卓越新能(688196) - 2025 Q2 - 季度财报

Glossary This chapter defines common terms used in the report, including company names, product types, energy types, and certifications, to aid reader comprehension - The company's abbreviation is "Zhuoyue Xinneng", and its full name is "Longyan Zhuoyue New Energy Co., Ltd"[10] - Key products include ester-based biodiesel, hydrotreated vegetable oil (HVO), sustainable aviation fuel (SAF), bio-ester plasticizers, alkyd resins, glycerin, and natural fatty alcohols[10] - The reporting period is defined as January 1, 2025, to June 30, 2025[11] Company Profile and Key Financial Indicators This chapter presents the company's basic information and H1 2025 key financial indicators, showing a 32.12% revenue decrease and 16.01% net profit increase Company Basic Information This section outlines the company's Chinese name, legal representative, addresses, and stock listing information - Company's full Chinese name: Longyan Zhuoyue New Energy Co., Ltd., abbreviation: Zhuoyue Xinneng[13] - The legal representative is Ye Huodong[13] - The company's shares are listed on the STAR Market of the Shanghai Stock Exchange, stock code 688196[16] Contact Person and Information This section provides contact details for the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Zheng Xuedong, and the Securities Affairs Representative is Yu Dandan[14] - Contact phone number is 0597-2342338, and email is zyxnyir@163.com[14] Key Accounting Data and Financial Indicators This section details H1 2025 key accounting data and financial indicators, explaining a 32.12% revenue decrease and 16.01% net profit increase H1 2025 Key Accounting Data | Indicator | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,311,533,922.33 | 1,932,265,666.61 | -32.12 | | Total Profit | 116,370,788.22 | 104,748,209.41 | 11.10 | | Net Profit Attributable to Shareholders of Listed Company | 117,361,012.60 | 101,166,617.29 | 16.01 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 108,048,566.59 | 95,246,181.28 | 13.44 | | Net Cash Flow from Operating Activities | -31,327,487.37 | -34,588,488.92 | Not applicable | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 2,858,376,932.80 | 2,792,727,739.09 | 2.35 | | Total Assets (Period-end) | 3,639,977,599.03 | 3,566,311,420.24 | 2.07 | H1 2025 Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.98 | 0.84 | 16.67 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (CNY/share) | 0.90 | 0.79 | 13.92 | | Weighted Average Return on Net Assets (%) | 4.13 | 3.72 | Increase of 0.41 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 3.80 | 3.50 | Increase of 0.30 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 3.99 | 3.22 | Increase of 0.78 percentage points | - Operating revenue decreased by 32.12% year-on-year, primarily due to a 37.55% reduction in biodiesel sales volume, though the natural fatty alcohol production line contributed CNY 82.2355 million in revenue[20] - Net profit attributable to shareholders of the listed company increased by 16.01% year-on-year, mainly due to the company's profit-first principle, reasonable control of raw material procurement costs, and increased gross profit from the natural fatty alcohol production line[20] Non-Recurring Gains and Losses Items and Amounts This section details non-recurring gains and losses for the reporting period, totaling CNY 9.31 million, mainly from government subsidies and financial asset fair value changes Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Government subsidies recognized in current profit or loss | 5,365,306.82 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations | 3,730,990.70 | | Other non-operating income and expenses apart from the above | 35,171.69 | | Less: Income tax impact | -180,976.80 | | Total | 9,312,446.01 | Management Discussion and Analysis This chapter details the company's industry, business, operations, core competencies, and risks, focusing on waste oil utilization and market expansion Description of the Company's Industry and Main Business During the Reporting Period This section describes the company's waste resource utilization industry and details its main products, including biodiesel, bio-ester plasticizers, and natural fatty alcohols - The company specializes in the resource utilization of waste oils, engaging in R&D and production of biodiesel and bio-based materials, belonging to the waste resource comprehensive utilization industry[24] - Key products include biodiesel (for power fuel and bio-based materials), bio-ester plasticizers (environmentally friendly plasticizers), industrial glycerin (chemical intermediate), environmentally friendly alkyd resins (paint film-forming base), and natural fatty alcohols (fine chemical raw materials for surfactants, plasticizers, etc)[24][25][26][27] - Natural fatty alcohol is a new product focusing on bio-based materials, using natural waste vegetable oils as raw material, and commenced operations in April 2025[27][35] (III) Operating Model This section describes the company's procurement, production, sales, and R&D models, emphasizing waste oil procurement, batch production, and independent R&D - Procurement Model: Established a stable and standardized waste oil procurement system covering China and Southeast Asia, adopting market-based pricing[28] - Production Model: Organizes large-scale batch production based on market demand and sales plans, with no outsourced production during the reporting period[29] - Sales Model: All products are sold on a buy-out basis, with biodiesel primarily exported (via Zhuoyue Netherlands and Zhuoyue Singapore), and bio-based materials sold directly domestically[30] - R&D Model: Core technologies are independently developed, with specialized technical collaborations with external research institutions and universities[31] Discussion and Analysis of Operations This section discusses bioenergy opportunities and summarizes H1 2025 operations, including market expansion, new production line launch, and R&D progress - The bioenergy industry is entering a new period of development opportunities, benefiting from global decarbonization goals and the expansion of bio-based material applications[31] - In H1 2025, the company's biodiesel and bio-based material sales volume reached 150,700 tons, operating revenue was CNY 1.312 billion (a 32.12% year-on-year decrease), and net profit attributable to the parent company was CNY 117 million (a 16.01% year-on-year increase)[32] - The biodiesel segment consolidated its European market, expanded into non-EU and Singapore marine fuel markets, with Singapore warehousing enhancing supply capacity; the main installation of the 100,000 tons/year hydrotreated vegetable oil (SAF/HVO) production line is complete, and the Thailand biodiesel production line project has commenced[34] - The 50,000 tons/year natural fatty alcohol production facility commenced operations in April, becoming a new profit growth driver[35] - Technology R&D focuses on efficient utilization of waste biomass resources, advanced bioliquid fuels, and high-performance bio-based new materials, participating in national key R&D programs and national standard drafting, with 21 new authorized patents[36] - Deepened supply chain informatization and intelligent control of production processes, enhancing efficiency and safe, clean production levels[37] Analysis of Core Competencies During the Reporting Period This section analyzes the company's core competencies, including technological leadership, production scale, raw material procurement, brand, sales, and professional team advantages - The company possesses a technological leadership advantage in waste oil-based bioenergy and bio-based material production, is a national high-tech enterprise, and undertakes multiple major national scientific research projects[38][39] - Formed a "biomass energy-chemical integration" capacity layout centered on "bioenergy and bio-based materials," with biodiesel production capacity of 500,000 tons/year and bio-based material capacity of 140,000 tons/year[40] - Possesses a waste oil procurement network covering China and Southeast Asia, ensuring stable raw material supply and cost advantages[41] - Leveraging the European Zhuoyue Netherlands and Singapore Zhuoyue sales platforms, international competitiveness continues to improve, with service coverage across core markets in Europe and Southeast Asia[42] - Possesses an experienced management team and R&D staff, with ongoing strengthening of talent pipeline development[43] (III) Core Technologies and R&D Progress This section outlines the company's advanced core technologies, intellectual property, R&D investment, and ongoing project progress during the reporting period - Core technologies include continuous preparation of high-quality ester-based biodiesel (transesterification rate up to 99%), waste oil feedstock pretreatment for HVO production, waste oil-based HVO production combined with SAF, removal of trace organic impurities from fatty acid methyl esters, and decarbonylation refining of fatty alcohols[44][45] - During the reporting period, the company made progress in energy-saving intelligence for ongoing projects, fatty acid methyl ester quality improvement, non-ionic surfactant development, optimization of fatty alcohol decarbonylation refining, and increased yield of ester-based biodiesel[47] Intellectual Property Acquired During the Reporting Period | Type of Intellectual Property | New Acquisitions This Period (units) | Cumulative Acquisitions (units) | | :--- | :--- | :--- | | Invention Patents | 4 | 24 | | Utility Model Patents | 17 | 201 | | Total | 21 | 225 | R&D Investment Status | Indicator | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 52,361,926.21 | 62,157,992.16 | -15.76 | | Total R&D Investment | 52,361,926.21 | 62,157,992.16 | -15.76 | | Total R&D Investment as Percentage of Operating Revenue (%) | 3.99 | 3.22 | Increase of 0.77 percentage points | - Total R&D investment decreased by 15.76%, mainly due to lower prices of direct input materials[49] - Ongoing R&D projects include high-performance synthetic resins, biomass-derived sustainable advanced fuels, comprehensive utilization of biomass resources, bio-based environmentally friendly resin preparation and application, intelligent automation control technology, bio-based green chemical development, high-performance liquid fuel development, and research on bio-fuel production from various waste oil sources[51] - The number of R&D personnel is 111, accounting for 19.37% of the company's total employees[53] Risk Factors This section identifies core competency, operational, and industry risks, including technological obsolescence, raw material price volatility, and export business changes - Core Competitiveness Risk: Failure to timely grasp technological trends or lagging product quality improvements may result in loss of industry leadership[54] - Raw Material Procurement Risk: Waste oil prices are highly volatile, influenced by crude oil and vegetable oil prices, and diversion to other sectors, posing price risks[54] - Export Business Fluctuation Risk: High proportion of export business means changes in EU trade policies, anti-dumping measures, and qualification renewals could adversely affect profitability[56] - Management Risk: Rapid growth in operational scale increases the difficulty of business decision-making and risk control[57] - Talent Shortage Risk: With capacity expansion and market promotion, the company faces the risk of insufficient talent reserves for technical and management positions[58] - Environmental and Safety Production Risk: Production processes involve flammable and corrosive materials, posing risks of accidental incidents[59] - Industry Risk: Breakthroughs in new energy technologies could impact the existing energy structure, and industry competition is intensifying[60] (I) Analysis of Main Business This section analyzes changes in key financial statement items, noting a 32.12% revenue decrease, 34.9% cost decrease, and 2165.52% investment income surge Analysis of Changes in Financial Statement Items | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,311,533,922.33 | 1,932,265,666.61 | -32.12 | | Operating Cost | 1,178,087,068.27 | 1,809,718,048.94 | -34.90 | | Selling Expenses | 21,616,921.06 | 20,759,567.48 | 4.13 | | Administrative Expenses | 25,182,030.44 | 23,342,549.37 | 7.88 | | Financial Expenses | -20,335,204.49 | -31,887,872.48 | 36.23 | | R&D Expenses | 52,361,926.21 | 62,157,992.16 | -15.76 | | Investment Income | 5,049,996.02 | 222,906.95 | 2,165.52 | | Net Cash Flow from Operating Activities | -31,327,487.37 | -34,588,488.92 | Not applicable | | Net Cash Flow from Investing Activities | 272,784,059.92 | -53,656,548.29 | Not applicable | | Net Cash Flow from Financing Activities | -84,077,033.56 | 117,125,585.82 | Not applicable | - The decrease in operating revenue was primarily due to lower biodiesel sales volume, but the commencement of natural fatty alcohol production improved the overall gross profit margin[63] - The decrease in operating costs was greater than that of revenue, mainly benefiting from reasonable control of raw material procurement costs and refined management[64] - Investment income surged by 2165.52%, primarily due to increased investment income from transactional financial assets such as wealth management and foreign exchange transactions[64] - Net cash flow from investing activities turned positive, mainly due to the maturity and realization of wealth management products and large-denomination certificates of deposit[64] (III) Analysis of Assets and Liabilities This section analyzes changes in assets and liabilities, noting increases in cash and inventories, decreases in financial assets and construction in progress, with overseas assets at 24.71% of total Changes in Assets and Liabilities | Item Name | Current Period-end Amount (CNY) | Percentage of Total Assets at Current Period-end (%) | Prior Year-end Amount (CNY) | Percentage of Total Assets at Prior Year-end (%) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 428,638,563.73 | 11.77 | 263,587,545.61 | 7.39 | 62.62 | Collection of wealth management funds | | Transactional Financial Assets | 23,532,264.06 | 0.65 | 275,737,080.50 | 7.73 | -91.47 | Decrease in wealth management products | | Accounts Receivable | 27,465,878.39 | 0.75 | 46,690,083.14 | 1.31 | -41.17 | Collection of prior period accounts receivable | | Other Receivables | 115,750,436.57 | 3.18 | 71,419,442.42 | 2.00 | 62.07 | Increase in VAT immediate refund receivables | | Inventories | 1,121,397,843.66 | 30.81 | 952,616,548.34 | 26.71 | 17.72 | Growth in raw materials and finished goods held in transit overseas | | Fixed Assets | 725,071,369.01 | 19.91 | 574,395,214.65 | 16.11 | 26.23 | Capitalization of fatty alcohol production line from construction in progress | | Construction in Progress | 250,802,883.56 | 6.89 | 291,814,191.16 | 8.18 | -14.05 | Capitalization of construction in progress | | Short-term Borrowings | 214,665,107.00 | 5.90 | 197,482,492.32 | 5.54 | 8.70 | New borrowings | | Long-term Borrowings | 222,400,000.00 | 6.11 | 326,350,000.00 | 9.15 | -31.85 | Reclassification of long-term borrowings due within one year | | Deferred Income | 32,315,055.30 | 0.89 | 15,498,904.94 | 0.43 | 1.08 | New government grants | - Overseas assets totaled CNY 902,823,010.96, accounting for 24.71% of total assets, primarily finished goods held for sale in the Netherlands and Singapore[68][71] Financial Performance of Overseas Subsidiaries | Overseas Asset Name | Operating Model | Operating Revenue This Period (CNY) | Net Profit This Period (CNY) | | :--- | :--- | :--- | :--- | | Zhuoyue Netherlands | Independent operation | 952,963,338.11 | -3,765,233.34 | | Zhuoyue Singapore | Independent operation | 65,372,050.28 | -11,173,168.23 | | Zhuoyue Thailand | Independent operation | - | -794,402.13 | - At period-end, major restricted assets were cash and cash equivalents of CNY 9,318,500.00, including ETC deposits and letter of guarantee deposits[72] (IV) Analysis of Investment Status This section discloses financial assets measured at fair value, totaling CNY 23,532,264.06 at period-end, a 91.47% decrease from the beginning of the period Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (CNY) | Fair Value Change Gains/Losses This Period (CNY) | Purchases This Period (CNY) | Sales/Redemptions This Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wealth Management Products | 275,473,877.53 | - | 25,000,000.00 | 275,473,877.53 | 25,228,020.01 | | Forward Foreign Exchange Contracts | 263,202.97 | -1,695,755.95 | - | 263,202.97 | -1,695,755.95 | | Total | 275,737,080.50 | -1,695,755.95 | 25,000,000.00 | 275,737,080.50 | 23,532,264.06 | - Investment amount decreased compared to the prior year, with the change percentage not applicable[74] Analysis of Major Holding and Associate Companies This section lists basic information and financial data for the company's major holding and associate companies Financial Data of Major Holding and Associate Companies | Company Name | Company Type | Main Business | Registered Capital | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xiamen Zhuoyue Biomass Energy Co., Ltd. | Subsidiary | Biodiesel production and sales | CNY 46 million | 464,781,932.07 | 274,343,436.79 | 286,779,758.57 | 20,703,969.60 | | Fujian Zhishang Biomass Material Development Co., Ltd. | Subsidiary | Bio-ester plasticizer production and sales | CNY 10 million | 90,907,667.04 | 90,627,473.24 | 4,211,121.61 | -2,024,280.12 | | Longyan Zhuoyue Bio-based Materials Co., Ltd. | Subsidiary | Bio-based material production and sales | CNY 50 million | 124,611,917.21 | 120,153,847.82 | 40,793,510.51 | 4,267,269.52 | | Longyan Zhuoyue Synthetic Resin Co., Ltd. | Subsidiary | Synthetic resin production and sales | CNY 50 million | 4,296,547.23 | 4,296,547.23 | - | -1,396.80 | | Longyan Zhishang New Materials Co., Ltd. | Subsidiary | New material production and sales | CNY 100 million | 550,678.29 | 550,615.29 | - | -12.98 | | Zhuoyue New Energy (Singapore) Pte. Ltd. | Subsidiary | International trade, wholesale, and retail of biofuels | USD 1.5 million | 385,244,205.80 | 196,097,055.79 | 65,372,050.28 | -11,173,168.23 | | Zhuoyue New Energy (Netherlands) B.V. | Subsidiary | International trade, wholesale, and retail of biofuels | EUR 0.5 million | 489,274,329.35 | 23,959,949.59 | 952,963,338.11 | -3,765,233.34 | | Zhuoyue New Energy (Thailand) Co., Ltd. | Associate | International trade, wholesale, and retail of biofuels | THB 500 million | 28,304,475.80 | 26,648,477.35 | - | -794,402.13 | | Longyan Zhuoyue Energy Engineering Technology Co., Ltd. | Subsidiary | Import and export of goods and engineering technical services | CNY 10 million | 46,919,896.22 | 10,974,907.71 | 3,117,141.59 | 384,019.94 | Corporate Governance, Environment and Society This chapter addresses changes in directors, supervisors, senior management, and core technical personnel, and profit distribution or capital reserve capitalization plans Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel During the reporting period, there were no changes in the company's directors, supervisors, senior management, or core technical personnel - During the reporting period, there were no changes in the company's directors, supervisors, senior management, or core technical personnel[78] Profit Distribution or Capital Reserve Capitalization Plan During the reporting period, the company had no applicable profit distribution plan or capital reserve capitalization plan - The company's proposed semi-annual profit distribution or capital reserve capitalization plan is "No," meaning no bonus shares, cash dividends, or capitalization of reserves are applicable[78] Significant Matters This chapter discloses the fulfillment of commitments, absence of major litigation, good faith of controlling shareholders, and detailed progress on the use of raised funds Fulfillment of Commitments This section discloses commitments by controlling shareholders and the company regarding horizontal competition, related party transactions, and dividend returns, all strictly fulfilled - Controlling shareholders and actual controllers committed to resolving horizontal competition, ensuring no engagement in businesses identical or similar to the company's, which remains long-term effective and was strictly fulfilled during the reporting period[82][83] - Controlling shareholders and actual controllers committed to standardizing related party transactions, conducted on fair and equitable principles, which remains long-term effective and was strictly fulfilled during the reporting period[83][84] - The company committed to strictly implementing its profit distribution policy, fully safeguarding shareholder interests, which remains long-term effective and was strictly fulfilled during the reporting period[84] Major Litigation and Arbitration Matters During the reporting period, the company had no major litigation or arbitration matters - The company had no major litigation or arbitration matters during this reporting period[86] Explanation of the Company's and its Controlling Shareholders' and Actual Controllers' Integrity Status During the Reporting Period The company, its controlling shareholders, and actual controllers maintained good integrity, with no unfulfilled obligations or large overdue debts - During the reporting period, the company, its controlling shareholders, and actual controllers maintained good integrity, with no unfulfilled obligations from effective court judgments or large overdue debts[86] Explanation of Progress in Use of Raised Funds This section details the use of IPO funds and specific investment projects, with CNY 1,031.7703 million cumulatively invested, reaching 85.92% progress Overall Use of Raised Funds | Source of Raised Funds | Net Amount of Raised Funds (CNY 10k) | Total Committed Investment (CNY 10k) | Total Over-Raised Funds (CNY 10k) | Cumulative Raised Funds Invested as of Period-end (CNY 10k) | Cumulative Over-Raised Funds Invested as of Period-end (CNY 10k) | Cumulative Investment Progress of Raised Funds (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 120,089.62 | 73,600.00 | 46,489.62 | 103,177.03 | 37,955.29 | 85.92 | Detailed Use of Raised Funds Investment Projects | Project Name | Planned Total Investment of Raised Funds (CNY 10k) | Amount Invested This Year (CNY 10k) | Cumulative Investment Amount (CNY 10k) | Cumulative Investment Progress (%) | Intended Goal | | :--- | :--- | :--- | :--- | :--- | :--- | | 100,000 tons/year Biodiesel (Non-Grain) and 50,000 tons/year Natural Fatty Alcohol Project | 56,100.00 | 3,562.56 | 48,537.94 | 86.52 | Production application | | Technology R&D Center Construction Project | 7,500.00 | - | 6,683.80 | 89.12 | R&D achievements | | Replenishment of Working Capital | 10,000.00 | - | 10,000.00 | 100.00 | Replenish working capital and repay loans | | Repayment of Bank Loans | 3,500.00 | - | 3,500.00 | 100.00 | Replenish working capital and repay loans | | New 100,000 tons/year Biodiesel Production Line Project | 10,000.00 | - | 9,545.09 | 95.45 | Production construction | | 100,000 tons/year Hydrotreated Vegetable Oil Production Line | 32,989.62 | 9,381.57 | 24,910.21 | 75.51 | Production construction | | Total | 120,089.62 | 12,944.13 | 103,177.03 | - | - | - Over-raised funds were primarily used for repaying bank loans (CNY 35 million, 100% invested) and the new 100,000 tons/year hydrotreated vegetable oil production line project (CNY 329.8962 million, with CNY 249.1021 million invested, 75.51% progress)[93] - At the end of the reporting period, the company's cash management balance using idle raised funds was CNY 240 million, not exceeding the authorized limit[96] Events After the Balance Sheet Date This section discloses a proposed share issuance approved by the board and accepted by the SSE after the balance sheet date, pending regulatory approval - The company approved a proposal to issue shares to specific targets via a simplified procedure on July 8, 2025, which was accepted by the Shanghai Stock Exchange on August 18, 2025, and is pending regulatory approval[438] Share Changes and Shareholder Information This chapter discloses that the company's share capital structure remained unchanged and details shareholder information, including total shareholders and top ten holdings Changes in Share Capital During the reporting period, there were no changes in the company's total ordinary shares or share capital structure - During the reporting period, there were no changes in the company's total ordinary shares or share capital structure[98] Shareholder Information As of period-end, the company had 4,740 ordinary shareholders, with the top two holding 75% of shares - As of the period-end, the total number of ordinary shareholders was 4,740[100] Top Ten Shareholders' Holdings as of Period-end | Shareholder Name | Number of Shares Held at Period-end (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Longyan Zhuoyue Investment Co., Ltd. | 58,500,000 | 48.75 | Domestic non-state-owned legal person | | Hong Kong Zhuoyue International Holdings Ltd. | 31,500,000 | 26.25 | Overseas legal person | | China Construction Bank Corporation - Baoying Emerging Industry Flexible Allocation Mixed Securities Investment Fund | 1,264,230 | 1.05 | Domestic non-state-owned legal person | | Yin Xiaoming | 1,090,000 | 0.91 | Overseas natural person | | Zhang Jianfang | 880,000 | 0.73 | Domestic natural person | | China CITIC Bank Corporation - Fullgoal Cycle Select Three-Year Holding Mixed Securities Investment Fund | 636,196 | 0.53 | Domestic non-state-owned legal person | | Bank of China Limited - Baoying Development New Momentum Stock Securities Investment Fund | 411,652 | 0.34 | Domestic non-state-owned legal person | | Taikang Life Insurance Co., Ltd. - Investment-Linked - Industry Allocation | 405,769 | 0.34 | Domestic non-state-owned legal person | | China Merchants Bank Co., Ltd. - Fullgoal Tianhe Stable Preferred Mixed Securities Investment Fund | 310,246 | 0.26 | Domestic non-state-owned legal person | | Shanghai Songxi Private Equity Fund Management Partnership (Limited Partnership) - Songxi Xiaoxi Private Securities Investment | 305,424 | 0.25 | Domestic non-state-owned legal person | - Longyan Zhuoyue Investment Co., Ltd., Hong Kong Zhuoyue International Holdings Ltd., Ye Huodong, Luo Chunmei, and Ye Shaojing are parties acting in concert; Ye Huodong and Luo Chunmei are a married couple, and Ye Shaojing is their daughter, with all three being the company's actual controllers[104] Bond-Related Information This chapter states that the company had no corporate bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[108] - During the reporting period, the company had no convertible corporate bonds[108] Financial Report This chapter includes the company's H1 2025 consolidated and parent company financial statements, which are unaudited and detail basic information, accounting policies, and financial item changes Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[4] Financial Statements This section presents the company's H1 2025 consolidated and parent company financial statements, reflecting period-end financial position and operational results - Financial statements include the Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Owner's Equity, and Parent Company Statement of Changes in Owner's Equity[110][115][118][122][124][127][129][135] - The financial statements were approved for issuance by the Board of Directors' resolution on August 29, 2025[140] Company Basic Information This section introduces the company's history, registered capital, stock listing, industry, and main business activities - The company's predecessor was Longyan Zhuoyue New Energy Development Co., Ltd., established in November 2001[139] - On November 21, 2019, the company's shares were listed and traded on the STAR Market of the Shanghai Stock Exchange, stock code "688196," with share capital increasing to 120 million shares after the offering and listing[140] - The company operates in the waste resource comprehensive utilization industry, with its main business activities being biodiesel technology development, production and sales, and bio-based material manufacturing[140] Basis of Preparation of Financial Statements The financial statements are prepared on a going concern basis, adhering to accounting standards, with no issues affecting future operations - The financial statements are prepared on a going concern basis, complying with enterprise accounting standards[141][144] - The company assessed its ability to continue as a going concern for the next 12 months and found no matters affecting its going concern ability[142] Significant Accounting Policies and Accounting Estimates This section details the company's specific accounting policies and estimates for various financial aspects, from accounting periods to government grants and leases - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with a normal operating cycle of one year, and the functional currency is RMB[145][146][147] - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes recognized in current profit or loss, and measured at fair value with changes recognized in other comprehensive income[168] - For notes receivable, accounts receivable, and receivables financing, loss provisions are measured at the expected credit loss over the entire lifetime, regardless of the presence of a significant financing component[175] - Fixed assets are depreciated using the straight-line method, with depreciation periods of 20-30 years for buildings and structures, and 5-10 years for machinery and equipment[209] - R&D expenditures are divided into research and development phases; development phase expenditures are capitalized as intangible assets when specific conditions are met[216] - Revenue is recognized when the customer obtains control of the related goods; domestic sales are recognized upon delivery and acceptance by the customer, while export sales are recognized upon export customs declaration and issuance of a bill of lading by a third party[226][230] - Government grants are classified into asset-related and income-related categories, recognized as deferred income or directly in current profit or loss, respectively[231] Taxes This section discloses the company's main tax types, rates, and incentives, including a 15% corporate income tax rate and 70% VAT refund for biodiesel Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Income | 9%、13% | | Urban Maintenance and Construction Tax | Taxable Turnover Tax Amount | 5%、7% | | Corporate Income Tax | Taxable Income | 15%、20%、25% etc | - The company, Xiamen Zhuoyue Biomass Energy Co., Ltd., and Longyan Zhuoyue Bio-based Materials Co., Ltd., as high-tech enterprises, enjoy a 15% preferential corporate income tax rate[248][249] - Longyan Zhuoyue Synthetic Resin Co., Ltd. and Longyan Zhishang New Materials Co., Ltd., meeting the criteria for small and micro enterprises, enjoy a corporate income tax policy of calculating taxable income at 25% and paying tax at a 20% rate[249] - The company and its subsidiary Xiamen Zhuoyue Biomass Energy Co., Ltd. enjoy a 70% VAT refund policy and consumption tax exemption for sales of self-produced biodiesel and industrial mixed oil[250] Notes to Consolidated Financial Statement Items This section provides detailed notes on consolidated financial statement items, explaining period-end balances, changes, and their reasons - Cash and cash equivalents at period-end totaled CNY 428,638,563.73, with overseas funds amounting to CNY 263,015,041.11[252] - Transactional financial assets at period-end totaled CNY 23,532,264.06, a 91.47% decrease from the beginning of the period, mainly due to a reduction in unexpired wealth management products[254] - Accounts receivable at period-end totaled CNY 27,465,878.39, a 41.17% decrease from the beginning of the period, mainly due to the collection of prior period accounts receivable[264] - Inventories at period-end totaled CNY 1,121,397,843.66, a 17.72% increase from the beginning of the period, mainly due to growth in raw materials and finished goods held in transit overseas[288] - Fixed assets book value at period-end totaled CNY 725,071,369.01, a 26.23% increase from the beginning of the period, mainly due to the capitalization of the fatty alcohol production line from construction in progress[303] - Construction in progress at period-end totaled CNY 250,802,883.56, a 14.05% decrease from the beginning of the period, mainly due to the capitalization of construction in progress[311] - Operating revenue for the current period was CNY 1,311,533,922.33, and operating cost was CNY 1,178,087,068.27[365] - Investment income for the current period was CNY 5,049,996.02, a 2165.52% increase from the prior period, mainly due to gains from the disposal of transactional financial assets[377] - Net cash flow from operating activities was CNY -31,327,487.37, net cash flow from investing activities was CNY 272,784,059.92, and net cash flow from financing activities was CNY -84,077,033.56[394] R&D Expenditures This section lists the composition of R&D expenditures by nature of expense for the reporting period, totaling CNY 52,361,926.21 R&D Expenditures by Nature of Expense | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Material Costs | 41,436,369.18 | 49,071,503.75 | | Personnel Expenses | 6,242,924.95 | 8,298,167.73 | | Depreciation and Amortization | 4,487,018.32 | 4,540,085.08 | | Other | 195,613.76 | 248,235.60 | | Total | 52,361,926.21 | 62,157,992.16 | - Expensed R&D expenditures for the current period totaled CNY 52,361,926.21, with no capitalized R&D expenditures[401] Changes in Consolidation Scope During the reporting period, the company had no changes in consolidation scope due to business combinations or subsidiary disposals - During the reporting period, the company had no changes in consolidation scope due to business combinations not involving entities under common control, business combinations involving entities under common control, reverse acquisitions, or disposal of subsidiaries[402][403] Interests in Other Entities This section details the enterprise group's composition, including subsidiaries' operating locations, capital, business, and shareholdings, plus immaterial joint venture financials Composition of the Enterprise Group (Major Subsidiaries) | Subsidiary Name | Main Operating Location | Registered Capital | Business Nature | Shareholding Percentage (%) | Method of Acquisition | | :--- | :--- | :--- | :--- | :--- | :--- | | Xiamen Zhuoyue Biomass Energy Co., Ltd. | Xiamen | CNY 46 million | Biodiesel production and sales | 100 (Direct) | Acquired under common control | | Fujian Zhishang Biomass Material Development Co., Ltd. | Longyan | CNY 10 million | Bio-ester plasticizer production and sales | 100 (Direct) | Acquired under common control | | Longyan Zhuoyue Bio-based Materials Co., Ltd. | Longyan | CNY 50 million | Bio-based material production and sales | 88.0624 (Direct), 11.9376 (Indirect) | Newly established | | Longyan Zhuoyue Synthetic Resin Co., Ltd. | Longyan | CNY 50 million | Synthetic resin production and sales | 100 (Direct) | Newly established | | Longyan Zhishang New Materials Co., Ltd. | Longyan | CNY 100 million | New material production and sales | 100 (Direct) | Newly established | | Zhuoyue New Energy (Singapore) Pte. Ltd. | Singapore | USD 1.5 million | International trade, wholesale, and retail of biofuels | 100 (Direct) | Newly established | | Zhuoyue New Energy (Netherlands) B.V. | Netherlands | EUR 0.5 million | International trade, wholesale, and retail of biofuels | 100 (Direct) | Newly established | | Zhuoyue New Energy (Thailand) Co., Ltd. | Thailand | THB 500 million | International trade, wholesale, and retail of biofuels | 100 (Indirect) | Newly established | | Longyan Zhuoyue Energy Engineering Technology Co., Ltd. | Longyan | CNY 10 million | Import and export of goods and engineering technical services | 100 (Direct) | Newly established | Summarized Financial Information of Immaterial Joint Ventures | Item | Period-end Balance/Current Period Amount (CNY) | Beginning Balance/Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Carrying Amount of Investment | 2,207,299.90 | 2,331,359.62 | | Net Profit | -124,059.72 | -268,590.37 | | Total Comprehensive Income | -124,059.72 | -268,590.37 | Government Grants This section discloses government grants recognized as receivables totaling CNY 113,371,583.65 and related liability items - Government grants recognized as receivables at period-end totaled CNY 113,371,583.65[409] Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (CNY) | New Grants This Period (CNY) | Recognized in Other Income This Period (CNY) | Period-end Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 12,212,207.40 | 17,500,000.00 | 683,849.64 | 29,028,357.76 | Asset-related | | Deferred Income | 3,286,697.54 | - | - | 3,286,697.54 | Income-related | | Total | 15,498,904.94 | 17,500,000.00 | 683,849.64 | 32,315,055.30 | - | - Government grants recognized in current profit or loss for this period totaled CNY 73,576,050.13[411] Risks Related to Financial Instruments This section describes the company's credit, liquidity, and market risks (foreign exchange, interest rate) and their management policies - The company faces credit risk (cash and cash equivalents, notes receivable, accounts receivable, etc.), liquidity risk, and market risks (foreign exchange risk, interest rate risk)[412] - Credit risk is managed by assessing customer creditworthiness and regularly monitoring credit records[413] - Liquidity risk is managed by regularly monitoring short-term and long-term liquidity needs, ensuring ample cash reserves and marketable securities[416] - Foreign exchange risk is mitigated by closely monitoring exchange rate fluctuations and opportunistically engaging in forward foreign exchange and foreign currency option transactions[420] - Interest rate risk primarily arises from interest-bearing debts such as long-term bank borrowings, which the company manages by monitoring interest rate levels and adjusting the proportion of fixed/floating rate debt[420] Disclosure of Fair Value This section discloses the period-end fair value of assets and liabilities measured at fair value, primarily transactional financial assets totaling CNY 23,532,264.06 Period-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (CNY) | Level 2 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurements | - | 23,532,264.06 | - | 23,532,264.06 | | (I) Transactional Financial Assets | - | 23,532,264.06 | - | 23,532,264.06 | | 1. Financial assets measured at fair value with changes recognized in current profit or loss | - | 23,532,264.06 | - | 23,532,264.06 | | Total assets measured at recurring fair value | - | 23,532,264.06 | - | 23,532,264.06 | - Transactional financial assets (wealth management products and forward foreign exchange contracts) are valued using the discounted cash flow method, with inputs including expected interest rates, contractual interest rates, and discount rates reflecting issuer credit risk[424] - The carrying amounts of financial assets and liabilities not measured at fair value are very close to their fair values[425] Related Parties and Related Party Transactions This section discloses the company's related parties, key management compensation, and amounts payable to related parties, identifying the ultimate controlling parties - The parent company is Longyan Zhuoyue Investment Co., Ltd., with a shareholding percentage of 48.75%[427] - The ultimate controlling parties are Ye Huodong and Luo Chunmei, a married couple, and their daughter Ye Shaojing, who indirectly hold 75% of the company's equity through Longyan Zhuoyue Investment Co., Ltd. and Hong Kong Zhuoyue International Holdings Ltd., acting in concert[428] - Key management personnel compensation for the current period amounted to CNY 4.0121 million[431] - Amounts payable to related parties at period-end primarily consisted of dividends payable to Hong Kong Zhuoyue International Holdings Ltd. of CNY 14,963,867.96[434] Commitments and Contingencies This section discloses the company's significant external commitments, including several investment projects, and contingencies like issued guarantees - The company plans to invest CNY 380 million in a "New 100,000 tons/year Hydrotreated Vegetable Oil and 50,000 tons/year Fatty Acid Project"[435] - The company plans to invest CNY 500 million in a "100,000 tons/year Synthetic Resin Project"[435] - The company plans to invest SGD 50 million in Singapore for a "200,000 tons/year Biodiesel Project"[436] - The company plans to invest CNY 700 million in Thailand for a "Bioenergy Production Line Project," including a 300,000 tons/year biodiesel and 100,000 tons/year HVO/SAF co-production facility[436] - As of June 30, 2025, the company had outstanding guarantees totaling CNY 14.0891 million[437] Other Significant Matters This section discloses the company's reporting segment determination, accounting policies, and geographical information on external transaction revenue - The company's operations are divided into four reporting segments: biodiesel, bio-ester plasticizers, industrial glycerin, and alkyd resins[440] External Transaction Revenue from Products and Services | Item | Reporting Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Biodiesel | 1,066,699,730.94 | 1,850,271,083.99 | | Industrial Glycerin | 17,945,432.12 | 29,705,426.69 | | Bio-ester Plasticizers | 4,206,699.77 | 24,103,754.95 | | Environmentally Friendly Alkyd Resins | 20,113,534.53 | 19,586,816.35 | | Mixed Fatty Acids and Oils | 116,248,274.95 | - | | Natural Fatty Alcohols | 82,235,521.67 | - | | Waste Sales and Other | 4,084,728.34 | 8,598,584.63 | | Total | 1,311,533,922.32 | 1,932,265,666.61 | Geographical Information (External Transaction Revenue and Non-Current Assets) | Item | Domestic (CNY) | Overseas (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | | External Transaction Revenue | 171,986,129.42 | 1,139,547,792.90 | 1,311,533,922.32 | | Non-Current Assets | 1,438,951,970.88 | 83,002,009.06 | 1,521,953,979.94 | Notes to Parent Company Financial Statement Items This section provides detailed notes on key parent company financial statement items, explaining period-end balances, changes, and their reasons - Parent company accounts receivable at period-end totaled CNY 413,670,123.58, an increase of 29.48% from the beginning of the period[451] - Parent company other receivables at period-end totaled CNY 117,015,180.37, an increase of 63.76% from the beginning of the period, mainly due to increased VAT immediate refund receivables and intercompany balances within the consolidation scope[462] - Parent company investment in subsidiaries at period-end totaled CNY 375,636,247.71, with an increase of CNY 18,686,720.00 this period, primarily due to additional investment in Zhuoyue Singapore[470] - Parent company operating revenue for the current period was CNY 995,706,930.26, and operating cost was CNY 905,920,487.48[473] - Parent company investment income for the current period was CNY 5,080,892.11, a significant increase from the prior period, mainly due to gains from the disposal of transactional financial assets[476] Supplementary Information This section provides supplementary information, including a detailed statement of non-recurring gains and losses and return on net assets and EPS Details of Non-Recurring Gains and Losses for the Current Period | Item | Amount (CNY) | | :--- | :--- | | Government subsidies recognized in current profit or loss | 5,365,306.82 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations | 3,730,990.70 | | Other non-operating income and expenses apart from the above | 35,171.69 | | Less: Income tax impact | -180,976.80 | | Total | 9,312,446.01 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (CNY/share) | | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 4.13 | 0.98 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 3.80 | 0.90 |