卓越新能发布业绩快报，2025年度营业总收入29.42亿元，同比下降17.43%；净利润1.7亿元，同比增长 14.16%。公司2025年度经营业绩较上年同期有所增长，主要系本年度公司调整经营策略，产品综合毛 利有所提高，及公司天然脂肪醇生产线投产。 ...

Group 1 - The core viewpoint of the article indicates that Zhuoyue New Energy (688196.SH) has announced a projected revenue of 2.942 billion yuan for 2025, representing a year-on-year decline of 17.43% [1] - The net profit attributable to the parent company is expected to be 170 million yuan, showing a year-on-year increase of 14.16% [1]

Summary of Conference Call Notes Industry Overview - The focus is on the environmental protection industry, with a specific emphasis on carbon reduction efforts and upcoming earnings reports from various companies in the sector [1][2]. Key Points and Arguments - **Earnings Reports**: By January 30, 2026, 61 environmental companies have released their earnings forecasts for 2025. Among these: - 14 companies are expected to see significant positive growth in earnings - 4 companies are projected to experience a decline in earnings - 8 companies are anticipated to turn losses into profits - 35 companies are expected to report losses [1][2]. - **Notable Performers**: - **Wanyi Technology**: Expected net profit for 2025 is between 42 million to 62 million yuan, representing a year-on-year increase of 191.52% to 330.34% - **Gao Neng Environment**: Projected net profit for 2025 is between 750 million to 900 million yuan, reflecting a year-on-year growth of 55.66% to 86.79% - **Yuehai Investment**: Expected net profit growth of 43% for 2025, with an estimated profit close to 4.5 billion HKD based on 2024 figures [2]. - **Carbon Reduction Initiatives**: The year 2026 marks a significant shift towards stringent carbon emission controls, with local governments facing formal evaluations of carbon neutrality targets for the first time [2]. - **EU Carbon Tariff**: The EU has implemented a carbon tariff as of January 1, 2026, which is expected to increase the cost of exports from China to the EU. Exporting companies can mitigate these costs through the use of green energy and recycled resources [3]. Additional Important Insights - **Green Energy Demand**: The demand for green energy in global transportation is increasing, particularly with the EU's plan to mandate a rise in Sustainable Aviation Fuel (SAF) usage from 2% to a long-term target of 70% by 2025 [3]. - **UCO Pricing**: The price of Used Cooking Oil (UCO) has reached 1,075 USD per ton, marking a 9.1% increase since early 2025. This price increase is expected to enhance profit margins for companies involved in the processing of waste oils [3]. - **Companies to Watch**: - **Recycling and Resource Recovery**: Companies like Yingke Recycling, Langkun Technology, and Dadi Ocean are highlighted for their roles in the recycling sector - **Green Steam and Methanol**: Companies such as Huanlan Environment and China Tianying are noted for their contributions to green steam and methanol production [3].

Investment Rating - The industry is rated as "Outperform the Market - A" [4] Core Insights - The price increase of dyes has been realized, and attention should be paid to changes in the SAF (Sustainable Aviation Fuel) industry chain [1][12] - The supply of key intermediate H acid is under pressure due to environmental and safety production constraints, leading to a significant cost increase for active dyes [2][3] - The industry is experiencing a dual transformation in cost and market structure, with a focus on the concentration of market share among leading companies due to stricter environmental regulations [10][9] Summary by Sections Key Intermediate Supply and Price Dynamics - H acid, essential for producing active dyes, faces supply constraints due to environmental pressures and production incidents, leading to a projected price increase that could raise active dye production costs significantly [2][3] - The effective capacity of H acid is currently below 60,000 tons, with a potential reduction of over 25% due to maintenance shutdowns, reinforcing cost support expectations for active dyes [2] Market Structure and Environmental Regulations - The dye industry is undergoing a consolidation phase, with many non-compliant small manufacturers exiting the market, leading to a more oligopolistic structure [3][10] - The active dye market's CR4 (concentration ratio) is 64.91%, while the dispersed dye market's CR4 is 70.69%, indicating a significant level of market concentration [10] Investment Opportunities - Companies to watch include Runtao Co., Zhejiang Longsheng, Jinji Co., Jihua Group, Yabang Co., Annuoqi, Fulei Ant, Wanfeng Co., and Haixiang Pharmaceutical, which are positioned to benefit from the evolving market dynamics [11] - The SAF sector is also highlighted for potential growth, with expected increases in demand driven by regulatory changes and market dynamics [12][14]

华福证券股份有限公司 关于龙岩卓越新能源股份有限公司 2025 年度持续督导工作现场检查报告 根据《上市公司募集资金监管规则》《上海证券交易所科创板上市公司自律 监管指引第 1 号——规范运作》等相关法律法规及规范性文件，华福证券股份有 限公司（以下简称"华福证券"或"保荐机构"）作为龙岩卓越新能源股份有限 公司（以下简称"卓越新能"或"公司"）首次公开发行股票并在科创板上市持 续督导工作的保荐机构、2024 年以简易程序向特定对象发行股票并在科创板上 市的保荐机构，对卓越新能 2025 年度（以下简称"本持续督导期间"）的规范 运作情况进行了现场检查，现将本次现场检查情况报告如下： 一、本次现场检查情况 （一）保荐机构 周建武、洪斌 （三）现场检查时间 2026 年 1 月 19 日至 2026 年 1 月 23 日 （四）现场检查人员 周建武、洪斌、徐淼、黄建博 （五）现场检查内容 公司治理及内部控制、信息披露、独立性、与关联方的资金往来、募集资金 使用情况、关联交易、对外担保、重大对外投资、公司经营状况以及承诺履行情 况等。 1 华福证券股份有限公司 （二）保荐代表人 （六）现场检查手段 对公司高级管理 ...

Group 1 - The stock of Zhuoyue New Energy fell by 5.05% on January 28, closing at 82.89 yuan per share, with a trading volume of 38.29 million yuan and a turnover rate of 0.38%, resulting in a total market capitalization of 10.543 billion yuan [1] - Zhuoyue New Energy, established on November 1, 2001, and listed on November 21, 2019, is located in Longyan City, Fujian Province. The company specializes in producing biodiesel and its deep-processed products using waste oil as raw material through modern production techniques [1] - The main revenue composition of Zhuoyue New Energy includes biodiesel (81.33%), mixed fatty acids and oils (8.86%), natural fatty alcohols (6.27%), eco-friendly alkyd resins (1.53%), industrial glycerol (1.37%), bioester plasticizers (0.32%), and other (0.31%) [1] Group 2 - Green Fund holds Zhuoyue New Energy in its portfolio, with the Green Emerging Industries Mixed A Fund (014327) holding 427 shares, accounting for 1.02% of the fund's net value, making it the ninth largest holding. The estimated floating loss today is approximately 1,883.07 yuan [2] - The Green Emerging Industries Mixed A Fund (014327) was established on March 8, 2022, with a latest scale of 756,900 yuan. Year-to-date return is 6.68%, ranking 3924 out of 8864 in its category; the one-year return is 49.13%, ranking 2274 out of 8126; and the return since inception is 55.45% [2] - The fund manager of Green Emerging Industries Mixed A Fund is Wang Zhenlin, who has been in the position for 3 years and 131 days. The total asset size of the fund is 9.8885 million yuan, with the best return during his tenure being 41.67% and the worst being -33.25% [3]

项目充分利用当地丰富的餐厨废油脂、棕榈酸油等原料资源，规划建设年产30万吨生物柴油，以及年产 10万吨烃基生物柴油(HVO)/生物航空燃料(SAF)的生产装置及配套设施。该项目拟分两期实施，一期建 设生物柴油生产线，二期建设HVO/SAF生产线，产品将主要面向欧美及东南亚地区的航空、海运和陆 路交通等市场。 中化新网讯 1月19日，卓越新能发布消息称，其旗下卓越新能源(泰国)有限公司在泰国春武里府东部工 业园举行生物能源项目奠基开工仪式。 ...

Group 1 - The core viewpoint of the article is that Zhuoyue New Energy is advancing its international development strategy through the establishment of a bioenergy project in Thailand, which is a significant step for the company [1][3]. - The bioenergy project will utilize local resources such as kitchen waste oil and palm acid oil to produce 300,000 tons of biodiesel and 100,000 tons of HVO (hydrotreated vegetable oil) / SAF (sustainable aviation fuel) annually [3]. - The total investment for the project is 700 million yuan, which will be implemented in two phases, with the first phase focusing on the biodiesel production line [3]. Group 2 - The products from the bioenergy project will primarily supply markets in Europe, North America, and Southeast Asia, targeting aviation, maritime, and land transportation sectors [3].

Group 1 - The chemical products sector increased by 0.83% on January 22, with Qiaoyuan Co. leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Qiaoyuan Co. saw a significant rise of 19.99%, closing at 65.12, with a trading volume of 96,300 shares and a transaction value of 596 million [1] Group 2 - The chemical products sector experienced a net outflow of 1.185 billion in main funds, while retail investors saw a net inflow of 762 million [2] - The top gainers in the sector included Zhuo Ke New Energy, which rose by 8.98% to close at 84.01, and ST Quantai, which increased by 6.95% to close at 5.85 [1][2] - Conversely, the sector also had notable losers, such as Junan Co., which fell by 8.16% to close at 57.43, and Cangzhou Dahua, which decreased by 7.98% to close at 17.76 [2]

Group 1 - The core viewpoint of the article is that Zhuoyue New Energy primarily focuses on exporting biodiesel, utilizing its subsidiaries in the Netherlands and Singapore for independent sales [2] Group 2 - The company engages in biodiesel export business as its main operation [2] - The interaction with investors highlights the company's strategy and operational focus on international markets [2]