齐鲁晚报.齐鲁壹点褚思雨 年味未散，孔孟大地已然掀起项目建设与产业发展的热潮：济宁江北粮食物流园仓储扩建项目冲刺收尾，确保2026夏粮收购如期投用；太阳纸业 （002078）60万吨漂白化学浆、70万吨高端包装纸项目加速推进，10月竣工投产后将进一步壮大产业集群；济宁高新区小松新基地、长城新能源项目进入 投产倒计时，为高端装备产业注入新动能…… 2月26日，济宁市干事创业担当尽责确保"十五五"开好局工作会议召开。这场高规格的"新春第一会"，为济宁奋进"十五五"、迈向万亿级，明确了路径、 凝聚了共识。 锚定工业强市迈向万亿新里程 新春第一会，透着一股"击鼓催征"的蓬勃冲劲，更见久久为功的战略定力。 "十五五"开局之年，是承前启后、继往开来的关键节点，济宁的发展坐标清晰而坚定——立足"十四五"圆满收官的坚实基础，让工业经济"一马当先"，稳 步迈向属于自己的"万亿新程"。 这份战略笃定，源于日积月累的实干积淀。2025年，济宁实现"十四五"圆满收官的同时，为产业升级奠定了坚实基础。 实干兴邦、实干兴市。工业是实体经济的脊梁，是稳增长、促转型的"压舱石"。济宁以头等力度推进工业"头号工程"，推动传统产业转型升级、新兴 ...

Financial Data and Key Metrics Changes - The company reported net income of $67 million or $1.97 per diluted share for Q4 2025, an increase from adjusted net income of $47 million or $1.36 per diluted share in Q4 2024 [8][9] - Fourth quarter gross profit was $231 million, an 8% increase year-over-year, primarily due to higher volume and margins in renewables [8][9] - Full-year gross profit increased to $714 million, up 3% from the previous year [9] - Adjusted EBITDA for Q4 was $137 million, compared to $117 million in Q4 2024, while full-year adjusted EBITDA decreased to $337 million from $363 million in 2024 [9][10] Business Line Data and Key Metrics Changes - Agribusiness reported Q4 pre-tax income of $46 million, down from $56 million in 2024, with adjusted EBITDA of $80 million compared to $88 million in the previous year [11][12] - Renewables generated Q4 pre-tax income of $54 million, significantly up from $17 million in 2024, with Q4 EBITDA of $69 million compared to $41 million in the previous year [13][15] Market Data and Key Metrics Changes - The fall harvest produced larger-than-expected volumes of grain in the Western Corn Belt, leading to significant corn and sorghum accumulation [4] - Exports for wheat and sorghum from Western assets saw sizable increases in Q4 compared to earlier quarters [4] Company Strategy and Development Direction - The company is committed to profitable growth in both agribusiness and renewables, with ongoing investments in ethanol production and infrastructure [5][6] - Strategic projects include the expansion of the Port of Houston and improvements in the Skyland asset footprint [6] - The company expects to complete several larger capital projects in 2026 to enhance operational efficiency and product handling [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, anticipating better financial results in agribusiness and strong demand for ethanol [16][19] - The company is focused on connecting supply to end users and export demand, with expectations of higher planted acres in 2026 [17][18] - Management noted that domestic demand for production is critical for U.S. farmers, and legislative support for biofuels would benefit the agricultural economy [17][19] Other Important Information - The effective tax rate for Q4 was 19%, and for the full year, it was 16% [9] - The company’s long-term debt to EBITDA ratio at year-end was 1.8 times, below the target of less than 2.5 times [11] Q&A Session Summary Question: Strength of the Skyland business - Management indicated that the performance was not surprising due to the large fall harvest, with Skyland's EBITDA contribution finishing just shy of $20 million [24][25] Question: Fertilizer application outlook - Management discussed strong ammonia applications in the western U.S. and expected higher than normal applications in Q1 2026 [27][28] Question: Agribusiness segment profit opportunities - Management highlighted more certainty around export policies and increased nitrogen application as key profit opportunities for 2026 [31][32] Question: Ethanol business momentum - Management noted slightly stronger Board Crush than expected entering Q1, with strong fundamentals for both export and domestic ethanol [34][35] Question: Skyland contribution for 2026 - Management expects Skyland's EBITDA for 2026 to normalize in the $25 million-$35 million range, assuming mid-cycle market conditions [42] Question: Farmer selling dynamics - Management indicated that higher prices would drive more selling from farmers, with substantial selling expected before the next harvest [44][45]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported net income of $67 million or $1.97 per diluted share, with adjusted net income of $70 million or $2.04 per diluted share, compared to adjusted net income of $47 million or $1.36 per diluted share in Q4 2024 [8][9] - Q4 gross profit was $231 million, an 8% increase year-over-year, primarily due to higher volume and margins in renewables [9] - Full-year gross profit was $714 million, a 3% increase, driven by the Skyland investment [9] - Adjusted EBITDA for Q4 was $137 million, compared to $117 million in 2024, while full-year adjusted EBITDA was $337 million, down from $363 million in 2024 [9][10] Business Line Data and Key Metrics Changes - Agribusiness reported Q4 pre-tax income of $46 million, down from $56 million in 2024, with adjusted EBITDA of $80 million compared to $88 million in 2024 [11][12] - Renewables generated Q4 pre-tax income of $54 million, significantly up from $17 million in 2024, with Q4 EBITDA of $69 million compared to $41 million in 2024 [13][15] Market Data and Key Metrics Changes - The fall harvest produced larger than expected volumes of grain in the Western Corn Belt, leading to significant corn and sorghum accumulation at favorable basis values [4] - Exports for wheat and sorghum from Western assets saw sizable increases in Q4 compared to earlier quarters [4] Company Strategy and Development Direction - The company is committed to profitable growth in both agribusiness and renewables, with ongoing investments in ethanol production and infrastructure [5][6] - Strategic projects include the expansion of the Port of Houston and improvements in the Skyland asset footprint [6] - The company plans to begin operations at a renewable feedstock storage facility in Kansas and is focused on connecting supply to end users and export demand [6][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting better financial results in agribusiness due to more certainty in global grain markets and strong demand for ethanol [16][17] - The company anticipates higher planted acres in 2026, which may benefit the fertilizer business, although volumes depend on farmer decisions [18][19] - Management highlighted the importance of domestic demand and favorable biofuels policies for supporting ongoing growth [19][20] Other Important Information - The effective tax rate for Q4 was 19%, and for the full year, it was 16% [9] - The company maintains a disciplined approach to capital spending, with long-term debt to EBITDA at 1.8 times, below the target of less than 2.5 times [11] Q&A Session Summary Question: Strength of the Skyland business - Management noted that the performance was not surprising due to the large fall harvest, with Skyland's EBITDA contribution finishing just shy of $20 million [24][25] Question: Fertilizer application strategy - Management indicated that they expect stronger than normal applications in Q1, with a focus on ammonia applications for corn acres [27][28] Question: Agribusiness segment outlook for 2026 - Management highlighted potential profit opportunities in agribusiness due to more certainty around export policies and increased nitrogen applications [32][33] Question: Ethanol business momentum - Management reported slightly stronger board crush than expected entering Q1, with strong fundamentals for both export and domestic ethanol [35][36] Question: Skyland contribution for 2026 - Management expects Skyland's EBITDA contribution for 2026 to normalize in the $25 million-$35 million range [42] Question: Farmer selling dynamics - Management indicated that higher prices would drive more selling, with farmers likely to hold off until they see substantial price rallies [44][45]

The Andersons (NasdaqGS:ANDE) Q4 2025 Earnings call February 18, 2026 08:30 AM ET Speaker5As a reminder, this conference is being recorded for playback purposes. I will now hand the presentation to your host for today, Mr. Mike Hoelter, Vice President, Corporate Controller, and Investor Relations. Please proceed.Speaker4Good morning, everyone, and thank you for joining us for The Andersons' fourth quarter earnings call. We have provided a slide presentation that will enhance today's discussion. If you are v ...

马上就是春节，不论是亲人相聚，还是朋友相见，少不了的一件事就是聚餐。 中国注册营养师谷传玲提醒，世界卫生组织列出的135种一级致癌物中，有3种就可能潜藏在这些饮食 中。 黄曲霉毒素 变质的坚果等 瓜子、花生、开心果等坚果往往是节前家家必囤的零食，时间长了，可能会有哈喇味。应急总医院副院 长、消化内科主任医师刘晓川表示，霉变坚果和谷物中的黄曲霉毒素是已知最强化学致癌物之一，尤其 与肝癌发生密切相关。 其毒性极高，是砒霜的68倍，1毫克黄曲霉毒素就可能导致癌症的发生，被世界卫生组织划定为一级致 癌物。 黄曲霉菌喜欢藏在以下食物中： 过期或变质的食用油 霉变的坚果、大豆 久泡变质的木耳 油炸食物 不论南北方，开油锅，几乎是家家备年菜离不开的操作。 四川省肿瘤医院临床营养科主任熊竹娟提醒，高温煎炸会使食物中的脂肪和蛋白质发生复杂的化学反 应，产生一系列对人体有害的化合物，包括苯并芘、杂环胺、丙烯酰胺等致癌物。这些致癌物质可能在 人体内积累，增加患癌症的风险。 食用建议 不要用煎炸剩油炸食物。煎炸的油经过高温加热，会产生有毒的油脂氧化产物，再次高温加热，氧化反 应的速度会大大加快，产生更多有害物质。 乙醇 酒 在中国的 ...

Report Summary - **Report Date**: February 13, 2026 [2] - **Data Source**: Wind Financial Terminal, Steel Union Data Terminal [3] 1. Industry Investment Rating No investment rating provided in the document. 2. Core View The document mainly presents the basis rate statistics of various futures on February 13, 2026, including the basis rate changes, spot prices, and futures contract prices of multiple commodities such as non - ferrous metals, precious metals, steel, energy, chemicals, agricultural products, etc. 3. Summary by Commodity Categories Non - ferrous Metals - Copper (CU): The main contract basis rate is - 0.62%, the spot price is 102,040, and the settlement price of the main contract is 102,680. The basis decreased by 0.02% compared to the previous day [3]. - Aluminum (AL): The main contract basis rate is - 1.10%, the spot price is 23,350, and the settlement price of the main contract is 23,610 [3]. - Zinc (ZN): The main contract basis rate is - 0.45%, the spot price is 24,480, and the settlement price of the main contract is 24,590 [3]. - Lead (PB): The main contract basis rate is - 0.99%, the spot price is 16,575, and the settlement price of the main contract is 16,740 [3]. - Tin (SN): The main contract basis rate is - 0.37%, the spot price is 391,650, and the settlement price of the main contract is 393,120 [3]. - Nickel (NI): The main contract basis rate is 3.58%, the spot price is 140,780, and the settlement price of the main contract is 140,320 [3]. - Industrial Silicon (SI): The main contract basis rate is 11.31%, the spot price is 9,300, and the settlement price of the main contract is 8,290 [3]. Precious Metals - Gold (AU): The main contract basis rate is - 0.28%, the spot price is 1,126.12, and the settlement price of the main contract is 1,129.74 [3]. - Silver (AG): The main contract basis rate is - 4.63%, the spot price is 19,670, and the settlement price of the main contract is 20,626 [3]. Steel - Rebar (RB): The main contract basis rate is 5.25%, the spot price is 3,050, and the settlement price of the main contract is 3,096 [3]. - Hot - Rolled Coil (HC): The main contract basis rate is 0.37%, the spot price is 3,218, and the settlement price of the main contract is 3,237 [3]. - Iron Ore: The main contract basis rate is 5.94%, the spot price is 807.3, and the settlement price of the main contract is 762.0 [3]. - Coke (J): The main contract basis rate is - 3.5%, the spot price is 1,605, and the settlement price of the main contract is 1,664.0 [3]. - Coking Coal: The main contract basis rate is 9.60%, the spot price is 1,227.5, and the settlement price of the main contract is 1,120.0 [3]. - Power Coal (ZC): The main contract basis rate is 0.50%, the spot price is 711.0, and the settlement price of the main contract is 801.4 [3]. - Ferrosilicon (SF): The main contract basis rate is - 4.00%, the spot price is 5,280, and the settlement price of the main contract is 5,500 [3]. - Silicomanganese (SM): The main contract basis rate is 2.07%, the spot price is 5,800, and the settlement price of the main contract is 5,842 [3]. - Stainless Steel (SS): The main contract basis rate is 1.29%, the spot price is 14,150, and the settlement price of the main contract is 13,975 [3]. Energy and Chemicals - Lithium Carbonate: The main contract basis rate is - 3.9%, the spot price is 143,450, and the settlement price of the main contract is 147,340 [3]. - Methanol (MA): The main contract basis rate is - 0.38%, the spot price is 2,223, and the settlement price of the main contract is 2,231 [3]. - Ethanol (EG): The main contract basis rate is - 0.14%, the spot price is 3,605, and the settlement price of the main contract is 3,830 [3]. - PTA (TA): The main contract basis rate is - 0.48%, the spot price is 5,195, and the settlement price of the main contract is 5,220 [3]. - Polypropylene (PP): The main contract basis rate is 3.04%, the spot price is 6,850, and the settlement price of the main contract is 6,648 [3]. - Styrene (EB): The main contract basis rate is 2.04%, the spot price is 7,605, and the settlement price of the main contract is 7,415 [3]. - Short - Fiber (PF): The main contract basis rate is - 0.03%, the spot price is 6,620, and the settlement price of the main contract is 6,616 [3]. - Plastic: The main contract basis rate is 0.24%, the spot price is 6,750, and the settlement price of the main contract is 6,734 [3]. - PVC (V): The main contract basis rate is - 3.40%, the spot price is 4,770, and the settlement price of the main contract is 4,938 [3]. - Rubber (RU): The main contract basis rate is - 0.30%, the spot price is 16,400, and the settlement price of the main contract is 16,450 [3]. - 20 - Standard Rubber (NR): The main contract basis rate is - 0.09%, the spot price is 13,736, and the settlement price of the main contract is 13,405 [3]. - Soda Ash (SA): The main contract basis rate is - 4.30%, the spot price is 1,112, and the settlement price of the main contract is 1,162 [3]. - Urea (UR): The main contract basis rate is - 1.79%, the spot price is 1,810, and the settlement price of the main contract is 1,843 [3]. - Pulp (SP): The main contract basis rate is 2.14%, the spot price is 5,350, and the settlement price of the main contract is 5,238 [3]. - Crude Oil (SC): The main contract basis rate is - 4.70%, the spot price is 454.4, and the settlement price of the main contract is 478.1 [3]. - Fuel Oil (FU): The main contract basis rate is 8.99%, the spot price is 3,148, and the settlement price of the main contract is 2,888 [3]. - Asphalt (BU): The main contract basis rate is - 3.9%, the spot price is 3,210, and the settlement price of the main contract is 3,348 [3]. - Low - Sulfur Fuel Oil (LU): The main contract basis rate is 0.89%, the spot price is 3,379, and the settlement price of the main contract is 3,355 [3]. - LPG (PG): The main contract basis rate is 11.17%, the spot price is 4,748, and the settlement price of the main contract is 4,447 [3]. Agricultural Products - Soybean: The main contract basis rate is - 11.2%, the spot price is 4,100, and the settlement price of the main contract is 4,613 [3]. - Soybean Meal (M): The main contract basis rate is 9.68%, the spot price is 3,060, and the settlement price of the main contract is 2,790 [3]. - Rapeseed Meal (RM): The main contract basis rate is 8.55%, the spot price is 2,263, and the settlement price of the main contract is 2,303 [3]. - Soybean Oil (Y): The main contract basis rate is 5.91%, the spot price is 8,560, and the settlement price of the main contract is 8,082 [3]. - Rapeseed Oil (OI): The main contract basis rate is 9.65%, the spot price is 9,920, and the settlement price of the main contract is 9,047 [3]. - Peanut (PK): The main contract basis rate is 15.78%, the spot price is 9,200, and the settlement price of the main contract is 7,938 [3]. - Palm Oil (P): The main contract basis rate is 1.34%, the spot price is 8,900, and the settlement price of the main contract is 8,782 [3]. - Corn (C): The main contract basis rate is 0.86%, the spot price is 2,340, and the settlement price of the main contract is 2,320 [3]. - Corn Starch (CS): The main contract basis rate is 1.48%, the spot price is 2,610, and the settlement price of the main contract is 2,642 [3]. - Apple (AP): The main contract basis rate is - 1.22%, the spot price is 8,209, and the settlement price of the main contract is 8,300 [3]. - Egg (JD): The main contract basis rate is 14.85%, the spot price is 3,280, and the settlement price of the main contract is 3,444 [3]. - Live Pig (LH): The main contract basis rate is 7.02%, the spot price is 12,350, and the settlement price of the main contract is 11,540 [3]. - Cotton (CF): The main contract basis rate is 8.65%, the spot price is 14,790, and the settlement price of the main contract is 14,855 [3]. - Sugar (SR): The main contract basis rate is 2.21%, the spot price is 5,370, and the settlement price of the main contract is 5,254 [3]. Stock Index Futures - CSI 300 (IF): The main contract basis rate is 0.06%, the spot price is 4,719.6, and the settlement price of the main contract is 4,719.4 [3]. - SSE 50 (IH): The main contract basis rate is - 0.11%, the spot price is 3,079.7, and the settlement price of the main contract is 3,082.8 [3]. - CSI 500 (IC): The main contract basis rate is - 0.30%, the spot price is 8,423.6, and the settlement price of the main contract is 8,448.2 [3].

Core Viewpoint - Biomanufacturing is a crucial technology path for achieving green, low-carbon, and sustainable development, evolving rapidly across the entire industry chain from raw materials to products [3][4]. Group 1: Key Technological Development Trends in Biomanufacturing - Biomanufacturing is transitioning from traditional fermentation-driven methods to intelligent and bio-design-driven manufacturing paradigms [4]. - The raw material system in biomanufacturing is diversifying from grain dependence to non-grain biomass, alleviating competition for land and resources [8]. - High-performance strains and enzymes are evolving towards precision and intelligence, with advancements in gene editing technologies like CRISPR facilitating rapid development [9][10]. Group 2: Challenges in China's Biomanufacturing - China's biomanufacturing heavily relies on starch-based food resources, with about 90% of primary raw materials sourced from crops like corn, leading to resource conflicts [17]. - There is a significant shortfall in the autonomous control of microbial strains, with a high dependency on foreign resources for key industrial strains and enzyme preparations [18]. - The design of biocatalysts and underlying technologies in China is lagging, relying on foreign-developed algorithms and platforms for enzyme design [20]. Group 3: Future Key Technological Development Directions - Focus on developing efficient conversion technologies for one-carbon raw materials and utilizing non-grain biomass resources [26]. - Emphasize intelligent design and creation of industrial enzymes and strains, leveraging AI and big data for precise discovery and development [28]. - Establish smart cell factories and precise bioprocessing technologies, integrating real-time monitoring and AI-driven decision-making [30]. Group 4: Product System Expansion Driven by Biomanufacturing - Biomanufacturing is expected to drive the development of high-energy-density biofuels, sustainable materials, and innovative food products, contributing to economic benefits and social value [32]. - In the energy sector, focus on renewable alternatives like bio-aviation fuel and bio-hydrogen [33]. - In the chemical sector, breakthroughs in bio-based platform compounds are essential for supporting decarbonization efforts in the chemical industry [33].

（原标题：2025年巴西的乙醇出口量达17亿升，同比下降9%） CNN巴西网站2月2日报道，由于巴西国内需求强劲以及库存处于历史低位，2025年巴西的乙醇出 口量达17亿升，同比下降9%；出口额达9.76亿美元，同比下降8%。国内市场吸收了巴西绝大部分乙醇 产量。自2025年8月1日起，汽油中无水乙醇的强制掺混比例已从27%提高至30%，这一政策预计将进一 步推升国内需求。 ...

Investment Rating - The report maintains a "Buy" rating for Huabei Mining [1] Core Views - Huabei Mining is positioned as a leading coal and coke enterprise in East China, with expected increases in both volume and price in 2026, indicating a potential turning point in profitability [7] - The company has a strong competitive advantage due to its abundant coal resources and favorable location in a region with high demand but limited supply [31] - The report highlights the company's effective cost control measures, which have led to a significant reduction in unit costs [50] Summary by Sections Company Overview - Huabei Mining is a leading integrated coal and coke operator in East China, with its main business segments including coal, coal chemical products, electricity, and construction materials [11][13] - The company is controlled by the Anhui Provincial State-owned Assets Supervision and Administration Commission, with a significant shareholding by Huabei Mining Group [11] Coal Business - The company expects a recovery in coal production in 2026, driven by the resumption of operations at the Xinhukou Mine and the commissioning of the Taohutu Mine [36] - As of H1 2025, the company has a coal reserve of over 2 billion tons and an approved annual production capacity of 34.25 million tons, with a potential lifespan of nearly 60 years based on current reserves [31][29] - The average selling price of coal is expected to rise, with January 2026 prices at 1,660 RMB per ton, reflecting a 28 RMB increase from Q4 2025 [45] Coal Chemical Business - The coal chemical segment is anticipated to reach a profitability turning point, with new projects expected to contribute positively to earnings [7] - The company has a total annual production capacity for coal chemicals of 440,000 tons for coke, 90,000 tons for methanol, and 60,000 tons for ethanol [7] Other Business Segments - The company has additional projects in electricity generation and limestone production, which are expected to enhance overall performance in 2026 [7] - A new 2×660MW ultra-supercritical coal-fired power project is expected to contribute approximately 196 million RMB in annual profit once operational [7] Earnings Forecast and Investment Recommendation - The report forecasts net profits for the company to be 1.495 billion RMB in 2025, 3 billion RMB in 2026, and 4.106 billion RMB in 2027, indicating a significant recovery trajectory [8] - The current price-to-earnings (P/E) ratio is projected to be 23.3 for 2025, dropping to 11.6 for 2026, suggesting a favorable valuation for investors [8]

数据显示，法国2025年乘用车注册量为163万辆，汽油车及混合动力车占比达74%(2015年为41%)，柴油 车占比则从58%大幅降至6%。 不过，需适配灵活燃料汽车或改装套件的E85高乙醇汽油消费量在持续增长多年后，近两年略有回落， 2025年为8.6亿升。该组织称，2022年因油价飙升刺激了需求，而2025年燃料价格较低，节约成本的吸 引力减弱。 此外，欧盟与南方共同市场的贸易协定规定执行后将分五年逐步开放大量乙醇进口配额，法国生产商对 此表示担忧，认为需要更强劲的需求增长才能消化额外进口。 中化新网讯 2月3日，法国生物乙醇生产商组织表示，随着汽油车注册量上升，2025年法国车用乙醇消 费量同比增长15%，远高于汽油5.6%的消费增长率，达到19亿升，且这一趋势还将持续。 2025年消费的乙醇60%产自法国本地，原料主要为甜菜、小麦、玉米及作物残留物;其余大部分来自欧 盟其他地区。 ...