Group 1: Company Research - Lude Environment's main business includes river and lake sludge treatment services, engineering mud treatment services, industrial residue resource sales, and environmental technology equipment sales. The company is working on a project involving synthetic biology technology to produce GABA from waste fermentation products [1] - Zhongchong Co., Ltd. reported a revenue of 1.101 billion yuan for Q1 2025, a year-on-year increase of 25.41%. The net profit attributable to shareholders was 91.1553 million yuan, up 62.13% year-on-year, with a non-recurring net profit of 88.2607 million yuan, increasing by 63.75% year-on-year. The company's debt ratio stands at 40.0% [1] - Qiaqia Food's Q1 2025 report shows a revenue of 1.571 billion yuan, a year-on-year decrease of 13.76%. The net profit attributable to shareholders was 77.2478 million yuan, down 67.88% year-on-year, with a non-recurring net profit of 58.0845 million yuan, decreasing by 73.76% year-on-year. The debt ratio is 40.23% [2] Group 2: Institutional Overview - Shanghai Licheng Asset is one of the earliest established private equity management companies in China, focusing on a growth stock investment philosophy with a margin of safety. The firm has developed a comprehensive investment management knowledge system over thirteen years [3] - The company has a workforce of 50 employees, with nearly 30 being professional research and investment personnel. The management scale has exceeded 10 billion yuan, specializing in secondary stock long strategies and PIPE strategies in the fields of pharmaceuticals, advanced manufacturing, and consumer goods [3] - Licheng has consistently ranked high in long-term performance and has received four private equity "Golden Bull" awards over three sessions [3]