简式权益变动报告书 上市公司名称：路德生物环保科技股份有限公司 路德生物环保科技股份有限公司 股票上市地点：上海证券交易所 股票简称：路德科技 股票代码：688156 信息披露义务人：吕大龙 住所或通讯地址：北京市海淀区清华科技园科技大厦 A 栋 股份变动性质：股份增加（协议转让） 签署日期：2026 年 3 月 23 日 路德生物环保科技股份有限公司简式权益变动报告书 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》《上市公司收购管理办 法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告 书》及相关法律法规及规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露信息披露义务人在路德生物环保科技股份有限公司中拥有权 益的股份变动情况。 截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人没有通 过任何其他方式增加或减少其在路德生物环保科技股份有限公司中拥有权益的 股份。 四、本次权益变动是根据本报告书所载明的资料进行的。信息披露义务人没 有委托或者授 ...

路德生物环保科技股份有限公司 简式权益变动报告书 上市公司名称：路德生物环保科技股份有限公司 股票上市地点：上海证券交易所 股票简称：路德科技 股票代码：688156 截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人没有通 过任何其他方式增加或减少其在路德生物环保科技股份有限公司中拥有权益的 股份。 住所或通讯地址：武汉市武昌区公正路 26 号融创中心武汉壹号院 股份变动性质：股份减少（协议转让） 签署日期：2026 年 3 月 23 日 路德生物环保科技股份有限公司简式权益变动报告书 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》《上市公司收购管理办 法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告 书》及相关法律法规及规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露信息披露义务人在路德生物环保科技股份有限公司中拥有权 益的股份变动情况。 信息披露义务人：季光明 四、本次权益变动是根据本报告书所载明的资料进行的。信息披露义务人没 有委 ...

路德生物环保科技股份有限公司 证券代码：688156 证券简称：路德科技 公告编号：2026-013 关于公司控股股东协议转让部分股份暨权益变动 的提示性公告 本公司董事会、全体董事及相关股东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、准确性和完整性承担法律责任。 重要内容提示： 路德生物环保科技股份有限公司（以下简称"公司"或"路德科技"）控股 股东、实际控制人、董事长及总经理季光明先生（以下简称"转让方"）与投资者 吕大龙先生（以下简称"受让方"）签订《股份转让协议》，拟通过协议转让方式， 向投资者吕大龙先生转让其直接持有的 6,900,000 股公司无限售流通股份，本次 拟转让股份占公司总股本的 6.8511%。 本次协议转让完成后，受让方吕大龙先生共持有公司股份 6,900,000 股。 吕大龙先生与清控银杏南通创业投资基金合伙企业（有限合伙）（以下简称"清控 银杏"）互为一致行动人，合计持有 8,562,859 股，占公司总股本的 8.5021%。季 光明先生直接持有公司股份 20,997,730 股，通过武汉德天众享企业管理合伙企业 （有限合伙）间接持有公司股份 ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Views - The environmental protection industry is experiencing significant growth, with companies like Longjing Environmental and Guangda Environment showing substantial increases in revenue and profit [1][6]. - The report emphasizes the importance of cash flow and green value in the waste-to-energy sector, highlighting the potential for growth in overseas markets [1][6]. - The report outlines a strategic focus on energy-saving equipment and industrial green transformation, driven by government policies and market dynamics [9][10]. Industry Trends - The report notes a 34% increase in Longjing Environmental's profit, with a revenue of 11.1 billion yuan, reflecting a strong performance despite impairment losses [1][6]. - Guangda Environment's revenue structure is shifting, with operational income increasing to 72% of total revenue, while construction income has decreased significantly [1][6]. - The report highlights the rising prices of biofuels, particularly bio-jet fuel, which has seen a 24.4% increase in Europe and a 4.7% increase in China [19][20]. Company Performance - Longjing Environmental's revenue for 2025 is reported at 11.9 billion yuan, a 43% increase after accounting for impairment [1][6]. - Guangda Environment's financial expenses have decreased, contributing to a net profit increase of 16% [1][6]. - The report recommends several companies for investment, including Longjing Environmental, Guangda Environment, and others, based on their growth potential and market positioning [1][6]. Policy Tracking - The report discusses the "High-Quality Development Implementation Plan for Energy-Saving Equipment," which focuses on six key types of energy-saving equipment to support industrial green transformation [9][10]. - It emphasizes the need for optimizing energy systems and integrating artificial intelligence into energy-saving equipment to enhance efficiency and reduce carbon emissions [9][10]. Market Dynamics - The report indicates a significant increase in the sales of new energy sanitation vehicles, with a 70.9% year-on-year growth, reflecting a growing trend towards electrification in the sanitation sector [34][42]. - The report also notes a decline in lithium and cobalt prices, impacting profitability in the lithium battery recycling sector [48][49].

Investment Rating - The report maintains a "Buy" rating for the environmental protection industry [1]. Core Insights - The 2026 government work report emphasizes accelerating the comprehensive green transformation and constructing a new energy system, with a target of reducing carbon emissions per unit of GDP by 3.8% [9][10]. - Companies like Weiming and Wangneng have successfully won contracts for waste incineration projects in Indonesia, marking a significant step for Chinese firms in the overseas waste management market [16][17]. - The report highlights the increasing demand for low-emission transformations in key industries such as cement and coking, with specific targets set for 2026 [21][22]. Summary by Sections Government Policy and Industry Trends - The government aims to transition from energy consumption control to carbon emission control, with a target of reducing carbon emissions per unit of GDP by 3.8% in 2026 [9]. - The establishment of a national low-carbon transition fund is intended to foster new growth points in hydrogen and green fuels, with green fuels being included in the government work report for the first time [11][12]. Company Developments - Weiming Environmental has been awarded a contract for a 1500 tons/day waste incineration project in Bali, Indonesia, with a 30-year operational period [16]. - Wangneng Environment has also secured a similar project in Indonesia, indicating a robust market potential for waste-to-energy solutions in the region [17][18]. Market Performance and Recommendations - The report recommends focusing on companies such as Longjing Environmental, High Energy Environment, and Saince, which are expected to benefit from the ongoing green transformation and policy support [4]. - The environmental sanitation equipment sector is projected to see significant growth, with a 70.9% increase in sales of new energy sanitation vehicles in 2025 [30][31]. Biofuels and Recycling - Biofuel prices remain stable, with European biojet fuel averaging $2250 per ton and Chinese biojet fuel at $2150 per ton [41]. - The report notes a decrease in lithium and cobalt prices, which may enhance profitability in the lithium battery recycling sector [42].

Core Viewpoint - Lude Technology (688156.SH) reported a total operating revenue of 382.70 million yuan for the fiscal year 2025, reflecting a year-on-year growth of 37.85%. However, the company recorded a net loss attributable to shareholders of 70.32 million yuan, compared to a loss of 56.55 million yuan in the previous year [1]. Group 1 - In 2025, Lude Technology achieved total operating revenue of 382.70 million yuan, a 37.85% increase year-on-year [1]. - The net profit attributable to the parent company was -70.32 million yuan, worsening from -56.55 million yuan in the previous year [1]. - The net profit attributable to the parent company, excluding non-recurring gains and losses, was -73.89 million yuan, compared to -59.67 million yuan in the previous year [1]. Group 2 - Lude Environment was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 22, 2020, issuing 22.96 million shares at a price of 15.91 yuan per share [1]. - The total amount raised from the initial public offering (IPO) was 365 million yuan, with a net amount of 324 million yuan after deducting issuance costs [1]. - The final net amount raised was 25.83 million yuan less than the original plan of 350 million yuan [1]. Group 3 - The issuance costs for the IPO were 41.12 million yuan, including underwriting fees of 29.22 million yuan [2]. - In 2022, Lude Environment raised funds through a private placement, issuing 8.34 million shares at a price of 13.57 yuan per share, totaling 113.18 million yuan [2]. - After deducting issuance costs of 4.15 million yuan, the actual net amount raised was 109.03 million yuan, with underwriting fees of 3.60 million yuan [2].

Group 1 - The core viewpoint of the news is that Lude Technology has seen a significant stock price increase, with a 5.41% rise on February 27, reaching 22.21 yuan per share, and a cumulative increase of 7.94% over three days [1] - Lude Technology specializes in the treatment of high-water-content waste, focusing on technologies for the processing of river and lake sludge, engineering mud, and industrial residues, utilizing proprietary technologies for efficient waste reduction and resource utilization [1] - The company's main business revenue composition includes 62.51% from the production of biological feed from liquor residues, 16.30% from inorganic solid waste treatment services, 13.09% from engineering mud services, and 3.21% from river and lake sludge services [1] Group 2 - Xinhua Fund has a significant holding in Lude Technology, with the Xinhua Small and Medium-sized Value Selection Mixed Fund (519097) holding 55,600 shares, representing 1.31% of the fund's net value, making it the second-largest holding [2] - The fund has generated a floating profit of approximately 63,400 yuan today and 86,100 yuan during the three-day stock price increase [2] - The Xinhua Small and Medium-sized Value Selection Mixed Fund has a total asset size of 67.99 million yuan, with a year-to-date return of 19.08% and a one-year return of 59.74% [2]

Core Viewpoint - Lude Technology (688156.SH) reported a revenue of 383 million yuan for the fiscal year 2025, representing a year-on-year increase of 37.85%, but incurred a net loss attributable to shareholders of 70.32 million yuan [1] Group 1: Financial Performance - The company achieved an operating revenue of 383 million yuan, which is a 37.85% increase compared to the same period last year [1] - The net loss attributable to the parent company's shareholders was 70.32 million yuan [1] - The net loss attributable to the parent company, excluding non-recurring gains and losses, was 73.89 million yuan [1] Group 2: Business Operations - The company is continuously optimizing its product and customer structure, expanding sales channels, and promoting cost reduction and efficiency improvement [1] - There has been a steady increase in the operational efficiency of the new plant for biological fermentation feed, with related business capacity, sales volume, and revenue showing consistent growth [1] - The sales volume of biological fermentation feed increased by over 50% year-on-year in 2025 [1] - Three new plants that were put into operation in the fourth quarter of 2024 are ramping up production smoothly, with two of them achieving product line profitability by September 2025 [1]

Core Viewpoint - Lude Technology announced a projected revenue of 382.70 million yuan for 2025, representing a year-on-year growth of 37.85%, while the net profit attributable to the parent company is expected to be -70.32 million yuan, a decline of 13.77 million yuan compared to the same period last year [2] Financial Performance - Projected revenue for 2025 is 382.70 million yuan, showing a growth of 37.85% year-on-year [2] - Expected net profit attributable to the parent company is -70.32 million yuan, which is a decrease of 13.77 million yuan from the previous year [2]

Core Viewpoint - Lude Technology (688156.SH) reported a revenue of 383 million yuan for the fiscal year 2025, reflecting a year-on-year increase of 37.85%. However, the net profit attributable to the parent company was a loss of 70.32 million yuan, a decline of 13.77 million yuan compared to the previous year. The net profit after deducting non-recurring gains and losses was a loss of 73.89 million yuan, down by 14.21 million yuan year-on-year [1]. Group 1: Financial Performance - The company achieved an operating revenue of 383 million yuan, up 37.85% year-on-year [1]. - The net profit attributable to the parent company was a loss of 70.32 million yuan, a decrease of 13.77 million yuan compared to the same period last year [1]. - The net profit after deducting non-recurring gains and losses was a loss of 73.89 million yuan, down 14.21 million yuan year-on-year [1]. Group 2: Business Operations - The company is continuously optimizing its product and customer structure, expanding sales channels, and promoting cost reduction and efficiency improvement [1]. - There is a focus on enhancing the operational efficiency of the new plant for bioconversion feed from liquor lees, with steady growth in capacity, sales, and revenue [1]. - The sales volume of bioconversion feed is expected to increase by over 50% year-on-year in 2025, with three new plants launched in Q4 2024 achieving smooth capacity ramp-up, and two of them reaching product line profitability by September 2025 [1].