中国经济网北京7月31日讯 上海证券交易所网站今日晚间发布上市审核委员会2025年第29次审议会议公 告。 上海证券交易所上市审核委员会定于2025年8月7日召开2025年第29次上市审核委员会审议会议，审议的 发行人为苏州丰倍生物科技股份有限公司(以下简称"丰倍生物")(首发)。 丰倍生物本次发行拟募集资金75,000.00万元，全部用于新建年产30万吨油酸甲酯、1万吨工业级混合 油、5万吨农用微生物菌剂、1万吨复合微生物肥料及副产品生物柴油5万吨、甘油0.82万吨项目。 丰倍生物本次发行的保荐人(主承销商)为国泰海通证券股份有限公司，保荐代表人为胡泊、金翔。 丰倍生物本次拟在上交所主板发行股份不超过3,590.00万股，公开发行的股票数量占发行后总股本的比 例不低于25%；本次发行全部为新股发行，不涉及股东公开发售股份的情形。 ...

Summary of Zanyu Technology Conference Call Company Overview - **Company**: Zanyu Technology - **Industry**: Palm Oil and Surfactants Key Points Industry and Market Dynamics - Zanyu Technology benefits from Indonesia's palm oil tariff policy, reducing raw material costs through local procurement and processing, enhancing profitability [2][4] - Palm oil prices are closely linked to the company's performance, with historical data showing a direct correlation between the two [6] - Global palm oil supply has stabilized since 2018 due to slowed planting area growth and declining yields from aging trees, with expectations for stable supply over the next three years [2][11] - Demand for palm oil is primarily driven by food consumption and industrial uses, with biodiesel demand growing, particularly in Indonesia [2][12] Financial Performance and Projections - The company's Duku Da project is undergoing capacity expansion from 600,000 tons to 1,100,000 tons, expected to significantly enhance profitability starting in Q3 [2][15] - The surfactant business has a capacity of 1,200,000 tons, with a focus on improving operating rates to recover margins after initial low utilization [2][16] - The company anticipates overall earnings of approximately 400 million yuan in 2025, with projections exceeding 500 million yuan in 2026 and 600 million yuan in 2027, based on conservative estimates [20] Pricing and Cost Factors - Palm oil prices exhibit seasonal fluctuations, typically higher during the reduction season and lower during the production season, with a gradual upward trend in price floors [14] - The company's profitability is expected to improve as palm oil prices rise, with estimates suggesting a potential profit of 900-1,000 yuan per ton in 2025 [15] Competitive Position and Strategic Initiatives - The Duku Da project is positioned to enhance market competitiveness and profitability, with optimistic recovery prospects for gross margins as operational efficiency improves [5][18] - The surfactant business is expanding its client base, including major brands like Blue Moon and Procter & Gamble, while focusing on cost-saving measures through local production [16] Risks and Considerations - The palm oil market faces potential risks from environmental regulations and land use policies in Indonesia, which could impact future supply growth [9][10] - The company’s valuation is currently considered low, presenting potential investment opportunities as production ramps up and seasonal price increases occur [21] Conclusion - Zanyu Technology is well-positioned to capitalize on favorable market conditions in the palm oil sector, with strategic expansions and a focus on improving operational efficiencies expected to drive future growth and profitability [17][19]

Group 1: Price Trends in Chemical Industry - Recent price increases in various chemical products and industrial raw materials indicate a gradual improvement in supply-demand dynamics and macroeconomic stimulus effects [4] - TDI prices have risen significantly, with a current average of 14,100 CNY/ton, up 613 CNY/ton from the previous day, marking a 4.56% daily increase and over 2,000 CNY increase since July began [12][13] - Epoxy chloropropane prices have also surged, reaching 10,000 CNY/ton, up over 1,000 CNY since early May, with a year-on-year increase exceeding 30% [19][20] Group 2: Silicon Material Price Dynamics - Silicon material prices continue to rise, with multi-crystalline silicon N-type prices ranging from 40,000 to 49,000 CNY/ton, averaging 41,700 CNY/ton, reflecting a 12.4% week-on-week increase [5][11] - The price of N-type G10L monocrystalline silicon wafers has jumped 22.09% week-on-week, indicating strong demand and supply constraints [6][8] - The silicon industry anticipates further price increases, with new pricing agreements expected to exceed current averages by up to 45% [5][8] Group 3: TDI Market Insights - TDI market dynamics are influenced by supply constraints due to production issues in Europe and increased overseas demand, leading to a tightening of TDI supply [14][15] - China's TDI exports have surged, reaching 51,600 tons in May, a 98.45% year-on-year increase, positioning China as a key player in the global TDI market [15] - The TDI industry is experiencing a recovery in gross profit margins, with current margins at 3,104 CNY/ton compared to less than 900 CNY/ton in early July [16] Group 4: Epoxy Chloropropane Market Outlook - The price of epoxy chloropropane is driven by rising glycerin costs and increased downstream demand, with glycerin prices rising 26% since the beginning of the year [20] - Companies like Sinochem International and Juhua Co. are expected to benefit from the rising prices of epoxy chloropropane, with improved profit margins reported [21][22] - The overall market sentiment for epoxy chloropropane remains positive, with expectations of stable pricing in the near future [20] Group 5: Coking Coal Market Trends - Coking coal prices have increased by 4.32% since the beginning of July, driven by supply constraints and rising demand from the coking industry [24][25] - The price of high-quality coking coal in Shanxi has exceeded 1,150 CNY/ton, with some prices surpassing 1,300 CNY/ton, reflecting a significant increase from earlier in the month [24] - Analysts predict that coking coal prices will continue to show strength in the short term, supported by ongoing supply tightness and positive market sentiment [26]

Group 1: Company Overview and Strategy - As of May 9, 2025, the number of shareholders is 16,944 [2] - The company aims to become a global leader in chemical manufacturing services by focusing on surfactants, fatty chemicals, and personal care OEM/ODM [2][3] - Future development plans include enhancing technological innovation and extending the industrial chain, particularly in Indonesia and Malaysia [3] Group 2: Financial Performance and Projections - In 2024, exports accounted for 36.55% of total sales, targeting markets such as the Belt and Road Initiative, RCEP, and Africa Free Trade Area [3] - Non-operating income from government subsidies in 2024 is projected to be CNY 3,500 million [3] - The company anticipates a significant increase in net profit for 2024, despite a decline in cash flow due to rising raw material prices [3][4] Group 3: Market Trends and Challenges - The domestic market for anionic surfactants is expected to grow by 10.5% and 14.0% in 2024, with an annual growth rate of over 8% for the surfactant market [4] - The company faces challenges from intensified competition and economic pressures, impacting profit margins compared to 2021 [7][10] - The palm oil market is currently at a reasonable level, with future price movements driven by supply and demand fundamentals [8] Group 4: Operational Efficiency and Cost Management - The company is enhancing supply chain efficiency and inventory management to reduce costs [6][10] - Automation initiatives are in place to improve production efficiency and reduce operational costs [10] - The company is committed to maintaining a minimum cash dividend of 10% of distributable profits annually [5][6] Group 5: Shareholder Engagement and Market Position - The company is considering increasing its dividend payout to enhance shareholder value [6] - As a leading player in the surfactant and fatty chemical sectors, the company holds over 30% market share in both categories [10][11] - The company is focused on maintaining independence and compliance with regulatory standards amid concerns about major shareholders [11]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2] Core Viewpoints - The recent surge in policies supporting the biodiesel industry is expected to accelerate domestic commercialization and clarify export guidelines, enhancing the industry's profitability outlook [5] - The EU's anti-dumping investigation conclusion has reduced market uncertainty, indicating that the industry's "darkest hour" has passed, and companies with established overseas sales channels may benefit [5] - The rising price of glycerin, a byproduct of biodiesel production, is projected to significantly boost the profits of related manufacturers [5] Summary by Sections Market Performance - The basic chemical sector has shown a market performance fluctuation of -17% to +26% from March 2024 to November 2024 [3] Policy Developments - Multiple policies have been introduced to promote biodiesel, including pilot programs and guidelines for renewable energy alternatives, indicating a strong governmental push towards the industry [5][13] Company Developments - The report highlights that Zhuoyue New Energy's 50,000-ton biodiesel capacity could yield approximately 40,000 tons of glycerin, potentially adding 96 million yuan to after-tax profits at current glycerin prices [5] - Zhuoyue New Energy's upcoming production of fatty alcohol from biodiesel is expected to leverage cost advantages due to internal raw material supply, enhancing profitability [7] Price Trends - Glycerin prices have surged to 7,400 yuan/ton, reflecting a month-on-month increase of 14.3% and a year-on-year increase of 85% [5] - Fatty alcohol prices reached 20,800 yuan/ton, with a year-on-year increase of 77.8% [7] Recommended Stocks - Suggested stocks to watch include Zhuoyue New Energy, Jiaao Environmental Protection, Haineng Technology, Pengyao Environmental Protection, Langkun Environment, and Shangaohuan Energy [7]