通宝能源(600780.SH)：所属全资2025年第四季度发电量同比下降13.73%

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]