Group 1: SAF Sales and Production - Pengyao Environmental has signed a sales contract with a subsidiary of China National Petroleum Corporation for nearly 5,000 tons of SAF, marking its first sale in the bio-jet fuel sector [2] - The production and sales of SAF are adjusted based on market prices, with a comprehensive sales and procurement plan [2] Group 2: Pricing Mechanism - The sales pricing mechanism considers market prices and production costs, ensuring that the sales price is not lower than the raw material procurement cost and actual production cost while maintaining a certain gross margin [2] - Factors influencing pricing include market supply and demand trends, customer cooperation duration, and alignment with the company's 3-5 year strategic development plan [2] Group 3: Profit Forecasts - The profit forecast for the biodiesel segment in 2025 is based on market prices and SAF production capacity utilization, with a positive outlook for the SAF market in 2025 [3] - The EU's ReFuelEU aviation regulation mandates that by 2025, all flights departing from EU airports must use a blend of 2% SAF, aiming for 70% by 2050, with global SAF demand projected at 6 million tons in 2025 and 20 million tons in 2030 [3] Group 4: Business Outlook for 2024 - The environmental industry is facing pressure due to slower-than-expected macroeconomic recovery, impacting revenue and profits [3] - Despite industry challenges, Pengyao Environmental expects stable growth in its main business for 2024, driven by effective management and cost control measures [3]

证券代码：300664 证券简称：鹏鹞环保 公告编号：2024-059 鹏鹞环保股份有限公司 关于控股股东部分股份解除质押的公告 | 宜兴鹏鹞 | 21,670.215 | | | 4,814 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 投资有限 | | | 28.52% | | 22.21% | 6.34% | 0 | 0 | 0 | 0 | | | 万股 | | | 万股 | | | | | | | | 公司 | | | | | | | | | | | | 陈宜萍 | 413.708 | 万 | 0.54% | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | | 股 | | | | | | | | | | | 合计 | 22,083.923 | | 29.06% | 4,814 | 21.80% | 6.34% | 0 | 0 | 0 | 0 | | | 万股 | | | 万股 | | | | | | | 注：公司实际控制人之一王洪春持有鹏鹞投资 80%股权，陈宜萍为王洪 ...

鹏鹞环保股份有限公司 投资者关系活动记录表 | --- | |---------------------------------------------------------------------| | | | 答：销售定价是基于市场价格和公司的生产成本综合考虑的。鹏鹞环 | | 保在 SAF 的生产和销售定价原则（一）以市场价格为参照基准；（二） | | 销售单价原则不低于原料采购价和实际生产成本，并保证一定的毛 | | 利；（三）结合市场整体供销趋势及考虑公司内部产销平衡；（四） | | 考虑与客户合作期限，以有利于装置的连续生产；（五）统筹项目全 | | 年经营目标的实现，综合以上因素，并基于公司 3-5 年战略发展规划， | | 统筹做好销售渠道构建和销售价格考量，公司整体看好未来 SAF | | 格和利润空间。 | | --- | |------------------------------------------------------------------------------------------------------------------------------------- ...

申万宏源证券承销保荐有限责任公司 关于鹏鹞环保股份有限公司 （三）培训内容 本次培训内容主要为最新监管形势下的创业板上市公司持续监管，内容包括 对相关法律法规重要条款的解读、重点关注事项的提示以及监管案例介绍，涉及 的主要法律法规及相关规定包括《国务院关于加强监管防范风险推动资本市场高 质量发展的若干意见》、《关于加强上市公司监管的意见（试行）》、《深圳证 券交易所创业板股票上市规则（2024年修订）》、《深圳证券交易所上市公司自 律监管指引第18号——股东及董事、监事、高级管理人员减持股份》等。 实施本次培训前，保荐人编制了培训讲义，并提前要求公司参与培训的相关 人员了解培训相关内容。培训后，保荐人向公司提供了讲义课件以供自学。 2024年度持续督导培训情况报告 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"或"保 荐人"）作为鹏鹞环保股份有限公司（以下简称"鹏鹞环保"、"公司"）2022 年度以简易程序向特定对象发行股票的保荐人，根据《深圳证券交易所上市公司 自律监管指引第13号——保荐业务》的相关规定，于2024年12月17日对鹏鹞环保 董事、监事、高级管理人员及实际控制人进行了培训，具 ...

证券代码：300664 证券简称：鹏鹞环保 鹏鹞环保股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------|-------------------------------|-----------------------------------------| | | | | | 投资者关 | | □特定对象调研 □分析师会议 | | 系活动类 | | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 | □√路演活动 | | | □现场参观 | | | | □其他 | （请文字说明其他活动内容） | | | 国金证券 | 任建斌 | | 参与单位 | 涌融私募基金 | 梅翔 | | 名称与人 | 中财投资 | 杨旭 | | | 招商信诺资产 | 陈江威 | | 员姓名 | 前海鸿富基金 | 彭卫 | | | 涌乐投资 | 杨润泽 | | | 远希私募基金 | 高志强 | | | 浙商证券资管 | 王圆 | | | | | | | 链友资本 | 杨晋 | | | | | | | 山西证券 | 杨杰 | | | | | | | 果行资本 | 宋海亮 | | | | ...

Key Points Industry and Company * **Company**: Unity Red Leaf Petrochemical Co., Ltd. * **Industry**: Biofuels, specifically biodiesel and bio-jet fuel * **Project**: Conversion of a white oil hydrotreating project into a bio-materials project Core Views and Arguments * **Initial Investment**: Approximately 120 million RMB for technical upgrades and equipment. * **Production Costs**: * Full cost of production: $1.9 billion * Raw material cost: $900 million * Labor cost: 10 million RMB per month * Rent: 100 million RMB per month * Storage cost: 3 million RMB * Total: 360 million RMB per year * **Revenue**: * Total production capacity: 100,000 tons per year * Total yield rate: 82% * SARP yield rate: 55% * HVO yield rate: 14% * Bio-hydrogen oil yield rate: 13% * **Market Price**: * SAPP price: $1,600 - $1,680 per ton * Bio-jet fuel price: $1,600 - $1,700 per ton * **Strategic Focus**: * Prioritize technology and operational stability * Focus on domestic market initially * Explore opportunities for expansion and replication Other Important Points * **Technical Challenges**: * Catalysts and process technology are critical for continuous operation and high yield rates. * Current production capacity is limited by catalysts and process technology. * **Raw Material Sourcing**: * Sourcing from various regions in China. * Focus on high-quality feedstock to minimize equipment impact. * **Sales**: * Currently in talks with domestic and international customers. * Prioritize domestic customers initially. * **Government Support**: * Received support from local government for the project. * Government involvement in project financing and operation. * **Future Outlook**: * Expecting market demand to increase due to regulatory requirements and environmental concerns. * Optimistic about the future of the biofuels industry.

Group 1: Project Overview - The strategic cooperation agreement was signed on March 3, 2023, between the government of Panjin City and Pengyao Environmental Protection Co., Ltd., to invest CNY 120 million in a bio-diesel project [2] - The project aims to establish an advanced bio-energy production base in Panjin City, utilizing a new boiling bed hydrogenation technology to produce second-generation biodiesel and bio-jet fuel products [2] Group 2: Production Timeline and Efficiency - The SAF (Sustainable Aviation Fuel) facility is expected to complete upgrades by August 21, 2024, with trial production commencing on that date [3] - As of September 3, 2024, the overall product yield is 82%, with SAF yield at 55%, HVO yield at 14%, and bio-light oil yield at 13% [3] Group 3: Raw Material and Cost Structure - The primary raw material is UCO (Used Cooking Oil), sourced from collection points in surrounding provinces, with processing costs ranging from CNY 1,500 to CNY 3,000 per ton [3] - The market price of UCO has decreased from approximately USD 900 per ton to around USD 800 due to the cancellation of export tax rebates, which is beneficial for cost reduction [3] Group 4: Sales and Market Strategy - The main sales channels are directed towards the European market, with orders influenced by market prices [3] - The company has not yet begun the airworthiness certification process but plans to initiate it soon [3] Group 5: Competitive Advantages and Future Outlook - Pengyao Environmental Protection operates under a light asset model, which reduces fixed asset depreciation costs and enhances profit margins compared to competitors [3] - The company’s traditional water service business provides stable cash flow and profit, supporting its long-term development in the biodiesel sector [4] - Future SAF price trends will be influenced by supply-demand dynamics and the implementation of carbon neutrality goals, with expectations of price increases due to insufficient supply in the short term [4]

Key Points Company Overview 1. **Company Name and Industry**: Pong Pei Environmental Protection Co., Ltd., specializing in water supply and wastewater treatment, as well as biodeisel production. 2. **Establishment and History**: Founded in 1984, with a history of over 40 years in the environmental industry. 3. **Profitability**: Average annualized net profit of around 2.9 billion yuan over the past five years. 4. **Business Segments**: Water supply and wastewater treatment, engineering construction, equipment manufacturing and sales, investment, and new energy (biodeisel production). Biodeisel Production 5. **Market Attention**: High market attention since producing qualified SARP products on September 3. 6. **Production and Sales**: Started producing HVO in March 2020, with sales primarily targeting the European Union. 7. **Price and Profitability**: Current production cost is around 1900 USD per ton, with potential for further cost reduction through technology upgrades. 8. **Market Demand**: Estimated demand for HVO in the European Union is around 1.5 million tons, with domestic demand expected to grow due to policy guidance. Water Supply and Wastewater Treatment 9. **Revenue and Profit**: Revenue from water supply and wastewater treatment reached over 5 billion yuan in the first three quarters, with a net profit of 328 million yuan. 10. **Profitability**: High profitability due to the investment and operation model, with low costs and high efficiency. Technology and Innovation 11. **Biodeisel Production Technology**: Utilizes a domestic technology package with lower raw material requirements compared to international counterparts. 12. **Continuous Production**: Aim to achieve continuous production of HVO with a theoretical cycle of 8 months, with actual maintenance taking around 1-2 months. Future Outlook 13. **Expansion Plans**: Plans to expand production capacity based on market conditions and demand. 14. **Strategic Focus**: Focus on sustainable development and environmental protection, with a long-term commitment to the biodeisel industry. Risks and Challenges 15. **Market Fluctuations**: Potential risks from market fluctuations and policy changes. 16. **Competition**: Intense competition in the biodeisel industry, both domestically and internationally. 17. **Technological Innovation**: Continuous investment in research and development to improve production efficiency and reduce costs.

Group 1: Company Overview - Pengyao Environmental Protection Co., Ltd. was established in 1984 and is recognized as a pioneer in the environmental protection industry in China [4] - The company has a comprehensive business model that includes design research and development, equipment manufacturing, engineering contracting, project investment, and operation [4] Group 2: Biodiesel Project Introduction - The company signed a strategic cooperation agreement with the government of Panjin City on March 3, 2023, to invest CNY 1.2 billion in a 200,000 tons/year hydrogenation facility upgrade and a 100,000 tons/year biomass liquid fuel project [3] - The project utilizes new boiling bed hydrogenation technology, using waste biological oils as raw materials [3] Group 3: Production and Financial Metrics - The production line for SAF (Sustainable Aviation Fuel) is expected to start trial operations on August 21, 2024, with an overall product yield of 82%, including 55% from raw materials, 14% from HVO, and 13% from bio-light oil [3] - The processing cost of raw materials ranges from CNY 1,500 to CNY 3,000 per ton [4] Group 4: Market and Sales Strategy - The primary sales channel is directed towards the European market, with orders dependent on market prices [4] - The company has not yet begun the airworthiness certification process but plans to initiate it soon [4] Group 5: Competitive Advantages - The company operates under a light asset model, which reduces fixed asset depreciation costs compared to competitors [4] - The processing location in Panjin, Liaoning, benefits from lower labor costs, enhancing profit margins [4] Group 6: Raw Material Sourcing and Market Trends - UCO (Used Cooking Oil) prices have decreased from approximately USD 900 per ton to around USD 800 due to the cancellation of export tax rebates, which is favorable for cost reduction [4] - The Northeast region can fully meet the company's procurement needs of 100,000 tons, with supply channels distributed across Northeast China, Inner Mongolia, Hebei, and Tianjin [4]

Project Overview - The company signed a strategic cooperation agreement with Panjin Shuangtaizi District Government in March 2023, establishing a subsidiary, Panjin Pengyao Bioenergy Co., Ltd [3] - The project involves a 1.2 billion yuan investment to transform a 200,000 tons/year hydrogenation unit into a 100,000 tons/year biomass liquid fuel project [3] - The project uses advanced boiling bed hydrogenation technology to produce second-generation biodiesel and bio-jet fuel that meet EU standards [3] Production and Efficiency - The upgraded production facility was completed in early September 2024, with trial operations starting on August 21, 2024 [3] - The overall product yield is 82%, with SAF yield at 55%, HVO yield at 14%, and bio-light oil yield at 13% [3] - The production cost per ton of raw material (excluding raw material costs) ranges between 1,500 yuan to 3,000 yuan [3] Market and Sales - The primary sales channel is the EU market, with orders dependent on market prices and sales directed towards European traders [3] - The company is seeking to establish contact with China Aviation Oil for domestic bio-jet fuel sales [3] - The company has not yet started the airworthiness certification process but plans to initiate it soon [3] Cost Advantages - The company operates in a light-asset model, reducing capital investment and annual fixed asset depreciation costs [4] - The production process package is self-developed, eliminating the need for expensive external process packages [4] - The production base in Panjin, Liaoning, benefits from relatively lower labor costs [4] Raw Materials - The main raw material is UCO (Used Cooking Oil), primarily sourced from collection points in surrounding provinces [3] - The UCO procurement volume of 100,000 tons is fully met by suppliers in Northeast China, Inner Mongolia, Hebei, and Tianjin [4] - The cancellation of UCO export tax rebates has led to a price decrease from around $900 per ton to over $800 per ton, with further declines expected [4] Future Plans - The company's future development in the biodiesel sector will depend on market prices for second-generation biodiesel and SAF [3] - The company plans to make capacity planning decisions based on the stable growth of market prices and the carbon neutrality goals [3]