山高环能与中航油签署5年战略合作协议 围绕餐厨废油制SAF构建闭环Shanggao Huaneng Signs 5-Year Strategic Cooperation Agreement with China Aviation Oil to Build a Closed Loop for Producing SAF from Kitchen Waste Oil

On October 23, 2026, Shangaohuan Energy Group Co., Ltd. (000803) signed a strategic cooperation agreement with China Aviation Oil Group Petroleum Co., Ltd. The two parties plan to carry out multi-level and all-round strategic cooperation in resource organization, trade circulation, capital linkage, and technological mutual support, focusing on upstream and downstream collaboration across the industry value chain. The cooperation agreement is valid for 5 years and can be extended upon mutual confirmation.

The first item of the cooperation is closed-loop market collaboration. The two parties intend to promote and replicate the closed-loop management model from kitchen waste oil to SAF, focusing on major central cities such as Beijing-Tianjin-Hebei and Central China. They will work with local governments to implement strict management, jointly encourage local governments to introduce relevant policies, integrate and standardize the collection and transportation system of local kitchen waste oils, and build a closed-loop management system for the collection of local kitchen waste oils, SAF processing, and airport refueling, achieving coordinated development across the entire industry chain.

The second item is trade cooperation. The two parties will cooperate in the purchase and sale of kitchen waste oils and other liquid biomass raw materials, and intend to sign a long-term cooperation agreement; under the same conditions, China Aviation Oil will give priority to Sangao Environmental Energy in resource procurement, and Sangao Environmental Energy will give priority to ensuring supply for China Aviation Oil.

The third item is equity investment cooperation. Both parties agree to conduct in-depth discussions on equity investment matters during the process of introducing strategic investors and project investment, actively explore various models such as equity cooperation and joint venture projects, and jointly promote the investment, construction, and operation of UCO production facilities, the front-end kitchen waste market, and related industry chain projects. The fourth item is technology and project collaboration. CNOOC Aviation Sharing will share its network resources and project information to provide resource support for Shanggao Environmental Energy to expand its business; Shanggao Environmental Energy will leverage its technical advantages and operational experience to provide professional support and consulting for CNOOC Aviation and its cooperative projects in resource collection, front-end transportation, scheme design, and facility construction. In addition, both parties will also explore expanding cooperation in aspects such as resource system linkage, production capacity and project coordination, market and channel complementarity, joint construction of industrial ecology, technology and talent exchange, and observation of emerging fields.

The cooperating party, China Aviation Oil, is another limited liability company (non-listed), with a unified social credit code of 911100007109329026, a registered capital of 1.2 billion RMB, legal representative Yuan Wei, and a business term from October 8, 2004, to an indefinite period. Its registered address is No. 054, Shuangyong Avenue, Baota District, Yan'an City, Shaanxi Province. Its business scope covers the sale of chemical products, manufacturing of petroleum products, lubricating oil sales, sales of biomass molded fuels, wholesale of refined oil, operation of hazardous chemicals, and other activities. The announcement stated that Shangaohuan Energy and China Aviation Oil have no affiliated relationship. China Aviation Oil is not a dishonest judgment debtor and has the ability to fulfill the relevant agreement commitments.

Shanggao Huaneng simultaneously issued a risk warning: This agreement is a framework document for both parties to carry out cooperation and constitutes an intention-based arrangement for cooperation. Specific cooperation projects will be separately signed through cooperation agreements, and the implementation content and progress remain uncertain. The cooperation agreement signed this time will not have a significant impact on the company's operating performance for this year, and the impact on future operating performance will depend on the specific cooperation carried out by both parties subsequently. This matter does not constitute a related-party transaction, nor does it constitute a major asset restructuring, and it does not need to be submitted to the company's board of directors or shareholders for approval; the signing of the agreement will not have a significant impact on the company's business independence, and the company will not form a serious dependency on the partner as a result of performing the agreement.

[Source: Shenzhen Stock Exchange Announcement]

[Editor: Xiaoneng]