Core Viewpoint - The company, Lude Technology (688156.SH), anticipates a net loss of approximately 63 million yuan attributable to shareholders for the fiscal year 2025, despite ongoing efforts to optimize product and customer structure, expand sales channels, and enhance cost efficiency [1] Group 1: Financial Performance - The expected net profit for 2025 is projected to be around -63 million yuan [1] - The company is experiencing a decline in gross margin for its liquor lees bio-fermented feed business compared to the same period last year due to high fixed cost amortization pressures [1] Group 2: Business Operations - The company is focusing on improving production efficiency at its new bio-fermented feed plants, which have shown steady growth in capacity, sales, and revenue [1] - Sales volume for bio-fermented feed is expected to increase by over 50% year-on-year in 2025 [1] - Three new plants that commenced production in Q4 2024 are ramping up well, with two plants achieving product line profitability starting September 2025 [1]

路德生物环保科技股份有限公司 关于变更持续督导保荐代表人的公告 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。 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：2026-007 路德生物环保科技股份有限公司（以下简称"公司"）于近日收到持续督导保荐 机构国投证券股份有限公司（以下简称"国投证券"）出具的《关于变更路德生物环 保科技股份有限公司持续督导保荐代表人的通知》。国投证券作为公司首次公开 发行股票并在科创板上市的保荐机构，并担任公司向特定对象发行股票的保荐机 构，原委派张翊维先生和黄俊先生担任保荐代表人，公司首次公开发行股票并在 科创板上市、向特定对象发行股票的持续督导期分别至 2023 年 12 月 31 日、2025 年 12 月 31 日。截至目前，持续督导期已届满，公司相关募集资金尚未使用完毕， 根据相关规定，国投证券对此未尽事项继续履行持续督导义务。 现因张翊维先生从国投证券离职，无法继续从事对公司的持续督导工作。为 保证持续督导工作的有序进行，国投证券现委派保荐代表人樊 ...

Financial Performance - The company expects a net loss attributable to shareholders of approximately -63 million yuan for the year 2025[3] - The net loss attributable to shareholders after deducting non-recurring gains and losses is estimated to be around -66.5 million yuan[3] - In the same period last year, the net loss attributable to shareholders was -56.55 million yuan, indicating a worsening performance year-over-year[4] Sales and Revenue - The sales volume of the biological fermentation feed business is expected to increase by over 50% year-on-year in 2025[5] - The company has initiated a price increase for its products starting December 2025 due to rising costs and market adaptation[7] Cash Flow and Expenses - The company recorded a net cash flow from operating activities of approximately 60 million yuan for the year[8] - The company anticipates impairment losses of about 30 million yuan related to contract assets and accounts receivable due to extended payment periods[7] - Fixed asset depreciation and amortization expenses increased by approximately 10 million yuan due to the commissioning of new facilities[7] - Interest expenses related to fixed asset loans are expected to rise by about 14 million yuan due to significant capital investments in new plants[8] Strategic Focus - The company is in a comprehensive transformation phase, focusing on optimizing product and customer structure while expanding sales channels[5]

Summary of Key Points Core Viewpoint - The company, Lude Technology, anticipates a net loss attributable to shareholders of approximately 63 million yuan for the fiscal year 2025, indicating a worsening financial outlook compared to the previous year [1] Financial Performance - The expected net loss attributable to shareholders for 2025 is around 63 million yuan, while the net loss after excluding non-recurring gains and losses is projected to be about 66.5 million yuan [1] - In the same period last year, the net loss attributable to shareholders was 56.55 million yuan, and the net loss after excluding non-recurring items was 59.67 million yuan [1]

Market Overview - The feed sector experienced a decline of 0.3% on January 28, with Baiyang Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Individual Stock Performance - Major gainers in the feed sector included: - Dabeinong (002385) with a closing price of 4.30, up 4.12% on a trading volume of 3.44 million shares and a transaction value of 146.9 million yuan [1] - Tianma Technology (603668) closed at 15.87, up 1.60% with a transaction value of 166 million yuan [1] - Tangrenshen (002567) closed at 4.45, up 1.14% with a transaction value of 19.5 million yuan [1] - Conversely, Baiyang Co., Ltd. (002696) led the decline with a closing price of 7.57, down 3.32% on a trading volume of 131,200 shares and a transaction value of 101 million yuan [2] - Other notable decliners included: - Aonong Biological (603363) down 2.64% [2] - Petty Holdings (300673) down 2.51% [2] Capital Flow Analysis - The feed sector saw a net inflow of 113 million yuan from institutional investors, while retail investors experienced a net outflow of 69.45 million yuan [2] - The capital flow for key stocks included: - Dabeinong had a net inflow of 16.416 million yuan from institutional investors, while retail investors saw a net outflow of 13.4 million yuan [3] - Tiankang Biological (002100) had a net inflow of 26.242 million yuan from institutional investors [3] - Baiyang Co., Ltd. experienced a net outflow of 30.7375 million yuan from retail investors [3]

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：2026-006 关于全资子公司增资扩股引入投资者的 进展公告 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、交易概况 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"）子公司路德 生物环保科技（宿迁）有限公司（以下简称"宿迁路德"）拟以增资扩股方式引入投 资者。聚力杭实（杭州）股权投资合伙企业（有限合伙）（以下简称"聚力杭实"） 拟现金出资 4,500 万元认购宿迁路德新增注册资本 4,500 万元。公司就本次增资事 项放弃优先认购权。以上事项已经 2025 年 12 月 22 日召开的第五届董事会第七次 会议审议通过。 交易完成后，宿迁路德的注册资本由 6,000.00 万元增加至 10,500.00 万元，公 司直接持有宿迁路德的股权比例由 100.0000%变更为 57.1429%，宿迁路德仍属于 公司合并报表范围内的控股子公司。具体内容详见公司于 2025 年 12 月 23 日披露 于上海证券交易所网站（www ...

Group 1 - The feed sector experienced a decline of 0.29% on January 23, with Zhongchong Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] - Key stocks in the feed sector showed varied performance, with Tianma Technology rising by 2.94% to a closing price of 16.13, while Zhongchong Co., Ltd. fell by 1.55% to 49.52 [2] Group 2 - The feed sector saw a net outflow of 70.64 million yuan from institutional investors, while retail investors had a net inflow of 90.51 million yuan [2] - The trading volume and turnover for major stocks in the feed sector varied, with major stocks like Tianma Technology and Haida Group showing significant trading activity [3] - The net inflow and outflow of funds for specific stocks indicated a mixed sentiment among investors, with some stocks like Haida Group experiencing a net inflow of 13.67 million yuan from institutional investors [3]

Market Overview - The feed sector experienced a decline of 0.69% on January 21, with Aonong Biological leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Individual Stock Performance - Jin Xin Nong (002548) closed at 6.56, up 2.34% with a trading volume of 399,800 shares and a transaction value of 261 million [1] - Petty Holdings (300673) closed at 19.46, up 1.62% with a trading volume of 82,200 shares and a transaction value of 159 million [1] - Aonong Biological (603363) closed at 4.27, down 1.84% with a trading volume of 430,600 shares and a transaction value of 184 million [2] - Other notable declines include Tian Kang Biological (002100) down 1.26% and Hai Da Group (002311) down 1.17% [2] Capital Flow Analysis - The feed sector saw a net outflow of 95.94 million from institutional investors, while retail investors had a net inflow of 63.31 million [2] - The capital flow for individual stocks shows Jin Xin Nong with a net inflow of 21.61 million from institutional investors, while Aonong Biological had a net outflow of 1.32 million [3] - Petty Holdings experienced a net outflow of 1.99 million from institutional investors but a net inflow of 6.27 million from retail investors [3]

Group 1 - The feed sector experienced a slight increase of 0.13% on January 15, with Lude Technology leading the gains [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] - Key stocks in the feed sector showed varied performance, with Lude Technology closing at 17.62, up 1.91%, and Tangrenshen closing at 4.40, down 0.23% [1] Group 2 - The feed sector saw a net outflow of 116 million yuan from institutional investors, while retail investors contributed a net inflow of 116 million yuan [2] - The trading volume for Lude Technology was 27,000 hands, with a transaction amount of 46.9584 million yuan [1] - The stock performance of major companies included Hada Group with a closing price of 53.63, up 1.15%, and Petty Co. with a closing price of 18.75, down 2.09% [2][3] Group 3 - The net inflow from retail investors for TianKang Biological was 17.1 million yuan, while the net outflow from institutional investors was 18.4821 million yuan [3] - The net inflow for GuaiBao Pet was 6.3998 million yuan from institutional investors, while it faced a net outflow of 10.7891 million yuan from retail investors [3] - The overall sentiment in the feed sector indicates mixed investor behavior, with some stocks attracting retail interest while others faced institutional selling pressure [2][3]

Core Viewpoint - Lude Technology (688156.SH) has announced its 2025 performance report, highlighting the completion of a capital increase and share expansion process with a total investment of 35 million yuan received from Julei Hang [1] Group 1 - The company has received a capital injection of 35 million yuan from Julei Hang [1] - The capital increase and share expansion have been officially registered with the local market supervision authority [1] - The company has obtained a new business license issued by the Market Supervision Administration of Qiaocheng District, Bozhou City [1]