Core Viewpoint - The company is changing its stock abbreviation from "Lude Environment" to "Lude Technology" to better align with its core product positioning in bio-fermentation feed and highlight the importance of biotechnology in its main business [1] Group 1 - The new abbreviation "Lude Technology" reflects the company's focus on biotechnology and its existing product system [1] - The change aims to enhance market recognition of the company's "biotechnology" attributes, improving brand visibility and professional image [1] - The new name is consistent with the company's full name, "Lude Biological Environmental Technology Co., Ltd," reinforcing its identity as a modern biotechnology enterprise that integrates innovation and ecological protection [1]

Core Viewpoint - Lude Environment has experienced a stock price increase of 42.50% year-to-date, but recent trading shows a decline in the last 20 and 60 days, indicating potential volatility in the stock performance [1][3]. Company Overview - Lude Environment, established on August 9, 2006, and listed on September 22, 2020, is based in Wuhan, Hubei Province. The company focuses on high-water-content waste treatment, particularly in areas such as river and lake sludge, engineering mud, and industrial residues [2]. - The company utilizes proprietary technologies for waste treatment, including integrated dewatering and solidification of mud and microbial solid-state fermentation of organic residues, aiming for efficient reduction, harmlessness, stabilization, and resource utilization of high-water-content waste [2]. Financial Performance - For the period from January to September 2025, Lude Environment reported a revenue of 254 million yuan, reflecting a year-on-year growth of 14.15%. However, the net profit attributable to shareholders was a loss of 16.13 million yuan, a significant decrease of 368.25% compared to the previous year [3]. - The company has distributed a total of 61.19 million yuan in dividends since its A-share listing, with 15.11 million yuan distributed over the past three years [4]. Shareholder Information - As of September 30, the number of shareholders for Lude Environment was 3,867, a decrease of 6.68% from the previous period. The average number of circulating shares per shareholder increased by 7.16% to 26,044 shares [3].

Market Overview - The feed sector increased by 0.49% on November 3, with Boen Group leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Individual Stock Performance - Boen Group (001366) closed at 13.86, up 3.36% with a trading volume of 50,400 shares and a transaction value of 69.30 million [1] - Tiankang Biological (002100) closed at 7.55, up 2.30% with a trading volume of 319,500 shares and a transaction value of 240 million [1] - Zhenghong Technology (000702) closed at 7.30, up 1.53% with a trading volume of 76,200 shares and a transaction value of 55.31 million [1] - Jin Xin Nong (002548) closed at 5.01, up 1.42% with a trading volume of 315,900 shares and a transaction value of 155 million [1] - Zhongchong Co., Ltd. (002891) closed at 57.97, up 1.35% with a trading volume of 72,100 shares and a transaction value of 415 million [1] Capital Flow Analysis - The feed sector experienced a net outflow of 28.22 million from institutional investors, while retail investors saw a net inflow of 12.66 million [2] - The main capital inflow and outflow for selected stocks include: - Tiankang Biological: Net inflow of 16.15 million from main capital, but net outflow of 4.79 million from speculative capital [3] - Zhongchong Co., Ltd.: Net inflow of 11.32 million from main capital, with a significant net inflow of 22.82 million from speculative capital [3] - Dabeinong (002385): Net inflow of 3.82 million from main capital, but a net outflow of 20.27 million from speculative capital [3]

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [6] Core Views - In the first three quarters of 2025, the company achieved operating revenue of 250 million yuan, a year-on-year increase of 14.2%, while the net profit attributable to the parent company was a loss of 20 million yuan. In Q3 alone, the revenue reached 110 million yuan, up 38.9% year-on-year, with a net profit loss of 3.05 million yuan [2][4] - The gross margin of the distiller's grains feed products is showing signs of recovery, and new factories are gradually turning profitable. The rapid development of the bio-fermented feed business has led to a slight increase in expenses, but customer coverage continues to expand, with expectations for performance improvement [2][10] Summary by Sections Financial Performance - The company reported a total revenue of 250 million yuan for the first three quarters of 2025, with a year-on-year growth of 14.2%. The net profit attributable to the parent company was a loss of 20 million yuan. In Q3, the revenue was 110 million yuan, marking a 38.9% increase year-on-year, while the net profit loss was 3.05 million yuan [2][4] Business Segments - The bio-fermented feed segment saw a sales volume of 131,800 tons in the first three quarters, a year-on-year increase of 62.48%, generating sales revenue of 200 million yuan, up 18.74%. In Q3, the sales volume was 59,400 tons, a 95.61% increase year-on-year, with sales revenue of 90 million yuan, up 42.50% year-on-year [10] - The inorganic waste treatment service business generated sales revenue of 40 million yuan in the first three quarters of 2025 [10] Profitability and Cost Structure - The gross margin for the bio-fermented feed business has shown recovery, with Q3 gross margin increasing by 8.88 percentage points to 20.92%. The company incurred a total loss of 21.78 million yuan from new factories in the first three quarters, with losses narrowing in Q3 [10] - The expense ratio increased by 0.7 percentage points to 31.6%, with the sales expense ratio decreasing by 2.4 percentage points to 4.7%, while the management expense ratio rose by 0.2 percentage points to 21.3% [10] Market Position and Future Outlook - The company has successfully entered the supplier lists of several well-known end customers, including New Hope Group and Haida Group, establishing a good market reputation. The production capacity of the bio-fermented feed business has rapidly increased from 50,000 tons/year to 470,000 tons/year [10] - The company is expected to continue facing losses in 2025, with a potential turnaround in 2026, and a projected net profit of 46 million yuan in 2027 [10]

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]