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]

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].