Group 1 - The core viewpoint of the news is that the global supply of vegetable oils is increasing, with domestic supply in China being stable, and prices are within a historically reasonable range [1] - The global production of nine major vegetable oils is expected to reach 235 million tons in the 2025/2026 season, an increase of 6.37 million tons year-on-year, with soybean oil, palm oil, and sunflower seed oil contributing significantly to this growth [1] - Key factors to watch in the future vegetable oil market include tariff policies, soybean arrival conditions in the fourth quarter, palm oil production increases, and biodiesel industry policies [1] Group 2 - Global vegetable oil consumption is projected to reach 224 million tons in the 2024/2025 season, a year-on-year increase of 2.3%, with industrial consumption growing faster than edible consumption [2] - By the 2025/2026 season, global vegetable oil consumption is expected to further increase to 230 million tons, with industrial consumption accounting for 28% of total consumption, up from 22.2% in the 2010/2011 season [2] - The growth in biodiesel production is significantly driving the increase in global industrial consumption of vegetable oils, with nearly 20% of vegetable oils being used for biodiesel [2]

Core Viewpoint - The company,卓越新能, has postponed its "annual production of 100,000 tons of hydrocarbon-based biodiesel production line project" for the second time, now expected to be completed by December 2025, due to various challenges including market volatility and policy restrictions [3][5]. Group 1: Project Delays - The hydrocarbon project was initially planned for delivery in June 2023 but has been delayed twice, first to June 2025 and now to December 2025, due to issues with project construction plans and land supply [4][5]. - The project is part of卓越新能's fundraising initiatives from its 2019 IPO, which originally did not include this project but was added after exceeding fundraising targets [5]. Group 2: Market Dependency - The company heavily relies on the European market, with projected export sales of 3.196 billion yuan in 2024, accounting for nearly 90% of total revenue [3][6]. - The domestic biodiesel market is still developing, with limited mandatory policies for biodiesel blending, leading to a focus on exports for companies like卓越新能 [6][7]. Group 3: Regulatory Challenges - The company faces significant challenges due to the European Union's anti-dumping measures, which could impose tariffs ranging from 10.0% to 35.6% on Chinese biodiesel products, with卓越新能 facing a specific rate of 23.4% [9]. - The EU's policies have created a dual challenge for卓越新能, as it must navigate both domestic supply constraints and international regulatory hurdles [8][9]. Group 4: Industry Trends - The domestic biodiesel market is beginning to see policy support, with pilot projects and guidelines being introduced to promote biodiesel and other renewable fuels [7]. - The company is competing in a market where the supply of waste oils for biodiesel production is limited, with only about 300,000 tons of usable waste oils available annually [8].