Core Viewpoint - The company reported a revenue of 1.942 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 5.60% and achieving profitability with a net profit of 58 million yuan, compared to a loss in the previous year [1] Financial Performance - Revenue for the first three quarters reached 1.942 billion yuan, reflecting a 5.60% increase year-on-year [1] - The net profit attributable to shareholders was 58 million yuan, indicating a turnaround from a loss to profitability [1] - Basic earnings per share were reported at 0.0247 yuan [1]

北京海新能源科技股份有限公司 证券代码：300072 证券简称：海新能科 公告编号：2025-048 北京海新能源科技股份有限公司 关于2025年前三季度计提减值准备的公告 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、计提减值准备及核销坏账情况 根据《企业会计准则》及公司会计政策的相关规定，为更加客观、公正地反 映公司的财务状况和资产价值，公司对2025年前三季度合并报表范围内各类应收 款项、其他应收款、合同资产、存货、固定资产、在建工程、长期股权投资、使 用权资产、无形资产、商誉等资产进行了全面清查，对各类存货的可变现净值， 应收款项回收的可能性，长期股权投资减值的可能性，固定资产、合同资产、在 建工程及无形资产等的可变现性进行了充分的评估和分析，认为上述资产中部分 资产存在一定的减值迹象。基于谨慎性原则，公司对可能发生减值损失的相关资 产进行计提减值准备。 公司及下属子公司对2025年前三季度存在可能发生减值迹象的资产（范围包 括应收款项、其他应收款、合同资产、存货、固定资产、在建工程、长期股权投 资、无形资产、商誉等）进行全面清查后，各项资产减值 ...

北京海新能源科技股份有限公司 一、审议通过《关于<2025年第三季度报告>的议案》 经审议，董事会认为《2025年第三季度报告》的编制和审核程序符合法律、 行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司2025 年第三季度经营的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 本议案已经公司董事会审计委员会2025年度第六次会议审议通过。 证券代码：300072 证券简称：海新能科 公告编号：2025-046 北京海新能源科技股份有限公司 第六届董事会第二十八次会议决议公告 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。 北京海新能源科技股份有限公司（以下简称"公司"）董事会于2025年10月20 日以传真和电子邮件方式向全体董事发出第六届董事会第二十八次会议通知，会 议于2025年10月24日上午10:00在北京市海淀区西四环北路63号馨雅大厦2层公 司会议室以现场表决的方式召开。此次会议应到董事9人，实到9人，其中独立董 事3人；公司部分高级管理人员列席了本次会议；本次会议的召开符合《中华人 民共和国公司法》和《公司章程》的规定。 ...

Financial Performance - The company's revenue for Q3 2025 reached ¥958,387,625.42, representing a year-over-year increase of 63.82%[5] - Net profit attributable to shareholders was ¥93,332,441.42, with a significant improvement compared to the previous year's loss[5] - The net profit after deducting non-recurring gains and losses was ¥46,647,052.48, a substantial recovery from a loss of ¥25,305,630.88 in the same period last year, marking a 95.91% increase[5] - Basic and diluted earnings per share for the period were both ¥0.0397, compared to ¥0.0247 for the same period last year[5] - The company achieved profitability in its business segment by leveraging the rising market opportunities for hydrocarbon-based biodiesel, successfully fulfilling long-term sales contracts with non-EU customers and exceeding delivery expectations[22] - Net profit for the current period was ¥2,083,081.18, a significant recovery from a net loss of ¥703,316,269.14 in the previous period[30] - Basic and diluted earnings per share were 0.0247, compared to -0.2695 in the prior period[31] Assets and Liabilities - Total assets at the end of the reporting period were ¥8,433,824,973.59, down 13.18% from the previous year[5] - Total assets decreased to ¥8,433,824,973.59 from ¥9,713,921,182.83, a decline of approximately 13.2%[27] - Current liabilities totaled ¥2,324,587,039.82, down from ¥3,383,962,231.16, representing a decrease of about 31.2%[27] - The total owner's equity amounted to ¥5,920,120,435.00, a slight decrease from ¥5,926,240,753.37[27] Cash Flow - The company's cash flow from operating activities showed a negative net amount of ¥98,448,911.13, reflecting a decline of 147.72% year-to-date[5] - Cash flow from operating activities generated a net outflow of -98,448,911.13, down from a net inflow of 206,317,488.40 in the previous year[33] - Cash inflow from investment activities was 1,292,666,815.89, a substantial increase from 72,918,894.02 in the prior period[33] - Net cash flow from financing activities showed a significant outflow of -1,189,441,966.57, compared to a net inflow of 36,860,784.23 in the previous year[33] - The total cash and cash equivalents at the end of the period were 577,770,407.01, down from 624,441,877.42 at the end of the previous period[33] - The company received cash from borrowings amounting to 373,000,000.00, an increase from 205,260,000.00 in the prior period[33] - Cash received from other investment activities was 1,232,248,748.01, a significant rise from 23,000,000.00 in the previous year[33] Operational Efficiency - The company reported a significant decrease in other receivables by 86.56% due to repayments received from debtors[9] - The company’s operational management level has steadily improved, focusing on quality control, supplier management, and catalyst solutions[22] - The company’s domestic catalytic purification business is committed to optimizing product structure and ensuring stable business development[22] - The company reported a decrease in research and development expenses to ¥78,848,723.16 from ¥91,987,544.93, indicating a reduction of about 14.3%[30] Financial Management - Financial expenses decreased by 39.14% to ¥60,892,346.78 compared to the same period last year, primarily due to reduced financing lease interest from Shandong Sanju Bioenergy Co., Ltd.[12] - The company reported a significant reduction in financial expenses, which fell to ¥60,892,346.78 from ¥100,059,984.53, a decrease of about 39.0%[30] - Credit impairment losses showed a significant improvement, decreasing by 170.72% to ¥135,994,777.55, as the company received repayments from debtors, reversing previous impairment losses.[12] Market and Growth Strategy - The company plans to continue expanding its market presence and developing new technologies to enhance its competitive edge[5] - The company signed long-term supply agreements with multiple core suppliers, enhancing its raw material supply chain security[22] - The company received approval from the Ministry of Commerce and other four ministries for the pilot export of bio-jet fuel, allowing it to independently apply for export permits, which improves production scheduling and capacity utilization[22] - The company has signed bio-jet fuel orders with overseas customers, indicating a full production schedule for the fourth quarter[22] Tax and Compliance - Cash received from tax refunds decreased by 38.15% to ¥383,542.09, mainly due to a reduction in export tax rebates.[14] - Cash paid for various taxes dropped by 81.74% to ¥27,306,523.91, primarily due to a decrease in value-added tax payments.[15]

Core Insights - The company, Haineng Technology, reported that as of October 20, 2025, the number of shareholders is 45,777 [2] Company Summary - Haineng Technology has engaged with investors through an interactive platform, providing updates on shareholder numbers [2] - The current shareholder count indicates a significant level of investor interest and engagement with the company [2]

Investment Rating - The report does not explicitly state an investment rating for the synthetic biology industry Core Insights - The synthetic biology sector is experiencing a global biotechnology revolution, providing innovative solutions to major challenges such as health, climate change, and food security, as highlighted by the National Development and Reform Commission's "14th Five-Year Plan for Bioeconomic Development" [4] - The Huazhong Securities Synthetic Biology Index, which includes 58 companies involved in synthetic biology, has seen a decline of 4.96% recently, indicating a performance lag compared to the Shanghai Composite Index [5][22] Summary by Sections 1. Synthetic Biology Market Dynamics - The synthetic biology sector's stocks fell by 4.96% in the week of October 13-17, 2025, ranking 24th among sectors [22] - The top five gainers in this sector included Yuanli Technology (+11%) and Fuxiang Pharmaceutical (+11%), while the top five losers included Shengquan Group (-18%) and Jinziham (-18%) [23][27] 2. Company Business Developments - Huada Zhizao has signed a licensing agreement to expand its sequencing technology into the European and American markets [28] - Haineng Energy has been approved to enter the bio-aviation fuel "white list," allowing it to produce 158,000 tons of bio-aviation fuel annually [29] - Jinggong Holdings is set to launch a 50,000-ton green recycled material production line, which will be the largest chemical recycling polyester enterprise globally [30] 3. Industry Financing Tracking - The synthetic biology sector has seen accelerated financing, with nearly 100 companies completing new funding rounds in 2025 [35] - Zhejiang Ruiwei New Materials Technology Co., Ltd. completed a multi-million yuan financing round, focusing on biodegradable materials for the beauty and textile industries [35]

Investment Rating - The report provides a "Buy" rating for several companies in the power and gas sectors, indicating a positive outlook for their performance [41]. Core Insights - The report highlights the recent adjustments in the value-added tax (VAT) policies for wind and nuclear power, which may impact profitability for operators in these sectors [9][10]. - It notes the competitive pricing results for electricity in Xinjiang and Gansu, with Xinjiang's prices nearing the upper limit of the bidding range, suggesting a favorable environment for renewable energy operators [8]. - The report discusses the decline in global LNG prices, with China's comprehensive LNG import price reaching a four-year low, which could benefit domestic gas companies [12][27]. Summary by Sections 1. Power Sector - Xinjiang's mechanism electricity bidding results show a scale of 36 billion kWh for solar and 185 billion kWh for wind, with prices at 0.235 CNY/kWh and 0.252 CNY/kWh respectively, indicating a competitive market [5][8]. - The VAT policy changes will eliminate the 50% VAT refund for onshore wind from November 1, 2025, while maintaining it for offshore wind until the end of 2027 [9][10]. - Recommendations include focusing on companies like Guodian Power, China Nuclear Power, and Longyuan Power due to their stable growth prospects [11]. 2. Gas Sector - Global gas prices have shown slight declines, with the US Henry Hub price at $2.82/mmBtu, reflecting a 2.90% weekly drop [12][15]. - China's LNG import price has dropped to 2852 CNY/ton, the lowest since mid-2021, driven by lower oil prices affecting long-term contracts [27][29]. - The report suggests a positive outlook for gas companies like Kunlun Energy and New Hope Energy, as cost reductions and economic recovery may enhance profitability [29]. 3. Environmental Sector - The report emphasizes the benefits of debt-for-equity swaps and the increasing stability of returns for green energy operators, recommending companies like China Everbright Environment and Hongcheng Environment [11]. - It highlights the ongoing rise in SAF (Sustainable Aviation Fuel) prices, suggesting investment opportunities in related companies [11]. 4. Key Company Valuations - The report includes a valuation table for key companies, with several rated as "Buy," indicating strong expected performance in the coming years [41].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, highlighting potential investment opportunities in renewable energy and gas companies [3][12]. Core Insights - The report emphasizes the recent adjustments in value-added tax policies for wind and nuclear power, which may impact profitability in the short to medium term [10][11]. - It notes the significant drop in LNG import prices, reaching a four-year low, which could benefit gas companies and consumers [13][29]. - The report suggests that the competitive bidding results for electricity prices in Xinjiang and Gansu indicate varying strategies among renewable energy operators, which could lead to improved profit margins [9][12]. Summary by Sections 1. Power Sector - Xinjiang's competitive bidding results show a mechanism electricity price of 0.252 CNY/kWh for wind power, close to the upper limit, while Gansu's price is 0.1954 CNY/kWh, near the lower limit [5][9]. - The adjustment of the value-added tax policy for onshore wind power, effective November 1, 2025, will eliminate the 50% refund policy, while offshore wind will retain it until the end of 2027 [10][11]. - Recommendations include focusing on companies like Guodian Power, Sichuan Investment Energy, and China Nuclear Power due to their stable growth prospects [12]. 2. Gas Sector - The report highlights a slight decline in global gas prices, with the US Henry Hub price at $2.82/mmBtu, down 2.90% week-on-week, and LNG import prices in China dropping to 2852 CNY/ton, the lowest since mid-2021 [13][29]. - It suggests that the cost reduction in upstream resources and the recovery of the macro economy will benefit Hong Kong gas companies like Kunlun Energy and New Hope Energy [31]. - The report anticipates that the LNG prices may stabilize as demand increases with the onset of colder weather [29][31]. 3. Weekly Market Review - The public utility, power, gas, and environmental protection sectors outperformed the CSI 300 index during the week of October 13-17, 2025 [35]. - The report notes that the power equipment sector lagged behind the index, indicating potential investment opportunities in other sectors [35]. 4. Company and Industry Dynamics - The report discusses the upcoming competitive bidding for renewable energy projects in Anhui, with a bidding range set between 0.2 CNY/kWh and 0.3844 CNY/kWh [41][42]. - It highlights the performance of major companies, such as China General Nuclear Power and Longyuan Power, which reported varying results in their electricity generation [43][44].

Group 1 - The core viewpoint of the news is that Beijing Haineng Technology Co., Ltd. (海新能科) has seen a stock price increase of 5.23%, reaching 3.82 CNY per share, with a total market capitalization of 8.976 billion CNY [1] - The company was established on June 3, 1997, and listed on April 27, 2010, focusing on the research, production, and sales of environmental new materials and chemical products, as well as services related to fossil energy, ecological agriculture, green energy, and oil and gas facilities [1] - The main revenue composition of the company includes 50.98% from environmental materials and chemical products, 48.51% from hydrocarbon-based biodiesel, and 0.51% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under Jiao Yin Schroder has a significant position in Haineng Technology, with the Jiao Yin CSI Environmental Governance Index (LOF) A (164908) holding 932,300 shares, representing 2.12% of the fund's net value [2] - The fund has generated a floating profit of approximately 177,100 CNY today [2] - The Jiao Yin CSI Environmental Governance Index (LOF) A was established on July 19, 2016, with a current scale of 131 million CNY, achieving a year-to-date return of 19.41% and a one-year return of 31.93% [2]

Core Viewpoint - Company has made significant progress in the bio-jet fuel (SAF) sector, obtaining export qualifications and enhancing its international competitiveness, which is expected to positively impact its business development [1][3][5]. Group 1: Export Qualification and Production Capacity - The company’s subsidiary, Shandong Sanju Bioenergy Co., has received approval for bio-jet fuel export with a certified capacity of 158,000 tons, which will help expand its overseas market presence [1][2]. - The company has established a stable operation for its 200,000 tons/year biodiesel isomerization project, producing approximately 160,000 tons of bio-jet fuel annually, with a full production schedule for Q4 [2][5]. Group 2: Market Trends and Future Demand - The SAF market is expected to grow significantly, with China's SAF demand projected to reach about 3 million tons by 2030, and global demand expected to rise to 18 million tons by 2030 and 350 million tons by 2050 [5][6]. - The company is well-positioned in the SAF market due to its early compliance with regulatory requirements and its status as one of the few companies on the bio-jet fuel export "white list" [3][4]. Group 3: Financial Performance and Cost Management - The company has improved its operational management and reduced processing costs, enhancing its cost competitiveness for export products [6][7]. - Recent trends indicate a rise in SAF prices due to mandatory blending policies and increasing raw material costs, suggesting a favorable market environment for the company [7][9]. Group 4: Corporate Structure and Strategic Support - The company has undergone a change in its indirect controlling shareholder, which is expected to optimize management efficiency and enhance support for its operations [10][12]. - The new shareholder structure aims to facilitate the sustainable development of the company and strengthen its position in the bio-energy sector [10][12].