Core Insights - The biodiesel sector experienced a 0.65% increase on October 28, with Hai Xin Neng Ke leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Sector Performance - The biodiesel sector stocks showed varied performance, with the following notable movements: - Ben Liu Neng Yu (300072) closed at 4.04, up 1.51% with a trading volume of 718,800 shares and a turnover of 294 million yuan - Peng Yao Environmental (300664) closed at 5.63, up 1.26% with a trading volume of 151,700 shares and a turnover of 85.2 million yuan - Shan Gao Huan Neng (000803) closed at 6.73, up 1.20% with a trading volume of 75,900 shares and a turnover of 50.7 million yuan - Zhuang Jue Xin Neng (688196) closed at 45.00, up 0.83% with a trading volume of 94,175 shares and a turnover of 42 million yuan - Jia Ao Environmental (603822) closed at 88.93, up 0.51% with a trading volume of 26,000 shares and a turnover of 2.35 billion yuan - Zhong Liang Technology (000930) closed at 5.93, down 0.17% with a trading volume of 133,100 shares and a turnover of 78.9 million yuan - Guo Ji Shi Ye (000159) closed at 6.14, down 0.49% with a trading volume of 145,700 shares and a turnover of 89.6 million yuan [1] Capital Flow Analysis - The biodiesel sector saw a net inflow of 30.4 million yuan from institutional investors, while retail investors experienced a net outflow of 19.4 million yuan [1] - Detailed capital flow for key stocks includes: - Jia Ao Environmental (603822) had a net inflow of 34.5 million yuan from institutional investors, but a net outflow of 2.97 million yuan from retail investors - Zhong Liang Technology (000930) had a net inflow of 6.6 million yuan from institutional investors, with a net outflow of 1.12 million yuan from retail investors - Hai Xin Neng Ke (300072) had a net inflow of 4.0 million yuan from institutional investors, but a significant net outflow of 1.78 million yuan from retail investors - Zhuang Jue Xin Neng (688196) experienced a net outflow of 1.16 million yuan from institutional investors [2]

Core Points - The company will hold an investor briefing on October 31, 2025, from 13:00 to 14:45 to discuss its 2025 semi-annual and third-quarter performance [2][3][4] - The briefing will be conducted via video and online interactive Q&A, allowing investors to engage with the company's management [3][4] - Investors can submit questions from October 24 to October 30, 2025, before the briefing [2][4] Meeting Details - The meeting will take place at the Shanghai Stock Exchange Roadshow Center [4] - Key participants include the Chairman and General Manager, Mr. Shen Jian, and the Board Secretary and CFO, Mr. Wu Yimin [4] - Investors can access the meeting online through the Shanghai Stock Exchange Roadshow Center website [4][6] Contact Information - The contact person for inquiries is Mr. Wu Yimin, who can be reached via phone or email [6]

证券代码：603822 证券简称：嘉澳环保 公告编号：2025-059 浙江嘉澳环保科技股份有限公司 关于召开 2025 年半年度暨第三季度业绩说明会的公 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法律责任。 重要内容提示： 会议召开时间：2025 年 10 月 31 日 （星期五） 13:00-14:45 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络文字互动问答 投资者可于 2025 年 10 月 24 日 （星期五） 至 10 月 30 日 （星 期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 wuyimin_jahb@163.com 进行提问。公司将在说明会 上对投资者普遍关注的问题进行回答。 浙江嘉澳环保科技股份有限公司（以下简称"公司"）已分别于 2025 年 8 月 23 日和 2025 年 10 月 18 日发布公司 2025 年半年度报告、 2025 年第三季度报告，为便 ...

嘉澳环保 2025 年第二次临时股东大会会议材料 证券代码：603822 股票简称：嘉澳环保 | 2025 | 年第二次临时股东大会会议议程 | 3 | | --- | --- | --- | | 2025 | 年第二次临时股东大会须知 | 5 | | 议案一·关于续聘立信中联会计师事务所（特殊普通合伙） | | | | 为公司 2025 | 年度会计师事务所的议案 | 7 | | 议案二·关于取消监事会并修订《公司章程》的议案 | | 8 | | 议案三·关于修订、制定和废止公司部分管理制度的议案 | | 9 | 2 嘉澳环保 2025 年第二次临时股东大会会议材料 2025 年第二次临时股东大会会议议程 网络投票时间：采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东大会召开当日的交易时间段，即 2025 年 11 月 3 日 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平 台 的 投 票 时 间 为 股 东 大 会 召 开 当 日 2025 年 11 月 3 日 的 9:15-15:00。 浙江嘉澳环保科技股份有限公司 二〇二五年第二次临时股东大会 ...

Core Insights - Epoxidized soybean oil (ESO) is recognized as a non-toxic, biodegradable environmental plasticizer and thermal stabilizer with excellent thermal and light stability, indicating a broad application prospect [1][11] - Global policies since 2016 have increasingly restricted non-environmental plasticizers, creating a favorable environment for ESO's development in China, which has implemented various regulations to promote green alternatives [1][6] - China, as the largest PVC producer and consumer, is projected to produce approximately 23.28 million tons of PVC in 2024, providing significant market space for ESO [1][10] Industry Overview - ESO, also known as epoxidized soybean oil, is derived from the epoxidation of soybean oil, characterized by its yellowish transparent liquid form and excellent thermal and light stability [2] - The classification of ESO includes ordinary grade (purity ≥ 98%) for industrial PVC products and high-purity grade (purity ≥ 99%) for food contact and medical applications [3] Market Dynamics - The global ESO market is expected to reach approximately $722 million in 2024, with China's market projected at around 1.45 billion yuan, and is anticipated to grow to $990 million globally and over 2 billion yuan in China by 2030 [1][13][11] - The market is currently dominated by industrial-grade ESO, which accounts for about 74.6% of the global market share, primarily used in plastics, rubber, and coatings [11] Competitive Landscape - The ESO industry exhibits high market concentration, with major players including Hai'erma, Cargill, CHS, BASF, and domestic leaders like Jiaao Enpro and Xinjinlong, collectively holding about 45% of the global market share in 2024 [1][13][14] Policy Environment - The development of ESO is significantly influenced by global regulatory frameworks that restrict traditional plasticizers, with China implementing stringent standards across various sectors, including food packaging and medical devices [6][10] Future Trends - The ESO industry in China is expected to transition towards high-end, green, and diversified products, focusing on technological innovation and product development to meet increasing performance demands [15] - The industry will likely see a shift from traditional applications to emerging fields such as renewable energy and electronic packaging, enhancing the competitive landscape through integrated solutions [17]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the Sustainable Aviation Fuel (SAF) industry, particularly in the context of biodiesel and its growth driven by policy initiatives in regions like the EU and China [1][4]. Core Insights and Arguments - **Global SAF Demand Growth**: The global demand for SAF is expected to reach approximately 48 million tons by 2050, with an average blending level of 11.4%. If the International Air Transport Association (IATA) targets are met, demand could soar to 358 million tons [1][4]. - **China's SAF Demand**: China's SAF demand is projected to reach 2.49 million tons by 2030, despite having more lenient targets compared to the EU [1][4]. - **SAF Price Increase**: The price of SAF has surged due to high demand and limited production capacity, with high-end offshore prices in China reaching $2,500 per ton, a nearly 40% increase since the beginning of the year [1][5]. - **UCO Supply Constraints**: The supply of used cooking oil (UCO), a key raw material for SAF, is limited, with actual collection in China around 2 million tons, indicating its scarcity [1][7]. Company Highlights - **Shangao Environmental Energy**: As a leading player in the UCO industry in China, Shangao plans to increase its waste processing capacity from 5,660 tons per day to between 8,000 and 10,000 tons per day over the next three years. The company has seen rapid growth in net profit and operating cash flow [1][3][10]. - **Jiaao Environmental Protection**: The subsidiary of Jiaao has obtained SAF export licenses and has partnered with BP and China Aviation Oil as strategic shareholders. The company is expected to achieve SAF mass production and export by mid-2025 [1][3][16]. Policy and Market Dynamics - **Global Policy Initiatives**: Various regions, particularly the EU, have implemented SAF blending policies, with the EU aiming for a 2% blending ratio by 2025, leading to a demand increase from 61,000 tons in 2024 to 190,000 tons in 2025 [4]. - **Future Supply and Demand Forecast**: Short-term supply is expected to remain tight due to delays in new production lines and aircraft deliveries. By 2030, global SAF production capacity is projected to be between 14 million and 20 million tons, with demand potentially reaching 20 million tons, indicating a continued supply-demand imbalance [1][9]. Financial Performance and Outlook - **Shangao's Financial Health**: The company reported a significant increase in net profit, with a projected growth of over 200% in net profit for the first half of 2025 compared to the previous year [1][13][14]. - **Jiaao's Financial Recovery**: Jiaao's subsidiary turned a profit of 26 million yuan in the first half of 2025, recovering from previous losses, and is expected to benefit from the scaling of SaaS delivery and price increases [1][16]. Additional Considerations - **Industry Competition**: The biodiesel industry is relatively fragmented, and while demand for UCO is high, the entry of new players is limited due to low profit margins. Shangao is expected to maintain profitability through efficiency improvements [1][11]. - **Strategic Partnerships**: The collaboration between Jiaao and major players like BP and China Aviation Oil is seen as a strategic move to secure market position and enhance operational capabilities [1][3][16]. Conclusion - The SAF industry is poised for significant growth driven by policy support and increasing demand, with key players like Shangao and Jiaao positioned to capitalize on these trends. The supply constraints and rising prices indicate a robust market environment, although challenges remain in terms of production capacity and competition dynamics [1][9][17].

Investment Rating - The report maintains an "Outperform" rating for the company [7] Core Views - The company has achieved a turnaround in profitability, with significant revenue growth driven by SAF exports and increased demand in Europe [1][4][13] - The SAF industry has a promising outlook, with substantial demand growth expected due to regulatory requirements in Europe and other regions [3][20][23] Summary by Sections Company Overview - The company, established in 2003, focuses on the research, production, and sales of bio-based plasticizers and biomass energy, with SAF becoming its main product since 2025 [2][10] - The company has built the first domestic 500,000-ton SAF production line using Honeywell technology, with plans for a second line to be operational next year [2][11] Financial Performance - In the first three quarters of 2025, the company reported revenue of 3.005 billion yuan, a year-on-year increase of 189.39%, and a net profit turnaround [1][4] - The third quarter alone saw revenue of 1.707 billion yuan, up 511.45% year-on-year, with a net profit of 53 million yuan [1][4][13] Industry Outlook - The SAF market is expected to grow significantly, with Europe mandating a 2% SAF blending requirement starting in 2025, increasing to 6% by 2030 [3][20] - The report highlights a supply-demand gap in the SAF market, with European consumption projected to reach 1.9 million tons this year against a production capacity of only 1 million tons [3][25] Revenue and Profit Forecast - Projected revenues for 2025-2027 are 4.465 billion, 7.005 billion, and 9.608 billion yuan, respectively, with net profits expected to be 87 million, 465 million, and 703 million yuan [4][39] - The report anticipates a significant increase in EPS from 1.13 yuan in 2025 to 9.15 yuan in 2027 [4][39] Valuation - The company's fair valuation range is estimated between 97.75 and 121.00 yuan, based on both absolute and relative valuation methods [4][40][46] - The current stock price is 91.88 yuan, indicating potential upside based on the valuation range [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company has achieved a significant turnaround, with a revenue of 3.005 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 189.39%, and a net profit of 53 million yuan in Q3 2025, marking a return to profitability [1][4][13] - The company is positioned as a leading player in the SAF (Sustainable Aviation Fuel) industry, with a strong production capacity and technological advantages, particularly after obtaining SAF export licenses in May 2025 [2][3][11] Summary by Sections Company Overview - The company, established in January 2003, focuses on the research, production, and sales of bio-based plasticizers and biomass energy, with SAF becoming its main product since 2025 [2][10] - The company has built the first domestic 500,000-ton SAF production line using Honeywell technology, which is expected to be operational by the end of 2024 [2][11] Financial Performance - In Q3 2025, the company reported a revenue of 1.707 billion yuan, a year-on-year increase of 511.45% and a quarter-on-quarter increase of 105.28% [1][4] - The gross margin for the first three quarters of 2025 was 9.15%, while the net margin was -0.83% [1][4] Industry Outlook - The SAF industry is expected to grow significantly, with Europe mandating a 2% SAF blending requirement starting in 2025, which is projected to increase to 6% by 2030 [3][20] - The European SAF market is currently facing a supply-demand gap, with consumption expected to reach 1.9 million tons in 2023, while production capacity is only around 1 million tons [3][25] Profit Forecast - Revenue projections for the company from 2025 to 2027 are 4.465 billion yuan, 7.005 billion yuan, and 9.608 billion yuan, respectively, with corresponding net profits of 87 million yuan, 465 million yuan, and 703 million yuan [4][39] - The expected EPS for the same period is 1.13 yuan, 6.05 yuan, and 9.15 yuan per share [4][39] Valuation - The reasonable valuation range for the company's stock is estimated to be between 97.75 and 121.00 yuan, based on both absolute and relative valuation methods [4][46]

Summary of the Conference Call for Jiaao Environmental Protection Company Overview - **Company**: Jiaao Environmental Protection - **Industry**: Biofuels, specifically focusing on bio-jet fuel and biodiesel Key Points and Arguments Sales and Revenue Performance - In Q3 2025, Jiaao Environmental Protection sold **105,000 tons** of bio-jet fuel, benefiting from delayed shipments from June, with an average monthly shipment of **30,000 tons** from July to September [2][3] - The price of bio-jet fuel increased from **11,500 RMB/ton** in July to over **15,000 RMB/ton** in September, with an expected price of **17,000 RMB/ton** in October (approximately **2,500 USD**) [2][5] - The company reported a net profit of **53 million RMB** in Q3 2025, with a loss of **40 million RMB** from its main business, while the bio-jet fuel segment contributed **90 million RMB** to the profits [3] Business Challenges - The biodiesel segment faced instability in orders and frequent production stoppages, leading to losses [2][6] - Funding was primarily allocated to the Lianyungang project and raw material procurement, limiting the production capacity of biodiesel [6] Market Dynamics - SaaS prices are rising due to insufficient market supply and strong demand, particularly in Europe, where production capacity is limited [2][7] - The second-generation biodiesel in China is at a disadvantage due to anti-dumping issues, exacerbating supply-demand imbalances [7] Future Projections - The company anticipates that low-carbon policies, such as B24 (24% biodiesel mixed with 76% low-sulfur fuel), may help mitigate losses in the biodiesel segment in Q4 [6] - Price expectations for Q1 2026 are projected to remain high, with stability expected in Q4 2025 and Q1 2026, but uncertainty exists for the following quarters [8] Strategic Partnerships - Jiaao Environmental Protection has a long-term cooperation agreement with BP, ensuring a stable supply chain and fixed annual supply volumes, with prices adjusted according to market conditions [13] - The company plans to increase its stake in Lianyungang Jiaao due to improved profitability [15] Project Developments - The progress of the second-phase project is contingent on domestic policies, with potential construction starting in 2026 and production in 2027 [2][9] - The investment for the second phase is expected to be significantly lower than the first phase, with reduced unit depreciation costs [10][11] Pricing Strategies - Domestic bio-jet fuel prices may adopt a guiding pricing mechanism to stabilize production, contrasting with the market-driven pricing in international markets [12] - The pricing mechanism for products like Dafu is based on average prices, which may reflect in the following month's performance due to a lag effect [16] Market Opportunities - The impact of Haike Chemical's **300,000 tons** capacity on the market is noted, with a call for China to seize the opportunity to expand supply amid European project delays [9] Additional Important Insights - The company is focused on ensuring long-term stable procurement from partners like China National Aviation Fuel, which aligns with their investment strategies [14]

Core Viewpoint - The article highlights the significant growth in revenue for Jiaao Environmental Protection, driven by its successful expansion in the bio-aviation fuel sector, despite still facing net losses in the first three quarters of 2025 [1][2]. Group 1: Financial Performance - In Q3 2025, Jiaao Environmental Protection reported a revenue of 1.707 billion yuan, representing a year-on-year increase of 511.45% [1]. - For the first three quarters of 2025, the total revenue reached 3.005 billion yuan, with a year-on-year growth of 189.39% [1]. - The net profit attributable to shareholders for the first three quarters was a loss of 25.366 million yuan, indicating a reduction in the loss compared to the previous year [1]. Group 2: Business Expansion and Achievements - The substantial revenue growth is primarily attributed to the increase in sales of bio-aviation fuel from Lianyungang Jiaao, showcasing the company's successful positioning in this market [2]. - The Lianyungang Jiaao Bio-aviation Fuel Project, constructed by its subsidiary, began construction in April 2023 and is expected to start trial production in November 2024, featuring two new 500,000-ton/year bio-aviation fuel units [2]. - Jiaao Environmental Protection became the first company in China to be included in the "white list" for bio-aviation fuel exports, successfully exporting 13,400 tons of bio-aviation fuel [2]. Group 3: Product Performance - In the first three quarters of 2025, the production capacity for biomass energy products was 261,000 tons, with sales volume reaching 203,500 tons, generating revenue of 246.1 million yuan [3]. - The main products and their performance include: - Environmental plasticizers: Production of 54,244.47 tons, sales of 58,690.595 tons, and revenue of 498.59 million yuan [4]. - Environmental stabilizers: Production of 3,626.218 tons, sales of 3,474.100 tons, and revenue of 38.51 million yuan [4]. - Biomass energy: Production of 260,960.140 tons, sales of 203,512.742 tons, and revenue of 246.14 million yuan [4].