Core Viewpoint - The company, Lude Environment, focuses on the resource utilization of brewing by-products through synthetic biology, aiming to expand its applications into food ingredients, bio-based materials, and cosmetics by 2025 [1][5]. Group 1: Company Overview - Lude Environment was established in 2006 and utilizes synthetic biology as a foundational technology, focusing on brewing by-products as a substrate for microbial production [3]. - The company has developed a comprehensive biomanufacturing technology chain, including strain selection, fermentation control, and product enrichment, positioning itself as a leader in industrial applications [3]. Group 2: Current Projects and Achievements - As of the end of 2024, Lude Environment has five operational factories with an annual production capacity of 470,000 tons, and plans to increase total capacity to 700,000 tons [4]. - The company has made significant progress in its research project on producing gamma-aminobutyric acid (GABA) from brewing waste, achieving a 200L fermentation pilot scale and publishing two SCI papers [1][4]. Group 3: Future Development Plans - Lude Environment plans to establish a "synthetic biology pilot platform" by 2025, focusing on next-generation core technology reserves through independent research and industry-academia collaboration [5]. - The company aims to enhance its R&D efforts to introduce new high-value bioactive molecules and diversify its business into new application areas such as bio-materials, cosmetics, and health foods [5].

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]

事件：公司发布2024 年年度报告及2025 年第一季度报告。24 年全年公司实现营收2.78 亿元，同 比-20.92%； 实现归母净利润-0.57 亿元，同比-309.69%；扣非归母净利润-0.6 亿元，同比-391.60%。 25Q1 公司实现营收0.63 亿元，同比-7.18%；归母净利润125 万元，同比-77.89%；扣非归母净利润72 万 元，同比-85.75%。 依托国资平台在区域内广泛的资源网络与强大影响力，子公司深入挖掘本地及周边市场潜力，积极拓展 与大型养殖集团的合作，进一步筑牢核心主业根基。 投资建议：随着酒糟发酵饲料业务持续扩产，公司调整销售策略并加强产品迭代升级，未来饲料产销有 望保持较快增长，同时公司探索战投模式引入国资减轻资金压力；连云港碱渣治理项目若顺利运营，预 计将贡献主要无机固废处理业务增量收益。我们预计25-27 年公司营收分别为3.9、5.3、7.2 亿元，EPS 分别为0.01、0.27、0.60 元，当前股价对应26-27 年估值分别为59、26 倍，维持"增持"评级。 风险提示：行业竞争加剧、项目扩产进度不及预期、下游需求不及预期、研发风险、盈利能力下降风 险 ...

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]