Core Viewpoint - The legal opinion letter from Beijing Hairun Tianrui Law Firm confirms that Qingdao Danone Environmental Equipment Co., Ltd. has made necessary adjustments to its 2023 restricted stock incentive plan, including the grant price and the conditions for the first vesting period [1][4][15] Group 1: Approval and Authorization of the Incentive Plan - The company has followed the required procedures for the approval and authorization of the incentive plan, including resolutions from meetings and independent director opinions [4][5] - The independent directors have confirmed that all individuals included in the incentive plan meet the necessary legal and regulatory conditions [5][6] Group 2: Adjustments to the Incentive Plan - The grant price for the restricted stock has been adjusted from 9.70 yuan per share to 9.48 yuan per share due to a cash dividend distribution of 0.22 yuan per share [8][15] - The adjustment method follows the formula: P = P0 - V, where P0 is the original grant price and V is the dividend amount [8] Group 3: Vesting Conditions - The first vesting period is defined as starting from the grant date (November 20, 2023) and lasting until March 31, 2026 [10] - The vesting conditions require that the company does not face any adverse audit opinions and that the incentive recipients meet specific performance criteria [11][12][14] - A total of 45 incentive recipients are eligible to vest 1.155 million shares, with all meeting the performance criteria [14][15]

证券代码：688501 证券简称：青达环保 公告编号：2025-023 青岛达能环保设备股份有限公司 关于 2023 年限制性股票激励计划第一个归属期符合 归属条件的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 青岛达能环保设备股份有限公司（以下简称"公司"）于 2025 年 5 月 12 日召开的第五届董事会第十一次会议和第五届监事会第九次会议，审议通过了 《关于 2023 年限制性股票激励计划第一个归属期符合归属条件的议案》。现将 有关事项公告如下： 一、本次股权激励计划批准及实施情况 （一）本次限制性股票激励计划方案及已履行的程序 1、本次股权激励计划主要内容 （1）股权激励方式：第二类限制性股票。 （2）授予数量：231 万股，约占本激励计划授予时公司股本总额 12,307.10 万股的 1.88%。 （3）授予价格（调整前）：9.70 元/股。 （4）激励人数（调整前）：45 人。 （5）具体的归属安排如下： 限制性股票拟归属数量：115.5 万股 归属股票来源：公司向激励对象定向发行公司 ...

（一）2023 年 10 月 31 日，公司召开第四届董事会第二十次会议，审议通 过了《关于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于 公司<2023 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大 会授权董事会办理公司 2023 年限制性股票激励计划相关事宜的议案》等议案。 公司独立董事对相关议案发表了同意的独立意见。 同日，公司召开第四届监事会第十五次会议，审议通过了《关于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2023 年限制性股 票激励计划实施考核管理办法>的议案》和《关于核实公司<2023 年限制性股票 激励计划激励对象名单>的议案》，公司监事会对本激励计划的相关事项进行核实 并出具了相关核查意见。 （二）2023 年 11 月 1 日，公司于上海证券交易所网站（www.sse.com.cn） 披露了《关于独立董事公开征集委托投票权的公告》（公告编号：2023-031），受 公司其他独立董事的委托，独立董事王翠苹女士作为征集人就公司 2023 年第一 次临时股东大会审议的公司 2023 年限制性股票激励计划相关议案向公司全体 ...

北京海润天睿律师事务所 关于青岛达能环保设备股份有限公司 调整2023年限制性股票激励计划授予价格、第一个归 属期归属条件成就相关事项的 法律意见书 关于青岛达能环保设备股份有限公司 调整 2023 年限制性股票激励计划授予价格、第一个归属期 归属条件成就相关事项的 中国·北京 北京市朝阳区建外大街甲 14 号北京广播大厦 5/9/10/13/17 层，邮政编码：100022 电话（Tel）：86-10-62159696 传真（Fax）：86-10-88381869 二〇二五年五月 | 一、本次激励计划相关事项的批准与授权 3 | | --- | | 二、本次调整事项说明 5 | | 三、本次归属事项说明 5 | | 四、结论意见 8 | 法律意见书 北京海润天睿律师事务所 法律意见书 致：青岛达能环保设备股份有限公司 根据青岛达能环保设备股份有限公司（以下简称"青达环保"或"公司"） 与北京海润天睿律师事务所（以下简称"本所"）签订的法律服务协议，本所接 受公司的委托，担任公司 2023 年限制性股票激励计划（以下简称"激励计划" 或"本次激励计划"）相关事宜的专项法律顾问。 本所根据《中华人民共和国公司法 ...

青岛达能环保设备股份有限公司监事会 关于公司 2023 年限制性股票激励计划 第一个归属期归属名单的核查意见 青岛达能环保设备股份有限公司（以下简称"公司"）监事会根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）、《上市公司股权激励管理办法》《上海证券交易所科创板 股票上市规则》《科创板上市公司自律监管指南第 4 号——股权激励信息披露》 等相关法律法规及规范性文件和《公司章程》的有关规定，对公司 2023 年限制 性股票激励计划（以下简称"本激励计划"）第一个归属期归属名单进行审核， 现发表核查意见如下： 经核查，本次拟归属的 45 名激励对象符合《公司法》《证券法》等法律法规 和规范性文件以及《公司章程》规定的任职资格，符合《上市公司股权激励管理 办法》《上海证券交易所科创板股票上市规则》等法律法规和规范性文件规定的 激励对象条件，符合本激励计划规定的激励对象范围，其作为公司本激励计划激 励对象的主体资格合法、有效，激励对象获授限制性股票的归属条件已成就。 综上所述，我们一致同意公司为第一个归属期符合条件的 45 名激励对象办 理归属，第一个归 ...

证券代码：688501 证券简称：青达环保 公告编号：2025-021 青岛达能环保设备股份有限公司 第五届监事会第九次会议决议公告 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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 青岛达能环保设备股份有限公司（以下简称"公司"）第五届监事会第九次 会议，于 2025 年 5 月 12 日在公司会议室以现场及通讯方式召开，会议已于 2025 年 5 月 9 日以通讯方式发出会议通知。会议应出席监事 3 名，实际出席监事 3 名，本次会议由监事会主席宋修奇先生召集和主持，会议的召集、召开、表决程 序符合《中华人民共和国公司法》和《青岛达能环保设备股份有限公司章程》（以 下简称"《公司章程》"）的相关规定，所作决议合法有效。经与会监事表决， 会议形成如下决议： 表决结果：有效表决票共 3 票，其中同意票为 3 票，反对票为 0 票，弃权票 为 0 票。 2、审议并通过《关于 2023 年限制性股票激励计划第一个归属期符合归属 条件的议案》 监事会认为：公司 2023 年限制性股票激励计划第一个归属期的归 ...

证券代码：688501 证券简称：青达环保 公告编号：2025-024 青岛达能环保设备股份有限公司 第五届董事会第十一次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 青岛达能环保设备股份有限公司（以下简称"公司"）第五届董事会第十一次 会议于2025年5月12日以现场与通讯表决方式召开，会议通知已于2025年5月9日以 电子邮件方式送达公司全体董事。会议由公司董事长王勇先生主持，会议应参加表 决董事9人，实际参加表决董事9人。会议的召集、召开符合《中华人民共和国公司 法》等法律法规和《青岛达能环保设备股份有限公司章程》（以下简称"《公司章 程》"）的有关规定。 二、董事会会议审议情况 经与会董事认真审议，形成以下决议： （一）审议通过《关于调整2023年限制性股票激励计划授予价格的议案》 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《青 达环保关于调整 2023 年限制性股票激励计划授予价格的公告》（公告编号： 2025-022）。 表决结果：有效 ...

Investment Rating - The industry investment rating is "Maintain Overweight" [4] Core Viewpoints - The Shandong 136 document details a balanced approach to the entry of new energy into the market, providing stability for existing projects while enhancing competition for new projects [3][12][13] - For existing projects, the mechanism price is set at a cap of 0.3949 CNY/kWh (including tax), which aligns with the coal benchmark price in Shandong [13] - For new projects, a bidding capacity requirement of 125% is established, which increases competitive pressure and accelerates the exit of high-cost projects, pushing for efficiency and cost reduction in new energy projects [3][12][13] - The report recommends focusing on green power operators with a higher proportion of existing projects and better short-term revenue certainty, as well as high-quality flexible power sources like thermal and hydropower [3][12][13] Summary by Sections Industry Trends - The report highlights a 1.92% increase in the Shanghai Composite Index and a 2.04% increase in the CITIC Power and Utilities Index during the week of May 6-9 [65][66] - The report notes a decline in coal prices to 643 CNY/ton [14] Key Projects and Developments - The Shandong provincial government has issued a detailed implementation plan for the market-oriented reform of new energy pricing, marking a significant step in the industry [3][12][13] - The report emphasizes the importance of auxiliary service market transactions and price mechanisms, as well as optimizing capacity compensation mechanisms for power generation [13] Key Stocks and Recommendations - The report recommends several stocks for investment, including: - Zhejiang Energy Power (600023.SH) with a buy rating - Anhui Energy Power (000543.SZ) with a buy rating - Guodian Power (600795.SH) with a buy rating - Huaneng International (600011.SH) with a buy rating - New Energy (688501.SH) with a buy rating - New天绿色能源 (600956.SH) with a buy rating [8][78]

Investment Rating - The industry investment rating is "Maintain Buy" [4] Core Viewpoints - The Shandong 136 document details a balanced approach to the entry of new energy into the market, providing stability for existing projects while enhancing competition for new projects [3][12][13] - For existing projects, the mechanism price is set at a cap of 0.3949 CNY/kWh (including tax), which aligns with the coal benchmark price in Shandong [13] - For new projects, a bidding capacity requirement of 125% is established, which increases competitive pressure and accelerates the exit of high-cost projects, pushing for efficiency and cost reduction in new energy projects [3][12][13] - The report recommends focusing on green power operators with a higher proportion of existing projects and better short-term revenue certainty, as well as high-quality flexible power sources like thermal and hydropower [3][12][13] Summary by Sections Industry Trends - The Shandong 136 document was released on May 7, detailing the market-oriented reform implementation plan for new energy pricing [13] - The coal price has dropped to 643 CNY/ton [14] - The inflow and outflow of the Three Gorges reservoir have decreased by 17.39% and 47.66% year-on-year, respectively [36] - Silicon material prices have decreased to 39 CNY/kg, and mainstream silicon wafer prices have dropped to 1.18 CNY/unit [50] - The national carbon market trading price has decreased by 2.24% this week [60] Market Performance - The Shanghai Composite Index closed at 3342.00 points, up 1.92%, while the CSI 300 Index closed at 3846.16 points, up 2.00% [65] - The CITIC Power and Utilities Index closed at 2904.26 points, up 2.04%, outperforming the CSI 300 Index by 0.04 percentage points [65] Key Stocks - Recommended stocks include: - Zhejiang Energy Power (600023.SH) - Buy - Anhui Energy Power (000543.SZ) - Buy - Guodian Power (600795.SH) - Buy - Huaneng International (600011.SH) - Buy - New Energy (688501.SH) - Buy - New Tian Green Energy (600956.SH) - Buy [8]

Investment Rating - The report maintains a "Buy" rating for Qingda Environmental [1] Core Views - The company reported a revenue of 1.314 billion yuan in 2024, a year-on-year increase of 27.67%, and a net profit attributable to shareholders of 93 million yuan, up 7.26% year-on-year. In Q1 2025, the company achieved a revenue of 619 million yuan, a significant year-on-year increase of 317.43%, and a net profit of 69 million yuan, which represents a staggering increase of 990.26% year-on-year [4] - The company is actively expanding its traditional business and exploring overseas markets, with a notable increase in revenue from low-temperature flue gas waste heat recovery systems, which reached 430 million yuan in 2024, up 76.1% year-on-year [6] - The company has successfully completed the delivery of its fish-solar complementary project, contributing significantly to Q1 2025 profits, with a total investment of 547 million yuan [6] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 2.095 billion yuan, with a year-on-year growth rate of 59.4%. The net profit forecast for 2025 is 204 million yuan, reflecting a year-on-year increase of 118.9% [5] - The projected earnings per share for 2025 is 1.65 yuan, with a price-to-earnings ratio of 16 [5] - The company’s gross margin is expected to stabilize at 33% from 2025 to 2027, with a return on equity (ROE) projected at 18% for 2025 [5] Business Development - The company’s traditional business is showing steady growth, with significant contributions from various segments, including dry and wet slag removal equipment [6] - The company is expected to benefit from new policies aimed at accelerating the flexibility transformation of coal-fired power plants, which may lead to increased demand for its services [6] - The company has established strategic partnerships with international entities, including a contract with a South Korean company for ash treatment systems valued at 15.895 million USD [6]