证券代码：600780 股票简称：通宝能源 编号：2026-004 山西通宝能源股份有限公司 股票交易异常波动公告 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。 重要内容提示： 公司股票连续三个交易日（即 2026 年 3 月 24 日、3 月 25 日、 3 月 26 日）内收盘价格涨幅偏离值累计超过 20%，属于股票交易异 常波动。 经公司自查并向控股股东核实，截至本公告披露日，不存在应 披露而未披露的重大事项。 山西通宝能源股份有限公司（以下简称"公司"）股票交易连续 3 个交易日内（2026 年 3 月 24 日、2026 年 3 月 25 日、2026 年 3 月 26 日）日收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所 交易规则》的相关规定，属于股票交易异常波动。 二、公司关注并核实的相关情况 （一）生产经营情况 经公司自查，目前公司生产经营活动正常有序开展，日常经营情 1 况及外部环境未发生重大变化，不存在影响公司股票交易价格异常波 动的重大事项。 （二）重大事项情况 经公司自查并向控股股东函证核 ...

Group 1 - The core viewpoint of the article is that Tongbao Energy (600780) has announced a valuation enhancement plan due to its stock price being below net asset value for 12 consecutive months, which triggers regulatory requirements [1] - The valuation enhancement plan focuses on six dimensions: operational improvement, mergers and acquisitions, shareholder returns, investor relations, quality enhancement, and expansion of clean energy scale, with a target of cash dividends not less than 30% of average distributable profits over the last three years [1] - Recent stock performance shows a downward trend, with a 2.44% decline over the past week, a closing price of 5.99 yuan, and a price-to-book ratio of 0.84, indicating the stock is trading below its net asset value [1] Group 2 - In Q4 2025, the thermal power segment reported a generation of 151,092 million kWh, a year-on-year decrease of 13.73%, while the on-grid electricity price increased by 13.09% to 395.52 yuan per thousand kWh, providing some revenue support despite the decline in generation [2] - Market sentiment towards the company is neutral, with a projected net profit growth of 47.62% year-on-year for 2025, but low research frequency from institutions and a lack of positive ratings indicate cautious market expectations regarding the execution of the valuation enhancement plan [2] - The current price-to-earnings ratio (TTM) is 11.17 times, which is below the industry average, reflecting market skepticism about the company's transition in thermal power and the effectiveness of the valuation enhancement plan [2]

Core Viewpoint - Shanxi Tongbao Energy Co., Ltd. has announced its operational data for Q4 2025, showing a decline in power generation and grid electricity volume, while the average on-grid electricity price has increased. The company has also initiated a valuation enhancement plan due to its stock price being below the net asset value per share for an extended period [1][4][5]. Group 1: Operational Data - The company's wholly-owned thermal power subsidiary, Shanxi Sunshine Power Co., Ltd., reported a Q4 2025 power generation of 151,092 million kWh, a year-on-year decrease of 13.73%. The on-grid electricity volume was 136,332 million kWh, down 14.34% year-on-year, while the average on-grid electricity price (including tax) increased by 13.09% to 395.52 yuan per MWh [1]. - For the full year 2025, the total power generation was 564,648 million kWh, a decrease of 8.58% year-on-year, and the on-grid electricity volume was 509,251 million kWh, down 9.22% year-on-year. The average on-grid electricity price for the year was 380.18 yuan per MWh, an increase of 6.94% year-on-year [1]. - The market-oriented transaction volume accounted for 100% of the on-grid electricity volume, consistent with the previous year [1]. Group 2: Valuation Enhancement Plan - The valuation enhancement plan was triggered as the company's stock price was below the audited net asset value per share for 12 consecutive months from January 1, 2025, to December 31, 2025. The plan was approved by the company's board of directors in five meetings [5][9]. - The plan focuses on improving operational quality, investor relations management, and cash dividends to align the company's intrinsic value with market valuation, thereby enhancing investor confidence and maximizing shareholder interests [6][10]. Group 3: Specific Measures in the Valuation Enhancement Plan - The company aims to enhance operational efficiency and profitability by focusing on strategic upgrades, improving cost competitiveness, and driving innovation across its business segments [10]. - The company will continue to pursue clean energy projects and seek merger and acquisition opportunities to optimize its asset structure and industry layout [12][13]. - Cash dividends will be distributed based on the company's financial health, with a commitment to return at least 30% of the average distributable profits over the last three years [13]. - The company will strengthen investor relations through regular communication and engagement, ensuring transparency and responsiveness to investor inquiries [14]. - Information disclosure practices will be enhanced to improve quality and transparency, including the use of visual reports and sustainability disclosures [15].

Core Viewpoint - The company, Shanxi Tongbao Energy Co., Ltd., has announced a valuation enhancement plan due to its stock price being below the audited net asset value per share for 12 consecutive months, focusing on operational improvements and strategic growth in both traditional and renewable energy sectors [2][3]. Group 1: Operational Strategy - The company aims to enhance quality and efficiency as a core strategy, focusing on cost reduction in thermal power through refined fuel management, optimized unit operations, and equipment maintenance [2]. - In the renewable energy sector, the company plans to accelerate the construction of quality wind and solar projects while improving operational efficiency and overall returns through smart operation platforms [2]. - The company will deepen service innovation and smart upgrades in its grid business, expanding into energy efficiency management and distributed energy services to enhance competitiveness [2]. Group 2: Growth and Investment - The company is committed to an integrated development approach of coal power and renewable energy, planning to expand its clean energy scale through both acquisition and construction [3]. - It has secured a total of 1.1705 million kilowatts of clean energy construction indicators and will proceed with project grid connection while exploring strategic mergers, restructuring, and refinancing opportunities [3]. - The company aims to optimize its asset structure and improve overall development quality [3]. Group 3: Shareholder Returns - The company plans to actively reward investors through cash dividends and share buybacks, with a commitment to distribute at least 30% of the average annual distributable profit over the last three years in cash [3]. - It intends to enhance the stability and predictability of dividends to attract long-term investments [3]. Group 4: Communication and Transparency - The company will integrate valuation management with investor relations, utilizing various formats such as performance briefings and institutional research to communicate its strategy and operational progress [3]. - It plans to improve information disclosure through visual annual reports and video performance interpretations to enhance transparency and market understanding of its long-term value [3]. Group 5: Governance and Market Confidence - The company will strengthen communication with its controlling shareholders and take measures to boost market confidence, including potential share buyback commitments [4]. - It aims to improve its governance structure in compliance with new company laws and regulations, ensuring effective decision-making and risk management [4]. Group 6: Operational Performance - The company reported a year-on-year decline in thermal power generation and grid electricity volume for Q4 2025, although the grid electricity price increased [4]. - The wind power segment maintained stable generation and grid electricity volume, with market transactions covering 100% of the output [4].

山西通宝能源股份有限公司 2025 年第四季度经营数据公告 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。 证券代码：600780 股票简称：通宝能源 编号：2026-002 1 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 年第四季度发电量 151,092 万千瓦时，同比下降 13.73%；上网电量 136,332 万千瓦时， 同比下降 14.34%；上网电价均价(含税) 395.52 元/千千瓦时，同比 增加 13.09%。2025 年度发电量 564,648 万千瓦时，同比下降 8.58%； 上网电量 509,251 万千瓦时，同比下降 9.22%；上网电价均价（含税） 380.18 元/千千瓦时，同比增加 6.94%。市场化交易电量占上网电量 100%，与上年持平。 特此公告。 2026 年 2 月 12 日 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 第四季度发电量 4,086 万千瓦时，上网电量 4,018 万千瓦时，上网电 价均价(含税 ...

证券代码：600780 股票简称：通宝能源 编号：2026-003 山西通宝能源股份有限公司 估值提升计划 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: 估值提升计划的触发情形及审议程序 自 2025 年 1 月 1 日至 2025 年 12 月 31 日，山西通宝能源股份有 限公司（以下简称"公司"）股票连续 12 个月内每个交易日收盘价 均低于其最近一个会计年度经审计的每股归属于公司普通股股东的 净资产。根据《上市公司监管指引第 10 号——市值管理》有关规定， 属于应当制定估值提升计划的情形。本估值提升计划已经公司十二届 董事会五次会议审议通过。 估值提升计划概述 公司聚焦经营提质、投资者关系管理、现金分红等关键环节，制 定了估值提升计划。本计划旨在通过持续优化经营管理，促进公司内 在价值与市场估值的合理匹配，增强投资者信心，进一步提升公司投 资价值，实现可持续发展和股东利益最大化。 相关风险提示 本估值提升计划仅为公司行动计划，不代表公司对业绩、股价、 重大事件等任何指标或事项的承诺。公司业绩及二级 ...

Group 1 - The core viewpoint of the article highlights the performance of Tongbao Energy's subsidiaries in power generation, indicating a decline in both generation and grid-connected electricity volume for the fourth quarter and the entire year of 2025 [1] Group 2 - Tongbao Energy's wholly-owned thermal power generation subsidiary, Shanxi Sunshine Power Generation Co., Ltd., reported a fourth-quarter electricity generation of 151,092 million kWh, a year-on-year decrease of 13.73% [1] - The grid-connected electricity volume for the same period was 136,332 million kWh, down 14.34% year-on-year, while the average grid-connected electricity price (including tax) increased by 13.09% to 395.52 yuan per MWh [1] - For the entire year of 2025, the total electricity generation was 564,648 million kWh, reflecting an 8.58% year-on-year decline, and the grid-connected electricity volume was 509,251 million kWh, down 9.22% year-on-year [1] - The average grid-connected electricity price for the year was 380.18 yuan per MWh, which is a 6.94% increase compared to the previous year [1] - The market-oriented transaction volume accounted for 100% of the grid-connected electricity volume, remaining unchanged from the previous year [1] Group 3 - Tongbao Energy's wholly-owned wind power generation subsidiary, Tongbao Ningwu Clean Energy Co., Ltd., reported a fourth-quarter electricity generation of 4,086 million kWh and a grid-connected electricity volume of 4,018 million kWh [1] - The average grid-connected electricity price for this subsidiary in the fourth quarter was 329.96 yuan per MWh [1] - For the entire year of 2025, the total electricity generation was 6,768 million kWh, with a grid-connected electricity volume of 6,637 million kWh, and an average grid-connected electricity price of 326.97 yuan per MWh [1] - Similar to the thermal power subsidiary, the market-oriented transaction volume for the wind power subsidiary also accounted for 100% of the grid-connected electricity volume [1]

格隆汇2月11日丨通宝能源(600780.SH)公布，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年第四季度发电量151,092万千瓦时，同比下降13.73%；上网电量136,332万千瓦时，同比下降 14.34%；上网电价均价(含税)395.52元/千千瓦时，同比增加13.09%。2025年度发电量564,648万千瓦 时，同比下降8.58%；上网电量509,251万千瓦时，同比下降9.22%；上网电价均价（含税）380.18元/千 千瓦时，同比增加6.94%。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年第四季度发电量4,086万千瓦时，上网电 量4,018万千瓦时，上网电价均价(含税)329.96元/千千瓦时。2025年度发电量6,768万千瓦时，上网电量 6,637万千瓦时，上网电价均价(含税)326.97元/千千瓦时。市场化交易电量占上网电量100%。 ...

Core Viewpoint - The announcement from Tongbao Energy indicates a decline in power generation and sales for its wholly-owned thermal power subsidiary, Shanxi Sunshine Power, in the fourth quarter of 2025, while the average on-grid electricity price has increased. Group 1: Thermal Power Performance - In Q4 2025, Shanxi Sunshine Power's power generation was 151,092 million kWh, a year-on-year decrease of 13.73% [1] - The on-grid electricity volume was 136,332 million kWh, down 14.34% year-on-year [1] - The average on-grid electricity price was 395.52 yuan per thousand kWh, an increase of 13.09% year-on-year [1] Group 2: Annual Performance Overview - For the full year 2025, the total power generation was 564,648 million kWh, reflecting a year-on-year decline of 8.58% [1] - The on-grid electricity volume for the year was 509,251 million kWh, down 9.22% year-on-year [1] - The average on-grid electricity price for the year was 380.18 yuan per thousand kWh, which is a 6.94% increase year-on-year [1] - The proportion of market-based trading electricity volume remained at 100%, unchanged from the previous year [1] Group 3: Wind Power Performance - Tongbao Ningwu Clean Energy, the wholly-owned wind power subsidiary, reported a total power generation of 6,768 million kWh for 2025 [1] - The on-grid electricity volume for the wind power subsidiary was 6,637 million kWh [1] - The average on-grid electricity price for the wind power segment was 326.97 yuan per thousand kWh [1]

Core Viewpoint - Tongbao Energy (600780.SH) has indicated that the construction of the Yuanping Photovoltaic Project, invested by its subsidiary Yuanping Clean Energy Co., Ltd., has not yet been completed [1] Group 1 - The Yuanping Photovoltaic Project is part of Tongbao Energy's investment initiatives [1] - The project is being developed by Tongbao Yuanping Clean Energy Co., Ltd., a subsidiary of Tongbao Energy [1]