| 投资者关系活 | √特定对象调研 □ 分析师会议 | | --- | --- | | 动类别 □ | 媒体采访 业绩说明会 □ | | □ | 新闻发布会 路演活动 □ | | | □现场参观 □ 其他 （电话会议） | | 参与单位名称 | 北京高熵资产管理有限公司韩佳运、长江证券王岭峰、海富通基 | | 及人员姓名 | 金管理有限公司潘滨海 | | 时间 | 2025 年 8 月 26 日 | | 地点 | 公司会议室 | | 上市公司接待 人员姓名 | 董事会秘书 杨刚 证券事务代表 沈娟 | | | 1、董秘杨刚介绍公司历史沿革、业务发展、业务转型情况。 | | | 2、公司应收账款情况及回款措施？ | | | 回复：公司的应收账款主要是前期市政类项目的款项，其中 | | | 行政事业单位及国企央企类客户占比较高。公司每年依据有 | | | 关会计政策，对上述应收款计提了坏账准备。近年来，公司 | | 投资者关系活 | 极为重视回款工作，2024 年及 2025 年上半年，公司现金流 | | 动主要内容介 | 略有好转。未来，随着有关回款落地，将对公司的现金流及 | | 绍 | 经营业绩产生积极影 ...

2025 年 8 月 26 日 棕榈油：基本面暂无新驱动，等待回调布多 豆油：四季度缺豆交易暂缓，高位震荡整理 李隽钰 投资咨询从业资格号：Z0021380 lijunyu@gtht.com 【基本面跟踪】 油脂基本面数据 | | 棕榈油主力 | 单 位 元/吨 | 收盘价(日 盘） 9,488 | 涨跌幅 -0.23% | 收盘价 （夜 盘） 9,542 | 涨跌幅 0.57% | | --- | --- | --- | --- | --- | --- | --- | | | | 元/吨 | | | | | | | 豆油主力 | | 8,536 | 0.52% | 8,514 | -0.26% | | | 菜油主力 | 元/吨 | 9,998 | 0.03% | 9,918 | -0.80% | | 期 货 | 马棕主力 | 林吉特/吨 | 4,493 | -0.84% | 4,482 | -0.22% | | | CBOT豆油主力 | 美 分/磅 | 54.84 | -0.87% | | | | | | 单 位 | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | 棕榈油主力 | 手 | 3 ...

8月25日，朗坤科技（301305）(股票代码：301305.SZ)发布2025年半年度报告。报告显示，公司上半年 实现营业收入8.55亿元，归属于上市公司股东的净利润达到1.47亿元，同比增长22.36%，扣非净利润 1.45亿元，同比增长25.43%，展现出强劲的盈利能力和成本控制成效。 近日，中共中央办公厅、国务院办公厅印发《关于推进绿色低碳转型加强全国碳市场建设的意见》，明 确提出到2027年，全国碳排放权交易市场将基本覆盖工业领域主要排放行业，自愿减排交易市场 (CCER)实现重点领域全覆盖；到2030年，建成制度完善、交易活跃、定价合理的碳市场体系。这一顶 层设计为绿色低碳产业带来前所未有的发展机遇。 朗坤科技早在政策风口来临之前，便已积极布局碳资产开发与低碳技术应用。公司不仅在全国运营着21 个生物质资源再生中心项目，日均处理规模超千吨，更在CCER方法学开发、碳资产交易服务等方面走 在前列。 AI+收运系统提质增效，CCER开发布局领先 在今年举办的"2025上海固废热点论坛"上，朗坤科技投资发展中心总经理方勇表示，面对"项目吃不 饱、回款慢"等行业痛点，公司通过"绿元智能收运系统"实现了收运 ...

Group 1 - The core viewpoint of the news is that the global supply of vegetable oils is increasing, with domestic supply in China being stable, and prices are within a historically reasonable range [1] - The global production of nine major vegetable oils is expected to reach 235 million tons in the 2025/2026 season, an increase of 6.37 million tons year-on-year, with soybean oil, palm oil, and sunflower seed oil contributing significantly to this growth [1] - Key factors to watch in the future vegetable oil market include tariff policies, soybean arrival conditions in the fourth quarter, palm oil production increases, and biodiesel industry policies [1] Group 2 - Global vegetable oil consumption is projected to reach 224 million tons in the 2024/2025 season, a year-on-year increase of 2.3%, with industrial consumption growing faster than edible consumption [2] - By the 2025/2026 season, global vegetable oil consumption is expected to further increase to 230 million tons, with industrial consumption accounting for 28% of total consumption, up from 22.2% in the 2010/2011 season [2] - The growth in biodiesel production is significantly driving the increase in global industrial consumption of vegetable oils, with nearly 20% of vegetable oils being used for biodiesel [2]

Core Viewpoint - The Chinese biodiesel industry is facing significant challenges due to EU policies, but the development of bio marine fuel bunkering presents a viable opportunity for growth and market expansion [1][2][4]. Industry Overview - China is a major biodiesel producer with an annual output exceeding 2 million tons, of which 90% is exported [2]. - The EU is the largest market for Chinese biodiesel, with approximately 180,000 tons exported to the EU in 2023, accounting for 90% of China's total biodiesel exports [2]. Challenges Faced - The biodiesel industry is experiencing a 40% drop in export volume in the first half of 2025, with total exports at 380,100 tons [3]. - The EU has implemented multiple measures against Chinese biodiesel, including the revocation of ISCC certifications and anti-dumping duties ranging from 10% to 35.6%, severely impacting export opportunities [2]. Opportunities in Bio Marine Fuel - The bio marine fuel bunkering market is emerging as a critical strategy for the biodiesel industry to overcome export challenges, with potential annual usage exceeding 3.6 million tons [4][6]. - The demand for bio marine fuel is increasing due to the shipping industry's decarbonization pressures, with significant growth in sales at major ports like Singapore and Rotterdam [4]. Strategic Recommendations - Promoting bio marine fuel bunkering aligns with low-carbon development trends and can help circumvent EU tariffs [5]. - Establishing a domestic carbon accounting and certification system for bio marine fuel can enhance China's position in international trade [6]. - The industry should transition from an export-dependent model to a dual circulation strategy, focusing on innovation and high-quality development [7].

Investment Rating - The report maintains a "Positive" investment rating for the industry [11]. Core Insights - In the first half of 2025, China's total exports of HVO and SAF reached 338,400 tons, a year-on-year increase of 8.06%, with domestic SAF export channels successfully opened [2][6]. - Biodiesel exports fell to 381,000 tons, a decrease of 42.4% year-on-year, primarily due to anti-dumping tariffs [7][17]. - UCO exports totaled 1,262,000 tons, down 10.5% year-on-year, with Singapore replacing the U.S. as the largest export destination [8][31]. - The report suggests monitoring overseas policies and demand changes, anticipating more supportive domestic policies to be implemented [9][43]. Summary by Sections SAF & HVO - In H1 2025, China's SAF export channels were successfully opened, with a total export volume of 338,400 tons, marking an 8.06% increase year-on-year. Jiangsu Province exported 14,900 tons of SAF to Belgium and Spain in June, likely from the Jiaao Environmental Lianyungang factory [6][16]. - Domestic SAF exports require approval from four government departments, and Jiaao Environmental received a license for 372,400 tons of bio-jet fuel, indicating a positive trend for future SAF exports [6][16]. Biodiesel - Biodiesel exports in H1 2025 were 381,000 tons, down 42.4% year-on-year, mainly due to anti-dumping tariffs imposed by the EU [7][17]. - Major export partners included Malaysia (141,000 tons), Singapore (98,700 tons), and the Netherlands (70,000 tons), with significant increases in exports to Malaysia and Singapore, likely for blending with marine fuel [7][22]. - The average export price for biodiesel was $1,103 per ton, a slight increase of 2.0% year-on-year, while total export value dropped by 40.6% to $3.02 billion [17]. UCO - UCO exports in H1 2025 were 1,262,000 tons, a decrease of 10.5% year-on-year, attributed to increased domestic SAF production and the cancellation of export tax rebates [8][29]. - The average export price for UCO was $1,048 per ton, up 17.9% year-on-year, driven by the EU's mandatory blending policy for SAF [8][29]. - Singapore became the largest export destination for UCO, with exports to the U.S. declining significantly due to high tariffs [31][35]. Market Outlook - The report emphasizes the need to track overseas policy changes and anticipates more domestic supportive policies to be implemented [9][43]. - The U.S. market faces significant uncertainty due to fluctuating tariff policies, while the EU's blending ratio requirements for SAF are expected to boost China's SAF industry [43]. - In Singapore, the demand for clean alternative fuels is projected to increase due to new carbon quota regulations for the shipping industry [43]. Investment Recommendations - The industry is viewed positively due to its reliance on waste oils as raw materials, with several companies producing qualified SAF and obtaining airworthiness certification. The report recommends focusing on raw material suppliers and processing companies like Zhuoyue New Energy [9][47].

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The expansion of the CCER (China Certified Emission Reduction) market is expected to benefit agricultural and forestry biomass, while the EU's Circular Economy Act emphasizes the importance of recycling resources [1][10] - The report highlights the potential for increased cash flow and profitability in the waste-to-energy sector as capital expenditures decline, similar to trends observed in the waste incineration industry [19][23] - The report suggests that the water services sector is approaching a cash flow inflection point, positioning it as the next growth area akin to waste incineration [23][24] Summary by Sections CCER Methodology and Market Expansion - The third batch of CCER methodologies focuses on agricultural biomass and methane reduction from oil and gas, indicating a growing supply and demand in the carbon market [8][10] - The average price of CCER has been reported at 89 RMB/ton, showing a premium over carbon allowances, reflecting tight supply conditions [10][12] EU Circular Economy Act - The EU is seeking public opinion on the Circular Economy Act, which aims to enhance the value of recycled materials and impose stricter regulations on waste management and recycling [15][16] - Key objectives include improving electronic waste collection and recycling rates, and extending producer responsibility for product lifecycle management [16][18] Waste-to-Energy Sector - The report notes a significant improvement in free cash flow for waste-to-energy companies as capital expenditures decrease, with projected dividend increases for major players [20][21] - The sector is expected to see a shift towards higher dividends and improved return on equity (ROE) as companies optimize operations and reduce costs [21][22] Water Services Sector - The water services market is anticipated to experience a cash flow boost as capital expenditures decline, with companies like Xingrong Environment and Yuehai Investment highlighted for their strong dividend potential [23][25] - The report emphasizes the importance of water pricing reforms in ensuring sustainable growth and returns for water service providers [24][25] Key Recommendations - The report recommends focusing on companies such as Guangda Environment, Xingrong Environment, and Green Power for their strong market positions and growth potential in the environmental sector [1][19][25]

Group 1 - The core viewpoint of the article is that Suzhou Fengbei Biotechnology Co., Ltd. has submitted its IPO registration to the Shanghai Stock Exchange, aiming to raise approximately 750 million yuan for various projects [1] - Fengbei Biotechnology is a high-tech enterprise in the field of comprehensive utilization of waste resources, primarily producing resource-based products from waste oils [1] - The company’s IPO was accepted on June 8, 2023, entered the inquiry stage on July 5, 2023, and was approved on August 7, 2025 [1] Group 2 - The funds raised from the IPO will be invested in projects including the construction of a 300,000-ton annual production facility for methyl oleate, a 10,000-ton industrial-grade mixed oil facility, a 50,000-ton agricultural microbial agent facility, a 10,000-ton compound microbial fertilizer facility, and the production of 50,000 tons of biodiesel and 8,200 tons of glycerin as by-products [1]

Investment Rating - The report maintains a "Buy" rating for companies involved in palm oil and biodiesel sectors, highlighting potential price increases in these markets [4]. Core Insights - Palm oil futures prices have reached a new high for the year, with a closing price of 9,490 CNY/ton on August 13, 2025, marking a 13.06% increase since July 1, 2025 [1]. - Indonesia's plan to implement a B50 blending mandate for biodiesel is expected to significantly boost palm oil demand, potentially increasing annual consumption by up to 19 million kiloliters [2]. - The U.S. is projected to increase biodiesel blending by 67% in 2026, which may create a ripple effect in the global oilseed market, influencing prices across various vegetable oils [3]. Summary by Sections Palm Oil Market - The DCE palm oil futures price has surpassed 9,400 CNY/ton, indicating strong market performance [1]. - Indonesia's B50 plan could lead to a substantial increase in domestic palm oil consumption, reflecting government commitment to enhancing local usage [2]. Biodiesel Sector - The U.S. EPA's proposed rule for 2026 aims to raise biodiesel blending to 5.61 billion gallons, a 67% increase from the current year, which is expected to impact the overall vegetable oil market positively [3]. Investment Recommendations - The report suggests focusing on companies like Zanyu Technology, which benefits from stable raw material prices in Indonesia, and other players in the biodiesel supply chain such as Shanggou Environmental Energy and Jiaao Environmental Protection [4][5].

Group 1 - Suzhou is transforming its traditional production and consumption models to promote efficient resource utilization and upgrade its industrial structure, focusing on a green low-carbon circular economy [1][2] - The number of near-zero carbon factories in Suzhou is expected to increase by over 91% year-on-year in 2024, reducing greenhouse gas emissions by approximately 700,000 tons per year [1] - The Suzhou Industrial Park is home to a modern circular economy industrial park that redefines waste management, processing organic waste into biogas and creating green electricity [2] Group 2 - The Wujiang District has focused on the textile and dyeing industries, eliminating over 80,000 low-end water jet looms and 267 outdated coating production lines to promote intelligent and green transformation [3] - The Suzhou Intelligent Manufacturing Service Park has attracted over 220 enterprises, showcasing the successful implementation of the "Green Mountains and Clear Water are Gold and Silver Mountains" development philosophy [3] Group 3 - Suzhou is leveraging technology to empower green development, establishing itself as a national hub for the new energy industry, with distributed photovoltaic capacity exceeding 1 GW [5][7] - The city has developed a carbon trading service center that has facilitated carbon reduction for over 500 enterprises, achieving a carbon reduction of over 340,000 tons [5] Group 4 - The ecological product value realization mechanism is being actively developed in Suzhou, aiming to convert ecological dividends into developmental benefits [8] - The city has seen significant economic benefits from ecological initiatives, with the GEP (Gross Ecosystem Product) and GDP both increasing through the development of ecological economies [9][10] Group 5 - Suzhou has pioneered an enterprise self-inspection service platform for environmental protection, rewarding compliant companies with policy incentives, thus converting ecological advantages into developmental strengths [11] - The integration of ecology and industry is creating a multiplier effect in Suzhou, enhancing both environmental and economic outcomes [12]