证券之星消息，11月3日饲料板块较上一交易日上涨0.49%，播恩集团领涨。当日上证指数报收于 3976.52，上涨0.55%。深证成指报收于13404.06，上涨0.19%。饲料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 001366 | 播恩集团 | 13.86 | 3.36% | 5.04万 | | 6929.66万 | | 002100 | 天康生物 | 7.55 | 2.30% | 31.95万 | | 2.40亿 | | 000702 | 正虹科技 | 7.30 | 1.53% | ● 7.62万 | | 5531.06万 | | 002548 | 金新农 | 5.01 | 1.42% | - 31.59万 | | 1.55亿 | | 002891 | 中宠股份 | 57.97 | 1.35% | 7.21万 | | 4.15亿 | | 001313 | 劃與廣 | 7.26 | 1.11% | 4.65万 | | 3364.43万 | | 6 ...

[Table_Author] 丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨路德环境（688156.SH） [Table_Title] 路德环境 2025Q3 业绩点评：酒糟饲料产品毛利 率边际修复，新工厂逐渐转入盈利 报告要点 [Table_Summary] 路德环境 2025 前三季度实现营业收入 2.5 亿元，同比增长 14.2%，归母净利润亏损 0.2 亿元； 其中 Q3 单季度实现收入 1.1 亿元，同比增长 38.9%，归母净利润亏损 305 万。生物发酵饲料 量增价跌，收入略有提升。酒糟饲料产品毛利率边际修复，新工厂逐渐转入盈利。生物发酵饲 料业务快速发展，费用率略有提升。客户覆盖持续拓展，期待业绩提升。 分析师及联系人 SAC：S0490517090001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 徐科 贾少波 李博文 盛意 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 路德环境（6881 ...

Market Overview - The feed sector increased by 0.67% on October 31, with Tianma Technology leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Individual Stock Performance - Tianma Technology (603668) closed at 14.23, up 3.27% with a trading volume of 239,900 shares and a turnover of 339 million yuan [1] - Other notable gainers include: - Lude Environment (688156) at 19.92, up 3.11% [1] - Bangji Technology (603151) at 25.74, up 2.92% [1] - Lusi Co., Ltd. (920419) at 18.50, up 2.89% [1] - Baiyang Co., Ltd. (002696) at 6.93, up 1.76% [1] Capital Flow Analysis - The feed sector saw a net inflow of 2.7495 million yuan from institutional investors, while retail investors experienced a net outflow of 68.2743 million yuan [2] - The main capital inflow was observed in: - Haida Group (002311) with a net inflow of 25.3688 million yuan from institutional investors [3] - Tiankang Biological (002100) with a net inflow of 17.8393 million yuan from institutional investors [3] Summary of Trading Data - The trading data for the feed sector includes: - Major stocks with significant trading volumes and turnover, such as: - Aonong Biological (603363) with a turnover of 216 million yuan [2] - Zhongchong Co., Ltd. (002891) with a turnover of 267 million yuan [2] - The overall sentiment in the feed sector appears mixed, with some stocks gaining while others faced declines [2][3]

Core Insights - Lude Environment (688156.SH) released its Q3 2025 report on October 31, 2025, indicating a total of 4 institutional investors holding shares, amounting to 6.39% of the total share capital [1] Institutional Holdings - The total number of shares held by institutional investors is 6.4406 million, with a combined holding percentage of 6.39% [1] - The institutional investors include Qingkong Yinxing Nantong Venture Capital Fund, Guosen Securities Co., Ltd., Wuhan Detian Zhongxiang Enterprise Management Partnership, and Beijing Heyi Yingtong Asset Management [1] - Compared to the previous quarter, the institutional holding percentage decreased by 0.49 percentage points [1] Public Fund Disclosures - In this period, 43 public funds were disclosed, including notable funds such as Huaxia Pantai Mixed (LOF) A, Huaxia New Jinxiu Mixed A, and Jianxin Shanghai Stock Index Selected Sci-Tech Innovation Board Innovative Value ETF [1]

Group 1 - The core point of the article is that Lude Environment (SH 688156) held its fourth meeting of the fifth board of directors on October 30, 2025, to review the proposal regarding the company's Q3 2025 report [1] - For the year 2024, Lude Environment's revenue composition is 93.72% from environmental governance and 6.28% from other businesses [1] - As of the report date, Lude Environment has a market capitalization of 1.9 billion yuan [1]

Group 1 - The core viewpoint of the article is that Lude Environment (688156.SH) reported its third-quarter results, showing a revenue increase but a significant net loss [1] Group 2 - For the first three quarters of 2025, the company achieved an operating revenue of 254 million yuan, representing a year-on-year growth of 14.15% [1] - The net profit attributable to shareholders of the parent company was a loss of 16.1268 million yuan, which is an increase in loss of 12.6828 million yuan compared to the same period last year [1] - The basic earnings per share were reported at -0.16 yuan [1]

Core Viewpoint - Lude Environment, established in 2006 and listed in 2020, specializes in high-water-content waste treatment and possesses a proprietary technology system, positioning itself as a high-tech enterprise in the environmental protection sector [1] Group 1: Business Performance - In Q3 2025, Lude Environment reported revenue of 254 million yuan, ranking 10th in the industry, significantly lower than the top competitor, He Feng Co., which had 28.073 billion yuan [2] - The main business segment, biological fermentation feed from liquor lees, generated 110 million yuan, accounting for 62.51% of total revenue, while inorganic solid waste treatment services contributed 28.61 million yuan, or 16.30% [2] - The net profit for the same period was a loss of 14.8082 million yuan, ranking 8th in the industry, with the leading company, Tiankang Biological, reporting a profit of 505 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Lude Environment's debt-to-asset ratio was 49.50%, lower than the industry average of 54.11%, and increased from 46.33% in the previous year [3] - The gross profit margin for the same period was 21.72%, exceeding the industry average of 9.94%, but down from 30.42% year-on-year [3] Group 3: Management and Shareholder Information - The chairman and general manager, Ji Guangming, received a salary of 822,700 yuan in 2024, a decrease of 71,700 yuan from 2023 [4] - As of September 30, 2025, the number of A-share shareholders decreased by 6.68% to 3,867, while the average number of circulating A-shares held per account increased by 7.16% to 26,000 [5] Group 4: Future Outlook - Lude Environment's revenue for the first half of 2025 was 147 million yuan, with a year-on-year growth of 1.08%, but a net loss of 13 million yuan [5] - The company is expected to see revenue growth from 423 million yuan in 2025 to 829 million yuan in 2027, with corresponding net profits projected to rise from 10 million yuan to 81 million yuan during the same period [5]

Group 1 - The core viewpoint of the article highlights the financial performance of Lude Environment for the third quarter of 2023, indicating a revenue increase but a net loss [1] - Lude Environment reported a revenue of approximately 254 million yuan for the first three quarters of 2025, representing a year-on-year increase of 14.15% [1] - The company experienced a net loss attributable to shareholders of approximately 16.13 million yuan, with a basic earnings per share loss of 0.16 yuan [1] Group 2 - As of the report, Lude Environment has a market capitalization of 1.9 billion yuan [2]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 路德生物环保科技股份有限公司（以下简称"公司"）第五届董事会第四次会议于 2025 年 10 月 30 日以现场结合通讯方式召开，本次会议通知已于 2025 年 10 月 24 日以电子邮件的 方式发出。本次会议应出席董事 7 名，实到 7 名。本次会议由董事长季光明先生主持，公司高 级管理人员列席了会议。会议的召集、召开和表决情况符合《中华人民共和国公司法》（以下 简称"《公司法》"）等有关法律、法规及《路德生物环保科技股份有限公司章程》（以下简 称"公司章程"）的规定，形成的决议合法、有效。 二、董事会会议审议情况 路德生物环保科技股份有限公司 证券代码：688156 证券简称：路德环境 公告编号：2025-038 路德生物环保科技股份有限公司 第五届董事会第四次会议决议公告 表决结果：同意 7 票，反对 0 票，弃权 0 票。 本议案经公司第五届董事会审计委员会 2025 年第三次会议审议通过。 特此公告。 路德生物环保科技股份有限公司董事会 2 ...

Revenue and Profitability - The company reported a revenue of CNY 106,560,216.06 for Q3 2025, an increase of 38.94% compared to the same period last year[4] - For the first nine months of 2025, the company achieved a total revenue of CNY 253,521,072.15, reflecting a 14.15% year-on-year growth[6] - The total profit for the first nine months of 2025 was -CNY 28,106,537.85, with a net profit attributable to shareholders of -CNY 16,126,830.67[7] - The company's operating revenue for the current reporting period increased by 38.94% compared to the previous period, primarily due to significant growth in the production and sales of its biopharmaceutical feed business[14] - The total profit for the current reporting period decreased by 36.66%, attributed to strategic adjustments in product pricing to accommodate market conditions and ongoing capacity ramp-up at new production facilities[14] - The net profit attributable to shareholders for the current reporting period is not applicable, as the company is still in the capacity ramp-up phase, impacting fixed costs and depreciation expenses[14] - The net profit for the current period is -14,808,228.23 RMB, compared to -7,954,409.81 RMB in the same period last year, indicating a significant increase in losses[25] - The total operating profit is -28,182,222.47 RMB, which is a decline from -10,466,029.09 RMB year-over-year[25] - The total comprehensive income attributable to the parent company is -16,126,830.67 RMB, compared to -3,444,028.64 RMB in the previous year[25] - The basic and diluted earnings per share are both -0.16 RMB, compared to 0.03 RMB in the same period last year[25] Cash Flow and Liquidity - The company’s cash flow from operating activities for Q3 2025 was CNY 13,761,429.85, a decrease of 48.94% year-on-year[4] - Cash flow from operating activities decreased by 48.94% in the current reporting period, mainly due to increased production-related procurement expenses and raw material costs compared to the same period last year[14] - The company's cash and cash equivalents decreased to RMB 188,193,988.87 from RMB 225,767,078.32 as of December 31, 2024, indicating a liquidity contraction[19] - The ending cash and cash equivalents balance is 180,404,756.48 RMB, down from 218,584,193.48 RMB year-over-year[28] - Cash flow from operating activities generated a net cash flow of 25,523,261.66 RMB, down from 49,348,954.57 RMB in the previous year[27] - Investment activities resulted in a net cash outflow of -115,557,133.48 RMB, an improvement from -199,072,704.82 RMB in the previous year[27] - Financing activities generated a net cash inflow of 63,156,698.07 RMB, down from 207,893,636.09 year-over-year[27] Research and Development - The R&D expenditure for Q3 2025 was CNY 2,935,247.07, accounting for 2.75% of revenue, a decrease of 1.61 percentage points compared to the previous year[5] - Research and development expenses increased to RMB 10,209,816.23, compared to RMB 9,988,077.91 in the first three quarters of 2024, reflecting a focus on innovation[23] Assets and Liabilities - The company’s total assets as of the end of Q3 2025 were CNY 1,797,987,551.38, representing a 4.21% increase from the end of the previous year[5] - Total assets increased to RMB 1,797,987,551.38 from RMB 1,725,397,885.37, indicating growth in the company's asset base[22] - Total liabilities rose to RMB 889,923,208.88, compared to RMB 852,525,314.64, reflecting increased financial obligations[22] - The company's equity attributable to shareholders decreased to RMB 818,240,527.32 from RMB 834,367,357.99, indicating a decline in shareholder value[22] Market and Operational Performance - The sales volume of the company’s liquor lees biological fermentation feed business reached 131,800 tons in the first nine months of 2025, a year-on-year increase of 62.48%[6] - The gross margin for the liquor lees biological fermentation feed business in Q3 2025 was 20.92%, an increase of 8.88 percentage points from the previous quarter[7] - The company is currently expanding its market presence and product lines, with new facilities in Bozhou and Zunyi still in the ramp-up phase[14] - The company is actively pursuing strategies for market expansion and product innovation to enhance its competitive position[14] - The company plans to focus on market expansion and new product development to improve future performance[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 3,867, with no preferred shareholders[16] - The largest shareholder, Ji Guangming, holds 27,897,730 shares, representing 27.70% of the total shares[17] Accounts Receivable and Impairment - The company recovered CNY 29,069,200 in overdue accounts receivable during the first nine months of 2025, reducing impairment losses by 150.81% year-on-year[9] - Accounts receivable rose to RMB 222,518,387.76, up from RMB 198,116,973.29, suggesting an increase in sales on credit[19]