Develop and sell technology systems and defense systems
Ludan-Tech now depends on security systems to hold up earnings, but 2025 showed that technology weakened and the balance-sheet cushion thinned exactly when the company distributed capital and increased bank debt.
Ludan-Tech's security systems segment now carries segment profit and most of the visible forward book, but the sharp move toward public-sector customers and one disclosed major customer creates a new concentration risk that has to be judged through execution and collection, not…
Ludan-Tech did not enter a covenant crisis in 2025, but the year's capital-allocation move materially cut the equity cushion and left only modest liquidity room after investment, lease, and heavier bank-line usage.
