上市两年来，朗坤科技股价长期"破发"，引发投资者广泛关注。在近日的业绩说明会上，来自投资者的 20个问题中，就有5个涉及股价问题，甚至被投资者质疑公司经营。数据显示，今年一季度，朗坤科技 先后遭到多名股东的集中减持，合计减持近600万股股份。 年度业绩增速波动"剧烈" 作为一家综合型环保企业，朗坤科技股价长期"低迷"背后，其近年来的业绩增速波动比较剧烈。 股价长期"破发"引关注 同花顺(300033)数据显示，自2023年上市以来截至今日即5月28日，朗坤科技盘中最高股价录得29.27元/ 股，最低股价录得11.65元/股，除了上市当年的5月25日收盘价高于发行价即25.25元，其他交易日的收 盘价便长期"破发"；同时，拉长盘中的交易日长度来看，上市当年8月底开始至今，朗坤科技的盘中股 价表现同样处于"破发"状态，引发投资者关注甚至质疑。 在近日的业绩说明会上，朗坤科技披露的投资者关系记录表显示，20个提问中，有近三成问题涉及股价 问题，"股份回购计划的实施完成对公司未来股价有何影响?管理层如何看待当前的股价水平，回购股份 是否代表了对公司未来发展的信心?"、"股价破发这么久了，还有新的增持考虑吗？"、"该股 ...

Core Viewpoint - Longkun Technology reported a stable performance in its 2024 annual report, with total revenue of 1.791 billion yuan, a year-on-year increase of 2.18%, and a net profit attributable to shareholders of 216 million yuan, up 20.51% year-on-year. However, the bioenergy segment faced challenges due to an EU anti-dumping investigation, resulting in a 19.41% decline in revenue from this segment. The company is focusing on technological innovation and market expansion to mitigate these challenges and is accelerating its layout in synthetic biology manufacturing to capture a larger market share in the green economy and health industry [1][4][7]. Group 1: Biomass Resource Recycling Business - Longkun Technology has secured multiple significant projects in the biomass resource recycling sector, including a 25.5023 million yuan project in Beijing and a 1.654 billion yuan project in Tongzhou District, which has a processing capacity of 2,100 tons per day and a concession period of 40 years [4]. - Despite the success in project bidding, the bioenergy business has been impacted by the EU's anti-dumping investigation, which imposed a temporary anti-dumping tax of 23.7%, leading to a 19.41% decline in bioenergy revenue [4][6]. - The management indicated that the profit from the biodiesel business primarily comes from self-produced low-cost raw oil, suggesting that market changes have a limited impact on overall operations [4]. Group 2: Synthetic Biology Manufacturing Business - Longkun Technology is actively developing the human milk oligosaccharides (HMOs) sector, collaborating with institutions like the Hefei Institute of Physical Science to advance products such as LNT and LNnT [5][6]. - The company has made significant progress in product certification and market access, with LNnT receiving approval as a new food additive from the National Health Commission and 2'-FL obtaining Self-GRAS certification from the FDA [6][7]. - The establishment of a 1,000-ton HMO production base is underway, with the first phase expected to begin trial production in the first half of 2025 [6]. Group 3: Profit Model - Longkun Technology's profit model is diversified, comprising biomass resource recycling and synthetic biology manufacturing. The company utilizes BOT and BOO models to charge waste treatment fees and sell biodiesel and green electricity [7]. - In 2024, engineering construction revenue surged by 137.82% to 418 million yuan, while operational service revenue increased by 8.57% to 581 million yuan, indicating stable growth despite the decline in bioenergy revenue [7]. - The synthetic biology manufacturing segment is expected to become a new profit growth point as products gain market access, contributing to a 32.07% year-on-year increase in non-net profit [7].