Group 1: Company Overview and Achievements - Beijing Haineng Energy Technology Co., Ltd. is a publicly listed company controlled by the State-owned Assets Supervision and Administration Commission of Haidian District, Beijing [6] - Established in 1997 and listed in 2010 with stock code 300072 [7] - One of the first domestic enterprises to research, produce, and sell hydrocarbon-based biodiesel [8] - Focuses on innovation-driven development, forming a business model centered on bioenergy, catalytic purification (environmental materials), and specialty chemicals [9] Group 2: Core Business Areas - Main business areas include bioenergy and environmentally friendly materials [12] - Bioenergy is the primary focus, encompassing technology R&D, product production, raw material procurement, and sales [13] - Hydrocarbon-based biodiesel has high calorific value, low oxygen content, high cetane number, and extremely low levels of aromatics and sulfur, achieving a sulfur content of less than 1 ppm [14][16] - Production capacity includes approximately 300,000 tons of high-congealing biodiesel and 200,000 tons of low-congealing biodiesel [18] Group 3: Industry Trends and Market Potential - Global hydrocarbon-based biodiesel consumption has grown at an average annual rate of 26.9% from 2014 to 2023, with a projected growth rate of 16.38% from 2024 to 2028 [37] - The EU is the largest biodiesel production region, implementing policies to promote healthy industry development [40] - China's biodiesel industry is supported by continuous government encouragement and policy releases, indicating a growing market demand [41] Group 4: Sustainable Aviation Fuel (SAF) Development - SAF is produced from biomass and has similar combustion properties to traditional fossil jet fuel, with a lifecycle CO2 reduction of 50% to 90% compared to conventional jet fuel [33] - By 2025, global SAF consumption is expected to reach 6.4 million tons, increasing to 36 million tons by 2050 [45] - China is expected to reach a SAF demand of approximately 3 million tons by 2030, aligning with international aviation industry targets [48] Group 5: Policy Support and Future Outlook - The Chinese government has issued various policies to support the development of SAF, indicating a positive attitude towards the industry's growth [57] - The EU has implemented mandatory SAF blending policies, with plans to increase the blending ratio significantly by 2050 [51] - The market demand for SAF is expected to rise steadily, maintaining a high level of industry prosperity in the coming quarters [65]

技术创新打造竞争新优势 为响应国家发展生物能源的决策部署，山东三聚生物能源有限公司提前研究布局生物航油等新能源产 业，已建成具备年处理量50万吨废弃动植物油等餐厨油加工装置的生产线，采用原料油预处理工艺和固 定床加氢反应工艺流程，以棕榈酸化油、地沟油、潲水油、餐厨废油等废弃动植物油脂为原料，生产烃 基生物柴油、生物航油、生物石脑油等新型清洁生物能源。2024年1月投资建设生物航油生产线，2025 年5月已实现正常生产运行，每年可生产生物航油16万吨，年可减少碳排放35万吨，年出口额20亿元以 上，有效拉动日照市外向型经济发展。 为培育绿色能源新质生产力、服务国家"双碳"目标，日照市依托新能源产业基础和港口区位优势，瞄准 生物航油国际市场竞争潜力，以推动山东三聚生物能源有限公司的生物航油产品出海为核心，全力争取 国家创新试点落地日照市。 为推动生物航油等出口，市委、市政府主要领导和分管领导同志多次赴三聚生物工厂调研并做出支持发 展新型绿色能源的工作要求，市政府制定上报《日照市关于加强生物航煤及其副产品生物石脑油等出 口"白名单"制度配套监管方案》并召开联合监管专题现场会，安排部署生物航油联合监管相关工作。市 商 ...

Core Viewpoint - The uncertainty in EU regulations regarding bio-based naphtha and pyrolysis oil is suppressing demand in the petrochemical industry, hindering investments, and causing price differentiation based on end-use applications [2][6]. Regulatory Impact - The lack of clear and unified regulations from the EU is leading to decreased procurement interest in bio-based naphtha and pyrolysis oil from 2024 to 2025, complicating financing for new projects and infrastructure [2][3]. - The quality balance accounting rules significantly affect the potential profitability of bio-based naphtha and pyrolysis oil, with unclear regulations making investment returns unpredictable [2][4]. Legislative Developments - The EU Commission is required to assess the technological development and environmental performance of bio-based plastic packaging within three years of the PPWR regulation coming into effect, potentially setting usage targets for bio-based materials [3][4]. - The legal positioning of pyrolysis oil remains uncertain due to the Waste Framework Directive, which complicates its classification as a recyclable material [3][4]. Industry Dynamics - There are differing opinions on the recycling content targets, with the EU Council proposing phased targets for new vehicles, while the European Parliament suggests higher initial targets [4]. - The recognition of quality balance accounting is crucial for the chemical recycling sector to be included in recycling content thresholds, impacting the entire industry's profitability and competitiveness [4][5]. Market Outlook - The regulations will be key drivers for the future demand and investment in pyrolysis oil and bio-based naphtha, with earlier clarity from the EU potentially accelerating their scale development [6].