路德科技成立于2006年，2020年9月成功登陆科创板，公司于2025年11月由"路德环境"更名为"路德科 技"。此前，无机固废处理业务一直占路德环境的营收主导，但随着业务的拓展，公司酒糟资源化利用 迅速扩张，营收占比不断提升。2020年至2022年，公司白酒糟生物发酵饲料业务收入的复合增长率达到 72.89%。至2023年，公司微生物发酵饲料业务收入占比过半，首次超过无机固废处理业务。 长江商报消息 ●长江商报记者 徐靓丽 路德科技（688156.SH）12月22日公告，公司拟与国投聚力投资管理有限公司（下称"国投聚力"）签署 战略合作协议，各方基于在生物制造领域的优势，建立战略合作伙伴关系。同时，国投聚力旗下基金聚 力杭实对路德科技下属三家子公司共增资1.17亿元，助力路德科技产能提质增效。 围绕生物制造开展合作 2025年三季报显示，前三季度，路德科技实现营业总收入2.54亿元，同比增长14.15%。 公告显示，合作方国投聚力是专业的投资管理机构，拥有广泛的产业资源和资本运作经验，国家开发投 资集团有限公司对国投聚力持股30%。公开资料显示，国投聚力此前已投资慕恩生物、弈柯莱等生物制 造领域企业，布局微 ...

本次获得注资的三家子公司，是路德科技从环境治理向高科技生物制造战略转型的核心引擎与产能基 石。它们在全国范围内构成了路德科技以白酒糟、酵肽等食品工业副产物为原料，生产高品质生物发酵 饲料的产业化矩阵。其中，宿迁基地更是被规划为公司未来的绿色生物科技产业旗舰。 路德科技通过自主研发的微生物发酵与过程调控技术，成功将酿酒、食品加工等过程产生的非粮生物 质，转化为粗蛋白含量高、富含益生菌的功能性饲料产品。该技术路径不仅能有效减少酒糟、酿造水等 废弃物造成的环境污染，更能为养殖业提供替代传统豆粕、玉米的优质蛋白来源，是践行"变废为宝"、 服务"豆粕减量替代"国家行动方案的创新举措。 作为此次战略合作的重要内容，路德科技亦作出研发与产品双重承诺：在2026至2028年间，将通过自主 研发、联合研发及收购兼并等方式，累计投入不低于3000万元用于开发蛋白饲料资源，开展高蛋白产品 相关研发、推广及并购；同时，将逐步提升白酒糟蛋白饲料的蛋白含量与高蛋白产品销量，确保到2028 年，蛋白含量不低于26%的酱香型饲料产品占同类产品比例不低于10%。这一承诺进一步凸显了资本赋 能对企业技术升级与产品迭代的倒逼机制，推动企业持续夯实 ...

路德科技(688156.SH)发布公告，公司拟与国投聚力投资管理有限公司(简称"国投聚力")本着"资源共 享、优势互补、互利共赢"的原则签署《战略合作协议》。国投聚力是专业的投资管理机构，拥有广泛 的产业资源和资本运作经验，双方同意在战略规划、资本运作、业务协同等方面开展深度合作。 此次合作将为公司带来多维度赋能。资本层面，此次合作可优化公司财务结构，提供持续资金支持，助 力产能扩建与技术升级;技术层面，此次合作可依托国投创新平台与科研资源，将推动公司研发能力提 升及工艺优化，提升产品核心竞争力;产业层面，此次合作能链接上下游优质资源，拓宽市场渠道。同 时，合作明确了公司战略方向与研发、产品发展目标，为公司聚焦生物发酵饲料主营业务、实现业务转 型提供坚实保障，符合公司长远发展规划及全体股东利益。 ...

路德科技公告，公司拟与国投聚力投资管理有限公司签署《战略合作协议》。合作内容包括路德科技战 略方向调整、资本运作及深度业务合作。路德科技将聚焦生物发酵饲料主营业务，降低环保固废板块投 入。国投聚力有权建议季光明提名一名国投聚力认可人员作为路德科技董事。合作期限自协议生效之日 起至2028年12月31日止。 ...

Core Viewpoint - The company has announced a change in its stock abbreviation from "Lude Environment" to "Lude Technology" to align with its strategic focus and brand upgrade [2][3] Group 1: Company Strategy - The name change reflects the company's commitment to high-water waste resource utilization and its focus on technological research and industrial application [2] - The company is concentrating on its core business of biological manufacturing, particularly in functional biological feed materials, which has seen significant sales growth and increased revenue contribution [2] Group 2: Business Structure - The inorganic solid waste treatment business has seen a decline in its revenue share due to macroeconomic factors, leading to a strategic restructuring of the company's main business [2] - The new abbreviation "Lude Technology" emphasizes the importance of biotechnology in the company's core operations and enhances market recognition of its "biotechnology" attributes [3] Group 3: Brand Positioning - The change in abbreviation is intended to strengthen brand consistency and support the company's long-term development strategy in the capital market [3] - The new name aligns with the company's full name, "Lude Biological Environmental Technology Co., Ltd.," reflecting its dual focus on biotechnology innovation and ecological environmental protection [3]

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: Company Name Change - The abbreviation change to "Lude Technology" reflects the company's focus on biotechnology and aims to enhance market recognition of its "biotechnology" attributes [1] - The new abbreviation encompasses the company's existing main business and product system, which is expected to improve brand recognition and professional image [1] Group 2: Brand and Market Positioning - The name "Lude Technology" is consistent with the full company name "Lude Biological Environmental Technology Co., Ltd." and better represents the company's identity as a modern biotechnology enterprise integrating innovation and ecological environmental protection [1] - This change is anticipated to strengthen brand consistency and support the company's long-term development strategy in the capital market [1]

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 Insights - The company reported a revenue of 2.387 billion and a net profit of 226 million for the first half of 2025, with the breeding business being the main contributor, generating over 80% of total revenue [1] - The strategic layout of the pig breeding business in the Guangdong-Hong Kong-Macao Greater Bay Area has shown significant results, with sales of 1.0621 million pigs and a revenue of 1.895 billion, marking an 11.65% year-on-year increase [1] - The company is actively promoting a light asset operation strategy, expanding its cooperative models with farmers and achieving a high survival rate of 98% for excellent breeding batches [1] Financial Performance - The company achieved a revenue of 2.387 billion and a net profit of 226 million in the first half of 2025 [1] - The breeding business generated 1.925 billion in revenue, accounting for over 80% of total revenue [1] - The gross profit margin for the breeding business was reported at 19.84% [1] Strategic Initiatives - The company is expanding its "company + farmer" breeding cooperation model within a 200 km radius of its feed factories [1] - The number of signed breeding households is steadily increasing, contributing to the expansion of the cooperative scale [1] - The company invested 23.9365 million in R&D, resulting in 30 utility model patents, 21 software copyrights, and 3 invention patents [1] Environmental and Social Impact - The company has successfully converted pineapple processing waste into high-quality feed materials through a collaboration with the Guangdong Academy of Agricultural Sciences, achieving 100% utilization of waste resources [1] - The company’s projects have received multiple certifications, including "Guangdong Province Vegetable Basket Base" and "Shenzhen Vegetable Basket Base," and are recognized as national-level "African Swine Fever-free zones" [2] - The company is involved in setting standards for various products, including chicken, as part of the "Zhenpin" standard system [2]

Core Viewpoint - In 2024, the company reported its first annual loss since its listing, with a net profit of -56.55 million yuan, attributed to industry adjustments, new capacity investments, and increased expenses [2][5] Financial Performance - Revenue for 2024 was 278 million yuan, a decrease of 20.92% year-on-year [2][12] - The net profit attributable to shareholders was -56.55 million yuan, marking a 309.69% decline compared to the previous year [12] - The company recorded asset impairment losses totaling 34.84 million yuan, with 27.26 million yuan related to accounts receivable [2] Business Operations - The company plans to enhance its cash flow by pursuing legal actions to expedite receivables collection, with accounts receivable amounting to 211 million yuan as of the end of Q1 [2] - The company’s main business includes the production and sale of biological feed products and inorganic solid waste treatment services [2] Strategic Initiatives - The company aims to develop synthetic biology as its third growth curve, focusing on early-stage quality projects through cautious investments [2][7] - The company has rebranded from "Lude Environmental Technology Co., Ltd." to "Lude Biological Environmental Technology Co., Ltd." to reflect its business transformation [5] Market Position and Future Outlook - The biological fermentation feed business generated 217 million yuan in revenue, accounting for 78.11% of total revenue, an increase of 31.80 percentage points from 2022 [5] - The company has expanded its production capacity from one factory to five, with a total capacity of 470,000 tons per year, and plans to increase it to 1 million tons [6][7] - The company expects stable growth in revenue and net profit for 2025, driven by the synthetic biology sector, particularly in beauty and functional food applications [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in sales of bio-fermented feed, with significant improvement in cash flow [1] - The revenue for 2024 is projected to be 2.78 billion yuan, a decrease of 20.92% year-on-year, while the net profit attributable to shareholders is expected to be -565.5 million yuan, a decline of 309.69% [7] - The company is focusing on expanding its bio-fermented feed business, which accounted for 78% of total revenue in 2024, while actively reducing its environmental engineering business [7] Financial Summary - Total revenue is forecasted to increase from 2.78 billion yuan in 2024 to 8.12 billion yuan in 2027, with a compound annual growth rate (CAGR) of 38.08% [1][8] - The net profit attributable to shareholders is expected to recover from -565.5 million yuan in 2024 to 740 million yuan in 2027, reflecting a significant turnaround [1][8] - The earnings per share (EPS) is projected to improve from -0.56 yuan in 2024 to 0.74 yuan in 2027 [1][8] Business Performance - The bio-fermented feed segment generated revenue of 2.17 billion yuan in 2024, representing a year-on-year increase of 10.19% [7] - The company plans to increase its production capacity for bio-fermented feed to 700,000 tons per year by the end of 2024, with 470,000 tons already operational [7] - The sales volume of bio-fermented feed is expected to reach 112,600 tons in 2024, a growth of 20.75% year-on-year [7] Cash Flow and Financial Health - The operating cash flow is projected to significantly increase to 53 million yuan in 2024, a rise of 379.41% [7] - The company has actively pursued the collection of historical receivables, recovering 49.53 million yuan from accounts aged over two years [7] - The total assets are expected to grow from 1.725 billion yuan in 2024 to 1.952 billion yuan in 2027 [8]