证券代码：603588 证券简称：高能环境 公告编号：2025-042 北京高能时代环境技术股份有限公司 关于召开2025年第二次临时股东大会的通知 本公司董事会及全体董事保证本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法律责任。 重要内容提示： 一、 召开会议的基本情况 召开的日期时间：2025 年 6 月 30 日 14 点 30 分 召开地点：北京市海淀区秋枫路 36 号院 1 号楼高能环境大厦会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 30 日 至2025 年 6 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 股东大会召开日期：2025年6月30日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 (一) 股东大会类型和届次 2 ...

会议就下述事项作出如下决议： 一、审议通过《关于控股孙公司业绩承诺补偿进展的议案》。 监事会认为：本次业绩承诺补偿及股权转让是基于客观经营现状做出的合理 调整，决策审慎，履行了必要的审议程序，具备合理性，符合公司和全体股东的 利益，不存在损害中小股东合法权益的情况。监事会同意本事项，并同意将该议 案提交公司股东大会审议。 表决结果：同意 3 票，反对 0 票，弃权 0 票。此议案尚须提交公司股东大会 审议。 证券代码：603588 证券简称：高能环境 公告编号：2025-037 北京高能时代环境技术股份有限公司 第五届监事会第三十次会议决议公告 本公司监事会及全体监事保证本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法律责任。 北京高能时代环境技术股份有限公司（以下称"公司"或"高能环境"）第 五届监事会第三十次会议于 2025 年 6 月 11 日以现场结合通讯方式召开。监事会 于本次会议召开 5 日前以通讯方式通知全体监事，会议由公司监事会主席赵海燕 女士主持，全体监事认真审阅了会议议案，全部 3 名监事以记名投票的方式对会 议议案进行了表决，会议的召集召开 ...

证券代码：603588 证券简称：高能环境 公告编号：2025-036 北京高能时代环境技术股份有限公司 第五届董事会第三十九次会议决议公告 本公司董事会及全体董事保证本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法律责任。 北京高能时代环境技术股份有限公司（以下简称"公司"或"高能环境"） 第五届董事会第三十九次会议于会议召开5日前以通讯方式发出会议通知，并于 2025年6月11日以现场结合通讯方式召开。会议由公司董事长李卫国先生主持， 全体董事认真审阅了会议议案，全部9名董事以记名投票的方式对会议议案进行 了表决。会议的召集召开符合《公司法》和《公司章程》的有关规定，所作决议 合法有效。 会议就下述事项作出如下决议： 一、审议通过《关于控股孙公司业绩承诺补偿进展的议案》。 详情请见同日在《上海证券报》《中国证券报》及上海证券交易所网站 （www.sse.com.cn）披露的《高能环境关于调整经营范围、修订<公司章程>的公 告》（公告编号：2025-039）。 三、审议通过《关于修订公司制度的议案》。 表决结果：同意9票，反对0票，弃权0票。本次部分修订后的公 ...

证券代码：603588 证券简称：高能环境 公告编号：2025-038 北京高能时代环境技术股份有限公司 关于控股孙公司业绩承诺补偿的进展公告 本公司监事会及全体监事保证本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法律责任。 北京高能时代环境技术股份有限公司（以下简称"公司"）于2025年6月11 日召开第五届董事会第三十九次会议、第五届监事会第三十次会议，分别审议通 过了《关于控股孙公司业绩承诺补偿进展的议案》，同意公司与兰溪高能利嘉医 疗科技有限公司（以下简称"高能利嘉"）小股东陈然辉先生签署《浙江高能时 代循环科技有限公司与陈然辉关于兰溪高能利嘉医疗科技有限公司之股权转让 协议》，不再履行陈然辉及高能利嘉2025年度业绩承诺。详情如下： 一、收购高能利嘉基本情况 公司之控股孙公司浙江高能时代循环科技有限公司（公司控股子公司浙江嘉 天禾环保科技有限公司持有其 100%股权，以下简称"高能循环"）为延伸产业链， 实现医疗可回收物资源综合利用产业闭环，根据投资协议约定，对高能利嘉投资 5,355 万元人民币，持有其 51%的股权。详情请见公司分别于 2022 ...

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - The hazardous waste disposal and utilization industry is experiencing structural overcapacity, with average load rates below 40% across various provinces, and some categories even below 15% [27][29] - In 2023, the total industrial hazardous waste generated in China reached 105.465 million tons, with a disposal utilization volume of 105.029 million tons, indicating a significant production and disposal gap [6][17] - The government is actively guiding the industry by categorizing projects into encouraged, cautious, and discouraged investment types, focusing on addressing overcapacity and promoting technological upgrades [8][35] Summary by Sections Hazardous Waste Supply and Demand - In 2023, the top five provinces for hazardous waste generation were Shandong, Jiangsu, Inner Mongolia, Hebei, and Guangdong, accounting for 37% of the national total [6][17] - As of May 2023, the total issued hazardous waste qualifications reached 200 million tons/year, with a year-on-year growth of 9.5% [6][17] - The resource utilization capacity is 131 million tons/year, making up 65.2% of the total qualifications [6][17] Structural Overcapacity in Hazardous Waste Disposal - The average load rate for hazardous waste disposal facilities is generally below 40%, with some provinces like Jiangxi showing a load rate of only 31% [27][29] - Shandong, the largest hazardous waste-producing province, has a utilization load rate of 22.3% [27][29] - The low load rates are attributed to rapid qualification expansion, mismatched types and regions of qualifications, and the mixing of non-hazardous waste in processing [28][29] Policy Guidance - The government encourages investment in areas with capacity gaps, such as the disposal of medical waste and certain hazardous materials, while being cautious about overcapacity in incineration and landfill projects [8][35] - Specific projects are categorized for investment encouragement, caution, or discouragement based on their potential for overcapacity and technological innovation [35][36] Investment Recommendations - Focus on leading companies in metal resource recovery, as they possess strong business development capabilities and are strategically located near raw material sources [9][38] - Companies like Zhejiang Fu Holdings and High Energy Environment are highlighted for their potential growth in the hazardous waste resource recovery sector [9][38]

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]

Meeting Overview - The fourth supervisory board meeting of Huada Automotive Technology Co., Ltd. was held on June 6, 2025, in Jiangsu Province, with all three supervisors present, confirming the legality and validity of the meeting [1]. Resolutions Passed - The supervisory board approved the proposal to use raised funds to replace pre-invested project funds and paid issuance expenses, with unanimous support from all supervisors [2]. - The board also approved the use of part of the idle raised funds for cash management, emphasizing that this action complies with relevant regulations and does not harm the interests of the company or its shareholders [2][3].

Industry Overview - The circular economy in China is in a stage of comprehensive construction and high-quality development, with a market size projected to reach 46,366 billion yuan in 2024, representing a year-on-year growth of 13.71% [1][12] - The "14th Five-Year Plan" for circular economy development sets a target for resource recycling industry output to reach 5 trillion yuan by 2025, supported by policies such as tax incentives and financial subsidies [1][12] - Technological advancements, including AI sorting systems and blockchain traceability platforms, have reduced recycling costs by 40% and improved sorting accuracy to over 95% [1][12] Industry Development History - The development of China's circular economy has gone through three main stages: advocacy and initial practice (1990s-2003), national decision-making and comprehensive pilot projects (2004-2015), and comprehensive construction and high-quality development (2016-present) [4][5][6] Industry Chain - The upstream of the circular economy industry chain includes raw materials and equipment sourced from waste and natural resources, while the midstream focuses on processing and recycling, and the downstream involves resource recovery and second-hand trading [8] Market Size - The total amount of recycled resources in China is expected to reach 401 million tons in 2024, with a recycling value of 1.33 trillion yuan, driven by policies and technological innovations [10][12] Key Enterprises - Leading companies in the circular economy sector include China Resources Recycling Group, which has a comprehensive recovery network and processes over 10 million tons annually [14][16] - Other notable companies include Guangdong Bangpu Recycling Technology, which specializes in battery recycling with high recovery rates, and Beijing High Energy Environment Technology, focusing on industrial waste treatment [14][16][18] Industry Development Trends - Future growth in the circular economy will heavily rely on technological innovation, with AI and high-value recycling technologies becoming core focuses [20] - Policy support will continue to be a key driver for the industry, with government initiatives aimed at standardizing and scaling operations [22] - Increasing market demand, particularly in electronic waste recycling, will create new growth opportunities, with significant volumes of electronic waste generated annually [23]

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, including Huicheng Environmental, GaoNeng Environment, and HongCheng Environment [5][36]. Core Insights - The report highlights the issuance of the "Beautiful Rivers and Lakes Protection and Construction Action Plan (2025-2027)" by the Ministry of Ecology and Environment and other departments, aiming for a 40% completion rate by 2027 and significant improvements by 2030 and 2035 [10][11]. - The report emphasizes the importance of industrial park wastewater treatment standards and the need for differentiated management based on the type of industrial park [23][35]. - The current macroeconomic environment, characterized by historically low interest rates, presents opportunities for high-dividend and growth-oriented assets in the environmental sector [2][36]. Summary by Sections Investment Views - The report discusses the "Beautiful Rivers and Lakes Protection and Construction Action Plan," which aims to enhance water ecological governance and attract social capital for joint management [10][22]. - It also mentions the release of technical guidelines for wastewater discharge standards in industrial parks, focusing on a classification management approach [23][35]. - The report suggests focusing on companies involved in environmental monitoring and treatment, such as JuGuang Technology and HongCheng Environment [22][35]. Market Performance - The environmental sector underperformed compared to the broader market, with a decline of 1.47% against a 0.57% drop in the Shanghai Composite Index [38]. - Notable stock performances include Shenwu Energy (+27.51%), Huicheng Environmental (+13.77%), and Anche Detection (+11.05%) [38]. Key Announcements - The report includes various announcements related to environmental policies and performance ratings of key industries in response to pollution control measures [49][50].

Core Viewpoint - Recent regulatory warnings issued to multiple companies, including GaoNeng Environment, highlight the urgent need for improved compliance and accurate information disclosure in the capital market [2][3][4]. Group 1: GaoNeng Environment's Regulatory Issues - GaoNeng Environment received a warning letter from the Beijing Securities Regulatory Bureau due to insufficient basis for goodwill impairment and other violations, leading to warnings for the company and its chairman Li Weiguo [4][5]. - The warning letter indicated that GaoNeng Environment failed to adequately consider uncertainties in cooperation negotiations and changes in business strategy, resulting in a lower realization rate of profit forecasts [4]. - The company reported an undercount of 4.0258 million yuan in revenue and 6.9421 million yuan in net profit for 2023, representing 0.04% and 1.37% of total revenue and net profit, respectively [4]. Group 2: Broader Industry Implications - Other companies, such as Guilin Tourism and Huitian Thermal Power, have also received regulatory warnings for issues like accounting errors and failure to disclose significant lawsuits, indicating a systemic problem in compliance among listed companies [3][8][9]. - Industry experts emphasize the need for companies to strengthen internal protective mechanisms, focus on optimizing corporate governance, and enhance the accuracy of information disclosure to protect investor rights and maintain market stability [3][9]. - The trend of receiving regulatory warnings serves as a wake-up call for the entire capital market, urging companies to recognize the importance of compliance and transparency [3][9].