Core Viewpoint - Lude Technology (SH688156) anticipates a significant increase in losses for the fiscal year 2025, with projected net losses of approximately 63 million yuan and 66.5 million yuan for net profit after deducting non-recurring items, compared to losses of 56.55 million yuan and 59.67 million yuan in 2024, respectively [1][2][3] Group 1: Financial Performance - The expected losses for 2025 are attributed to high fixed costs from three new factories that began operations in Q4 2024, leading to a decline in gross margin for the biopharmaceutical feed business [1][3] - The company reported that two of the new factories achieved profitability in September 2025, contributing to a projected 50% year-on-year increase in sales volume for the biopharmaceutical feed business [2][3] - Despite the anticipated losses, Lude Technology expects a net cash flow from operating activities of approximately 60 million yuan for the entire year of 2025 [6] Group 2: Operational Challenges - The increase in losses is also linked to higher depreciation and amortization costs from new fixed assets, which are expected to rise by around 10 million yuan in 2025 [4] - The company faces additional financial strain from increased impairment losses on contract assets and accounts receivable in its inorganic waste treatment business, totaling approximately 30 million yuan [4] Group 3: Strategic Initiatives - Lude Technology has entered into a strategic cooperation agreement with Guotou Juliy Investment Management Co., aiming to focus on the biopharmaceutical feed business and reduce investments in the environmental waste sector [5] - The company has completed capital increases for its subsidiaries in the biopharmaceutical feed sector, amounting to a total investment of 117 million yuan [4]
路德科技2025年归母净利润预计同比亏损扩大 两座生物发酵饲料新厂已实现产品线盈利