Core Viewpoint - The approval of two new types of human milk oligosaccharides as nutritional fortifiers by the National Health Commission in October 2023 presents a significant opportunity for the company to expand its product applications in the infant nutrition sector [1] Group 1: Product Development - The National Health Commission has approved 2'-FL and LNnT as new nutritional fortifiers, which can be used in infant formula and other children's milk powder products [1] - The company is currently applying for the expansion of the application range of human milk oligosaccharides to include various beverages and health foods [1]

Core Viewpoint - The company is actively positioning itself in the synthetic biology manufacturing industry, achieving domestic leadership in the industrialization of human milk oligosaccharides, specifically LNT and LNnT [1] Group 1 - Since 2025, the company has made significant progress in key areas such as research and development, production operations, quality system construction, regulatory submissions, and strain optimization for human milk oligosaccharide products [1] - The company's production base in Zhuhai has recently completed factory inspections for several domestic dairy enterprises [1]

Core Viewpoint - Longkun Technology (301305.SZ) has received approval from the National Health Commission for two new varieties of human milk oligosaccharides as nutritional fortifiers, which can be used in infant formula and other products [1] Group 1: Product Development - The approved human milk oligosaccharides, 2'-FL and LNnT, are specifically applicable to infant formula and baby food products [1] - The company is currently applying to the National Health Commission to expand the application range of human milk oligosaccharides to include various beverages and health foods [1]

Group 1: Company Overview and Financial Performance - The company achieved a revenue of 1.386 billion yuan in the first three quarters of 2025, a year-on-year increase of 0.17% [3] - Net profit attributable to shareholders reached 249 million yuan, reflecting a significant year-on-year growth of 28.89% [3] - In Q3 2025, revenue was 532 million yuan, showing a year-on-year growth of 8.31%, while net profit was 102 million yuan, up 39.55% year-on-year [3] Group 2: Business Strategies and Technological Advantages - The increase in performance is attributed to improved gross margins due to effective cost control measures and rising UCO prices [3] - The company utilizes core biological enzyme technology for large-scale production of bioenergy, achieving higher conversion rates without harmful chemicals [4] - The anaerobic microorganism technology enhances waste degradation efficiency and gas production, contributing to increased operational profits [4] - AI technology is applied in waste collection to improve operational efficiency and data tracking [4] Group 3: Market Position and Product Development - The company has adjusted its sales strategy for bioenergy products in response to rising SAF and UCO prices, focusing on direct sales of UCO [5] - The company is actively developing synthetic biology manufacturing, achieving commercialization of specific human milk oligosaccharides (HMOs) [7] - The company has a competitive edge in the HMO market due to advanced approval processes, high product purity, and optimized production techniques [7] - Recent approvals from the National Health Commission for two types of HMOs expand their application in infant formula and other products [7]

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, highlighting potential growth opportunities in renewable energy and natural gas consumption [4][8]. Core Insights - The green certificate market is experiencing a significant increase in both volume and price, with a 210% rise in average trading prices in Q3 compared to Q1. The total issuance of green power certificates reached 2.29 billion in September 2025, with 1.58 billion being tradable [7][8]. - Global natural gas prices are fluctuating, with the U.S. Henry Hub spot price reaching a six-month high of $3.57/mmBtu, while European prices are showing mixed trends [9][11]. - The report anticipates an increase in natural gas consumption in Q4 2025 due to low base effects and expected higher heating demand from a potential La Niña phenomenon [30][31]. Summary by Sections Electricity - The average trading price of green certificates increased by 210% in Q3 compared to Q1. The issuance of green certificates reached 2.29 billion in September 2025, with 1.58 billion being tradable, indicating a robust market growth [7][8]. - The report emphasizes the need for further development of the green certificate market and the introduction of regulations to enhance renewable energy consumption [4][7]. Natural Gas - As of October 31, 2025, the U.S. Henry Hub spot price was $3.57/mmBtu, marking an 11.16% increase week-on-week. In contrast, European gas prices showed a decline, with the TTF spot price at €30.35/MWh, down 5.42% [9][10]. - The report notes a decrease in China's apparent natural gas consumption in September 2025, but anticipates a rebound in Q4 2025 due to low base effects and increased heating demand [30][31]. - The LNG national ex-factory price in China rose to 4407 yuan/ton, reflecting a 3.11% increase week-on-week, driven by rising demand ahead of the heating season [28][30]. Investment Recommendations - The report recommends several companies based on their performance and market conditions: - Hydropower: Focus on Guotou Power, Chuan Investment Energy, and Yangtze Power due to favorable hydrological conditions [8]. - Green Power: Attention to New Energy, Funiu Co., Longyuan Power, and China Resources Power for their stable returns [8]. - Nuclear Power: Recommendations for China Nuclear Power and China General Nuclear Power due to ongoing approvals for new units [8]. - Thermal Power: Companies like Guodian Power and Huadian International are highlighted for improved profitability due to falling coal prices [8]. - Gas Power: Recommendations for Guangzhou Development and Shenzhen Energy based on expected stability in profitability [8].

Investment Rating - The report maintains a "Buy" rating for various sectors including hydropower, green electricity, nuclear power, thermal power, and gas power [4][9][44]. Core Insights - The green certificate market is experiencing a significant increase in both volume and price, with a 210% rise in average trading price in Q3 compared to Q1 [8]. - Global natural gas prices are fluctuating, with the US Henry Hub spot price reaching a near six-month high of $3.57/mmBtu, while European prices are showing mixed trends [11][12]. - The report anticipates a potential increase in gas consumption growth in Q4 2025 due to low base effects and high demand expectations, despite a 1.6% year-on-year decline in September gas consumption [32][33]. Summary by Sections 1. Electricity - In September 2025, 229 million green electricity certificates were issued, with 68.86% being tradable [4][8]. - The report highlights the improvement in market mechanisms and the growing demand for renewable energy consumption [8]. 2. Natural Gas - As of October 31, 2025, the US Henry Hub spot price increased by 11.16% week-on-week, while European prices showed a decline [11][12]. - The report notes a 1.6% year-on-year decrease in national gas consumption in September, with expectations for growth in Q4 2025 due to favorable weather conditions [32][33]. 3. Investment Recommendations - Recommendations include hydropower companies such as Guotou Power and Chuanwei Energy, green electricity firms like Xintian Green Energy and Longyuan Power, and gas companies including Kunlun Energy and New Hope Energy [9][44]. - The report emphasizes the potential for improved profitability in the gas sector due to declining costs and rising demand [33][44].

招商证券股份有限公司 关于深圳市朗坤科技股份有限公司 2025 年度持续督导培训的报告 深圳证券交易所： 招商证券股份有限公司（以下简称"保荐机构"）作为深圳市朗坤科技股份 有限公司（以下简称"朗坤科技"、"公司"）首次公开发行股票并在创业板 上市的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所 上市公司自律监管指引第 13 号——保荐业务》等相关规定，对朗坤科技相关人 员进行了 2025 年度持续督导培训并报告如下： 一、培训时间 朗坤科技实际控制人及董事、高级管理人员与部分中层管理人员。对于通 过线上视频接入方式参加培训的人员，保荐机构要求公司董事会秘书督促其认 真学习培训内容。 2025 年 10 月 23 日。 四、培训内容 二、培训地点 三、参加培训人员 深圳市朗坤科技股份有限公司（深圳市龙岗区坪地街道高桥社区坪桥路 2 号）。 根据《公司法》《证券法》《上市公司信息披露管理办法》、《深圳证券 交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》和《深圳证券交易所上市公司自律监管指引 第 13 号——保荐业务》等规则要求，保荐机构对上市 ...

Core Viewpoint - Langkun Technology, established in 2001 and listed on the Shenzhen Stock Exchange in May 2023, specializes in organic solid waste and municipal solid waste treatment and resource utilization, showcasing certain technological advantages [1] Group 1: Business Performance - For Q3 2025, Langkun Technology reported revenue of 1.386 billion yuan, ranking 20th among 35 peers, with the industry leader Zhejiang Fuhua Holdings at 16.155 billion yuan [2] - The main business composition includes biomass energy at 474 million yuan (55.44%), operational services at 314 million yuan (36.69%), engineering construction at 64.46 million yuan (7.54%), and others at 2.864 million yuan (0.34%) [2] - The net profit for the same period was 257 million yuan, ranking 16th in the industry, with the top performer, Weiming Environmental, at 2.238 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Langkun Technology's debt-to-asset ratio was 36.76%, down from 38.72% year-on-year and below the industry average of 50.06%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 34.25%, up from 31.30% year-on-year and higher than the industry average of 25.02%, reflecting robust profitability [3] Group 3: Executive Compensation - The chairman and general manager, Chen Jianxiang, received a salary of 1.5511 million yuan in 2024, a slight increase from 1.5451 million yuan in 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 10.28% to 19,100, while the average number of circulating A-shares held per account increased by 11.46% to 6,492.78 [5]

Group 1 - The core viewpoint of the news is that Langkun Technology's stock performance and financial metrics indicate a stable yet cautious investment environment, with significant financing activities and a slight increase in revenue and profit [1][2]. Group 2 - On October 30, Langkun Technology's stock fell by 1.24%, with a trading volume of 91.12 million yuan. The financing buy-in amount was 10.59 million yuan, while the financing repayment was 9.06 million yuan, resulting in a net financing buy of 1.53 million yuan. The total financing and securities balance reached 124 million yuan [1]. - The financing balance of Langkun Technology is 124 million yuan, accounting for 4.44% of its circulating market value, which is above the 80th percentile level over the past year, indicating a high level of financing [1]. - As of September 30, the number of shareholders of Langkun Technology was 19,100, a decrease of 10.28% from the previous period, while the average circulating shares per person increased by 11.46% to 6,492 shares [2]. - For the period from January to September 2025, Langkun Technology achieved an operating income of 1.386 billion yuan, a year-on-year increase of 0.17%, and a net profit attributable to the parent company of 249 million yuan, reflecting a year-on-year growth of 28.89% [2]. - Since its A-share listing, Langkun Technology has distributed a total of 121 million yuan in dividends [3].

Group 1 - The company holds a 2% stake in the Shenzhen Biomanufacturing Industry Innovation Center, which is the only national-level synthetic biology industry innovation center approved by the National Development and Reform Commission [2] - The company's core business focuses on two main areas: synthetic biological manufacturing and biomass resource regeneration, with synthetic biology being the strategic focus [2]