Core Viewpoint - The stock of Zhuoyue New Energy has shown a significant increase of 49.20% year-to-date, despite a recent decline of 2.00% on September 22, 2023, indicating potential volatility in the market [1]. Company Overview - Zhuoyue New Energy Co., Ltd. is located in Longyan City, Fujian Province, and was established on November 1, 2001, with its listing date on November 21, 2019. The company specializes in producing biodiesel and its deep-processing products using waste oil as raw material [1]. - The main revenue sources for Zhuoyue New Energy include biodiesel (81.33%), mixed fatty acids (8.86%), natural fatty alcohols (6.27%), eco-friendly alkyd resins (1.53%), industrial glycerin (1.37%), bioester plasticizers (0.32%), and other supplementary products (0.31%) [1]. Financial Performance - For the first half of 2025, Zhuoyue New Energy reported a revenue of 1.312 billion yuan, a year-on-year decrease of 32.12%, while the net profit attributable to shareholders increased by 16.01% to 117 million yuan [2]. - The company has distributed a total of 601 million yuan in dividends since its A-share listing, with 278 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Zhuoyue New Energy was 4,740, a decrease of 8.07% from the previous period, while the average circulating shares per person increased by 8.78% to 25,316 shares [2]. - Notable institutional holdings include Baoying New Emerging Industries Mixed A, which is the third-largest shareholder with 1.2642 million shares, and several new institutional investors have entered the top ten shareholders list [3].

Market Overview - On September 19, the chemical products sector rose by 0.51% compared to the previous trading day, with Xin Kai Yuan leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Top Performers - Xin Kai Yuan (300109) closed at 19.24, up 12.32% with a trading volume of 413,400 shares and a transaction value of 762 million [1] - Hanwei Technology (836957) closed at 17.98, up 11.82% with a trading volume of 89,000 shares [1] - Huarsoft Technology (002453) closed at 6.66, up 10.08% with a trading volume of 621,000 shares and a transaction value of 404 million [1] - Kaimete Gas (002549) closed at 20.76, up 10.02% with a trading volume of 1,374,100 shares and a transaction value of 2.752 billion [1] - Guangdong Hongda (002683) closed at 44.87, up 7.76% with a trading volume of 302,100 shares [1] Underperformers - Jihua Group (603980) closed at 5.78, down 7.07% with a trading volume of 896,300 shares and a transaction value of 530 million [2] - Fuxian Technology (688350) closed at 23.28, down 5.06% with a trading volume of 56,500 shares [2] - Lushan New Materials (603051) closed at 23.76, down 4.00% with a trading volume of 107,100 shares [2] Capital Flow - The chemical products sector saw a net inflow of 426 million from main funds, while retail funds experienced a net outflow of 108 million [2] - Main funds showed significant net inflows in Kaimete Gas (5.86 billion) and Huarsoft Technology (1.72 billion) [3] - Retail funds had notable outflows in Huarsoft Technology (1.03 billion) and Kaimete Gas (2.55 billion) [3]

Group 1 - The core viewpoint of the news is the performance and business profile of Zhuoyue New Energy, which saw a stock price increase of 5.16% to 49.77 CNY per share, with a total market capitalization of 5.972 billion CNY [1] - Zhuoyue New Energy, established on November 1, 2001, and listed on November 21, 2019, specializes in producing biodiesel and its deep-processed products using waste oil as raw material [1] - The company's main revenue sources include biodiesel (81.33%), mixed fatty acids (8.86%), natural fatty alcohols (6.27%), eco-friendly alkyd resins (1.53%), industrial glycerin (1.37%), bioester plasticizers (0.32%), and other supplementary products (0.31%) [1] Group 2 - From the perspective of fund holdings, Zhuoyue New Energy is a significant investment for the Rongtong New Trend Flexible Allocation Mixed Fund (002955), which held 12,700 shares, accounting for 2.19% of the fund's net value [2] - The Rongtong New Trend Flexible Allocation Mixed Fund has achieved a year-to-date return of 35.15% and a one-year return of 60.43%, ranking 2206 out of 8172 and 2295 out of 7980 respectively in its category [2] - The fund manager, He Tianxiang, has a tenure of 10 years and 333 days, with the fund's total asset size at 7.662 billion CNY [3]

Investment Rating - The report maintains an "Outperform" rating for the sustainable aviation fuel (SAF) industry, indicating expected performance above the market average [2][7]. Core Insights - The demand for SAF is primarily driven by policy initiatives, particularly in the EU, which mandates a 2% blending ratio by 2025, with a long-term goal of 70% by 2050. The IATA projects that SAF demand could reach 358 million tons by 2050, indicating significant growth potential [3][11]. - There is a notable supply-demand gap in the European SAF market, with consumption expected to reach 1.9 million tons this year against a production capacity of only 1 million tons. This gap is likely to be filled by producers in the Asia-Pacific region, including China, which has the potential to significantly increase its SAF production capacity [3][13]. - The high cost of SAF compared to traditional jet fuel has led to a general reluctance among airlines to adopt it. However, the EU's stringent blending requirements are pushing airlines to increase their SAF procurement, resulting in a rapid price increase for SAF [4][18]. - The report recommends investing in "Zhuoyue New Energy" and related SAF companies, highlighting Zhuoyue as a leading domestic biodiesel producer with significant SAF production capacity planned [4][26]. Summary by Sections Market Dynamics - As of September 17, the price of high-end SAF in China reached $2,480 per ton, a 55% increase from $1,800 per ton at the beginning of the year. This price surge is attributed to the scarcity of SAF raw materials and the unchanged mandatory blending targets [3][21]. - The European market is experiencing a significant increase in SAF consumption, with a projected 216% year-on-year growth, while the production capacity remains limited [13][18]. Policy Framework - The EU has established comprehensive SAF application targets and carbon reduction goals, with regulations mandating a 2% SAF blend starting in 2025 and a long-term goal of 70% by 2050 [5][10]. - Other countries, including the UK, the US, Japan, and South Korea, are also implementing policies to promote SAF usage, with specific blending targets set for the coming years [6][8][9]. Production Capacity - China is expected to play a crucial role in filling the SAF production gap in Europe, with domestic companies planning to establish over 1 million tons of SAF production capacity by the end of 2024 [3][13]. - The report outlines various projects across China, detailing planned and existing SAF production capacities, indicating a robust growth trajectory for the industry [14][17].

Core Viewpoint - The company,卓越新能, has transitioned its refinancing project status to "registered submission" as of September 15, indicating progress in its non-public stock issuance aimed at raising funds for green fuel production [2] Group 1: Fundraising Details - The company plans to issue 7,190,795 shares at a price of 41.72 yuan per share, aiming to raise a total of 300 million yuan [2] - The underwriting institution for this non-public offering is 华福证券 [2] Group 2: Project Objectives - The funds raised will be used for projects that can flexibly adjust the output of HVO (Hydrotreated Vegetable Oil) and SAF (Sustainable Aviation Fuel) based on market demand [2] - The production process will utilize waste oils and advanced biochemical technology to create green fuels, aligning with the company's strategy for sustainable development [2] Group 3: Strategic Implications - The implementation of this project is expected to enrich the company's product structure, expand its operational scale, and enhance profitability and overall competitiveness [2] - This initiative supports the company's long-term sustainable development goals and is consistent with its strategic development plan [2]

证券代码：688196 证券简称：卓越新能 公告编号：2025-035 龙岩卓越新能源股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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法律责任。 重要内容提示： 会议召开时间：2025 年 09 月 19 日（星期五）11:00-12:00 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 12 日（星期五）至 09 月 18 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮 箱 zyxnyir@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 龙岩卓越新能源股份有限公司（以下简称"公司"）已于 2025 年 8 月 30 日 发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司经营成 果、财务状况，公司计划 2025 年 09 月 19 日上午 11:00 ...

Investment Rating - The investment rating for the company is "Accumulate" and maintained [8] Core Views - In H1 2025, the company achieved revenue of 1.312 billion yuan, a year-on-year decrease of 32.12%, while the net profit attributable to the parent company was 117 million yuan, a year-on-year increase of 16.01% [2][6] - The decline in revenue was primarily due to a decrease in biodiesel sales, while the production of natural fatty alcohol, which began trial production in April 2025, contributed 82.24 million yuan in revenue [2][6] - The company is actively responding to the EU's anti-dumping sanctions on biodiesel by accelerating its global layout and extending its industrial chain [2][12] Summary by Sections Financial Performance - In H1 2025, biodiesel revenue was 1.07 billion yuan, down 42.3% year-on-year, with sales volume at 125,000 tons, a decrease of 37.55% [12] - The average selling price of biodiesel was 8,533.6 yuan per ton, down 7.7% year-on-year [12] - The gross margin for H1 2025 was 10.17%, an increase of 3.83 percentage points, mainly due to the high gross margin from the fatty alcohol business [12] - The cash collection ratio was 95.71%, a slight decrease of 3.41 percentage points year-on-year [12] Strategic Initiatives - The company is addressing the EU's anti-dumping tax of 23.4% by adjusting market strategies, expanding into non-EU markets, and extending into downstream bio-based materials [12] - Future growth is expected from new production capacities in Singapore and domestic projects, which are anticipated to enhance profitability [12] Profit Forecast - The projected net profit attributable to the parent company for 2025-2027 is 247 million, 371 million, and 436 million yuan, representing year-on-year growth of 66%, 50%, and 17% respectively [12]

Group 1 - The core viewpoint of the news is that Zhuoyue New Energy has seen a significant increase in its stock price, rising by 6.08% to reach 50.92 yuan per share, with a total market capitalization of 6.11 billion yuan [1] - Zhuoyue New Energy Co., Ltd. is located in Longyan City, Fujian Province, and was established on November 1, 2001. The company specializes in producing biodiesel and its deep-processed products using waste oil as raw material through modern production technologies [1] - The trading volume for Zhuoyue New Energy was 16.62 million yuan, with a turnover rate of 0.28% as of the report [1] Group 2 - According to data from the top ten heavy positions of funds, one fund under Jianxin Fund has a significant holding in Zhuoyue New Energy. Jianxin New Materials Select Stock Fund A (018194) increased its holdings by 3,057 shares in the second quarter, bringing its total to 41,100 shares, which accounts for 3.19% of the fund's net value [2] - Jianxin New Materials Select Stock Fund A was established on August 22, 2023, with a latest scale of 38.31 million yuan. The fund has achieved a return of 40.77% this year, ranking 606 out of 4,222 in its category [2] - The fund manager, Li Mengyuan, has been in charge for 1 year and 297 days, with the fund's total asset scale at 61.92 million yuan. During her tenure, the best fund return was 74.35%, while the worst was 72.9% [2]

Market Overview - The chemical products sector experienced a decline of 1.88% on September 2, with Jianye Co. leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Leading stocks in the chemical products sector included: - Lingpai Technology (300530) with a closing price of 40.53, up 12.30% and a trading volume of 248,100 shares [1] - Lushan New Materials (603051) closed at 23.28, up 10.02% with a trading volume of 112,600 shares [1] - Baihehua (603823) closed at 16.08, up 6.63% with a trading volume of 327,800 shares [1] - Zhongxin Fluorine Materials (002915) closed at 28.92, up 6.32% with a trading volume of 662,800 shares [1] Capital Flow - The chemical products sector saw a net outflow of 2.195 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.736 billion yuan [2] - Notable capital flows for specific stocks included: - Lushan New Materials (603051) had a net inflow of 89.61 million yuan from institutional investors, but a net outflow of 47.19 million yuan from retail investors [2] - Zhongxin Fluorine Materials (002915) experienced a net inflow of 68.58 million yuan from institutional investors, with a net outflow of 29.03 million yuan from retail investors [2]

Investment Rating - The report maintains a "Buy" rating for key companies such as Shengquan Group and Hailide. Both companies are expected to benefit from their respective market positions and macroeconomic factors [3]. Core Insights - The report emphasizes the strong performance of Shengquan Group, a major domestic supplier of electronic resins for AI servers, which is expected to see a sequential increase in performance due to rising server shipments [1][3]. - Hailide, a leading company in the polyester industrial yarn sector, is highlighted for its advantages stemming from the US tariff conflicts, which are expected to enhance its profitability [1]. - The report notes that the export window for phosphate fertilizers has opened, with high demand anticipated to continue, benefiting large phosphate chemical companies like Yuntianhua [1]. Summary by Sections Chemical Industry Overview - The chemical sector index closed at 4064.30 points, up 1.11% from the previous week, underperforming the CSI 300 index by 1.60% [9]. - Key chemical products such as acrylic acid methyl ester and NYMEX natural gas saw significant price increases, with the former rising by 8% [17][18]. Key Chemical Sub-sectors - **Polyester Filament**: Prices have slightly increased, with POY averaging 6865 CNY/ton, up 80 CNY/ton from the previous week. The market remains cautious due to slow demand recovery [20][21]. - **Tire Industry**: The operating rate for the full steel tire sector is at 64.89%, showing a slight decrease, while raw material prices are experiencing fluctuations [32][37]. Fertilizer Sector - The report indicates that phosphate fertilizer exports are expected to alleviate domestic overcapacity issues, with the first batch of exports scheduled for peak periods from May to September [1]. Company Profit Forecasts - Shengquan Group is projected to have an EPS of 1.53 CNY in 2025, with a PE ratio of 22, while Hailide is expected to have an EPS of 0.37 CNY with a PE of 17 [3].