内外贸双轮驱动SAF迎结构性拐点 海新能科领跑生物能源赛道

Core Viewpoint - The demand for biodiesel is primarily driven by policy, with 2025 marking a significant growth year for Sustainable Aviation Fuel (SAF) globally, supported by various countries' blending policies and regulatory frameworks [1] Policy Adaptation and Export Competitiveness - The EU's final ruling on anti-dumping duties on biodiesel from China will impose tariffs ranging from 10% to 35.6%, but SAF is exempt, creating a favorable trade environment for Chinese SAF exports [2] - The UK will implement mandatory SAF blending obligations starting in 2025, beginning at 2% and increasing to 10% by 2030 and 22% by 2040, further enhancing the market for SAF [2] - A complete regulatory framework for SAF exports has been established in China, facilitating international trade [2] - The company has been included in the SAF export whitelist, enhancing its export capabilities and compliance advantages [2] Market Expansion and Customer Diversification - The company is executing long-term contracts with European clients and expanding its market presence in Asia-Pacific, including Japan and Australia, to diversify its customer base [3] - The company has successfully fulfilled contracts with non-EU clients, demonstrating its adaptability in the market [3] Domestic Market Development and Industry Collaboration - The company is involved in a closed-loop application pilot project for biodiesel in Haidian District, Beijing, establishing a domestic sales foundation [4] - Strategic partnerships have been formed with key stakeholders, including the China Aviation Oil Group, to enhance SAF sales and financing opportunities [4] - The company has begun supplying bio-jet fuel to multiple airports in China, marking significant progress in domestic SAF application [4] Capacity Expansion and Performance Improvement - The company launched a 200,000 tons/year biodiesel isomerization project, marking a key breakthrough in SAF capacity [5] - The company has increased its biodiesel production capacity significantly, with new production records being set [8] - The company achieved a revenue of 958 million yuan in Q3 2025, a year-on-year increase of 63.82%, and reported a net profit of 93.33 million yuan for the quarter, indicating a strong performance turnaround [9]