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 部分募投项目结项及部分募投项目延期的核查意见 国投证券股份有限公司（以下简称"国投证券"或"保荐机构"，曾用名为 安信证券股份有限公司）作为路德生物环保科技股份有限公司（简称"路德环境" 或"公司"）的保荐机构和持续督导机构，根据《上市公司监管指引第2号—— 上市公司募集资金管理和使用的监管要求》《上海证券交易所上市公司自律监管 指引第1号——规范运作》《上海证券交易所科创板股票上市规则》等相关规定， 对路德环境部分募投项目结项及部分募投项目延期事项进行审慎核查，具体核查 情况和核查意见如下： 一、募集资金基本情况 （一）募集资金金额及到账时间 经中国证券监督管理委员会《关于同意路德环境科技股份有限公司首次公开 发行股票注册的批复》（证监许可[2020]1915 号）核准，并经上海证券交易所同 意，公司首次向社会公开发行人民币普通股股票 2,296 万股，发行价格为每股 15.91 元，募集资金总额为 36,529.36 万元，根据相关规定扣除发行费用 4,111.88 万元后实际募集资金净额为 32,417.48 万元。其中，保荐承销费用为 2,922 ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Composite Index (000680) increased by 0.61% as of April 14, 2025, with notable gains from stocks such as Yuyuan Pharmaceutical (688658) up 19.91%, and Kexing Pharmaceutical (688136) up 16.90% [1] - The Penghua Sci-Tech Innovation Index ETF (589680) rose by 0.76%, marking its fifth consecutive increase, indicating a strong performance in the AI industry chain [2] - The top ten weighted stocks in the Sci-Tech Innovation Board Composite Index as of March 31, 2025, include Haiguang Information (688041) and Cambrian (688256), collectively accounting for 22.34% of the index [3] Group 2 - The AI industry chain is experiencing breakthroughs, with expectations for major product releases from companies like Alibaba and Tencent around May to June [2] - The Chinese government is likely to enhance policy support and funding for the technology sector, particularly in AI, as part of its strategy to counterbalance the U.S. in the ongoing trade disputes [2]

Core Viewpoint - The article discusses the recent performance of the STAR Market Composite Index and highlights the impact of U.S.-China trade policies on the pharmaceutical sector, suggesting potential investment opportunities in innovation, overseas markets, equipment upgrades, and consumer recovery [3][4]. Group 1: Market Performance - As of April 14, 2025, the STAR Market Composite Index rose by 1.13%, with notable increases in stocks such as Yuyuan Pharmaceutical (up 19.99%) and Kexing Pharmaceutical (up 17.23%) [3]. - The STAR Market ETF (Hua Xia) also saw a rise of 1.19%, marking its fifth consecutive increase, with a latest price of 0.94 yuan [3]. - The trading volume for the STAR Market ETF was active, with a turnover rate of 23.24% and a transaction value of 197 million yuan [3]. Group 2: Trade Policy Impact - Following the U.S. government's announcement of a 34% tariff on Chinese goods on April 2, 2025, both countries adjusted their bilateral trade tariffs to 125% as of April 11, 2025 [3]. - The frequent adjustments in tariff policies are expected to disrupt U.S.-China pharmaceutical trade, but companies primarily exporting to markets outside the U.S. may be less affected [3]. - The increased tariffs on U.S. goods could accelerate the import substitution process for high-market-share biopharmaceutical products in China [3]. Group 3: Investment Themes - The report suggests focusing on "innovation," "overseas expansion," "equipment upgrades," and "consumer recovery" as key investment themes [4]. - The "innovation" theme emphasizes investing in globally competitive innovative drugs and promising categories with significant market potential [4]. - The "overseas expansion" theme indicates that there are long-term opportunities in overseas markets [4]. - The "equipment upgrades" theme anticipates increased support for medical equipment updates from central and local government financing [4]. - The "consumer recovery" theme highlights potential rebounds in sectors like ophthalmology, dentistry, and medical aesthetics due to consumer stimulus policies [4]. Group 4: ETF Performance and Metrics - The STAR Market ETF (Hua Xia) has reached a new high in scale at 839 million yuan and a new high in shares at 908 million [4]. - Recent net inflows into the ETF totaled approximately 22.08 million yuan, with a total of 57.84 million yuan net inflow over the past five trading days [4]. - The ETF's management fee is 0.15%, and the custody fee is 0.05%, which are among the lowest in comparable funds [5]. - The tracking error for the ETF over the past month is 0.010%, indicating high tracking precision compared to similar funds [5]. Group 5: Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the STAR Market Composite Index is 129.12, which is at a historical low, being in the 19.67th percentile over the past year [6]. - The top ten weighted stocks in the STAR Market Composite Index account for 22.34% of the index, with companies like Haiguang Information and Cambricon Technologies among the leaders [6].

4月8日，路德环境(688156)股价强势涨停，收盘报14.39元/股，涨幅达20%，日振幅值达19.27%，日换 手率9.57%，成交额1.34亿元，总市值升至14.49亿元。 为把握政策机遇，路德环境加速布局产能，先后建成投产了5个白酒糟生物发酵饲料工厂，包括古蔺路 德、金沙路德、亳州路德、遵义路德、永乐路德。目前公司白酒糟生物发酵饲料业务总产能达到52万 吨。 针对市场波动，路德环境相关负责人向证券时报记者表示，近期美国政府加征"对等关税"政策可能推高 大豆远期价格，而公司研发的白酒糟生物发酵饲料产品可有效替代豆粕和玉米，既符合国家节粮政策导 向，又为粮食安全提供保障。 2024年12月，路德环境连续发布公告，遵义路德引入湖北农发饲料有限公司作为战略股东，农发饲料将 以现金方式向遵义路德增资并签订长期生物发酵饲料大额采购订单；金沙路德引入贵州省生态环保发展 股权投资基金3200万元增资，进一步加码产能建设。 当日，沪深交易所公布的龙虎榜数据显示，路德环境因单日涨幅超过15%上榜，总买入额3861.10万 元，总卖出额3128.28万元，总净买732.82万元。 路德环境相关负责人表示，随着项目的陆续建成 ...

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：2025-003 路德生物环保科技股份有限公司 关于合伙企业变更执行事务合伙人暨持股 5%以上股 东权益变动的提示性公告 一、信息披露义务人基本情况 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。 重要内容提示： 本次权益变动系路德生物环保科技股份有限公司（以下简称"公司"） 实际控制人与部分一致行动人解除一致行动关系，不涉及各方实际持股数量的增 减，亦不触及要约收购。 季光明先生为公司控股股东、实际控制人，白彩群女士为季光明先生之 妻妹。本次权益变动前，季光明先生担任武汉德天众享企业管理合伙企业（有限 合伙）（以下简称"德天众享"）的执行事务合伙人，季光明先生、白彩群女士 及德天众享构成一致行动关系，合计持有公司 29,968,730 股，占公司总股本的 比例为 29.76%。 鉴于德天众享的执行事务合伙人已由季光明先生变更为周雨林先生，德 天众享与公司实际控制人的一致行动关系解除。本次权益变动后，季光明先生、 白彩群女士为一致行动人，合 ...

Financial Performance - The total operating revenue for the reporting period was RMB 282.10 million, a decrease of 19.65% compared to the same period last year[3] - The net profit attributable to the parent company was -RMB 56.93 million, a decline of 311.10% year-on-year[3] - The basic earnings per share fell to -RMB 0.57, a decrease of 303.57% compared to the previous year[3] - The net profit attributable to the parent company after deducting non-recurring gains and losses was -RMB 59.83 million, a decline of 392.36% year-on-year[3] Assets and Equity - The total assets at the end of the reporting period were RMB 1,732.48 million, an increase of 9% from the beginning of the period[5] - The equity attributable to the parent company decreased by 7.01% to RMB 833.99 million[5] Business Operations - The company adjusted its business structure, leading to a significant decline in revenue from inorganic solid waste treatment services due to not undertaking new environmental projects[6] - The company experienced an increase in research and development, sales, management, and financial expenses due to capacity expansion in the white wine residue fermentation feed business[6] Profitability and Margins - The gross profit margin decreased due to falling prices of feed raw materials and overall adjustments in the livestock industry[5] - The company reported an increase in credit impairment losses and asset impairment losses compared to the previous year[8]

Financial Performance Expectations - The company expects a net loss attributable to shareholders of the parent company for 2024 to be between -58 million and -39 million CNY, compared to a net profit of 26.97 million CNY in the same period last year [2]. - The projected operating revenue for 2024 is estimated to be between 265 million and 305 million CNY, down from 351.08 million CNY in the previous year [2][3]. - The company anticipates a net profit attributable to shareholders after deducting non-recurring gains and losses to be between -60 million and -40 million CNY for 2024 [2]. Revenue and Profit Decline Factors - The decline in revenue and profit is attributed to a significant decrease in the inorganic solid waste treatment service business due to macroeconomic factors and strategic adjustments [3]. - The company has experienced an increase in credit impairment losses due to longer aging of receivables from inorganic solid waste treatment projects [5]. - The gross margin for the company's biogas fermentation feed business is expected to decline compared to 2023 due to price adjustments in response to falling raw material costs [5]. - The company has incurred higher operational costs due to depreciation and amortization from newly established factories and increased management and sales expenses [5]. Financial Data and Risk Awareness - The financial data provided is preliminary and subject to final audit, with the company communicating with its auditing firm regarding the performance forecast [6][7]. - The company emphasizes the importance of investor awareness regarding potential risks associated with the preliminary financial data [7].

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：2024-061 路德生物环保科技股份有限公司 关于全资子公司增资扩股引入投资者的公告 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。 本次增资完毕后，金沙路德注册资本增加至 11,200 万元，贵州生态基金持有金沙 路德 28.57%股权，公司持有金沙路德 71.43%股权，金沙路德仍为公司合并报表范围内控股 子公司。 本次交易不构成中国证监会《上市公司重大资产重组管理办法》规定的重大资产重 组。 是否需要提交股东大会审议：否 对上市公司的影响：贵州生态基金是立足贵州新发展阶段特征，推进深化供给侧结 构性改革，加快补齐发展短板，推动产业转型升级和经济提质增效设立的绿色生态环保类基 金。金沙路德引入贵州生态基金有利于改善金沙路德整体资产负债结构，降低资产负债率， 有助于补充营运资金，满足其业务发展需要，符合其长期发展战略规划。 风险提示：本次拟签署的增资扩股相关协议中所提及的业绩约定系应对各种特殊情 况的预设条件，不构成具体承诺，不会影响本 ...

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：2024-062 路德生物环保科技股份有限公司 第四届董事会第二十二次会议决议公告 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。 二、董事会会议审议情况 参会董事审议并以投票表决方式通过了下列议案： 一、董事会会议召开情况 路德生物环保科技股份有限公司（以下简称"公司"）第四届董事会第二十二次会议于 2024年12月 26日在公司会议室以现场与通讯表决相结合的方式召开，本次会议通知已于 2024 年 12 月 24 日以电子邮件的方式发出，经公司全体董事一致同意，豁免本次董事会会议提前通 知时限的要求。本次会议应出席董事 7 名，实到 7 名，本次会议由董事长季光明先生主持。会 议的召集、召开和表决情况符合《中华人民共和国公司法》（以下简称"《公司法》"）等有 关法律、法规及《路德生物环保科技股份有限公司章程》（以下简称"公司章程"）的规定， 形成的决议合法、有效。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 特此公告。 路德生 ...

重要内容提示： 路德生物环保科技股份有限公司（以下简称"公司"）全资子公司路德生物环保技 术（遵义）有限公司（以下简称"遵义路德"）拟实施增资扩股，湖北农发饲料有限公司（以 下简称"农发饲料"）拟出资 2,000 万元人民币计入注册资本，公司就本次增资事项放弃优 先认购权。增资完毕后，遵义路德注册资本增加至 8,000 万元，农发饲料持有遵义路德 25% 股权，遵义路德为公司合并报表范围内控股子公司。 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：2024-057 路德生物环保科技股份有限公司 关于全资子公司增资扩股暨增资后新增关联方及新 增 2024 年度日常关联交易预计的公告 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。 本次增资扩股实施完毕后，农发饲料为遵义路德重要少数股东，根据《上海证券交 易所科创板股票上市规则》等相关规定，公司认定其为公司关联方，公司及公司合并报表范 围内子公司向其销售产品构成日常关联交易。 本次交易不构成中国证监会《上市公司重大资产重组管理办法》规定的重 ...