Core Viewpoint - YuanDa Environmental Protection (600292.SH) announced the establishment of a subsidiary to engage in flue gas treatment operations in collaboration with Guodian Investment (Jieyang) [1] Group 1: Company Developments - The wholly-owned subsidiary, Chongqing Yuanda Flue Gas Treatment Concession Company, plans to establish a branch to construct desulfurization and denitrification facilities for the 2×1000MW units at the Qianzhan Power Plant [1] - The project represents YuanDa's first million coal-fired unit flue gas treatment concession project in Guangdong Province, aligning with the company's development positioning [1] - This initiative is expected to help the company expand its market presence in Guangdong and surrounding areas, providing long-term stable revenue and creating a new profit growth point [1]

格隆汇11月18日丨远达环保(600292.SH)公布，近日收到国家电投集团与中国电力于2025年11月15日签 署的《表决权委托协议》，为优化国家电投集团内部管理结构，提高上市公司决策效率，进一步推动上 市公司高质量发展，国家电投集团将其持有的上市公司341,533,307股股份对应的除收益权、处置权等财 产性权利之外的包括表决权在内的其他股东权利委托给中国电力行使。 本次权益变动前，上市公司直接控股股东为中国电力，实际控制人为国家电投集团。本次权益变动后， 上市公司控股股东不发生变化，实际控制人仍为国家电投集团，公司实际控制人未发生变化，亦不会导 致公司股权分布不符合上交所的上市条件。 本次表决权委托完成前，中国电力直接持有上市公司2,016,793,893股，同时通过全资子公司国家电投集 团广西电力有限公司（以下简称"广西公司"）间接持有上市公司398,167,938股，合计持有2,414,961,831 股，占比55.13%；本次表决权委托完成后，中国电力直接持有上市公司股份情况不变，直接和间接拥 有表决权股份的数量由2,414,961,831股增加至2,756,495,138股，直接和间接拥有表决权 ...

证券代码：600292 证券简称：远达环保 编号：临 2025－077 号 国家电投集团远达环保股份有限公司 关于股东签署表决权委托协议暨权益变动的 提示性公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏,并对其内容的真实性、准确性和完整性承担个别 及连带责任。 重要内容提示： ●国家电投集团远达环保股份有限公司（以下简称"远达环保"、"公 司"或"上市公司"）股东国家电力投资集团有限公司（以下简称"国家 电投集团"）将其全部持有的上市公司 341,533,307 股股份对应的除收益 权、处置权等财产性权利之外的包括表决权在内的其他股东权利委托给 中国电力国际发展有限公司（以下简称"中国电力"）代为行使。本次表 决权委托完成后，中国电力直接持有上市公司股份情况不变，直接和间 接拥有表决权股份的数量由 2,414,961,831 股增加至 2,756,495,138 股， 直接和间接拥有表决权股份的比例将由 55.13%增加至 62.93%。 本次权益变动属于《上市公司收购管理办法》规定的免于发出要约 的情形。本次权益变动后，上市公司控股股东不发生变化，实际控制人 仍为国家电 ...

免于发出要约事宜 之 法律意见书 北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 北京市君合律师事务所 关于 中国电力国际发展有限公司及其一致行动人 二零二五年十一月 北京市君合律师事务所 关于中国电力国际发展有限公司及其一致行动人免于发出要约事宜 之法律意见书 致：中国电力国际发展有限公司 北京市君合律师事务所（以下简称"本所"）是在中国北京市司法局注册的 律师事务所，具备在中国从事法律服务的资格。本所接受中国电力国际发展有 限公司（以下简称"中国电力"或"收购人"）的委托，担任中国电力因接受国家 电力投资集团有限公司表决权委托事项导致的对远达环保的收购行为（以下简 称"本次收购"）的专项法律顾问，现就中国电力及其一致行动人本次收购所 涉及的免于发出要约事宜出具本法律意见书。 为出具本法律意见书之目的，本所律师依据《中华人民共和国公司法》 《中华人民共和国证券法》《收购管理办法》及《公开发行证券的公司信息披 露内容与格式准则第 16 号——上市公司收购报告书（2020 修正）》《律师事务 所从事证券法律业务 ...

Core Viewpoint - The stock of Yuanda Environmental experienced a decline of 2.07% on November 17, with a trading price of 13.71 CNY per share and a total market capitalization of 60.053 billion CNY. The company has seen a year-to-date stock price increase of 5.54% but a significant drop of 17.41% over the last five trading days [1]. Financial Performance - For the period from January to September 2025, Yuanda Environmental reported a revenue of 2.936 billion CNY, representing a year-on-year decrease of 5.16%. The net profit attributable to shareholders was 56.0255 million CNY, down 36.60% compared to the previous year [2]. - The company has distributed a total of 849 million CNY in dividends since its A-share listing, with cumulative distributions of 21.8629 million CNY over the past three years [3]. Shareholder Information - As of October 31, 2025, the number of shareholders for Yuanda Environmental was 46,000, a decrease of 0.69% from the previous period. The average number of circulating shares per shareholder increased by 0.69% to 16,977 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the sixth largest, holding 5.956 million shares, an increase of 2.6329 million shares from the previous period [3]. Business Overview - Yuanda Environmental, established on June 30, 1994, and listed on November 1, 2000, operates in the energy-ecological integration sector, focusing on air pollution control, industrial and municipal water treatment, hazardous waste management, and soil remediation. The main revenue sources include desulfurization and denitrification (57.93%), environmental engineering (18.66%), catalyst sales (11.67%), and water treatment operations (10.50%) [2]. - The company is categorized under the environmental protection industry, specifically in air pollution control, and is associated with concepts such as carbon neutrality, wind energy, offshore wind power, nuclear power, and soil remediation [2].

Core Points - The company has completed the issuance of shares and cash payment for asset acquisition, resulting in a significant increase in registered capital and shareholding structure [2][12][15] Group 1: Issuance Details - The company issued 3,599,389,311 shares at a price of 6.55 CNY per share [2][7][8] - The new shares are expected to be listed on the Shanghai Stock Exchange after the lock-up period ends [2][12] - The total registered capital after the issuance is 4,380,206,201 CNY [12] Group 2: Asset Acquisition - The company has acquired 100% equity of Wuling Power Co., Ltd. and 64.93% equity of Guangxi Changzhou Hydropower Development Co., Ltd. [3][10] - The assets have been officially transferred to the company's name as of the announcement date [3][10] Group 3: Approval Process - The transaction has undergone all necessary decision-making and approval procedures, including approvals from the board of directors, shareholders, and regulatory bodies [4][5][6] - The transaction has received formal approval from the State-owned Assets Supervision and Administration Commission [5][6] Group 4: Shareholder Changes - The major shareholders of the company will change post-issuance, with China Power International Development Co., Ltd. and Guangxi Electric Power Co., Ltd. becoming significant shareholders [14][15] - The control of the company remains with the State Power Investment Corporation, ensuring no change in actual control [15] Group 5: Lock-up Period - The shares acquired by China Power and Guangxi Electric will have a lock-up period of 36 months, while shares acquired by Hunan Xiangtou International Investment Co., Ltd. will have a 12-month lock-up period [9]

Core Viewpoint - The transaction marks a significant transformation for the company from a single environmental engineering firm to a dual-driven platform integrating "environmental protection + electricity" [3][5]. Group 1: Transaction Details - The total transaction price is approximately 27.18 billion yuan, with the valuation of 100% equity in Wuling Power at about 24.27 billion yuan and 64.93% equity in Changzhou Hydropower at about 2.91 billion yuan [2]. - The company plans to raise up to 5 billion yuan through a share issuance to no more than 35 qualified investors, with an issue price of 6.55 yuan per share, totaling approximately 3.599 billion shares [2]. - The raised funds will be used for the construction of projects related to the acquired assets, payment of cash consideration for the restructuring, intermediary fees, and related taxes [2]. Group 2: Business Transformation - Following the transaction, the company's main business will expand to include hydropower generation and integrated development and operation of hydropower stations, alongside existing environmental services [2]. - The acquisition of Wuling Power and Changzhou Hydropower allows the company to enhance its operational efficiency and asset quality, promoting a fusion of industrial operations and capital management [4][5]. Group 3: Industry Implications - The merger is seen as a strategic move to align with national energy development strategies and industry trends, enhancing the company's market share and influence in the clean energy sector [5]. - The combination of "hydropower + environmental protection" is viewed as a significant highlight of the transaction, responding to the growing demand for the integration of clean energy and ecological protection [5].

Core Viewpoint - The transaction involving the acquisition of assets and fundraising by Yuanda Environmental aims to transform the company from a single environmental engineering firm to a comprehensive platform integrating "environmental protection + electricity" [3][4][5] Group 1: Transaction Details - Yuanda Environmental has completed the issuance of shares and cash payment for asset acquisition, with the new shares expected to be listed on the Shanghai Stock Exchange after the lock-up period [1] - The transaction includes the purchase of 100% equity in Wuling Power Co., Ltd. for approximately 242.67 billion yuan and 64.93% equity in Changzhou Hydropower for about 29.12 billion yuan, totaling around 271.80 billion yuan [2] - The company plans to raise up to 5 billion yuan through a share issuance to no more than 35 qualified investors, with an issue price of 6.55 yuan per share [2] Group 2: Business Transformation - Following the transaction, Yuanda Environmental will expand its main business to include hydropower generation and integrated development operations in the energy sector, alongside its existing environmental services [3] - The acquisition signifies a strategic shift towards a dual-driven model of "environmental protection + electricity," enhancing the company's operational efficiency and market competitiveness [3][4] Group 3: Industry Implications - The merger and acquisition strategy aligns with national goals for high-quality capital market development and resource optimization, supporting the company's transformation and value creation [4] - The integration of hydropower assets is seen as a response to the growing demand for clean energy and environmental protection, positioning Yuanda Environmental favorably within the industry [5] - The combination of "hydropower + environmental protection" is viewed as a significant trend in the industry, potentially setting a new paradigm for large environmental enterprises [5]

Core Points - The company, Yuanda Environmental Protection, announced the results of its share issuance and cash payment for asset acquisition, along with fundraising for related transactions [1] - A total of 3,599,389,311 shares were issued at a price of 6.55 yuan per share [1] - The newly issued shares are expected to be listed for trading on the Shanghai Stock Exchange on the next trading day after the lock-up period expires [1] - The assets acquired have been registered under the company’s name, including 100% equity in Wuling Power Co., Ltd. and 64.93% equity in State Power Investment Corporation Guangxi Changzhou Hydropower Development Co., Ltd. [1]

Group 1 - The company, Yuanda Environmental Protection, announced that the issuance of new shares and cash payment for asset acquisition has been completed, with shares registered on November 12, 2025 [1] - The issuance price is set at 6.55 yuan per share, with a total of 3.599 billion shares issued [1] - The acquired assets include 100% equity of Wuling Electric Power Co., Ltd. and 64.93% equity of State Power Investment Corporation Guangxi Changzhou Hydropower Development Co., Ltd. [1]