中信证券股份有限公司 关于 瀚蓝环境股份有限公司 重大资产购买实施情况 之 独立财务顾问核查意见 独立财务顾问 二〇二五年六月 声明 本部分所述词语或简称与本核查意见"释义"所述词语或简称具有相同含 义。 本独立财务顾问接受瀚蓝环境的委托，担任瀚蓝环境重大资产购买的独立 财务顾问，就该事项向瀚蓝环境全体股东提供独立意见。 释 义 本独立财务顾问核查意见是依据《公司法》《证券法》《上市公司重大资 产重组管理办法》《公开发行证券的公司信息披露内容与格式准则第 26 号—— 上市公司重大资产重组》等法律、法规、文件的有关规定和要求，按照行业公 认的业务标准、道德规范，本着诚实信用和勤勉尽责的原则，在认真审阅相关 资料和充分了解本次交易行为的基础上编制而成，以供中国证监会、上海证券 交易所及有关各方参考。 本独立财务顾问核查意见所依据的文件、材料由相关各方提供。提供方对 所提供资料的真实性、准确性、完整性和及时性负责，保证资料无虚假记载、 误导性陈述和重大遗漏，并对所提供资料的合法性、真实性和完整性承担个别 和连带法律责任。本独立财务顾问不承担由此引起的任何风险责任。 本独立财务顾问未委托和授权任何其它机构和个人提供 ...

北京市金杜（深圳）律师事务所 关于 瀚蓝环境股份有限公司 重大资产购买实施情况 之 法律意见书 二〇二五年六月 | | | 引 言 致：瀚蓝环境股份有限公司 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具 日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚 实信用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、 准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述 或者重大遗漏，并承担相应法律责任。 为出具本法律意见书，本所及经办律师根据中华人民共和国境内（为出具 本法律意见书之目的，不包括中华人民共和国香港特别行政区、中华人民共和 国澳门特别行政区和中华人民共和国台湾省）现行法律法规规定，按照中国律 师行业公认的业务标准、道德规范和勤勉尽责精神，查阅了为出具本法律意见 2 书所必须查阅的文件，包括相关各方提供的有关政府部门的批准文件、有关记 录、资料、证明，并就本次重组有关事项向相关各方及其高级管理人员做了必 要的询问和讨论。 本所仅就与公司本次重组实施情况有关的法律问题 ...

股票代码：600323 股票简称：瀚蓝环境 上市地点：上海证券交易所 瀚蓝环境股份有限公司 重大资产购买实施情况报告书 独立财务顾问 本公司提醒投资者注意：本报告书的目的仅为向公众提供有关本次交易的 实施情况，投资者如欲了解更多信息，请仔细阅读本公司《瀚蓝环境股份有限 公司重大资产购买报告书（草案）（修订稿）》全文。 1 | | | 二〇二五年六月 公司声明 本公司及全体董事、监事、高级管理人员保证本报告书的内容真实、准确 和完整，并对本报告书的虚假记载、误导性陈述或者重大遗漏承担个别及连带 的法律责任。本次重大资产重组的交易对方已出具承诺函，保证其为本次重大 资产重组所提供的信息不存在虚假记载、误导性陈述或者重大遗漏，并对所提 供信息的真实性、准确性和完整性承担个别和连带的法律责任。 本次交易的审批机关对本次重大资产重组所做的任何决定或意见，均不表 明其对本公司股票的价值或投资者的收益作出实质性判断或者保证。任何与之 相反的声明均属虚假不实陈述。 本次交易完成后，本公司经营与收益的变化，由本公司自行负责；由此变 化引致的投资风险，由投资者自行承担。投资者若对本报告书存在任何疑问， 应咨询自己的股票经纪人、律 ...

Core Viewpoint - The report from Cinda Securities highlights the increasing demands for environmental quality and low-carbon industrial development during the 14th Five-Year Plan, indicating that energy conservation, environmental protection, and resource recycling are expected to maintain high prosperity levels [1] Group 1: Market Performance - As of June 6, the environmental protection sector rose by 0.46%, underperforming the broader market; the water governance sector increased by 1.38%, while the waste incineration sector declined by 0.31% [2] - The air governance sector saw an increase of 1.01%, while the solid waste sanitation sector dropped by 6.55% [2] Group 2: Industry Dynamics - The Ministry of Ecology and Environment released the "2024 China Ecological Environment Status Bulletin," indicating continuous improvement in national ecological environment quality, with an increase in the proportion of days with good air quality and a decrease in heavy pollution days [2] - A joint implementation plan for ecological protection compensation mechanisms along major rivers was announced, aiming for a stable operation by 2027 and comprehensive coverage by 2035 [2] Group 3: Policy Developments - The National Development and Reform Commission and the National Energy Administration issued a notice promoting the development of green electricity direct connection, which supports the integration of renewable energy production and consumption [3] - This policy is expected to optimize grid allocation and facilitate collaboration between waste incineration power generation and data centers, with several environmental companies actively exploring this new model [3] Group 4: Recommended Companies - Key recommendations include: Huanlan Environment (600323.SH), Xingrong Environment (000598.SZ), and Hongcheng Environment (600461.SH) for their stable profitability and positive cash flow [1] - Companies to watch include: Wangneng Environment (002034.SZ), Junxin Co., Ltd. (301109.SZ), Wuhan Holdings (600168.SH), and others [1]

Core Viewpoint - The environmental protection market is experiencing a decline in demand, while accounts receivable for companies are increasing, indicating financial strain within the industry [2][3]. Group 1: Market Conditions - Environmental companies are facing increasing accounts receivable, with many relying on project sales to maintain operations [3]. - The total accounts receivable for 97 listed environmental companies reached approximately 172.1 billion yuan in Q1 2025, with an average of about 1.78 billion yuan per company [4]. - The accounts receivable issue is exacerbated by local governments' delayed payments, particularly affecting small and medium-sized enterprises [3][6]. Group 2: Financial Strain and Solutions - Companies are urging local governments to ensure operational funding for projects, with a funding gap estimated between 100 billion to 200 billion yuan, totaling around 400 billion yuan when including historical debts [2]. - Recent regulatory changes, such as the revised "Regulations on Payment of Small and Medium Enterprises' Funds," aim to improve payment timelines but may increase cash flow pressure on contractors [5][9]. Group 3: Legal Actions and Industry Dynamics - There is a rising trend of environmental companies suing local governments for overdue payments, indicating a shift in the industry's approach to financial disputes [7][9]. - The environmental sector is undergoing a survival of the fittest, with some companies exploring new markets and technologies to adapt to changing conditions [13][14]. Group 4: PPP Projects and Future Outlook - The environmental industry is significantly impacted by the challenges associated with existing Public-Private Partnership (PPP) projects, with estimated government payment responsibilities reaching 14.34 trillion yuan [10][12]. - The industry is expected to see structural growth driven by industrial environmental demand, as municipal market growth slows down [14].

Core Viewpoint - The privatization of Yuefeng Environmental by Hanlan Environment marks the completion of the largest merger and acquisition in the environmental industry, with a transaction value of HKD 11.95 billion, and signifies a shift towards high-quality operations in the sector [1][7]. Group 1: M&A Overview - The acquisition of Yuefeng Environmental is part of Hanlan's growth strategy, which has historically relied on mergers and acquisitions to drive scale and technological upgrades [2]. - Post-acquisition, Hanlan's daily waste incineration capacity increased from 45,100 tons to 97,600 tons, positioning it among the top three in the industry and the leading player in A-shares [2]. - The merger aligns with Hanlan's "14th Five-Year Plan" strategy, anticipating a shift in the environmental industry towards resource optimization and operational efficiency through consolidation [2]. Group 2: Market Impact - The merger enhances operational efficiency and bargaining power by consolidating operations in nine provinces, with Guangdong and Fujian accounting for over 50% of the combined capacity [3]. - The environmental industry is transitioning from fragmented competition to a concentrated market, with the top three companies significantly increasing their market share [3]. - The focus is shifting from "engineering-driven" to "operation-driven," with both companies leveraging their combined scale for improved management and cost efficiency [3]. Group 3: Financial Synergies - Yuefeng Environmental reported a net profit of CNY 907 million in 2023, with projected contributions to Hanlan's profits of CNY 200 million and CNY 412 million in 2025 and 2026, respectively [4]. - The operating cash flow of Yuefeng in 2023 was HKD 19.35 billion, allowing Hanlan to optimize its debt structure and potentially save HKD 2.21 billion in interest annually [4]. - Hanlan has committed to increasing its cash dividends by no less than 10% annually from 2024 to 2026, supported by enhanced free cash flow post-merger [4]. Group 4: Integration Challenges - The integration process poses challenges, including the need to standardize management across Yuefeng's 36 projects in 12 provinces, requiring rapid alignment of engineering standards and corporate culture [5]. - Hanlan aims to utilize Yuefeng's Hong Kong operations as a platform for international expansion, but must overcome organizational barriers to achieve technological synergies [5][6]. Group 5: Future Outlook - The merger represents a pivotal moment for the environmental industry, transitioning from chaotic growth to structured, high-quality operations [7]. - While immediate financial benefits are evident, the long-term success of the merger will depend on effective integration and realization of synergies [7]. - Potential risks include impairment of goodwill, management inefficiencies across regions, and impacts from policy subsidy reductions [7].

2024年9月，证监会发布《关于深化上市公司并购重组市场改革的意见》，坚持市场化方向，更好发挥资本市场在企业并购重组中的主渠道作用。随着相 关文件精神落实持续深入，上市公司的并购重组日趋活跃。本报告从首次披露、受理、交易所审核、不需上会项目情况以及已完成并购重组五个阶段对 2024年上市公司并购重组市场进行分析。 一、首次披露情况 1、交易金额 | 排名 | 上市公司 | 交易标的 | 上市板块 | 交易金额(亿元) | 重组形式 | | --- | --- | --- | --- | --- | --- | | 1 | 中国船舶 | 中国重工100%股权 | 上交所主板 | 1151.50 | 吸收合并 | | 2 | 国泰君安 | 海通证券100%股权 | 上交所主板 | 976.15 | 吸收合并 | | 3 | 国联证券 | 民生证券99.26%股权 | 上交所主板 | 294.92 | 发行股份购买资产 | | ব | 紫米股份 | 新华三30%股权 | 深交所主板 | 151.77 | 协议收购 | | 5 | 塞力斯 | 深圳引望10%股权 | 上交所主板 | 115.00 | 协议收购 | | ...

Group 1 - The municipal environmental protection sector is characterized by stable profitability, improved cash flow, and opportunities in environmental dividend assets due to debt reduction and water price adjustments. High dividend stocks are emerging in the municipal water and solid waste sectors, with companies like Guangdong Investment, Yongxing Co., Hongcheng Environment, and others recommended for investment [4][30][28] - The integration of AI is driving secondary growth in the municipal environmental protection sector, particularly through solid waste management and AI Data Centers (AIDC). The collaboration between waste incineration and AIDC can significantly enhance profitability and cash flow for waste management companies [4][34][37] - The report highlights the acceleration of water price adjustments across various regions, with 17 areas having raised water prices since January 2024. This trend is expected to enhance the profitability of water service companies [18][20][21] Group 2 - The report emphasizes the importance of stable revenue and income in municipal water and solid waste operations, which are essential for urban functioning. The cost structure primarily consists of depreciation, amortization, and labor costs, ensuring long-term profitability through a franchise model [17][9] - The report outlines a significant reduction in capital expenditures (Capex) within the municipal environmental sector, leading to improved free cash flow and dividend rates. This trend is expected to continue as the industry matures [23][25] - The introduction of a 12 trillion yuan debt reduction plan is anticipated to benefit the environmental protection sector, particularly companies with high dividend yields and significant accounts receivable, such as Hongcheng Environment and Yongxing Co. [27][28]

Core Viewpoint - The successful privatization acquisition of Yuefeng Environmental by Hanlan Environment marks a significant milestone in the environmental industry, with implications for market dynamics and the revitalization of the M&A landscape in China [1][2]. Group 1: Acquisition Details - Hanlan Environment announced the acquisition of Yuefeng Environmental for approximately HKD 119.5 billion, which is a major transaction in the environmental sector [1][2]. - The acquisition process involved multiple stages, including antitrust review and shareholder approval, and was supported by various government levels and regulatory bodies [2]. - The completion of the acquisition was officially announced on June 2, 2023, following the approval from the Grand Court of the Cayman Islands on May 20, 2023 [2]. Group 2: Industry Impact - The acquisition is expected to reshape the landscape of the environmental industry in China, particularly in the waste-to-energy sector, where Yuefeng is the largest player in Guangdong [3]. - Following the asset transfer, Hanlan Environment's daily waste incineration capacity will increase from 45,100 tons to 97,600 tons, positioning the company among the top three in the industry and the leading A-share listed company [3]. Group 3: Future Development Plans - Hanlan Environment plans to enhance organizational integration and operational synergy post-acquisition, focusing on various aspects such as location, operations, technology, and finance [4]. - The company is preparing for a five-year strategic development plan, leveraging the acquisition to strengthen its market position and drive high-quality growth [5]. - The acquisition will allow Hanlan Environment to consolidate resources and expertise, addressing challenges in the environmental sector and contributing to sustainable industry development [5].

6月2日，瀚蓝环境发布公告称，私有化收购粤丰环保的所有条件达成，粤丰环保自当天下午4时起于香 港联交所撤销上市地位。自2024年7月官宣以来，该项百亿级重大并购计划引发广泛关注，历经近一年 终于圆满完成。 此次重大并购将对我国环保行业格局带来哪些变化和影响？对于提升并购重组市场活力有哪些示范效 应？日前，中国证券报记者独家专访了瀚蓝环境总裁金铎，全面了解此次并购计划的前后历程及公司未 来发展规划。 ● 本报记者 武卫红 并购计划成功落地 2024年7月7日，瀚蓝环境发布公告称，公司正在筹划通过间接子公司瀚蓝香港以协议安排方式私有化收 购粤丰环保，整体金额约为119.5亿港元。 "早在2020年，瀚蓝环境在制定未来五年发展规划的时候，就明确提出通过并购重组扩大业务规模、提 升市场份额，为公司长远发展奠定基础。"金铎表示，去年以来国家出台新"国九条"等一系列重磅政 策，进一步激发并购重组市场活力，公司积极响应国家号召，紧紧抓住机遇，积极谋划并一步步推动并 购计划实施。 2000年12月，瀚蓝环境在上交所上市。上市以来，瀚蓝环境通过并购重组连续跨越发展，最终发展成为 全国环保行业第一梯队企业。2006年，公司成功并 ...