Baotong Energy: Updated Issue of Shares Application Documents to Specific Entities and Alerted Uncertainties.

Baichuan Energy announced that on November 14, 2025, the company received an inquiry letter from the Shenzhen Stock Exchange and has replied and revised the application documents with the assistance of intermediaries. As the 2025 annual report has been disclosed, in accordance with the requirements of the Shenzhen Stock Exchange, the relevant content of the application documents needs to be supplemented, updated, and revised again. The issuance of shares to specific parties still needs to be reviewed by the Shenzhen Stock Exchange and approved by the China Securities Regulatory Commission. The final approval and timing are uncertain.