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On the evening of July 8th, Top Resource Energy Co.,Ltd. (referred to as "Tianhao Energy") disclosed announcements regarding the resumption of trading for its shares. In accordance with relevant regulations and following an application to the Shenzhen Stock Exchange, the company's shares and its derivative convertible corporate bonds are scheduled to resume trading starting from the market open on Thursday, July 9, 2026.

According to the announcement, Tianhao Energy plans to acquire a 100% equity stake in Tianhao New Energy Co., Ltd. (referred to as "Tianhao New Energy") from six shareholders—Tianhao Group, Peng Daping, Shanghai Yunhe, Xuzhou Yunhe, Xinneng Huizhi, and Jiaxing Dinghe—through a combination of share issuance and cash payment. Concurrently, the company intends to issue shares to no more than 35 other specific investors to raise supporting funds. Upon completion of this transaction, Tianhao New Energy will become a wholly-owned subsidiary of the listed company.

"This acquisition is a critical step in implementing the company's clean energy strategy. By adding agricultural and forestry biomass cogeneration operations, the company is completing its renewable energy business loop, further solidifying the strategic layout of 'clean energy - new energy - future energy technology'," stated a representative from Tianhao Energy in an interview.

Strategic Focus on Biomass Cogeneration

Public information indicates that Tianhao New Energy was established in 2008, with its primary business involving the investment, development, construction, and operation of biomass power generation and heating projects. Its controlling shareholder is the same as that of Tianhao Energy, namely Tianhao Investment Group Co., Ltd. Tianhao New Energy utilizes biomass resources such as agricultural and forestry waste and low-grade timber as raw materials to produce green, clean electricity and heat through cogeneration.

"The biomass cogeneration sector in which the target company operates falls under the category of strategic emerging industries. It is a core, niche segment within the new energy industry that combines environmental attributes with circular economy value," the Tianhao Energy representative commented.

Compared to traditional energy models, agricultural and forestry biomass cogeneration uses straw, forestry branches, and agricultural and forestry processing waste as its core fuel, adhering to the core principles of the circular economy: reduction, reuse, and resource recovery.

Industry experts noted that this model addresses the environmental issues associated with the open burning of agricultural and forestry waste while also creating a pathway for the resource utilization of these materials. It presents new development opportunities in areas such as increasing farmer income, forestry production, and environmental conservation, further promoting the construction of a green and clean circular economy system.

As a core sub-sector within the biomass energy industry, biomass cogeneration has received strong policy and regulatory support in recent years. Against this backdrop, technological advancements in industry projects have accelerated rapidly. Both project construction and operations have seen significant development, with cumulative installed capacity and power generation output showing a consistent upward trend. As of December 2025, the national installed capacity for biomass power generation reached 47.43 million kilowatts, representing a year-on-year increase of 3.13%. Biomass power generation output reached 224.7 billion kilowatt-hours, marking a 7% year-on-year growth.

Significant Industrial Synergy Effects

Regarding the industrial value of this acquisition, the Tianhao Energy representative emphasized that both the listed company and Tianhao New Energy are deeply engaged in the energy sector. They exhibit a high degree of alignment in terms of underlying resources and customer structure. The merger is expected to generate significant synergistic effects, further enhancing the listed company's market competitiveness.

At the business level, Tianhao Energy's existing core assets primarily consist of natural gas trading and sales, long-distance pipeline transmission, and city gas distribution. The newly integrated agricultural and forestry biomass cogeneration assets will complement the company's current operations. Tianhao Energy plans to integrate its natural gas resources with biomass cogeneration capacity to develop a one-stop comprehensive energy solution for clients such as industrial park enterprises. This solution will cover natural gas, electricity supply, and industrial steam, aiming to strengthen customer loyalty and increase the value contribution per client.

Simultaneously, leveraging the listed company's established capital market financing channels, brand resources, and industrial management expertise, Tianhao New Energy can effectively overcome funding bottlenecks for project construction. This will accelerate the deployment of its biomass cogeneration projects in locations such as Hebei, Shaanxi, and Fujian, thereby amplifying the overall profit efficiency within the group's system.

Against the backdrop of China's ongoing "dual carbon" goals and the transition towards cleaner industrial energy consumption, the biomass cogeneration business—which combines environmental value with operational stability—is expected to inject strong momentum into the long-term, high-quality development of Tianhao Energy.