Core Viewpoint - The company plans to transfer its natural fatty alcohol and hydrocarbon biodiesel business-related assets, liabilities, and personnel to its wholly-owned subsidiary, the technology subsidiary, based on the book net value as of October 31, 2025 [1] Group 1: Asset Transfer Details - The total assets to be transferred amount to 649.93 million yuan, while the liabilities are 553.40 million yuan, resulting in a net asset value of 96.52 million yuan [1] - Following the transfer, the technology branch will be deregistered [1] Group 2: Project Implementation Changes - The implementation subjects for three fundraising projects, including the "annual production of 100,000 tons of hydrocarbon biodiesel production line project," will be changed to the technology subsidiary or jointly implemented with the listed company [1] - This asset transfer is classified as an adjustment of asset ownership and does not constitute a major asset restructuring, nor does it change the purpose of the raised funds [1]

龙岩卓越新能源股份有限公司经中国证券监督管理委员会于 2019 年 10 月 16 日出具的《关于同意龙岩卓越新能源股份有限公司首次公开发行股票注册的 批复》（证监许可[2019]1921 号）核准，公司首次向社会公开发行人民币普通股 （A 股）3,000 万股，每股发行价格 42.93 元，新股发行募集资金总额为 128,790.00 万元，扣除发行费用 8,700.38 万元（不含增值税）后，募集资金净额为 120,089.62 万元。致同会计师事务所（特殊普通合伙）对公司首次公开发行股票的资金到位 情况进行了审验，并出具了《验资报告》（致同验字（2019）第 350ZA0044 号）。 华福证券有限责任公司 关于龙岩卓越新能源股份有限公司 部分募集资金投资项目结项并将节余募集资金 用于其他募投项目的核查意见 华福证券有限责任公司（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，根据《上市公司募集资金监管规则》《上海 证券交易所科 ...

华福证券有限责任公司 关于龙岩卓越新能源股份有限公司将天然脂肪醇、烃基生 物柴油业务相关资产划转至全资子公司暨变更部分募投项 目实施主体之核查意见 华福证券有限责任公司（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，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，对卓越新能将烃基生物柴油、天然脂肪醇业务相关资产按照账面 净值划转至全资子公司龙岩卓越新能生物科技有限公司（以下简称"科技子公司"） 暨变更部分募投项目实施主体事项进行审慎核查，并出具本核查意见。具体情况 如下： 一、本次划转的具体情况 为优化企业组织架构，提高各业务版块的运营效率，公司拟以 2025 年 10 月 31 日为基准日的账面净值，将天然脂肪醇、烃基生物柴油业务相关的资产、负债 及人员划转至科技子公司。 （一）划转双方基本情况 1、资产划出方 1.1 母公司 企业名称：龙岩卓越新能 ...

证券代码：688196 证券简称：卓越新能 公告编号：2025-053 龙岩卓越新能源股份有限公司 关于部分募集资金投资项目结项并将节余募集资金 用于其他募投项目建设的公告 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、准确性和完整性依法承担法律责任。 龙岩卓越新能源股份有限公司（以下简称"公司"）于 2025 年 11 月 24 日 召开了第五届董事会第十四次会议，审议通过《关于部分募集资金投资项目结项 并将节余募集资金用于其他募投项目建设的议案》，同意公司首次公开发行股票 的部分募集资金投资项目（以下简称"募投项目"）"年产 10 万吨生物柴油（非 粮）及年产 5 万吨天然脂肪醇项目"予以结项，并将节余募集资金用于"年产 10 万吨烃基生物柴油生产线"（以下简称"烃基一线"）项目建设，该项目为 公司利用首次公开发行股票超募资金建设的项目。公司保荐机构华福证券有限责 任公司（以下简称"保荐机构"）发表了核查意见。本事项无需提交公司股东会 审议。现将有关情况公告如下： 单位：万元 | 承诺投资项目名称 | 项目总投资 | 募集资金投资额 | | --- ...

关于将天然脂肪醇、烃基生物柴油业务相关资产划转至 全资子公司暨变更部分募投项目实施主体的公告 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、准确性和完整性依法承担法律责任。 证券代码：688196 证券简称：卓越新能 公告编号：2025-054 龙岩卓越新能源股份有限公司 龙岩卓越新能源股份有限公司（以下简称"公司"）于 2025 年 11 月 24 日 召开了第五届董事会第十四次会议，审议通过《关于将天然脂肪醇、烃基生物柴 油业务相关资产划转至全资子公司暨变更部分募投项目实施主体的议案》，同意 公司以 2025 年 10 月 31 日为基准日的账面净值，将天然脂肪醇、烃基生物柴油 业务相关的资产、负债及人员划转至全资子公司龙岩卓越新能生物科技有限公司 （以下简称"科技子公司"），并将公司首次公开发行股票并上市的部分募集资 金投资项目（以下简称"募投项目"）"年产 10 万吨烃基生物柴油生产线项目" （以下简称"烃基一线项目"）和 2024 年以简易程序向特定对象发行股票的募 投项目"年产 10 万吨烃基生物柴油项目"（以下简称"烃基二线项目"）实施 主 ...

Core Viewpoint - The report highlights the increasing demand for biodiesel driven by terminal demand growth and regulatory changes, particularly in the context of the EU's RED III implementation and domestic initiatives in China [2][4]. Group 1: Biodiesel Price Trends - As of November 19, the FOB prices for China's first and second generation biodiesel are $1,165 and $1,900 per ton, reflecting increases of 11% and 24% respectively since the beginning of 2025 [2][3]. - The steady growth in biodiesel prices since 2025 is attributed to rising terminal demand [2]. Group 2: Domestic and International Demand Drivers - The first domestic B5 biodiesel injection for internal trade was completed, marking a significant step in the domestic biodiesel market [3]. - The implementation of the "IMO net-zero framework" is expected to increase the demand for biodiesel in both domestic and international shipping [3]. - In 2024, China's internal trade ship fuel consumption is projected to be 4.48 million tons, indicating substantial potential for biodiesel substitution in the future [3]. Group 3: EU Regulatory Impact - The RED III legislation, effective from 2026, raises the renewable energy consumption target from 32% to at least 42.5%, and the renewable energy target in the transport sector from 14% to 29% [4]. - The removal of the double carbon reduction policy for used cooking oil (UCO) is expected to significantly boost the demand for biodiesel and UCO, potentially doubling the demand [4]. - It is estimated that the demand for biodiesel produced from UCO in the EU will increase by at least 400,000 tons following the RED III implementation [4]. Group 4: Beneficiary Companies - Companies such as卓越新能, 海新能科, 嘉澳环保, and 山高环能 are identified as potential beneficiaries of the growing biodiesel market [5].

Core Viewpoint - The report from Kaiyuan Securities highlights the increasing demand for biodiesel in China and globally, driven by terminal demand growth and regulatory changes, particularly the implementation of the RED III directive in the EU starting in 2026 [1][4]. Domestic Market Developments - The first domestic B5 biodiesel injection for internal trade was completed on November 20, marking a significant step in the use of biodiesel in domestic shipping [2][3]. - The Ministry of Commerce's recent policy supports the blending of domestic biodiesel with marine fuel oil, which is expected to enhance the domestic biodiesel market [2]. International Market Trends - The "IMO net-zero framework" is anticipated to increase the demand for biodiesel, with projections indicating that Singapore's marine fuel injection could require millions of tons of biodiesel by 2030 [3]. - China's bonded marine fuel injection is expected to reach 1,988 million tons in 2024, with a potential increase of nearly 400 million tons in biodiesel demand if 20% biodiesel is blended [3]. Regulatory Changes in the EU - The RED III directive will raise the renewable energy consumption target in the EU from 32% to at least 42.5% by 2030, significantly increasing the demand for biodiesel, especially second-generation biodiesel [4]. - The removal of the double carbon reduction policy for used cooking oil (UCO) is expected to nearly double the demand for biodiesel and UCO in the EU [4]. Beneficiary Companies - Companies likely to benefit from these trends include Zhuoyue New Energy (688196.SH), Haineng Technology (300072.SZ), Jiaao Environmental Protection (603822.SZ), and Shanggou Environmental Energy (000803.SZ) [5].

Group 1 - The report highlights a significant increase in SAF (Sustainable Aviation Fuel) prices, with EU and China prices reaching $2,500 and $2,960 per ton respectively, marking increases of 39% and 60% since the beginning of 2025 [1][2] - The profit margin for SAF in China is calculated to exceed 4,000 yuan per ton, indicating strong profitability in the sector [1] - The tightening supply of SAF is driven by the upcoming EU and UK verification of a 2% SAF blending ratio, alongside maintenance shutdowns at major production facilities like NESTE [2] Group 2 - The implementation of the RED III legislation in the EU starting in 2026 will raise carbon reduction targets and eliminate the double carbon credit policy for biodiesel produced from used cooking oil (UCO), leading to increased demand for biodiesel and UCO [3] - The projected demand for biodiesel produced from UCO in the EU is expected to rise significantly, with estimates suggesting an increase from 3.74 million tons in 2025 to an additional 4 million tons in 2026 [3] - The maritime sector is also expected to see increased demand for biodiesel, with new regulations requiring a shift towards electric or 100% biofuel-powered vessels by 2030 [3]

Core Insights - The overall performance of companies in the environmental protection industry is strong, with significant profit growth and cash flow improvement observed in waste incineration and biofuel sectors [1] Waste Incineration Companies - Major waste incineration companies reported significant growth in net profit for Q3, with notable increases from Junxin Co. (+47.6%), Huanlan Environment (+28.1%), Yongxing Co. (+25.6%), and others [2] - Key factors for profit growth include project commissioning, asset acquisitions, improved capacity utilization, and expansion into heating services, contributing an additional profit of approximately 80 yuan per ton of waste [2] - Cash flow from operating activities for waste incineration companies improved due to increased capacity and government subsidy repayments, with Green Power's Q3 subsidy repayments being particularly favorable [2] Water Companies - Profitability among water companies showed significant variation in Q3, with notable declines in net profit for Chuangye Environmental (-10.4%) and Shou Chuang Environmental (-78.4%), while others like Hongcheng Environment (+2.1%) and Chongqing Water (+2.7%) experienced growth [3] - The sharp decline in Shou Chuang Environmental's profit was primarily due to a one-time investment gain from the sale of a Singapore company in the previous year [3] Biofuel Companies - Biofuel companies experienced substantial profit growth in Q3, driven by rising export prices and sales volume, with UCO export prices increasing by $150-$200 per ton compared to the previous year [4] - Companies like Shangaohuan Energy and Langkun Technology reported significant profit increases, with Shangaohuan achieving a net profit of 0.1 billion yuan in Q3, up from a loss of 0.2 billion yuan in the same period last year [4] - The SAF segment also saw profitability improvements, with Jiaao Environmental turning a profit of 0.5 billion yuan in Q3, attributed to increased sales volume and prices [5] Investment Recommendations - The report suggests focusing on waste incineration companies with high dividends and growth potential, such as Guangda Environment, Huanlan Environment, Yongxing Co., and Junxin Co. [6] - Biofuel companies benefiting from overseas carbon reduction policies, including Shangaohuan Energy, Jiaao Environmental, and others, are also recommended for investment [7] - High dividend assets in the water sector, such as Beikong Water Group and Yuehai Investment, are highlighted as potential investment opportunities [7]

Group 1 - The report highlights the stable profitability and cash flow improvement in the municipal environmental sector, driven by debt reduction and water price adjustments, leading to opportunities in high-dividend environmental assets. Recommended companies include Hanlan Environment, Xingrong Environment, Green Power, Junxin Co., Yongxing Co., Hongcheng Environment, Conch Venture, Everbright Environment, and Yuehai Investment [4][27]. - The transportation sector's carbon reduction initiatives are fully underway, with the biodiesel industry expected to benefit significantly from policies such as the EU RED3, which will increase demand for biodiesel in road transport, shipping, and aviation [4][33]. - AI empowerment is driving secondary growth in the municipal environmental sector, with significant potential in waste management and autonomous sanitation. The integration of AI in waste-to-energy projects can enhance profitability and cash flow, with examples showing net profit increases of 83% to 146% [4][27]. Group 2 - The report details the stable revenue and income from municipal water and solid waste services, which are essential for urban operations. The typical operating model involves exclusive rights for 25-30 years, ensuring long-term revenue stability [10][11]. - Water price adjustments are accelerating, with various regions implementing increases that can enhance the profitability of water companies. For instance, cities like Guangzhou and Shenzhen have proposed significant price hikes, with increases ranging from 13% to 31% [19][21]. - The report provides a summary of high-dividend companies in the environmental sector, showcasing their market capitalization, PE ratios, net profits, and dividend rates, indicating a trend towards higher shareholder returns [9][24]. Group 3 - The report emphasizes the expected increase in free cash flow for municipal environmental companies due to a significant decline in capital expenditures (Capex), which is projected to enhance dividend rates over time [25][27]. - Specific companies are recommended based on their growth potential and dividend stability, including Hanlan Environment, Xingrong Environment, Junxin Co., Yongxing Co., and Hongcheng Environment, each with unique strengths in their respective markets [27][28]. - The biodiesel industry is set to expand significantly due to EU policies that broaden the scope of renewable energy requirements across various transport sectors, indicating a robust growth trajectory for companies involved in biodiesel production [33][34].