Group 1 - The company has an existing SAF production capacity of 50,000 tons [1] - The subsidiary Shandong Sanju has launched a 200,000-ton bio-jet fuel (SAF) isomerization project, adding approximately 160,000 tons/year of bio-jet fuel capacity, with a bio-jet fuel yield of about 80% [1] - The company has already supplied bio-jet fuel to domestic customers, including China National Aviation Fuel Group, and has reserved foreign bio-jet fuel orders, indicating a full production schedule [1] Group 2 - The company plans to utilize its existing biodiesel sales system for international sales and will quickly organize exports once the export whitelist is approved [1] - Currently, the main customers for the company's bio-jet fuel are primarily from overseas markets [1]

Core Viewpoint - The company, Haineng Technology (300072), possesses unique technologies in reactor design, catalysts, and raw material pretreatment, enabling it to produce various products such as hydrocarbon-based biodiesel and bio-jet fuel [1] Group 1: Technology and Innovation - The company has developed a comprehensive technological innovation system, focusing on optimizing energy structure and developing a circular economy [1] - Multiple core technologies have passed scientific achievement identification and have received awards such as the Scientific and Technological Progress Award and the Petrochemical Federation Patent Award, indicating a competitive advantage [1] Group 2: Production Capabilities - The company utilizes various processes, including suspended bed, fixed bed, and expanded bed technologies, to achieve graded utilization of different waste oil feedstocks, positioning its processing capabilities among the top in the domestic market [1]

Core Viewpoint - The company focuses on bioenergy and catalytic purification environmental materials, with a core development direction in bioenergy, primarily producing biodiesel and sustainable aviation fuel (SAF) [1] Company Overview - The main products of the company include biodiesel and biojet fuel, with a significant emphasis on the production of high-quality hydrocarbon-based biodiesel [1] - The hydrocarbon-based biodiesel can reduce carbon dioxide net emissions by 80% compared to fossil-based diesel, highlighting its low-carbon, clean, and environmentally friendly advantages [1] Production Capacity - The company has launched a 200,000-ton SAF isomerization project through its subsidiary, Shandong Sanju, adding approximately 160,000 tons/year of biojet fuel production capacity, with a biojet fuel yield of about 80% [1] - The biojet fuel products have received airworthiness certification from the Civil Aviation Administration of China and international certifications under ISCCCORSIA and ISCC-EU for HEFA [1] Business Focus - The company does not currently engage in liquid cooling, data center, or optical module business areas [1]

Group 1 - The company, Haineng Technology (300072), responded to investor inquiries on September 26 regarding the sales performance of its various products [1]

Group 1 - The company, Haixin Energy Technology (300072), responded to investor inquiries on September 26, indicating that the operational performance of its subsidiary for the first half of the year will be disclosed in the 2025 semi-annual report, which will be published on August 29, 2025, on the designated information disclosure website of the China Securities Regulatory Commission for the Growth Enterprise Market [1]

Group 1 - The company currently has a total SAF production capacity of 50,000 tons, with an additional 160,000 tons per year from a new project [1] - The company has begun supplying SAF to domestic customers, specifically China National Aviation Fuel Group, while also preparing for international sales [1] - The gross profit margin for SAF is not explicitly mentioned, but the company indicates a strong demand for its products, particularly from overseas clients [1]

Core Viewpoint - The company focuses on bioenergy and catalytic purification environmental materials, with a primary product line of biodiesel and sustainable aviation fuel (SAF) [1] Group 1: Business Overview - The company's main business is bioenergy, specifically producing high-quality hydrocarbon-based biodiesel, which can reduce carbon dioxide net emissions by 80% compared to fossil-based diesel [1] - The company has launched a 200,000-ton SAF isomerization project through its subsidiary, Shandong Sanju, adding approximately 160,000 tons/year of SAF production capacity, with an 80% yield rate for SAF [1] Group 2: Certifications and Approvals - The company's SAF products have received airworthiness certification from the Civil Aviation Administration of China and international certifications under ISCC CORSIA and ISCC-EU HEFA [1] Group 3: Market Focus - The company has not engaged in the fields of liquid cooling, data centers, or optical modules [1]

（记者 王晓波） 海新能科（300072.SZ）9月25日在投资者互动平台表示，公司子公司山东三聚于9月初停产检修换剂，9 月23日已复产，四季度将主要生产生物航煤。公司结合市场需求和生产计划，合理排产。公司将充分把 握生物能源市场机遇，推动公司高质量发展。 每经AI快讯，有投资者在投资者互动平台提问：网传消息称公司山东日照HVO/SAF工厂将于本月或下 月计划停产检修，消息是否属实？距开始生产仅仅三个多月即要检修是何原因？是否会影响合同交付？ 公司海南HVO单一工厂于7月启动生产线后，目前是否满负荷运行？订单情况如何？ ...

Core Insights - The company focuses on bioenergy and catalytic purification environmental materials, with a core development direction in bioenergy [1] - The main products include biodiesel and sustainable aviation fuel (SAF), with biodiesel reducing CO2 emissions by 80% compared to fossil diesel [1] - The company has launched a SAF isomerization project with an annual production capacity of approximately 160,000 tons, adding to its existing capacity [1] - The SAF products have received certifications from the Civil Aviation Administration of China and international standards [1] - The company does not currently engage in synthetic biology manufacturing [1]

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The SAF (Sustainable Aviation Fuel) industry is experiencing a price increase due to reduced overseas supply and strong global demand, with EU and China SAF FOB prices rising by 46% and 33% respectively since the beginning of 2025 [5] - The domestic SAF market is expected to grow rapidly, driven by favorable demand and limited overseas supply, with the potential for Chinese SAF products to gain market share due to their low-carbon attributes [6] Summary by Sections SAF Price Trends - As of September 24, 2025, EU and China SAF FOB prices are $2,705 and $2,400 per ton respectively, marking increases of 46% and 33% since the start of 2025 [5] - The price of waste cooking oil (UCO) is 7,400 RMB per ton, reflecting a 15% increase since the beginning of 2025 [5] Supply and Demand Dynamics - Recent supply constraints include Shell's decision to halt the construction of a large biofuel plant and NESTE's scheduled maintenance for its facilities, which will reduce SAF supply [5] - Demand is bolstered by EU's financial support for SAF procurement and Singapore's plans to implement SAF tax incentives [5] Competitive Landscape - The EU's imposition of anti-dumping duties on US SAF products enhances the competitiveness of Chinese SAF products, as China has not yet established clear subsidy policies for its SAF industry [6] - The potential for more Chinese SAF companies to enter the export whitelist is anticipated, further strengthening the market position of domestic SAF products [6] Beneficiary Companies - Beneficiary companies identified include Jiaao Environmental Protection, Shanggou Environmental Energy, Zhuoyue New Energy, Haineng Science and Technology, and Pengyao Environmental Protection [7]