证券代码：603822 股票简称：嘉澳环保 编号2025-043 浙江嘉澳环保科技股份有限公司 关于对上海证券交易所监管问询函的回复公告 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。 2025 年 6 月 20 日，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"）收到上海证券交易所上市公司管理一部下发的《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： 3、结合前述情况及行业环境、上下游供需变化、可比公司业绩等情况， 说明公司毛利率大幅下滑原因。 问题1.关于经营业绩。年报显示，公司报告期实现营业收入 12.74 亿元，同比 减少 52.23%，归母净利润亏损 3.67 亿元，扣非净利润亏损3.68 亿 ...

Group 1 - Aerospace Science and Technology expects a net profit of 68 million to 95 million yuan for the first half of 2025, representing a growth of 1628.83% to 2315.27% compared to the same period last year [1] - Huaxia Airlines anticipates a net profit of 220 million to 290 million yuan for the first half of 2025, an increase of 741.26% to 1008.93% year-on-year [1] - Shida Group forecasts a net loss of 44 million to 65 million yuan for the first half of 2025, marking a shift from profit to loss [1] Group 2 - Jiaao Environmental Protection expects a net loss of 70 million to 90 million yuan for the first half of 2025 [3] - Haima Automobile predicts a net loss of 60 million to 90 million yuan for the first half of 2025, compared to a loss of 152 million yuan in the same period last year [3] - Huaibei Mining anticipates a net profit of approximately 1.027 billion yuan for the first half of 2025, a decrease of about 65% year-on-year [3] Group 3 - Quanfu Automobile expects a net loss of 155 million to 185 million yuan for the first half of 2025 [5] - Gaode Infrared signed a procurement agreement worth 879 million yuan, which is expected to positively impact its operating performance for the year [5] - Zhongchen Co. won a project from Southern Power Grid worth 379 million yuan, representing 12.26% of its audited revenue for 2024 [5] Group 4 - Daheng Technology anticipates a net loss of 406,000 yuan for the first half of 2025, compared to a loss of 988,250 yuan in the same period last year [6] - Dazhongnan expects a net profit of 6.5 million to 8 million yuan for the first half of 2025, a recovery from a loss of 15.325 million yuan last year [6] - Xianfeng Holdings projects a net profit of 34 million to 42 million yuan for the first half of 2025, a year-on-year increase of 524.58% to 671.53% [7] Group 5 - Shuangxiang Co. expects a net profit of 115 million to 150 million yuan for the first half of 2025, a growth of 128.1% to 197.53% year-on-year [8] - ST Xintong anticipates a net loss of 67 million to 97 million yuan for the first half of 2025 [9] - Jishi Media forecasts a net loss of 187 million to 233 million yuan for the first half of 2025 [10] Group 6 - Suli Co. expects a net profit of 72 million to 86 million yuan for the first half of 2025, a year-on-year increase of 1008.39% to 1223.91% [11] - Wanli Co. anticipates a net loss of 19 million yuan for the first half of 2025, compared to a loss of 12.9238 million yuan last year [12] - Langzi Co. projects a net profit of 22 million to 26 million yuan for the first half of 2025, an increase of 31.74% to 55.69% year-on-year [14] Group 7 - Changjiang Securities expects a net profit of 1.652 billion to 1.81 billion yuan for the first half of 2025, a growth of 110% to 130% [15] - Huahong Technology anticipates a net profit of 70 million to 85 million yuan for the first half of 2025, a year-on-year increase of 3047.48% to 3721.94% [16] - Chenhua Co. plans to invest 30 million yuan in financial products with an expected annual yield of 3.20% [16] Group 8 - Zijing Mining expects a net profit of approximately 23.2 billion yuan for the first half of 2025, a growth of about 54% year-on-year [28] - Limin Co. anticipates a net profit of 26 million to 28 million yuan for the first half of 2025, a year-on-year increase of 719.25% to 782.27% [29] - Huazhong Securities expects a net profit of 1.035 billion yuan for the first half of 2025, a growth of 44.94% year-on-year [30]

证券代码：603822 股票简称：嘉澳环保 编号：2025-042 浙江嘉澳环保科技股份有限公司 2025 年半年度业绩预告的公告 本公司董事局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。 3、扣除非经常性损益事项后，预计公司 2025 年半年度归属上市公司股东 的扣非净利润为-7,000.00 万元到-9,000.00 万元。 重要内容提示 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 1、经财务部门初步测算，预计 2025 年半年度实现营业收入 130,000 万元 到 145,000 万元。与上年同期相比，将增加 54,000 万元到 69,000 万元左右。 2、经财务部门初步测算，预计 2025 年半年度实现归属于母公司所有者的 净利润为-7,000 万元到-9,000 万元。 （三） 本次业绩预告未经注册会计师审计。 二、上年同期业绩情况 （二）业绩预告情况 2、受国际贸易摩擦延续态势的影响，生物柴油业务延续了 2024 年的市场 颓势，对公司销售收入及利润 ...

Investment Rating - The investment rating for the industry is "Increase" which indicates a relative increase of more than 15% compared to the CSI 300 index [28] Core Insights - The Central Financial Committee's sixth meeting emphasized the high-quality development of the marine economy and the exploration of marine carbon sink accounting [8] - The first international standard for algal carbon footprint has been officially released, marking a breakthrough in carbon footprint standards [8] - The national carbon market is expanding beyond the power sector, increasing the demand for CCER (Voluntary Carbon Emission Reduction) [9] - New methodologies for CCER are expected to accelerate expansion, including projects related to low-concentration gas utilization in coal mines and energy-saving in highway tunnel lighting [10] Summary by Sections Weekly Investment Perspective - The meeting highlighted the need for top-level design in marine economic development and encouraged social capital participation [8] - The national carbon market will include cement, steel, and electrolytic aluminum industries, with a target to cover 7.5 billion tons of greenhouse gas emissions by 2027 [9] Environmental Sector Performance - The environmental sector saw a weekly increase of 0.81%, with notable stock performances including Xuedilong (+31.74%) and Sandetech (+26.25%) [13][16] - The weekly trading volume for national carbon market emissions was 2.47 million tons, with an average price of 72.64 yuan/ton, reflecting a 62% decrease from the previous week [14] Carbon Neutrality Tracking - The CCER trading volume reached 103,000 tons with an average price of 87.04 yuan/ton [14] - The Shanghai pilot carbon market achieved 100% compliance for twelve consecutive years, with a significant increase in green electricity consumption [18] Investment Recommendations - Recommendations include leading waste incineration companies such as Sanfeng Environment and Huanlan Environment, as well as companies in the recycling sector like Zhuoyue New Energy and Sanlian Hongpu [11]

Industry Overview - DOTP, or dioctyl terephthalate, is a commonly used plasticizer and an organic compound with excellent environmental properties, making it a preferred choice in the market [1][2] - The production process of DOTP includes direct esterification, ester exchange, and acyl chloride hydrolysis, with direct esterification being the mainstream method in China due to its simplicity and high yield [2][4] Current Industry Status - The plasticizer market in China experienced a slight decline in 2022 after rapid growth from 2018 to 2021, but demand for eco-friendly plasticizers like DOTP is recovering, leading to a projected market size growth of approximately 3% in 2024, reaching 32.703 billion yuan [5][9] - DOTP's production in China is expected to rise from 1.333 million tons in 2018 to around 1.848 million tons in 2024, with a cumulative production of 303,240 tons in the first quarter of 2025, reflecting a year-on-year growth of 1.44% [9][11] Competitive Landscape - The market for DOTP and other plasticizers in China is characterized by low competition and a blue ocean market, with major players including Jiaao Enprotech, Zhengdan Chemical, and Jianye Co., which collectively hold about 7% market share [11][12] - The market is divided into two tiers, with the first tier consisting of established companies and the second tier comprising newer entrants with limited product lines [11] Development Trends - The demand for DOTP is driven by stringent environmental regulations, with DOTP gradually replacing traditional plasticizers like DOP due to its non-toxic nature and superior properties [16] - The expansion of DOTP production capacity is unevenly distributed across regions, with East China holding over 60% of the capacity, leading to potential market oversupply and price competition [17][18] - Emerging applications in new industries such as electric vehicles and lithium battery separators are expected to drive DOTP demand growth at an annual rate of 25% over the next five years [19]

Core Viewpoint - The regulatory environment in the capital market remains stringent, with nearly 40 listed companies and over 20 responsible individuals being investigated in the first half of the year, primarily for information disclosure violations [1][3]. Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has initiated investigations against several A-share companies, including Yangmei Chemical and Qing Shui Yuan, mainly for information disclosure violations, false annual report records, and failure to disclose periodic reports on time [1][3]. - More than 80% of the companies investigated this year have been found to have information disclosure violations [3]. - Some companies, even after delisting, continue to face regulatory penalties for past violations, such as *ST Hongtao, which was investigated for information disclosure violations after its delisting [1][10]. Group 2: Financial Performance of Investigated Companies - Many companies under investigation have reported consecutive years of losses and are entangled in lawsuits. For instance, Jiaao Environmental Protection has incurred losses of over 400 million yuan from 2022 to 2024, with a debt ratio exceeding 80% [10]. - Huayang United reported cumulative losses exceeding 1.8 billion yuan from 2022 to 2024 [10]. - Companies like Meichen Technology are facing multiple lawsuits, with new cases involving approximately 993,690 yuan, representing 9.72% of the company's latest audited net assets [10]. Group 3: Implications for Investors - The increasing number of investigations and penalties against companies, especially those at risk of delisting, raises concerns for investors, as these companies may face legal actions and claims from investors [11]. - Legal challenges in claiming compensation from delisted companies are significant, particularly when defendants are in operational distress [11]. - Regulatory authorities are urged to enhance management of delisted companies to ensure they maintain normal operations and comply with information disclosure requirements [11].

Core Viewpoint - The regulatory environment for listed companies in the capital market remains stringent, with numerous companies facing investigations for information disclosure violations, even after delisting [2][12]. Group 1: Regulatory Actions - Nearly 40 listed companies and over 20 responsible individuals have been investigated in the first half of the year, with a focus on information disclosure violations [2]. - Companies such as Yangmei Chemical and Qing Shui Yuan, along with individuals like Su Tong and Yan Chunyu, have been subjected to investigations by the China Securities Regulatory Commission (CSRC) for issues including false annual report disclosures [2][4]. - More than 10 of the investigated companies are ST (Special Treatment) companies, indicating a higher risk profile [2]. Group 2: Recurring Violations - A significant portion of the companies under investigation, over 80%, have been found to have information disclosure violations [4]. - Recent cases include companies like Jiaao Environmental Protection and Jincheng New Materials, which are suspected of information disclosure violations [5]. - Some companies have faced multiple investigations; for instance, Jiaao Environmental Protection was previously penalized for similar violations in 2020 [9]. Group 3: Financial Health of Investigated Companies - Many companies facing investigations have reported consecutive years of losses and are entangled in legal disputes. Jiaao Environmental Protection reported losses exceeding 400 million yuan over three years [11]. - Huayang United has also shown significant losses, totaling over 1.8 billion yuan from 2022 to 2024 [11]. - The financial instability of these companies raises concerns about their ability to comply with regulatory requirements and maintain operations [11]. Group 4: Implications for Investors - The increasing number of investigations and the severity of penalties suggest a tightening regulatory environment, particularly for companies at risk of delisting [12]. - Investors are advised to be cautious with stocks that have delisting risks, as regulatory actions may lead to significant financial repercussions [12][13]. - Legal challenges in recovering losses from delisted companies are prevalent, complicating the investor compensation process [13].

Investment Rating - The report maintains a rating of "B" for the new materials sector, indicating a leading position in the market [2]. Core Insights - The new materials sector has shown a significant increase, with the new materials index rising by 5.12%, although it underperformed compared to the ChiNext index by 0.57% [3]. - The report highlights the rapid growth in demand for sustainable aviation fuel (SAF) due to EU subsidies, which could significantly boost the market [6]. - The report suggests focusing on companies like Jiaao Environmental Protection, Zhuoyue New Energy, and Shanggou Environmental Energy, which are well-positioned to benefit from the increasing SAF demand [6]. Summary by Sections 1. Market Performance - The new materials sector has experienced a positive market performance, with various sub-sectors such as battery chemicals increasing by 9.13% and semiconductor materials by 4.09% over the past week [3][18]. - The overall market, including basic chemicals and new materials, has seen an increase, with the Shanghai Composite Index rising by 1.91% [14]. 2. Price Tracking - Prices for key materials such as PLA remain stable, with injection-grade PLA priced at 17,500 CNY/ton and film-grade PLA at 16,700 CNY/ton [4]. - Amino acids show slight price changes, with valine priced at 14,200 CNY/ton, reflecting a 0.35% increase [4]. 3. Investment Recommendations - The report recommends monitoring companies involved in SAF production and related technologies, as they are expected to benefit from EU subsidies aimed at increasing SAF procurement [6]. - Specific companies highlighted include Jiaao Environmental Protection, which has successfully produced bio-jet fuel, and Zhuoyue New Energy, which is advancing its bio-diesel project [6]. 4. Industry News - The report notes that the EU plans to invest 1.3 billion euros in subsidies for green aviation fuel, which is expected to significantly increase SAF demand [6]. - The report also mentions the ongoing price increases for SAF, with prices exceeding 2,200 USD/ton as of late June 2025 [6].

证券代码：603822 股票简称：嘉澳环保 编号：2025-041 浙江嘉澳环保科技股份有限公司 关于控股股东股份解除质押及再质押的公告 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： | 股东名 | 是否为 控股股 | 本次质 押股数 | 是否为 | 是否 补充 | 质押起始 | 质押到期 | 质权人 | 占其所持 | 占公司总 | 质押融资 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | | | 限售股 | | 日 | 日 | | 股份比例 | 股本比例 | 资金用途 | | | 东 | （股） | | 质押 | | | | | | | | 顺昌投 | | 4,560,0 | | | 25 年 6 月 | 28 年 6 月 | 湖州银行股份有 | | | 满足实业 | | 资 | 是 | 00 | 否 | 否 | 16 日 | 15 日 | 限公司嘉兴桐乡 | 15.28% | 5.94% | 项目 ...

Investment Rating - The report maintains a "Cautious Recommendation" rating for the biodiesel industry, indicating a potential increase in stock prices relative to the benchmark index within the next 12 months [5][30]. Core Insights - The price center for HVO and SAF continues to rise, with domestic Ucome prices slightly narrowing. The international SAF landed price is reported at $2065.90 per ton, a slight decrease of 2.90% from the previous week, while the HVO offshore price is at 2146.65 yuan per ton, down 4.01% [1]. - Domestic waste oil and gutter oil prices have increased, with average prices for waste oil at 6940 yuan per ton (up 130 yuan) and gutter oil at 6500 yuan per ton (up 80 yuan) [2]. - The international crude oil market has shown volatility, impacting biodiesel prices. Despite cost-driven increases in Ucome, the price rise is insufficient to cover raw material costs, leading to reduced enthusiasm among producers [3]. - Recent export data for May indicates a subdued performance, with Ucome export volumes around 60,000 tons, and a notable trend of re-importing Ucome from Hong Kong [3]. - Germany has introduced a draft law to revise biofuel targets, aiming to curb fraud in the sector, which may lead to significant price increases for biofuels and compliance certificates [3]. Summary by Sections Price Trends - The report highlights the upward movement in HVO and SAF prices, with domestic Ucome prices influenced by raw material costs. The price dynamics in Europe show a slight decrease in FAME prices, while the demand in the HVO/SAF market remains supportive [1][3]. Export Performance - The report notes that the export performance of biodiesel products has been lackluster, with specific attention to the role of Hong Kong as a key transit point for Ucome [3]. Regulatory Developments - The introduction of new regulations in Germany is aimed at enhancing the integrity of the biofuel market, which could lead to increased prices and stricter compliance requirements [3]. Investment Recommendations - The report suggests focusing on companies with significant biodiesel or raw material production capacity, such as Zhuoyue New Energy, Jiaao Environmental Protection, and others, as they are expected to benefit from increased demand and improved raw material supply [4].