格隆汇9月15日丨路德环境(688156.SH)公布，为助力公司白酒糟生物发酵饲料业务发展，同时增强子公 司的资本实力，公司全资子公司亳州路德拟通过增资扩股的方式引进亳州科投基金和亳州生命健康基金 作为新股东，将注册资本由8,000万元人民币增至11,000万元人民币。公司就本次增资事项放弃优先认购 权，由亳州科投基金新增认缴出资2,000万元，增资价格为每1元注册资本1元，由亳州生命健康基金新 增认缴出资1,000万元，增资价格为每1元注册资本1元。本次增资后亳州科投基金将持有亳州路德 18.18%股权，亳州生命健康基金将持有亳州路德9.09%股权，公司持有亳州路德72.73%股权，亳州路德 仍为公司合并报表范围内子公司。 ...

格隆汇9月15日丨路德环境(688156.SH)公布，为助力公司白酒糟生物发酵饲料业务发展，同时增强子公 司的资本实力，公司全资子公司亳州路德拟通过增资扩股的方式引进亳州科投基金和亳州生命健康基金 作为新股东，将注册资本由8,000万元人民币增至11,000万元人民币。公司就本次增资事项放弃优先认购 权，由亳州科投基金新增认缴出资2,000万元，增资价格为每1元注册资本1元，由亳州生命健康基金新 增认缴出资1,000万元，增资价格为每1元注册资本1元。本次增资后亳州科投基金将持有亳州路德 18.18%股权，亳州生命健康基金将持有亳州路德9.09%股权，公司持有亳州路德72.73%股权，亳州路德 仍为公司合并报表范围内子公司。 ...

路德环境公告，全资子公司亳州路德拟实施增资扩股并引入投资者。亳州市科转投资基金合伙企业现金 出资2000万元认购亳州路德新增注册资本2000万元；亳州市生命健康产业基金合伙企业现金出资1000万 元认购亳州路德新增注册资本1000万元。增资后，亳州科投基金持有亳州路德18.18%股权，亳州生命 健康基金持有9.09%股权，公司持有72.73%股权。此次增资有利于补充亳州路德营运资金，改善资产负 债结构，深化与安徽古井贡酒及亳州本地酒企的酒糟原料合作，开拓中原地区肉牛养殖市场。 ...

Market Overview - The feed sector increased by 2.52% on September 15, with Aonong Biological leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Key Stocks Performance - Aonong Biological (603363) closed at 6.04, up 10.02% with a trading volume of 1.5461 million shares and a transaction value of 908 million yuan [1] - Tiankang Biological (002100) closed at 8.05, up 8.20% with a trading volume of 1.4636 million shares and a transaction value of 1.158 billion yuan [1] - Haida Group (002311) closed at 67.35, up 3.62% with a trading volume of 79,700 shares and a transaction value of 534 million yuan [1] - Other notable stocks include Quanjinong (002548) up 3.33%, Zhenghong Technology (000702) up 2.01%, and Tangrenshen (002567) up 1.80% [1] Capital Flow Analysis - The feed sector saw a net inflow of 116 million yuan from institutional investors, while retail investors experienced a net outflow of 47.8 million yuan [2] - Aonong Biological had a significant net inflow of 204 million yuan from institutional investors, representing 22.44% of its trading volume [3] - Tiankang Biological and Zhenghong Technology also saw net inflows from institutional investors, although retail investors showed net outflows [3]

Market Overview - The feed sector experienced a decline of 0.53% on September 12, with Petty Holdings leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Individual Stock Performance - Aonong Biological (603363) saw a significant increase of 4.01%, closing at 5.45, with a trading volume of 1.52 million shares and a turnover of 820 million yuan [1] - Jin Xin Nong (002548) rose by 3.64%, closing at 5.13, with a trading volume of 1.25 million shares and a turnover of 653 million yuan [1] - Petty Holdings (300673) declined by 2.52%, closing at 18.57, with a trading volume of 56,500 shares and a turnover of 106 million yuan [2] Capital Flow Analysis - The feed sector experienced a net outflow of 231 million yuan from institutional investors, while retail investors saw a net inflow of 140 million yuan [2] - Aonong Biological had a net outflow of 37.79 million yuan from institutional investors, while retail investors contributed a net inflow of 4.36 million yuan [3] - Jin Xin Nong had a net inflow of 11.78 million yuan from institutional investors, but a net outflow of 25.86 million yuan from retail investors [3]

Core Viewpoint - The financial performance of Lude Environment (688156.SH) in the first half of 2025 shows a slight increase in revenue but significant losses in net profit compared to the previous year [1][2]. Financial Performance Summary - Revenue for the first half of 2025 reached 147 million yuan, representing a year-on-year growth of 1.08% [1][2]. - The net profit attributable to shareholders was -13.07 million yuan, a decline from a profit of 1.50 million yuan in the same period last year, marking a decrease of 969.04% [1][2]. - The net profit after deducting non-recurring gains and losses was -14.30 million yuan, compared to a profit of 0.25 million yuan in the previous year, reflecting a decrease of 5,769.09% [1][2]. - The net cash flow from operating activities was 11.76 million yuan, down 47.49% from 22.40 million yuan in the same period last year [1][2]. Previous Year Comparison - In 2024, the company reported a revenue of 27.76 million yuan, a decrease of 20.92% from 35.11 million yuan in 2023 [3]. - The net profit attributable to shareholders for 2024 was -56.55 million yuan, a significant drop from a profit of 26.97 million yuan in 2023, indicating a decline of 309.69% [3]. - The net profit after excluding non-recurring items was -59.67 million yuan, compared to a profit of 20.46 million yuan in the previous year, showing a decrease of 391.6% [3]. - The net cash flow from operating activities improved to 53.45 million yuan from -19.13 million yuan in 2023, representing a 379.41% increase [3]. Fundraising and Financial Activities - Lude Environment raised a total of 365 million yuan through its initial public offering, with a net amount of 324 million yuan after deducting issuance costs [4]. - The company planned to raise 350 million yuan, allocating 150 million yuan for upgrading its technology research and development center and 200 million yuan for information technology projects [4]. - In 2022, the company raised 113.18 million yuan through a private placement, with a net amount of 109.03 million yuan after deducting issuance costs [5][6].

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].