Core Viewpoint - Lehui International, a leading supplier of liquid food equipment, has shown significant growth potential despite facing challenges in profitability and debt levels [1][3]. Group 1: Business Overview - Lehui International was established in September 1998 and went public on November 13, 2017, on the Shanghai Stock Exchange, with its headquarters in Ningbo, Zhejiang Province [1]. - The company specializes in liquid food equipment, including beer brewing and packaging equipment, beverage pre-treatment and packaging machinery, and dairy packaging machinery [1]. - It operates within the specialized equipment sector and is involved in various industry concepts such as C2M, small-cap, beer fusion, superconductivity, and nuclear power [1]. Group 2: Financial Performance - For Q3 2025, Lehui International reported revenue of 950 million yuan, ranking 29th out of 89 in its industry, with the industry leader, Keda Manufacturing, generating 12.605 billion yuan [2]. - The net profit for the same period was 34.1016 million yuan, placing the company 46th in its industry, while the top two competitors reported net profits of 1.832 billion yuan and 1.789 billion yuan, respectively [2]. Group 3: Financial Ratios - As of Q3 2025, Lehui International's debt-to-asset ratio was 62.97%, an increase from 61.71% year-on-year, which is higher than the industry average of 42.80% [3]. - The company's gross profit margin for Q3 2025 was 25.22%, down from 27.59% year-on-year, and below the industry average of 28.52% [3]. Group 4: Executive Compensation - The chairman, Lai Yunlai, received a salary of 904,400 yuan in 2024, an increase of 300,000 yuan from 2023 [4]. - The general manager, Huang Yuening, also received a salary of 904,400 yuan in 2024, which is an increase of 296,200 yuan from the previous year [4]. Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 3.67% to 13,000, while the average number of circulating A-shares held per account increased by 3.81% to 9,277.58 [5]. - Huayuan Securities highlighted Lehui International's strong "turnkey" capabilities in the beer equipment industry, noting its stable order flow from partnerships with industry leaders and its focus on differentiated products in the beer sector [5].

Core Insights - Lehui International (603076.SH) reported its Q3 2025 results on October 30, 2025, highlighting the current institutional investor holdings and changes in share ownership [1] Institutional Holdings - As of October 29, 2025, three institutional investors disclosed holdings in Lehui International A-shares, totaling 34.79 million shares, which represents 28.82% of the company's total share capital [1] - The institutional investors include Ningbo Lehui Investment Holding Co., Ltd., Ningbo Leying Investment Management Center (Limited Partnership), and Ningbo Leili Investment Management Center (Limited Partnership) [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 0.07 percentage points [1] Public Fund Disclosures - In this reporting period, 13 public funds were not disclosed compared to the previous quarter, including notable funds such as China Europe Small Cap Growth Mixed A, Xinyuan National Index 2000 Enhanced A, and others [1]

国金证券股份有限公司 关于宁波乐惠国际工程装备股份有限公司 使用暂时闲置募集资金进行现金管理的核查意见 国金证券股份有限公司（以下简称"国金证券"或"保荐机构"）作为宁波乐惠 国际工程装备股份有限公司（以下简称"公司"或"乐惠国际"）的持续督导机构， 根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》《上海证 券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 11 号——持 续督导》及《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有 关法律、法规和规范性文件的规定和要求，对乐惠国际使用暂时闲置募集资金进 行现金管理相关事项进行了审慎核查，现将核查情况说明如下： 一、募集资金基本情况 经中国证券监督管理委员会"证监许可[2020]2505 号"《关于核准宁波乐惠国 际工程装备股份有限公司非公开发行股票的批复》核准，公司非公开发行普通股 （A 股）11,715,246 股，每股发行价为 35.68 元，募集资金总额为 417,999,977.28 元；扣除发行费用 13,809,194.11 元后，募集资金净额为 404,190,783.17 元。众华 会计师事务所（特殊 ...

Core Viewpoint - Lehui International (603076.SH) reported a third-quarter revenue of 334 million yuan, representing a year-on-year increase of 20.89%. However, the net profit attributable to shareholders decreased by 56.51% to 7.9642 million yuan, with basic earnings per share at 0.07 yuan [1]. Financial Performance - The company achieved a revenue of 334 million yuan in Q3, marking a growth of 20.89% compared to the same period last year [1]. - The net profit attributable to shareholders was 7.9642 million yuan, which is a decline of 56.51% year-on-year [1]. - Basic earnings per share stood at 0.07 yuan [1].

Group 1 - The core viewpoint of the article highlights the financial performance of Lehui International for the third quarter of 2025, indicating a slight increase in revenue but a significant decrease in net profit [1]. - Lehui International reported revenue of approximately 950 million yuan for the first three quarters of 2025, representing a year-on-year increase of 0.28% [1]. - The net profit attributable to shareholders of the listed company was approximately 33.6 million yuan, reflecting a year-on-year decrease of 17.1% [1]. Group 2 - As of the report, Lehui International has a market capitalization of 3.1 billion yuan [2].

宁波乐惠国际工程装备股份有限公司 董事、高级管理人员离职管理制度 2025 年 10 月 1/6 宁波乐惠国际工程装备股份有限公司董事、高级管理人员离职管理制度 宁波乐惠国际工程装备股份有限公司董事、高级管理人员离职管理制度 宁波乐惠国际工程装备股份有限公司 公司董事、高级管理人员离职管理制度 第一章 总则 | | | 第一条 为规范宁波乐惠国际工程装备股份有限公司（以下简称"公司"） 董事、高级管理人员离职管理，确保公司治理结构的稳定性和连续性，根据《中 华人民共和国公司法》（以下称"《公司法》"）、《中华人民共和国证券法》 《上市公司治理准则》《上海证券交易所股票上市规则》等法律法规、规范性文 件、证券交易所业务规则及《公司章程》的有关规定，结合公司实际情况，制定 本制度。 第二条 本制度适用于公司全体董事（含独立董事）及高级管理人员的主动 辞职或辞任、任期届满卸任、被解除职务或解聘以及其他导致董事、高级管理人 员离职等情形。 第二章 离职情形与生效条件 第三条 董事可以在任期届满前辞任或辞职。董事辞任应当提交书面辞职报 告。董事辞任的，自公司收到辞职报告之日辞任生效。 但董事辞职出现下列规定情形的，在改 ...

证券代码：603076 证券简称：乐惠国际 公告编号：2025-057 宁波乐惠国际工程装备股份有限公司 关于使用暂时闲置募集资金进行现金管理的公告 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、准确性和完整性承担个别及连带责任。 重要内容提示： ●投资种类：不超过一年的安全性高、流动性好的银行保本型理财产品、结 构性存款或低风险保本型证券公司收益凭证等。 ●投资金额：最高不超过 16,000 万元，自公司董事会审议通过之日起 12 个 月内有效，资金额度在期限内根据募集资金闲置情况循环使用。 ●履行的审议程序：宁波乐惠国际工程装备股份有限公司第四届董事会第八 次会议审议通过了《关于使用暂时闲置募集资金进行现金管理的议案》。 | 序 | 募集资金项目 | 投资总额 | 拟投入募集资金 | 实施主体 | | --- | --- | --- | --- | --- | | 号 | | | 金额 | | | 1 | 鲜啤三十公里长沙万 | 8,000.00 | 8,000.00 | 长沙鲜啤三十公里 | | | 吨城市工厂项目 | | | 科技有限公司 | | ...

证券代码：603076 证券简称：乐惠国际 公告编号：2025-058 宁波乐惠国际工程装备股份有限公司 关于召开2025年第三季度业绩说明会的预告公告 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、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2025 年 10 月 30 日 至 11 月 5 日 16:00 前登录上证路演中心网站首 页点击"提问预征集"栏目或通过公司邮箱 international@lehui.com 进行提问。公 司将在说明会上对投资者普遍关注的问题进行回答。 宁波乐惠国际工程装备股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日发布了《公司 2025 年第三季度报告》。为便于广大投资者更全面深入地 了解公司 2025 年第三季度业绩情况、经营成果及财务状况，公司计划于 2025 年 11 月 6 日 15:00-16:00 举行 2025 年第三季度业绩说明会，就投资者关心的问 题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 营成果及财务指标 ...

具体内容详见公司同日发布于上海证券交易所网站（www.sse.com.cn）的《公 司 2025 年第三季度报告》。 证券代码：603076 证券简称：乐惠国际 公告编号：2025-056 宁波乐惠国际工程装备股份有限公司 第四届董事会第八次会议决议公告 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、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 宁波乐惠国际工程装备股份有限公司（以下简称"公司"）第四届董事会第 八次会议通知于 2025 年 10 月 27 日以电子邮件方式向全体董事发出，本次会议 于 2025 年 10 月 29 日以书面议案结合通讯表决的方式召开。应参与表决董事 9 人，实际表决董事 9 人，会议由董事长赖云来先生主持。 本次会议的召集、召开和表决程序符合法律、法规和《公司章程》的有关规 定，会议形成的决议合法有效。 二、董事会会议审议情况 （一）审议通过了《公司 2025 年第三季度报告》 《公司第四届董事会第八次会议决议》 特此公告。 本议案已事先经公司审计委员会 2025 年第四次会议审议通过。 表决结果：9 票赞 ...

Financial Performance - The company's operating revenue for the third quarter was ¥334,229,390.48, representing a year-on-year increase of 20.89%[4] - The total profit for the quarter was ¥10,713,210.91, showing a decrease of 13.32% compared to the same period last year[4] - The net profit attributable to shareholders was ¥7,964,234.26, down 56.51% year-on-year[4] - The basic earnings per share for the quarter was ¥0.07, a decrease of 53.33% compared to the previous year[5] - The net profit attributable to shareholders for the year-to-date was ¥33,600,637.91, a decrease of 17.10% compared to the same period last year[4] - Net profit for the first three quarters of 2025 was ¥34.10 million, down from ¥39.26 million in 2024, indicating a decline of 13.67%[22] - The company's operating profit increased to ¥26.99 million from ¥23.85 million, showing a growth of 8.95% year-over-year[22] - The company reported a comprehensive income total of ¥37.66 million, compared to ¥25.47 million in the previous year, representing a significant increase of 47.56%[23] - Basic earnings per share for the period were ¥0.28, down from ¥0.34 in the same period last year, a decrease of 17.65%[23] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,573,152,657.17, an increase of 2.82% from the end of the previous year[5] - The total assets of the company amounted to ¥3.57 billion, up from ¥3.48 billion, marking an increase of 2.07%[18] - Total liabilities increased to ¥2.25 billion from ¥2.13 billion, reflecting a rise of 5.49%[18] - The company's equity attributable to shareholders decreased to ¥1.30 billion from ¥1.31 billion, a decline of 0.86%[18] - Total current assets increased to RMB 2,778,426,085.36 from RMB 2,661,927,322.38 year-over-year[15] - Inventory as of September 30, 2025, is RMB 1,338,170,230.20, up from RMB 1,183,575,863.51 at the end of 2024[16] - Long-term receivables increased to RMB 11,153,800.00 from RMB 2,793,800.00 year-over-year[16] - The company’s goodwill remains stable at RMB 6,741,957.88 as of September 30, 2025[16] - The company’s non-current assets include fixed assets valued at RMB 484,572,143.25, a decrease from RMB 508,556,883.37 at the end of 2024[16] Cash Flow - The cash flow from operating activities for the year-to-date was ¥223,141,356.98, down 20.87% compared to the previous year[4] - Cash inflow from operating activities for the first three quarters of 2025 reached approximately ¥1.52 billion, an increase from ¥1.39 billion in the same period of 2024, representing a growth of about 9.2%[26] - Net cash flow from operating activities for the first three quarters of 2025 was approximately ¥223.14 million, compared to ¥281.99 million in the first three quarters of 2024, indicating a decrease of about 20.8%[27] - Cash outflow from investing activities in the first three quarters of 2025 totaled approximately ¥302.65 million, slightly lower than ¥324.70 million in the same period of 2024[28] - Net cash flow from financing activities for the first three quarters of 2025 was approximately -¥178.08 million, compared to -¥171.02 million in the first three quarters of 2024, showing a slight increase in outflow[28] - The total cash and cash equivalents at the end of the third quarter of 2025 stood at approximately ¥394.25 million, a decrease from ¥406.74 million at the end of the same period in 2024[28] - Cash inflow from investment activities in the first three quarters of 2025 was approximately ¥206.58 million, significantly higher than ¥106.06 million in the same period of 2024, marking an increase of about 94.6%[27] - Cash outflow for purchasing goods and services in the first three quarters of 2025 was approximately ¥937.20 million, compared to ¥708.98 million in the same period of 2024, reflecting an increase of about 32.2%[27] - The company reported a cash inflow from other operating activities of approximately ¥47.89 million in the first three quarters of 2025, down from ¥94.39 million in the same period of 2024, a decrease of about 49.3%[27] - The impact of exchange rate changes on cash and cash equivalents in the first three quarters of 2025 was approximately ¥6.28 million, contrasting with a negative impact of ¥11.04 million in the same period of 2024[28] Shareholder Information - Total number of common shareholders at the end of the reporting period is 13,010[11] - The largest shareholder, Ningbo Lehui Investment Holdings Co., Ltd., holds 21,830,000 shares, representing 18.09% of total shares[11] Legal and Regulatory Issues - The company faced arbitration issues related to its equity dispute with a German company, impacting its net profit significantly[9] - The company is involved in a lawsuit regarding a breach of contract, with a judgment requiring payment of RMB 19,798,684.10 plus interest and penalties[13] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending[12] Research and Development - Research and development expenses for the first three quarters were ¥41.55 million, slightly up from ¥40.60 million, indicating a growth of 2.35%[22] Accounting Standards - The company has not adopted new accounting standards or interpretations that would affect the financial statements for the year of first execution[29]