龙岩卓越新能源股份有限公司经中国证券监督管理委员会于 2019 年 10 月 16 日出具的《关于同意龙岩卓越新能源股份有限公司首次公开发行股票注册的 批复》（证监许可[2019]1921 号）核准，公司首次向社会公开发行人民币普通股 （A 股）3,000 万股，每股发行价格 42.93 元，新股发行募集资金总额为 128,790.00 万元，扣除发行费用 8,700.38 万元（不含增值税）后，募集资金净额为 120,089.62 万元。致同会计师事务所（特殊普通合伙）对公司首次公开发行股票的资金到位 情况进行了审验，并出具了《验资报告》（致同验字（2019）第 350ZA0044 号）。 华福证券有限责任公司 关于龙岩卓越新能源股份有限公司 部分募集资金投资项目结项并将节余募集资金 用于其他募投项目的核查意见 华福证券有限责任公司（以下简称"华福证券"或"保荐机构"）作为龙岩 卓越新能源股份有限公司（以下简称"卓越新能"或"公司"）首次公开发行股 票并在科创板上市持续督导工作的保荐机构、2024 年以简易程序向特定对象发 行股票并在科创板上市的保荐机构，根据《上市公司募集资金监管规则》《上海 证券交易所科 ...

华福证券有限责任公司 关于龙岩卓越新能源股份有限公司将天然脂肪醇、烃基生 物柴油业务相关资产划转至全资子公司暨变更部分募投项 目实施主体之核查意见 华福证券有限责任公司（以下简称"华福证券"或"保荐机构"）作为龙岩 卓越新能源股份有限公司（以下简称"卓越新能"或"公司"）首次公开发行股 票并在科创板上市持续督导工作的保荐机构、2024 年以简易程序向特定对象发 行股票并在科创板上市的保荐机构，根据《上市公司募集资金监管规则》《上海 证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等相关法律法规 及规范性文件，对卓越新能将烃基生物柴油、天然脂肪醇业务相关资产按照账面 净值划转至全资子公司龙岩卓越新能生物科技有限公司（以下简称"科技子公司"） 暨变更部分募投项目实施主体事项进行审慎核查，并出具本核查意见。具体情况 如下： 一、本次划转的具体情况 为优化企业组织架构，提高各业务版块的运营效率，公司拟以 2025 年 10 月 31 日为基准日的账面净值，将天然脂肪醇、烃基生物柴油业务相关的资产、负债 及人员划转至科技子公司。 （一）划转双方基本情况 1、资产划出方 1.1 母公司 企业名称：龙岩卓越新能 ...

证券代码：688196 证券简称：卓越新能 公告编号：2025-053 龙岩卓越新能源股份有限公司 关于部分募集资金投资项目结项并将节余募集资金 用于其他募投项目建设的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 龙岩卓越新能源股份有限公司（以下简称"公司"）于 2025 年 11 月 24 日 召开了第五届董事会第十四次会议，审议通过《关于部分募集资金投资项目结项 并将节余募集资金用于其他募投项目建设的议案》，同意公司首次公开发行股票 的部分募集资金投资项目（以下简称"募投项目"）"年产 10 万吨生物柴油（非 粮）及年产 5 万吨天然脂肪醇项目"予以结项，并将节余募集资金用于"年产 10 万吨烃基生物柴油生产线"（以下简称"烃基一线"）项目建设，该项目为 公司利用首次公开发行股票超募资金建设的项目。公司保荐机构华福证券有限责 任公司（以下简称"保荐机构"）发表了核查意见。本事项无需提交公司股东会 审议。现将有关情况公告如下： 单位：万元 | 承诺投资项目名称 | 项目总投资 | 募集资金投资额 | | --- ...

关于将天然脂肪醇、烃基生物柴油业务相关资产划转至 全资子公司暨变更部分募投项目实施主体的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 证券代码：688196 证券简称：卓越新能 公告编号：2025-054 龙岩卓越新能源股份有限公司 龙岩卓越新能源股份有限公司（以下简称"公司"）于 2025 年 11 月 24 日 召开了第五届董事会第十四次会议，审议通过《关于将天然脂肪醇、烃基生物柴 油业务相关资产划转至全资子公司暨变更部分募投项目实施主体的议案》，同意 公司以 2025 年 10 月 31 日为基准日的账面净值，将天然脂肪醇、烃基生物柴油 业务相关的资产、负债及人员划转至全资子公司龙岩卓越新能生物科技有限公司 （以下简称"科技子公司"），并将公司首次公开发行股票并上市的部分募集资 金投资项目（以下简称"募投项目"）"年产 10 万吨烃基生物柴油生产线项目" （以下简称"烃基一线项目"）和 2024 年以简易程序向特定对象发行股票的募 投项目"年产 10 万吨烃基生物柴油项目"（以下简称"烃基二线项目"）实施 主 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603822 | 嘉澳环保 | 83.66 | 2.54% | 6.53万 | 5.29 Z | | 688196 | 卓越新能 | 52.50 | 1.70% | 1.42万 | 7368.79万 | | 000159 | 国际实业 | 5.79 | 1.58% | 26.30万 | 1.52亿 | | 300664 | 鹏鹞环保 | 5.69 | 1.25% | 19.03万 | 1.08亿 | | 000803 | 山高坏能 | 6.95 | -0.29% | 13.92万 | 9611.90万 | | 000930 | 中粮科技 | 5.88 | -0.51% | 20.84万 | 1.23亿 | | 603334 | 丰倍生物 | 43.44 | -0.73% | 2.73万 | 1.18亿 | | 300072 | 海新能科 | 4.57 | -3.59% | 109.34万 | 4.96亿 | 证券之星消息，11月24日生物柴油板块较 ...

Core Viewpoint - The report highlights the increasing demand for biodiesel driven by terminal demand growth and regulatory changes, particularly in the context of the EU's RED III implementation and domestic initiatives in China [2][4]. Group 1: Biodiesel Price Trends - As of November 19, the FOB prices for China's first and second generation biodiesel are $1,165 and $1,900 per ton, reflecting increases of 11% and 24% respectively since the beginning of 2025 [2][3]. - The steady growth in biodiesel prices since 2025 is attributed to rising terminal demand [2]. Group 2: Domestic and International Demand Drivers - The first domestic B5 biodiesel injection for internal trade was completed, marking a significant step in the domestic biodiesel market [3]. - The implementation of the "IMO net-zero framework" is expected to increase the demand for biodiesel in both domestic and international shipping [3]. - In 2024, China's internal trade ship fuel consumption is projected to be 4.48 million tons, indicating substantial potential for biodiesel substitution in the future [3]. Group 3: EU Regulatory Impact - The RED III legislation, effective from 2026, raises the renewable energy consumption target from 32% to at least 42.5%, and the renewable energy target in the transport sector from 14% to 29% [4]. - The removal of the double carbon reduction policy for used cooking oil (UCO) is expected to significantly boost the demand for biodiesel and UCO, potentially doubling the demand [4]. - It is estimated that the demand for biodiesel produced from UCO in the EU will increase by at least 400,000 tons following the RED III implementation [4]. Group 4: Beneficiary Companies - Companies such as卓越新能, 海新能科, 嘉澳环保, and 山高环能 are identified as potential beneficiaries of the growing biodiesel market [5].

Core Viewpoint - The report from Kaiyuan Securities highlights the increasing demand for biodiesel in China and globally, driven by terminal demand growth and regulatory changes, particularly the implementation of the RED III directive in the EU starting in 2026 [1][4]. Domestic Market Developments - The first domestic B5 biodiesel injection for internal trade was completed on November 20, marking a significant step in the use of biodiesel in domestic shipping [2][3]. - The Ministry of Commerce's recent policy supports the blending of domestic biodiesel with marine fuel oil, which is expected to enhance the domestic biodiesel market [2]. International Market Trends - The "IMO net-zero framework" is anticipated to increase the demand for biodiesel, with projections indicating that Singapore's marine fuel injection could require millions of tons of biodiesel by 2030 [3]. - China's bonded marine fuel injection is expected to reach 1,988 million tons in 2024, with a potential increase of nearly 400 million tons in biodiesel demand if 20% biodiesel is blended [3]. Regulatory Changes in the EU - The RED III directive will raise the renewable energy consumption target in the EU from 32% to at least 42.5% by 2030, significantly increasing the demand for biodiesel, especially second-generation biodiesel [4]. - The removal of the double carbon reduction policy for used cooking oil (UCO) is expected to nearly double the demand for biodiesel and UCO in the EU [4]. Beneficiary Companies - Companies likely to benefit from these trends include Zhuoyue New Energy (688196.SH), Haineng Technology (300072.SZ), Jiaao Environmental Protection (603822.SZ), and Shanggou Environmental Energy (000803.SZ) [5].

Group 1 - The report highlights a significant increase in SAF (Sustainable Aviation Fuel) prices, with EU and China prices reaching $2,500 and $2,960 per ton respectively, marking increases of 39% and 60% since the beginning of 2025 [1][2] - The profit margin for SAF in China is calculated to exceed 4,000 yuan per ton, indicating strong profitability in the sector [1] - The tightening supply of SAF is driven by the upcoming EU and UK verification of a 2% SAF blending ratio, alongside maintenance shutdowns at major production facilities like NESTE [2] Group 2 - The implementation of the RED III legislation in the EU starting in 2026 will raise carbon reduction targets and eliminate the double carbon credit policy for biodiesel produced from used cooking oil (UCO), leading to increased demand for biodiesel and UCO [3] - The projected demand for biodiesel produced from UCO in the EU is expected to rise significantly, with estimates suggesting an increase from 3.74 million tons in 2025 to an additional 4 million tons in 2026 [3] - The maritime sector is also expected to see increased demand for biodiesel, with new regulations requiring a shift towards electric or 100% biofuel-powered vessels by 2030 [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a sustained increase in demand for biodiesel driven by terminal demand growth and regulatory changes, particularly the implementation of the EU RED III directive starting in 2026, which is expected to significantly boost biodiesel demand [5][7] - The successful completion of China's first domestic B5 biodiesel injection for inland trade marks a significant step in increasing domestic biodiesel consumption, with projections indicating a substantial increase in demand for biodiesel in both domestic and international markets [6][7] Summary by Sections Industry Trends - The report indicates a positive outlook for the biodiesel industry, with prices for first and second-generation biodiesel increasing by 11% and 24% respectively since the beginning of 2025 [5] - The global context of carbon reduction is expected to further enhance the demand for biodiesel, particularly in light of the EU's stricter carbon reduction targets [7] Regulatory Developments - The EU's RED III directive aims to increase the renewable energy consumption target from 32% to at least 42.5% by 2030, which will likely double the demand for biodiesel and its raw materials [7] - The cancellation of the double carbon reduction policy for used cooking oil (UCO) as a biodiesel feedstock is expected to further increase demand [7] Market Opportunities - The report identifies potential beneficiaries of the biodiesel demand surge, including companies like卓越新能, 海新能科, 嘉澳环保, and 山高环能 [7] - The anticipated increase in biodiesel demand is supported by both domestic initiatives and international regulatory frameworks, indicating a robust growth trajectory for the industry [6][7]

Core Viewpoint - The report from Kaiyuan Securities indicates that the demand for biodiesel is expected to increase due to the EU's enhanced carbon reduction targets and the upcoming verification of SAF (Sustainable Aviation Fuel) blending ratios by the end of the year, leading to a tightening supply-demand situation in the SAF market [2][3]. Price and Profitability - As of November 19, the FOB prices for SAF in the EU and China are $2,500 and $2,960 per ton, respectively, representing increases of 39% and 60% compared to early 2025. The profit margin for SAF in China exceeds 4,000 RMB per ton [1][2]. Regulatory Changes - The EU will gradually implement the Renewable Energy Directive III (RED III) starting in 2026, which raises carbon reduction targets and eliminates the double carbon reduction policy for biodiesel produced from used cooking oil (UCO). This is expected to significantly boost the demand for biodiesel and UCO [2][4]. Supply Chain Dynamics - Neste plans to conduct maintenance on its Rotterdam and Singapore SAF production facilities in late 2025, which may further tighten the supply of SAF. The UK is currently at a 1.6% SAF blending ratio, still short of the 2% target, which will be assessed at the year's end [3][4]. Future Demand Projections - By 2027, global SAF demand is projected to reach 3-4 million tons, driven by the CORSIA requirements for member countries to implement SAF blending ratios. The International Air Transport Association (IATA) anticipates that global SAF demand could reach 40 million tons by 2050 [3][4]. Beneficiary Companies - Companies likely to benefit from these trends include Jiaao Environmental Protection (603822.SH), Shanggou Environmental Energy (000803.SZ), Zhuoyue New Energy (688196.SH), Haineng Technology (300072.SZ), and Pengyao Environmental Protection (300664.SZ) [5].