Core Viewpoint - Jiaao Environmental Protection has been investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, marking the second investigation in five years [1][9]. Company Overview - Jiaao Environmental Protection, established in 2003 and listed on the Shanghai Stock Exchange in 2016, focuses on the research, production, and sales of bio-based plasticizers and biomass energy [3]. - The company has been recognized as one of the top ten enterprises in the plasticizer industry in China and has a biodiesel production capacity of 300,000 tons annually through its subsidiaries [3]. History of Violations - In March 2020, Jiaao Environmental Protection corrected multiple financial reports from 2017 to 2019 due to inconsistencies caused by staff errors [5]. - In December 2020, the CSRC initiated an investigation for information disclosure violations, revealing that the company had inflated its 2019 revenue by approximately 179 million yuan, which accounted for 14.24% of the reported revenue [7]. - The company faced administrative penalties in May 2021, including a fine of 1 million yuan for the company and its executives [7][8]. Recent Developments - The latest investigation by the CSRC is related to inaccuracies in annual report disclosures, with the Zhejiang Securities Regulatory Bureau previously issuing a warning regarding unreported construction projects [9]. - The company has made retrospective adjustments to its financial statements, resulting in increased losses for 2022 and 2023 [10][11]. Financial Performance - Jiaao Environmental Protection reported revenues of 3.211 billion yuan, 2.666 billion yuan, and 1.274 billion yuan for 2022, 2023, and 2024 respectively, with net losses of 46.89 million yuan, 7.54 million yuan, and 367 million yuan [11]. - The decline in revenue is attributed to the EU's anti-dumping policies affecting biodiesel exports, leading to a 76.64% decrease in biomass energy revenue [12]. Debt Situation - As of the first quarter of 2025, the company's debt ratio reached 80.45%, with cash reserves of only 230 million yuan and short-term borrowings of 1.405 billion yuan [13]. - The company has struggled with liquidity issues since its IPO in 2016, having attempted five capital increase plans, with the latest plan aiming to raise up to 367 million yuan for debt repayment and working capital [14][15]. Shareholding and Control - The actual controller, Shen Jian, holds a 37.38% stake in the company, which is expected to increase to 51.23% following the completion of the latest capital increase [15]. - Shen Jian has pledged shares to secure personal investments and support the company's operations, with ongoing efforts to reduce the pledge ratio through asset disposals and bank loans [15].

Core Viewpoint - Zhejiang Jiaao Environmental Protection Technology Co., Ltd. (Jiaao Environmental, 603822.SH) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may impact its operational stability and investor confidence [1][3]. Group 1: Regulatory Issues - Jiaao Environmental has previously faced regulatory penalties, including a warning and a fine of 1 million yuan from the Zhejiang Securities Regulatory Bureau for false disclosures related to its financial reports from 2019 to 2020 [6]. - The company failed to consolidate certain subsidiaries and did not properly offset transactions, leading to inflated revenue and costs in multiple financial reports [4][5]. Group 2: Financial Performance - The company's financial performance has been under pressure, with revenues declining from 12.30 billion yuan in 2020 to an estimated 12.74 billion yuan in 2024, reflecting a year-on-year decrease of 16.98% in 2023 and 52.23% in 2024 [9]. - Net profits have shown a continuous loss over three years, with figures of 0.40 billion yuan, 1.03 billion yuan, -0.46 billion yuan, -0.05 billion yuan, and -3.73 billion yuan from 2020 to 2024 [9]. Group 3: Debt and Market Position - The company's debt-to-asset ratio has been increasing, reaching 61.35% in 2022 and projected to be 80.45% in 2024 [10]. - Despite the financial struggles, the company's stock price has remained above 40 yuan since 2025, with a closing price of 50.54 yuan as of June 24, 2023, indicating no immediate risk of delisting based on market value [10]. Group 4: Delisting Risks - Recent changes in the delisting rules by the Shanghai and Shenzhen Stock Exchanges have broadened the scope for mandatory delisting due to serious violations, which could pose a significant risk for Jiaao Environmental if further violations are confirmed [11].

Core Viewpoint - 嘉澳环保 is under investigation by the China Securities Regulatory Commission (CSRC) for information disclosure violations, with previous instances of similar issues leading to significant financial discrepancies in past reports [1][2]. Group 1: Regulatory Issues - 嘉澳环保 received a notice of investigation from the CSRC for suspected violations of information disclosure regulations [1]. - The company has a history of information disclosure violations, including inflated revenue and understated net profits in multiple annual and quarterly reports from 2019 to 2020 [1][2]. - In 2021, the Zhejiang Securities Regulatory Bureau fined 嘉澳环保 1 million yuan and issued warnings to senior executives [2]. Group 2: Financial Performance - 嘉澳环保 has reported increasing losses, with net profits of -32.44 million yuan in 2022, -7.54 million yuan in 2023, and projected losses of -367 million yuan in 2024, marking a year-on-year decline of 476.64% [2]. - The company's first-quarter net profit for 2024 was -47.04 million yuan, a 44.09% decrease year-on-year [2]. - The asset-liability ratio has risen from 63.70% in 2022 to 78.64% in 2024, and further to 80.45% in the first quarter of 2025, indicating increasing financial pressure [2]. Group 3: Business Operations and Strategy - 嘉澳环保's subsidiaries, 东江能源 and 嘉澳新能源, have a combined biodiesel production capacity of 300,000 tons per year [2]. - The company plans to accelerate the production of its Lianyungang project in 2025 to enhance biodiesel revenue and optimize the utilization rate of its eco-friendly plasticizer production capacity [2]. - 嘉澳环保 aims to expand its market share in Southeast Asia and Japan/Korea while controlling costs and improving supply chain management efficiency [2].

Core Viewpoint - Jiaao Environmental Protection has been investigated by the China Securities Regulatory Commission (CSRC) for suspected information disclosure violations, yet the company's stock price rose significantly, indicating market resilience despite regulatory challenges [1][3]. Company Overview - Jiaao Environmental Protection, established in January 2003, focuses on the research, production, and sales of environmentally friendly plasticizers, stabilizers, and biomass energy [10]. Recent Developments - On the evening of the 23rd, Jiaao Environmental announced it was under investigation by the CSRC for information disclosure violations, which led to a strong market reaction with the stock price initially rising nearly 7% before settling at a 4.74% increase [1][3]. - The company has faced regulatory scrutiny before, having received a warning letter from the Zhejiang Securities Regulatory Bureau in August 2024 for inaccuracies in its financial disclosures [5]. Financial Performance - In 2022, Jiaao Environmental reported a revenue of 3.211 billion yuan, a significant increase of 67.59% year-on-year, but incurred a net loss of 32.44 million yuan, marking a 131.79% decline in profitability [11]. - For 2023, revenue decreased to 2.666 billion yuan, down 16.98% year-on-year, but the company managed to achieve a net profit of 2.0888 million yuan, indicating a return to profitability [11]. - However, in 2024, the company faced further challenges with revenue dropping to 1.274 billion yuan, a decline of 52.23%, and a net loss of 36.7 million yuan, indicating a worsening financial situation [11]. - The first quarter of 2025 showed continued struggles, with revenue at 467 million yuan, down 6.59% year-on-year, and a net loss of 47.04 million yuan [12][15]. Market Context - The chemical products sector in A-shares has been active, which may have contributed to the stock price increase of Jiaao Environmental despite the ongoing investigation [1].

6月23日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者参 考。 【品大事】 嘉澳环保：涉嫌信息披露违法违规 收到证监会立案告知书 嘉澳环保公告称，公司于近日收到中国证监会的《立案告知书》，公司涉嫌信息披露违法违规，证监会 决定对公司立案。目前公司日常经营秩序正常，各项业务活动有序开展。前期，公司于2024年8月16日 收到浙江证监局《关于对浙江嘉澳环保科技股份有限公司及相关责任人员采取出具警示函措施的决 定》，指出公司子公司存在在建工程未按规定转固定资产的情况，导致公司相关年度报告披露不准确。 华升股份：拟购买易信科技100%股份 股票复牌 华升股份公告称，公司正在筹划发行股份及支付现金购买深圳易信科技股份有限公司100%股份，并向 公司控股股东湖南兴湘投资控股集团有限公司发行股份募集配套资金事项。截至本公告日，本次交易涉 及的审计、评估工作尚未完成，公司董事会决定暂不召开股东会审议本次交易事项。公司股票将于6月 24日（星期二）开市起复牌。 4连板长城军工：控股股东及实际控制人等无正在筹划涉及长城军工的重大资产重组等重大事项 国投中鲁：拟购买电子院控股权 股票停牌 国投中 ...

Core Insights - Sustainable Aviation Fuel (SAF) is becoming a key driver for the green transformation in the global aviation industry, with Jiaao Environmental (603822.SH) emerging as a leader in the domestic bio-jet fuel market after receiving approval from the Civil Aviation Administration of China [1][2] - Jiaao Environmental's success in the bio-jet fuel sector is attributed to its technological breakthroughs, particularly in utilizing waste oils as raw materials through self-developed pre-treatment technology, enabling a significant shift from waste to green aviation fuel [1] - The company's sustainable aviation fuel project, once fully operational, will be the largest bio-jet fuel production base in China, contributing significantly to the country's carbon reduction goals in the aviation sector [1] Industry Context - The International Air Transport Association (IATA) projects that by 2050, 65% of emissions reductions in aviation will rely on the use of bio-jet fuel, indicating a vast market potential [2] - China, as the world's second-largest aviation market, is set to launch SAF pilot projects in 2024, with increasing policy support to promote the use of bio-jet fuel [2] - The European Union's mandatory blending policy for SAF by 2030 and China's support for biomass energy in its 14th Five-Year Plan align with Jiaao Environmental's production capacity expansion, positioning the company to capture market share [2] - BP's strategic investment in Jiaao Environmental not only provides financial backing but also aids in overcoming international certification barriers, facilitating global expansion [2] - If global SAF penetration reaches 10%, the market size could exceed $100 billion, with Jiaao Environmental poised to benefit from its technological, raw material, and distribution advantages [2]

证券代码：603822 股票简称：嘉澳环保 编号：2025-038 浙江嘉澳环保科技股份有限公司 公司郑重提醒广大投资者，有关公司信息以公司在上海证券交易所网站 (www.ssecom.cn)和公司指定信息披露媒体发布或刊登的相关公告为准，敬请广 大投资者理性投资，注意投资风险。 特此公告。 浙江嘉澳环保科技股份有限公司董事会 2025 年 6 月 24 日 关于收到中国证监会立案告知书的公告 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。 浙江嘉澳环保科技股份有限公司（以下简称"公司"）于近日收到中国证券 监督管理委员会（以下简称"中国证监会"）对公司的《立案告知书》（证监立案 字 01120250018 号），公司涉嫌信息披露违法违规，根据《中华人民共和国证券 法》《中华人民共和国行政处罚法》等法律法规，决定对公司立案。 目前公司日常经营秩序正常，各项业务活动有序开展。前期，公司于 2024 年 8 月 16 日收到浙江证监局《关于对浙江嘉澳环保科技股份有限公司及相关责 任人员采取出具警示函措施的决定》([2024] ...

嘉澳环保（603822）公告，公司于近日收到中国证监会的立案告知书，公司涉嫌信息披露违法违规，决 定对公司立案。目前公司日常经营秩序正常，各项业务活动有序开展。前期，公司因子公司存在在建工 程未按规定转固定资产的情况，收到浙江证监局出具的警示函。公司将积极配合中国证监会的相关工 作，并严格按照监管要求履行信息披露义务。 ...

Core Viewpoint - Jiaao Environmental Protection (603822.SH) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure regulations, as indicated by the receipt of a formal notice of investigation [1] Group 1: Regulatory Actions - The company has received a notice from the CSRC regarding the initiation of an investigation into its information disclosure practices [1] - Previously, on August 16, 2024, the company received a warning letter from the Zhejiang Securities Regulatory Bureau, highlighting issues related to its subsidiary's failure to properly transfer construction projects to fixed assets, which resulted in inaccurate disclosures in the company's annual reports [1] Group 2: Business Operations - Despite the ongoing investigation, the company's daily operations and business activities are reported to be normal and proceeding in an orderly manner [1]

嘉澳环保：收到中国证监会立案告知书 公司将 积极配合中国证监会的相关工作 金十数据6月23日讯，嘉澳环保公告称，公司于2024 年8月16日收到浙江证监局《关于对浙江嘉澳环保 科技股份有限公司及相关责 任人员采取出具警示函措施的决定》([2024]166号),指出公司子公司存在在 建 工程未按规定转固定资产的情况，导致公司相关年度报告披露不准确。公司将 积极配合中国证监会 的相关工作，并严格按照监管要求履行信息披露义务。 ...