北京东环律师事务所股东大会法律意见书 北京东环律师事务所 关于江西百通能源股份有限公司 2025 年第二次临时股东大会的法律意见书 致：江西百通能源股份有限公司 北京东环律师事务所（以下简称"东环"）依法接受江西百通能源 股份有限公司（以下简称"公司"）委托，指派本所李凡、李莉律师（以 下简称"东环律师"）列席公司 2025 年第二次临时股东大会（以下简称 "本次股东大会"或"会议"），履行见证义务，并根据《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"《股东大会规 则》"）等法律、行政法规、其他规范性文件及《江西百通能源股份有限 公司章程》（以下简称"《公司章程》"）的相关规定，出具本法律意见书。 为出具本法律意见书，本所及经办律师依据《公司法》、《证券法》、 《律师事务所从事证券法律业务管理办法》和《律师事务所证券法律业 务执业规则（试行）》等规定，审查了公司提供的有关本次股东大会的 文件资料，并对本次股东大会的召集与召开程序、召集人和出席人员的 资格、表决程序及表决结果等重要事项的合法性予以现场核查，严格履 行 ...

Core Viewpoint - The company, Baitong Energy, is currently undergoing a private placement process, which is pending approval from regulatory authorities, and its stock performance shows a slight decline in recent trading. Group 1: Stock Performance - As of July 23, 2025, Baitong Energy's stock closed at 12.38 yuan, down 1.12%, with a turnover rate of 4.05%, a trading volume of 85,600 shares, and a transaction amount of 107 million yuan [1]. Group 2: Corporate Actions - The company has disclosed that its private placement plan was announced on June 11, 2025, and is awaiting approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [2]. - The company emphasizes its commitment to comply with relevant laws and regulations regarding information disclosure and will provide updates through official announcements [2]. Group 3: Trading Information - On July 23, 2025, the net capital flow for Baitong Energy showed a net outflow of 8.90 million yuan from main funds, a net outflow of 346,100 yuan from speculative funds, and a net inflow of 9.25 million yuan from retail investors [3].

Group 1 - The company held its fourth board meeting on July 10, 2025, with all five directors present, including one participating via telecommunication [1] - The board approved the proposal to transfer all shares of several subsidiaries to its wholly-owned subsidiary, Beijing Baitong Thermal Power Co., Ltd., with a total book value of 565.5656 million yuan as of March 31, 2025 [1][2] - The proposal to convene the second extraordinary general meeting of shareholders in 2025 was also approved, scheduled for July 28, 2025 [2] Group 2 - The board meeting adhered to relevant regulations, including the Company Law and Securities Law of the People's Republic of China [1] - The voting results for the share transfer proposal were unanimous, with 5 votes in favor and no opposition or abstentions [2] - The details of the proposals were published on the company's official information disclosure platform [2]

Meeting Announcement - Jiangxi Baitong Energy Co., Ltd. will hold its second extraordinary general meeting of shareholders for 2025 on July 28, 2025 [1] - The meeting will take place at 14:00 local time, with network voting available on the same day [1][2] - The board of directors approved the proposal to convene this meeting during the sixth meeting of the fourth board on July 10, 2025 [1][3] Voting Procedures - Shareholders can participate in the meeting either through on-site voting or online voting via the Shenzhen Stock Exchange trading system [2][3] - Shareholders must choose one voting method, and if duplicate votes are cast, the first vote will be considered valid [2] - All ordinary shareholders registered by the cut-off date of July 22, 2025, are eligible to attend and vote [2][3] Agenda Items - The meeting will review proposals that have been approved by the board of directors [3] - The proposals are ordinary resolutions requiring more than half of the voting rights held by attending shareholders to pass [3] Registration Requirements - Corporate shareholders must provide identification and relevant documents for registration, while individual shareholders need to present their ID [5] - Registration can also be done via mail or fax, with a deadline of July 24, 2025, at 17:00 [5] Additional Information - The company will provide detailed voting procedures and an authorization letter template for shareholders [6][7] - The announcement includes a reminder that the meeting may be affected by unforeseen events, and updates will be communicated accordingly [5]

证券代码：001376 证券简称：百通能源 公告编号：2025-034 江西百通能源股份有限公司 关于向全资子公司百通热电划转股权的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 江西百通能源股份有限公司（以下简称"公司"）于 2025 年 7 月 10 日召开 的第四届董事会第六次会议，审议通过了《关于向全资子公司百通热电划转股权 的议案》，现将本次股权划转事项公告如下： 一、本次股权划转概述 法定代表人：张春龙 注册地：江西省南昌市南昌经济技术开发区枫林西大街 917 号世纪新宸大厦 2 号楼 2202 室 根据战略发展规划，公司拟将持有的子公司百通宏达热力（泗阳）有限公司、 百通宏达热力泗洪有限公司、连云港百通宏达热力有限公司、曹县百通宏达热力 有限公司、金溪百通宏达热力有限公司、松滋百通宏达热力有限公司、蒙阴百通 宏达热力有限公司、贵州大龙百通汇源热力有限公司、宿迁宝士腾工程有限公司 和宿迁弘锐衡宇技术服务有限公司的全部股权，按照该股权截至 2025 年 3 月 31 日的账面净值划转至全资子公司北京百通热电有限公司（以下简称"百通热电"）， 本 ...

证券代码：001376 证券简称：百通能源 公告编号：2025-035 江西百通能源股份有限公司 关于召开 2025 年第二次临时股东大会通知公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 江西百通能源股份有限公司（以下简称"公司"）于 2025 年 7 月 10 日召开 第四届董事会第六次会议，决定于 2025 年 7 月 28 日召开公司 2025 年第二次临 时股东大会，现将本次会议的有关事项通知如下： 一、召开会议的基本情况 1 （1）现场投票：包括本人出席及通过填写授权委托书授权他人出席。 （2）网络投票：公司将通过深圳证券交易所交易系统和互联网投票系统 （http://wltp.cninfo.com.cn）向股东提供网络形式的投票平台，公司股东可以在本 通知列明的有关时限内通过深圳证券交易所的交易系统或互联网投票系统进行 网络投票。 1、会议届次：2025 年第二次临时股东大会 2、会议召集人：公司董事会 经公司第四届董事会第六次会议审议通过《关于提请召开 2025 年第二次临 时股东大会的议案》。 3、会议召开的合法、合规性：本次股东大会会 ...

证券代码：001376 证券简称：百通能源 公告编号：2025-033 江西百通能源股份有限公司 第四届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 （一）审议通过《关于向全资子公司百通热电划转股权的议案》 根据战略发展规划，公司拟将持有的子公司百通宏达热力（泗阳）有限公司、 百通宏达热力泗洪有限公司、连云港百通宏达热力有限公司、曹县百通宏达热力 有限公司、金溪百通宏达热力有限公司、松滋百通宏达热力有限公司、蒙阴百通 宏达热力有限公司、贵州大龙百通汇源热力有限公司、宿迁宝士腾工程有限公司 和宿迁弘锐衡宇技术服务有限公司的全部股权，按照该股权截至 2025 年 3 月 31 日的账面净值 56,556.56 万元划转至全资子公司北京百通热电有限公司。 本议案具体内容详见公司同日刊载于巨潮资讯网（www.cninfo.com.cn）的 《关于向全资子公司百通热电划转股权的公告》（公告编号：2025-034）。 议案表决结果：同意 5 票；反对 0 票；弃权 0 票。 本议案尚需提交公司股东大会审议。 （二）审议通过《关于提请召开 202 ...

Core Viewpoint - The company plans to transfer equity stakes in several subsidiaries, valued at approximately 566 million yuan, to its wholly-owned subsidiary, Baitong Thermal Power, by March 31, 2025. This internal asset adjustment aims to enhance the professional management of its thermal power business and promote the operation and development of centralized heating and cogeneration in industrial parks [1]. Group 1 - The equity transfer will result in the relevant subsidiaries becoming subsidiaries of Baitong Thermal Power [1]. - This transfer does not involve changes in the scope of consolidated financial statements and does not constitute a related party transaction or a major asset restructuring [1]. - The board of directors has approved this plan, which still requires approval from the shareholders' meeting [1].

Group 1: Business Overview - The company's main business is providing centralized heating services, focusing on steam and electricity since its establishment [1] - The centralized heating industry is characterized by regional competition, with companies primarily operating in industrial parks with heating demands [2] Group 2: Competitive Advantages - The company adopts a cross-regional business layout, covering multiple provinces including Jiangsu, Shandong, Jiangxi, Guizhou, and Hubei, serving various industries such as food, brewing, chemicals, textiles, paper, and pharmaceuticals [2] - The company avoids highly competitive and capital-intensive regions, selecting areas with existing heating demand and growth potential [2] Group 3: Financial Performance - In 2024, the company achieved operating revenue of 1.132 billion yuan, a year-on-year increase of 4.65%, and a net profit of 191 million yuan, up 45.61% from the previous year [3] - The profit increase is attributed to higher steam sales from existing and new customers, reduced financial costs, and improved production management [3] Group 4: Shareholder Engagement - The company has conducted a total of 4 dividend distributions since its listing, amounting to 161 million yuan, emphasizing its commitment to shareholder returns [3] - The company plans to issue up to 39,100,000 shares to its controlling shareholder, raising no more than 385.135 million yuan, primarily for working capital and debt repayment [3]

Core Viewpoint - The case of Baitong Energy's private placement reflects the typical dilemma of "major shareholder-led" companies in the A-share market, where the controlling shareholder can achieve "legal arbitrage" through low-priced placements, while minority shareholders face dual pressures from stock price fluctuations and dilution of equity [3] Group 1: Private Placement Details - Baitong Energy plans to raise up to 385 million yuan through a private placement to its controlling shareholder, Nanchang Baitong Environmental Technology Co., Ltd., with the issuance price set at 9.85 yuan per share, which is 80% of the average trading price over the previous 20 trading days [1] - As of June 10, Baitong Energy's stock closed at 12.01 yuan per share, indicating a 22% premium over the placement price, resulting in a potential paper profit of 84 million yuan for the controlling shareholder [1] Group 2: Financial Context and Concerns - Baitong Energy's IPO raised 210 million yuan in 2023, but only 145 million yuan has been invested in the planned projects as of March 2025, raising investor concerns about the urgency of a second fundraising round [2] - The funds from the private placement will be used entirely for working capital and debt repayment, despite the company having a relatively low debt ratio of 29% as of Q1 2025 [2] Group 3: Market Reactions and Shareholder Dynamics - Following its IPO, Baitong Energy's stock price surged by 753% on the first day, reaching a market capitalization of 17.9 billion yuan, but has since declined by 68%, with a current market cap of 5.6 billion yuan, leaving early investors and retail shareholders "trapped" [2] - Prior to the private placement, the controlling shareholder had pledged 7.2 million shares (8% of holdings), raising market concerns about potential financial pressure on the major shareholder, despite the company stating that the pledge was for "normal financing" [2]