能源有限公司 2025 年 5 月末并网发电。2025 年第三季度完成发电量 2,282 万千瓦时，上网 电量 2,233 万千瓦时，上网电价均价(含税)321.58 元/千千瓦时。 ...

证券代码：600780 证券简称：通宝能源 公告编号：2025-027 重要内容提示： 本次交易简要内容 山西通宝能源股份有限公司（以下简称"公司"）拟与关联方晋 能控股集团财务有限公司（以下简称"财务公司"）签订《金融服务 协议》。根据《金融服务协议》相关条款，财务公司在国家金融监督 管理总局核准的业务范围内为公司（包含其合并范围内的相关子公司） 提供金融服务事宜，主要包括存款服务、结算服务、综合授信服务以 及其他金融服务，协议有效期为 3 年。在协议有效期内，公司在财务 公司的每日最高存款余额（含累计利息）不高于人民币 21 亿元，财 务公司向公司提供的综合授信每日最高余额（含累计利息）不高于人 民币 21 亿元。 交易限额 本次交易构成关联交易 山西通宝能源股份有限公司关于与晋能控股集团财 务有限公司签订《金融服务协议》暨关联交易的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 每日最高存款余额 | 210,000 | 万元 | | --- | --- | --- | | 每日最高贷款余额 | 210 ...

证券代码：600780 证券简称：通宝能源 公告编号：2025-029 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 10 日（星期一） 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 3 日（星期一）至 11 月 7 日（星期 五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 top600780@sina.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 山西通宝能源股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深 入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 10 日（星期一）15:00-16:00 举行 2025 年第三季度业绩说 明 ...

Financial Performance - The company's operating revenue for the third quarter reached CNY 2,624,199,909.48, representing a year-on-year increase of 0.98%[4] - Total profit for the quarter was CNY 212,775,354.55, reflecting a significant increase of 28.50% compared to the same period last year[4] - Net profit attributable to shareholders was CNY 172,442,398.11, marking a 29.89% increase year-on-year[4] - The basic earnings per share for the quarter was CNY 0.1504, up by 29.88% compared to the previous year[5] - Total operating revenue for the first three quarters of 2025 reached ¥8,184,807,997.35, an increase of 4.1% compared to ¥7,861,816,037.43 in the same period of 2024[18] - Operating profit for the first three quarters of 2025 was ¥621,734,992.66, up 27.0% from ¥489,356,879.45 in the first three quarters of 2024[18] - Net profit attributable to shareholders of the parent company for the first three quarters of 2025 was ¥486,645,681.02, a rise of 26.7% from ¥384,386,390.19 in the same period of 2024[19] - Earnings per share for the first three quarters of 2025 were ¥0.4245, up from ¥0.3353 in the same period of 2024, reflecting a growth of 26.6%[19] Asset and Equity Growth - The company's total assets at the end of the reporting period amounted to CNY 11,094,200,041.45, an increase of 5.30% from the end of the previous year[5] - The total equity attributable to shareholders increased to CNY 8,199,006,568.43, reflecting a growth of 6.60% from the previous year[5] - As of September 30, 2025, the total assets of Shanxi Tongbao Energy Co., Ltd. amounted to CNY 11,094,200,041.45, an increase from CNY 10,536,170,282.47 as of December 31, 2024, reflecting a growth of approximately 5.3%[13] - Current assets increased to CNY 4,242,440,878.51 from CNY 3,786,384,237.97, representing a rise of about 12.1%[13] - Cash and cash equivalents rose significantly to CNY 3,208,405,831.95 from CNY 2,470,162,129.66, marking an increase of approximately 29.9%[13] - Total equity attributable to shareholders of the parent company rose to ¥8,199,006,568.43 in 2025, compared to ¥7,691,509,462.35 in 2024, marking an increase of 6.6%[18] Cash Flow and Financial Management - Cash flow from operating activities for the year-to-date period was CNY 1,141,237,281.19, showing a growth of 16.37%[4] - The net cash flow from operating activities was CNY 1,141,237,281.19, an increase from CNY 980,698,159.24 in the previous period, representing a growth of approximately 16.4%[21] - The total cash inflow from operating activities amounted to CNY 9,756,125,273.48, compared to CNY 9,262,245,818.37, indicating an increase of about 5.3%[21] - Cash outflow from operating activities totaled CNY 8,614,887,992.29, up from CNY 8,281,547,659.13, reflecting a rise of approximately 4.0%[21] - The net cash flow from financing activities was CNY 66,583,842.56, a recovery from a negative cash flow of CNY -333,026,112.42 in the previous period[22] - The company received CNY 343,781,573.00 from borrowings, indicating a strong financing activity during the period[22] - The cash outflow for dividend distribution and interest payments was CNY 7,887,719.17, down from CNY 213,528,378.79, showing a significant reduction in cash outflow for this category[22] Cost Management and Expenses - The net profit excluding non-recurring gains and losses increased by 32.53%, attributed to improved cost management and higher sales volume[9] - The company reported a decrease in management expenses to ¥247,831,035.92 in 2025 from ¥323,699,197.55 in 2024, a reduction of 23.4%[18] - The company’s financial expenses showed a significant improvement, with a net financial income of ¥1,971,380.88 in 2025 compared to an expense of ¥1,522,601.53 in 2024[18] Other Financial Information - The company received government subsidies amounting to CNY 4,294,824.55 during the quarter, contributing to its financial performance[7] - The total liabilities increased to ¥2,932,408,862.56 in 2025 from ¥2,880,949,866.40 in 2024, reflecting a growth of 1.8%[18] - The company reported a significant increase in other receivables, which decreased to CNY 56,607,204.69 from CNY 144,490,723.98, a decline of about 60.8%[14] - The company has not disclosed any new product developments or market expansion strategies during this reporting period[13] - There are no significant changes in the shareholder structure or any related party transactions reported[12]