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].

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。 ...

智通财经6月23日电，嘉澳环保(603822.SH)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。 嘉澳环保：涉嫌信息披露违法违规 收到证监会立案告知书 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a significant increase in overseas HVO/SAF prices, with European prices rising by 13.97% and 11.60% respectively since the lowest points in Q2 2025, driven by strong seasonal demand [5] - The EU is gradually implementing a 2% SAF blending policy, which is expected to enhance the demand for SAF and subsequently increase the price of UCO, benefiting the entire UCO-HVO/SAF industry chain [6] - The demand for UCO is anticipated to grow steadily due to the increasing SAF demand, with domestic UCO prices rising as a result of heightened procurement levels from SAF and biodiesel plants [7] Summary by Sections Industry Trends - The report indicates a positive outlook for the basic chemical industry, with a maintained investment rating [1] - A notable trend is the increase in UCO prices in China, with prices for gutter oil and waste oil rising by 3.31% and 2.31% respectively since Q2 2025 [5] Market Dynamics - The report discusses the EU's measures to support the SAF market, including subsidies for airlines purchasing sustainable aviation fuel, which is expected to drive up costs and demand [6] - The report notes that China's SAF production costs are lower due to abundant and cheaper UCO resources, positioning China to capture a significant market share in the EU [6] Company Insights - The report provides a table of companies involved in HVO/SAF production, highlighting their planned capacities and market valuations, with 嘉澳环保 leading with a planned capacity of 740,000 tons [10] - The report identifies key beneficiaries of the SAF demand increase, including 嘉澳环保, 海新能科, 卓越新能, and 鹏鹞环保 [6][10]

Investment Rating - The report maintains a "Recommended" rating for companies with significant biodiesel or raw material production capacity, including Zhuoyue Xinneng, Jiaao Environmental Protection, Shanggao Huaneng, Haineng Kexin, and Langkun Environment [4][5]. Core Insights - The biodiesel market is expected to see increased demand and raw material supply due to the cancellation of export VAT refunds on raw materials, which will drive growth in the biodiesel sector [4]. - Recent agreements, such as the one between Cathay Pacific and Sinopec for SAF procurement, indicate a positive trend in the adoption of domestic SAF, enhancing the supply chain for biodiesel [3]. - The average prices for domestic waste cooking oil and gutter oil have increased, with waste cooking oil priced at 6640 CNY/ton and gutter oil at 6180 CNY/ton, reflecting a stable export outlook for UCO to Europe, the US, and Southeast Asia [2][4]. Summary by Sections Price Trends - The report notes a week-on-week increase in external HVO/SAF prices, with SAF at 1884.5 USD/ton (up 4.87%) and HVO at 1960.75 CNY/ton (up 3.46%) [1]. - Domestic price differences for biodiesel exports to Europe have reached 2539 CNY/ton, showing a weekly increase of 163 CNY/ton [1]. Export Expectations - The report anticipates a significant rise in China's HVO/SAF export volumes for May, with estimates nearing 40,000 tons, supported by rising external prices [3]. - The report highlights that the domestic HVO/SAF factories are maintaining strong procurement levels, indicating robust market demand [2]. Company Performance Forecast - The earnings per share (EPS) and price-to-earnings (PE) ratios for key companies are projected, with Zhuoyue Xinneng expected to have an EPS of 3.16 CNY in 2025 and a PE of 14 [5].

Summary of Key Points Core Viewpoint - Zhejiang Jiaao Environmental Protection Technology Co., Ltd. reported a net loss of 367 million yuan for 2024, primarily due to the EU's anti-dumping policies affecting biodiesel exports, leading to a 76.64% decline in biomass energy revenue. The company plans to accelerate the production of its Lianyungang project and optimize its product offerings to regain profitability [1][2][4]. Group 1: Financial Performance - The company’s total revenue for 2024 was 1.274 billion yuan, a decrease of 52.23% year-on-year [3]. - The net profit attributable to shareholders was a loss of 367 million yuan, compared to a loss of 47 million yuan in the previous year [3][4]. Group 2: Strategic Initiatives - The company aims to enhance its biomass aviation fuel (SAF) production, leveraging its location in the Yangtze River Delta, which is expected to benefit from national policies promoting SAF [2][4]. - The company has received ISCC and airworthiness certifications, positioning SAF as a core growth driver due to EU regulations mandating a gradual increase in SAF blending ratios [4][5]. Group 3: Market Expansion and Product Development - The company plans to expand its market share in Southeast Asia and Japan, focusing on non-EU markets to mitigate the impact of EU anti-dumping policies [1][4]. - The company is investing in R&D to develop environmentally friendly plasticizers and aims to replace traditional plasticizers, which will enhance its competitive edge in various applications [2][4]. Group 4: Cost Management and Supply Chain - The company is implementing strict cost control measures and enhancing supply chain management to address raw material price fluctuations [4][5]. - Long-term supply agreements with suppliers are in place to ensure stable raw material supply for SAF production [4].