2024年年度股东大会决议公告 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、本次股东大会未出现否决提案的情形； 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开情况 证券代码：000803 证券简称：山高环能 公告编号：2025-024 山高环能集团股份有限公司 1、会议召开时间 （1）现场会议召开日期和时间：2025 年 5 月 14 日（星期三）14：00。 （2）网络投票时间：2025 年 5 月 14 日，其中： ①通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 5 月 14 日 9：15 至 9：25、9：30 至 11：30、13：00 至 15：00； ②通过互联网投票系统进行网络投票的具体时间为 2025 年 5 月 14 日 9：15 至 15：00 期间的任意时间。 2、会议召开地点：山东省济南市经十路 9999 号黄金时代广场 D 座 7 层公 司会议室。 3、会议召集人：公司第十一届董事会 4、会议召开方式：现场与网络投票相结合 5、会议主持人：董事长谢欣先生 6、本次股东大会的召 ...

关于山高环能集团股份有限公司 2024 年年度股东大会的 法律意见书 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 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 关于山高环能集团股份有限公司 2024 年年度股东大会的 法律意见书 致：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"）委托，就公司召开 2024 年年度股东大会（以下简称"本 次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简称《公司法》）、 《上市公司股东会规则》等法律、法规、规章和其他规范性文件以及《山高环能 集团股份有限公司章程》（以下简称《公司章程》）的有关规定，出具本法律意见 书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [6][9]. Core Views - The environmental sector's revenue in 2024 is projected to decline by 0.6% to CNY 364.236 billion, with net profit decreasing by 14.7% to CNY 23.058 billion. However, in Q1 2025, the sector is expected to see a revenue increase of 3.5% to CNY 81.243 billion and a net profit growth of 3.8% to CNY 8.232 billion [3][21]. - The report highlights the impact of the new market-oriented pricing reforms for renewable energy in Shandong, aiming for full market integration by the end of 2025 [2][16]. - The report emphasizes the importance of the carbon neutrality context, recommending investments in the new energy industry chain and comprehensive energy management [41][42]. Summary by Sections Market Review - The Shanghai Composite Index rose by 2.00%, while the public utility index increased by 2.22%, and the environmental index rose by 2.93% [1][43]. Important Policies and Events - Shandong's new pricing reform aims for full market integration of wind and solar energy by 2025, with differentiated policies for existing and new projects [2][16]. Financial Overview of the Environmental Sector - In 2024, only the solid waste management and water treatment sectors showed positive growth, while the environmental equipment sector saw a decline of over 30% [3][21]. - The atmospheric governance sector reported a loss increase, while the comprehensive environmental governance sector shifted from profit to loss [21][24]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional electricity firms like Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][41]. - The report suggests focusing on "utility-like investment opportunities" within the environmental sector, recommending companies like China Everbright Environment and Zhongshan Public Utilities [42][41]. Key Company Profit Forecasts and Investment Ratings - Several companies, including Huadian International and Longyuan Power, are rated as "Outperform" with projected earnings per share (EPS) growth for 2025 [9][41].

Investment Rating - The report maintains a positive outlook on the power and natural gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][10]. Core Insights - The Shandong provincial government has introduced its first local guidelines for the marketization of renewable energy pricing, which is expected to stabilize returns for existing projects and provide a model for other provinces [5][7]. - Global natural gas prices have seen a slight rebound due to tightening supply and increased demand for LNG exports, with specific price movements noted in various regions [10][19]. - The report highlights the potential for LNG import prices to decrease further in the second half of 2025, benefiting downstream gas companies [11][29]. Summary by Sections 1. Power Sector: Shandong's New Energy Market Guidelines - Shandong's new energy pricing reform outlines that existing projects will participate in market pricing at a rate of 0.3949 yuan per kWh, aligning with the provincial coal benchmark price [5][6]. - The guidelines emphasize strong connectivity with existing policies, ensuring stability for existing projects while introducing competitive elements for new projects [6][7]. - The implementation of these guidelines is expected to serve as a model for other provinces, enhancing the operational efficiency and market strategies of renewable energy companies [7][8]. 2. Natural Gas: Global Demand and Price Rebound - As of May 9, 2025, the Henry Hub spot price in the U.S. was $3.22/mmBtu, reflecting a weekly increase of 3.84%, while European prices also saw a rise due to supply constraints and seasonal demand [10][19]. - The report notes that the overall LNG import cost in China has remained below 4000 yuan per ton, with a significant decrease of 18.4% from the year's peak [11][29]. - The anticipated decline in international oil prices is expected to further lower LNG import prices in China, benefiting city gas companies [11][29]. 3. Weekly Market Review - The public utilities, environmental protection, power equipment, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the review period [35]. 4. Company and Industry Dynamics - Recent developments include the issuance of competitive configuration announcements for renewable energy projects in various provinces, indicating ongoing investment and growth in the sector [44][46]. - The report also highlights significant corporate announcements, including financing and profit distribution plans from key players in the energy sector, reflecting a proactive approach to capital management and shareholder returns [48][49].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][16][20] Core Views - The company is experiencing an operational turning point, with a significant increase in net profit for Q1 2025, showing a year-on-year growth of 222% [1][2] - The sales structure of oil fats has improved, although revenue is expected to decline in 2024 due to a strategic reduction in external oil fat trade sales [1][6] - Non-operating items have significantly impacted the net profit for 2024, but the company has shown improvement in operational performance [2][6] Summary by Relevant Sections Revenue and Profitability - In 2024, the company achieved operating revenue of 1.449 billion yuan, a decrease of 31% year-on-year, with industrial-grade mixed oil business revenue declining by 42.5% [1][6] - The net profit attributable to the parent company for 2024 was 13.04 million yuan, reflecting a year-on-year increase of 47.3% [2][6] - The gross profit margin improved to 19.21% in 2024, up by 4.5 percentage points year-on-year [8] Financial Performance - The company’s financial expenses decreased to 124 million yuan in 2024, down by 28 million yuan from 2023 [2][8] - The asset-liability ratio decreased by 1.02 percentage points to 72.27% in 2024 [8] Capacity Expansion - The company has expanded its kitchen waste processing capacity to 5,490 tons per day, an increase of 860 tons per day compared to 2023 [3][15] - The net cash flow from operating activities in 2024 was 374 million yuan, supporting the capacity expansion [15] Earnings Forecast - The profit forecast for 2025-2027 has been slightly adjusted upwards, with expected net profits of 88 million, 125 million, and 145 million yuan respectively, reflecting significant growth rates [16][18]

证券研究报告 | 2025年04月24日 投资建议：小幅上调盈利预测，维持 "优于大市"评级。考虑到公司 25Q1 业绩略超预期，我们小幅上调盈利预测，预计 2025-2027 年归母净利润 0.88/1.25/1.45 亿元（2025-2026 原值为 0.83、1.23 亿元），同比增速 576.3%/41.3%/16.1%，当前股价对应 PE=29/21/18x，维持"优于大市"评级。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,101 | 1,449 | 1,631 | 1,724 | 1,818 | | (+/-%) | 17.3% | -31.0% | 12.5% | 5.7% | 5.5% | | 归母净利润(百万元) | 9 | 13 | 88 | 125 | 145 | | (+/-%) | -89.6% | 47.3% | 576.3% | 41.3% | 16.1% | | 每股收益（元） | 0.02 | 0.03 | ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000803 证券简称：山高环能 公告编号：2025-011 山高环能集团股份有限公司2024年年度报告摘要 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 1、有机固废领域的无害化处理与资源化利用业务 报告期内，公司通过处理餐厨垃圾和外购油脂，经加工后获得UCO等可再生产品。截至目前，公司已 实现在国内近二十余个城市垃圾处理布局，投资建设、运营了济南、青岛、烟台、石家庄、天津、郑 州、株洲、太原、银川、湘潭、武汉、兰州、大同、菏泽等地区多个大型城市餐厨垃圾处理和资源化利 用项目，形成规模化发展格局。公司餐厨垃圾资源化处理投运规模位居国内前茅。公司运营餐厨项目产 能已达5,490吨/日（包含新收购项目及托管项目，其中郑州项目、株洲项目尚未完成股权交割），未来 公司将通过招投标、收购等方式持续提升产能规模。 表1：公司运 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 监事会认为：公司本次计提各项资产减值准备是基于谨慎性原则，符合《企业会计准则》和公司相关会 计政策的规定，符合公司的实际情况，更加公允地反映公司的财务状况及经营成果，没有损害公司及全 体股东、特别是中小股东的利益，监事会同意公司本次计提各项资产减值准备。 六、备查文件 1、第十一届董事会第二十次会议决议； 2、第十一届监事会第十二次会议决议。 山高环能集团股份有限公司 董 事 会 2025年4月22日 证券代码：000803 证券简称：山高环能 公告编号：2025-018 山高环能集团股份有限公司 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4月21日召开第十一届董事会第二十次会议及 第十一届监事会第十二次会议，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》，本事项尚需提交公司股东大会审议，现将有关情况公 ...

营业收入：大幅下滑31.04% 山高环能集团股份有限公司近日发布2024年年度报告，报告期内，公司在营业收入、净利润、研发投入 等多个关键指标上呈现出显著变化。其中，油脂产品加工和销售业务收入下滑明显，研发投入也大幅减 少。这些变化背后反映了公司怎样的经营状况和面临的挑战？本文将为您深入解读。 营收净利：一降一升 研发投入与人员：双双下降 研发投入金额为6,385,094.98元，较2023年的15,759,692.75元减少了9,374,597.77元，降幅59.48%。研发 人员数量为73人，比2023年的91人减少了18人，降幅19.78%。研发投入资本化的金额为4,195,025.35 元，较2023年的4,646,054.57元减少了451,029.22元，降幅9.71%。资本化研发投入占研发投入的比例为 65.70%，较2023年的29.48%增加了36.22%。 2024年，山高环能营业收入为1,449,072,156.30元，相较于2023年的2,101,413,082.72元，减少了 652,340,926.42元，降幅达31.04%。从业务板块来看，油脂产品加工和销售业务收入为820,92 ...

Company Overview - The company is listed on the Shenzhen Stock Exchange under the stock code 000803[14]. - The company’s legal representative is Xie Xin, and the registered address is in Nanchong, Sichuan Province[14]. - The company has undergone a change in its registered address as of April 29, 2021[14]. - The company’s main office is located in Jinan, Shandong Province, with additional offices in Beijing and Nanchong[14]. - The company’s website is https://www.000803.cn, and the email for investor relations is ir@belg.com.cn[14]. Financial Performance - The company reported no cash dividends, stock bonuses, or capital reserve transfers for the fiscal year[5]. - The company's operating revenue for 2024 was ¥1,449,072,156.30, a decrease of 31.04% compared to ¥2,101,413,082.72 in 2023[19]. - Net profit attributable to shareholders for 2024 was ¥13,037,644.49, an increase of 47.30% from ¥8,851,101.26 in 2023[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥5,254,868.02, a significant improvement of 119.10% compared to -¥27,510,799.45 in 2023[19]. - The net cash flow from operating activities for 2024 was ¥373,885,367.05, down 51.47% from ¥770,346,036.91 in 2023[19]. - Basic earnings per share for 2024 increased by 50.00% to ¥0.03 from ¥0.02 in 2023[20]. - Total assets at the end of 2024 were ¥5,203,034,507.35, a decrease of 3.60% from ¥5,397,247,479.53 at the end of 2023[20]. - The weighted average return on net assets for 2024 was 0.92%, up from 0.62% in 2023[20]. Operational Highlights - The company reported a quarterly operating revenue of ¥416,414,141.10 in Q1 2024, with a net profit of ¥8,772,491.10[24]. - In Q2 2024, the company experienced a net loss of ¥43,774,924.82, despite an operating revenue of ¥373,445,571.70[24]. - The company has achieved a daily processing capacity of 5,490 tons for kitchen waste, ranking among the top in the domestic market[49]. - The company operates multiple large-scale kitchen waste treatment projects across over 20 cities, including Jinan, Qingdao, and Yantai[49]. - The company has secured long-term operating contracts, with service periods ranging from 20 to 30 years for various projects[50][52]. Strategic Focus - The company plans to continue its focus on the organic waste treatment and resource utilization sectors, reflecting its strategic shift in business operations[18]. - The company is focusing on resource utilization as a key development trend in the kitchen waste processing industry, which not only reduces risks associated with waste but also offers significant economic value[33]. - The company is leveraging its technological capabilities and financial resources to lead the industry during this period of rapid growth, aligning with national policies promoting sustainable waste management[36]. - The company aims to enhance its organic waste treatment and resource utilization business, aligning with national goals of achieving a 60% resource utilization rate for urban household waste by 2025[124]. Market and Industry Trends - The market for kitchen waste processing is expected to grow rapidly due to improved waste classification policies and the establishment of a regulatory framework for kitchen waste management, enhancing the company's operational environment[33]. - The company is positioned to benefit from the "dual carbon" goals set by the government, which aim for carbon peak by 2030 and carbon neutrality by 2060, driving growth in the kitchen waste resource utilization industry[30]. - The potential supply of Used Cooking Oil (UCO) in China exceeds 6 million tons, with less than half currently developed, indicating substantial growth opportunities in the biodiesel sector[40]. - The company is actively pursuing opportunities in the biogas and biodiesel markets, supported by favorable government policies[125]. Research and Development - The company is committed to ongoing research and development of new products to meet market demands[112]. - The company is focusing on the development of technologies for the resource utilization of kitchen waste, in line with the government's waste classification initiatives[124]. - The company has ongoing research and development efforts for new products and technologies, although specific details were not provided in the content[100]. Environmental Compliance - The company strictly adhered to various environmental protection laws and standards during its operations, confirming its status as a key pollutant discharge unit[178]. - The company has established a comprehensive environmental impact assessment process for construction projects, ensuring all necessary approvals are obtained[179]. - The company has implemented strict monitoring of pollutant emissions to ensure compliance with industry standards[179]. - The company has obtained valid pollution discharge permits for its subsidiaries, with expiration dates ranging from 2025 to 2030[179]. Governance and Management - The company has a structured remuneration system based on job responsibilities, performance, and company policies[153]. - The board of directors includes independent directors and various professionals with extensive experience in finance and law[148][149][150]. - The company has established a legal service team to enhance its compliance and risk management capabilities[149]. - The company has implemented a comprehensive performance evaluation system for its management team to ensure accountability and effectiveness[153]. Community Engagement - The company provided financial assistance to a retired soldier affected by a fire in Sichuan Province, demonstrating its commitment to social responsibility[191]. - Gansu Chinei, a subsidiary, was awarded the "Waste-Free Enterprise" honor for its contributions to green development and waste-free initiatives in Lanzhou[192]. - The company engaged in educational activities, hosting over 100 students from Taiyuan University to promote waste classification and the importance of proper waste disposal[193]. - The company actively participated in poverty alleviation efforts, providing heating fee reductions for three underprivileged households in its service area[196].