中化新网讯 近日，生物燃料企业埃科塞雷斯宣布，该公司马来西亚新厂已接近满负荷运营。 该企业2021年起在张家港运营生物燃料基地，年产能35万吨，已实现对新航、澳航、法航、汉莎航空等 航企直供，无需贸易商中转。工厂原料采购自中国、马来西亚及东南亚其他地区，两座基地合计年产能 达77万吨。此外，埃科塞雷斯正规划第三座生产基地，暂未披露具体选址，持续加码全球生物燃料布 局，抢抓绿色航空能源赛道机遇。 该工厂为马来西亚首座可持续航空燃料(SAF)生产设施，坐落于新山丹戎浪萨特地区，2025年10月投 产，当前产能利用率达95%，年产能最高42万吨，产品涵盖SAF、加氢处理植物油及生物石脑油。 埃科塞雷斯由香港中华煤气与美国贝恩资本联合控股，其CEO马蒂·利沃宁透露，工厂2024年12月已向 核心需求市场欧洲发运首批SAF货物，同时积极拓展亚洲市场。目前新加坡、韩日等国已推行SAF使用 强制政策，马来西亚正探讨1%掺混比例强制要求的可行性。 ...

Core Viewpoint - ST Jiaao Environmental Protection (603822) has experienced a dramatic rise in stock price while simultaneously facing severe financial difficulties and regulatory issues, raising questions about its future viability and the sustainability of its transformation story [1][14]. Historical Development - Founded in 2003 and listed on the Shanghai Stock Exchange in 2016, the company initially focused on environmentally friendly plasticizers and biodiesel, earning a reputation as an "environmental star" in the bioenergy sector. However, its trajectory has diverged from regulatory compliance, leading to its current status as a frequent "ST" (special treatment) company [1][15]. Main Business - The company's core business, which included environmentally friendly plasticizers and biodiesel, has suffered due to the EU's anti-dumping policies against Chinese biodiesel, resulting in significant revenue decline and consecutive years of losses. In response, the company has pivoted to producing Sustainable Aviation Fuel (SAF), claiming to have established the first large-scale SAF production line in China and aims to be the only company with SAF export quotas by 2025 [2][16]. Actual Controller Situation - The actual controller, Chairman Shen Jian, has attempted to rescue the company by planning a private placement to inject up to 367 million yuan. However, his efforts are constrained by ongoing regulatory penalties for disclosure violations and a high percentage of pledged shares, raising doubts about his ability to resolve the crisis [3][16]. Financial Data - Financial data reveals ongoing challenges: from 2022 to 2024, the company has seen continuous revenue decline and recorded net losses for three consecutive years, with the loss in 2024 expanding to 367 million yuan. As of the first quarter of 2025, the company's debt-to-asset ratio reached 80.45%, indicating severe financial strain and potential insolvency risks [4][17]. Reasons for ST Status - The direct cause of the company's ST status is linked to repeated disclosure violations, as indicated by a notice from the Zhejiang Securities Regulatory Bureau. This marks the second investigation into the company for such violations within five years, highlighting a persistent issue with corporate integrity [5][20]. Issues Related to ST Status - Although the company disclosed corrections for prior accounting errors, the underlying operational and financial crises, including substantial losses and high debt levels, remain unaddressed [6][22]. Speculative Themes - Despite the troubling fundamentals, market speculation continues to focus on the SAF transformation narrative, which is appealing due to its uniqueness as the only company with export quotas in this sector, strong policy support for carbon reduction in aviation, and the potential for a significant shift in valuation logic from traditional chemicals to green aviation energy [9][23].