Market Overview - The feed sector experienced a decline of 1.07% on July 29, with Lude Environment leading the drop [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Individual Stock Performance - Lude Environment (688156) closed at 20.02, down 2.58% with a trading volume of 34,800 shares and a transaction value of 69.87 million [1] - Other notable declines include: - Lusi Co. (832419) down 2.18% to 21.56 - Zhongchong Co. (002891) down 1.95% to 54.19 - Bangji Technology (603151) down 1.86% to 24.78 [1] Capital Flow Analysis - The feed sector saw a net outflow of 201 million from institutional investors, while retail investors contributed a net inflow of 96.49 million [1] - Specific stock capital flows include: - Jin Xin Nong (002548) with a net inflow of 10.17 million from institutional investors [2] - He Feng Co. (603609) with a net inflow of 5.69 million from institutional investors [2] - Petty Co. (300673) experienced a net outflow of 54,400 from institutional investors [2]

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company's gross margin for the liquor lees fermentation feed business is expected to recover in 2025 as production capacity utilization increases, which will help dilute fixed costs [2] - The company has adjusted its sales strategy and is strengthening its product offerings to support continued expansion in the liquor lees fermentation feed business [4] - The company is exploring strategic investment models to introduce state-owned capital to alleviate financial pressure [9] Financial Summary - Revenue is projected to grow from 351 million yuan in 2023 to 829 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 35.8% [1] - The net profit attributable to the parent company is expected to increase from 27 million yuan in 2023 to 81 million yuan in 2027, reflecting a significant recovery after a projected loss in 2024 [1] - The company's return on equity (ROE) is anticipated to improve from 3.1% in 2023 to 8.9% in 2027 [1] - The price-to-earnings (P/E) ratio is expected to decrease from 59.8 in 2023 to 19.9 in 2027, indicating a more attractive valuation over time [1] Production Capacity and Market Development - The company expects to reach a production capacity of 470,000 tons by 2025, with 300,000 tons of new capacity in the ramp-up phase [3] - New customer acquisitions, including partnerships with leading companies in the industry, are expected to contribute to sales growth in 2025 [3]

Group 1 - The stock of Lude Environment (688156) has a comprehensive score of 69.97, indicating a strong performance [1] - The main cost analysis shows the following prices: current main cost at 16.90 CNY, 5-day main cost at 17.07 CNY, 20-day main cost at 15.14 CNY, and 60-day main cost at 14.82 CNY [1][2] - In the past year, the stock has experienced one limit-up and no limit-down events [1] Group 2 - The short-term resistance level is at 17.23 CNY, while the short-term support level is at 16.08 CNY [2] - As of June 17, 2025, the net outflow of main funds is 244.21 thousand CNY, accounting for -3% of the total transaction amount [2] - The financial data indicates earnings per share of 0.01 CNY, an operating profit of -0.04 billion CNY, and a net profit of 213,477.84 CNY with a sales gross margin of 16.943% [3]

Core Viewpoint - The stock of Lude Environment (688156) shows strong potential for short-term and mid-term growth as it has broken through key resistance levels, indicating a possible upward trend in price [1][2]. Group 1: Price and Technical Analysis - The current main cost for the stock is 16.08 yuan, with a short-term pressure level at 15.18 yuan and a short-term support level at 14.25 yuan [1][2]. - The stock has experienced one limit-up in the past year and no limit-downs, suggesting a relatively stable performance [1]. - The K-line pattern indicates a "Red Three Soldiers" formation, which typically signals a potential bottoming and recovery [2]. Group 2: Fund Flow Data - On June 10, 2025, the net inflow of main funds was 844.41 million yuan, accounting for 8% of the total transaction volume [2][3]. - Large orders contributed a net inflow of 540.49 million yuan, while retail investors saw a net outflow of 434.96 million yuan [2][3]. Group 3: Financial Data - The latest financial report shows earnings per share at 0.01 yuan, with an operating profit of -0.04 billion yuan [4]. - The gross profit margin stands at 16.943%, and the net profit reported is 213,477.84 yuan [4].

Core Viewpoint - The company has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on the performance of its white wine residue biological fermentation feed business and the significant decline in its gross profit margin [1] Group 1: Business Performance - The white wine residue biological fermentation feed business achieved a sales volume of 112,590.95 tons in 2024, a year-on-year increase of 20.74% [2][10] - Sales revenue for this business reached 216.85 million yuan, up 10.19% from the previous year [2][11] - The average sales price decreased by 8.74% to 1,925.97 yuan per ton, while unit costs increased by 1.36% to 1,501.58 yuan per ton [2][5] Group 2: Cost Analysis - The manufacturing costs for the white wine residue biological fermentation feed accounted for 40.96% of total costs, an increase of 16.85 percentage points year-on-year [10][12] - Direct material costs decreased by 7.12% to 637.04 yuan per ton, while direct labor costs increased by 7.11% to 86.28 yuan per ton [3][12] - Manufacturing expenses rose by 8.84% to 778.26 yuan per ton, primarily due to increased transportation costs and depreciation expenses [3][14] Group 3: Market Conditions - The overall feed production in 2024 saw a decline of 2.15% compared to 2023, with specific categories like ruminant feed experiencing a significant drop of 13.29% [8][9] - The prices of traditional feed ingredients such as soybean meal and corn have decreased significantly, impacting the pricing strategy for the company's products [6][10] - The company’s products have competitive advantages in terms of functional technical indicators compared to similar products in the market [10][15] Group 4: Strategic Decisions - The company has chosen to selectively undertake inorganic solid waste treatment services, resulting in a significant drop in revenue for this segment, down 71.52% year-on-year [15][17] - The decision to forgo projects with long payment expectations reflects a strategic shift to mitigate financial risks [15][18] - The company continues to explore opportunities in the inorganic waste treatment sector, indicating a long-term commitment to this business despite current challenges [18][19]

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on the performance of its white wine residue fermentation feed business and inorganic solid waste treatment services, highlighting significant changes in sales, costs, and market conditions [1][16]. Summary by Category Business Performance - The white wine residue fermentation feed business achieved sales of 112,590.95 tons in 2024, a year-on-year increase of 20.74%, with sales revenue reaching 216.85 million yuan, up 10.19% from the previous year [1][10]. - The sales price per ton decreased by 184.39 yuan, or 8.74%, while the unit cost increased by 20.09 yuan, or 1.36%, leading to a decline in gross margin from 29.80% to 22.04%, a drop of 7.76 percentage points [1][10][11]. Cost Analysis - The manufacturing costs for the white wine residue fermentation feed accounted for 40.96% of total costs, an increase of 16.85 percentage points compared to the previous year [10][11]. - The increase in manufacturing costs was primarily due to higher transportation costs, which rose by 41.07 yuan per ton, and depreciation expenses, which increased by 28.65 yuan per ton, attributed to new production facilities coming online [2][13]. Market Conditions - The overall feed production in 2024 showed a decline, with total feed production down 2.15% year-on-year, reflecting reduced demand in the livestock sector [7][8]. - The prices of major feed raw materials, such as soybean meal and corn, have significantly decreased, with soybean meal prices dropping by 41.69% from their peak in 2023, impacting the pricing strategy of the company's products [6][9]. Inorganic Solid Waste Treatment Services - The inorganic solid waste treatment services reported a revenue of 41.19 million yuan, a significant decline of 71.52% year-on-year, primarily due to the company's decision to forgo projects with long payment cycles [16][17]. - The river and lake sludge treatment service experienced an 88.41% drop in revenue, with a negative gross margin of -8.55%, while the engineering mud treatment service also reported a negative gross margin of -15.31% [16][17]. Competitive Position - The company maintains a competitive edge in the white wine residue fermentation feed market, with its products showing superior technical indicators compared to competitors, despite the overall market price decline [9][10]. - The company continues to explore new projects in the river and lake sludge treatment sector, indicating a long-term growth potential despite current challenges [18][19].

路德生物环保科技股份有限公司 2024 年年报问询回复 证券代码：688156 证券简称：路德环境 公告编号：2025-031 路德生物环保科技股份有限公司 关于 2024 年年度报告的信息披露监管问询函的回复公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 路德生物环保科技股份有限公司（以下简称"公司"）收到上海证券交易所 下发的《关于路德生物环保科技股份有限公司2024年年度报告的信息披露监管问 询函》（上证科创公函[2025]0107号）（以下简称"年报问询函"）。公司收到 年报问询函后高度重视，会同国投证券股份有限公司（以下简称"持续督导机 构"）、大信会计师事务所（特殊普通合伙）（以下简称"年审会计师"）就年 报问询函提及的事项逐项进行了认真讨论、核查与落实，现就有关事项回复如下： 在本问询函相关问题的回复中，若合计数与各分项数值相加之和在尾数上存 在差异，均为四舍五入所致。如无特别说明，本回复中使用的简称或名词释义与 《路德生物环保科技股份有限公司2024年年度报告》一致。 | 项目 | 年度 2024 | ...

大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants LLP. Room2206 22/F,Xueyuan International Tower No.1 ZhichunRoad,Haidian Dist. Beijing,China,100083 电话 Telephone： +86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 大信会计师事务所（特殊普通合伙） 关于路德生物环保科技股份有限公司 2024 年年度报告的信息披露监管问询函回复 上海证券交易所科创板公司管理部： 大信会计师事务所（特殊普通合伙）（以下简称"会计师"、"我们"）作为路德生物环 保科技股份有限公司（以下简称"公司"）2024 年年报审计会计师，收到贵部《关于路德生物 环保科技股份有限公司 2024 年年度报告的信息披露监管问询函》（上证科创公函【2025】0107 号）（以下简称"问询函"）。根据问询函要求，现就有关事项回复如 ...

国投证券股份有限公司 关于路德生物环保科技股份有限公司 2024 年年度报告的信息披露监管问询函回复的核查意见 上海证券交易所： 路德生物环保科技股份有限公司（以下简称"公司"）收到上海证券交易所下 发的《关于路德生物环保科技股份有限公司 2024 年年度报告的信息披露监管问 询函》（上证科创公函[2025]0107 号）（以下简称"年报问询函"）。国投证券股 份有限公司（以下简称"持续督导机构"）会同公司、大信会计师事务所（特殊普 通合伙）就年报问询函提及的事项逐项进行了认真讨论、核查与落实，现就有关 事项出具明确核查意见如下： 一：关于经营业绩 问题1：关于白酒糟生物发酵饲料业务。根据2024 年年报，报告期内公司白酒糟 生物发酵饲料业务实现销量11.26 万吨，较上年同期增长20.74%；实现销售收入 21,684.67 万元，同比增长10.19%；销售毛利率为22.04%，同比减少7.76 个百分点。 同时，白酒糟生物发酵饲料产品制造费用占成本的比例为40.96%，同比增加10.95 个 百分点。请公司：（1）结合公司白酒糟生物发酵饲料及竞品销售价格、原材料采购价 格变化趋势、下游需求变化情况、白酒糟 ...

证券代码：688156 证券简称：路德环境 公告编号：2025-030 路德生物环保科技股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 路德生物环保科技股份有限公司 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 06 月 06 日（星期五）16:00 前登录上证路演中心网站首 页点击"提问预征集"栏目或通过公司邮箱 zhengquanbu@road-group.com 进行 提问。公司将在说明会上对投资者普遍关注的问题进行回答。 路德生物环保科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 18 日发布公司 2024 年年度报告及 2025 年第一季度报告，为便于广大投资者更全面 深入地了解公司 2024 年度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 06 月 09 日（星期一）15:00-16:00 举行 2 ...