Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental sectors, particularly in electricity and natural gas [1]. Core Insights - The report highlights a recovery in electricity consumption in June, driven by the tertiary sector and residential usage, with a total electricity consumption of 8,670 billion kWh, representing a year-on-year growth of 5.4% [15][17]. - Natural gas consumption showed a slight increase in June, with a total apparent consumption of 35.05 billion m³, up 1.4% year-on-year, indicating a recovery in industry sentiment [21][48]. - The report emphasizes the ongoing optimization of energy structure in China, with significant contributions from renewable energy sources, particularly solar and nuclear power [2][8]. Summary by Sections 1. Electricity: June Consumption Growth Accelerates - In June, the industrial electricity generation reached 7,963 billion kWh, a year-on-year increase of 1.7% [7][9]. - The breakdown of electricity generation types shows a decline in hydropower by 4.0%, while nuclear power grew by 10.3%, and solar power surged by 18.3% [9][15]. - The report notes that the second industry contributed significantly to the electricity increment, accounting for 38% of the total increase [16][17]. 2. Natural Gas: Global Price Decline and June Consumption Growth - The report states that the apparent consumption of natural gas in June was 35.05 billion m³, marking a 1.4% increase year-on-year [21][48]. - The average price of LNG in Northeast Asia decreased to $11.90/mmBtu, reflecting a broader trend of declining global gas prices [22][41]. - The report anticipates that the long-term outlook for natural gas will improve due to rising LNG export capacities from the US and the Middle East [48]. 3. Weekly Market Review - The public utilities and environmental sectors underperformed compared to the CSI 300 index, while the electrical equipment sector outperformed [50]. 4. Company and Industry Dynamics - The report mentions the increase in installed capacity for solar and wind energy, with solar capacity growing by 54.2% year-on-year [53]. - It highlights the ongoing construction of large seawater desalination projects in coastal provinces to support high water-consuming industries [53]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utilities and environmental sectors, indicating potential investment opportunities [60].

Group 1 - The board of directors of Zhejiang Jiaao Environmental Technology Co., Ltd. held its 20th meeting on July 25, 2025, to discuss important resolutions [2][3][4] - The board approved a proposal for the capital increase and introduction of new investors for its subsidiary Lianyungang Jiaao New Energy Co., Ltd. [3][11] - The board also approved a proposal to waive the company's preferential subscription rights for the capital increase [6][11] Group 2 - The capital increase involves an investment of 261,444,444 RMB by China Aviation Oil Group Co., Ltd., which will increase the registered capital of the subsidiary from 2,353,000,000 RMB to 2,614,444,444 RMB [11][36] - The company will continue to hold controlling interest in the subsidiary after the capital increase [12][36] - The capital increase is expected to enhance the subsidiary's capital strength and promote new project development, aligning with the company's strategic planning and long-term interests [36][37] Group 3 - The investment agreement stipulates that the investment will be made in two phases, with each phase requiring certain preconditions to be met [19][21] - The agreement includes provisions for buyback rights under specific circumstances, allowing investors to sell their shares back to the company [23][25] - The company will authorize its management to handle all matters related to the capital increase, including signing relevant agreements and handling business registration changes [38]

Group 1 - Zhejiang Jiaao Environmental Technology Co., Ltd. announced a capital increase and share expansion for its subsidiary Lianyungang Jiaao New Energy Co., Ltd., with China Aviation Oil Group investing 261 million yuan for a 10% stake [1] - After the capital increase, Lianyungang Jiaao's registered capital will rise from 2.353 billion yuan to 2.614 billion yuan, while Jiaao Environmental will maintain its controlling stake [1] - In May 2025, Lianyungang Jiaao is expected to produce 372,400 tons of bio-jet fuel at full capacity, having received approval for export licenses [1] Group 2 - Lianyungang Jiaao successfully achieved its first market sale of bio-jet fuel, amounting to approximately 13,400 tons, marking a significant milestone in the commercialization of bio-jet fuel [2] - The successful sale indicates a breakthrough from technology development to industrial application, enhancing the company's competitiveness in the biofuel sector [2] - Bio-jet fuel, a type of sustainable aviation fuel (SAF), is produced from biomass and has the potential to significantly reduce carbon emissions compared to traditional aviation fuel [2] Group 3 - The global aviation industry is accelerating its transition to "net-zero emissions," with clear policy support for SAF in China [3] - The 2024-2025 Energy Conservation and Carbon Reduction Action Plan emphasizes the promotion of advanced bio-liquid fuels and sustainable aviation fuels [3] - Sustainable aviation fuel is seen as a core technology for the aviation industry's green transition and aligns with sustainable development goals by utilizing waste materials [3]

Core Viewpoint - China Aviation Oil plans to strategically invest in Jiangsu Jiaao Environmental Protection's subsidiary, Lianyungang Jiaao New Energy, which will enhance the subsidiary's capital strength and support new project development, aligning with the company's strategic planning and long-term interests [1] Company Summary - Jiangsu Jiaao Environmental Protection is a leading domestic company in biodiesel and sustainable aviation fuel (SAF), having obtained certifications from the EU for its biodiesel products and approvals for its aviation fuel [2] - The company has been recognized as the first domestic enterprise included in the biodiesel export whitelist, allowing it to apply for export permits for its production capacity of 372,400 tons of SAF [3] Industry Summary - The global push for carbon neutrality and stricter environmental policies are creating significant opportunities for the biodiesel and SAF industries, supported by a series of encouraging policies from the Chinese government [2] - The Chinese government has established a clear policy framework to support the development of SAF, with pilot projects initiated at major airports and plans to expand by 2025 [3] - International giants are entering the Chinese SAF market, recognizing the strategic advantages of companies like Jiangsu Jiaao, which has built a unique closed-loop capability in raw materials, technology, certification, and distribution channels [3]

证券代码：603822 股票简称：嘉澳环保 编号：2025-045 浙江嘉澳环保科技股份有限公司 关于控股子公司增资扩股并引入投资者暨放弃优先 认购权的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 一、本次增资概述 （一）本次增资的基本情况 为进一步增强标的公司的资本实力、促进新项目的开展，标的公司现有股 浙江嘉澳环保科技股份有限公司（以下简称"嘉澳环保"或"公司"）控股子 公司连云港嘉澳新能源有限公司（以下简称"连云港嘉澳"或"标的公司"） 拟增资扩股并引入投资者，标的公司现有股东就本次增资事项放弃优先认购权。 基于现有谈判进展，中国航油集团投资有限公司（以最终注册审核通过为准， 以下简称"中国航油"或"本轮投资人"）拟以 261,444,444 元人民币取得标 的公司新增注册资本 261,444,444 元人民币（以下简称"本次增资"）。本次 增资完成后，标的公司的注册资本由 2,353,000,000 元人民币增加至 2,614,444,444 元人民币。 公司放弃本次增资的优先认购权的行为 ...

一、董事会会议召开情况 浙江嘉澳环保科技股份有限公司（以下简称"嘉澳环保"或"公司"）第六 届董事会第二十次会议于 2025 年 7 月 25 日在公司会议室以现场会议与通讯会议 相结合的方式召开，本次会议由董事长沈健先生召集和主持，会议应出席董事 8 人，实际出席董事 8 人（其中以通讯表决方式出席会议的人数为 4 人），公司部 分高级管理人员列席了本次会议。公司第六届董事会第二十次会议通知和材料已 于 2025 年 7 月 21 日以电子邮件、传真及电话通知等方式向全体董事送达。会议 的召集、召开及表决程序符合《中华人民共和国公司法》和《公司章程》的有关 规定，会议形成的决议合法、有效。 证券代码：603822 股票简称：嘉澳环保 编号：2025-044 浙江嘉澳环保科技股份有限公司 第六届董事会第二十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 二、董事会会议审议情况 （一）审议通过《关于控股子公司增资扩股暨引入新投资人的议案》 鉴于公司的董事沈健、沈颖川、章金富、王艳涛在过去 12 个月内为连云 ...

Core Viewpoint - Jiaao Environmental announced that its subsidiary, Lianyungang Jiaao New Energy Co., Ltd., plans to increase capital and introduce investors, with China Aviation Oil Group investing 261 million RMB for new registered capital [1] Group 1 - The subsidiary will increase its registered capital from 2.353 billion RMB to 2.614 billion RMB after the capital increase [1] - The company has waived its preemptive rights for this capital increase but will remain the controlling shareholder [1]

Group 1 - The company, Jiaao Environmental Protection, has reported cumulative losses exceeding 440 million yuan over the past three years, with a debt ratio soaring to 80.45% [1] - In 2024, the company's revenue plummeted by 52.23% year-on-year to 1.274 billion yuan, and net profit losses expanded to 367 million yuan, with a gross margin dropping to -0.23% [2] - The company faces a liquidity crisis with short-term borrowings of 1.405 billion yuan and debts due within one year amounting to 313 million yuan, while cash on hand is only 230 million yuan, resulting in a current ratio of 0.62 [2] Group 2 - The company has been under scrutiny from regulators regarding the authenticity of its financial statements, with the Zhejiang Securities Regulatory Bureau issuing a warning in August 2024 about accounting errors in its 2022-2023 reports [2] - Jiaao Environmental Protection has a history of financial misconduct, having inflated revenue by over 500 million yuan between 2019-2020, leading to penalties and a systemic failure in internal controls [2] - Despite the financial turmoil, the company is aggressively investing in construction projects totaling 9.558 billion yuan, including a 500,000-ton bio-jet fuel project costing over 5 billion yuan [3] Group 3 - The actual controller, Shen Jian, has initiated a private placement to raise 367 million yuan, ostensibly to supplement liquidity, while simultaneously having a high stock pledge ratio of 29.03% [3] - The aggressive investment in the SAF project contrasts sharply with the company's deteriorating cash flow and the industry's overcapacity rate of 30% [3] - The SAF business is unlikely to resolve the company's issues in the short term, as the first quarter of 2025 saw significant depreciation and a 31% increase in R&D expenses, resulting in a quarterly loss of 47 million yuan [3]

Core Viewpoint - The company, Zhejiang Jiaao Enprotech Co., Ltd., reported significant declines in revenue and profits, with a 52.23% year-on-year decrease in revenue to 1.274 billion yuan and a net loss of 367 million yuan for the reporting period, marking three consecutive years of losses [1][2][3] Financial Performance - The company's main products, environmental plasticizers and biomass energy, accounted for 60% and 33% of revenue, respectively, with gross margins of 0.21% and -18.32% [1][3] - In Q1 2025, the company achieved revenue of 467 million yuan, a 7% year-on-year decrease, with a net loss of 47 million yuan, further widening the loss compared to the previous year [1][2] Product Sales and Cost Structure - For 2024, the production volume of environmental plasticizers was 9,300 tons, with revenue of 767.29 million yuan, a decrease of 2.74% from 2023 [3][4] - The biomass energy segment saw a dramatic revenue drop of 76.64% to 414.79 million yuan, with sales volume down 73.44% [3][4] - The cost structure for both main products is heavily reliant on direct materials and manufacturing costs, which together account for over 90% of total operating costs [4][5] Market Challenges - The decline in gross margins is attributed to a significant drop in sales prices and volumes, particularly in the biomass energy sector, which has been adversely affected by EU anti-dumping investigations [5][6] - The company’s biomass energy sales volume in 2024 was only 26.56% of the previous year's volume due to the impact of EU anti-dumping measures [6][12] Competitive Landscape - The company’s gross margin for environmental plasticizers was 0.21% in 2024, compared to -0.52% for comparable companies, indicating a similar downward trend across the industry [5][15] - The biomass energy segment's gross margin was -18.32%, reflecting a 26.32 percentage point decrease year-on-year, consistent with industry trends [5][15] Strategic Initiatives - The company is focusing on the development of sustainable aviation fuel (SAF) projects, which are not subject to the same anti-dumping investigations, to mitigate the impact of declining biomass energy sales [10][23] - Significant investments are being made in fixed assets and ongoing projects, with a total of 2.787 billion yuan in fixed assets and 1.260 billion yuan in construction in progress, representing 47% and 21% of total assets, respectively [16][20]

立信中联会计师事务所(特殊普通合伙) 《关于浙江嘉澳环保科技股份有限公司 2024 年年度报告的信息披露监管问询函》的回复 立信中联专复字[2025]D-0287 号 立信中联会计师事务所(特殊普通合伙) LixinZhonglian CPAs (SPECIAL GENERAL PARTNERSHIP) 日 录 立信中联会计师事务所(特殊普通合伙) 《关于浙江嘉澳环保科技股份有限公司 2024 年年度报告的信息披露监管问询函》的回复 立信中联专复字[2025]D-0287 号 上海证券交易所上市公司管理一部: 根据贵部出具的《关于浙江嘉澳环保科技股份有限公司 2024年年度报告的 信息披露监管问询函》〈上证公函[2025]0891 号〉〈以下简称"问询函"〉， 立信中联会计师事务所（特殊普通合伙）（以下简称"立信中联"或"会计师" 或"年审会计师"）作为浙江嘉澳环保科技股份有限公司(以下简称"嘉澳环 保"或"公司"或"上市公司"）的年审会计师,已会同公司,就问询函所提 问题逐项进行了认真核查,现就问询函中的有关问题回复说明如下: 一、问题 3. 关于项目投建和资金情况。年报显示,公司报告期末固定资 产、在建工 ...