上海市锦天城律师事务所 关于山高环能集团股份有限公司 2025 年度向特定对象发行 A 股股票 2025 年度向特定对象发行 A 股股票 的补充法律意见书（一） 致：山高环能集团股份有限公司 的补充法律意见书（一） 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 上海市锦天城律师事务所 补充法律意见书（一） 上海市锦天城律师事务所 关于山高环能集团股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受山高环能集团股份有限 公司（以下简称"公司"或"山高环能"）的委托，并根据公司与本所签订的《专 项律师聘请合同》，作为公司 2025 年度向特定对象发行 A 股股票项目（以下简 称"本次发行"）的特聘专项法律顾问。 本所已根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司证券发行注册管理办法》《律师事务所证券法律业务执业规则（试行）》等有 关法律、行政法规、规章及规范性文件和中国证券监督管理委员会（以下简称"中 国证监会"）的规定，按照律师行业公认的业务标准、道德规范和勤勉尽责精神， ...

申请文件更新的提示性公告 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。 山高环能集团股份有限公司（以下简称"公司"）于 2025 年 9 月 17 日收到深 圳证券交易所（以下简称"深交所"）出具的《关于山高环能集团股份有限公司申 请向特定对象发行股票的审核问询函》（审核函〔2025〕120037 号）（以下简 称"《审核问询函》"）。 公司会同相关中介机构对《审核问询函》所提出的问题进行了认真研究和落 实后，对《审核问询函》所列问题进行了逐项说明和回复，具体内容详见公司于 2025 年 10 月 15 日在巨潮资讯网（www.cninfo.com.cn）披露的相关公告。 根据深交所的进一步审核意见，公司会同相关中介机构对上述《审核问询函》 所列问题进行了逐项补充和回复。鉴于公司 2025 年第三季度报告已公开披露且 公司第十一届董事会第二十四次会议已审议通过《关于公司 2025 年度向特定对 象发行 A 股股票预案（修订稿）的议案》等相关议案，公司会同相关中介机构 对募集说明书等申请文件内容进行了相应更新。具体内容详见公司于 2025 年 12 月 15 ...

2-1 问题 1 关于对山高环能集团股份有限公司 申请向特定对象发行股票 审核问询函回复的专项说明 深圳证券交易所： 安永华明会计师事务所（特殊普通合伙）（以下简称"我们"或"申报会计 师"）审计了山高环能集团股份有限公司（以下简称"山高环能"或"发行人"、 "公司"）2023 年度及 2024 年度的财务报表，并于 2024 年 4 月 28 日出具了 编号为安永华明（2024）审字第 70062077_J01 号的无保留意见审计报告；于 2025 年 4 月 21 日出具了编号为安永华明（2025）审字第 70062077_J01 号的无 保留意见审计报告。 我们对 2023 年度和 2024 年度财务报表执行审计程序的目的，是对上述财 务报表是否在所有重大方面按照企业会计准则的规定编制，是否公允反映山高 环能集团股份有限公司 2023 年 12 月 31 日及 2024 年 12 月 31 日的合并及公司 财务状况以及 2023 年度及 2024 年度的合并及公司经营成果和现金流量表发表 审计意见，不是对上述财务报表中的个别项目的金额或个别附注单独发表意见。 山高环能集团股份有限公司 2022 年度财务 ...

行 业 及 产 业 证 券 研 究 报 告 证券分析师 莫龙庭 A0230523080005 molt@swsresearch.com 研究支持 莫龙庭 A0230523080005 molt@swsresearch.com 联系人 行 业 研 究 / 行 业 点 相关研究 莫龙庭 A0230523080005 molt@swsresearch.com 2025 年 12 月 15 日 德国 RED III 落地，看好 HVO 及 UCO 发展 看好 ——生物柴油系列点评 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 评 环保 - ⚫ 事件：12 月 11 日，德国内阁正式通过了基于欧盟《可再生能源指令》（RED III）转化 为本国法律的立法（以下简称法案），有望提振 HVO 及 UCO 需求。 ⚫ 欧盟 RED III 于 2023 年生效，要求成员国 2025 年转为本国法律，实际转换滞后。2023 年 9 月，欧洲议会正式投票通过了 RED III，同时要求欧盟成员国须在 2025 年 5 月 21 日 前，将 REDIII 指令转化为本国 ...

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental protection sectors [5][7]. Core Views - The "14th Five-Year Plan" emphasizes the construction of an "Energy Power" and the development of hydrogen and fusion energy industries [3][18]. - The central economic work conference highlighted the need for a comprehensive green transition and the establishment of a new energy system [2][16]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.08%, while the public utilities index decreased by 0.09% and the environmental index dropped by 0.61% [1][15]. - In the electricity sector, thermal power increased by 0.22%, while hydropower decreased by 0.26%, and renewable energy generation rose by 0.93% [1][28]. Important Events - The central economic work conference took place on December 10-11, focusing on energy security and the establishment of a carbon trading market [2][16]. - Yunnan province announced an increase in coal power capacity pricing to 330 RMB per kilowatt per year starting in 2026 [17]. Investment Strategy - Public Utilities: Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][25]. - Environmental Protection: Focus on mature sectors like water and waste incineration, with recommendations for companies like China Everbright Environment and Zhongshan Public Utilities [26]. Key Company Earnings Forecasts - The report provides earnings forecasts for various companies, maintaining an "Outperform" rating for firms such as China Nuclear Power and China General Nuclear Power [7][8]. Industry Dynamics - The report discusses the transition from an "energy power" to an "energy strong country," emphasizing supply security, ecological low-carbon initiatives, and technological innovation [3][19][22].

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental protection sectors [5][7]. Core Views - The "14th Five-Year Plan" emphasizes the construction of an "Energy Powerhouse," focusing on the development of hydrogen and fusion energy industries [3][18]. - The central economic work conference highlighted the need for a comprehensive green transition and the establishment of a new energy system [2][16]. - The report suggests that the energy system in China is transitioning from an "energy power" to an "energy powerhouse," with increased demands for supply security, ecological sustainability, technological innovation, and modern governance [3][19][21]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.08%, while the public utilities index decreased by 0.09% and the environmental index dropped by 0.61% [1][15]. - In the electricity sector, thermal power increased by 0.22%, while hydropower decreased by 0.26%, and renewable energy generation rose by 0.93% [1][15]. Important Events - The central economic work conference took place on December 10-11, focusing on energy security and the establishment of a carbon trading market [2][16]. - Yunnan province announced an increase in coal power capacity pricing to 330 RMB per kilowatt per year starting in 2026 [17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][25]. - The report also highlights opportunities in the water and waste incineration sectors, suggesting investments in companies like China Everbright Environment and Zhongshan Public Utilities [26]. Key Company Earnings Forecasts - The report provides earnings forecasts for various companies, indicating a stable outlook for nuclear power operators like China Nuclear Power and China General Nuclear Power [4][25]. - It also emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending companies like Yangtze Power [4][25]. Industry Key Data Overview - In October, the industrial electricity production increased by 7.9% year-on-year, with total electricity consumption reaching 774.2 billion kilowatt-hours, a 4.3% increase [49][55]. - The cumulative installed power generation capacity reached 3.75 billion kilowatts, with solar power capacity growing by 43.8% year-on-year [73].

Investment Rating - The report maintains a "Buy" rating for the environmental protection industry, consistent with the previous rating [2]. Core Insights - The central economic meeting emphasized the "dual carbon" strategy, indicating a strong push towards green energy development and comprehensive green transformation in the industry [13][15]. - The report highlights significant investment opportunities in waste management, recycling, and renewable energy sectors, particularly in waste incineration and carbon monitoring equipment [15][18]. - The report notes a trend of increasing dividend payouts among solid waste companies, with the average dividend payout ratio rising from 34.3% in 2019 to 48.5% in 2024, indicating a shift towards a "dividend investment strategy" in a mature market [15][19]. Summary by Sections Section 1: Dual Carbon and Green Transformation - The central economic meeting outlined key initiatives for promoting energy efficiency and carbon reduction across major industries, including the establishment of a national carbon trading market and comprehensive solid waste management actions [13][15]. - The report anticipates growth in the green economy, particularly in sectors like waste incineration and recycling, driven by government policies [15][18]. Section 2: Biodiesel Market Insights - The report discusses the biodiesel market, noting a slight decrease in SAF prices while UCO prices remain strong, with UCO prices reaching $1,065 per ton, an 8.1% increase since the beginning of the year [19][22]. - The report suggests that companies involved in waste oil processing and biodiesel production will benefit from these market dynamics, particularly those with integrated operations [28]. Section 3: Policy Tracking - The report tracks domestic and international developments related to carbon neutrality, including the establishment of a carbon trading market and the EU's commitment to significant emission reductions by 2040 [31][32]. - It highlights the importance of policy frameworks in driving the green transition and the role of financial support for green projects [38]. Section 4: Company Announcements and Market Trends - The report provides updates on key companies in the environmental sector, including investment agreements and project developments that enhance market competitiveness [41][43]. - It notes that the environmental sector's valuation is currently at historical lows, suggesting potential for future growth [41].

山高环能集团股份有限公司 关于为下属公司提供担保的进展公告 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：2025-086 特别风险提示： 山高环能集团股份有限公司（以下简称"公司"或"山高环能"）及控股子 公司对外担保总额超过最近一期经审计净资产 100%，对资产负债率超过 70%的 被担保对象的担保金额超过公司最近一期经审计净资产 50%。敬请广大投资者充 分关注担保风险。 一、担保情况概述 （一）对外担保事项 公司下属公司因业务需要，拟与金融机构开展应收账款流转融资与综合授信 业务，公司为其提供连带责任保证担保，具体担保情况如下： 1、公司下属公司山高十方环保能源集团有限公司（以下简称"山高十方"） 拟与渤海银行股份有限公司济南分行（以下简称"渤海银行"）进行合作，与其 开展应收账款流转融资业务，融资金额为 2,000 万元，融资期限为 1 年。公司提 供连带责任保证担保。 2、公司下属公司济南十方固废处理有限公司（以下简称"济南十方"）拟 与浦发银行股份有限公司济南分行（以下简称"浦发银行"）进行 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][4][8]. Core Views - The report highlights the ongoing development of the Guangdong electricity market for 2026, with a total market scale of approximately 680 billion kilowatt-hours and an annual trading cap of 420 billion kilowatt-hours [2][15]. - The report discusses the approval of a significant asset swap by Electric Power Investment Corporation, which involves the acquisition of 100% equity in Electric Power Nuclear and the issuance of shares to raise funds for nuclear power projects [3][21][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and integrated energy management [24]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.28%, while the public utility index increased by 0.12%, and the environmental index fell by 0.15% [1][14]. - Within the electricity sector, thermal power decreased by 0.20%, hydropower increased by 0.66%, and new energy generation rose by 1.09% [1][27]. Important Events - The Guangdong electricity market for 2026 is set to have a trading scale of about 680 billion kilowatt-hours, with specific allocations for nuclear power units [2][15]. - The asset swap by Electric Power Investment Corporation has been approved, with a transaction value of 55.39 billion yuan for the acquisition of Electric Power Nuclear [3][21]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies with stable pricing like Shanghai Electric [4][24]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydropower stocks like Yangtze Power [4][24]. Key Company Earnings Forecasts - Huadian International is rated "Outperform" with an expected EPS of 0.49 yuan for 2024 and 0.62 yuan for 2025 [8]. - Electric Power Investment Corporation is also rated "Outperform," with an expected EPS of 0.19 yuan for 2024 and 0.26 yuan for 2025 [8]. Environmental Sector Insights - The report notes that the waste incineration industry is maturing, with improved free cash flow, and suggests focusing on "utility-like investment opportunities" in the environmental sector [25]. - Recommendations include companies like China Science Instruments and Shandong High Energy Resources, which are expected to benefit from upcoming EU policies [25].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][8]. Core Views - The report highlights a 7.9% year-on-year increase in national electricity market trading volume from January to October 2025, with significant growth in green electricity trading [2][15]. - The controlled nuclear fusion industry is experiencing accelerated capital expenditure, with a notable increase in project bidding activity [3][17]. - The report emphasizes the importance of policies supporting renewable energy development, predicting stable profitability for new energy generation [4][22]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.64%, while the public utility and environmental indices increased by 0.89% and 1.59%, respectively [1][14]. - Within the electricity sector, thermal power increased by 1.60%, while hydropower and new energy generation saw smaller gains [1][24]. Important Events - In October 2025, the national electricity market trading volume reached 563.8 billion kWh, marking a 15.6% increase year-on-year [2][15]. - The cumulative trading volume for the first ten months of 2025 was 5,492 billion kWh, accounting for 63.7% of total electricity consumption, up 1.5 percentage points from the previous year [2][15]. Specialized Research - The report details 35 public bidding projects in the controlled nuclear fusion sector from October to November 2025, with a total estimated contract value of 2.6 billion yuan [3][17]. - The bidding activity has significantly accelerated compared to previous months, indicating a growing interest and investment in this area [3][17]. 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 [4][22]. - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved cash flow [4][22]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for various companies, all maintaining an "Outperform" rating, including Huadian International, Longyuan Power, and China Nuclear Power [8][22].