Core Viewpoint - As of September 3, a total of 129 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Longest Net Inflows - The stocks with the longest consecutive net inflows are Meishuo Technology and China Steel International, both having recorded net inflows for 16 consecutive trading days [1] - Other stocks with significant consecutive net inflows include Yanjinpuzi, Sanwei Co., Eastern Airlines Logistics, Lante Optics, Lude Environment, Hualan Biological Engineering, Yunnan Energy Investment, and Information Development [1]

Group 1 - The company is engaged in the treatment and utilization of high-water-content waste, focusing on organic waste fermentation and solidification technology, which has been successfully applied in various industries [6][14][15] - The company has established a strong technical and operational model in the resource utilization of food and beverage processing by-products and inorganic waste [12][16] - The company has signed long-term supply agreements with major liquor enterprises, ensuring a stable supply of raw materials [17] Group 2 - The company's revenue from the biological feed business accounted for 74.68% of total revenue in the first half of 2025, indicating significant growth in this segment [10] - The company has expanded its production capacity from 50,000 tons/year to 470,000 tons/year, with further increases expected in the coming years [8][10] - The company has faced challenges in maintaining stable supply to large clients due to rapid capacity expansion and market development [8][10] Group 3 - The company has a robust research and development framework, with R&D expenditures amounting to 727.46 million yuan, representing 4.95% of revenue [12][7] - The company has applied for 5 new patents and received 19 authorized patents during the reporting period, enhancing its intellectual property portfolio [12][7] - The company collaborates with renowned universities and research institutions to drive technological innovation [16][19] Group 4 - The company has experienced a decline in gross profit margin due to price adjustments in response to market conditions and increased operational costs [12][13] - The company reported a net profit attributable to shareholders of -1,307.38 million yuan in the first half of 2025, reflecting a significant decrease compared to the previous year [12][11] - The company has implemented measures to improve accounts receivable management, reducing credit impairment losses significantly [13][11] Group 5 - The company has established a comprehensive business model for the utilization of white liquor waste, which has become its main product line [18][17] - The company has developed a strong market presence, with its products being supplied to major feed processing enterprises across the country [18][17] - The company has received recognition as a national "specialized, refined, distinctive, and innovative" small giant enterprise, enhancing its brand image [16][19]

国投证券股份有限公司 关于路德生物环保科技股份有限公司 2025 年半年度持续督导跟踪报告 国投证券股份有限公司（以下简称"国投证券"或"保荐机构"）担任路德 生物环保科技股份有限公司（以下简称"路德环境"或"公司"）2022 年度向特 定对象发行股票项目的保荐机构，根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关法律、法规的规定，国投证券负责路德环境的持续督 导工作，持续督导期为 2023 年 5 月 25 日至 2025 年 12 月 31 日。国投证券出具 2025 年半年度持续督导报告书，具体工作情况总结如下：（如无特别说明，下文 所示"报告期"、"2025 年上半年"指 2025 年 1-6 月） | | 序号 工作内容 | 完成督导情况 | | --- | --- | --- | | | 建立健全并有效执行持续督导工作制度，并针对具体的持 续督导工作制定相应的工作计划 | 保荐机构已建立健全并有效执行 了持续督导制度，并制定了相应 | | 1 | | | | | | 的工作计划 | | 2 | 根据中国证 ...

Core Viewpoint - The feed sector experienced a slight decline of 0.09% on September 2, with LuDe Environment leading the drop. The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1]. Group 1: Market Performance - The feed sector's individual stock performance showed mixed results, with LuSi Co., Ltd. closing at 20.70, up 1.02%, and HaiDa Group at 61.27, up 0.82% [1]. - The overall trading volume in the feed sector was notable, with stocks like DaBeiNong and TangRenShen showing significant trading activity, with volumes of 102.10 thousand and 31.88 thousand respectively [1]. Group 2: Capital Flow - The feed sector saw a net outflow of 204 million yuan from main funds, while retail investors contributed a net inflow of 174 million yuan [2]. - The capital flow data indicates that speculative funds had a net inflow of 29.51 million yuan, suggesting a mixed sentiment among different types of investors [2].

Group 1 - The feed sector experienced a slight decline of 0.08% on September 1, with Lude Environment leading the drop [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Major stocks in the feed sector showed varied performance, with Bangmu Technology leading with a 9.99% increase, closing at 26.43 [1] Group 2 - The feed sector saw a net inflow of 146 million yuan from institutional investors, while retail investors experienced a net outflow of 36.42 million yuan [1] - The trading volume for key stocks in the feed sector varied, with Aonong Biological recording a volume of 1.6445 million shares traded [1] - The total transaction value for Bangmu Technology reached 270 million yuan, indicating strong investor interest [1]

Core Viewpoint - The financial performance of Lude Environment (688156) for the first half of 2025 shows a slight increase in revenue but significant losses in net profit, indicating potential challenges in its business model and financial health [1][2]. Financial Performance - Total revenue for the reporting period reached 147 million yuan, a year-on-year increase of 1.08% [1] - Net profit attributable to shareholders was -13.07 million yuan, a year-on-year decline of 969.04% [1] - In Q2, total revenue was 83.89 million yuan, up 8.32% year-on-year, while net profit was -14.43 million yuan, down 243.65% year-on-year [1] - Gross margin stood at 18.93%, a decrease of 44.28% year-on-year, and net margin was -8.0%, down 1243.96% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 44.67 million yuan, accounting for 30.4% of revenue, an increase of 20.99% year-on-year [1] - Earnings per share were -0.13 yuan, a decrease of 1400.0% year-on-year [1] Business Model and Investment Returns - The company's net margin last year was -24.13%, indicating low added value in its products or services [2] - Historical data shows a median ROIC of 8.85%, with the worst year being 2024 at -4.4%, reflecting poor investment returns [2] - The company has reported losses in two out of four annual reports since its listing, suggesting a fragile business model [2] Cash Flow and Debt Situation - Cash flow metrics indicate that cash and cash equivalents represent only 9.86% of total assets and 46.81% of current liabilities [3] - The interest-bearing debt ratio has reached 30.83%, with total interest-bearing liabilities to the average operating cash flow over the past three years at 41.39% [3] - Financial expenses account for 77.19% of the average operating cash flow over the past three years, raising concerns about financial sustainability [3] Analyst Expectations - Analysts project a performance of 7 million yuan for 2025, with an average earnings per share of 0.07 yuan [4]

Group 1 - The company reported a total operating revenue of 147 million yuan for the first half of 2025, representing a year-on-year increase of 1.08% [1] - The net profit attributable to shareholders of the parent company was -13.07 million yuan, compared to a net profit of 1.5044 million yuan in the same period last year [1] - The basic earnings per share were -0.13 yuan [1]

Group 1 - The core point of the article is that Lude Environment (SH 688156) held its fifth board meeting on August 29, 2025, to review the semi-annual evaluation report of the "Quality Improvement and Efficiency Enhancement" action plan for 2025 [1] - For the fiscal year 2024, Lude Environment's revenue composition is as follows: environmental governance accounts for 93.72%, while other businesses account for 6.28% [1] - As of the report, Lude Environment has a market capitalization of 2.3 billion yuan [1]

Group 1 - The board of directors of Lude Environmental Technology Co., Ltd. held its second meeting on August 29, 2025, with all 7 directors present, ensuring compliance with relevant laws and regulations [1][2] - The board approved the 2025 semi-annual report and its summary, which is available on the Shanghai Stock Exchange website [1][2] - The board also approved a special report on the storage, management, and actual use of raised funds for the first half of 2025, with unanimous support [2] - A semi-annual evaluation report on the "Quality Improvement and Efficiency Enhancement" action plan for 2025 was also approved, receiving unanimous votes [2] - The board approved the formulation and revision of certain corporate governance systems, with all directors voting in favor [2][3]

Core Viewpoint - The report highlights the financial performance of Road Environmental Technology Co., Ltd. for the first half of 2025, indicating a slight increase in revenue but significant losses in net profit due to various operational challenges and market conditions [1]. Company Overview - Company Name: Road Environmental Technology Co., Ltd. - Stock Code: 688156 - Stock Exchange: Shanghai Stock Exchange, Sci-Tech Innovation Board [2][3]. Financial Performance - Total assets at the end of the reporting period were approximately CNY 1.69 billion, a decrease of 1.92% compared to the end of the previous year [3]. - Operating revenue reached CNY 146.96 million, reflecting a year-on-year increase of 1.08% [5]. - Total profit was reported at a loss of CNY 22.10 million, with a net profit attributable to shareholders of CNY -13.07 million, marking a significant decline of 969.04% compared to the previous year [3][5]. - The net profit after deducting non-recurring gains and losses was CNY -14.30 million [5]. Business Segments - The company’s white wine residue biological fermentation feed business expanded, with production reaching 73,100 tons, a growth of 53.28% year-on-year, and sales volume increasing by 42.68% to 72,500 tons [5]. - Revenue from the biological fermentation feed segment was CNY 109.75 million, showing slight growth despite low prices for raw materials [5]. - The inorganic solid waste treatment service business generated revenue of CNY 28.61 million, with an increase in processing volume compared to the previous year [5][6]. Challenges and Costs - The company faced challenges such as declining prices for feed products and increased operational costs due to new factory openings, leading to a rise in management expenses by 18.42% and financial costs by 153.16% [5][6]. - The collection period for accounts receivable extended, impacting cash flow, although efforts to recover historical debts resulted in a reduction of credit impairment losses by CNY 10.12 million [6]. Shareholder Information - The largest shareholder, Ji Guangming, holds 27.70% of the shares, followed by Wu Chuanqing with 4.33% [7].