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]

Core Viewpoint - Longkun Technology (301305.SZ) reported a revenue of 532 million yuan for Q3 2025, reflecting an 8.31% year-on-year growth, while the total revenue for the first three quarters reached 1.386 billion yuan, showing a slight increase of 0.17% year-on-year [1] Financial Performance - Q3 net profit attributable to shareholders was 102 million yuan, a significant increase of 39.55% year-on-year, with a cumulative net profit of 249 million yuan for the first three quarters, representing a year-on-year growth of 28.89% [1] - The net cash flow from operating activities was 367 million yuan, marking a 5.8% year-on-year increase [1] Asset Impairment and Credit Losses - The company prudently recognized asset impairment and credit losses totaling 24.8868 million yuan, which will reduce the total profit for the first three quarters of 2025 by the same amount. This includes credit losses of 10.2632 million yuan and asset impairment losses of 14.6237 million yuan [1] Shareholder Reduction - Seven shareholders with a concerted action relationship, including Huadi Guangda and Qiandeng Huadi, reduced their holdings by a total of 2.1137 million shares between July 16 and October 15, accounting for 0.8762% of the company's total share capital, with an average reduction price ranging from 20.49 yuan to 22.53 yuan, amounting to approximately 45.34 million yuan. Post-reduction, their holdings decreased to 10.5176 million shares, representing 4.36% of the total, officially exiting the list of shareholders holding more than 5% [1]

Core Viewpoint - Longkun Technology (301305.SZ) reported strong financial performance for Q3 2025, with significant year-on-year growth in both revenue and net profit, driven primarily by the sustainable aviation fuel (SAF) market and rising prices of used cooking oil (UCO) [1][2][3] Financial Performance - For the first three quarters of 2025, Longkun Technology achieved a revenue of 1.39 billion yuan, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 250 million yuan, up 28.9% [1] - In Q3 2025, the company reported a revenue of 530 million yuan, reflecting an 8.3% year-on-year growth, and a net profit of 100 million yuan, which is a 39.6% increase compared to the same period last year [1] - The company's Q3 performance set historical highs for both quarterly and year-to-date results, significantly exceeding market expectations [1] Market Dynamics - The demand for SAF has surged due to regulatory policies mandating blending of aviation fuel in various countries, leading to increased competition for raw materials [2] - As of October 2025, the price of UCO abroad reached $1,116 per ton, a 12% increase since the beginning of the year, while domestic prices for waste cooking oil have risen to 6,850 yuan per ton, a 19% increase [2] Business Operations - Longkun Technology is a key player in the UCO market, leveraging its comprehensive waste oil collection and processing system to enhance profitability [3][4] - Approximately 55% of the company's revenue and 52% of its gross profit in the first half of 2025 came from bioenergy products, with rising UCO prices positively impacting profit margins [3] - The company operates 35 biomass resource regeneration projects, with 21 already in operation, and holds the leading market share in major cities like Beijing, Shenzhen, and Guangzhou [4] Strategic Initiatives - In 2023, Longkun Technology initiated a significant strategic transformation towards biotechnology, focusing on synthetic biological manufacturing [5] - The company’s subsidiary, Longjian Biotechnology, has received approval for its human milk oligosaccharides (HMOs) product, positioning it as the first domestic enterprise to achieve this milestone [5] - The HMO project is expected to scale production by 2026, tapping into the growing market for high-value nutritional components as consumer awareness of "precision nutrition" increases [5]

Core Viewpoint - The A-share market is expected to experience structural differentiation and overall pressure in Q3 performance due to weak demand recovery, with the sustainable aviation fuel (SAF) industry chain showing significant growth, highlighted by the performance of companies like Langkun Technology [1] Group 1: Financial Performance - Langkun Technology reported a revenue of 1.386 billion yuan for the first three quarters of 2025, a year-on-year increase of 0.17%, and a net profit attributable to shareholders of 249 million yuan, up 28.89% [1] - In Q3 alone, the company achieved a revenue of 532 million yuan, representing an 8.31% year-on-year growth, with a net profit of 102 million yuan, up 39.55% [1] - The main driver for the growth in Q3 was the enhanced profitability of the biomass resource regeneration business [1] Group 2: Competitive Advantages - Langkun Technology possesses strong supply chain competitive advantages by securing government contracts for kitchen waste disposal, leading to lower production costs for oils and higher profit margins for processed products [2] - The company holds the largest market share in first-tier cities for kitchen waste disposal BOT projects, with five large-scale projects capable of processing over 1,000 tons per day [2] - A collaboration with the Beijing Tongzhou Urban Management Committee to build a biomass resource regeneration center reflects the company's strong technical capabilities and market recognition [2] Group 3: New Business Developments - The synthetic biology manufacturing business, particularly the development of human milk oligosaccharides (HMOs), has shown significant progress and is expected to become a new growth engine for the company [2] - The market for HMOs in China is projected to reach approximately 675.8 billion yuan, with potential for further growth driven by increasing health awareness and consumption [2] Group 4: Corporate Actions and Market Position - Langkun Technology established a wholly-owned subsidiary, Langjian Bio, to focus on the R&D, production, and sales of HMOs, with its lactose-N-neotetraose (LNnT) product recently approved by the National Health Commission [3] - The company has distributed a total cash dividend of 121 million yuan since its listing, with a cumulative payout ratio of 57% [3] - Actions such as share buybacks, increasing performance targets for stock incentives, and shareholding increases by the controlling shareholder demonstrate confidence in future growth [3][4]

Core Viewpoint - The company reported a significant increase in net profit for Q3 2025, driven by strong demand and rising prices for its core product, waste cooking oil, which is a key raw material for sustainable aviation fuel (SAF) [2][3] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 1.386 billion yuan, a slight increase of 0.17% year-on-year; net profit attributable to shareholders was 249 million yuan, representing a year-on-year growth of 28.89% [1] - In Q3 alone, the net profit increased by 39.55% year-on-year, indicating a strong quarterly performance [2] - The company's operating cash flow remained robust, with a net amount of 367 million yuan for the first three quarters, up 5.80% year-on-year [2] Business Development - The company's biomass resource regeneration business is a core driver of its performance growth, benefiting from the upcoming mandatory blending ratio policy for SAF in Europe, which is expected to boost demand and prices for used cooking oil (UCO) [3] - The company has secured long-term stable rights for kitchen waste treatment through a BOT model, ensuring a low-cost supply of raw materials [3] - Currently, the company operates 35 biomass resource regeneration centers, with 21 already in operation, including five projects with a daily processing capacity of over 1,000 tons [3] Synthetic Biology Initiatives - The company is actively expanding into synthetic biology, with its human milk oligosaccharides (HMO) product entering the trial production phase [4] - The first phase of the HMO project involves 260 tons and is progressing smoothly, with key products receiving necessary approvals and certifications for market access [4] - The company has established connections with major target customers and is entering the qualification process for leading dairy enterprises, which is expected to generate revenue and profit starting next year [4] Revenue Forecast - The company is projected to achieve operating revenues of 1.901 billion, 2.363 billion, and 2.750 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 6.15%, 24.30%, and 16.38% [4] - Net profit attributable to shareholders is expected to be 300 million, 381 million, and 444 million yuan for the same years, with growth rates of 39.40%, 26.83%, and 16.48% [4] - Based on the closing price on October 24, 2025, the corresponding price-to-earnings ratios (PE) are projected to be 16.75, 13.20, and 11.34, with earnings per share (EPS) of 1.25, 1.58, and 1.84 yuan [4]