（文章来源：证券日报） 证券日报网讯 9月9日晚间，山高环能发布公告称，公司已完成对山东恒华佳业环保科技有限公司20% 股权的收购，工商过户后，恒华佳业成为公司全资子公司。近日，恒华佳业已完成工商登记信息变更手 续，并取得日照经济技术开发区行政审批服务局核发的新的《营业执照》。 ...

山高环能公告，近日，山东恒华佳业环保科技有限公司已完成工商登记信息变更手续，并取得新的《营 业执照》。注册资本1.07亿元人民币。恒华佳业为公司全资子公司。 ...

山高环能集团股份有限公司 收购报告书 山高环能集团股份有限公司 收购报告书 收购人：山东高速黄河产业投资集团有限公司 住 所：济南市历城区浩岳财富中心327号 通讯地址：山东省济南市历城区港沟街道旅游路11777号智能交通产业园 信息披露义务人一：山高光伏电力发展有限公司 住 所：北京市朝阳区望京东园七区18号楼5层501 通讯地址：北京市朝阳区望京东园七区18号楼5层501 信息披露义务人二：北京日信嘉锐投资管理有限公司-日信嘉锐红牛壹号私 募股权投资基金 - 1 - 上市公司：山高环能集团股份有限公司 上市地点：深圳证券交易所 股票简称：山高环能 股票代码：000803 山高环能集团股份有限公司 收购报告书 住 所：北京市东城区天坛路55号1号楼南侧二层2053 通讯地址：北京市东城区天坛路55号1号楼南侧二层2053 信息披露义务人三：福州山高禹阳创业投资合伙企业（有限合伙） 住 所：福州市马尾区亭江镇长洋路1号亭江科教大楼691室（自贸试验区 内） 通讯地址：福州市马尾区亭江镇长洋路1号亭江科教大楼691室（自贸试验区 内） 二〇二五年九月九日 - 2 - 山高环能集团股份有限公司 收购报告书 收购人 ...

上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于山东高速黄河产业投资集团有限公司 免于以要约方式增持股份事宜的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 1 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于山东高速黄河产业投资集团有限公司 免于以要约方式增持股份事宜的 法律意见书 2 上海市锦天城律师事务所 法律意见书 致：山高环能集团股份有限公司 （一）各方已提供了本所为出具本法律意见书所要求各方提供的原始书面材 料、副本材料、复印材料、确认函及证明等； （二）各方提供给本所的文件和材料是真实、准确、完整和有效的，并无任 何隐瞒、遗漏、虚假或误导之处，且文件材料为副本或复印件的，其均与正本或 原件一致和相符。 对于本法律意见书至关重要而又无法得到独立证据支持的事实，本所依赖有 关政府部门、本次收购有关各方或其他有关机构出具的证明文件出具法律意见。 本所仅就本次收购所涉及的免于以要约方式增持股份事宜发表意见，而不对 有关会计、审计等专业事项发表意见。本 ...

国浩律师（济南）事务所 关于 《山高环能集团股份有限公司 收购报告书》 之 法律意见书 地址：济南市龙奥西路 1 号银丰财富广场 C 座 19、20 层 邮编：250014 19th-20thFloor,BlockC,YinfengFortunePlaza,No.1Long'aoWestRoad,Jinan 电话/Tel:+8653186112118 传真/Fax:+8653186110945 网址/Website:http://www.grandall.com.cn | 释 义… | | --- | | 第一节 声明事项……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 5 | | 第二节 正文 | | 一、收购人的主体资格 . | | 二、收购决定及收购目的…………………………………………………………………………………………………… 17 | | 三、本次收购方式 . | | 四、本次收购的资金来源 . | | 五、免于发出要约的 ...

华泰联合证券有限责任公司 关于 山高环能集团股份有限公司 华泰联合证券有限责任公司关于山高环能集团股份有限公司收购报告书之财务顾问报告 1 财务顾问报告 二〇二五年九月 华泰联合证券有限责任公司关于山高环能集团股份有限公司收购报告书之财务顾问报告 财务顾问声明 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收购 管理办法》及《公开发行证券的公司信息披露内容与格式准则第 16 号——上市 公司收购报告书》等法律法规和规范性文件的规定，华泰联合证券有限责任公司 （以下简称"本财务顾问"）按照行业公认的业务标准、道德规范，本着诚实信 用、勤勉尽责的精神，对本次收购的相关情况和资料进行了核查，对收购人及信 息披露义务人出具的《山高环能集团股份有限公司收购报告书》所披露的内容出 具财务顾问报告。 为此，本财务顾问特作出以下声明： 收购报告书 之 1 华泰联合证券有限责任公司关于山高环能集团股份有限公司收购报告书之财务顾问报告 判断、确认或批准。 8、本财务顾问特别提醒本次交易相关主体及投资者认真阅读信息收购人及 信息披露义务人出具的《收购报告书》以及相关的上市公司公告全文和备查文件。 1、本财务顾问依据 ...

山高环能集团股份有限公司 关于收购山东恒华佳业环保科技有限公司20%股权 完成工商过户的公告 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。 证券代码：000803 证券简称：山高环能 公告编号：2025-058 名 称：山东恒华佳业环保科技有限公司 法定代表人：吴奇峰 住 所：山东省日照市经济开发区海口路 2 号 统一社会信用代码：91371100581944295W 注册资本：10,700 万元人民币 一、投资基本情况 成立日期：2011 年 9 月 7 日 营业期限：2011 年 9 月 7 日至无固定期限 山高环能集团股份有限公司（以下简称"公司"）于 2025 年 7 月 16 日召开第 十一届董事会第二十一次会议，会议审议通过了《关于收购山东恒华佳业环保科 技有限公司 20%股权的议案》，同意收购原股东持有的山东恒华佳业环保科技有 限公司（以下简称"恒华佳业"）20%股权，本次工商过户后，恒华佳业为公司全 资子公司。具体内容详见公司于 2025 年 7 月 17 日在《中国证券报》《上海证券 报》《证券时报》及巨潮资讯网站上披露的《关于收购山东恒华 ...

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental protection sectors [1][5][20]. Core Views - The construction of the national carbon market is progressing, promoting urban green and low-carbon transformation [1][13]. - The "14th Five-Year Plan" is concluding, while the "15th Five-Year Plan" is in the drafting stage, focusing on energy and electricity policy directions [2][15]. - The report emphasizes the importance of energy security, technological innovation, and green low-carbon development in future policies [16][19]. Summary by Sections Market Review - In August, the CSI 300 index rose by 10.33%, while the public utilities index increased by 2.53% and the environmental index by 5.28% [1][21]. - The environmental sector saw a 5.28% increase, with sub-sectors like thermal power up by 4.69% and new energy generation up by 2.26% [1][22]. Important Events - The Central Committee and State Council issued opinions on advancing green low-carbon transformation and strengthening the national carbon market, aiming for comprehensive coverage of major industrial emissions by 2027 [13][14]. - Policies to promote high-quality urban development include energy conservation and carbon reduction in production sectors [14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [3][20]. - The report suggests that nuclear power companies like China Nuclear Power and China General Nuclear Power will maintain stable profitability [3][20]. - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes [3][20]. - In the environmental sector, companies like China Everbright Environment and Zhongshan Public Utilities are recommended due to improving cash flows [3][20]. Key Company Earnings Forecasts and Investment Ratings - Huadian International: Outperform, EPS 0.49 in 2024, PE 10.8 [7]. - Longyuan Power: Outperform, EPS 0.76 in 2024, PE 22.0 [7]. - China Nuclear Power: Outperform, EPS 0.43 in 2024, PE 20.9 [7]. - China Everbright Environment: Outperform, EPS 0.55 in 2024, PE 8.0 [7]. Industry Dynamics - The report notes that the renewable energy sector is expected to grow, with cumulative installed capacity reaching 1.41 billion kilowatts by the end of 2024, a 33.9% year-on-year increase [18]. - The transition to a market-oriented mechanism for renewable energy is highlighted, indicating a shift from guaranteed purchase to market trading [19].

Summary of Key Points - The company announced the repurchase and cancellation of 4,692,156 restricted stocks that were granted but not unlocked, which accounts for 1.00% of the total share capital before the repurchase [2] - A total of 133 individuals are involved in this stock repurchase, with the average repurchase price for the initially granted stocks being 6.03 CNY per share and for the reserved stocks being 6.11 CNY per share [2] - The total amount of funds used for the repurchase is 28,372,725.12 CNY, all sourced from the company's own funds [2] - Following the completion of this repurchase, the company's total share capital will decrease from 470,988,309 shares to 466,296,153 shares [2] - The repurchase cancellation procedures have been completed with the China Securities Depository and Clearing Corporation Limited Shenzhen Branch as of September 3, 2025 [2]

Core Viewpoint - The company, Shangao Environmental Energy Group Co., Ltd., has completed the repurchase and cancellation of 4,692,156 restricted stocks, accounting for 1.00% of the total share capital, due to unmet performance targets and the disqualification of certain incentive recipients [2][11][13]. Summary by Sections Repurchase Overview - The company held board and supervisory meetings on April 21, 2025, and May 14, 2025, to approve the repurchase and cancellation of restricted stocks due to unmet performance conditions and the departure of 12 incentive recipients [3][10]. - The total repurchase amount was 28,372,725.12 yuan, funded entirely by the company's own resources [2][17]. Approval Procedures and Implementation - The second phase of the restricted stock incentive plan was approved through various board and shareholder meetings starting from January 24, 2022, with legal opinions provided by Shanghai Jintiancheng Law Firm [4][5][6]. - Adjustments to the incentive plan were made in response to performance evaluations and changes in the list of incentive recipients [5][6][7]. Reasons for Repurchase - The repurchase was necessitated by the company's failure to meet performance targets, with a reported net profit of 5.2549 million yuan for 2024, which did not meet the set goals [11]. - Additionally, 12 incentive recipients were disqualified due to leaving the company, leading to the cancellation of their unvested stocks [12]. Repurchase Price and Quantity - The repurchase price for the first grant of restricted stocks was adjusted from 11.02 yuan to 6.03 yuan per share, while the reserved grant price was adjusted from 8.04 yuan to 6.11 yuan per share [15]. - The total number of stocks repurchased was 4,692,156, which included adjustments based on performance and disqualification of recipients [16][13]. Impact on Company Structure - Following the repurchase, the company's total share capital decreased from 470,988,309 shares to 466,296,153 shares [2][17]. - The repurchase and cancellation of stocks are not expected to significantly impact the company's financial status or operational results [17].