将加强海外法律、金融、物流等海外综合服务。 据央视新闻报道，9月12日，国务院常务会议召开，研究完善海外综合服务体系。 威达信集团亚洲区首席商务官柯灵芸（Joan Collar）近期也对第一财经记者表示："中国企业的出海意 愿强烈。在这一过程中，企业不仅着眼于品牌国际化，更致力于提升在国际市场中的份额。它们普遍认 为，出海与国际化是势不可挡的发展趋势。中国在多个领域具备全球竞争力，包括半导体、汽车制造、 新能源以及生物科技和生物燃料等行业，均拥有显著优势，能够为全球市场提供高质量的产品与服 务。" 在此背景下，王雪坤称："当前全球经济艰难复苏，产业竞争不断加剧，贸易投资壁垒也越来越多。这 一大环境下，企业出海面临的不确定、难预料的因素明显增加，所以企业对高质量的海外综合服务的需 求也越来越迫切。" "海外综合服务体系的不断完善将有效引领企业积极稳妥地开展海外市场，推动我国产业链供应链国际 合作走深走实，对深化高水平对外开放、服务构建新发展格局具有重大意义。"他称。 会议指出，要着眼于为出海企业参与国际合作与竞争提供有力支撑，进一步完善海外综合服务体系。统 筹法律、金融、物流等领域服务资源，丰富服务产品，构建服 ...

Group 1 - The U.S. biofuel companies' stock prices have recently plummeted due to market concerns that the Trump administration's policies may not fully offset the impact of the "refinery renewable fuel blending obligation exemptions" [1] - The Trump administration is considering a plan that would require large refineries to take on "half or less of the blending obligations originally allocated to exempt small refineries" [1] - A bill proposed by Republican Senator Mike Lee aims to prevent the EPA from mandating large refineries to fill this obligation gap, which could weaken short-term demand for crop-based and waste-based biofuels [1] Group 2 - Bunge Global SA and Archer-Daniels-Midland Co. experienced their largest single-day stock price drop since April, while Valero Energy Corp. and Green Plains Inc. saw stock declines of up to 5% [2] - The trading price of Renewable Identification Numbers (RINs), a key price indicator in the biofuel sector, has fallen to its lowest level since June [2]

Group 1 - Shell announced the cancellation of its biofuel complex project in Rotterdam due to high costs and insufficient competitiveness, marking a setback for its flagship low-carbon initiative [1] - The project, initially approved in September 2021, aimed to produce 820,000 tons annually and was scheduled to commence operations in 2025, but construction was paused in July 2024 due to unfavorable market conditions [1] - Shell's president of downstream, renewable energy, and energy solutions stated that the decision was difficult but correct, prioritizing projects with higher returns [1] Group 2 - Despite the cancellation of the Rotterdam facility, Shell emphasized its ongoing investments in energy transition, committing $8 billion to low-carbon projects from 2023 to 2024, including electricity, carbon capture and storage (CCS), hydrogen, and low-carbon fuels [1] - In 2024, Shell is expected to trade over 10 billion liters of low-carbon fuels, with sales volume being ten times its production [1] - Shell has become one of the leading suppliers of sustainable aviation fuel (SAF), accounting for nearly 20% of total sales in North America and Europe [1] Group 3 - The European capital-intensive biofuel projects are facing increasing challenges due to inflation, high construction costs, and unreliable policy support, which are slowing down investment momentum [2] - Neste announced a delay in its biofuel and biorefinery expansion project in Rotterdam, pushing the production start date to 2027 [2] - Finnish paper giant UPM has also canceled plans for a 500,000 tons per year biomass fuel and chemicals production plant in Rotterdam [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Indonesia's biofuel industry shows initial development potential under policy guidance but faces multiple challenges, including policy implementation, raw material supply, production capacity, and subsidy mechanisms [97][98][99] - The development of the biofuel industry is crucial for Indonesia to fulfill climate commitments, ensure energy security, reduce import dependence, and promote economic development [13][93][94] - The biofuel industry is expected to play an increasingly important role in Indonesia's energy structure, with different sub - sectors having different development prospects and challenges [93][98][99] 3. Summary According to the Table of Contents 3.1 Indonesia Biofuel Policy Framework 3.1.1 Policy Background - Indonesia aims to meet increasing energy demand and fulfill international climate commitments through biofuel development, driven by both carbon reduction and energy security needs [11][12][13] - Social unrest in Indonesia may indirectly affect the biofuel industry, including policy implementation delays, raw material supply disruptions, and investment uncertainties [15] 3.1.2 Policy Start and Legislative Basis - Indonesia started its national - level biofuel policy in 2006 and has since issued a series of regulations and presidential decrees. The 2024 No. 79 Government Regulation is expected to replace the old one [16] - The current National Energy Policy sets targets for the proportion of renewable energy consumption, and biofuel is expected to contribute significantly to these targets [17][18] 3.1.3 Mandatory Blending Plan and Market Price Mechanism - Bio - diesel blending policy has advanced rapidly, reaching B40 in 2025 and planning B50 in 2026. Ethanol fuel blending has a more tortuous path, with the E5 pilot restarted in 2023. The SAF blending target has been adjusted [20][21][22] - Indonesia uses a market index price mechanism to regulate the biofuel industry, with the price of bio - diesel and bio - ethanol related to CPO and molasses prices respectively [23][26] 3.1.4 Bio - diesel Subsidy Development and Adjustment - The subsidy mechanism for bio - diesel has shifted from the national budget to the palm oil plantation fund (BPDP). The government provides price - difference subsidies to producers [27][28] - Fluctuations in palm oil prices and frequent adjustments to export tax policies have put pressure on the sustainability of the subsidy fund [29] 3.1.5 Carbon Market Trading Mechanism and Carbon Tax - Indonesia has established a carbon market trading system and plans to implement a carbon tax. However, the carbon market is currently limited in scale, and the implementation of the carbon tax has been delayed [35][36][37] 3.2 Indonesia Bio - based Diesel Industry Analysis 3.2.1 Industry Overview - Indonesia mainly produces palm - oil - based bio - diesel, including FAME (dominant) and HVO (in the initial stage) [38] 3.2.2 Demand Growth Driven by Policy and Subsidy - Policy support and subsidies have driven the growth of bio - diesel demand. With the increase in blending ratios, consumption has grown rapidly. The planned B50 policy is expected to further boost demand [39] - The subsidy mechanism has some limitations, such as the instability of the subsidy fund due to palm oil price fluctuations [40] 3.2.3 Reshaping Export Trade Flow - Indonesia may prioritize the domestic market due to increasing domestic demand and trade policy restrictions. European trade policies have significantly affected Indonesia's bio - diesel exports [43][44] 3.2.4 Current Supply and Future Outlook - Currently, bio - diesel supply is stable, but future supply may be tight due to potential shortages in palm oil supply and limited production capacity when the blending ratio reaches B50 [48][55] 3.2.5 Challenges in Implementing B50 - The B50 policy faces challenges in technology (FAME limitations), supply (raw material and capacity shortages), and funds (sustainability of subsidies) [58][59] 3.3 Indonesia Sustainable Aviation Fuel Industry Analysis 3.3.1 Industry Overview - SAF is in the initial stage in Indonesia, with the HEFA process being the main production method [60][61] 3.3.2 Demand Drivers - Policy - mandated blending, the growth of the aviation industry, and economic benefits are the main drivers of SAF demand [63][64] 3.3.3 Supply Situation - The supply of SAF is limited by raw material collection and technology compliance issues. The Cilacap Green Refinery project has achieved initial commercialization [69][70] 3.4 Indonesia Fuel Ethanol Industry Analysis 3.4.1 Industry Overview - Indonesia's fuel ethanol industry mainly uses molasses as raw material, facing challenges such as limited supply, competition for raw materials, and high costs [74] 3.4.2 Policy Progress and Current Consumption - The development of fuel ethanol has been tortuous. The E5 pilot was restarted in 2023, but current consumption is limited [75][77] 3.4.3 Raw Material and Capacity Constraints - Raw material supply is insufficient, and the current production capacity is far from meeting the demand. Alternative raw materials are still in the experimental stage [80][81] 3.4.4 Economic Barriers - The high price of E5 gasoline compared to regular gasoline and import restrictions hinder the promotion of fuel ethanol [88][89] 3.5 Impact of Indonesia Biofuel on Petroleum Consumption - Bio - diesel has a large potential to replace fossil diesel, while the impact of fuel ethanol on gasoline consumption is limited, and SAF has great potential in the future [93] - Bio - fuels can reduce Indonesia's dependence on petroleum imports and lower import costs [94] 3.6 Summary and Outlook - Indonesia's biofuel industry has potential but faces challenges in policy implementation, raw material supply, production capacity, and subsidy mechanisms [97][98][99] - Key issues for future development include the implementation of the B50 plan, the breakthrough of the fuel ethanol industry, the development of SAF, and the improvement of the subsidy mechanism [99]

Core Viewpoint - The U.S. Environmental Protection Agency (EPA) has approved a majority of the backlog of small refinery exemptions for biofuel regulations, raising concerns in the biofuel industry about potential demand impacts [1] Group 1: EPA Approval Details - The EPA approved 63 full exemptions and 77 partial exemptions, while rejecting 28 applications, clearing a backlog of 204 pending applications since 2016 [1] - The approved exemptions correspond to approximately 5.34 billion Renewable Identification Numbers (RINs), which are compliance indicators for the U.S. biofuel blending policy [1] - Only 1.39 billion of the RINs have actual compliance value and can still be used for compliance purposes [1] Group 2: Industry Reactions - Growth Energy, representing the ethanol industry, has urged the EPA to balance the blending responsibilities by increasing obligations on other refineries, a process referred to as "responsibility redistribution" [1] - The CEO of Growth Energy, Emily Skor, emphasized the need for the EPA to redistribute every gallon of exempted volume to mitigate the potentially devastating impact on biofuel demand [1] Group 3: Market Impact - Following the announcement, the price of renewable fuel credits related to ethanol blending surged to over $1.16 per credit, up from $1.07 on the previous Thursday [1]

Core Viewpoint - The company reported a significant decrease in revenue for the first half of 2025, but showed improvement in net profit loss, indicating a potential recovery trajectory in its operations and product lines [1]. Financial Performance - The company achieved operating revenue of 983 million yuan, a year-on-year decrease of 21.57% [1]. - The net profit attributable to shareholders was -35.38 million yuan, reflecting a year-on-year reduction in losses by 89.15% [1]. - Revenue from environmental materials and chemical products reached 477 million yuan, a year-on-year increase of 2.18%, with a gross margin improvement of 8.54 percentage points compared to the previous year [1]. - The hydrocarbon-based biodiesel business generated revenue of 454 million yuan, with gross margins remaining stable compared to the same period last year [1]. Product Development and Market Expansion - The company successfully launched a 200,000-ton/year biodiesel isomerization project, adding approximately 160,000 tons/year of biojet fuel capacity, with an 80% yield [2]. - The company began supplying biojet fuel to the China National Aviation Fuel Group, marking its entry into the domestic aviation sector [2]. - The company aims to establish strategic partnerships with biojet fuel demanders and implement domestic applications of second-generation bioenergy [2]. Operational Improvements - The company invested 47.99 million yuan in R&D, obtaining 11 patent authorizations, including 2 invention patents and 9 utility model patents [3]. - The company optimized its procurement system to ensure raw material supply and improve operational efficiency [3]. - The high-congealing device at Shandong Sanju achieved a historical maximum monthly load in June, leading to significant reductions in energy costs [3]. Market Trends and Regulatory Environment - The global biofuel market is experiencing stable growth, with a notable increase in demand for sustainable aviation fuel (SAF) [2]. - The EU's Renewable Energy Directive (REDIII) is expected to enhance overall demand for biofuels [4]. - The company has applied for inclusion in the SAF export whitelist, which will facilitate product exports [4]. - The European Commission initiated anti-dumping investigations on biodiesel from China, resulting in tariffs ranging from 10.0% to 35.6%, while biojet fuel remains unaffected [4]. - The company is actively expanding its non-EU market presence, achieving significant sales growth in these regions [4].

Group 1 - The company's revenue for H1 2025 was 1.312 billion yuan, a year-on-year decrease of 32.12%, while the net profit attributable to shareholders was 117 million yuan, an increase of 16.01% [1] - In Q2 2025, the company reported revenue of 603 million yuan, down 43.34% year-on-year and 14.96% quarter-on-quarter, with a net profit of 56.05 million yuan, a decrease of 22.3% year-on-year and 8.58% quarter-on-quarter [1] - The company's high-margin natural fatty alcohol project contributed to a gross margin increase of 3.83 percentage points year-on-year despite a decline in biodiesel sales [1] Group 2 - The price of biodiesel in China as of August 29, 2025, was 1,175 USD/ton, reflecting a 22% increase compared to the same period in 2024, indicating a steady growth trend in biodiesel prices [2] - The price of medium-chain fatty alcohol reached 24,600 yuan/ton as of August 29, 2025, up 42% year-on-year, driven by stable palm oil production and increasing demand in the downstream personal care sector [2] - The company benefits from cost advantages by using waste oils from palm oil processing to produce fatty alcohol, positioning it well to capitalize on rising fatty alcohol prices [2] Group 3 - The company is advancing its overseas base construction, with a 100,000 tons/year HVO/SAF production line in China entering the pipeline installation phase [3] - In Singapore, the company plans to build a 200,000 tons/year biodiesel capacity, starting with an initial phase of 100,000 tons/year [3] - The company has completed land exploration and is designing construction plans for a 300,000 tons/year biodiesel project in Thailand, with future plans for biodiesel projects in Saudi Arabia [3]

Core Viewpoint - The court ruling on the securities fraud liability dispute involving Shandong Longli Biological Technology Co., Ltd. (Longli Bio) has concluded after five years post-delisting, with 1,618 investors claiming a total of 274 million yuan in investment loss and additional legal fees [1][2][3]. Group 1: Court Ruling and Financial Implications - The Jinan Intermediate People's Court ruled that the 1,618 plaintiffs are entitled to a total of 274 million yuan in investment loss claims and 809,000 yuan in legal fees, with five representative plaintiffs also entitled to 80,600 yuan in notification fees [1][3]. - Defendant Cheng Shaobo is jointly liable for the debts owed to the plaintiffs, while other defendants will bear joint liability within a certain proportion [1][3]. - Guolian Minsheng Securities is liable for 5% of the plaintiffs' losses, while Lixin Accounting Firm is liable for 30% of the losses [1][3]. Group 2: Background and Context - Longli Bio was listed on the Shenzhen Stock Exchange on July 28, 2011, and was once known as the "first stock of biofuels" [2]. - The company was placed under risk warning in January 2018 and was officially delisted in July 2020 due to significant fraudulent activities, including profit inflation from 2015 to mid-2017 [2][3]. - The China Securities Regulatory Commission (CSRC) previously identified Longli Bio for systematic fraud, resulting in fines totaling 3.38 million yuan against 18 responsible parties [2]. Group 3: Legal Proceedings and Future Outlook - The collective lawsuit initiated by over 1,600 investors against Longli Bio and associated parties has taken three years to reach a verdict [3]. - Following the ruling, Guolian Minsheng announced the potential for appeals, indicating that the final judgment remains uncertain [4]. - The company maintains a stable financial status, asserting that the lawsuit's financial implications will not significantly affect its current or future profits [4].

Core Viewpoint - The collaboration between YN Energy Holdings and Toppan Printing Holdings aims to extract bioethanol from waste paper, promoting resource recycling and providing a stable supply of bioethanol for decarbonization fuel [1] Group 1: Project Details - The verification experiment is set to begin in the first half of 2027 [1] - The project will take place at the Fuji factory of Nippon Paper Industries, which will establish waste paper processing and recycling facilities [1] - The facility is designed to process 1 to 3 tons of waste paper daily, extracting approximately 300 liters of bioethanol [1] Group 2: Technical and Commercial Outlook - Plastic components in the waste paper will be removed, and the remaining paper fibers will undergo fermentation [1] - The commercial viability of the technology is expected to be realized after the fiscal year 2030 [1] - Bioethanol produced can be utilized as automotive fuel or as a raw material for sustainable aviation fuel (SAF) [1]

Core Insights - The company reported stable gas sales and a 3% increase in after-tax operating profit for the first half of 2025, reaching 4 billion RMB [15][16][30] - The renewable energy segment showed a 6% profit growth, with significant increases in solar power generation and energy storage contracts [12][57][60] - The company is expanding its hydrogen energy initiatives, with projects aimed at producing green hydrogen and establishing charging stations [26][29][82] Utility Business - Gas sales volume remained stable, with a slight increase in price differential of 0.04 RMB per cubic meter [9][30] - The water business showed robust performance, with an 8% profit increase, driven by expansion into community and rural projects [10][44] - The company secured long-term gas supply contracts totaling 15 billion cubic meters per year, enhancing its supply chain stability [11][41] Growth Business - The renewable energy sector, particularly solar power, saw a 44% increase in generation, with a total of 1.18 billion kWh produced [12][57] - The company is actively pursuing strategic partnerships and financing, raising 450 million USD for its extended business initiatives [50][53] - The advanced biofuels segment is expanding, with a new joint venture aimed at producing green methanol and sustainable aviation fuel (SAF) [14][97] Financial Overview - The company declared an interim dividend of 0.12 HKD per share, reflecting a stable financial position [15] - The net profit attributable to shareholders for the first half of 2025 was 2.96 billion HKD, marking a 3% increase [16][19] - Capital expenditures for the first half of 2025 were reported at 2.5 billion HKD, down from 3.3 billion HKD in the previous year [22] Environmental and Social Governance (ESG) - The company achieved an MSCI rating of AA, indicating strong performance in sustainability practices [100] - It has been recognized as a leader in the gas utility sector for three consecutive years in the Sustainable Development Yearbook [100]