证券代码：300948 证券简称：冠中生态 债券代码：123207 债券简称：冠中转债 青岛冠中生态股份有限公司 投资者关系活动记录表 编号：2025-002 年公司的经营预算目标为实现利润总额 0-500 万元，较上年度增长 100%-110%。公司资金链平稳正常，截至 2025 年一季度末，公司货币 资金及各项在手理财产品余额为 3.59 亿元。目前公司部分项目受益于 专项债或专项扶持资金的预算安排，回款进度明显加快，但整体影响 不是太明显。公司会持续跟进各项目所在地的化债政策和实施方案， 积极推动涉及项目通过化债方式回款。公司将继续聚焦主业，坚持全 产业链的经营模式，提升公司在生态修复领域的竞争力，提高公司整 体盈利能力；注重投资者长期持续回报，适时采用增加现金分红金额、 股份回购等方式回馈投资者。感谢您的关注。 Q5：公司之后的盈利有什么增长点？ 回复：尊敬的投资者，您好。从目前的在手订单情况及业务结构 看，预计综合性治理、土地整治将是主要的业绩增长点。且当前公司 在零碳建筑、工厂化育苗（温室种植）、污水处理、发酵工艺及设备 等方向做了一些技术储备，在主业扎实、经营稳定基础上公司会内外 双向努力发掘新 ...

Core Viewpoint - The article highlights the innovative approach of Guangxi Huiguyuan Biotechnology Co., Ltd. in modernizing mushroom cultivation through technology and community engagement, aiming to expand the industry and improve local livelihoods. Group 1: Company Development - Guangxi Huiguyuan Biotechnology Co., Ltd. has established a factory with an annual production capacity of 50,000 tons of edible mushrooms, utilizing advanced techniques such as liquid strain cultivation and factory-based vertical farming, achieving a daily inoculation of 250,000 bottles of liquid strains [1] - The efficiency of mushroom harvesting has increased over tenfold compared to traditional methods, with the facility capable of producing 130 tons of mushrooms daily [1] Group 2: Community Engagement - The company has revitalized 33 idle mushroom houses in the local community, employing over 30 poverty alleviation households and providing them with job opportunities while teaching them mushroom cultivation techniques [2] - The community cooperation model has benefited over 1,000 people, with the enterprise generating more than 20 million yuan annually for local villagers through the mushroom industry [2] Group 3: Product Innovation and Market Expansion - The company has successfully cultivated the red-tipped bamboo fungus, a high-value mushroom, through a year-long research and development process, aiming to make this premium product accessible to the general public [3] - The company is actively expanding into Southeast Asian markets, with plans to export 10,000 tons of edible mushrooms by 2025, capitalizing on the high demand for fresh mushrooms in countries like Vietnam and Cambodia [5]

Group 1: Future Growth Strategies - The company aims to achieve over 3 million tons of export volume by 2025 and 51.5 million tons of total sales by 2030, focusing on expanding its feed business as the core strategy [2][3] - The company is exploring light-asset pig farming and factory-style shrimp farming, which are expected to become key business areas in the future [2][3] Group 2: Financial Performance - In 2024, the company achieved a feed sales volume of 26.52 million tons, a year-on-year increase of approximately 9%, with a net profit of 4.504 billion yuan, up 64.3% [3][4] - The company's revenue for 2024 was 114.601 billion yuan, a slight decrease of 1.31% year-on-year [3][4] Group 3: Market Position and Competition - The company’s domestic feed sales volume reached 22.06 million tons, with a year-on-year growth of about 5%, while the overall industrial feed production in China declined by 2.1% [5][6] - The company is focusing on enhancing its market share in regions such as South China, East China, and North China through operational excellence and customer orientation [5][6] Group 4: Risk Management and Challenges - The company has established a strict disease prevention system in feed production to mitigate risks associated with livestock diseases [6][7] - The company is prepared for future competition in overseas markets and is gradually expanding its seedling and feed businesses internationally [6][7] Group 5: Capital Management and Shareholder Returns - The company plans to distribute cash dividends of 1.8 billion yuan in 2024, with future distributions based on actual operating conditions [7][8] - The company’s debt levels and asset-liability ratios have decreased as of the end of 2024, indicating improved financial health [7][8]

Core Viewpoint - The company, Xue Rong Biological Technology Co., Ltd., has reported a significant decline in revenue and a net loss for the reporting period, attributed to a weak consumer market and increased competition in the edible mushroom industry [11]. Company Overview - The company is a modern agricultural enterprise that relies on biotechnology to produce edible mushrooms through industrialized methods, aiming to become a leader in China's edible mushroom industry while prioritizing food safety and product quality [4]. - The company has established comprehensive edible mushroom factories in various regions including Jilin, Shandong, Jiangsu, Guangdong, Guangxi, Sichuan, Guizhou, Gansu, and Thailand [4]. Main Products - The primary products include: - Enoki mushrooms, known for their rich amino acid content [6] - King oyster mushrooms, recognized for their unique flavor and nutritional benefits [8] - Shiitake mushrooms, a popular edible fungus with significant market demand [9] - Velvet antler mushrooms, which are noted for their health benefits [10] Financial Performance - The company achieved operating revenue of 2.162 billion yuan, a year-on-year decrease of 15.70%, and reported a net loss attributable to shareholders of 617 million yuan [11]. - The decline in performance is attributed to a weak overall consumer market, intense competition, and a proactive reduction in business scale leading to decreased capacity utilization and increased unit costs [11]. Sales and Distribution Model - The company primarily sells its products through distributors and directly to supermarkets, chain restaurants, and fresh food delivery platforms, utilizing a buyout sales model where the sales risk is borne by the distributors or customers [12]. - The pricing strategy involves daily market analysis and adjustments based on supply and demand dynamics [14]. Procurement and Production Model - The company employs a centralized procurement model for raw materials, primarily agricultural by-products, minimizing dependency on suppliers [18]. - The production of mushrooms is conducted in a factory setting using controlled environmental conditions to optimize growth [21]. Important Events - On March 12, 2025, the company announced a framework agreement for a change in control, involving the transfer of shares from the current controlling shareholder to Shanghai Wanzihong Intelligent Technology Co., Ltd., pending regulatory approval [23].