Core Viewpoint - The company,卓越新能, has announced a change in the implementation subject of certain fundraising investment projects, transferring related assets to its wholly-owned subsidiary,龙岩卓越新能生物科技有限公司, which will now undertake the production line projects for bio-diesel [1] Group 1: Stock Performance - As of December 3, 2025,卓越新能's stock closed at 57.28 yuan, up 3.37% from the previous trading day [1] - The stock opened at 54.89 yuan, reached a high of 57.9 yuan, and a low of 54.3 yuan, with a trading volume of 69.6365 million yuan and a turnover rate of 1.03% [1] Group 2: Fundraising and Project Changes - The company has signed a new four-party supervision agreement regarding the fundraising due to the change in the implementation subject of certain projects [1] - The two newly opened fundraising special accounts are designated for the storage and use of funds related to the bio-diesel production projects, with a current balance of 0 yuan in both accounts [1]

Core Points - The stock of Longyan Zhuoyue New Energy Co., Ltd. (688196) closed at 52.35 yuan on November 25, 2025, down 0.29% from the previous trading day, with a total market capitalization of 6.658 billion yuan [1] - The company announced the completion of its initial public offering fundraising project for "annual production of 100,000 tons of biodiesel (non-grain) and annual production of 50,000 tons of natural fatty alcohol" and will use the remaining raised funds of 114.1045 million yuan for the construction of the "annual production of 100,000 tons of hydrocarbon-based biodiesel production line" project [1] - The project has reached the predetermined usable state, and the remaining funds were mainly due to cost control and idle fund management income [1] - This matter does not require submission for shareholder meeting approval, and the sponsor institution has no objections [1]

Core Viewpoint - The company has approved the conclusion of certain fundraising investment projects and plans to allocate the remaining funds to other investment projects, specifically focusing on hydrocarbon-based projects [1] Group 1 - The company held its fifth board meeting on November 24, 2025, where it reviewed and approved the proposal regarding the conclusion of certain fundraising investment projects [1] - The project for the annual production of 100,000 tons of biodiesel (non-grain) and 50,000 tons of natural fatty alcohol has been concluded [1] - The remaining funds from the concluded projects will be redirected to the construction of hydrocarbon-based projects [1]

Core Viewpoint - The company plans to transfer its natural fatty alcohol and hydrocarbon biodiesel business-related assets, liabilities, and personnel to its wholly-owned subsidiary, the technology subsidiary, based on the book net value as of October 31, 2025 [1] Group 1: Asset Transfer Details - The total assets to be transferred amount to 649.93 million yuan, while the liabilities are 553.40 million yuan, resulting in a net asset value of 96.52 million yuan [1] - Following the transfer, the technology branch will be deregistered [1] Group 2: Project Implementation Changes - The implementation subjects for three fundraising projects, including the "annual production of 100,000 tons of hydrocarbon biodiesel production line project," will be changed to the technology subsidiary or jointly implemented with the listed company [1] - This asset transfer is classified as an adjustment of asset ownership and does not constitute a major asset restructuring, nor does it change the purpose of the raised funds [1]

Core Viewpoint - The stock price of Zhuoyue New Energy has shown significant fluctuations, with a year-to-date increase of 53.64% and a recent 5-day increase of 14.14%, despite a 20-day decline of 4.26% [2] Company Overview - Zhuoyue New Energy, established on November 1, 2001, and listed on November 21, 2019, is located in Longyan City, Fujian Province. The company specializes in producing biodiesel and its deep-processed products using waste oils as raw materials [2] - The main revenue sources for Zhuoyue New Energy are biodiesel (81.33%), mixed fatty acids (8.86%), natural fatty alcohols (6.27%), eco-friendly alkyd resins (1.53%), industrial glycerin (1.37%), and bioester plasticizers (0.32%) [2] Financial Performance - For the period from January to September 2025, Zhuoyue New Energy reported a revenue of 2.343 billion yuan, a year-on-year decrease of 21.24%, while the net profit attributable to shareholders increased by 81.24% to 167 million yuan [2] - The company has distributed a total of 601 million yuan in dividends since its A-share listing, with 278 million yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders for Zhuoyue New Energy was 4,416, a decrease of 6.84% from the previous period. The average circulating shares per person increased by 7.34% to 27,173 shares [2] - Notable changes in institutional holdings include a decrease in shares held by the third-largest shareholder, while new shareholders have entered the top ten list [3]

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [8] Core Insights - In Q3 2025, the company achieved revenue of 1.031 billion yuan, a year-on-year decrease of 1.05% but a quarter-on-quarter increase of 71.05%. The net profit attributable to the parent company was 50 million yuan, a year-on-year increase of 667.56% but a quarter-on-quarter decrease of 10.76%. Excluding one-time impacts, the adjusted net profit for Q3 2025 would be 67.82 million yuan [2][6][14] - The company is actively responding to the EU's anti-dumping sanctions on biodiesel, accelerating its global expansion and extending its industrial chain [2][14] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported total revenue of 2.343 billion yuan, a year-on-year decrease of 21.24%. The net profit attributable to the parent company was 167 million yuan, a year-on-year increase of 81.24%. The net profit excluding non-recurring items was 159 million yuan, a year-on-year increase of 83.78% [6][14] - In Q3 2025, the company’s revenue was 1.031 billion yuan, with a gross profit margin of 13.71%, which is a significant year-on-year increase of 15.29 percentage points and a quarter-on-quarter increase of 1.76 percentage points [14] Strategic Initiatives - The company is expanding its global footprint and enhancing its industrial chain in response to the EU's anti-dumping duties of 23.4% on its products. Strategies include legal appeals, market strategy adjustments, and international collaborations [14] - Future growth is anticipated through new production capacities in Singapore and Thailand, as well as a joint venture in Saudi Arabia [14] Profit Forecast - The projected net profit attributable to the parent company for 2025-2027 is expected to be 218 million, 406 million, and 482 million yuan, representing year-on-year growth rates of 46%, 87%, and 19% respectively [14]

Core Viewpoint -卓越新能 is a leading company in the biodiesel industry in China, focusing on the production of biodiesel and its deep-processing products from waste oils, with a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025,卓越新能 reported revenue of 2.343 billion yuan, ranking 17th among 79 companies in the industry, with the industry leader, Sinochem International, at 35.716 billion yuan [2] - The main business composition includes biodiesel at 1.067 billion yuan (81.33%), mixed fatty acids at 116 million yuan (8.86%), and natural fatty alcohols at 82.235 million yuan (6.27%) [2] - The net profit for the same period was 167 million yuan, ranking 15th in the industry, with the top company, Hangyang Co., reporting 850 million yuan [2] Group 2: Financial Ratios - As of Q3 2025,卓越新能's debt-to-asset ratio was 21.20%, lower than the industry average of 34.74%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 11.73%, which, while improved from 3.56% year-on-year, remains below the industry average of 19.93% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.84% to 4,416, while the average number of circulating A-shares held per household increased by 7.34% to 27,200 [5] - Notable changes among the top ten circulating shareholders include a decrease in holdings by Baoying New Industry Mixed A and new entries from 富国改革动力混合 and 富国研究精选灵活配置混合 A [5] Group 4: Future Outlook - Longjiang Securities projects net profits for 2025-2027 to be 247 million, 371 million, and 436 million yuan, with corresponding PE ratios of 24x, 16x, and 14x, maintaining a "buy" rating [6] - Xinda Securities forecasts net profits for the same period to be 332 million, 486 million, and 591 million yuan, with growth rates of 122.8%, 46.3%, and 21.7% respectively, also maintaining a "buy" rating [6]

Core Viewpoint - The stock of Zhuoyue New Energy has shown a significant increase of 49.20% year-to-date, despite a recent decline of 2.00% on September 22, 2023, indicating potential volatility in the market [1]. Company Overview - Zhuoyue New Energy Co., Ltd. is located in Longyan City, Fujian Province, and was established on November 1, 2001, with its listing date on November 21, 2019. The company specializes in producing biodiesel and its deep-processing products using waste oil as raw material [1]. - The main revenue sources for Zhuoyue New Energy include biodiesel (81.33%), mixed fatty acids (8.86%), natural fatty alcohols (6.27%), eco-friendly alkyd resins (1.53%), industrial glycerin (1.37%), bioester plasticizers (0.32%), and other supplementary products (0.31%) [1]. Financial Performance - For the first half of 2025, Zhuoyue New Energy reported a revenue of 1.312 billion yuan, a year-on-year decrease of 32.12%, while the net profit attributable to shareholders increased by 16.01% to 117 million yuan [2]. - The company has distributed a total of 601 million yuan in dividends since its A-share listing, with 278 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Zhuoyue New Energy was 4,740, a decrease of 8.07% from the previous period, while the average circulating shares per person increased by 8.78% to 25,316 shares [2]. - Notable institutional holdings include Baoying New Emerging Industries Mixed A, which is the third-largest shareholder with 1.2642 million shares, and several new institutional investors have entered the top ten shareholders list [3].

Group 1 - The core viewpoint of the news is the performance and business profile of Zhuoyue New Energy, which saw a stock price increase of 5.16% to 49.77 CNY per share, with a total market capitalization of 5.972 billion CNY [1] - Zhuoyue New Energy, established on November 1, 2001, and listed on November 21, 2019, specializes in producing biodiesel and its deep-processed products using waste oil as raw material [1] - The company's main revenue sources include biodiesel (81.33%), mixed fatty acids (8.86%), natural fatty alcohols (6.27%), eco-friendly alkyd resins (1.53%), industrial glycerin (1.37%), bioester plasticizers (0.32%), and other supplementary products (0.31%) [1] Group 2 - From the perspective of fund holdings, Zhuoyue New Energy is a significant investment for the Rongtong New Trend Flexible Allocation Mixed Fund (002955), which held 12,700 shares, accounting for 2.19% of the fund's net value [2] - The Rongtong New Trend Flexible Allocation Mixed Fund has achieved a year-to-date return of 35.15% and a one-year return of 60.43%, ranking 2206 out of 8172 and 2295 out of 7980 respectively in its category [2] - The fund manager, He Tianxiang, has a tenure of 10 years and 333 days, with the fund's total asset size at 7.662 billion CNY [3]

Investment Rating - The investment rating for the company is "Accumulate" and maintained [8] Core Views - In H1 2025, the company achieved revenue of 1.312 billion yuan, a year-on-year decrease of 32.12%, while the net profit attributable to the parent company was 117 million yuan, a year-on-year increase of 16.01% [2][6] - The decline in revenue was primarily due to a decrease in biodiesel sales, while the production of natural fatty alcohol, which began trial production in April 2025, contributed 82.24 million yuan in revenue [2][6] - The company is actively responding to the EU's anti-dumping sanctions on biodiesel by accelerating its global layout and extending its industrial chain [2][12] Summary by Sections Financial Performance - In H1 2025, biodiesel revenue was 1.07 billion yuan, down 42.3% year-on-year, with sales volume at 125,000 tons, a decrease of 37.55% [12] - The average selling price of biodiesel was 8,533.6 yuan per ton, down 7.7% year-on-year [12] - The gross margin for H1 2025 was 10.17%, an increase of 3.83 percentage points, mainly due to the high gross margin from the fatty alcohol business [12] - The cash collection ratio was 95.71%, a slight decrease of 3.41 percentage points year-on-year [12] Strategic Initiatives - The company is addressing the EU's anti-dumping tax of 23.4% by adjusting market strategies, expanding into non-EU markets, and extending into downstream bio-based materials [12] - Future growth is expected from new production capacities in Singapore and domestic projects, which are anticipated to enhance profitability [12] Profit Forecast - The projected net profit attributable to the parent company for 2025-2027 is 247 million, 371 million, and 436 million yuan, representing year-on-year growth of 66%, 50%, and 17% respectively [12]