JINKONG POWER(SZ:000767) Zhong Guo Dian Li Bao·2025-11-20 07:30Core 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].