证券代码：688196 证券简称：卓越新能 公告编号：2025-046 龙岩卓越新能源股份有限公司 关于 2024 年度以简易程序向特定对象发行股票 发行结果暨股本变动公告 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、准确性和完整性承担法律责任。 重要内容提示： 发行数量和价格 预计上市时间 龙岩卓越新能源股份有限公司（以下简称"卓越新能""公司"）本次以简 易程序向特定对象发行股票新增股份 7,190,795 股已于 2025 年 10 月 24 日在中 国证券登记结算有限责任公司上海分公司办理完毕股份登记手续。本次发行新增 股份将于限售期届满后的次一交易日起在上海证券交易所科创板上市交易（预计 上市时间如遇法定节假日或休息日，则顺延至其后的第一个交易日）。本次向特 定对象发行的股票自发行结束之日起六个月内不得转让。本次发行结束后，因公 司送红股、资本公积金转增等原因增加的公司股份亦应遵守上述限售期安排。限 售期届满后按中国证券监督管理委员会（以下简称"中国证监会"）及上海证券 交易所（以下简称"上交所"）科创板的有关规定执行。 资产过户情况 本次发 ...

股票代码：688196 股票简称：卓越新能 龙岩卓越新能源股份有限公司 2024 年度以简易程序向特定对象发行 A 股股票 上市公告书 （住址：福建省福州市鼓楼区鼓屏路 27 号 1#楼 3 层、4 层、5 层） 二〇二五年十月 保荐机构（主承销商） 特别提示 一、发行股票数量及价格 1、发行股票数量：7,190,795 股 2、发行股票价格：41.72 元/股 3、募集资金总额：人民币 299,999,967.40 元 4、募集资金净额：人民币 293,590,541.04 元 二、新增股票上市安排 本次发行新增股份将于限售期届满后的次一交易日起在上海证券交易所科 创板上市流通交易，如遇法定节假日或休息日，则顺延至其后的第一个交易日。 三、新增股份的限售期安排 本次发行对象共 8 名，均以现金参与认购，本次发行对象认购的股份自发行 结束之日起六个月内不得转让，法律法规对限售期另有规定的，依其规定。发行 对象认购的本次发行的股票，因公司分配股票股利、资本公积转增股本等情形所 衍生取得的股票亦应遵守上述限售期的安排。限售期结束后按中国证监会及上海 证券交易所的有关规定执行。发行对象因本次交易取得的上市公司股份在 ...

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 2024 年度以简易程序向特定对象发行 A 股股票 之 上市保荐书 保荐人（主承销商）：华福证券有限责任公司 二〇二五年十月 声明 华福证券有限责任公司（以下简称"本保荐机构"、"保荐机构"或"华福 证券"）及其保荐代表人已根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公 司证券发行注册管理办法》（以下简称"《注册管理办法》"）、《上海证券交 易所科创板股票上市规则》（以下简称《上市规则》）等相关法律、行政法规的 相关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和行业自律规范 出具上市保荐书，并保证所出具文件真实、准确和完整。 如无特别说明，本上市保荐书中的简称与《龙岩卓越新能源股份有限公司 2024 年度以简易程序向特定对象发行 A 股股票募集说明书》中的简称具有相同 含义。 3-2-1 | | 声明 1 | | --- | --- | | | 目录 2 | | 第一节 | 发行人情况 3 | | | 一、发行人基本情况 3 | | | 二、发行人的主营业务 3 | | | 三 ...

Core Insights - The biodiesel sector experienced a 0.65% increase on October 28, with Hai Xin Neng Ke leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Sector Performance - The biodiesel sector stocks showed varied performance, with the following notable movements: - Ben Liu Neng Yu (300072) closed at 4.04, up 1.51% with a trading volume of 718,800 shares and a turnover of 294 million yuan - Peng Yao Environmental (300664) closed at 5.63, up 1.26% with a trading volume of 151,700 shares and a turnover of 85.2 million yuan - Shan Gao Huan Neng (000803) closed at 6.73, up 1.20% with a trading volume of 75,900 shares and a turnover of 50.7 million yuan - Zhuang Jue Xin Neng (688196) closed at 45.00, up 0.83% with a trading volume of 94,175 shares and a turnover of 42 million yuan - Jia Ao Environmental (603822) closed at 88.93, up 0.51% with a trading volume of 26,000 shares and a turnover of 2.35 billion yuan - Zhong Liang Technology (000930) closed at 5.93, down 0.17% with a trading volume of 133,100 shares and a turnover of 78.9 million yuan - Guo Ji Shi Ye (000159) closed at 6.14, down 0.49% with a trading volume of 145,700 shares and a turnover of 89.6 million yuan [1] Capital Flow Analysis - The biodiesel sector saw a net inflow of 30.4 million yuan from institutional investors, while retail investors experienced a net outflow of 19.4 million yuan [1] - Detailed capital flow for key stocks includes: - Jia Ao Environmental (603822) had a net inflow of 34.5 million yuan from institutional investors, but a net outflow of 2.97 million yuan from retail investors - Zhong Liang Technology (000930) had a net inflow of 6.6 million yuan from institutional investors, with a net outflow of 1.12 million yuan from retail investors - Hai Xin Neng Ke (300072) had a net inflow of 4.0 million yuan from institutional investors, but a significant net outflow of 1.78 million yuan from retail investors - Zhuang Jue Xin Neng (688196) experienced a net outflow of 1.16 million yuan from institutional investors [2]

Investment Rating - The report maintains a "Positive" investment rating for the industry [11] Core Insights - The domestic SAF (Sustainable Aviation Fuel) market has seen a significant price increase of 46.7% year-to-date, which is higher than the 9.4% increase in UCO (Used Cooking Oil) prices, indicating improved profitability for companies in this sector [2][6][18] - The demand for biodiesel in the Asia-Pacific region is driving a notable increase in China's biodiesel exports, particularly in Q3 2025, which saw a 15.0% year-on-year growth [7][25] - The report suggests focusing on raw material suppliers and processing companies, such as Zhuoyue New Energy, as the industry shows an upward trend in profitability and demand [2][9] Summary by Sections SAF & HVO - Four domestic companies have received export approval for a total capacity of 1.16 million tons of SAF, with the second batch of export whitelist being established in October 2025 [6][17] - The price of European FOB SAF has increased by 46.7% this year, leading to a favorable outlook for company profitability as the price gap between products and raw materials continues to widen [6][18] Biodiesel - China's biodiesel exports reached 647,000 tons in the first three quarters of 2025, a decrease of 27.5% year-on-year, but Q3 2025 saw a significant recovery with a 15.0% year-on-year increase [7][25] - The average export price of biodiesel in Q3 2025 was $1,152 per ton, reflecting an 11.7% year-on-year increase [7][25] UCO - In Q3 2025, China's UCO exports totaled 635,000 tons, a decrease of 11.2% year-on-year, attributed to the cancellation of export tax rebates in December 2024 [8][37] - The average export price for UCO in Q3 2025 was $1,082 per ton, up 19.7% year-on-year, driven by increased international demand due to EU regulations [8][37] Market Outlook - The report anticipates further supportive policies for the domestic market, particularly in renewable energy consumption targets, which will benefit the biodiesel sector [9][47] - The SAF industry is expected to grow significantly as multiple countries implement blending targets and incentives, transitioning from planning to actual demand [9][47]

证券代码：688196 证券简称：卓越新能 公告编号：2025-044 龙岩卓越新能源股份有限公司 关于董事调整暨选举职工董事的公告 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。 根据《龙岩卓越新能源股份有限公司章程》，龙岩卓越新能源股份有限公司 （以下简称"公司"）董事会设一位职工董事。因公司治理结构的调整，曾庆平 先生于 2025 年 10 月 27 日辞去公司第五届董事会股东代表董事职务，辞去上述 职务后，曾庆平先生将继续在公司担任其他职务。 为保障公司董事会构成符合《中华人民共和国公司法》（以下简称《公司法》） 及《公司章程》的相关规定，公司于 2025 年 10 月 27 日召开 2025 年第二次职工 代表大会，选举曾庆平先生（简历详见附件）为公司第五届董事会职工董事，任 期自职工代表大会选举之日起至第五届董事会任期届满之日止。 曾庆平先生符合《中华人民共和国公司法》及《公司章程》规定的有关职工 董事任职资格和条件。曾庆平先生当选公司职工董事后，公司第五届董事会中兼 任公司高级管理人员以及由职工代表担任的董事 ...

北京德恒（深圳）律师事务所 关于龙岩卓越新能源股份有限公司 深圳市福田区金田路 4018 号安联大厦 B 座 11 楼 电话:0755-88286488 传真:0755-88286499 邮编:518026 北京德恒（深圳）律师事务所 关于龙岩卓越新能源股份有限公司 2025年第一次临时股东大会的法律意见 北京德恒（深圳）律师事务所 关于龙岩卓越新能源股份有限公司 2025 年第一次临时股东大会 的法律意见 2025 年第一次临时股东大会 的法律意见 德恒 06G20250151-0001 号 致：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"、"卓越新能"）2025 年第一次临时股东大会（以下简称"本次会议"）于 2025 年 10 月 27 日（星期 一）召开。北京德恒（深圳）律师事务所（以下简称"德恒"）受公司委托，指 派叶兰昌、韩海洋律师（以下简称"德恒律师"）出席了本次会议。根据《中华 人民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国公司法》 （以下简称"《公司法》"）、《上市公司股东会规则》（以下简称"《股东会 规则》"）、《龙岩卓越新能源股份有限公司章程》 ...

证券代码：688196 证券简称：卓越新能 公告编号：2025-045 龙岩卓越新能源股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证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。 一、会议召开和出席情况 （一）股东大会召开的时间：2025 年 10 月 27 日 （二）股东大会召开的地点：福建省龙岩市新罗区东宝路 830 号龙岩卓越新能源 股份有限公司东宝生物能源分公司会议室 （三）出席会议的普通股股东及其持有表决权数量的情况： 重要内容提示： 本次会议是否有被否决议案：无 | 1、出席会议的股东和代理人人数 | 49 | | --- | --- | | 普通股股东人数 | 49 | | 2、出席会议的股东所持有的表决权数量 | 90,552,171 | | 普通股股东所持有表决权数量 | 90,552,171 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 75.4601 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 75.4601 | （四）表决方式是否符合《公司法 ...

Core Viewpoint - Fengbei Bio is set to list on the Shanghai Stock Exchange, facing a paradox of rising revenue but declining net profit, indicating challenges in profitability and cash flow despite growth in sales [1][6] Financial Performance - In 2024, Fengbei Bio expects revenue to reach 1.948 billion yuan, a 12.7% increase, while net profit is projected to decline by 4.5% to 124 million yuan, marking the second consecutive year of profit decrease [7] - The company's gross margin fell from 13.95% in 2023 to 11.67% in 2024, with net margin also decreasing from 7.50% to 6.37% [7] - Operating cash flow is projected to drop sharply from 162 million yuan in 2023 to only 22 million yuan in 2024, indicating a significant decline in cash generation ability [7][8] IPO and Expansion Plans - Fengbei Bio plans to raise approximately 1.04 billion yuan through its IPO to fund an expansion project aimed at producing 428,200 tons of oil-based biological materials and fuels annually, with a construction period of about two years [1][2] - The project is expected to generate an additional annual revenue of approximately 3.944 billion yuan upon reaching full capacity, nearly doubling the company's 2024 revenue [2] Market Demand and Competition - The International Energy Agency projects global biodiesel consumption to reach 59.93 million tons by 2028, growing at an annual rate of 7.16% [4] - However, the biodiesel industry faces intense competition, with many companies planning large-scale expansions, potentially leading to oversupply and downward pressure on prices and margins [4][12] New Business Ventures - The expansion project also includes plans for producing 60,000 tons of agricultural microbial agents and compound fertilizers, utilizing glycerol, a byproduct of biodiesel production [4][5] - This diversification aims to enhance value and mitigate risks, although the profitability model for this new venture remains uncertain [5] Dependency on Tax Incentives - Fengbei Bio's profitability is significantly supported by tax incentives, with VAT refunds accounting for 13.20% of total profit in 2023, which is expected to drop to 5.14% in 2024 [8] - The company's reliance on tax benefits raises concerns about the stability of its profit margins in the absence of such support [8] Export Market Vulnerabilities - The company heavily relies on overseas markets, with Switzerland and Singapore accounting for about 70% of its exports in 2024, making it vulnerable to policy changes in these regions [10] - Fluctuations in exchange rates and compliance costs pose additional risks to the company's financial performance [10][11] Supply Chain Challenges - Fengbei Bio's raw material supply is unstable, with a notable reliance on individual suppliers for waste oil, which poses quality and compliance risks [11] - The company is exploring alternative sources for waste oil, including imports from Southeast Asia, but faces uncertainties related to costs and regulatory changes [11] Industry Position - In the competitive landscape, Fengbei Bio's scale and profitability are only average compared to peers, with notable differences in net profit levels among industry players [12] - The company must navigate the interplay of policy benefits, expansion pace, and market risks to sustain its growth trajectory [13]

Summary of Key Points from Conference Call Records Industry or Company Involved - **E-commerce**: TikTok, Jitu Express - **Aviation**: China Eastern Airlines, China Southern Airlines, Air China, Huaxia Airlines - **Express Delivery**: YTO Express, Shentong Express - **Shipping**: China Merchants Energy, Haitong Development - **Lithium Industry**: New Zobang - **Coal Industry**: Yancoal Energy, Guanghui Energy, Huayang Co., China Coal Energy - **Chemical Industry**: Zanyu Technology - **Fertilizer Industry**: Yara International, Dongfang Tower, Salt Lake Co. - **Non-ferrous Metals**: Huayou Cobalt, Ganfeng Lithium, Tianqi Lithium Core Points and Arguments - **E-commerce Growth**: TikTok's e-commerce growth is expected to reach 30%, with Jitu Express showing a volume growth of over 65% in the first three quarters. Latin America's e-commerce penetration is only 15%, indicating significant potential for growth [1][2] - **Aviation Sector Recovery**: Airlines are benefiting from improved ticket prices and passenger load factors, with a notable increase in ticket prices by 0.5% during the National Day holiday and subsequent weeks. Recommended stocks include Huaxia Airlines, China Eastern Airlines, China Southern Airlines, and Air China [4] - **Express Delivery Valuation**: The express delivery sector remains attractive, with YTO Express and Shentong Express expected to have PE ratios of 9 and 8-9 respectively next year. The trend of reducing internal competition continues [4] - **Shipping Market Dynamics**: The commissioning of the Simandou iron ore project in Guinea is expected to significantly improve the supply-demand relationship for bulk carriers, with a projected shortfall of 232 Capesize vessels. Recommended stocks include China Merchants Energy and Haitong Development [5] - **Lithium Hydrofluoric Acid Price Surge**: The price of lithium hexafluorophosphate has nearly doubled, reaching 92,500 CNY/ton, driven by increased demand, particularly from energy storage orders. The industry operating rate is at 77%, with inventory decreasing [9] - **Coal Market Outlook**: Coal production is expected to decline if companies do not exceed production limits, while demand remains strong. Recent coal prices have surged to 750-800 CNY, with potential for further increases [15][16] - **Chemical Industry Performance**: The chemical product price index remains stable, with specific products like polyester showing price fluctuations. The demand for fertilizers is expected to remain strong despite entering a seasonal lull [12][7] - **Fertilizer Market Trends**: Potash fertilizer inventory has slightly increased but remains low. The price of phosphate rock is stable, with a focus on companies with significant growth potential like Yara International and Dongfang Tower [7][8] Other Important but Possibly Overlooked Content - **Geopolitical Impact on Oil Prices**: Recent geopolitical events have influenced oil prices, with WTI crude oil futures rising by 7.5% to $61.44 per barrel. OPEC's production increase and signs of a slowing U.S. economy may exert downward pressure on prices [6] - **Winter Heating Season Impact**: The winter heating season is expected to significantly affect coal demand, with an anticipated consumption increase of 50 million tons if heating starts early. This could lead to a substantial reduction in inventory levels [17][18] - **Investment Recommendations**: Investors are advised to focus on companies with high long-term contract ratios in the coal sector, such as Yancoal Energy and Guanghui Energy, as they are expected to perform well in the upcoming winter season [19]