山高环能集团股份有限公司 向特定对象发行A股股票预案 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 预案 二〇二五年七月 1 山高环能集团股份有限公司 向特定对象发行A股股票预案 声 明 1、公司董事会及全体董事保证本预案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个别及连带责任。 2、本次向特定对象发行A股股票完成后，公司经营与收益的变化，由公司 自行负责；因本次向特定对象发行A股股票引致的投资风险，由投资者自行负 责。 3、本预案是公司董事会对本次向特定对象发行A股股票的说明，任何与之 相反的声明均属不实陈述。 4、投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或 其他专业顾问。 5、本预案所述事项并不代表审批机关对于本次向特定对象发行A股股票相 关事项的实质性判断、确认、批准或核准，根据有关法律法规规定，本次发行 尚需有权国有资产监督管理部门批准，经股东大会审议通过，并经深圳证券交 易所审核通过、中国证监会同意注册后方可实施。 2 山高环能集团股份有限公司 向特定对象发行A股股票预案 重大事项提示 本部分所述的词语或简称与本预案" ...

股票代码：000803 股票简称：山高环能 山高环能集团股份有限公司 2025年度向特定对象发行A股股票方 案论证分析报告 二〇二五年七月 1 山高环能集团股份有限公司（以下简称"公司"）是深圳证券交易所主板 上市的公司。为满足公司业务发展的资金需求，增强公司资本实力，提升盈利 能力，实现公司战略发展规划，根据《中华人民共和国公司法》《中华人民共 和国证券法》和《上市公司证券发行注册管理办法》等有关法律、法规和规范 性文件的规定，公司拟向特定对象发行A股股票，募集资金总额不超过人民币 71,762.98万元（含本数），扣除相关发行费用后，全部用于补充流动资金及偿 还银行借款。本报告中如无特别说明，相关用语具有与《山高环能集团股份有 限公司2025年度向特定对象发行A股股票预案》中的释义相同的含义。 一、本次向特定对象发行的背景及目的 （一）本次向特定对象发行的背景 1、国家产业政策持续鼓励餐厨废弃物无害化处理与资源化利用 随着生活垃圾处置量的增大、环保要求的提高，餐厨废弃物资源化利用与 无害化处置逐渐成为重点环保问题。2021年5月，由国家发改委、住建部共同编 制的《"十四五"城镇生活垃圾分类和处理设施发展规 ...

证券代码：000803 证券简称：山高环能 公告编号：2025-041 山高环能集团股份有限公司 关于股东权益变动的提示性公告 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。 特别提示： 1、本次权益变动方式为山高环能集团股份有限公司（以下简称"公司"） 拟向特定对象发行A股股票（以下简称"本次发行"）。本次发行的认购对象 为公司实际控制人控制的山东高速产业投资有限公司（以下简称"高速产 投"）。 2、本次权益变动不会导致公司实际控制人发生变化。 3、本次发行尚需有权国有资产监督管理机构批准、公司股东大会审议通过、 深圳证券交易所（以下简称"深交所"）审核通过并经中国证券监督管理委员 会（以下简称"中国证监会"）同意注册后方可实施。 一、本次权益变动的基本情况 2025年7月16日，公司召开了第十一届董事会第二十一次会议，审议通过了 公司2025年向特定对象发行A股股票预案的相关议案。根据本次发行方案测算， 本次发行完成后，高速产投和山高光伏的权益变动情况提示说明如下： 本次向高速产投发行股票的数量不超过139,888,845股，不超过本次发行前 公司总股本的 ...

关于山高环能集团股份有限公司 前次募集资金使用情况鉴证报告 2025年3月31日 山高环能集团股份有限公司 目 录 | | 页 | | 次 | | --- | --- | --- | --- | | 一、前次募集资金使用情况鉴证报告 | 1 | - | 2 | | 二、前次募集资金使用情况报告 | 3 | - | 17 | 前次募集资金使用情况鉴证报告 安永华明（2025）专字第70062077_J04号 山高环能集团股份有限公司 山高环能集团股份有限公司董事会： 我们接受委托，对后附的山高环能集团股份有限公司截至2025年3月31日止的前 次募集资金使用情况报告（"前次募集资金使用情况报告"）进行了鉴证。按照中国 证券监督管理委员会《监管规则适用指引——发行类第7号》编制上述前次募集资金使 用情况报告，并保证其内容真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏是山高环能集团股份有限公司董事会的责任。我们的责任是在执行鉴证工作的基 础上对前次募集资金使用情况报告独立发表鉴证意见。 我们按照《中国注册会计师其他鉴证业务准则第3101号——历史财务信息审计或 审阅以外的鉴证业务》的规定执行了鉴证业务。该 ...

山高环能集团股份有限公司 非经常性损益的专项说明 截至2025年3月31日止3个月期间、 2024年度、2023年度及2022年度 非经常性损益的专项说明 安永华明（2025）专字第70062077_J05号 山高环能集团股份有限公司 根据中国证券监督管理委员会《公开发行证券的公司信息披露内容与格式准则第 59号——上市公司发行证券申请文件》和《公开发行证券的公司信息披露解释性公告 第1号——非经常性损益》的规定，山高环能集团股份有限公司管理层编制了后附的截 至2025年3月31日止3个月期间、2024年度、2023年度及2022年度的非经常性损益明 细表。我们对上述非经常性损益明细表进行专项说明如下： 基于我们实施的包括核对、询问及检查会计记录等我们认为必要的程序，我们未 发现上述非经常性损益明细表中对非经常性损益的披露在所有重大方面不符合上述中 国证券监督管理委员会的相关规定。 本报告仅供山高环能集团股份有限公司本次向中国证券监督管理委员会和深圳证 券交易所申请向特定对象发行A股股票使用，不适用于其他用途。 A member firm of Ernst & Young Global Limited 1 山 ...

Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for its stock performance in the near term [3][6]. Core Insights - The company is positioned to benefit from the launch of Sustainable Aviation Fuel (SAF) in 2025, with expectations of increased demand for Used Cooking Oil (UCO) as a key raw material [3][4]. - The European Union's regulations mandate a gradual increase in SAF blending ratios, which is expected to drive UCO demand significantly [3][4]. - The company is actively expanding its UCO processing capabilities through acquisitions and new projects, which will enhance its market position [4][6]. Market Performance - The company's stock closed at 7.13 yuan, with a yearly high of 7.36 yuan and a low of 3.05 yuan [2]. - The circulating market value is 32.78 billion yuan, while the total market value stands at 33.58 billion yuan [2]. Financial Projections - Revenue is projected to grow from 1.56 billion yuan in 2025 to 1.93 billion yuan in 2027, reflecting year-on-year growth rates of 7.6%, 11.4%, and 10.8% respectively [6]. - Net profit is expected to increase dramatically from 87 million yuan in 2025 to 219 million yuan in 2027, with growth rates of 569.8%, 63.6%, and 53.4% [6]. - Earnings per share (EPS) are forecasted to rise from 0.19 yuan in 2025 to 0.47 yuan in 2027 [6]. Industry Opportunities - The SAF market is anticipated to grow significantly, with European SAF demand projected to reach approximately 137,000 tons in 2025 and 411,000 tons by 2030 [3][4]. - The company is well-positioned to capitalize on the increasing UCO demand driven by SAF policies and market dynamics [4][6].

Investment Rating - The investment rating for the company is upgraded to "Buy" with a target price indicating a potential return of over 20% within the next six months [7][19]. Core Insights - The company is expected to achieve significant growth in its financial performance, with a forecasted net profit of 0.4-0.45 billion yuan for the first half of 2025, representing an increase of 214.28%-228.56% year-on-year [1][2]. - The increase in demand for Sustainable Aviation Fuel (SAF) is driving up the price of Used Cooking Oil (UCO), which is a key raw material for the company [3][4]. - The company has a strong order book, with many well-known domestic and international biofuel companies inquiring about orders, indicating robust market demand [4]. Financial Performance - For Q1 2025, the company reported a net profit of 0.28 billion yuan, a year-on-year increase of 222.23%. The projected net profit for Q2 2025 is estimated to be between 0.12-0.17 billion yuan, marking a turnaround from a loss of 0.44 billion yuan in the same period last year [2]. - The company's revenue projections for 2025-2027 are 14.11 billion yuan, 16.51 billion yuan, and 18.88 billion yuan, respectively, with a year-on-year growth of -2.62%, 17%, and 14.36% [4][6]. - The forecasted net profit for 2025 is 1.00 billion yuan, with significant growth rates of 668.27%, 57.94%, and 39.45% for the following years [4][6]. Market Dynamics - The demand for SAF is expected to increase significantly due to new regulations in the EU and UK, which will require a 2% blending of SAF starting January 2025, potentially leading to an additional demand of approximately 1.8 million tons of UCO [3]. - The Chinese government is actively supporting the development of biofuels, which is expected to further boost domestic SAF demand during the 14th Five-Year Plan period [3][4].

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、本期业绩预计情况 （一）业绩预告期间：2025 年 1 月 1 日- 2025 年 6 月 30 日 （二）业绩预告情况： ☑扭亏为盈 □同向上升 □同向下降 证券代码：000803 证券简称：山高环能 公告编号：2025-032 山高环能集团股份有限公司 2025年半年度业绩预告 二、与会计师事务所沟通情况 本次业绩预告是公司财务部门初步测算的结果，具体财务数据将在公司 2025 年半年度报告中详细披露。敬请广大投资者注意投资风险。 山高环能集团股份有限公司 董 事 会 2025 年 7 月 14 日 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股东的净利润 | 盈利：4,000万元- 4,500万元 | 亏损：3,500.24万元 | | | 比上年同期上升：214.28%- 228.56% | | | 扣除非经常性损益后的净利润 | 盈利：3,600万元- 4,100万元 | 盈利：162.43万元 | | | 比上年同期上升：2,116.34%- ...

Investment Rating - The investment rating for the industry is "Increase" which indicates a relative increase of more than 15% compared to the CSI 300 index [28] Core Insights - The Central Financial Committee's sixth meeting emphasized the high-quality development of the marine economy and the exploration of marine carbon sink accounting [8] - The first international standard for algal carbon footprint has been officially released, marking a breakthrough in carbon footprint standards [8] - The national carbon market is expanding beyond the power sector, increasing the demand for CCER (Voluntary Carbon Emission Reduction) [9] - New methodologies for CCER are expected to accelerate expansion, including projects related to low-concentration gas utilization in coal mines and energy-saving in highway tunnel lighting [10] Summary by Sections Weekly Investment Perspective - The meeting highlighted the need for top-level design in marine economic development and encouraged social capital participation [8] - The national carbon market will include cement, steel, and electrolytic aluminum industries, with a target to cover 7.5 billion tons of greenhouse gas emissions by 2027 [9] Environmental Sector Performance - The environmental sector saw a weekly increase of 0.81%, with notable stock performances including Xuedilong (+31.74%) and Sandetech (+26.25%) [13][16] - The weekly trading volume for national carbon market emissions was 2.47 million tons, with an average price of 72.64 yuan/ton, reflecting a 62% decrease from the previous week [14] Carbon Neutrality Tracking - The CCER trading volume reached 103,000 tons with an average price of 87.04 yuan/ton [14] - The Shanghai pilot carbon market achieved 100% compliance for twelve consecutive years, with a significant increase in green electricity consumption [18] Investment Recommendations - Recommendations include leading waste incineration companies such as Sanfeng Environment and Huanlan Environment, as well as companies in the recycling sector like Zhuoyue New Energy and Sanlian Hongpu [11]

Market Overview - In June, the CSI 300 index rose by 2.50%, while the public utility index fell by 0.54% and the environmental index increased by 0.81%, with relative returns of -3.04% and -1.42% respectively [1][14] - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 25th and 19th in terms of growth [1][14] - The environmental sector saw a rise of 1.08%, while within the electricity sector, thermal power decreased by 0.94%, hydropower fell by 1.76%, and renewable energy generation increased by 1.98% [1][26] Important Events - The Central Financial Committee's sixth meeting emphasized strengthening and expanding the marine industry, promoting orderly construction of offshore wind power [15] - National electricity load exceeded 1.465 billion kilowatts on July 4, marking a historical high, with a rise of approximately 200 million kilowatts since the end of June and an increase of nearly 150 million kilowatts year-on-year [15] Supply and Demand Analysis - The electricity industry has experienced three cycles of supply and demand changes since 2000, with future supply expected to increase significantly due to new thermal power units coming online and growth in renewable and nuclear power installations [2][22] - The demand side shows a decline in electricity consumption growth, particularly in high-energy-consuming industries, leading to a stabilization of overall electricity demand growth [2][23] Investment Strategy - Public Utilities: Recommendations include large thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][24] - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profitability, with a recommendation for China Power Investment Corporation as a restructuring target [3][24] - In the water and waste incineration sectors, companies like China Everbright Environment and Zhongshan Public Utilities are highlighted for their cash flow improvements [3][24] Key Company Profit Forecasts - Huadian International (600027.SH): Expected EPS of 0.46 in 2024, PE ratio of 12.2 [8] - Longyuan Power (001289.SZ): Expected EPS of 0.75 in 2024, PE ratio of 22.3 [8] - China Nuclear Power (601985.SH): Expected EPS of 0.46 in 2024, PE ratio of 20.5 [8] - China Everbright Environment (0257.HK): Expected EPS of 0.55 in 2024, PE ratio of 7.3 [8]