Core Viewpoint - The reduction in the ownership hierarchy between the controlling shareholder and the actual controller of Jinko Power (000767.SZ) is due to the transfer of 90% equity of Jinneng Holding Group Co., Ltd. from Shanxi State Capital Operation Co., Ltd. to the Shanxi Provincial State-owned Assets Supervision and Administration Commission, without changing the direct controlling shareholder or actual controller of the company [1] Group 1 - The ownership hierarchy reduction does not lead to a change in the company's direct controlling shareholder, which remains Jinneng Coal Industry Group Co., Ltd. [1] - The actual controller of the company continues to be the Shanxi Provincial State-owned Assets Supervision and Administration Commission [1] - The ownership hierarchy reduction does not involve any tender offer [1]

证券代码：000767 证券简称：晋控电力 公告编号：2025 临─057 晋能控股山西电力股份有限公司 关于控股股东与实际控制人之间 产权层级减少的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没 有虚假记载、误导性陈述或者重大遗漏。 特别提示: 1.本次控股股东与实际控制人之间产权层级减少系山西 省人民政府将山西省国有资本运营有限公司（以下简称"山 西国资运营公司"）持有的晋能控股集团有限公司（以下简 称"晋控集团"）90%股权划转至山西省人民政府国有资产 监督管理委员会（以下简称"山西省国资委"）直接持有。 2.本次控股股东与实际控制人之间产权层级减少不会导 致公司直接控股股东及实际控制人发生变化。公司直接控股 股东仍为晋能控股煤业集团有限公司，实际控制人仍为山西 省国资委。 3.本次控股股东与实际控制人之间产权层级减少不涉及 要约收购。 一、本次控股股东与实际控制人之间产权层级减少的基 本情况 近日，公司收到晋能控股集团有限公司转来的《关于将 山西省国有资本运营有限公司持有的相关企业国有股权划 转至省国资委的通知》（晋国资产权〔2025〕75 号），根据 文件要求，山西省人民政府决 ...

Core Viewpoint - Jin Energy Holdings Co., Ltd. has experienced a decline in stock price and trading volume, with a notable drop in net outflow of funds, despite a year-to-date increase in stock price [1][2]. Financial Performance - For the period from January to September 2025, Jin Energy reported operating revenue of 11.186 billion yuan, a year-on-year decrease of 5.82%, while net profit attributable to shareholders increased by 203.02% to 315 million yuan [2]. - The company has cumulatively distributed 1.496 billion yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Stock Market Activity - As of November 21, the stock price of Jin Energy was 2.88 yuan per share, with a market capitalization of 8.862 billion yuan. The stock has increased by 13.83% year-to-date but has seen a decline of 6.80% over the past five trading days [1]. - The number of shareholders decreased by 11.99% to 112,700, while the average circulating shares per person increased by 13.63% to 25,845 shares [2]. Business Composition - The company's main business segments include thermal power generation (74.04% of revenue), coal-fired power (40.03%), thermal energy (7.73%), photovoltaic power (6.07%), and wind power (5.12%) [1].

Core Viewpoint - The company, Jinneng Holding Shanxi Electric Power Co., Ltd., plans to transfer 51% equity of its wholly-owned subsidiary, Shanxi Tongying Thermal Power Co., Ltd., to Jinneng Holding Jinbei Energy (Shanxi) Co., Ltd. to enhance asset liquidity and financial flexibility [1][3][31]. Group 1: Overview of the Related Transaction - The transaction will be conducted through a non-public agreement transfer [3]. - The transaction has been approved by the company's board of directors and does not constitute a major asset restructuring as per relevant regulations [3][31]. - The related party involved in the transaction, Jinbei Energy, is also a subsidiary under the control of Jinneng Holding Group, establishing a related party relationship [3][4]. Group 2: Details of the Transaction Counterparty - Jinbei Energy was established on October 30, 2023, with a registered capital of 300 million yuan and is focused on developing a comprehensive energy demonstration base in the coal subsidence area of Jinbei [4][5]. - The company is not listed as a dishonest executor [6]. Group 3: Details of the Transaction Target - The target of the transaction is the 51% equity stake in Shanxi Tongying Thermal Power Co., Ltd., which is currently in the construction phase and has not yet commenced production or sales [7][12]. - The financial status of Shanxi Tongying Thermal Power shows total assets of 333,798.67 million yuan and total liabilities of 282,367.05 million yuan as of June 30, 2025 [14][15]. Group 4: Valuation and Pricing of the Transaction - The valuation of the 51% equity stake is set at 26,569.14 million yuan, based on an assessment report from Beijing Zhongqi Hua Asset Appraisal Co., Ltd. [20][22]. - The assessment indicates a net asset value of 52,096.35 million yuan for the company, with a valuation increase of 1.29% for the equity stake being transferred [19][20]. Group 5: Purpose and Impact of the Transaction - The transaction aims to accelerate project construction and improve cash flow for the company, thereby alleviating financial pressure and enhancing asset liquidity [31]. - The transaction is expected to have no adverse effects on the company's ongoing operations, financial condition, or independence [31]. Group 6: Independent Director's Opinion - The independent directors have unanimously agreed that the transaction aligns with the company's operational needs and adheres to principles of fairness and transparency [33].

证券代码：000767 证券简称：晋控电力 公告编号：2025 临－056 晋能控股山西电力股份有限公司 2025 年第四次临时股东会决议公告 本公司及其董事、监事、高级管理人员保证公告内容的真实、准确和完整， 公告不存在虚假记载、误导性陈述或者重大遗漏。 特别提示： 1. 本次会议召开期间没有增加、变更提案，通过了全部 一项提案。 2. 本次股东会决议不涉及变更前次股东会决议。 一、会议召开和出席情况 1.会议召开时间： （1）现场会议召开时间：2025年11月20日上午9:00 （2）网络投票表决时间：2025年11月20日 其中，通过深圳证券交易所交易系统进行网络投票的具 体时间为：2025年11月20日上午9:15-9:25，9:30-11:30和 13:00-15:00；通过深圳证券交易所互联网投票系统投票的具 体时间为：2025年11月20日9:15至15:00期间的任意时间。 2.现场会议召开地点：太原市晋阳街南一条10号晋控电 力15楼1517会议室。 3.召开方式：本次股东会采取现场投票和网络投票相结 合的方式。 其中：通过现场投票的股东代表 0 人，代表股份 0 股， 占公司有表决权股份总 ...

山 西 华 炬 律 师 事 务 所 关 于 晋 能 控 股 山 西 电 力 股 份 有 限 公 司 2025 年 第 四 次 临 时 股 东 会 的 法 律 意 见 书 2025 年第四次临时股东会的 法律意见书 致：晋能控股山西电力股份有限公司 根据《中华人民共和国公司法》(以下简称《公司法》)、《中华人民共和国 证券法》（以下简称《证券法》）、《上市公司股东会规则》（以下简称《规则》） 以及《晋能控股山西电力股份有限公司章程》（以下简称《公司章程》）的规定， 山西华炬律师事务所（以下简称"本所"）接受晋能控股山西电力股份有限公司 （以下简称"公司"）的专项委托，指派安燕晨、余丹律师出席公司 2025 年第 四次临时股东会，并就本次股东会的相关事宜进行见证，出具法律意见书。 本所律师审查了公司提供的与本次股东会有关的文件，核验了出席会议人员 的资格，并见证了本次股东会召开的全过程。 太原市长风商务区长兴路1号华润大厦T4座34-35层 030000 34-35 / f, building T4, China resources building, no.1 changxing road, changfeng ...

Core Viewpoint - Shanxi Energy Holding Company plans to transfer 51% equity of its wholly-owned subsidiary Tongying Thermal Power to Jinbei Energy Company for a transaction price of 266 million yuan, aimed at accelerating project construction and improving liquidity [1][2]. Group 1: Transaction Details - The transaction involves a non-public agreement for the transfer of equity valued at 266 million yuan [1]. - Tongying Thermal Power, established in 2022, is currently in the construction phase and has not yet commenced production or sales [1]. - As of mid-2023, Tongying Thermal Power has total assets of 3.338 billion yuan, liabilities of 2.824 billion yuan, and owner's equity of 514 million yuan, showing an increase from the end of the previous year [1]. Group 2: Valuation and Financial Impact - The valuation report indicates that due to the construction phase, income and market approaches were not used for assessment; the net asset value was determined to be 514 million yuan, with an assessed value of 521 million yuan, resulting in an appreciation of 6.6473 million yuan and an appreciation rate of 1.29% [1]. - The value of the 51% equity held by Shanxi Energy in Tongying Thermal Power is 266 million yuan, with an appreciation amount of 3.3901 million yuan and an appreciation rate of 1.29% [1]. Group 3: Strategic Implications - Jinbei Energy Company, established in 2023, is positioned as a key developer and operator of a large energy base aligned with the "dual carbon" strategy, which is expected to enhance the project construction speed and provide immediate cash flow to alleviate financial pressure on Shanxi Energy [2].

Core Viewpoint - Jin Energy Holdings Co., Ltd. has experienced fluctuations in stock price and financial performance, with a notable increase in net profit despite a decrease in revenue [1][2]. Financial Performance - As of September 30, 2025, Jin Energy reported a revenue of 11.186 billion yuan, a year-on-year decrease of 5.82% [2]. - The net profit attributable to shareholders reached 315 million yuan, showing a significant year-on-year growth of 203.02% [2]. - The company has cumulatively distributed 1.496 billion yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Stock Market Activity - On November 19, the stock price of Jin Energy fell by 2.32%, trading at 2.95 yuan per share, with a total market capitalization of 9.077 billion yuan [1]. - The stock has increased by 16.60% year-to-date, but has seen a decline of 3.91% over the last five trading days [1]. - The company experienced a net outflow of 3.4642 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Information - The number of shareholders as of September 30, 2025, was 112,700, a decrease of 11.99% from the previous period [2]. - The average number of circulating shares per shareholder increased by 13.63% to 25,845 shares [2]. - Hong Kong Central Clearing Limited is the tenth largest circulating shareholder, holding 20.2588 million shares, a decrease of 826,400 shares from the previous period [3]. Business Overview - Jin Energy primarily engages in thermal power generation and supply, with revenue composition as follows: thermal power 74.04%, coal-fired power 40.03%, thermal energy 7.73%, photovoltaic power 6.07%, and wind power 5.12% [1]. - The company operates within the public utility sector, specifically in the electricity and thermal power generation industry, and is associated with concepts such as clean energy and carbon neutrality [1].

Core Points - Two companies, Huiyuan Communication and Hualan Group, are undergoing changes in control and will resume trading on November 19, 2025 [2][3] - Aik Shares is planning to issue shares to acquire assets and will be suspended from trading starting November 19, 2025 [5] - ST Zhengping's stock has seen a significant increase of 221.93% from September 1 to November 18, 2025, leading to a suspension for verification [6] - Tianyima plans to acquire 98.5632% of Xingyun Kaiwu for 1.1885 billion yuan and will issue shares to raise up to 155 million yuan [9] Group 1: Control Changes - Huiyuan Communication plans to issue up to 53.65 million shares at 11.37 yuan per share, raising a total of up to 610 million yuan, with the proceeds used for working capital [2] - Hualan Group's actual controllers will transfer a total of 851.13 million shares (5.79% of total shares) to Xutong Investment at a price of 20.41 yuan per share, totaling 174 million yuan [3] Group 2: Suspensions and Resumptions - Aik Shares will be suspended from trading as it plans to issue shares and cash to acquire Dongguan Silicon Xiang Insulation Materials Co., Ltd. [5] - ST Zhengping's stock will be suspended for verification due to its stock price significantly deviating from fundamentals [6] - ST Dongyi has completed its verification work and will resume trading on November 19, 2025 [11] Group 3: Major Asset Restructuring - Tianyima is planning a major asset restructuring by acquiring a majority stake in Xingyun Kaiwu for 1.1885 billion yuan [9] - Meng Tian Home has terminated its asset restructuring and control change plans, leading to its resumption of trading [9] Group 4: Fundraising Activities - Jin An Guo Ji plans to raise up to 1.29995 billion yuan through a private placement for a high-grade copper-clad laminate project [9] - Wan Tong Technology is also planning a private placement to raise up to 920 million yuan for working capital [9]

Core Viewpoint - The company, Jinkong Electric, plans to sell 51% of its wholly-owned subsidiary, Tongying Thermal Power, to Jinbei Energy for 266 million yuan to improve asset liquidity and support ongoing project financing [1][6]. Group 1: Transaction Details - The transaction involves a non-public agreement for the transfer of shares between two subsidiaries under the same parent company, Jinneng Holdings [1]. - The assessed value of Tongying Thermal Power is 521 million yuan, with a minimal increase of 0.66% over its book value [3]. - The project under Tongying Thermal Power is still in the construction phase and has not yet generated revenue [2][5]. Group 2: Financial Implications - The sale will result in a cash inflow of 266 million yuan for Jinkong Electric, but will not impact its profit or loss due to the lack of accumulated profits from Tongying Thermal Power [5][6]. - The transaction has been approved through a rigorous process, ensuring compliance with corporate governance standards [6][7]. Group 3: Strategic Rationale - The sale is part of a strategy to optimize asset structure amid the energy sector's transformation, allowing for quicker capital recovery [1][6]. - Jinbei Energy, the acquiring company, is positioned to expedite the project’s construction due to its strong financial backing [4].