中国银河证券股份有限公司 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 之 上市保荐书 保荐机构（主承销商） 北京市丰台区西营街 8 号院 1 号楼 7 至 18 层 101 二零二五年十二月 山高环能集团股份有限公司 上市保荐书 声 明 中国银河证券股份有限公司（以下简称"银河证券"或"保荐人"）及本项 目保荐代表人已根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人 民共和国证券法》（以下简称《证券法》）、《上市公司证券发行注册管理办法》（以 下简称"《注册管理办法》"）《深圳证券交易所股票上市规则》（以下简称"《上市 规则》"）等法律法规和中国证券监督管理委员会（以下简称"中国证监会"）及 深圳证券交易所（以下简称"深交所"）的有关规定，诚实守信，勤勉尽责，严 格按照依法制定的业务规则和行业自律规范出具上市保荐书，并保证所出具文件 真实、准确、完整。 如无特别说明，本上市保荐书中所涉简称与《中国银河证券股份有限公司关 于山高环能集团股份有限公司 2025 年度向特定对象发行 A 股股票募集说明书 （修订稿）》一致。 3-3-1 | | | 3-3-3 山高环能集团股 ...

之 发行保荐书 中国银河证券股份有限公司 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 保荐机构（主承销商） 北京市丰台区西营街 8 号院 1 号楼 7 至 18 层 101 二零二五年十二月 山高环能集团股份有限公司 2025 年度向特定对象发行 A 股股票之发行保荐书 声明 中国银河证券股份有限公司（以下简称"银河证券"或"保荐机构"）及本 项目保荐代表人已根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司证券发行注册管理办 法》（以下简称"《注册管理办法》"）等有关法律、法规和中国证券监督管理委员 会的有关规定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、行业执业 规范和道德准则出具本发行保荐书，并保证所出具文件的真实性、准确性和完整 性。 本发行保荐书中如无特别说明，相关用语具有与《中国银河证券股份有限公 司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 股股票募集说明 书（修订稿）》中相同的含义。 3-1-1 | | | 山高环能集团股份有限公司 2025 年度向特定对象发行 A 股 ...

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 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [4]. Core Insights - The German government has officially passed legislation to implement the EU's Renewable Energy Directive (RED III), which is expected to boost the demand for HVO (Hydrotreated Vegetable Oil) and UCO (Used Cooking Oil) [4]. - The RED III directive, effective from 2023, mandates EU member states to transpose it into national law by May 21, 2025, with Germany setting a higher greenhouse gas (GHG) reduction target of 19% for gasoline and diesel by 2030, compared to the EU's unified target of 14.5% [4][5]. - The cancellation of double counting for advanced biofuels is expected to convert "accounting quotas" into "physical volumes," significantly increasing the demand for HVO and UCO [4]. - The removal of POME (Palm Oil Mill Effluent) from compliance eligibility is set to take effect in 2027, although its impact is considered limited due to the declining share of palm oil in EU biodiesel feedstocks [4]. - The report suggests a positive outlook for biodiesel development across road transport, shipping, and aviation, with specific companies recommended for investment: Shandong Hi-Speed Energy, Hainan New Energy Technology, Longkun Technology, and Weili [4]. Summary by Sections Legislative Developments - The German cabinet's approval of the RED III legislation is a significant step towards enhancing HVO and UCO demand [4]. - The legislation aims to increase the GHG reduction target for the transportation sector, with a gradual rise to 59% by 2040 [4]. Market Implications - The cancellation of double counting is anticipated to enhance HVO profitability, indirectly raising SAF (Sustainable Aviation Fuel) prices due to reduced supply [4]. - The report highlights the importance of monitoring the legislative progress in other EU member states as they implement RED III [4]. Company Valuations - Key companies in the sector are evaluated with projected net profits and market capitalizations, indicating potential investment opportunities [6]. - For instance, Shandong Hi-Speed Energy is projected to have a net profit of 1.05 billion in 2025, with a PE ratio of 33 [6].

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 ...