Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The supply-demand relationship is expected to improve, with a recovery in the market for photoinitiators. China is the main producer of photoinitiators, and the industry is becoming increasingly concentrated among leading companies. The demand for photoinitiators is anticipated to rise due to the expansion of UV curing applications [5][29] - The price of sustainable aviation fuel (SAF) has been rising, indicating a potential phase of simultaneous volume and price increases. The recent increase in SAF prices is attributed to China's announcement of an export whitelist and quotas, leading to increased inquiries from European buyers [30][31] Summary by Sections 1. Core Viewpoints - The report highlights the expected improvement in the supply-demand dynamics for photoinitiators, with China being a key player in production and export [5][29] - The report suggests that the price of photoinitiators, which has been at historical lows, is likely to recover due to expanding applications in high-end sectors [5][29] - SAF prices have increased significantly, with European prices reaching 2230 USD/ton, reflecting a 9.85% weekly increase and a 25.14% monthly increase [30][31] 2. Overall Performance of the Chemical Sector - The basic chemical industry index increased by 3.1% during the week, outperforming the Shanghai Composite Index by 1.2% [16] - Year-to-date, the basic chemical industry index has risen by 6.4%, outperforming both the Shanghai Composite Index and the ChiNext Index [16] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 372 stocks rose, with the top performers including Dadongnan (+50%) and Taihe Technology (+48.1%) [25][27] - The report notes significant declines in stocks such as Ningxin New Materials (-18.6%) and Jinniu Chemical (-14.4%) [25][27] 4. Key News and Company Announcements - The report emphasizes the recovery potential for photoinitiators and the rising SAF prices as significant developments in the industry [29][30]

浙江嘉澳环保科技股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东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。 证券代码：603822 证券简称：嘉澳环保 公告编号：2025-040 重要内容提示： 大股东持股的基本情况 股份减持计划实施前，桐乡中祥化纤有限公司（以下简称"中祥化纤"）持 有浙江嘉澳环保科技股份有限公司（以下简称"公司"）4,571,200 股股份，占 公司当前总股本的 5.95%。 减持计划的实施结果情况 公司于 2025 年 3 月 7 日披露了《股东减持股份计划公告》（公告编号： 2025-012），公司股东中祥化纤拟通过集中竞价交易或大宗交易方式合计减持不 超过 750,000 股，即不超过公司总股本的 1%。具体内容详见上海证券交易所网 站 www.sse.com.cn。 截至 2025 年 6 月 27 日，本次减持计划时间区间届满，在本次减持计划实施 期间内，股东中祥化纤累计通过集中竞价方式减持 730,000 股，占公司总股本的 0.9502%。 | 股东名称 | 桐乡中祥化纤有限公司 | | - ...

Group 1 - The core point of the announcement is that a shareholder, Tongxiang Zhongxiang Chemical Fiber Co., Ltd., has reduced its stake in Zhejiang Jiaao Environ Tech Co., Ltd. from 5.95% to 4.99988%, which does not trigger a mandatory takeover bid [1][2] - The reduction in shares involved a total of 730,000 shares sold through centralized bidding from April 30, 2025, to June 26, 2025, representing a decrease of 0.9502% of the shares held by Zhongxiang Chemical Fiber [1] - Following the reduction, Zhongxiang Chemical Fiber's holdings decreased from 4,571,200 shares to 3,841,200 shares, maintaining the company's status as a non-controlling shareholder [1][2] Group 2 - The announcement confirms that the change in shareholding will not affect the company's controlling shareholder or actual controller [1] - The company has complied with relevant regulations and will continue to fulfill its information disclosure obligations as per the Securities Law and the rules of the Shanghai Stock Exchange [2]

Core Viewpoint - The report details the equity change of Zhejiang Jiaao Environmental Protection Technology Co., Ltd., indicating a reduction in shares held by Tongxiang Zhongxiang Chemical Fiber Co., Ltd. due to operational needs [1][4]. Group 1: Equity Change Details - The information disclosing party, Tongxiang Zhongxiang Chemical Fiber Co., Ltd., reduced its shareholding from 4,571,200 shares (5.95% of total shares) to 3,841,200 shares (4.99988% of total shares) [5][6]. - The reduction involved a total of 730,000 shares, representing a decrease of 0.9502% in the company's total share capital [6][7]. - The share reduction was executed through centralized bidding from March 28, 2025, to June 27, 2025, with the announcement made on March 7, 2025 [5][6]. Group 2: Purpose and Future Plans - The purpose of the equity change is aligned with the operational development needs of the information disclosing party [4]. - The information disclosing party plans to continue reducing its shares in the next 12 months without any intention to increase its holdings [5][8]. Group 3: Compliance and Legal Responsibility - The information disclosing party has confirmed that the report does not contain any false records, misleading statements, or significant omissions, and it assumes legal responsibility for the accuracy and completeness of the information [2][7]. - The report has been prepared in accordance with relevant laws and regulations, ensuring compliance with the disclosure requirements [1][2].

证券代码：603822 股票简称：嘉澳环保 编号：2025-039 浙江嘉澳环保科技股份有限公司 关于持股 5%以上股东权益变动至 5%以下的提示性 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。 本次权益变动不会使公司控股股东及实际控制人发生变化。 公司于 2025 年 6 月 26 日收到股东中祥化纤出具的《简式权益变动报告书》， 中祥化纤于 2025 年 4 月 30 日-2025 年 6 月 26 日通过集中竞价方式减持公司股 份数 730,000 股（占所持有公司股份的 0.9502%）。本次权益变动后，中祥化 纤持有公司无限售流通股份数量由 4,571,200 减少至 3,841,200 股，持股比例由 5.95%减少至 4.99988%，不再是公司持股 5%以上股东。 现将有关权益变动情况公告如下： 一、本次权益变动基本情况 （一）信息披露义务人基本情况 信息披露义务人名称：桐乡中祥化纤有限公司 注册地址：桐乡市洲泉工业区 成立日期：2007 年 01 月 12 日 社会信用代码：9133048379 ...

上市公司名称: 浙江嘉澳环保科技股份有限公司 上市地点：上海证券交易所 股票简称：嘉澳环保 股票代码：603822 信息披露义务人：桐乡中祥化纤有限公司 住所及通讯地址：桐乡市洲泉工业区 股份变动性质：减少 签署日期：二〇二五年六月二十六日 信息披露义务人声明 浙江嘉澳环保科技股份有限公司 简式权益变动报告书 一、信息披露义务人依据《中华人民共和国公司法》（简称"公司法"）、《中 华人民共和国证券法》（简称"证券法"）、《上市公司收购管理办法》（简称 "收购办法"）、《公开发行证券公司信息披露内容与格式准则第15号——权益 变动报告书》（简称"15号准则"）及相关的法律、法规编制本权益变动报告书。 二、信息披露义务人签署本报告已获得必要的授权和批准，其履行亦不违反信息 披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据《证券法》、《收购办法》规定，本报告书已全面披露信息披露义务人 在嘉澳环保中拥有权益的股份变动情况。截至本报告书签署之日，除本报告书披 露的信息外，信息披露义务人没有通过任何其他方式增加或减少其在嘉澳环保中 拥有权益的股份。 四、本次权益变动是根据本报告所载明的资料进行的。信息披露义 ...

□ 本报记者许愿 6月25日是全国低碳日，当天，2025年江苏省暨南京市节能宣传周及低碳日启动仪式在南京举办，今年 主题是"节能增效，焕'新'引领"，将以能耗、排放、技术、安全标准为牵引，推动大规模设备更新和消 费品以旧换新，让更多的高端化、智能化、绿色化设备更新应用到企业中去，助力产业转型升级，让更 多节能、环保、高质量的耐用消费品进入千家万户，提升老百姓的幸福指数。 "十四五"前四年，我省能耗强度累计下降13.4%，超额完成国家下达目标序时进度，可再生能源装机历 史性突破1亿千瓦。绿色日益成为我省经济社会高质量发展的底色。眼下，大规模设备更新和消费品以 旧换新，是进一步推动节能增效的重要举措和有力抓手。 实现"双碳"目标，企业是主力军，青年参与同样不可或缺。当天，场外的江苏青年绿色低碳市集汇聚了 20余家绿色低碳社团，吸引不少人驻足。 孙先鋆是河海大学溯源保护母亲河协会的志愿者，他告诉记者，社团聚焦"河小青巡河""节水护水科普 宣讲""水文化宣传"三个方向开展多项志愿公益项目，在黄河、长江、秦淮河等地进行水质检测、水样 采集等实验，已完成水质调研报告17份，巡河公里数累计600余公里。 可再生发电量占实际 ...

Core Viewpoint - Jiaao Environmental Protection has faced regulatory scrutiny for information disclosure violations, marking its third investigation since 2020, amid rising concerns over its governance and operational sustainability due to continuous losses and a high debt ratio [1] Group 1: Regulatory Issues - The latest investigation centers on the failure to properly convert construction in progress into fixed assets for a subsidiary project, leading to inaccurate financial disclosures for 2022 and 2023 [2] - The company has a history of financial misconduct, including a 2020 case where it inflated revenue by 179 million (14.24% of 2019 revenue) through improper accounting practices, resulting in fines and penalties for executives [3] - Despite claims of rectifying accounting errors, ongoing regulatory actions indicate deeper governance issues, exacerbated by the departure of key executives since 2021 [4] Group 2: Financial Performance - Jiaao Environmental Protection has experienced a dramatic decline in revenue, dropping from 3.211 billion to 1.274 billion from 2022 to 2024, with cumulative losses exceeding 407 million [5] - The company's debt crisis is imminent, with a debt ratio of 80.45% and short-term loans of 1.405 billion against only 230 million in cash, indicating severe liquidity issues [6] - Efforts to recover financially are uncertain, as the company relies on new projects and market expansion, yet has seen a 54.65% decline in operating cash flow due to procurement issues [7]

中关村物联网产业联盟副秘书长袁帅向《证券日报》记者表示："从内部管理来看，嘉澳环保或存在内 部控制缺陷。财务工作人员出现失误，且将问题归结于格式不全、数字抄写错误或抄写串行，反映出公 司内部财务审核流程可能存在漏洞，缺乏有效的监督和复核机制。" 此外，袁帅表示："作为财务信息的审计机构，会计师事务所要严格履行审计职责，提高审计质量，加 强对企业财务信息的审查和监督，及时发现和纠正企业的财务造假行为，维护资本市场的公平、公正和 透明。" （文章来源：证券日报） "若在建工程应转固而未转固，其后续应计提的折旧费用未在当期体现，使得当期成本费用减少，利润 相应虚增。此外，在折旧方面，由于未转固，相关资产无法按照固定资产的折旧政策进行折旧计提，影 响了公司资产的正常使用年限核算和成本分摊的准确性。"上海市海华永泰律师事务所高级合伙人孙宇 昊律师在接受《证券日报》记者采访时表示。 这并非嘉澳环保首次被立案。往前回溯，2020年12月份，嘉澳环保公告称，公司涉嫌信息披露违法违规 被证监会立案调查。2021年5月份，浙江证监局对嘉澳环保罚款100万元，并对公司董事长沈健、财务总 监查正蓉等高管处以警告及罚款。据浙江证监局查 ...

近五年内第二次被立案。 频繁为财报"打补丁"、虚增营收等吃罚单的嘉澳环保，又因信披违规遭立案。 根据嘉澳环保最新披露，因涉嫌信息披露违法违规，该公司被证监会立案调查。第一财经6月24日以投 资者身份致电该公司证券事务部门，对方相关人士称："（公司被立案）主要是子公司存在会计差错， 之前做过相关更正，是针对这个事情。" 公告显示，去年8月，浙江证监局对嘉澳环保和2名责任人出具警示函，原因是子公司在建工程未按规定 转为固定资产，导致相关年报披露不准确。 最终，该公司被监管罚款100万元，时任董事长沈健、时任财务总监查正蓉等3人被合计罚款200万元。 处罚披露当日，查正蓉以个人原因辞职。 而更早的2020年3月初，嘉澳环保曾一天连发11份公告，对多份财报进行更正，其中包括将2017年营收 由8.78亿元上调至8.83亿元，并对2018年年报中的子公司营收、流动资产，2019年半年报的在建工程项 目利息资本化金额等进行了重述。 这已是该公司近五年内第二次被立案。2020年年底，该公司就因信披违规被立案，后被查明多份财报存 在虚假记载。其中，2019年年报虚增营收1.79亿元、虚减净利润超百万元。最终，该公司及3名高管 ...