路德环境: 国投证券股份有限公司关于路德生物环保科技股份有限公司2024年年度报告的信息披露监管问询函回复的核查意见

Core Viewpoint - The company has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on the performance of its white wine residue biological fermentation feed business and the significant decline in its gross profit margin [1] Group 1: Business Performance - The white wine residue biological fermentation feed business achieved a sales volume of 112,590.95 tons in 2024, a year-on-year increase of 20.74% [2][10] - Sales revenue for this business reached 216.85 million yuan, up 10.19% from the previous year [2][11] - The average sales price decreased by 8.74% to 1,925.97 yuan per ton, while unit costs increased by 1.36% to 1,501.58 yuan per ton [2][5] Group 2: Cost Analysis - The manufacturing costs for the white wine residue biological fermentation feed accounted for 40.96% of total costs, an increase of 16.85 percentage points year-on-year [10][12] - Direct material costs decreased by 7.12% to 637.04 yuan per ton, while direct labor costs increased by 7.11% to 86.28 yuan per ton [3][12] - Manufacturing expenses rose by 8.84% to 778.26 yuan per ton, primarily due to increased transportation costs and depreciation expenses [3][14] Group 3: Market Conditions - The overall feed production in 2024 saw a decline of 2.15% compared to 2023, with specific categories like ruminant feed experiencing a significant drop of 13.29% [8][9] - The prices of traditional feed ingredients such as soybean meal and corn have decreased significantly, impacting the pricing strategy for the company's products [6][10] - The company’s products have competitive advantages in terms of functional technical indicators compared to similar products in the market [10][15] Group 4: Strategic Decisions - The company has chosen to selectively undertake inorganic solid waste treatment services, resulting in a significant drop in revenue for this segment, down 71.52% year-on-year [15][17] - The decision to forgo projects with long payment expectations reflects a strategic shift to mitigate financial risks [15][18] - The company continues to explore opportunities in the inorganic waste treatment sector, indicating a long-term commitment to this business despite current challenges [18][19]