投资者关系活动记录表 编号：2026-002 | 投资者关系活动 | 特定对象调研 □分析师会议 ☑ | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 路演活动 ☑ | | | 现场参观 ☑ | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 东莞证券：张广良、高阳、李梓涵、唐泽毅 | | 人员姓名 | 中国证券报：吴立鸣 | | | 东莞市私募基金业协会：张晓华 | | | 广东博众智能科技投资有限公司： 容伟彪 | | | 深圳证券业协会投服部：华韵西 | | | 百万粉丝财经大咖：冉湖 | | | 广东投资快报传媒有限公司：孔令才、李吴、夏华 | | | 青檀资本：利伟豪 | | | 明华信德基金：蔡焕 | | | 固恒安科技：穆志成 | | | 广州泽恩投资控股有限公司：蔡晓霞 | | | 同佳基金：杨雪芹 | | | 深圳以撒投资有限公司：徐琳 | | | 观微（广东）科技有限公司：张军 | | | 缅宁科技：徐达文 | | | 瑞士大苏黎世区经济促进署：林霞萍 | | --- | --- | | | 深圳市麻王投资集团有限公司 ...

朗坤科技（301305）动态点评 紧握 UCO 稀缺筹码，产能扩张与价格 上行共驱成长 2026 年 01 月 27 日 【事项】 废弃油脂市场价格中枢窄幅推升。1 月 9 日-1 月 15 日，中国 SAF 原 料级别 UCO 完税到厂价格已升至 7500-7600 元/吨区间，中枢环比上 周抬升约50元/吨。下游产品方面，UCO基HVO现货均值录得2642.55 美元/吨，环比上涨 1.90%。SAF FOB FARAG 均值录得 2290.05 美 元/吨，环比下跌 1.33%，绝对价格攀升至 2310.25 美元/吨。 【评论】 UCO 供需逻辑清晰，其长期稀缺性已由基本面深度锁定。1）供给端： 理论潜力大，但规范收集量不足。餐厨废油来源包括地沟油、泔水油、 潲水油、煎炸老油等多种类别途径，必须经过除杂、酯化、提纯精制 等一系列处理工艺才能得到生物质燃料。2023 年我国食用油消费量约 3908 万吨，对应理论废弃油脂总量约 1100 万吨，然而受限于收集体 系、处理能力及非正规流向等因素，实际规范利用量仅约 300 万吨； 2）需求端：政策驱动有望为上游 UCO 需求带来高增长。据我们测算， 以欧盟 ...

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 - 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]