Summary of Key Points from Conference Call Records Industry Focus - The discussion centers around the waste management and renewable energy sectors, particularly focusing on waste-to-energy (WTE) technologies and the integration of green electricity with waste management practices [1][2]. Core Insights and Arguments - Recent policy developments from two ministries encourage the direct connection of green electricity, including biomass and waste incineration, promoting local consumption and increasing self-use ratios to at least 35% by 2030 [1][2]. - Waste incineration is highlighted as a unique renewable energy source with advantages such as: 1. Stable power generation with annual utilization hours exceeding 7000 [2]. 2. Proximity to urban areas, offering ample land at lower costs [2]. 3. Minimal barriers for direct connections, with high procurement costs from the grid [2]. - Companies in the sector are accelerating their collaborative layouts in data centers (IDC), with improvements in profitability, cash flow, and increased dividends expected to drive performance and valuation [2]. - The long-term goal of self-sufficiency in research and development for scientific instruments is emphasized, suggesting a focus on foundational industries rather than short-term policy fluctuations [2][3]. Additional Important Content - Domestic companies have been enhancing their R&D and production capabilities, with some firms expected to excel in high-end development amidst this trend [3]. - The automation of sanitation services is gaining traction, with major companies accelerating their investments in this area. The potential market size for unmanned sanitation services in China could reach 280 billion yuan by 2025, with significant opportunities in the sales of autonomous cleaning vehicles [4]. - The trend towards "sanitation automation" is seen as an optimization of business models within the industry, allowing waste management companies to reduce labor intensity and expedite the integration of waste-to-energy solutions [4]. Companies to Watch - Suggested companies for investment consideration include: - 盈峰环境 (Yingfeng Environment) - 聚光科技 (Juguang Technology) - 永兴股份 (Yongxing Co.) - 瀚蓝环境 (Hanlan Environment) - 海螺创业 (Conch Venture) [1][2].

Core Points - The company held its 29th meeting of the 11th Board of Directors on May 30, 2025, where all 9 directors attended, and the meeting was deemed legally valid [1][2]. - The board approved several resolutions, including the confirmation of conditions for a major asset restructuring project, adjustments to the organizational structure, and amendments to the company's articles of association [1][2][3]. - The board also approved revisions to certain governance systems and decided to submit specific proposals to the shareholders' meeting for further review [2][3]. Summary by Categories Major Asset Restructuring - The board confirmed that the transaction conditions for the major asset restructuring project have been met, with unanimous approval from all directors [1]. Organizational Structure - The board approved adjustments to the company's organizational structure, with all directors voting in favor [2]. Amendments to Articles of Association - The board approved revisions to the company's articles of association and its attachments, with unanimous support from the directors [2]. Governance Systems - The board approved revisions to several governance documents, including the implementation rules for various committees, all receiving unanimous approval [2]. - The board decided to submit the revised independent director work system, dividend management system, and other related documents to the shareholders' meeting for approval [2].

Core Viewpoint - The company has revised its Articles of Association to enhance corporate governance and comply with the latest legal requirements, including the abolition of the supervisory board, with its functions transferred to the audit committee of the board of directors [1][2]. Summary by Sections Company Governance - The company will no longer have a supervisory board, and its powers will be assumed by the audit committee of the board of directors [1]. - The revised Articles of Association will be submitted for approval at the shareholders' meeting, which will also authorize the management to handle the necessary registrations [1]. Articles of Association Changes - The first article emphasizes the protection of the rights of the company, shareholders, employees, and creditors, aligning with the latest laws and regulations [3]. - The eighth article states that the general manager serves as the legal representative of the company, and their resignation is considered a simultaneous resignation from this role [4]. - The ninth article introduces a provision that the company will bear civil liability for damages caused by the legal representative in the course of their duties [5]. - The revised articles clarify the rights and obligations of shareholders, ensuring equal rights for shareholders of the same class of shares [6][7]. - The company’s capital structure and the issuance of shares will adhere to principles of fairness and equality, with specific conditions for share issuance detailed [8][9]. Shareholder Rights and Responsibilities - Shareholders have the right to request information, participate in meetings, and supervise the company's operations [14][15]. - The revised articles outline the obligations of shareholders, including compliance with laws and regulations, and the prohibition of actions that harm the company or other shareholders [19][20]. Control and Management - The revised articles impose obligations on controlling shareholders and actual controllers to act in the best interest of the company and not to misuse their power [42][43]. - Specific provisions are included to maintain the independence of the company's operations, finances, and personnel from the controlling shareholders [46][47].

Meeting Information - The shareholder meeting is scheduled for June 27, 2025, at 14:30 [1] - The meeting will be held at the conference room on the 10th floor of Grand Blue Plaza, No. 23 Ronghe Road, Guicheng Street, Nanhai District, Foshan City, Guangdong Province [1] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's online voting system [1] Voting Procedures - Shareholders can vote via the Shanghai Stock Exchange's online voting system, either through the trading system or the internet voting platform [2][3] - Voting times for the online platform are from 9:15 to 15:00 on the day of the meeting [1] - Shareholders with multiple accounts can aggregate their voting rights across all accounts [3] Meeting Attendance - Shareholders registered by the close of trading on June 19, 2025, are eligible to attend the meeting [4] - Attendance can be in person or through a written proxy, who does not need to be a shareholder [4] - Registration for attendance must be completed by June 20, 2025, with specific documentation required [5] Additional Information - The meeting will last half a day, and shareholders are responsible for their own travel and accommodation expenses [5] - Contact information for inquiries includes a phone number and email address [5]

General Provisions - The implementation rules for the Compensation and Assessment Committee of the Board aim to standardize operations and improve the governance structure of the company [1][2] - The committee is responsible to the Board and operates according to relevant laws and the company's articles of association [1] Composition of the Committee - The Compensation and Assessment Committee consists of three to five directors, with a majority being independent directors [2] - The committee members are nominated by the chairman or a majority of independent directors and elected by the Board [2] Responsibilities - The committee is tasked with establishing assessment standards for directors and senior management, reviewing compensation mechanisms, and making recommendations to the Board on various matters [4] - The Board has the authority to reject compensation plans that may harm shareholder interests [4] Meeting Rules - The committee must hold at least one meeting annually, with a quorum of two-thirds of members present [5][6] - Meetings can be conducted in person or via other means, ensuring all members can communicate effectively [5][6] Voting and Documentation - Each committee member has one vote, and decisions require a majority approval [6][7] - Meeting records must be kept, and members are bound by confidentiality regarding discussed matters [7] Supplementary Provisions - Any matters not covered by these rules will follow national laws and regulations [7] - The rules are subject to revision and interpretation by the Board and take effect upon approval [7]

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瀚蓝环境股份有限公司 董事会薪酬与考核委员会实施细则 （2025 年 5 月修订） 第一章 总则 第一条 为规范董事会薪酬与考核委员会的运作，健全公司董事及高级管理人员的 考核及薪酬管理制度，完善公司治理结构，根据《中华人民共和国公司法》《上市公司 治理准则》《上市公司章程指引》《上市公司独立董事管理办法》等法律法规、规范性文 件以及《公司章程》及其他有关规定，制定本实施细则。 第二条 董事会薪酬与考核委员会是董事会下设的专门委员会，对董事会负责，依 照有关法律法规及《公司章程》规定履职。 第三条 本实施细则所称的高级管理人员是指由董事会聘任的总经理、副总经理、 董事会秘书、财务负责人以及其他应由董事会聘任的高级管理人员。 第二章 人员组成 第四条 薪酬与考核委员会由三至五名董事组成，其中独立董事须占多数。 第五条 薪酬与考核委员会委员由董事长、二分之一以上独立董事或全体董事的三 分之一提名，并由董事会选举产生。 第六条 薪酬与考核委员会设召集人一名，负责主持委员会工作；召集人由独立董 事委员担任，并经董事会批准产生。 第七条 薪酬与考核委员会任期与董事会任期一致，委员任期届满，可连选连任。 期间如有委员不再 ...

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