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"）控股子公司连云港嘉 澳新能源有限公司于近日获悉中华人民共和国商务部办公厅关于生物航油出口 "白名单"企业申领 2026 年生物航油出口许可证的复函（商办贸函【2025】466 号），主要内容如下： 经核定，连云港嘉澳 2026 年满负荷可生产生物航油 37.24 万吨，允许其在 上述产能范围内申领 2026 年出口许可证。 证券代码：603822 股票简称：ST嘉澳 编号：2026-001 浙江嘉澳环保科技股份有限公司 关于控股子公司获得生物航油出口许可证的公告 公司获得生物航油出口许可证后，可灵活调配境内外资源，结合市场价差动 态调整供应量，实现效益最大化，对业务形成积极支撑。后续将依据市场变化及 监管要求安排产销，并履行信息披露义务。 特此公告。 浙江嘉澳环保科技股份有限公司董事会 1 2026 年 1 月 1 日 ...

Core Viewpoint - ST Jiaao (603822.SH) has received approval from the Ministry of Commerce of the People's Republic of China for its subsidiary Lianyungang Jiaao New Energy Co., Ltd. to apply for a 2026 export license for bio-jet fuel, allowing for production capacity of 372,400 tons [1] Group 1 - The company is permitted to produce bio-jet fuel at full capacity of 372,400 tons in 2026, which is a significant operational milestone [1] - With the export license for bio-jet fuel, the company can flexibly allocate domestic and international resources, adjusting supply based on market price differences to maximize benefits [1]

Core Viewpoint - The company, Zhejiang Jiaao Environmental Technology Co., Ltd., has decided to dissolve its subsidiary, Zhoushan Branch, to optimize resource allocation, reduce operational costs, and enhance overall operational efficiency [1][3]. Group 1: Company Announcement - The board of directors approved the dissolution of the Zhoushan Branch during the 25th meeting of the sixth board on December 29, 2025 [1][6]. - The dissolution does not constitute a related party transaction or a major asset restructuring, and therefore does not require shareholder approval [2][3]. Group 2: Details of the Subsidiary - The Zhoushan Branch was established on December 15, 2015, and its business scope included the refining of vegetable oils [1]. - The branch's operational address was located at 388 Desheng Road, Industrial Park, Zhoushan Town, Tongxiang City [1]. Group 3: Impact of the Dissolution - The dissolution is part of the company's overall business strategy and is expected to have no significant impact on the company's business development or profitability [3]. - The decision is not expected to adversely affect the consolidated financial statements or the interests of shareholders, particularly minority shareholders [3].

Core Insights - The SAF production facility in Lianyungang, supported by Honeywell and Jiaao Environmental, has achieved large-scale production, processing 10,000 barrels daily, equating to an annual capacity of approximately 500,000 tons, marking a significant step towards commercial operation in China's SAF industry [1] - The project is seen as a pivotal element in the intersection of policy and market opportunities, reshaping China's green aviation energy landscape and positioning "Made in China" within the global green energy supply chain [1] Market Dynamics - The global aviation industry faces unprecedented carbon reduction pressures, with SAF being the most viable decarbonization pathway, potentially reducing lifecycle carbon emissions by up to 80% compared to traditional jet fuel [2] - In Europe, the demand for SAF is expected to surge due to regulatory drivers, with a projected consumption of 1.9 million tons by 2025, while domestic production capacity is only around 1 million tons, leading to a significant supply gap [2] - The International Air Transport Association forecasts that global SAF production could reach 2 million tons by 2025, representing only 0.7% of total fuel consumption, indicating substantial market potential [2] - The limited supply of SAF in the U.S. due to trade policies is shifting global buyers' focus towards Asia-Pacific production capabilities, presenting historic opportunities for Chinese SAF exports [2] Domestic Support and Infrastructure - China is establishing a comprehensive support system for the SAF industry, with top-level design and legal frameworks such as the Energy Law and Renewable Energy Law laying the groundwork for bio-liquid fuel development [3] - The People's Bank of China and other departments have included SAF in the 2025 Green Finance Support Project Directory, facilitating access to green loans and bonds to alleviate financing challenges [3] - Local governments are actively building industrial ecosystems, exemplified by Chengdu's establishment of a dedicated SAF industrial park and the introduction of supportive policies with over 100 million yuan investment planned over three years [3] Industry Growth Projections - The combination of policy and market forces is propelling the Chinese SAF industry into a rapid growth phase, with predictions of nearly tenfold market growth over the next five years, potentially reaching a market size in the trillions [4] Strategic Collaborations - The partnership between Honeywell and Jiaao Environmental aims to create a complete commercial loop from technology to product, utilizing Honeywell's Ecofining technology to efficiently convert waste oils into high-quality SAF [5] - Jiaao Environmental has established itself as a leader in SAF production with a designed capacity of 372,400 tons per year, leveraging its expertise in biomass energy [5] Market Expansion and Achievements - Jiaao Environmental has made significant strides in 2025, obtaining necessary approvals for domestic sales and becoming the first company on China's bio-jet fuel export list, exporting approximately 13,400 tons to Rotterdam [6] - Strategic investments from major players like BP and China National Aviation Fuel have solidified Jiaao's market position and distribution channels [6] Future Directions - The focus for the SAF industry will be on continuous cost reduction, with efforts to narrow the cost gap with traditional jet fuel through technological advancements and financial support [7] - Diversification of raw materials is essential to mitigate supply risks, with potential future developments in utilizing agricultural waste and synthetic fuels from green hydrogen and carbon dioxide [7] - Companies may explore advanced SAF production technologies and integrate carbon capture and utilization to develop "negative carbon" fuels as a future direction [7]

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。 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"公司"）第六届董事会第二十 五次会议于 2025 年 12 月 29 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二十五次会议通知和材料已于 2025 年 12 月 24 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：ST嘉澳 编号：2025-072 浙江嘉澳环保科技股份有限公司 第六届董事会第二十五次会议决议公告 二、董事会会议审议情况 （一）审议通过《关于注销洲泉分公司的议案》 表决结果为：同意票 8 票，反对票 0 票，弃权票 0 票。 具体内容详见上海证券交易所网 ...

证券代码：603822 股票简称：ST嘉澳 编号：2025-073 浙江嘉澳环保科技股份有限公司 关于注销洲泉分公司的公告 4、经营场所：桐乡市洲泉镇工业园区德胜路 388 号 5、负责人：王艳涛 6、成立日期：2015 年 12 月 15 日 7、营业期限：2015 年 12 月 15 日至长期 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。 根据浙江嘉澳环保科技股份有限公司（以下简称"公司"）整体经营规划， 为进一步整合及优化公司资源配置，降低经营成本，提升整体运营效率，公司于 2025 年 12 月 29 日召开第六届董事会第二十五次会议，审议通过了《关于注销 洲泉分公司的议案》，公司拟注销浙江嘉澳环保科技股份有限公司洲泉分公司， 并授权管理层办理本次分公司注销相关事宜。 根据《公司法》、《上海证券交易所股票上市规则》、《公司章程》等相关 规定，本次注销分公司事项在董事会审批权限范围之内，无需提交公司股东大会 审议。本次注销事项不构成关联交易，也不构成《上市公司重大资产重组管理办 法》规定的重大资产重组。具体情况如 ...

Investment Rating - The report maintains a "Positive" investment rating for the sustainable aviation fuel (SAF) industry, consistent with the previous rating [2]. Core Insights - The demand for SAF is rapidly increasing, driven by strong EU regulations and rising prices. As of December 16, 2025, European SAF prices reached $2300-$2320 per ton, a 25% increase since the beginning of the year, while domestic prices rose to $2100-$2300 per ton, up 24% [4][8]. - The HEFA (Hydroprocessed Esters and Fatty Acids) process currently dominates the market, but other technologies like PtL (Power-to-Liquid) show significant long-term cost reduction potential. McKinsey predicts cost reductions of 22% for HEFA, 32% for ATJ (Alcohol-to-Jet), 24% for FT (Fischer-Tropsch), and 67% for PtL from 2020 to 2050 [4][24]. - Global SAF blending policies are accelerating, with significant increases in production and consumption expected. IATA forecasts that by 2025, SAF production will reach 0.06 million tons, accounting for 2% of total fuel demand, and by 2050, global demand could reach 350 million tons [4][32]. - China's SAF industry is rapidly expanding, with an expected total capacity exceeding 10.65 million tons per year by 2027, positioning the country as a major global exporter [4][5]. Summary by Sections 1. Aviation Industry Decarbonization Drives SAF Demand - SAF prices are driven by supply and demand dynamics, with expectations of maintaining high levels in the future due to geopolitical factors and regulatory frameworks [8][11]. - The aviation sector's carbon emissions are significant, with a need for low-carbon fuel alternatives to meet decarbonization goals [12][15]. 2. Global SAF Blending Policies Accelerate Production and Consumption - The SAF industry is heavily influenced by policy drivers, with various countries implementing specific blending targets and incentives to support SAF adoption [32][33]. - The EU's ReFuelEU Aviation regulation mandates increasing SAF blending ratios, aiming for 2% by 2025 and 70% by 2050 [33]. 3. Investment Recommendations - Companies with established HEFA processes and early capacity releases are expected to benefit from rising demand and prices. Key companies to watch include HaiXin Energy, PengYao Environmental, ShanGao Environmental, and LangKun Technology [4][5].

Core Viewpoint - Zhejiang Jiaao Environmental Technology Co., Ltd. (referred to as Jiaao Environmental or ST Jiaao) is facing administrative penalties from the China Securities Regulatory Commission (CSRC) for violations related to financial disclosures and accounting practices [1][2][3]. Group 1: Violations and Financial Impact - Jiaao Environmental's subsidiary, Jining Jiaao Dingxin Environmental New Materials Co., Ltd., failed to timely transfer a 20,000-ton environmental plasticizer project to fixed assets and did not accurately calculate related loan interest, leading to false financial disclosures in the 2022 and 2023 annual reports [2][6]. - In 2022, the company understated operating costs by CNY 13,444,175.77, understated financial expenses by CNY 5,767,483.35, inflated total profit by CNY 19,211,659.12 (28.91% of reported profit), and inflated net profit by CNY 15,258,202.58 (49.06% of reported net profit) [2][6]. - In 2023, the company understated operating costs by CNY 13,558,188.38, inflated total profit by the same amount (63.72% of reported profit), and inflated net profit by CNY 10,441,351.18 (200.38% of reported net profit), with a turnaround from loss to profit [2][6]. Group 2: Regulatory Actions and Legal Implications - The CSRC's Zhejiang Regulatory Bureau has proposed warnings and fines against Jiaao Environmental and its responsible personnel due to the identified violations [2][3]. - Following the administrative penalties, a lawyer from Shanghai Hanlian Law Firm is collecting claims from investors who purchased Jiaao Environmental's securities between April 21, 2023, and August 23, 2024, and either sold or continued to hold them after August 24, 2024 [4][8]. - Investors affected by the false disclosures may seek civil compensation for losses, which includes investment differences, commissions, and stamp duties, as per the Civil Code and Securities Law [8][9].

重要内容提示： ● 本次会议是否有否决议案：无 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。 一、会议召开和出席情况 (一)股东会召开的时间：2025年12月17日 (二)股东会召开的地点：公司二楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由董事会召集，由董事长沈健先生主持，采用现场投票与网络投票相结合的方式召开。本次 股东会的召开以及表决方式符合《中华人民共和国公司法》、《上海证券交易所上市公司股东会网络投 票实施细则》等法律法规和本公司章程的有关规定，会议合法有效。 (五)公司董事和董事会秘书的列席情况 1、公司在任董事8人，列席8人； 2、董事会秘书吴逸敏先生和其他部分高级管理人员列席会议。 二、议案审议情况 审议结果：通过 表决情况： ■ (二)涉及重大事项，5%以下股东的表决情况 ■ (三)关于议案表决的有关情况说明 无 三、律师见证情况 1、本次股东会见证的律师事务所：上海市锦天城律师事务所 ...

证券代码：603822 证券简称：ST 嘉澳 公告编号：2025-071 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。 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 78 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 32,182,621 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 42.1611 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由董事会召集，由董事长沈健先生主持，采用现场投票与网络投 票相结合的方式召开。本次股东会的召开以及表决方式符合《中华人民共和国公 司法》、《上海证券交易所上市公司股东会网络投票实施细则》等法律法规和本公 (一) 股东会召开的时间：2025 年 12 月 17 日 (二) 股东会召开的地点：公司二楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 重要内容提示： 浙江嘉澳环保科技股份有限公司 2025年 ...