报告期内，公司持续优化产品与客户结构、拓展销售渠道，深化降本增效，重点攻坚白酒糟生物发酵饲 料新厂生产效率提升工作，该业务新厂产能、销量、收入均稳步增长。从全年数据来看，2025年生物发 酵饲料销量同比增长超过50%，2024年四季度投产的3个新厂产能爬坡态势良好，其中两个新厂在2025 年9月开始实现了产品线盈利。因新厂产能在三季度才逐步理顺，生产厂区、设备折旧等固定成本摊销 压力较大，致使白酒糟生物发酵饲料业务毛利率合并层面较上年同期有所下降。 智通财经APP讯，路德科技(688156.SH)发布2025年年度业绩预告，预计2025年年度实现归属于母公司 所有者的净利润将出现亏损，实现归属于母公司所有者的净利润-6,300万元左右。 ...

Core Viewpoint - The strategic cooperation between Lude Technology and Guotou Juli Investment Management aims to enhance collaboration in the biomanufacturing sector, with a total investment of 117 million yuan in three subsidiaries focused on high-quality bio-fermented feed production [1][2]. Group 1: Investment Details - Guotou Juli's subsidiary, Juli Hangshi Fund, plans to invest 11.7 million yuan in Lude Technology's three bio-fermented feed subsidiaries: 35 million yuan in Bozhou Lude, 45 million yuan in Suqian Lude, and 37 million yuan in Yongle Lude [1]. - The investment is part of a broader strategy to support the development of the biomanufacturing industry, with the goal of increasing the industry's output value to 60 billion yuan by the end of the 14th Five-Year Plan [1]. Group 2: Company Transformation and Commitments - The three subsidiaries are central to Lude Technology's transition from environmental governance to high-tech biomanufacturing, utilizing by-products from the food industry to produce bio-fermented feed [2]. - Lude Technology commits to investing no less than 30 million yuan in research and development for protein feed resources between 2026 and 2028, with a sales target of at least 280,000 tons of bio-fermented feed made from liquor lees in 2026 [2]. - By 2028, Lude Technology aims for at least 10% of its soy sauce-flavored feed products to contain a protein content of no less than 26% [2]. Group 3: Strategic Advantages - The investment from Juli Hangshi Fund is expected to enhance Lude Technology's existing capacity and facilitate the planning of new capacities, transforming technological advantages into market and industrial advantages [2]. - Leveraging the strategic resources of the Guotou system will allow Lude Technology to integrate more deeply into the national biomanufacturing landscape, while collaboration with local investment funds will accelerate market expansion in key agricultural regions [2].

Core Viewpoint - Lude Technology (688156.SH) is enhancing its subsidiary's capital strength and supporting the development of its bioconversion feed business by introducing a new shareholder through a capital increase [1] Group 1: Capital Increase Details - The subsidiary, Suqian Lude, plans to introduce Julei Hangshi as a new shareholder through a capital increase [1] - Julei Hangshi intends to invest 45 million yuan, subscribing to 45 million yuan of new registered capital [1] - After the capital increase, Julei Hangshi will hold 42.8571% of Suqian Lude's equity, while the company will retain 57.1429%, maintaining its status as the controlling shareholder [1]

Group 1 - The core business of the company focuses on the treatment of high-water-content waste, including river and lake sludge, engineering mud, and industrial residues, utilizing proprietary technologies for efficient waste reduction and resource utilization [2] - The company's revenue composition includes 62.51% from biological fermentation feed for liquor residue, 16.30% from inorganic solid waste treatment services, 13.09% from engineering mud services, and 3.21% from river and lake sludge services [2] - As of September 30, the number of shareholders decreased by 6.68% to 3,867, while the average circulating shares per person increased by 7.16% to 26,044 shares [3] Group 2 - For the period from January to September 2025, the company achieved a revenue of 254 million yuan, representing a year-on-year growth of 14.15%, while the net profit attributable to the parent company was a loss of 16.13 million yuan, a decrease of 368.25% year-on-year [3] - The company's stock price has increased by 15.82% year-to-date, with a recent 5-day increase of 1.23%, but a decline of 6.17% over the past 20 days and 22.85% over the past 60 days [1] - The company has appeared on the trading leaderboard once this year, with a net buy of 7.33 million yuan on April 8, accounting for 28.79% of total trading volume [1]

Core Viewpoint - The stock of Lude Technology has experienced fluctuations, with a year-to-date increase of 39.91% but a recent decline in the last few trading days, indicating potential volatility in investor sentiment [1]. Company Overview - Lude Technology, established on August 9, 2006, and listed on September 22, 2020, is located in Wuhan, Hubei Province. The company focuses on the research and industrial application of high-water-content waste treatment, particularly in areas such as river and lake sludge, engineering mud, and industrial residues [2]. - The company utilizes proprietary technologies for waste treatment, including integrated dewatering and solidification of sludge and microbial solid-state fermentation of organic residues, aiming for efficient reduction, harmlessness, stabilization, and resource utilization of high-water-content waste [2]. Business Performance - For the period from January to September 2025, Lude Technology reported a revenue of 254 million yuan, reflecting a year-on-year growth of 14.15%. However, the net profit attributable to shareholders was -16.13 million yuan, a significant decrease of 368.25% compared to the previous year [3]. - The company's revenue composition includes 62.51% from the production of biological fermentation feed from liquor residues, 16.30% from inorganic waste treatment services, 13.09% from engineering mud services, and 3.21% from river and lake sludge services [2]. Shareholder Information - As of September 30, the number of shareholders for Lude Technology was 3,867, a decrease of 6.68% from the previous period. The average number of circulating shares per shareholder increased by 7.16% to 26,044 shares [3].

Core Viewpoint - The stock of Lude Environment has shown a significant increase in price and trading activity, indicating positive market sentiment and potential growth opportunities for the company [1][3]. Group 1: Stock Performance - As of November 13, Lude Environment's stock price rose by 2.04% to 19.51 CNY per share, with a total market capitalization of 1.965 billion CNY [1]. - Year-to-date, the stock has increased by 44.20%, with a slight increase of 1.04% over the last five trading days and a decrease of 7.80% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of 7.3282 million CNY on April 8 [1]. Group 2: Company Overview - Lude Environment, established on August 9, 2006, and listed on September 22, 2020, is based in Wuhan, Hubei Province, focusing on high-water-content waste treatment [2]. - The company specializes in the treatment of high-water-content waste such as river and lake sludge, engineering mud, and industrial residues, utilizing proprietary technologies for efficient waste reduction and resource utilization [2]. - The revenue composition includes 62.51% from bioconversion feed for liquor residue, 16.30% from inorganic solid waste treatment services, and smaller contributions from other waste treatment services [2]. Group 3: Financial Performance - For the period from January to September 2025, Lude Environment reported a revenue of 254 million CNY, reflecting a year-on-year growth of 14.15% [3]. - The company experienced a net loss attributable to shareholders of 16.1268 million CNY, a significant decrease of 368.25% compared to the previous period [3]. - Cumulatively, the company has distributed 61.1873 million CNY in dividends since its A-share listing, with 15.1071 million CNY distributed over the last three years [3].

Core Viewpoint - Lude Environment has experienced a stock price increase of 42.50% year-to-date, but recent trading shows a decline in the last 20 and 60 days, indicating potential volatility in the stock performance [1][3]. Company Overview - Lude Environment, established on August 9, 2006, and listed on September 22, 2020, is based in Wuhan, Hubei Province. The company focuses on high-water-content waste treatment, particularly in areas such as river and lake sludge, engineering mud, and industrial residues [2]. - The company utilizes proprietary technologies for waste treatment, including integrated dewatering and solidification of mud and microbial solid-state fermentation of organic residues, aiming for efficient reduction, harmlessness, stabilization, and resource utilization of high-water-content waste [2]. Financial Performance - For the period from January to September 2025, Lude Environment reported a revenue of 254 million yuan, reflecting a year-on-year growth of 14.15%. However, the net profit attributable to shareholders was a loss of 16.13 million yuan, a significant decrease of 368.25% compared to the previous year [3]. - The company has distributed a total of 61.19 million yuan in dividends since its A-share listing, with 15.11 million yuan distributed over the past three years [4]. Shareholder Information - As of September 30, the number of shareholders for Lude Environment was 3,867, a decrease of 6.68% from the previous period. The average number of circulating shares per shareholder increased by 7.16% to 26,044 shares [3].

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [6] Core Views - In the first three quarters of 2025, the company achieved operating revenue of 250 million yuan, a year-on-year increase of 14.2%, while the net profit attributable to the parent company was a loss of 20 million yuan. In Q3 alone, the revenue reached 110 million yuan, up 38.9% year-on-year, with a net profit loss of 3.05 million yuan [2][4] - The gross margin of the distiller's grains feed products is showing signs of recovery, and new factories are gradually turning profitable. The rapid development of the bio-fermented feed business has led to a slight increase in expenses, but customer coverage continues to expand, with expectations for performance improvement [2][10] Summary by Sections Financial Performance - The company reported a total revenue of 250 million yuan for the first three quarters of 2025, with a year-on-year growth of 14.2%. The net profit attributable to the parent company was a loss of 20 million yuan. In Q3, the revenue was 110 million yuan, marking a 38.9% increase year-on-year, while the net profit loss was 3.05 million yuan [2][4] Business Segments - The bio-fermented feed segment saw a sales volume of 131,800 tons in the first three quarters, a year-on-year increase of 62.48%, generating sales revenue of 200 million yuan, up 18.74%. In Q3, the sales volume was 59,400 tons, a 95.61% increase year-on-year, with sales revenue of 90 million yuan, up 42.50% year-on-year [10] - The inorganic waste treatment service business generated sales revenue of 40 million yuan in the first three quarters of 2025 [10] Profitability and Cost Structure - The gross margin for the bio-fermented feed business has shown recovery, with Q3 gross margin increasing by 8.88 percentage points to 20.92%. The company incurred a total loss of 21.78 million yuan from new factories in the first three quarters, with losses narrowing in Q3 [10] - The expense ratio increased by 0.7 percentage points to 31.6%, with the sales expense ratio decreasing by 2.4 percentage points to 4.7%, while the management expense ratio rose by 0.2 percentage points to 21.3% [10] Market Position and Future Outlook - The company has successfully entered the supplier lists of several well-known end customers, including New Hope Group and Haida Group, establishing a good market reputation. The production capacity of the bio-fermented feed business has rapidly increased from 50,000 tons/year to 470,000 tons/year [10] - The company is expected to continue facing losses in 2025, with a potential turnaround in 2026, and a projected net profit of 46 million yuan in 2027 [10]

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]

Core Viewpoint - The company, Lude Environment, is increasing the registered capital of its subsidiary, Lude Biological Environmental Technology (Bohuzhou) Co., Ltd., from 80 million to 110 million yuan to enhance cooperation with local liquor companies and expand into the beef cattle breeding market [1][2]. Group 1: Capital Increase and Investment - Lude Environment's subsidiary, Bohuzhou Lude, plans to raise capital by introducing investors, with Bohuzhou Science and Technology Investment Fund contributing 20 million yuan and Bohuzhou Life and Health Industry Fund contributing 10 million yuan [1][2]. - After the capital increase, Bohuzhou Lude's registered capital will rise to 110 million yuan, with Bohuzhou Science and Technology Investment Fund holding 18.18% and Bohuzhou Life and Health Industry Fund holding 9.09% of the subsidiary [1][2]. Group 2: Business Strategy and Market Expansion - The capital increase aims to improve Bohuzhou Lude's operating funds and asset-liability structure while deepening cooperation with Anhui Gujing Distillery and local liquor companies for raw material supply [2]. - The company intends to leverage the revitalization of the beef cattle industry in Bohuzhou to quickly expand into the Central Plains beef cattle breeding market, enhancing its competitive edge and market influence [2]. Group 3: Financial Performance - Lude Environment is facing operational pressure, reporting a revenue of 147 million yuan for the first half of 2025, a year-on-year increase of 1.08%, but a net loss attributable to shareholders of 13.07 million yuan [2].