Core Viewpoint - The Chinese government is actively promoting green trade to enhance trade optimization and support the achievement of carbon neutrality goals, as outlined in the newly issued implementation opinions by the Ministry of Commerce [1] Group 1: Green Trade Development Measures - The implementation opinions focus on enhancing the green and low-carbon development capabilities of foreign trade enterprises, promoting green design and production, and establishing a public service platform for green trade [1] - Measures include the development of sustainable fuel trade such as green hydrogen, improving standards for the import of recycled resources, and promoting green low-carbon development in overseas economic and trade cooperation zones [1] - The establishment of a supportive system for green trade includes strengthening financial policy support, accelerating the construction of a carbon footprint database for foreign trade products, and improving carbon pricing mechanisms [1] Group 2: Achievements in Green Product Exports - China's exports of green low-carbon products, including wind power, photovoltaics, and new energy vehicles, have reached over 200 countries and regions, significantly reducing global wind and solar power generation costs by over 60% and 80% respectively [2] - The Ministry of Industry and Information Technology has created 451 green design enterprises and developed over 40,000 green products, with the output of national green factories accounting for over 20% [2] - The goal is to increase the output share of green factories at all levels to 40% by 2030 [2] Group 3: Regulatory and Financial Support - The State Administration for Market Regulation has revised the management measures for adopting international standards, which has shortened the time for international standard conversion by nearly six months [3] - As of September, China's international standard conversion rate has reached 86%, achieving the 2025 target set in the National Standardization Development Outline [3] - The People's Bank of China is set to release a new green low-carbon transition industry guidance catalog in February 2024, which will help clarify green trade recognition and reduce trade barriers [3]

Group 1: Financial Performance - In Q3, the company achieved operating revenue of 1.031 billion yuan, a year-on-year decrease of 1.05% but a quarter-on-quarter increase of 71.05% [1] - The net profit attributable to the parent company in Q3 was 50.02 million yuan, turning from loss to profit year-on-year, but down 10.76% quarter-on-quarter [1] - For the first three quarters of 2025, the company reported operating revenue of 2.343 billion yuan, a year-on-year decline of 21.24%, while the net profit attributable to the parent company was 166.7 million yuan, an increase of 81.24% year-on-year [1] Group 2: Market Trends and Opportunities - The demand for biodiesel continues to improve, with the FOB price of first-generation biodiesel increasing by 1.6% quarter-on-quarter, and the export volume from China reaching 250,000 tons, a 32.3% increase from Q2 [2] - The price of fatty alcohols remains high due to tight supply and strong demand in the downstream daily chemical sector, supported by high palm kernel oil prices [2] - The Ministry of Commerce's support for expanding green trade is expected to further boost biodiesel demand, particularly in the context of carbon reduction initiatives in shipping [2] Group 3: Growth Initiatives - The company is advancing its overseas base construction, with a 100,000 tons/year HVO/SAF production line entering the pipeline installation phase [3] - In Singapore, the company plans to build a first-phase capacity of 100,000 tons/year for first-generation biodiesel, while in Thailand, the project has completed land exploration and is in the design phase for a 30,000 tons/year capacity [3] - The company anticipates that its biodiesel production capacity will exceed one million tons in the future, contributing to its growth [3]

Core Points - The Chinese government has issued implementation opinions on expanding green trade, aiming to promote trade optimization and support the achievement of carbon neutrality goals in the context of global climate change [1] Group 1: Green Trade Development - The implementation opinions are the first specialized policy document in the field of green trade, focusing on addressing weaknesses in China's green trade development and proposing targeted measures [1] - Key measures include enhancing the awareness of green low-carbon development among foreign trade enterprises, promoting green design and production, and establishing a public service platform for green trade [1] Group 2: Export Performance - China's exports of green low-carbon products, such as wind power, photovoltaics, and new energy vehicles, have performed well, reaching over 200 countries and regions, significantly reducing global wind and solar power generation costs by over 60% and 80% respectively [2] Group 3: Industrial Green Transformation - The Ministry of Industry and Information Technology has created 451 green design enterprises and developed over 40,000 green products, with the output value of national green factories accounting for over 20% [2] - The goal is to increase the output value of green factories at all levels to 40% by 2030 [2] Group 4: Regulatory and Financial Support - The State Administration for Market Regulation has revised the management measures for adopting international standards, which has shortened the time for international standard conversion by nearly six months [3] - The People's Bank of China plans to introduce a green low-carbon transition industry guidance catalog in February 2024 to clarify green trade recognition and reduce trade barriers [3] - The People's Bank has also included green trade in the green finance support scope, aiming to encourage financial institutions to develop more products that meet green trade needs [3]

产业绿色化、产品低碳化是绿色贸易的基础和支撑。工业和信息化部节能与综合利用司司长王鹏介绍， 近年来累计创建451家绿色设计企业，开发推广绿色产品超过4万个，培育国家绿色工厂6430家、绿色工 业园区491家，国家绿色工厂产值占比超过20%。下一步，工业和信息化部将加快产品设计、制造、使 用、回收、循环利用等全链条的绿色转型升级，计划到2030年，国家、省、市各级绿色工厂产值占比提 高到40%。 市场监管总局计量司司长国焕新介绍，市场监管总局按照世界贸易组织和国际标准组织相关规则，修订 发布《采用国际标准管理办法》，突出"精准采标"和"高效转化"导向，加快推进内外贸一体化发展。该 办法已于今年6月1日起正式施行，国际标准转化时间缩短近6个月。在碳排放、碳核算、碳足迹、碳捕 集等领域，通过组织国际标准比对分析，我国已转化采用相关国际标准410项。截至9月底，我国国际标 准转化率整体已达到86%，完成了《国家标准化发展纲要》提出的2025年工作目标。 近日，经国务院同意，商务部印发了关于拓展绿色贸易的实施意见。10月31日，国新办举行政策例行吹 风会，介绍有关情况。 "在当前全球应对气候变化、推动绿色低碳转型的大背 ...

Core Insights - The global market for green technologies such as electric vehicles, solar energy, and wind energy is projected to reach $2.1 trillion by 2030, which is five times the current size [1] - China has issued its first special policy document on green trade, titled "Implementation Opinions on Expanding Green Trade," focusing on addressing weaknesses in the country's green trade development [1] - China aims to actively participate in discussions on green development at major international forums and has included environmental content in existing free trade agreements [1] Group 1 - The Ministry of Industry and Information Technology plans to increase the proportion of output from green factories to 40% by 2030 and promote zero-carbon factories [2] - The People's Bank of China will support the application of green finance and transition finance standards, encouraging financial institutions to provide more support for green service trade enterprises [2] - China's wind power, photovoltaic, and new energy vehicle products have been exported to over 200 countries, significantly reducing global wind and solar power generation costs by over 60% and 80%, respectively [2]

Core Viewpoint - The implementation opinions on expanding green trade aim to promote trade optimization and upgrade, assist in achieving the "dual carbon" goals, and better serve global climate governance [1] Group 1: Green Trade Development - Green low-carbon products are becoming a new driving force for foreign trade development, with global market size for electric vehicles, solar energy, and wind energy expected to reach $2.1 trillion by 2030, five times the current scale [1] - The implementation opinions are the first specialized policy document in the field of green trade, focusing on weak links in China's green trade development, such as corporate low-carbon development capabilities and logistics carbon reduction potential [1][2] - The opinions propose measures to create a favorable international environment for green trade, including strengthening international communication and promoting the formulation and mutual recognition of relevant standards [1][2] Group 2: Green Product Standards and Certification - The Ministry of Commerce is working with relevant departments to improve green product standards, certification, and labeling systems, and accelerate standard mutual recognition with major trading partners [2] - The focus will be on expanding certification from products to industrial and supply chains, and establishing a strict and transparent regulatory mechanism for green product certification [2][3] Group 3: Green Design and Manufacturing - The implementation opinions encourage foreign trade enterprises to adopt green design and production, with a focus on lightweight, non-toxic, long-lasting, and recyclable design concepts [3] - By 2030, the output value of green factories is expected to account for 40% of total output, with initiatives to cultivate zero-carbon factories [3] - The development of green supply chains will be promoted, with large enterprises playing a leading role in increasing the proportion of green factories among suppliers [3] Group 4: Financial Support for Green Services Trade - The People's Bank of China will promote the application of green finance and transition finance standards, supporting innovative financing methods for green service trade [4] - Financial institutions are encouraged to increase financing support for production service links such as research and design, logistics operations, and carbon emission certification [4]

Core Viewpoint - The implementation of green trade policies aims to promote trade optimization and support the achievement of "dual carbon" goals, enhancing global climate governance [1] Group 1: Green Trade Development - Green low-carbon products are emerging as a new driving force for foreign trade, with global market size for electric vehicles, solar, and wind energy expected to reach $2.1 trillion by 2030, five times the current scale [1] - The implementation opinions represent the first specialized policy document in the field of green trade, focusing on addressing weaknesses in China's green trade development, such as corporate low-carbon capabilities and logistics carbon reduction potential [1] Group 2: International Cooperation and Standards - Over 50 economies have positively responded to China's initiative on the "International Economic and Trade Cooperation Framework for Digital Economy and Green Development" [2] - The recent China-ASEAN Free Trade Area 3.0 upgrade includes a dedicated chapter on green economy and prioritizes green trade as a cooperation area [2] - Efforts are underway to improve green product standards, certification, and labeling systems, aiming for mutual recognition of standards with major trading partners [2] Group 3: Green Product and Industry Development - The implementation opinions emphasize promoting green design and production among foreign trade enterprises, with a focus on sectors like electronics and automotive [3] - By 2030, the output value of green factories is expected to account for 40% of total production, with initiatives to cultivate zero-carbon factories [3] - Actions are being taken to enhance green supply chains, encouraging large enterprises to support green procurement and increase the proportion of green factories among suppliers [3] Group 4: Financial Support for Green Services - The People's Bank of China plans to promote the application of green finance and transition finance standards, supporting innovative financing methods for green service trade [4] - Financial institutions are encouraged to increase support for production service sectors related to research and design, logistics, carbon emission certification, and recycling [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a year-on-year revenue decline of 21.24% for the first three quarters of 2025, with total revenue of 2.343 billion yuan. However, the net profit attributable to shareholders increased by 81.24% to 167 million yuan. In Q3 alone, revenue was 1.031 billion yuan, showing a slight year-on-year decline of 1.05% but a significant quarter-on-quarter increase of 71.05%. The net profit for Q3 was 50.02 million yuan, marking a return to profitability compared to the previous year, although it decreased by 10.76% quarter-on-quarter [6] - The company is expected to benefit from the ongoing construction of overseas projects, which will gradually reveal its growth potential. The profit forecasts for 2025-2027 are adjusted to 254 million yuan, 452 million yuan, and 708 million yuan respectively, with corresponding EPS of 2.00, 3.55, and 5.57 yuan, leading to PE ratios of 22.3, 12.6, and 8.0 times [6] Financial Summary - For 2025, the company is projected to have a revenue of 3.218 billion yuan, a decrease of 9.7% year-on-year. The net profit is expected to be 254 million yuan, reflecting a growth of 70.7% year-on-year. The gross margin is forecasted to be 9.3%, while the net margin is expected to reach 7.9% [9] - The company’s total assets are estimated to grow from 3.436 billion yuan in 2025 to 6.268 billion yuan by 2027, with a significant increase in equity attributable to shareholders from 2.994 billion yuan to 5.796 billion yuan over the same period [11] Industry Outlook - The demand for biodiesel remains strong, with the price of fatty alcohols maintaining high levels. The company is expected to benefit from this trend as it produces fatty alcohols using waste oils from palm oil processing, which provides a cost advantage [7] - The company is advancing its overseas production capabilities, with a 100,000-ton/year HVO/SAF production line in China and plans for a 200,000-ton/year biodiesel capacity in Singapore. The Thai project is also progressing, with an expected capacity of 300,000 tons/year. Overall, the company’s biodiesel capacity is projected to exceed one million tons, supporting its growth trajectory [8]

Group 1 - Xi Jinping attended the 32nd APEC Informal Leaders' Meeting and delivered an important speech titled "Building an Inclusive and Open APEC Economy" [4] - Xi Jinping delivered a written speech at the APEC Business Leaders' Summit, emphasizing the role of the Asia-Pacific region in promoting global development and prosperity [5] - Li Qiang chaired a State Council executive meeting to discuss deepening key area reforms and expanding institutional openness [10] Group 2 - Li Qiang reported at the 14th Standing Committee of the 14th National Committee of the Chinese People's Political Consultative Conference, focusing on the spirit of the 20th CPC Central Committee's Fourth Plenary Session [11] - Ding Xuexiang will visit Uruguay and Brazil from November 3 to 5 and will represent Xi Jinping at the Belém Climate Summit on November 6 [12][13] - The Central Propaganda Team is conducting outreach to promote the spirit of the 20th CPC Central Committee's Fourth Plenary Session in various regions [14]

Core Viewpoint - The Ministry of Commerce has issued the "Implementation Opinions on Expanding Green Trade," marking the first specialized policy document in the field of green trade, focusing on innovation and addressing existing weaknesses in China's green trade development [1][2]. Group 1: Green Trade Development - The "Implementation Opinions" highlight the need to enhance the capacity for green low-carbon development among enterprises and to explore carbon reduction potential in logistics [1]. - The Ministry of Commerce aims to improve the "green content" of high-standard free trade zones and integrate trade and environmental considerations into existing free trade agreements [2]. Group 2: Financial Support for Green Services - The People's Bank of China plans to lower financing thresholds and costs for light-asset and green service trade enterprises through green credit, bonds, and equity funds [3]. - Future efforts will focus on applying green finance standards and encouraging financial institutions to support various production service sectors related to green trade [3]. Group 3: Green Factory Development - The Ministry of Industry and Information Technology has created 451 green design enterprises and 6,430 national green factories, with green factory output accounting for over 20% [4]. - The 2025 national green factory selection and cultivation work is ongoing, aiming to further promote green design and manufacturing [4]. Group 4: Green Product Certification - The State Administration for Market Regulation has established a green product certification and labeling system covering 122 product categories, issuing nearly 40,000 certification documents [5]. - Future initiatives will focus on enhancing the green product certification system to support the green development of foreign trade enterprises [6].