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]

Group 1 - The company received a government subsidy of 2.33 million yuan, which accounts for 17.87% of the most recent audited net profit [1] - The subsidy is related to revenue and is associated with the company's regular business activities, indicating sustainability [1] - The company will account for the subsidy in accordance with relevant accounting standards, with specific treatment pending confirmation from the auditing agency [1]

Core Viewpoint - The company Shandong Huanneng (山高环能) has received a government subsidy of 2.33 million yuan, which represents 17.87% of its latest audited net profit, indicating a significant boost to its financial position and operational sustainability [1]. Group 1: Company Performance - As of November 20, 2025, Shandong Huanneng's stock closed at 7.27 yuan, down 1.09% from the previous trading day, with a total market capitalization of 3.39 billion yuan [1]. - The stock opened at 7.4 yuan, reached a high of 7.55 yuan, and a low of 7.23 yuan, with a trading volume of 1.7 billion yuan and a turnover rate of 5.01% [1]. Group 2: Government Subsidy - The company’s subsidiary, Beijing Xincheng Thermal Power Co., Ltd., received a government subsidy of 2.33 million yuan, which is related to its regular business activities and is expected to be sustainable [1]. - The accounting treatment for this subsidy will be conducted according to the "Accounting Standards for Enterprises No. 16 - Government Subsidies," pending confirmation from the auditing agency [1].

Core Viewpoint - On November 20, 2023, Shandong Huanyu Energy Co., Ltd. announced that its subsidiary, Beijing New Town Heating Co., Ltd., received a government subsidy of 2.33 million yuan, which is expected to support its operational activities and financial performance [1] Company Summary - Shandong Huanyu Energy Co., Ltd. is actively engaging with government support mechanisms, as evidenced by the recent subsidy announcement [1] - The subsidy amount of 2.33 million yuan may enhance the financial stability and operational capacity of its subsidiary, Beijing New Town Heating Co., Ltd. [1]

Group 1 - The core point of the article is that Shanggao Environmental Energy announced a government subsidy of 2.33 million yuan, which accounts for 17.87% of the company's most recent audited net profit [1] - For the first half of 2025, the revenue composition of Shanggao Environmental Energy is as follows: industrial-grade mixed oil processing and sales accounted for 51.67%, heating industry for 24.29%, environmental harmless treatment for 23.76%, and other businesses for 0.28% [1] - As of the report date, the market capitalization of Shanggao Environmental Energy is 3.4 billion yuan [1]

2025 年 11 月 20 日，山高环能集团股份有限公司（以下简称"公司"）下属公 司北京新城热力有限公司收到政府补助 233 万元，占公司最近一期经审计净利润 的 17.87%。本次系与收益相关的政府补助，与公司日常经营活动相关，具有可 持续性。 二、补助对上市公司的影响 证券代码：000803 证券简称：山高环能 公告编号：2025-084 山高环能集团股份有限公司 关于获得政府补助的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、获得补助的基本情况 根据《企业会计准则第16号-政府补助》等有关规定，公司将对上述政府补 助进行相应的会计处理，具体会计处理以审计机构确认后的结果为准，敬请广大 投资者注意投资风险。 三、备查文件 1、收款凭证。 山高环能集团股份有限公司 董 事 会 2025年11月20日 ...

Core Viewpoint - The company, Shandong High Energy Environmental Protection Co., Ltd. (山高环能), announced that its subsidiary, Beijing New Town Heating Co., Ltd., received a government subsidy of 2.33 million yuan, which accounts for 17.87% of the company's most recent audited net profit. This subsidy is related to revenue and is sustainable in nature, being linked to the company's regular business activities [1]. Group 1 - The government subsidy received by the subsidiary amounts to 2.33 million yuan [1] - The subsidy represents 17.87% of the company's latest audited net profit [1] - The subsidy is associated with revenue and is sustainable, indicating its relevance to the company's ongoing operations [1]

格隆汇11月20日丨山高环能(000803.SZ)公布，下属公司北京新城热力有限公司收到政府补助233万元， 占公司最近一期经审计净利润的17.87%。本次系与收益相关的政府补助，与公司日常经营活动相关， 具有可持续性。 ...