每经头条（nbdtoutiao）——中国创新药，今年海外授权已卖出800亿美元！对话创东方投资合伙人卢 刚：生物医药二级市场火热，一级市场为何募资遇冷？ （记者 曾健辉） 每经AI快讯，福龙马（SH 603686，收盘价：24.22元）10月24日晚间发布公告称，截至本公告披露日， 公司及控股子公司实际正在履行的担保余额约为2.22亿元，占公司最近一期经审计净资产的6.64%，均 为公司对合并报表范围内子公司提供的担保，均未超过公司授权的担保额度。 2024年1至12月份，福龙马的营业收入构成为：环卫产业服务业占比75.88%，环卫装备制造业占比 21.4%，其他主营占比1.76%，其他业务占比0.96%。 截至发稿，福龙马市值为101亿元。 ...

福龙马7月31日报收15.82元，较前一交易日下跌0.65元，跌幅3.95%。当日开盘价为16.47元，最高触及 16.55元，最低下探至15.73元，成交量为37.95万手，成交金额达6.11亿元。 福龙马主营业务涵盖环卫产业服务和环卫装备制造两大领域。2024年度财报显示，公司75.88%营收来 自环卫产业服务业，21.4%来自环卫装备制造业。公司在海南、天津、河北等地新设多家子公司，已完 成工商登记手续。 公司公告显示，7月预中标河北省环卫服务项目1个，首年服务费1272.08万元，合同总金额3816.25万 元。2025年以来累计中标环卫项目26个，合同总金额达11.7亿元。目前在履行环卫服务项目年化合同金 额40.66亿元，合同总金额335.46亿元。 7月31日主力资金净流出8786.14万元，占流通市值1.34%。 风险提示：股市有风险，投资需谨慎。 ...

Core Viewpoint - The credit rating of Henan Baichuan Changyin Environmental Energy Co., Ltd. has been downgraded due to worsening financial losses and operational challenges in its biogas power generation business, with a stable outlook maintained for the rating [3][4][6]. Financial Performance - The company's total assets as of the end of 2024 were 21.58 billion, with total liabilities at 8.49 billion, resulting in a debt-to-capital ratio of 40.21% [4][21]. - The company reported a net profit of -0.13 billion in 2024, with operating income of 1.08 billion, indicating a significant decline in profitability [4][11]. - The EBITDA interest coverage ratio was 1.92 in 2024, reflecting a decline in the company's ability to cover interest expenses [24]. Business Operations - The company operates 79 biogas power generation projects with a total installed capacity of 162.35 MW, maintaining a market share of over 20% in the landfill gas treatment industry [4][12]. - The biogas power generation business faced challenges due to insufficient landfill gas, project closures, and competition from waste incineration, leading to a 31.71% decline in sales revenue year-on-year [12][22]. - The company is expanding into mobile energy storage and heating services, which have shown rapid growth but require significant capital investment for scaling [16][22]. Industry Environment - The waste incineration sector is becoming the mainstream method for waste management in China, with a shift towards operational efficiency and consolidation in the industry [9][10]. - The industry is experiencing a transition from "land grab" to "operation-focused" strategies, with potential growth in the central and county-level markets [9][10]. - Changes in subsidy policies for biogas power generation projects pose risks to the company's revenue from these projects, as a significant portion of its income relies on these subsidies [5][6]. Future Outlook - The company is expected to continue facing pressure on profitability in the near term due to ongoing operational challenges and market conditions [22]. - Despite the challenges, the company remains a key player in the biogas power generation sector, with ongoing projects and new business developments that may provide some financial support [6][22].