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、董事会会议召开情况 路德生物环保科技股份有限公司（以下简称"公司"）第五届董事会第四次会议于 2025 年 10 月 30 日以现场结合通讯方式召开，本次会议通知已于 2025 年 10 月 24 日以电子邮件的 方式发出。本次会议应出席董事 7 名，实到 7 名。本次会议由董事长季光明先生主持，公司高 级管理人员列席了会议。会议的召集、召开和表决情况符合《中华人民共和国公司法》（以下 简称"《公司法》"）等有关法律、法规及《路德生物环保科技股份有限公司章程》（以下简 称"公司章程"）的规定，形成的决议合法、有效。 二、董事会会议审议情况 路德生物环保科技股份有限公司 证券代码：688156 证券简称：路德环境 公告编号：2025-038 路德生物环保科技股份有限公司 第五届董事会第四次会议决议公告 表决结果：同意 7 票，反对 0 票，弃权 0 票。 本议案经公司第五届董事会审计委员会 2025 年第三次会议审议通过。 特此公告。 路德生物环保科技股份有限公司董事会 2 ...

Revenue and Profitability - The company reported a revenue of CNY 106,560,216.06 for Q3 2025, an increase of 38.94% compared to the same period last year[4] - For the first nine months of 2025, the company achieved a total revenue of CNY 253,521,072.15, reflecting a 14.15% year-on-year growth[6] - The total profit for the first nine months of 2025 was -CNY 28,106,537.85, with a net profit attributable to shareholders of -CNY 16,126,830.67[7] - The company's operating revenue for the current reporting period increased by 38.94% compared to the previous period, primarily due to significant growth in the production and sales of its biopharmaceutical feed business[14] - The total profit for the current reporting period decreased by 36.66%, attributed to strategic adjustments in product pricing to accommodate market conditions and ongoing capacity ramp-up at new production facilities[14] - The net profit attributable to shareholders for the current reporting period is not applicable, as the company is still in the capacity ramp-up phase, impacting fixed costs and depreciation expenses[14] - The net profit for the current period is -14,808,228.23 RMB, compared to -7,954,409.81 RMB in the same period last year, indicating a significant increase in losses[25] - The total operating profit is -28,182,222.47 RMB, which is a decline from -10,466,029.09 RMB year-over-year[25] - The total comprehensive income attributable to the parent company is -16,126,830.67 RMB, compared to -3,444,028.64 RMB in the previous year[25] - The basic and diluted earnings per share are both -0.16 RMB, compared to 0.03 RMB in the same period last year[25] Cash Flow and Liquidity - The company’s cash flow from operating activities for Q3 2025 was CNY 13,761,429.85, a decrease of 48.94% year-on-year[4] - Cash flow from operating activities decreased by 48.94% in the current reporting period, mainly due to increased production-related procurement expenses and raw material costs compared to the same period last year[14] - The company's cash and cash equivalents decreased to RMB 188,193,988.87 from RMB 225,767,078.32 as of December 31, 2024, indicating a liquidity contraction[19] - The ending cash and cash equivalents balance is 180,404,756.48 RMB, down from 218,584,193.48 RMB year-over-year[28] - Cash flow from operating activities generated a net cash flow of 25,523,261.66 RMB, down from 49,348,954.57 RMB in the previous year[27] - Investment activities resulted in a net cash outflow of -115,557,133.48 RMB, an improvement from -199,072,704.82 RMB in the previous year[27] - Financing activities generated a net cash inflow of 63,156,698.07 RMB, down from 207,893,636.09 year-over-year[27] Research and Development - The R&D expenditure for Q3 2025 was CNY 2,935,247.07, accounting for 2.75% of revenue, a decrease of 1.61 percentage points compared to the previous year[5] - Research and development expenses increased to RMB 10,209,816.23, compared to RMB 9,988,077.91 in the first three quarters of 2024, reflecting a focus on innovation[23] Assets and Liabilities - The company’s total assets as of the end of Q3 2025 were CNY 1,797,987,551.38, representing a 4.21% increase from the end of the previous year[5] - Total assets increased to RMB 1,797,987,551.38 from RMB 1,725,397,885.37, indicating growth in the company's asset base[22] - Total liabilities rose to RMB 889,923,208.88, compared to RMB 852,525,314.64, reflecting increased financial obligations[22] - The company's equity attributable to shareholders decreased to RMB 818,240,527.32 from RMB 834,367,357.99, indicating a decline in shareholder value[22] Market and Operational Performance - The sales volume of the company’s liquor lees biological fermentation feed business reached 131,800 tons in the first nine months of 2025, a year-on-year increase of 62.48%[6] - The gross margin for the liquor lees biological fermentation feed business in Q3 2025 was 20.92%, an increase of 8.88 percentage points from the previous quarter[7] - The company is currently expanding its market presence and product lines, with new facilities in Bozhou and Zunyi still in the ramp-up phase[14] - The company is actively pursuing strategies for market expansion and product innovation to enhance its competitive position[14] - The company plans to focus on market expansion and new product development to improve future performance[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 3,867, with no preferred shareholders[16] - The largest shareholder, Ji Guangming, holds 27,897,730 shares, representing 27.70% of the total shares[17] Accounts Receivable and Impairment - The company recovered CNY 29,069,200 in overdue accounts receivable during the first nine months of 2025, reducing impairment losses by 150.81% year-on-year[9] - Accounts receivable rose to RMB 222,518,387.76, up from RMB 198,116,973.29, suggesting an increase in sales on credit[19]

Core Insights - On October 29, 2025, Lude Environment (688156) recorded a net financing purchase of 258,900 yuan, with a financing balance of 1.31 billion yuan, marking a continuous net purchase of 10.4465 million yuan over the past three trading days [1][2]. Financing Activity Summary - On October 29, 2025, the net financing purchase was 258,900 yuan, with a financing balance of 1.31 billion yuan, representing 6.74% of the circulating market value [2]. - The financing balance increased by 0.2% from the previous day, reflecting a net increase of 258,900 yuan [3]. - Over the past three trading days, the financing activities showed a trend of increasing net purchases, with the highest being 7.7442 million yuan on October 28, 2025 [2][3].

Market Overview - The feed sector experienced a decline of 1.0% on October 28, with Lu Si Co. leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Individual Stock Performance - Zhongchong Co. (002891) saw a closing price of 56.36, with an increase of 3.49% and a trading volume of 87,800 shares, totaling 492 million yuan [1] - Guibao Pet (301498) closed at 72.62, up 3.04%, with a trading volume of 64,800 shares and a total transaction value of 467 million yuan [1] - Lu Si Co. (920419) led the decline with a closing price of 17.56, down 2.71%, and a trading volume of 17,200 shares, amounting to 30.36 million yuan [2] - Haida Group (002311) closed at 56.69, down 2.56%, with a trading volume of 106,400 shares and a total transaction value of 604 million yuan [2] Capital Flow Analysis - The feed sector experienced a net outflow of 101 million yuan from institutional investors, while retail investors saw a net inflow of 80.56 million yuan [2] - The main capital inflow and outflow for selected stocks showed varied trends, with Zhongchong Co. having a net inflow of 23.57 million yuan from institutional investors [3] - Haida Group had a net inflow of 15.68 million yuan from institutional investors, while experiencing a net outflow of 2.16 million yuan from retail investors [3]

Investment Rating - Maintain "Buy" rating for the environmental protection industry [1] Core Views - The Fourth Plenary Session emphasizes integrating green development into the modern industrial system, accelerating market-oriented resource allocation, and addressing local government debt as a key task for the 14th Five-Year Plan [9][10] - The report highlights significant growth in the environmental sector, particularly in clean energy, recycling resources, and waste management, driven by policy support and market reforms [12][14] Policy Tracking - The Fourth Plenary Session outlines the importance of green transformation as a systemic project across economic and social development, with specific measures to achieve carbon peak and neutrality goals [9][10] - Key initiatives include accelerating the construction of a dual control system for carbon emissions, promoting green low-carbon energy transformation, and enhancing the circular economy [10][11] Industry Trends - The environmental protection sector is witnessing a surge in new energy sanitation vehicle sales, with a year-on-year increase of 63.18% and a penetration rate rise of 6.29 percentage points to 17.40% [6][9] - The report notes improvements in the profitability of biodiesel production, with stable prices for waste cooking oil and rising net profits [12][14] Investment Recommendations - Focus on clean energy operations, particularly in green electricity and green hydrogen, with specific companies recommended for investment [12][14] - In the recycling sector, companies involved in biofuels and recycled plastics are highlighted as key investment opportunities [12][14] - The report suggests that market-oriented pricing reforms in waste and water management will enhance cash flow stability and profitability for companies in these sectors [13][14] Company Tracking - Longjing Environmental plans to raise 2 billion yuan through a private placement to enhance its capital structure and support growth in green electricity and energy storage [12][14] - The report indicates that companies in the solid waste sector are experiencing improved cash flow and dividend payouts, with notable increases in free cash flow and dividend ratios [19][20]

Market Overview - The feed sector increased by 1.16% on October 27, with Jin Xin Nong leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Individual Stock Performance - Jin Xin Nong (002548) closed at 4.80, up 5.49% with a trading volume of 369,000 shares and a turnover of 173 million yuan [1] - Tian Kang Biological (002100) closed at 7.89, up 5.34% with a trading volume of 506,600 shares [1] - Tian Ma Technology (603668) closed at 14.06, up 4.15% with a trading volume of 218,000 shares and a turnover of 302 million yuan [1] - Ao Nong Biological (603363) closed at 5.16, up 4.03% with a trading volume of 1,878,500 shares and a turnover of 451 million yuan [1] - Other notable stocks include Bangtai Technology (603151) at 26.26, up 1.70%, and Hai Da Group (002311) at 58.18, up 0.97% [1] Capital Flow Analysis - The feed sector saw a net inflow of 132 million yuan from institutional investors, while retail investors experienced a net outflow of 148 million yuan [2] - The main capital inflow and outflow for key stocks are as follows: - Ao Nong Biological: Net outflow of 40.5 million yuan from main capital [3] - Tian Ma Technology: Net inflow of 34.8 million yuan from main capital [3] - Tian Kang Biological: Net inflow of 32.8 million yuan from main capital [3] - Hai Da Group: Net inflow of 30.4 million yuan from main capital [3]

Core Insights - The feed sector experienced a slight decline of 0.17% on October 24, with Tianma Technology leading the losses [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Feed Sector Performance - Zhongchong Co., Ltd. (002891) saw a closing price of 54.36, with an increase of 3.74% and a trading volume of 96,700 shares, amounting to a transaction value of 526 million yuan [1] - Other notable performers included Boen Group (001366) with a closing price of 13.03, up 0.77%, and Petty Co., Ltd. (300673) at 17.42, up 0.40% [1] - Tianma Technology (603668) led the declines with a closing price of 13.50, down 4.66%, and a trading volume of 222,500 shares, resulting in a transaction value of 309 million yuan [2] Capital Flow Analysis - The feed sector experienced a net outflow of 154 million yuan from institutional investors, while retail investors saw a net inflow of 97.74 million yuan [2] - The capital flow for individual stocks showed that Zhongchong Co., Ltd. had a net inflow of 12.28 million yuan from institutional investors, while it faced a net outflow of 36.39 million yuan from retail investors [3] - Other stocks like He Feng Co., Ltd. (60360a) and Boen Group (001366) also showed mixed capital flows, with varying degrees of net inflows and outflows from different investor categories [3]

Core Viewpoint - The feed sector experienced a decline of 2.45% on October 22, with Guai Bao Pet Food leading the drop. The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1]. Summary by Category Market Performance - The feed sector's overall performance was negative, with a notable decline in key stocks, particularly Guai Bao Pet Food, which fell by 3.98% [2]. - The trading volume and turnover for Guai Bao Pet Food reached 34,900 shares and 301 million yuan, respectively [2]. Individual Stock Performance - Key stocks in the feed sector showed varied performance: - Baiyang Co. (002696) increased by 1.96% to close at 6.75 yuan [1]. - Zhenghong Technology (000702) rose by 0.83% to 7.29 yuan [1]. - Other stocks like Da Bei Nong (002385) and He Feng Co. (603609) saw minor declines of 0.49% and 0.50%, respectively [1]. Capital Flow - The feed sector saw a net outflow of 151 million yuan from institutional investors, while retail investors contributed a net inflow of 1.42 billion yuan [2]. - Guai Bao Pet Food had a net outflow of 23.62 million yuan from institutional investors, indicating a significant shift in capital dynamics [3].

Market Overview - The feed sector experienced a decline of 1.72% on October 16, with Lude Environment leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Individual Stock Performance - Lude Environment (688156) closed at 19.27, down 5.54% with a trading volume of 32,200 shares and a turnover of 63.1 million yuan [1] - Bangji Technology (603151) closed at 25.31, down 4.71% with a trading volume of 24,500 shares and a turnover of 63.1 million yuan [1] - Aonong Biological (603363) closed at 5.36, down 2.90% with a trading volume of 937,200 shares and a turnover of 5.16 million yuan [1] - Baiyang Co., Ltd. (002696) closed at 6.58, down 2.81% with a trading volume of 1,311,500 shares and a turnover of 205 million yuan [1] - Zhenghong Technology (000702) closed at 7.11, down 2.74% with a trading volume of 121,500 shares and a turnover of 86.7 million yuan [1] - Jinxinnong (002548) closed at 4.75, down 2.26% with a trading volume of 297,700 shares and a turnover of 144 million yuan [1] - Lusi Co., Ltd. (920419) closed at 18.08, down 2.22% with a trading volume of 13,400 shares and a turnover of 24.4 million yuan [1] - Guibao Pet (301498) closed at 92.70, down 1.90% with a trading volume of 13,300 shares and a turnover of 125 million yuan [1] - Haida Group (002311) closed at 60.71, down 1.89% with a trading volume of 64,500 shares and a turnover of 394 million yuan [1] - Tianma Technology (603668) closed at 15.20, down 1.87% with a trading volume of 196,100 shares and a turnover of 300 million yuan [1] Capital Flow Analysis - The feed sector saw a net outflow of 101 million yuan from institutional investors and a net outflow of 38.49 million yuan from retail investors, while individual investors had a net inflow of 140 million yuan [1] - Specific stock capital flows include: - Tiankang Biological (002100) had a net inflow of 23.90 million yuan from institutional investors, while retail investors had a net outflow of 9.12 million yuan [2] - Zhongchong Co., Ltd. (002891) had a net inflow of 4.99 million yuan from institutional investors, with retail investors experiencing a net outflow of 22.73 million yuan [2] - Lude Environment (688156) had a net inflow of 2.92 million yuan from institutional investors, while retail investors had a net outflow of 7.56 million yuan [2] - Haida Group (002311) had a net inflow of 2.44 million yuan from institutional investors, with retail investors experiencing a net outflow of 26.56 million yuan [2] - Other stocks like Bangji Technology (603151) and Petty Co., Ltd. (300673) also showed varying capital flows with net outflows from institutional and retail investors [2]

Market Overview - The feed sector experienced a decline of 1.02% on October 14, with Zhongchong Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Individual Stock Performance - Baiyang Co., Ltd. saw a significant increase of 9.97%, closing at 6.84, with a trading volume of 164,800 shares and a turnover of 110 million [1] - Other notable performers included Lude Environment (+3.39%), Tiankang Biological (+1.19%), and Tangrenshen (+0.42%) [1] - Zhongchong Co., Ltd. reported a decline of 5.82%, closing at 53.38, with a trading volume of 141,600 shares and a turnover of 760 million [2] - Aonong Biological and Tianma Technology also experienced declines of 2.18% and 1.75%, respectively [2] Capital Flow Analysis - The feed sector saw a net outflow of 183 million from main funds, while retail investors contributed a net inflow of 185 million [2] - The capital flow for individual stocks showed that Baiyang Co., Ltd. had a net inflow of 36.87 million from main funds, while Tiankang Biological had a net inflow of 15.21 million [3] - Conversely, Zhongchong Co., Ltd. experienced a significant net outflow of 76 million from main funds [3]