路德生物环保科技股份有限公司 2024 年年度股东大会会议资料 路德生物环保科技股份有限公司 2024 年年度股东大会 会议资料 股票代码：688156 股票简称：路德环境 二零二五年五月 1 路德生物环保科技股份有限公司 2024 年年度股东大会会议资料 路德生物环保科技股份有限公司 2024 年年度股东大会会议资料 路德生物环保科技股份有限公司 2024 年年度股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》、 中国证监会《上市公司股东会规则》以及《路德生物环保科技股份有限公司章程》 《路德生物环保科技股份有限公司股东大会议事规则》的相关规定，特制定 2024 年年度股东大会会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证股东大会的严肃性和正常秩序，切实维护与会股东（或股东代理 人）的合法权益，除出席会议的股东（或股东代理人）、公司董事、监事、高级 管理人员、见证律师及董事会邀请的人员外，公司有 ...

Core Viewpoint - The company's revenue decline is primarily due to the contraction of its inorganic solid waste business, while losses are impacted by decreased feed gross margins and increased expenses, although operating cash flow has significantly improved [2] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 278 million, a year-on-year decrease of 21% [1] - The net profit attributable to shareholders was -57 million, a year-on-year decrease of 310% [1] - In Q1 2025, the company reported operating revenue of 63 million, a year-on-year decline of 7% [1] - The net profit attributable to shareholders for Q1 2025 was 1 million, a year-on-year decrease of 78% [1] Group 2: Business Segment Analysis - The biological fermentation feed business generated revenue of 217 million, a year-on-year increase of 10.19%, with sales volume rising to 112,600 tons, a 21% increase [3] - The gross margin for the biological feed business decreased by 7.76 percentage points to 22.04% due to price reductions and high-cost raw material inventory [3] - The inorganic solid waste treatment service business reported revenue of 41.19 million, a year-on-year decline of 72% [4] - The company has initiated a project in Lianyungang with a contract value of approximately 600 million, expected to contribute incremental revenue to the inorganic solid waste segment [4] Group 3: Capacity Expansion - The company has successfully launched new production capacities, with total production capacity reaching 470,000 tons per year [3] - Ongoing projects include the Suqian Road De (140,000 tons/year) and Xiangxi Road Kangde (40,000 tons/year), with a total planned capacity of 700,000 tons per year [3] Group 4: Profit Forecast - The company is projected to achieve operating revenues of 400 million, 609 million, and 821 million for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 44.24%, 52.03%, and 34.81% [4] - The net profit attributable to shareholders is expected to be 3 million, 12 million, and 20 million for the same years, with significant growth rates of 104.95%, 329.42%, and 145.62% [4]

Group 1: Company Research - Lude Environment's main business includes river and lake sludge treatment services, engineering mud treatment services, industrial residue resource sales, and environmental technology equipment sales. The company is working on a project involving synthetic biology technology to produce GABA from waste fermentation products [1] - Zhongchong Co., Ltd. reported a revenue of 1.101 billion yuan for Q1 2025, a year-on-year increase of 25.41%. The net profit attributable to shareholders was 91.1553 million yuan, up 62.13% year-on-year, with a non-recurring net profit of 88.2607 million yuan, increasing by 63.75% year-on-year. The company's debt ratio stands at 40.0% [1] - Qiaqia Food's Q1 2025 report shows a revenue of 1.571 billion yuan, a year-on-year decrease of 13.76%. The net profit attributable to shareholders was 77.2478 million yuan, down 67.88% year-on-year, with a non-recurring net profit of 58.0845 million yuan, decreasing by 73.76% year-on-year. The debt ratio is 40.23% [2] Group 2: Institutional Overview - Shanghai Licheng Asset is one of the earliest established private equity management companies in China, focusing on a growth stock investment philosophy with a margin of safety. The firm has developed a comprehensive investment management knowledge system over thirteen years [3] - The company has a workforce of 50 employees, with nearly 30 being professional research and investment personnel. The management scale has exceeded 10 billion yuan, specializing in secondary stock long strategies and PIPE strategies in the fields of pharmaceuticals, advanced manufacturing, and consumer goods [3] - Licheng has consistently ranked high in long-term performance and has received four private equity "Golden Bull" awards over three sessions [3]

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, with ongoing challenges in its core business and a need for strategic adjustments to improve profitability [1][3]. Financial Performance - In 2024, the company achieved revenue of 278 million yuan, a year-on-year decrease of 20.92%, and a net profit attributable to shareholders of -57 million yuan, down 309.69% year-on-year [1]. - For Q1 2025, revenue was 63 million yuan, a decline of 7.18% year-on-year, with a net profit of 1.25 million yuan, down 77.89% year-on-year [1]. - The company's gross margin for 2024 was 21.9%, a decrease of 14.3 percentage points, with various expense ratios increasing due to expansion and credit impairment losses [3]. Business Segments - The bio-fermentation feed business generated revenue of 220 million yuan in 2024, a year-on-year increase of 10.19%, with sales volume rising by 20.74% to 112,600 tons [2]. - The inorganic waste treatment service business saw revenue drop to 40 million yuan, a decline of 71.52%, as the company opted not to take on new projects with long payment cycles [2]. - In Q1 2025, the bio-fermentation feed business revenue was 50 million yuan, down 7.38% year-on-year, while the inorganic waste treatment service revenue increased by 22.35% to 13 million yuan [2]. Capacity and Strategic Initiatives - The company has established five bio-fermentation feed factories with a total capacity of 470,000 tons per year, with plans to expand to 700,000 tons per year [4]. - Strategic investments from state-owned enterprises have improved the company's capital structure and financial stability, allowing for better market penetration and collaboration with large breeding groups [4]. - Future revenue projections for 2025-2027 are estimated at 390 million, 530 million, and 720 million yuan, respectively, with corresponding EPS of 0.01, 0.27, and 0.60 yuan [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in sales of bio-fermented feed, with significant improvement in cash flow [1] - The revenue for 2024 is projected to be 2.78 billion yuan, a decrease of 20.92% year-on-year, while the net profit attributable to shareholders is expected to be -565.5 million yuan, a decline of 309.69% [7] - The company is focusing on expanding its bio-fermented feed business, which accounted for 78% of total revenue in 2024, while actively reducing its environmental engineering business [7] Financial Summary - Total revenue is forecasted to increase from 2.78 billion yuan in 2024 to 8.12 billion yuan in 2027, with a compound annual growth rate (CAGR) of 38.08% [1][8] - The net profit attributable to shareholders is expected to recover from -565.5 million yuan in 2024 to 740 million yuan in 2027, reflecting a significant turnaround [1][8] - The earnings per share (EPS) is projected to improve from -0.56 yuan in 2024 to 0.74 yuan in 2027 [1][8] Business Performance - The bio-fermented feed segment generated revenue of 2.17 billion yuan in 2024, representing a year-on-year increase of 10.19% [7] - The company plans to increase its production capacity for bio-fermented feed to 700,000 tons per year by the end of 2024, with 470,000 tons already operational [7] - The sales volume of bio-fermented feed is expected to reach 112,600 tons in 2024, a growth of 20.75% year-on-year [7] Cash Flow and Financial Health - The operating cash flow is projected to significantly increase to 53 million yuan in 2024, a rise of 379.41% [7] - The company has actively pursued the collection of historical receivables, recovering 49.53 million yuan from accounts aged over two years [7] - The total assets are expected to grow from 1.725 billion yuan in 2024 to 1.952 billion yuan in 2027 [8]

丨证券研究报告丨 公司研究丨点评报告丨路德环境（688156.SH） [Table_Title] 路德环境 2024&2025Q1 业绩点评：生物发酵饲 料产能持续释放，价格下调拖累业绩提升 报告要点 [Table_Summary] 路德环境 2024 年实现营业收入 2.78 亿元，同比下降 20.92%，归母净利润亏损 0.57 亿元，去 年同期为盈利 0.27 亿元；2025 年 Q1 实现收入 0.63 亿元，同比下滑 7.18%，归母净利润 0.01 亿元，同比下滑 77.89%。2024 年白酒糟生物发酵饲料业务实现产品销量 11.26 万吨，同比增 长 20.74%，实现销售收入 2.17 亿元，同比增长 10.19%，收入占比达 78.11%。公司已披露的 生物发酵饲料规划产能合计达 70 万吨/年，其中已投产项目 47 万吨/年，其中遵义、亳州、永 乐项目合计 30 万吨/年产能 2024 年 Q4 新投产，期待产能爬坡打开未来业绩成长空间。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S04905180700 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights steady growth in sales of bio-fermented feed and significant improvement in cash flow [1] - The company is focusing on expanding its bio-fermented feed business, which now accounts for 78% of its revenue, while actively reducing its environmental engineering business [7] - The report anticipates a gradual increase in production capacity, with a projected annual capacity of 700,000 tons for bio-fermented feed by the end of 2024 [7] Financial Summary - Total revenue for 2024 is projected at 2.78 billion yuan, a decrease of 20.92% year-on-year, with a net profit attributable to shareholders of -0.57 billion yuan, down 309.69% [7] - The gross margin for the bio-fermented feed segment is expected to be 21.93%, reflecting a decrease of 14.32 percentage points [7] - The company’s operating cash flow is expected to increase significantly, with a net operating cash flow of 0.53 billion yuan in 2024, up 379.41% [7] - The report forecasts a net profit of 0.17 billion yuan for 2025 and 0.35 billion yuan for 2026, with a long-term net profit projection of 0.74 billion yuan for 2027 [1][8] Business Performance - The revenue from the distiller's grains feed segment is projected to be 2.17 billion yuan in 2024, representing a year-on-year increase of 10.19% [7] - The company’s sales volume for distiller's grains bio-fermented feed is expected to reach 11.26 million tons in 2024, an increase of 20.75% [7] - The average selling price for this segment is projected to be 1,926 yuan per ton, down 8.74% year-on-year [7] Market Data - The closing price of the company's stock is 14.39 yuan, with a market capitalization of 1,449.28 million yuan [5] - The price-to-earnings ratio (P/E) is projected to be 89.85 for 2025 and 44.11 for 2026 [1][8] Asset and Liability Overview - The company’s total assets are projected to be 1,725 million yuan in 2024, with total liabilities of 853 million yuan [8] - The debt-to-asset ratio is expected to be 49.41% in 2024, indicating a moderate level of leverage [8] Future Outlook - The report emphasizes the strategic importance of the company's bio-fermented feed products in ensuring food security, as they can partially replace soybean meal and corn [7] - The company is positioned as an industry leader with expanding production capacity, which is expected to enhance long-term profitability [1][7]

Group 1 - The company reported a revenue of 278 million yuan for the year 2024, representing a year-on-year decrease of 20.92% [1] - The net profit attributable to shareholders was -56.55 million yuan, a decline of 309.69% compared to the previous year's profit of 26.97 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -59.67 million yuan, down 391.6% from the previous year's 20.46 million yuan [1] - The net cash flow from operating activities was 53.45 million yuan, compared to -19.13 million yuan in the previous year [1] Group 2 - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 22, 2020, with an issuance of 22.96 million shares at a price of 15.91 yuan per share [1] - The total amount raised from the initial public offering (IPO) was 365 million yuan, with a net amount of 324 million yuan after deducting issuance costs [1] - The final net amount raised was 25.83 million yuan less than the original plan of 350 million yuan [1] Group 3 - The company incurred issuance costs of 41.12 million yuan for its IPO, including underwriting fees of 29.22 million yuan [2] - In 2022, the company raised funds through a private placement, issuing 8.34 million shares at a price of 13.57 yuan per share, totaling 113.18 million yuan [2] - After deducting non-tax issuance costs of 4.15 million yuan, the actual net amount raised was 109.03 million yuan [2] - The total funds raised from the IPO and the 2022 private placement amounted to 47.8 million yuan [3]

路德生物环保科技股份有限公司 证券代码：688156 证券简称：路德环境 公告编号：2025-015 路德生物环保科技股份有限公司 关于作废 2020 年限制性股票激励计划部分已授予 尚未归属的限制性股票的公告 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（以下简称"公司"）于2025年4月17日召开第四届董 事会第二十三次会议、第四届监事会第十九次会议，审议通过了《关于作废2020年限制性股 票激励计划部分已授予尚未归属的限制性股票的议案》，根据公司《2020年限制性股票激励 计划（草案修订稿）》（以下简称"《激励计划》"）、《2020年限制性股票激励计划实施 考核管理办法（修订稿）》（以下简称"《考核管理办法》"）的规定和公司2020年第二次 临时股东大会的授权，公司董事会同意作废2020年限制性股票激励计划（以下简称"本次激 励计划"）部分已授予但尚未归属的限制性股票共115,800股。现将有关事项说明如下： 一、本次激励计划已履行的决策程序和信息披露情况 （一）2020 年 11 月 ...