Core Insights - A tanker recently docked at the Port of Rotterdam, unloading 13,400 tons of bio-jet fuel from Lianyungang, marking China's first large-scale entry into the international bio-jet fuel market [1] Company Overview - The bio-jet fuel is derived from waste cooking oil, commonly referred to as "gutter oil," which can reduce greenhouse gas emissions by approximately 90% compared to fossil jet fuel [2] - The production process involves hydrogenation and separation techniques to convert waste oils into aviation fuel, showcasing a transformation of waste into valuable resources [2] - The company, Jiangao New Energy Co., has established a robust supply chain by collaborating with numerous waste cooking oil disposal companies, achieving 75% self-sufficiency in raw materials [3] Production Capacity and Environmental Impact - The second phase of Jiangao's project is expected to consume 1 million tons of waste animal and vegetable oils annually, leading to a reduction of over 2.35 million tons of emissions [3] - The successful entry into the stringent European market highlights Jiangao's competitive advantages and positions Lianyungang as China's first bio-jet fuel export pilot city [3] Regional Development and Industry Transformation - The success of Jiangao is attributed to the industrial transformation and improved business environment in Lianyungang, where the local government has actively eliminated non-compliant chemical enterprises to make way for greener industries [3] - In 2022, Jiangao's bio-jet fuel project was strategically introduced due to its high technical content and significant environmental benefits [3] - The Lianyungang coastal industrial zone is witnessing a surge in quality projects in the green low-carbon sector, with 23 new projects signed this year, totaling an investment of 13.656 billion yuan [4]

Group 1 - The company plans to issue A-shares to specific investors to enhance its capital strength and support its strategic development in the organic waste disposal and resource utilization sector [1][3][4] - The issuance is driven by the increasing demand for kitchen waste disposal and resource utilization, as well as the government's focus on environmental protection and waste management [1][2][3] - The company has a significant debt burden, with total borrowings amounting to 1.983 billion yuan and a debt-to-asset ratio of 72.06% as of March 31, 2025 [3][4] Group 2 - The company aims to use the raised funds to supplement working capital and repay bank loans, which will help reduce its debt ratio and optimize its capital structure [4][10][21] - The issuance will also strengthen the company's financial position and enhance its ability to respond to industry trends and competition [4][10][21] - The company has established a network of projects across nearly twenty major cities in China, focusing on organic waste disposal and renewable energy [3][4] Group 3 - The issuance price is set at 5.13 yuan per share, which is not lower than 80% of the average trading price over the previous 20 trading days [11][12] - The issuance will be conducted in compliance with relevant regulations, ensuring that the process is fair and transparent for all shareholders [14][15] - The company has committed to using the raised funds exclusively for operational purposes and will not engage in financial investments [10][21]