Investment Rating - The report maintains an "Outperform" rating for the public utility sector [1][5][7] Core Views - The report highlights the ongoing pilot projects for the new power system initiated by the National Energy Administration, focusing on innovative technologies and models [2][14] - It emphasizes the growth in exports of industrial-grade mixed oil (UCO) in April 2025, with a year-on-year increase of 7.46% in volume and a 21.01% increase in average price [3][15] - The report suggests that coal and electricity prices are declining simultaneously, which may help maintain reasonable profitability for thermal power [3][18] Summary by Sections Market Review - The Shanghai Composite Index rose by 0.88%, while the public utility index fell by 0.13% and the environmental index increased by 0.46% [1][19] - Within the electricity sector, thermal power decreased by 0.97%, hydropower by 1.47%, and new energy generation by 0.45% [1][19] Important Events - The National Energy Administration is conducting pilot projects for a new power system, focusing on advanced technologies and models [2][14] Special Research - In April 2025, China exported 228,148 tons of industrial-grade mixed oil (UCO), with an average export price of $1,069.34 per ton [3][15] 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][18] - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved cash flow [3][18] Key Company Earnings Forecasts and Investment Ratings - Several companies are rated "Outperform," including Huadian International, Shanghai Electric, Longyuan Power, and China Nuclear Power [7][18] Industry Dynamics - The report notes that the overall electricity generation in April 2025 was 711.1 billion kWh, with a year-on-year growth of 0.9% [45] - The total installed power generation capacity reached 3.49 billion kW, a year-on-year increase of 15.9% [76]

证券代码：000803 证券简称：山高环能 公告编号：2025-029 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。 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发展及补充流动资金需要，拟与金融机构开展综合授信 及融资租赁（售后回租）等业务，由公司为其提供连带责任保证担保，具体担保 情况如下： 2025 年 4 月 21 日、2025 年 5 月 14 日公司分别召开了第十一届董事会第二 十次会议与 2024 年年度股东大会，会议审议通过《关于 2025 年度对外担保额度 预计的议案》，同意自公司 2024 年年度股东大会审议通过之日起 12 个月内，为 纳入合并报表范围内的下属公司（含新设立或收购的全资和控股下属公司）提供 担保、公 ...

证券代码：000803 证券简称：山高环能 公告编号：2025-028 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。 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 公司下属公司天津明瑞油脂有限公司（以下简称"天津明瑞"）为满足流动资 金需求等用途，拟与天津经开区商业保理有限公司（以下简称"天津经开保理"） 开展有追索权的商业保理业务。天津明瑞以对天津奥能绿色能源有限公司（以下 简称"天津奥能"）基础交易合同享有的应收账款为资产，保理融资额度 2,500 万 元，融资期限 12 个月，公司为天津奥能提供连带责任保证。 2025 年 4 月 21 日、2025 年 5 月 14 日公司分别召开了第十一届董事会第二 十次会议与 2024 年年度股东大会，会议审议通过《关于 202 ...

Group 1 - The A-share solid waste management sector experienced a short-term surge, with Fulongma hitting the daily limit, indicating strong investor interest [1] - Jinjun Environment previously reached the daily limit, showcasing significant market activity in the sector [1] - Yuhua Tian saw an increase of over 10%, reflecting positive sentiment towards companies in the solid waste management industry [1] Group 2 - Other companies such as Shanggao Environmental, Xin'an Clean, Tongyuan Environment, Jinyuan Shares, and Huaxin Environmental also experienced gains, indicating a broader trend in the sector [1]

Group 1: Performance Growth - The significant growth in 2024 and Q1 2025 performance is attributed to refined management practices that increased oil yield and effectively reduced production costs. The processing volume of kitchen waste increased by 8.1% year-on-year, and oil yield rose by 7.1% in 2024 [2] - The unit production cash cost decreased by 7.1% year-on-year in 2024, while the unit collection cash cost dropped by 2.0%. In Q1 2025, the unit production cash cost further declined by 11.7% year-on-year and 10% quarter-on-quarter [2] - The UCO (Used Cooking Oil) price saw a significant increase due to additional demand, reflecting a strong market condition [2] Group 2: UCO Market Dynamics - The company primarily focuses on domestic sales of UCO, with some exports to Europe and Asia-Pacific. The cancellation of export tax rebates has led to a slight increase in export prices, but the overall impact on the company is minimal [2] - The demand for UCO has remained stable since the beginning of the year, with an estimated additional demand of approximately 1.8 million tons due to the EU and UK’s mandatory blending requirements starting in 2025 [3] Group 3: Operational Efficiency - The capacity utilization rate for kitchen waste projects reached 79.1% in 2024, an increase of 6.7% year-on-year. The company aims to further enhance collection efficiency and expects continued improvement in capacity utilization in 2025 [3] - The company’s internal oil extraction rate was approximately 4.5% in 2024, with plans to optimize processes to increase this rate further [3] Group 4: Future Development and Cost Management - The company plans to expand kitchen waste project capacity to 8,000-10,000 tons per day, focusing on identifying quality projects and enhancing operational efficiency [4] - Cost control measures will continue, including improving collection rates and optimizing project processes to reduce material and energy consumption [4] Group 5: Competitive Advantages - The company has established a "three-in-one" model to strengthen its competitive edge, including a strong regional advantage through its licensing model and a comprehensive collection network [4] - The digital platform for full-process intelligent control has been developed, allowing for precise tracking and management of resources from collection to product delivery [4] Group 6: Financial Outlook - The company reported an asset impairment loss of approximately 26 million in 2024, but the main business does not face significant impairment risks [4] - The company has not distributed dividends in recent years due to negative retained earnings but plans to consider dividends once profits turn positive [4]

山高环能集团股份有限公司（以下简称"公司"）2024 年 7 月 3 日召开第十 一届董事会第十三次会议及第十一届监事会第九次会议，审议通过了《关于使用 部分闲置募集资金暂时补充流动资金的议案》，同意公司使用部分闲置募集资金 人民币 3,315.00 万元暂时补充流动资金，用于主营业务相关的生产经营使用，使 用期限自董事会审议批准该议案之日起不超过 12 个月。具体详见公司于 2024 年 7 月 4 日在《中国证券报》《上海证券报》《证券时报》及巨潮资讯网 （www.cninfo.com.cn）披露的《关于使用部分闲置募集资金暂时补充流动资金 的公告》（公告编号：2024-047）。 根据上述决议，公司在使用部分闲置募集资金暂时补充流动资金期间，对资 金进行了合理的安排与使用，资金运用情况良好。 前归还至募集资金专用账户。截至本公告披露日，公司已归还募集资金 2,250 万 元，并及时将上述募集资金的归还情况通知了保荐机构和保荐代表人，其余用于 临时补充流动资金的 1,065 万元募集资金将在到期日之前归还。 特此公告。 证券代码：000803 证券简称：山高环能 公告编号：2025-027 山高环能集团股 ...

根据上述决议，公司在使用部分闲置募集资金暂时补充流动资金期间，对资 金进行了合理的安排与使用，资金运用情况良好。 2025 年 5 月 21 日，公司将上述暂时补充流动资金的募集资金 1,700 万元提 前归还至募集资金专用账户。截至本公告披露日，公司已归还募集资金 2,250 万 元，并及时将上述募集资金的归还情况通知了保荐机构和保荐代表人，其余用于 临时补充流动资金的 1,065 万元募集资金将在到期日之前归还。 特此公告。 山高环能集团股份有限公司 董 事 会 证券代码：000803 证券简称：山高环能 公告编号：2025-027 山高环能集团股份有限公司 关于提前归还暂时用于补充流动资金的募集资金的公告 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。 山高环能集团股份有限公司（以下简称"公司"）2024 年 7 月 3 日召开第十 一届董事会第十三次会议及第十一届监事会第九次会议，审议通过了《关于使用 部分闲置募集资金暂时补充流动资金的议案》，同意公司使用部分闲置募集资金 人民币 3,315.00 万元暂时补充流动资金，用于主营业务相关的生产经营使用， ...

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental sectors [4][18]. Core Views - The report highlights the introduction of detailed rules in Guangdong and Shandong provinces regarding the sustainable development pricing settlement mechanism for new energy projects, marking a significant step towards market-driven reforms in the new energy sector [2][15]. - It emphasizes that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies [18]. - The report suggests that the continuous support from national policies for new energy development will lead to gradually stable profitability for new energy generation [18]. - It notes that the growth in installed capacity and generation will help offset the downward pressure on electricity prices, predicting stable profitability for nuclear power companies [18]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.12%, while the public utilities index increased by 0.08%. The environmental index remained unchanged, with relative weekly returns of -1.04% and -1.12% respectively [1][21]. - Among the sub-sectors, thermal power decreased by 0.89%, hydropower increased by 0.87%, and new energy generation rose by 0.08% [1][21]. Important Policies and Events - Guangdong's electricity trading center issued draft rules for the sustainable development pricing settlement mechanism for new energy projects, with the first competitive trading scheduled for mid-2025 [2][14]. - The rules stipulate that projects must be approved and operational by December 31, 2025, to participate in the first auction [2][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 [18]. - The report also suggests investing in nuclear power operators like China Nuclear Power and China General Nuclear Power, and highlights the defensive attributes of hydropower stocks amid a global interest rate decline [18][19]. Key Company Earnings Forecasts and Investment Ratings - The report provides a detailed table of investment ratings for various companies, all rated as "Outperform," including Huadian International, Longyuan Power, and China Nuclear Power, with projected earnings per share (EPS) growth for 2024 and 2025 [7][18].

证券代码：000803 证券简称：山高环能 公告编号：2025-026 山高环能集团股份有限公司 关于举办2024年度业绩说明会的公告 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。 山高环能集团股份有限公司（以下简称"公司"）已于 2025 年 4 月 23 日在巨 潮资讯网（http://www.cninfo.com.cn）披露了《2024 年年度报告》及《2024 年年 度报告摘要》。为便于广大投资者更加全面深入地了解公司经营业绩、发展战略 等情况，公司定于 2025 年 5 月 22 日（星期四）15:00-16:00 采用网络互动的方 式举办公司 2024 年度业绩说明会，与投资者进行沟通和交流，广泛听取投资者 的意见和建议。 一、说明会召开的时间、地点和方式 会议召开时间：2025 年 5 月 22 日（星期四）15:00-16:00 会议召开地点：深圳证券交易所"互动易"平台（http://irm.cninfo.com.cn） 会议召开方式：网络互动方式 二、公司参会人员 出席本次说明会的嘉宾有：董事长谢欣先生、董事兼总裁杜业鹏先生、独立 董事秦 ...

关于回购注销部分限制性股票减少注册资本暨通知债权人的公告 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：2025-025 山高环能集团股份有限公司 二、债权申报具体方式 1、债权申报登记地点：四川省南充市顺庆区潆华南路一段九号仁和广场写 字楼 1204 号 2、申报时间：2025 年 5 月 15 日至 2025 年 6 月 28 日之工作日 9:30-11: 30、 14:00-17:00 山高环能集团股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日、2025 年 5 月 14 日分别召开第十一届董事会第二十次会议、2024 年年度股东大会，审 议通过《关于第二期限制性股票激励计划（第三个解锁期）解锁条件未成就暨回 购注销部分限制性股票的议案》。现公司总股本由 470,988,309 股变更为 466,296,153 股。具体内容详见公司于 2025 年 4 月 23 日在《中国证券报》《上 海证券报》《证券时报》及巨潮资讯网（http://www.cninfo.com.cn）披露的《 ...