Group 1: Company Overview and Recent Developments - Beijing Hai New Energy Technology Co., Ltd. has launched a 200,000 tons/year biodiesel isomerization project in Shandong, which commenced production in May 2025 after a successful handover on April 23, 2025 [2][3] - The company has supplied aviation biofuel to China National Aviation Fuel Group and is actively developing its customer base to leverage domestic and international policy opportunities [2][3] Group 2: Production Capacity and Future Plans - The current SAF (Sustainable Aviation Fuel) production capacity is 50,000 tons/year, with the new project increasing total capacity to 190,000 tons/year [3] - The company aims to become a world-class green energy supplier and a leader in bioenergy technology innovation over the next three years, focusing on core business growth and technological advancements [4][6] Group 3: Financial Performance and Risk Management - In Q1 2025, the company recorded a credit impairment provision of over 65 million, but through effective collection efforts, it recovered a significant amount, positively impacting net profit [6] - The company has established a stable and diversified raw material supply chain and is pursuing strategic partnerships to mitigate potential raw material shortages [6]

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and transportation sectors [5] Core Insights - The demand for biodiesel is expected to grow significantly due to its environmental benefits and the expansion of its application in various sectors, including aviation and power generation [1][2] - The introduction of mandatory Sustainable Aviation Fuel (SAF) blending requirements in the EU starting in 2025 is anticipated to drive up prices for related products in the supply chain [2] - The successful establishment of export channels for domestic bio-jet fuel marks a significant milestone for China's biofuel industry, allowing for international market access [3] Summary by Sections 1. Industry Overview - Biodiesel is recognized for its renewable nature and broad raw material sources, contributing to sustainable economic development and energy transition [1] - The International Air Transport Association (IATA) projects that by 2050, 65% of emissions reductions in aviation will come from the use of biofuels [1] 2. Policy Impact - The EU's SAF mandate requires a minimum of 2% SAF in aviation fuel by 2025, increasing to 6% by 2030 and 70% by 2050, which is expected to accelerate the growth of the SAF market [2] - China's "14th Five-Year Plan" emphasizes the development of non-grain biomass liquid fuels, including biodiesel and bio-jet fuel, aligning with the country's carbon neutrality goals [1] 3. Market Dynamics - The export volume of domestic kitchen waste oil is projected to grow from 730,000 tons in 2019 to 2.78 million tons by 2024, reflecting a compound annual growth rate of 23% [2] - As of June 4, 2025, the average market prices for domestic waste oil and biodiesel are reported at 6,200 RMB/ton and 7,925 RMB/ton, respectively, showing increases of 36% and 17% from their October 2024 lows [2] 4. Investment Recommendations - The report suggests focusing on undervalued, high-dividend, and well-performing companies in the "three barrels of oil" and oil service sectors, including China National Petroleum, Sinopec, and CNOOC [4] - It also highlights opportunities in domestic material companies benefiting from the trend of local substitution, as well as in the pesticide and fertilizer sectors [4]

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and transportation sectors [5] Core Insights - The demand for biodiesel is expected to grow significantly due to its environmental benefits and the expansion of its application in various sectors, including aviation and power generation [1][2] - The introduction of mandatory Sustainable Aviation Fuel (SAF) blending requirements in the EU starting in 2025 is anticipated to drive up prices for related products in the supply chain [2] - The recent approval of export channels for domestic bio-jet fuel marks a significant development for China's biofuel industry, allowing for international trade and enhancing competitive advantages for leading companies [3] Summary by Sections 1. Industry Overview - The report highlights the strategic importance of biodiesel in achieving sustainable economic development and reducing environmental pollution, with a focus on its growing applications in transportation and energy sectors [1] 2. Policy Impact - The EU's SAF blending mandate will require at least 2% SAF in aviation fuel by 2025, increasing to 6% by 2030 and 70% by 2050, which is expected to significantly boost demand for biofuels [2] 3. Market Developments - The export approval for bio-jet fuel from Jiangsu province represents a breakthrough for the domestic biofuel industry, allowing for a production capacity of 372,400 tons in 2025 [3] 4. Investment Recommendations - The report suggests focusing on undervalued, high-dividend companies in the oil and gas sector, as well as those benefiting from domestic substitution trends in materials and chemicals [4]

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and transportation sectors [5] Core Viewpoints - The demand for biodiesel is expected to grow significantly due to its environmental benefits and the expansion of its application in various sectors, including aviation and power generation [1][2] - The introduction of mandatory Sustainable Aviation Fuel (SAF) blending requirements in the EU is anticipated to drive up prices for related products in the supply chain [2] - The establishment of export channels for domestic bio-jet fuel marks a significant development for China's biofuel industry, allowing for international market access [3] Summary by Sections 1. Industry Overview - Biodiesel is recognized for its renewable nature and broad raw material sources, contributing to sustainable economic development and energy transition [1] - The International Air Transport Association (IATA) projects that by 2050, 65% of emissions reductions in aviation will come from the use of biofuels [1] 2. Policy Impact - The EU mandates a minimum of 2% SAF in aviation fuel starting January 2025, increasing to 6% by 2030 and 70% by 2050, which is expected to significantly boost the SAF market [2] - China's "14th Five-Year Plan" emphasizes the development of non-grain biomass liquid fuels, including biodiesel and bio-jet fuel, aligning with the country's carbon neutrality goals [1] 3. Market Dynamics - The export volume of domestic kitchen waste oil is projected to grow from 730,000 tons in 2019 to 2.78 million tons by 2024, reflecting a compound annual growth rate of 23% [2] - As of June 4, 2025, the average market prices for domestic waste oil and biodiesel are reported at 6,200 RMB/ton and 7,925 RMB/ton, respectively, showing increases of 36% and 17% from their October 2024 lows [2] 4. Investment Recommendations - The report suggests focusing on undervalued, high-dividend, and well-performing companies in the "three barrels of oil" and oil service sectors, as well as companies benefiting from domestic substitution trends in materials [4]

Industry Insights - The International Air Transport Association (IATA) projects that sustainable aviation fuel (SAF) production will double to 2 million tons by 2025, accounting for 0.7% of airline fuel consumption [1] - The European Union has set a mandatory SAF blending target of over 70% by 2050, with a projected demand exceeding 40 million tons [1] - Over 50 airlines have committed to increasing SAF usage to 5-30% of total fuel consumption by 2030, with most pledging at least 10% [1] - By 2050, it is expected that 65% of emissions reductions in aviation will come from biofuels, with SAF demand rising from 50,000 tons in 2023 to 18 million tons by 2030, representing 5.2% of total fuel demand [1] - Long-term projections indicate SAF demand could reach 350 million tons by 2050, making up 65% of total fuel needs [1] Company Developments - Pengyao Environmental has announced upgrades to its existing biodiesel projects, aiming to become the first private listed company to achieve mass production of SAF [3] - Hainxin Energy currently has an SAF production capacity of 50,000 tons [4] - Open Source Securities notes that while China's SAF production facilities have profit potential, they currently face insufficient orders and low overall profitability [2]

北京海新能源科技股份有限公司 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"）今日接到公司控股股 东北京海新致低碳科技发展有限公司（以下简称"海新致"）的通知，获悉其所 持有本公司的部分股份解除质押，具体事项如下： 一、股东股份解除质押基本情况 （一）本次解除质押基本情况 单位：股 | 股东名称 | 是否为控股股 东或第一大股 | | 本次解除质 | 占其所持 | 占公司总 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 东及其一致行 | | 押股份数量 | 股份比例 | 股本比例 | | | | | | | 动人 | | | | | | | | 海新致 | | 是 | 24,960,000 | 3.3747% | 1.0623% | 2022/7/5 | 2025/5/20 | 国民信托有 | | | | | | | | | | 限公司 | | 海新致 | | 是 | 66,000,000 | 8. ...

Group 1 - The core business of the company includes the production and sales of biodiesel, environmental materials, and specialty chemical products [1] - The company is recognized as a national high-tech enterprise and has received multiple honors for its technological innovations [1] - As of April 18, 2025, the company has 44,878 shareholders, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Group 2 - The latest financial report for Q1 2025 shows a revenue of 241 million yuan, a year-on-year decrease of 53.69%, and a net profit loss of approximately 49.9 million yuan, a year-on-year increase of 57.60% [1] - The company's gross profit margin is reported at -6.65% [1] - The current market capitalization of the company is 7.049 billion yuan, with a price-to-earnings ratio (TTM) of -7.95 and a price-to-book ratio of 1.19 [2]

关于北京海新能源科技股份有限公司 2024 年年度股东大会的法律意见书 国枫律股字[2025]A0181 号 致：北京海新能源科技股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出 席见证贵公司 2024 年年度股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》 （以下简称"《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》 （以下简称"《证券法律业务管理办法》"）、《律师事务所证券法律业务执业 规则（试行）》（以下简称"《证券法律业务执业规则》"）等相关法律、行政 法规、规章、规范性文件及《北京海新能源科技股份有限公司章程》（以下简称 "《公司章程》"）的规定，就本次会议的召集与召开程序、召集人资格、出席 会议人员资格、会议表决程序及表决结果等事宜，出具本法律意见书。 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京 ...

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：2025-025 北京海新能源科技股份有限公司 2024年年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形； 表决权股份数的1.4695%。 二、议案审议和表决情况 与会股东及股东代理人认真审议，以现场记名投票和网络投票相结合的方式 进行表决，本次会议的议案1-4、6为普通决议事项，须经出席股东大会的股东（包 括股东代理人）所持有效表决权股份总数的二分之一以上表决通过；第5项议案 为特别决议事项，须经出席股东大会股东（包括股东代理人）所持有的有效表决 权三分之二以上通过。表决结果如下： （一）审议通过《关于<公司2024年度董事会工作报告>的议案》 表决结果：同意904,177,406股，占出席会议所有股东所持股份的99.4625%； 反对4,697,588股，占出席会议所有股东所持股份的0.5168%；弃权188,280股，占 出席会议所有股东所持股份的0.0207%。 2、本次股东大会不涉及变更以往股东大 ...

Group 1: Business Strategy and Focus - The company will continue to focus on its core business of bioenergy, enhancing operational efficiency through strategic measures such as increasing bio-jet fuel production capacity and optimizing production processes [2][3] - The bioenergy sector is identified as the most important development direction, with plans to build a comprehensive supply and sales system [3] - The company aims to improve its asset return rate by disposing of inefficient assets and enhancing resource allocation efficiency through mergers and technology upgrades [4] Group 2: Production Capacity and Market Expansion - The Shandong Sanju 200,000 tons/year biodiesel project is expected to start production in May 2025, adding approximately 200,000 tons of bio-jet fuel to the company's offerings [4] - The company has existing SAF production capacity of 50,000 tons/year and aims to fully capitalize on the bio-jet fuel market opportunities [4] - The company is actively expanding into non-EU markets, with plans to strengthen partnerships in Asia and Australia, having already signed long-term contracts with key clients [3] Group 3: Financial Management and Accounts Receivable - The company's accounts receivable decreased from 828 million yuan to 530 million yuan, a reduction of 298 million yuan [6] - Measures to enhance accounts receivable recovery include improving management systems and legal actions [6][7] Group 4: Product Development and Market Trends - The demand for neopentyl glycol is expected to grow significantly, particularly in the PETG industry, which is projected to increase by 64.5% in 2024 compared to 2023 [5] - The company is exploring new raw material types and optimizing pre-treatment technologies for waste oils and fats [7]