Core Viewpoint - The company is adjusting its transaction plan for acquiring stakes in Wuling Power and Changzhou Hydropower, which does not constitute a major adjustment to the restructuring plan [1][24][27]. Transaction Adjustment Details - The company plans to acquire 100% of Wuling Power and 64.93% of Changzhou Hydropower through a combination of cash and stock issuance [1]. - The adjusted transaction price for 100% of Wuling Power is set at 2,426,734.20 million yuan, reflecting a dividend amount of 40,000.00 million yuan [1][2]. - The total adjusted transaction price for the assets is 2,717,969.98 million yuan, with cash payment of 360,369.98 million yuan and stock payment of 2,357,600.00 million yuan [2][4]. Transitional Profit and Loss Allocation - During the transition period, profits from the evaluated assets will be retained by the company, while losses will be compensated by the respective shareholders of the evaluated assets [5][7]. - For Changzhou Hydropower, profits will be retained by the company, while losses will be compensated by Guangxi Company in cash [7][14]. Performance Commitment and Compensation Arrangements - The performance commitment period will involve annual audits to compare actual net profits against committed amounts, with compensation obligations based on the audit results [8][20]. - The maximum number of shares to be compensated will not exceed the transaction price for the performance commitment assets [20][23]. Implications of the Adjustment - The adjustment involves a reduction in the transaction price that does not exceed 20%, thus not constituting a major adjustment under regulatory guidelines [24][27]. - The decision-making process for the transaction adjustment has been approved by the board and does not require further shareholder approval [27][28].

Meeting Overview - The 16th (temporary) meeting of the 10th Supervisory Board of the company was held on August 29, 2025, with all three supervisors present, ensuring compliance with the Company Law and Articles of Association [1]. Transaction Proposal - The company plans to acquire a 63% stake in Wuling Power from China Power International Development Co., Ltd. and a 37% stake from Hunan Xiangtou International Investment Co., Ltd., along with a 64.93% stake in Guangxi Changzhou Hydropower Development Co., Ltd. from State Power Investment Corporation Guangxi Electric Power Co., Ltd. The acquisition will be financed through a combination of issuing shares and cash [1][2]. Asset Valuation - The assessment date for the transaction is set for October 31, 2024. The total assessed value of Wuling Power's 100% equity is approximately RMB 2,466.73 million, while the assessed value of the 64.93% equity in Changzhou Hydropower is approximately RMB 306.82 million [2][4]. Adjusted Transaction Price - Following the dividend distribution of RMB 40 million from Wuling Power and RMB 15.58 million from Changzhou Hydropower, the adjusted transaction prices are RMB 2,426.73 million for Wuling Power and RMB 291.24 million for Changzhou Hydropower [4][5]. Payment Structure - The total payment structure for the transaction includes cash and shares, with a total consideration of approximately RMB 2,717.97 million, comprising RMB 360.37 million in cash and RMB 2,357.60 million in shares, resulting in the issuance of approximately 3,599.39 million shares [4][6]. Transitional Profit and Loss Allocation - During the transition period, profits from Wuling Power's assets will belong to the company, while losses will be covered by China Power and Xiangtou International based on their respective ownership percentages. For Changzhou Hydropower, profits will belong to the company, and losses will be covered by Guangxi Electric Power [5][6]. Performance Commitment Agreements - The company intends to sign supplementary agreements regarding performance commitments with China Power and Xiangtou International, as well as with Guangxi Electric Power, to clarify the rights and obligations related to the transaction price and performance commitments [6][8]. Approval of Adjustments - The adjustments to the transaction do not constitute a significant change, as the reduction in transaction price does not exceed 20% of the overall transaction value, and all proposals received unanimous approval from the supervisory board [6][7].

Group 1 - The company plans to acquire a 63% stake in Wuling Power from China Power International Development Co., Ltd., a 37% stake from Hunan Xiangtou International Investment Co., Ltd., and a 64.93% stake in Guangxi Changzhou Hydropower Development Co., Ltd. from State Power Investment Corporation Guangxi Electric Power Co., Ltd. through a combination of issuing shares and cash payment [1] - The company received an inquiry letter from the Shanghai Stock Exchange regarding the acquisition and fundraising plan, indicating that the transaction is subject to further approval processes [1][2] - The restructuring report has been revised to address the inquiries, including updates on the transaction plan, risk factors, and the nature of the transaction [2][4] Group 2 - The restructuring report includes updates on the definitions, major risk warnings, and the specific plans for issuing shares and cash payments for the asset acquisition [2] - The report also provides updated information on the basic situation of Wuling Power and Changzhou Hydropower, as well as the assessment and pricing of the target assets [2] - Additional agreements related to the asset purchase and performance compensation have been included in the revised report [2]

Core Viewpoint - The company, Yuanda Environmental Protection, is planning to issue shares and pay cash to acquire assets from China Power International Development and other related parties, while also raising matching funds from specific investors [1][12]. Group 1: Transaction Overview - The transaction involves the acquisition of 100% equity of Wuling Power and 64.93% equity of Changzhou Hydropower [12][13]. - The total transaction price for Wuling Power's 100% equity is adjusted to 2,426,734.20 million RMB, while the price for Changzhou Hydropower's 64.93% equity is adjusted to 360,369.98 million RMB [11][14]. - The company plans to raise matching funds from no more than 35 qualified specific investors [1][12]. Group 2: Financial Commitments and Assurances - The controlling shareholders and management of the company have committed to suspending the transfer of their shares if the transaction is under investigation for false information or omissions [2][4]. - The transaction's effectiveness is subject to approval from the company's shareholders, review by the Shanghai Stock Exchange, and registration by the China Securities Regulatory Commission [3][11]. Group 3: Regulatory and Compliance Aspects - The transaction must comply with various regulatory requirements, including those set by the State-owned Assets Supervision and Administration Commission and the National Development and Reform Commission [9][10]. - The independent financial advisors and auditing firms involved have confirmed the accuracy and completeness of the information provided in the transaction report [5][6].

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。 国家电投集团远达环保股份有限公司（以下简称"公司"）拟通 过发行股份及支付现金的方式向中国电力国际发展有限公司购买其 持有的五凌电力有限公司（以下简称"五凌电力"）63%股权、向湖 南湘投国际投资有限公司购买其持有的五凌电力 37%股权以及向国 家电投集团广西电力有限公司购买其持有的国家电投集团广西长洲 水电开发有限公司 64.93%股权，并拟向不超过 35 名符合条件的特定 投资者发行股份募集配套资金（以上交易事项简称"本次交易" 证券代码：600292 证券简称：远达环保 编号：临 2025－055 号 国家电投集团远达环保股份有限公司 关于发行股份及支付现金购买资产并募集配套资金 暨关联交易的审核问询函回复的提示性公告 公司将根据本次交易的进展情况，严格按照相关法律法规的规定 和要求及时履行信息披露义务。本次交易有关信息均以公司在指定信 息披露媒体发布的公告为准，敬请广大投资者关注公司后续公告并注 意投资风险。 特此公告。 国家电投集团远达环保股份有限公司董事会 ）。 ...

Core Viewpoint - The adjustment of the transaction plan by the company does not constitute a significant change to the restructuring plan, as it only involves a reduction in the transaction price of the target assets, which does not exceed 20% [20][21]. Group 1: Transaction Details - The company plans to acquire a 37% stake in Wuling Power Co., Ltd. and a 64.93% stake in Changzhou Hydropower Development Co., Ltd. through a combination of issuing shares and cash payments [1]. - The adjusted transaction price for the 100% stake in Wuling Power is set at 24,267.34 million yuan, while the adjusted price for the 64.93% stake in Changzhou Hydropower is 2,912.36 million yuan [3]. - The total payment for the adjusted transaction is 27,179.70 million yuan, down from 27,735.53 million yuan [3]. Group 2: Transitional Profit and Loss Allocation - During the transitional period, profits from Wuling Power's assets will be retained by the company, while losses will be borne by the counterparties, China Power and Hunan Xiangtou International [4][5]. - For Changzhou Hydropower, profits will be enjoyed by the company, and losses will be compensated by Guangxi Company in cash according to their shareholding ratio [5]. Group 3: Performance Commitment and Compensation Arrangements - The performance commitment amount will be audited annually, and any discrepancies will result in compensation obligations for China Power and Hunan Xiangtou International based on the audited results [6][7]. - The compensation for performance commitments will be capped at the total transaction price of the performance commitment assets [16][18]. Group 4: Independent Financial Advisor's Opinion - The independent financial advisor confirms that the adjustments made to the transaction plan do not constitute a significant change to the restructuring plan, in accordance with relevant regulations [21].

Core Viewpoint - The document discusses the review and response to the inquiry letter regarding the asset acquisition and fundraising application by State Power Investment Corporation's subsidiary, Yuanda Environmental Protection Co., Ltd. Group 1: Company Overview - Yuanda Environmental Protection Co., Ltd. is involved in the acquisition of assets and fundraising through share issuance and cash payment [1]. - The company is linked to State Power Investment Corporation, indicating a significant corporate relationship [1]. Group 2: Valuation Methods - The valuation methods for the assets of Wuling Power and Changzhou Hydropower differ, with Wuling Power opting for the asset-based approach and Changzhou Hydropower choosing the income approach [2]. - Various assessment methods were employed for fixed assets and intangible assets, highlighting the complexity of the valuation process [2][3]. Group 3: Financial Metrics - Wuling Power's important subsidiaries, Yujiang Power and Qingshui River Hydropower, contribute significantly to the company's financials, with asset totals of approximately 945.82 million and 922.75 million respectively [4]. - The financial ratios for Wuling Power show a price-to-earnings (P/E) ratio of 40.51 and a price-to-book (P/B) ratio of 1.73, while Changzhou Hydropower has a P/E ratio of 12.77 and a P/B ratio of 3.22 [4][6]. Group 4: Market Comparisons - The P/E and P/B ratios of Wuling Power and Changzhou Hydropower are compared to those of comparable listed companies, showing no significant differences in valuation metrics [6]. - The average P/B ratio for comparable companies is 2.20, while the average P/E ratio is 24.50, indicating that Wuling Power's P/B is below the average while its P/E is above the average when adjusted for asset impairment [6][7]. Group 5: Risk Analysis - The document emphasizes the need for further disclosure regarding the assessment methods and the identification of high-risk subsidiaries within the restructuring report [3][5]. - It also calls for a detailed analysis of the performance commitments and impairment compensation scope related to the transaction [3].

关于对国家电投集团远达环保股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易申请文件 审核问询函回复的专项说明 上海证券交易所： 安永华明会计师事务所（特殊普通合伙） （以下简称"我们"）审计了五凌电力有限公司 （以下简称"五凌电力" ）2023 年度及 2024 年度的模拟财务报表（以下简称"五凌电力模 拟财务报表"）及国家电投集团广西长洲水电开发有限公司（以下简称"长洲水电"）2023 年度及 2024 年度的模拟财务报表（以下简称"长洲水电模拟财务报表"），并于 2025 年 6 月 9 日分别出具了编号为安永华明（2025）专字第 70032508_A02 号及安永华明（2025） 专字第 80018993_A02 号的无保留意见审计报告（以下简称"审计报告"）。 请公司披露：（1）预重组中置入和置出资产的选择标准及依据；（2）各置入和置出资 产的公司名称、主营业务、交易对方、交易价格公允性、付款和过渡期损益安排，置入和置 出资产相关会计处理以及与标的公司模拟报表中资产、负债等科目的匹配关系；（3）剥离 公司与标的公司在人员、资产、债务等方面的划分处置情况、划分是否清晰，相关转让协议 的 ...

中信建投证券股份有限公司 关于 国家电投集团远达环保股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易 之 独立财务顾问报告（修订稿） 独立财务顾问 二〇二五年八月 独立财务顾问声明和承诺 中信建投证券股份有限公司受国家电投集团远达环保股份有限公司的委托担任本 次交易的独立财务顾问。根据《公司法》《证券法》《重组管理办法》《发行注册管 理办法》《上市公司并购重组财务顾问业务管理办法》等法律、法规的有关规定，按 照证券行业公认的业务标准、道德规范，本着诚实信用、勤勉尽责精神，遵循客观、 公正的原则，在认真审阅相关资料和充分了解本次交易行为的基础上，本独立财务顾 问就本次交易的相关事项出具本独立财务顾问报告。 一、独立财务顾问声明 1、本独立财务顾问与本次交易所涉及的交易各方不存在利害关系，就本次交易发 表意见是完全独立的； 2、本独立财务顾问报告所依据的文件、材料由本次交易的相关各方向本独立财务 顾问提供。相关各方已承诺在本次交易过程中所提供的信息真实、准确、完整，不存 在虚假记载、误导性陈述或者重大遗漏。本独立财务顾问不承担由此引起的任何风险 责任； 3、本独立财务顾问报告是基于相关各方均按相 ...

北京天健兴业资产评估有限公司关于 《关于国家电投集团远达环保股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易申请的 审核问询函的回复》之 核查意见 上海证券交易所： 根据贵所于 2025 年 7 月 8 日出具的《关于国家电投集团远达环保股份有限 公司发行股份及支付现金购买资产并募集配套资金暨关联交易申请的审核问询 函》（上证上审（并购重组）〔2025〕48 号，以下简称"问询函"），北京天健兴业 资产评估有限公司对问询函有关问题进行了认真核查与落实，按照问询函的要 求对所涉及的事项进行了问题回复，现就相关事项核查情况报告如下，请予审 核。 1 4.关于评估方法和可比公司选取 根据申报材料：（1）五凌电力和长洲水电主营业务均包括水力发电和新能 源发电。五凌电力重要子公司包括清水江水电和沅江电力；（2）五凌电力和长 洲水电评估选取的最终定价方法不同，五凌电力选择估值更高的资产基础法， 长洲水电选择估值更高的收益法，五凌电力下属 113 家公司和其他权益工具 10 家公司选择定价方法不同；（3）本次交易对固定资产、无形资产等采用了多种 类型的评估方法；（4）收益法评估的折现率确定、交易作价公允性 ...