Group 1 - The core point of the article highlights the significant management shake-up at Luyuan Energy, a leading company in the domestic refractory fiber industry, with the dismissal of three key executives, which is a rare occurrence in the A-share market [1] - The company has experienced frequent management changes since last year, with several long-serving executives resigning from their positions, indicating potential instability within the management team [1] - The company also announced a substantial decrease in its expected net profit for the first half of 2025, projecting a profit of approximately 79.22 million to 96.82 million yuan, representing a decline of 53.21% to 61.72% compared to the same period last year [2] Group 2 - The reasons for the executive dismissals were vaguely stated as being based on the company's development needs and various considerations, without further elaboration [1] - The management changes include the departure of several core executives who had been with the company for over a decade, suggesting a potential loss of institutional knowledge and experience [1] - The significant drop in expected earnings raises questions about the company's future performance and its ability to maintain its status as a "cash cow" in the industry [2]

7月28日晚间，国内耐火纤维行业龙头上市公司鲁阳节能（002088）一连发布三位管理层人士解聘公告，分别为分管财务、人力和审计工作的财务负责 人姚永华、副总经理袁怡以及审计部负责人李枫。同时解聘公司三大关键岗位负责人，这在A股市场极为罕见，此消息一出，迅速引发市场热议。接下 来，每经资本眼专栏记者将就该事项展开探究。 三大管理层同日突遭解聘，公司人事巨变持续 根据公司公告，3人被解聘后均不再担任公司及控股子公司任何职务。而根据公司此前相关公告，姚永华和李枫均于2023年10月上任，袁怡则于2024年4 月就职，三人原定任期均将于2026年5月结束。也就是说，三位管理层负责人并非因任期终止而离职，目前距离任期届满还有10个月时间，其中袁怡任 职时长不足本届任期的2/3。对于解聘原因，公告中仅笼统表示，基于公司发展需要并综合考虑各方面因素。每经资本眼专栏记者致电鲁阳节能董秘 办，相关工作人员表示，根据公告，大体情况就是这样的，并未就该问题做进一步说明。 同时，鲁阳节能本次人事变动似乎较为迫切和突然，并未找到相关岗位的继任者，就直接宣布解聘，并表示由公司总裁Brian Eldon Walker代行财务负责 人职责， ...

Core Viewpoint - The sudden dismissal of three key management personnel at Luyang Energy has raised concerns about the company's stability and future performance, especially in light of its declining financial results and ongoing management turmoil [1][2][5]. Management Changes - Luyang Energy announced the dismissal of three key executives, including the financial head, vice president, and audit department head, which is unusual in the A-share market [1][2]. - The dismissed executives had recently joined the company, with their terms set to end in May 2026, indicating that their departure was not due to the completion of their terms [2][3]. - The company has not appointed successors for these roles, and the current president will temporarily assume the financial responsibilities [2][5]. Historical Context - The company has experienced frequent management changes since last year, with several long-term executives resigning for personal reasons, contrasting with the recent forced dismissals [3][4]. - The control shift to foreign shareholders has led to significant changes in the management team, with many new executives having foreign corporate backgrounds [4][5]. Financial Performance - Luyang Energy's financial outlook is concerning, with a projected net profit decline of 53.21% to 61.72% for the first half of 2025 compared to the previous year [6][7]. - The company has faced challenges due to a downturn in the real estate market, leading to reduced demand for its core ceramic fiber products [7][8]. - The introduction of new business lines has not yet significantly contributed to revenue, raising questions about their ability to offset declines in traditional business areas [8][10]. Dividend Strategy - Despite recent financial struggles, Luyang Energy has maintained a high dividend payout strategy, having distributed approximately 27.72 billion yuan since its IPO [10][11]. - The average dividend payout ratio from 2017 to 2024 has been around 76.59%, with a notable high of 117.22% in 2020 [11][12]. - Future dividend distributions will depend on the company's financial performance, with a commitment to distribute at least 20% of the annual distributable profits [14].

山东鲁阳节能材料股份有限公司（以下简称"公司"）董事会于 2025 年 7 月 25 日 召开第十一届董事会第十六次（临时）会议，审议通过了《关于解聘公司副总经理的 议案》，基于公司发展需要并综合考虑各方面因素，经董事会提名委员会审议通过， 董事会同意解聘袁怡女士的副总经理职务，解聘后袁怡女士将不再担任公司及公司控 股子公司任何职务，该事项不会影响公司日常生产经营的正常运行。解聘事项自董事 会审议通过之日起生效，袁怡女士的原定任期为自 2024 年 4 月 3 日起至第十一届董事 会任期届满之日止。 截至本公告披露日，袁怡女士持有公司股票 100,000 股，其中 76,000 股为公司已 授予但未解除限售的限制性股票，公司将根据《2024 年限制性股票激励计划（草案）》 的规定回购注销其所持限制性股票 76,000 股。袁怡女士所持其余公司股份将严格遵守 《上市公司股东减持股份管理暂行办法》《上市公司董事和高级管理人员所持本公司 股份及其变动管理规则》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司 自律监管指引第 18 号——股东及董事、高级管理人员减持股份》等规定进行管理。 特此公告。 山东鲁阳节 ...

山东鲁阳节能材料股份有限公司 关于解聘公司财务负责人及总裁代行财务负责人职责的 公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 山东鲁阳节能材料股份有限公司（以下简称"公司"）董事会于 2025 年 7 月 25 日 召开第十一届董事会第十六次（临时）会议，审议通过了《关于解聘公司财务负责人 的议案》《关于公司总裁代行财务负责人职责的议案》，现将相关情况公告如下： 一、解聘财务负责人的情况 基于公司发展需要并综合考虑各方面因素，经董事会提名委员会审议通过，董事 会同意解聘姚永华女士的财务负责人职务，解聘后姚永华女士将不再担任公司及公司 控股子公司任何职务，该事项不会影响公司日常生产经营的正常运行。解聘事项自董 事会审议通过之日起生效，姚永华女士的原定任期为自 2023 年 10 月 26 日起至第十一 届董事会任期届满之日止。 截至本公告披露日，姚永华女士持有公司股票 100,000 股，其中 76,000 股为公司 已授予但未解除限售的限制性股票，公司将根据《2024 年限制性股票激励计划（草 案）》的规定回购注销其所持限制性股票 76,000 股。姚 ...

证券代码：002088 证券简称：鲁阳节能 公告编号：2025-031 山东鲁阳节能材料股份有限公司 第十一届董事会第十六次（临时）会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 经与会董事认真审议，以投票表决的方式审议通过以下议案： 1、审议通过《关于解聘公司财务负责人的议案》 表决结果：同意 8 票，反对 0 票，弃权 0 票。 基于公司发展需要并综合考虑各方面因素，董事会同意解聘姚永华女士的财务负 责人职务，解聘后姚永华女士将不再担任公司及公司控股子公司任何职务。解聘自本 次董事会审议通过之日起生效。 2、审议通过《关于解聘公司副总经理的议案》 表决结果：同意 8 票，反对 0 票，弃权 0 票。 山东鲁阳节能材料股份有限公司（以下简称"公司"）第十一届董事会第十六次（临 时）会议于 2025 年 7 月 25 日以电子邮件的方式发送全体董事。全体与会董事一致同 意豁免本次会议的通知时限，本次会议于 2025 年 7 月 25 日以视频会议方式召开。会 议由董事长 John Charles Dandolph Iv 先 ...

Overview - The metallurgical industry in China is focusing on energy conservation and emission reduction, aiming to minimize energy consumption and pollutant emissions while ensuring product quality and output [1][9][21] - In 2024, total investment in energy conservation and emission reduction by metallurgical enterprises is projected to decrease to 42 billion yuan, with energy-saving benefits dropping to 13 billion yuan [11] Market Policies - The Chinese government has implemented a series of policies to promote energy conservation and carbon reduction in the metallurgical industry, including action plans and guidelines aimed at reducing energy consumption and carbon emissions [4][6] - Specific targets for comprehensive energy consumption and carbon emission intensity in the steel industry have been established to guide the development of energy conservation and emission reduction efforts [4][6] Industry Chain - The energy conservation and emission reduction industry in metallurgy includes manufacturers of energy-saving equipment, technology providers, and software service providers [7] - The upstream supply chain consists of raw material suppliers, component manufacturers, and research institutions, while the downstream market primarily targets the steel and non-ferrous metal industries [7] Current Development - In 2023, the metallurgical industry consumed 680 million tons of standard coal and emitted 1.98 billion tons of CO2, with significant reductions expected in 2024 due to policy support [9][11] - The environmental cost per ton of steel is approximately 138 yuan, with carbon trading revenues estimated at 3.5 billion yuan [11] Competitive Landscape - Major players in the industry include large metallurgical groups like Baowu Steel and Hebei Iron and Steel, which are leading the development of energy-saving technologies [13][16] - Specialized energy-saving technology companies, such as China Metallurgical Group, focus on specific areas like waste heat recovery and flue gas purification [13][18] Future Trends - The dual carbon goals and related policies will continue to drive the metallurgical industry towards stricter energy consumption and emission standards [21] - The adoption of electric furnace short-process steelmaking technology is expected to increase, gradually shifting the industry away from traditional long-process methods [21]

[2025 Semi-Annual Performance Forecast](index=1&type=section&id=%E5%B1%B1%E4%B8%9C%E9%B2%81%E9%98%B3%E8%8A%82%E8%83%BD%E6%9D%90%E6%96%99%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B82025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A) This report outlines Shandong Luyang Energy-Saving Materials Co., Ltd.'s 2025 semi-annual performance forecast, detailing expected profit declines and contributing factors [Performance Forecast Summary](index=1&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company forecasts a significant year-over-year decline in net profit attributable to shareholders for the first half of 2025, with similar drops in other key profitability metrics Performance Forecast Details | Item | Jan 1 - Jun 30, 2025 (Forecast) | Prior Period | Year-over-Year Change | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | Profit: 79.2172 million yuan — 96.8211 million yuan | Profit: 206.9459 million yuan | Decrease: 53.21% — 61.72% | | **Net Profit After Deducting Non-Recurring Gains and Losses** | Profit: 76.7539 million yuan — 94.3578 million yuan | Profit: 205.6311 million yuan | Decrease: 54.11% — 62.67% | | **Basic Earnings Per Share** | Profit: 0.1511 yuan/share — 0.1847 yuan/share | Profit: 0.4005 yuan/share | - | [Explanation of Performance Change](index=1&type=section&id=%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The company attributes the profit decline to decreased revenue from market competition and project delays, reduced profit margins, and rigid operating costs - The overall decline in the company's profit is primarily due to three factors: * **Revenue**: Operating revenue decreased year-over-year due to market competition and delayed project commencements by some petrochemical clients[4](index=4&type=chunk) * **Profit Margin**: Profit margins declined due to product price pressure and changes in sales structure[4](index=4&type=chunk) * **Costs**: Related operating costs and expenses remained rigid and did not decrease proportionally[4](index=4&type=chunk) [Other Explanations](index=1&type=section&id=%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E) Management clarifies that the forecast data is preliminary and unaudited, with no disagreements found during pre-communication with the auditing firm, advising investor caution - The financial data in this performance forecast is a preliminary estimate by the company's finance department and has not been audited by an accounting firm[3](index=3&type=chunk)[5](index=5&type=chunk) - The company has pre-communicated with the annual report auditing accounting firm regarding the performance forecast, and there are no disagreements[3](index=3&type=chunk) - The company advises investors that specific financial data will be based on the officially disclosed 2025 semi-annual report, urging cautious decision-making and awareness of investment risks[5](index=5&type=chunk)

证券代码：002088 证券简称：鲁阳节能 公告编号：2025-029 山东鲁阳节能材料股份有限公司 关于变更公司经理及法定代表人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 山东鲁阳节能材料股份有限公司（以下简称"公司"）于2025年7月2日以书面传签 方式召开第十一届董事会第十五次（临时）会议并于2025年7月3日形成会议决议，审议 通过了《关于变更公司经理及法定代表人的议案》。现将相关事项公告如下： 因公司经营管理需要，董事会对部分高级管理人员进行调整，Brian Eldon Walker 先生不再担任公司经理职务。Brian Eldon Walker先生卸任经理职务后将继续担任公司 总裁、董事、董事会战略委员会及薪酬与考核委员会委员职务。 根据《山东鲁阳节能材料股份有限公司章程》之规定，公司经理为公司的法定代表 人，崔子娆女士将同时担任公司法定代表人。崔子娆女士担任公司经理职务后，不再担 任公司副经理职务，将继续担任公司董事会秘书职务。 特此公告。 山东鲁阳节能材料股份有限公司董事会 二〇二五年七月五日 附件：崔子娆女士简历 崔子娆，女，中国 ...

山东鲁阳节能材料股份有限公司 证券代码：002088 证券简称：鲁阳节能 公告编号：2025-028 因公司经营管理需要，董事会对部分高级管理人员进行调整，Brian Eldon Walker 先生不再担任公司经理职务。董事会聘任崔子娆女士为公司经理，任期自本次董事会 审议通过之日起至第十一届董事会任期届满之日止。根据《山东鲁阳节能材料股份有 限公司章程》之规定，公司经理为公司的法定代表人，崔子娆女士将同时担任公司法 定代表人。崔子娆女士担任公司经理职务后，不再担任公司副经理职务，将继续担任 公司董事会秘书职务。 本议案已经公司董事会提名委员会审议通过。 第十一届董事会第十五次（临时）会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 山东鲁阳节能材料股份有限公司（以下简称"公司"）第十一届董事会第十五次 （临时）会议通知于 2025 年 6 月 30 日以电子邮件的方式发送全体董事，本次会议于 2025 年 7 月 2 日以书面传签的方式召开，并于 2025 年 7 月 3 日形成会议决议。会议应 参与表决董事 8 人，实际 ...