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 ...

从政策层面来看，国际航空运输协会(IATA)分析指出，到2050年，航空领域65%的减排将依赖于生物航 煤的使用，其市场规模不可限量。中国作为全球第二大航空市场，2024年国家发改委、民航局启动SAF 试点项目，计划分阶段推动12个航班使用生物航煤，政策支持力度不断加大。而浙江省人大代表盛况也 提出加快构建生物航煤全产业链的建议，进一步凸显了该领域的发展潜力。 随着欧盟2030年SAF强制掺混政策的落地以及中国"十四五"规划对生物质能源的扶持，嘉澳环保的产能 释放恰逢其时。公司有望凭借先发优势抢占市场份额。此外，BP的战略入股不仅为嘉澳环保带来了资 金支持，更助力其突破海外认证壁垒，加速全球化布局。长远来看，若全球SAF渗透率提升至10%，市 场规模将超千亿美元。嘉澳环保凭借"技术、原料、渠道"三重壁垒，有望在航空脱碳浪潮中持续受益， 成为绿色能源转型的核心标的。 技术突破是嘉澳环保在生物航煤领域取得成功的基石。公司以废弃油脂为原料，利用自主研发的餐饮废 油预处理技术，成功实现了从"地沟油"到绿色航煤的产业化跨越。这种技术路径不仅实现了资源的循环 利用，更开辟了低碳经济新模式。连云港嘉澳的可持续航空燃料项目分 ...

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。 ...

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].