Core Viewpoint - The company Shandong Huanneng (山高环能) has received a government subsidy of 2.33 million yuan, which represents 17.87% of its latest audited net profit, indicating a significant boost to its financial position and operational sustainability [1]. Group 1: Company Performance - As of November 20, 2025, Shandong Huanneng's stock closed at 7.27 yuan, down 1.09% from the previous trading day, with a total market capitalization of 3.39 billion yuan [1]. - The stock opened at 7.4 yuan, reached a high of 7.55 yuan, and a low of 7.23 yuan, with a trading volume of 1.7 billion yuan and a turnover rate of 5.01% [1]. Group 2: Government Subsidy - The company’s subsidiary, Beijing Xincheng Thermal Power Co., Ltd., received a government subsidy of 2.33 million yuan, which is related to its regular business activities and is expected to be sustainable [1]. - The accounting treatment for this subsidy will be conducted according to the "Accounting Standards for Enterprises No. 16 - Government Subsidies," pending confirmation from the auditing agency [1].

Core Viewpoint - On November 20, 2023, Shandong Huanyu Energy Co., Ltd. announced that its subsidiary, Beijing New Town Heating Co., Ltd., received a government subsidy of 2.33 million yuan, which is expected to support its operational activities and financial performance [1] Company Summary - Shandong Huanyu Energy Co., Ltd. is actively engaging with government support mechanisms, as evidenced by the recent subsidy announcement [1] - The subsidy amount of 2.33 million yuan may enhance the financial stability and operational capacity of its subsidiary, Beijing New Town Heating Co., Ltd. [1]

Group 1 - The core point of the article is that Shanggao Environmental Energy announced a government subsidy of 2.33 million yuan, which accounts for 17.87% of the company's most recent audited net profit [1] - For the first half of 2025, the revenue composition of Shanggao Environmental Energy is as follows: industrial-grade mixed oil processing and sales accounted for 51.67%, heating industry for 24.29%, environmental harmless treatment for 23.76%, and other businesses for 0.28% [1] - As of the report date, the market capitalization of Shanggao Environmental Energy is 3.4 billion yuan [1]

2025 年 11 月 20 日，山高环能集团股份有限公司（以下简称"公司"）下属公 司北京新城热力有限公司收到政府补助 233 万元，占公司最近一期经审计净利润 的 17.87%。本次系与收益相关的政府补助，与公司日常经营活动相关，具有可 持续性。 二、补助对上市公司的影响 证券代码：000803 证券简称：山高环能 公告编号：2025-084 山高环能集团股份有限公司 关于获得政府补助的公告 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。 一、获得补助的基本情况 根据《企业会计准则第16号-政府补助》等有关规定，公司将对上述政府补 助进行相应的会计处理，具体会计处理以审计机构确认后的结果为准，敬请广大 投资者注意投资风险。 三、备查文件 1、收款凭证。 山高环能集团股份有限公司 董 事 会 2025年11月20日 ...

Core Viewpoint - The company, Shandong High Energy Environmental Protection Co., Ltd. (山高环能), announced that its subsidiary, Beijing New Town Heating Co., Ltd., received a government subsidy of 2.33 million yuan, which accounts for 17.87% of the company's most recent audited net profit. This subsidy is related to revenue and is sustainable in nature, being linked to the company's regular business activities [1]. Group 1 - The government subsidy received by the subsidiary amounts to 2.33 million yuan [1] - The subsidy represents 17.87% of the company's latest audited net profit [1] - The subsidy is associated with revenue and is sustainable, indicating its relevance to the company's ongoing operations [1]

格隆汇11月20日丨山高环能(000803.SZ)公布，下属公司北京新城热力有限公司收到政府补助233万元， 占公司最近一期经审计净利润的17.87%。本次系与收益相关的政府补助，与公司日常经营活动相关， 具有可持续性。 ...

Core Insights - The stock price of Shandong Huangan Energy has increased by 46.20% year-to-date, but has recently experienced a decline of 11.76% over the past five trading days [1] - The company reported a revenue of 1.036 billion yuan for the first nine months of 2025, a slight decrease of 0.50% year-on-year, while net profit attributable to shareholders increased significantly by 546.90% to 52.61 million yuan [2] - The company specializes in the harmless treatment and high-value utilization of urban organic waste, as well as clean heating services and energy management contracts [2] Financial Performance - As of September 30, 2025, Shandong Huangan Energy's total revenue was 1.036 billion yuan, down 0.50% year-on-year [2] - The net profit attributable to shareholders reached 52.61 million yuan, marking a substantial increase of 546.90% compared to the previous year [2] Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 6.21% to 17,300, with an average of 26,649 circulating shares per shareholder, an increase of 6.62% [2] - Notable institutional shareholders include HSBC Jintrust Small Cap Stock and HSBC Jintrust Dual Core Mixed Fund, which have increased their holdings [3]

Core Insights - The overall performance of companies in the environmental protection industry is strong, with significant profit growth and cash flow improvement observed in waste incineration and biofuel sectors [1] Waste Incineration Companies - Major waste incineration companies reported significant growth in net profit for Q3, with notable increases from Junxin Co. (+47.6%), Huanlan Environment (+28.1%), Yongxing Co. (+25.6%), and others [2] - Key factors for profit growth include project commissioning, asset acquisitions, improved capacity utilization, and expansion into heating services, contributing an additional profit of approximately 80 yuan per ton of waste [2] - Cash flow from operating activities for waste incineration companies improved due to increased capacity and government subsidy repayments, with Green Power's Q3 subsidy repayments being particularly favorable [2] Water Companies - Profitability among water companies showed significant variation in Q3, with notable declines in net profit for Chuangye Environmental (-10.4%) and Shou Chuang Environmental (-78.4%), while others like Hongcheng Environment (+2.1%) and Chongqing Water (+2.7%) experienced growth [3] - The sharp decline in Shou Chuang Environmental's profit was primarily due to a one-time investment gain from the sale of a Singapore company in the previous year [3] Biofuel Companies - Biofuel companies experienced substantial profit growth in Q3, driven by rising export prices and sales volume, with UCO export prices increasing by $150-$200 per ton compared to the previous year [4] - Companies like Shangaohuan Energy and Langkun Technology reported significant profit increases, with Shangaohuan achieving a net profit of 0.1 billion yuan in Q3, up from a loss of 0.2 billion yuan in the same period last year [4] - The SAF segment also saw profitability improvements, with Jiaao Environmental turning a profit of 0.5 billion yuan in Q3, attributed to increased sales volume and prices [5] Investment Recommendations - The report suggests focusing on waste incineration companies with high dividends and growth potential, such as Guangda Environment, Huanlan Environment, Yongxing Co., and Junxin Co. [6] - Biofuel companies benefiting from overseas carbon reduction policies, including Shangaohuan Energy, Jiaao Environmental, and others, are also recommended for investment [7] - High dividend assets in the water sector, such as Beikong Water Group and Yuehai Investment, are highlighted as potential investment opportunities [7]

Group 1 - The core point of the news is that Shandong Huanneng's stock price has declined by 5.12% on November 18, reaching 7.42 CNY per share, with a total market capitalization of 3.46 billion CNY [1] - The stock has experienced a continuous decline for three days, with a cumulative drop of 10.32% during this period [1] - Shandong Huanneng's main business includes harmless treatment and high-value utilization of urban organic waste, as well as urban clean heating and energy management services, with revenue composition being 51.67% from oil product processing and sales, 24.29% from heating services, and 23.76% from environmental harmless treatment [1] Group 2 - According to data, Guotou Ruijin Fund has a significant holding in Shandong Huanneng, with the Guotou Ruijin Ruisheng Mixed Fund (LOF) A holding 1.1525 million shares, accounting for 2.34% of the fund's net value [2] - The fund has incurred a floating loss of approximately 461,000 CNY today, with a total floating loss of 1.0373 million CNY over the three-day decline [2] - The fund manager, He Mingzhi, has been in position for 3 years and 67 days, with the fund's total asset scale at 396 million CNY and a best return of 21.06% during his tenure [2]

证券代码：000803 证券简称：山高环能 公告编号：2025-083 山高环能集团股份有限公司 2025年第二次临时股东大会决议公告 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 1、会议召开时间 （1）现场会议召开日期和时间：2025 年 11 月 17 日（星期一）14：00。 （2）网络投票时间：2025 年 11 月 17 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 11 月 17 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 11 月 17 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 通过 ...