路德环境: 关于2024年年度报告的信息披露监管问询函的回复公告

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on the performance of its white wine residue fermentation feed business and inorganic solid waste treatment services, highlighting significant changes in sales, costs, and market conditions [1][16]. Summary by Category Business Performance - The white wine residue fermentation feed business achieved sales of 112,590.95 tons in 2024, a year-on-year increase of 20.74%, with sales revenue reaching 216.85 million yuan, up 10.19% from the previous year [1][10]. - The sales price per ton decreased by 184.39 yuan, or 8.74%, while the unit cost increased by 20.09 yuan, or 1.36%, leading to a decline in gross margin from 29.80% to 22.04%, a drop of 7.76 percentage points [1][10][11]. Cost Analysis - The manufacturing costs for the white wine residue fermentation feed accounted for 40.96% of total costs, an increase of 16.85 percentage points compared to the previous year [10][11]. - The increase in manufacturing costs was primarily due to higher transportation costs, which rose by 41.07 yuan per ton, and depreciation expenses, which increased by 28.65 yuan per ton, attributed to new production facilities coming online [2][13]. Market Conditions - The overall feed production in 2024 showed a decline, with total feed production down 2.15% year-on-year, reflecting reduced demand in the livestock sector [7][8]. - The prices of major feed raw materials, such as soybean meal and corn, have significantly decreased, with soybean meal prices dropping by 41.69% from their peak in 2023, impacting the pricing strategy of the company's products [6][9]. Inorganic Solid Waste Treatment Services - The inorganic solid waste treatment services reported a revenue of 41.19 million yuan, a significant decline of 71.52% year-on-year, primarily due to the company's decision to forgo projects with long payment cycles [16][17]. - The river and lake sludge treatment service experienced an 88.41% drop in revenue, with a negative gross margin of -8.55%, while the engineering mud treatment service also reported a negative gross margin of -15.31% [16][17]. Competitive Position - The company maintains a competitive edge in the white wine residue fermentation feed market, with its products showing superior technical indicators compared to competitors, despite the overall market price decline [9][10]. - The company continues to explore new projects in the river and lake sludge treatment sector, indicating a long-term growth potential despite current challenges [18][19].