广东广信君达律师事务所 关于广州恒运企业集团股份有限公司 2025 年第二次临时股东会的法律意见书 致：广州恒运企业集团股份有限公司 广东广信君达律师事务所（以下简称"本所"）接受广州恒运企业集团股份有限公司（以 下简称"公司"）的委托，指派许丽华、黄菊律师（以下简称"本律师"）出席了公司于 2025 年 11 月 18 日（星期二）14:30 在广州市黄埔区科学大道 251 号恒运中心 18 楼会议室召开的 2025 年第二次临时股东会（以下简称"本次股东会"），并依据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司股东会规则》《深圳证券交易所股票上市规则》等中 国现行法律、法规和其它规范性法律文件（以下合称"法律法规"）以及《广州恒运企业集 团股份有限公司章程》（以下简称"公司章程"）的有关规定，就本次股东会的召集和召开 程序、出席会议人员的资格和召集人资格、表决程序和表决结果等相关事宜出具法律意见。 为出具本法律意见书，本律师听取了公司就有关事实的陈述和说明，审查了公司提供的 相关文件，包括但不限于： 本律师仅根据本法律意见书出具日以前发生的事实，及对该事实的了解和对法律法规的 1. 公司章 ...

Group 1: Strategic Layout - The company is transforming from traditional small coal-fired units to clean energy units, focusing on "electricity, heat, hydrogen, and storage" [1] - The power sector includes a photovoltaic capacity of 1.05 million kW and gas-fired capacity of 962,000 kW, with an additional 1.84 million kW under construction [1][2] - The company plans to upgrade 1.08 million kW of small coal-fired units and develop new ultra-supercritical units [1] Group 2: Business Segments - Heat sector: Establishing a thermal energy group to integrate resources and expand quality energy supply projects [2] - Hydrogen sector: Collaborating with major companies to establish hydrogen energy companies and build integrated energy stations, with 5 stations completed, 4 operational [2] - Storage sector: Operating 27 storage power stations with a total capacity of 241 MWh and 6 projects under construction with a capacity of 140 MWh [3] Group 3: Financial Performance - In the first three quarters of 2025, net profit attributable to shareholders increased by 139.08%, with diluted earnings per share rising by 140.76% [4] - The increase in profitability is attributed to the successful commissioning of the Shantou photovoltaic project and higher electricity prices for gas-fired projects [4] Group 4: Fuel Procurement - The company emphasizes cost control in fuel procurement, focusing on strategic partnerships with major coal producers to secure low-cost, high-quality coal [5] - The procurement strategy aims to ensure stable supply and effective cost management [5] Group 5: Future Plans - The company is actively seeking new development projects in line with national energy policies, with ongoing projects in gas, photovoltaic, heat, hydrogen, and storage sectors [6] - Future project timelines and impacts will be determined based on actual conditions [6]

Core Viewpoint - The company reported a decrease in operating revenue for the first three quarters of 2025, while net profit and adjusted net profit saw significant increases [1] Financial Performance - Operating revenue for the first three quarters reached 3.183 billion yuan, a year-on-year decrease of 4.79% [1] - Net profit attributable to shareholders was 439 million yuan, reflecting a year-on-year increase of 139.08% [1] - Adjusted net profit, excluding non-recurring gains and losses, was 440 million yuan, marking a year-on-year increase of 143.45% [1] - Basic earnings per share stood at 0.4247 yuan [1]

Core Viewpoint - The company announced the nomination of Mr. Ding Chong as a non-independent candidate for the 10th Board of Directors [1] Group 1 - The announcement was made on the evening of October 30 [1] - The nomination is part of the company's governance structure [1]

证券代码：000531 证券简称：穗恒运 A 公告编号：2025—047 广州恒运企业集团股份有限公司 关于拟变更部分董事并调整董事会专门委员会委员的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有 虚假记载、误导性陈述或者重大遗漏。 丁翀先生是本公司股东广州高新区现代能源集团有限公司推荐 的非独立董事候选人，与其他持有公司 5%以上股份的股东、实际控 制人、公司其他董事、监事、高级管理人员不存在关联关系；不存在 《公司法》规定不得担任董事、监事、高级管理人员的情形；最近三 十六个月内未受到中国证监会行政处罚；最近三十六个月内未受到证 券交易所公开谴责或者三次以上通报批评；不存在因涉嫌犯罪被司法 机关立案侦查或者涉嫌违法违规被中国证监会立案稽查，尚未有明确 结论的情形；不曾被中国证监会在证券期货市场违法失信信息公开查 询平台公示或者被人民法院纳入失信被执行人名单；未被中国证监会 采取不得担任上市公司董事、监事、高级管理人员的市场禁入措施， 期限尚未届满；未被证券交易所公开认定为不适合担任上市公司董事、 监事和高级管理人员，期限尚未届满；不存在《深圳证券交易所上市 公司自律监管指引第 1 号--主 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东会届次：2025 年第二次临时股东会 2、股东会的召集人：董事会 证券代码：000531 证券简称：穗恒运Ａ 公告编号：2025-048 广州恒运企业集团股份有限公司 关于召开 2025 年第二次临时股东会的通知 3、本次会议的召集、召开符合《中华人民共和国公司法》《深 圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》等法律、行政法规、部门 规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 11 月 18 日 14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票 的具体时间为 2025 年 11 月 18 日 9:15-9:25，9:30-11:30，13:00- 15:00；通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 11 月 18 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日：202 ...

证券简称：穗恒运 A 证券代码：000531 公告编号：2025—045 广州恒运企业集团股份有限公司 （一）审议通过了《关于 2025 年第三季度报告的议案》。形成了 监事会对 2025 年第三季度报告的书面审核意见如下： 本公司监事仔细核查了《广州恒运企业集团股份有限公司 2025 年 第三季度报告》，经审核，监事会认为董事会编制和审议《广州恒运企 业集团股份有限公司 2025 年第三季度报告》的程序符合法律、行政法 规及中国证监会的规定，报告内容真实、准确、完整地反映了上市公 司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 本公司及监事会全体成员保证公告内容真实、准确和完整，没有 虚假记载、误导性陈述或者重大遗漏。 一、监事会会议召开情况 广州恒运企业集团股份有限公司第十届监事会第七次会议于 2025 年 10 月 21 日发出书面通知，于 2025 年 10 月 30 日上午以通讯表决方 式召开，会议应参与表决监事 4 人，实际参与表决监事 4 人。本次会 议符合有关法律、行政法规、部门规章、规范性文件和公司章程的规 定。 二、监事会会议审议情况 会议审议并经记名投票表决，形成如下决议： ...

一、董事会会议召开情况 广州恒运企业集团股份有限公司（以下简称"公司"）第十届董事 会第十次会议于 2025 年 10 月 21 日发出书面通知，于 2025 年 10 月 30 日上午以通讯表决方式召开。会议应参与表决董事 10 人，实际参与表决 董事 10 人。本次董事会会议的召开符合有关法律、行政法规、部门规章、 规范性文件和公司章程的规定。 二、董事会会议审议情况 会议审议并经记名投票表决，形成如下决议： （一）审议通过了《关于 2025 年第三季度报告的议案》。 表决结果：同意 10 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会审议并一致通过。公司董事和高 级管理人员签署了公司 2025 年第三季度报告的书面确认意见。 证券代码：000531 证券简称：穗恒运 A 公告编号：2025—044 广州恒运企业集团股份有限公司 第十届董事会第十一次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有 虚假记载、误导性陈述或者重大遗漏。 表决结果：同意 10 票，反对 0 票，弃权 0 票。 详情请见公司同日披露的《广州恒运企业集团股份有限公司关于召 开 2025 年第 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥1,112,389,356.18, a decrease of 1.34% compared to the same period last year[4] - Net profit attributable to shareholders for Q3 2025 reached ¥222,422,409.27, an increase of 142.18% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥236,730,123.68, up 152.45% from the previous year[4] - Basic earnings per share for Q3 2025 were ¥0.2151, reflecting a 143.88% increase compared to the same period last year[4] - Total operating revenue for the current period is ¥3,182,718,297.72, a decrease of 4.78% from ¥3,342,850,368.18 in the previous period[23] - Net profit for the current period is ¥455,620,990.08, an increase of 126.36% compared to ¥201,095,718.36 in the previous period[24] - Basic and diluted earnings per share increased to ¥0.4247 from ¥0.1764, reflecting a significant improvement in profitability[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥18,553,552,385.29, a decrease of 2.13% from the end of the previous year[4] - Total assets decreased to ¥18,553,552,385.29, down from ¥18,958,118,495.62 in the previous period[22] - Total liabilities decreased to ¥10,746,753,132.80, compared to ¥11,712,850,544.99 in the previous period[22] - The company's equity attributable to shareholders increased by 5.25% to ¥6,965,936,684.19 compared to the end of the previous year[4] Investment and Income - Investment income increased by 73.90% year-on-year, primarily due to higher returns from joint ventures[12] - The company has shown a strong investment return with investment income of ¥417,311,831.42, significantly up from ¥239,969,670.92 in the previous period[24] Cash Flow - Cash received from investment recoveries increased by 100% compared to the same period last year, primarily due to increased recoveries from the subsidiary Guangzhou Development Zone Baytop New Energy Industry Investment Fund Partnership[14] - Cash net from the disposal of fixed assets, intangible assets, and other long-term assets increased by 2081.48%, mainly due to increased income from the disposal of fixed assets[14] - Cash received from other investment-related activities increased by 44322.24%, mainly due to the recovery of allocated funds from the subsidiary Baiyun Gas Power Company[14] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets decreased by 38.24%, primarily due to reduced payments for project equipment and engineering[15] - Cash received from financing activities decreased by 95.98%, primarily due to a reduction in investments from minority shareholders[15] - Cash inflow from financing activities totaled $3,316,973,718.47, down from $4,479,046,091.67 in the previous period[26] - Net cash flow from financing activities was negative at -$820,756,240.89, slightly better than -$858,679,194.16 in the previous period[26] Expenses - Sales expenses rose by 140.11% year-on-year, mainly due to increased sales agency fees from a subsidiary[12] - The company experienced a 389.06% increase in income tax expenses, primarily due to an increase in taxable profits[13] - Research and development expenses were ¥85,090,104.72, a decrease of 13.83% from ¥98,491,869.60 in the previous period[24] Shareholder Information - The total number of common shareholders at the end of the reporting period was 24,850[17] - The largest shareholder, Guangzhou High-tech Zone Modern Energy Group Co., Ltd., holds 43.89% of the shares[17]

Core Points - The company has received approval from the Guangzhou High-tech Zone Modern Energy Group for the sale of part of its shares in Yuexiu Capital [2] - The board of directors has authorized the management to sell up to 1% of the total shares of Yuexiu Capital through centralized bidding [1] - After the transaction, the company will still hold more than 5% of Yuexiu Capital's shares and will continue to account for the remaining investment using the equity method [1] Summary by Sections - **Approval and Authorization** - The company received approval from the relevant state-owned asset approval unit for the sale of shares [2] - The management will execute the sale based on market conditions and the stock price of Yuexiu Capital [2] - **Transaction Details** - The board meeting held on September 26, 2025, approved the proposal to sell shares [1] - The actual sale time, quantity, price, and investment returns are subject to uncertainty [2]