Core Insights - The professional engineering sector saw an increase of 0.99% on November 13, with Sanwei Chemical leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Summary of Key Points Performance of Leading Stocks - Sanwei Chemical (002469) closed at 9.26, up 6.81%, with a trading volume of 635,000 shares and a transaction value of 587 million yuan [1] - Aiman Co. (605289) closed at 69.93, up 6.16%, with a trading volume of 46,200 shares and a transaction value of 318 million yuan [1] - Yongfu Co. (300712) closed at 31.58, up 4.29%, with a trading volume of 152,900 shares and a transaction value of 477 million yuan [1] - Donghua Technology (002140) closed at 12.97, up 3.93%, with a trading volume of 305,000 shares and a transaction value of 395 million yuan [1] - Baili Technology (6568209) closed at 7.50, up 3.02%, with a trading volume of 274,900 shares and a transaction value of 205 million yuan [1] Performance of Declining Stocks - Nenghui Technology (301046) closed at 29.01, down 3.04%, with a trading volume of 62,400 shares and a transaction value of 183 million yuan [2] - China Haicheng (002116) closed at 11.48, down 2.63%, with a trading volume of 621,400 shares and a transaction value of 705 million yuan [2] - Jinggong Steel Structure (600496) closed at 4.45, down 1.33%, with a trading volume of 567,700 shares and a transaction value of 252 million yuan [2] Capital Flow Analysis - The professional engineering sector experienced a net outflow of 418 million yuan from main funds, while retail funds saw a net inflow of 128 million yuan [2]

Core Insights - The company reported a revenue of 1.983 billion yuan for the first three quarters, a year-on-year decrease of 23.44%, and a net profit attributable to shareholders of 178 million yuan, down 11.15% year-on-year [1][2] - In Q3 alone, the company achieved a revenue of 543 million yuan, a decrease of 31.58% year-on-year, with a net profit of 56 million yuan, down 19.69% year-on-year [1][2] Financial Performance - The company's gross profit margin for the first three quarters was 20.44%, an increase of 2.91 percentage points year-on-year, while the gross profit margin for Q3 was 26.78%, up 6.42 percentage points year-on-year [2] - The net profit margin attributable to shareholders for the first three quarters was 8.97%, an increase of 1.24 percentage points year-on-year, and the net profit margin after deducting non-recurring gains and losses was 8.67%, up 1.45 percentage points year-on-year [2] Cash Flow and Debt - The company experienced a net cash outflow from operating activities of 84 million yuan for the first three quarters, a shift from positive to negative year-on-year [3] - The cash collection ratio was 91.95%, an increase of 6.66 percentage points year-on-year, while the asset-liability ratio increased by 15.68 percentage points year-on-year to 55.91% [3] Market Opportunities - The demand for industrial modules and engineering services in sectors such as chemicals, oil and gas energy, nuclear power, mining, and water treatment is expected to grow, providing significant development space for industrial module manufacturers [3] - The company has secured a project with China General Nuclear Power Group for the construction and installation of modules, with a project scale of approximately 5,000 tons and a contract value of 226 million yuan [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Insights - The company reported a revenue of 1.983 billion yuan for the first three quarters, a year-on-year decrease of 23.44%. The net profit attributable to shareholders was 178 million yuan, down 11.15% year-on-year. The net profit after deducting non-recurring items was 172 million yuan, a decrease of 8.12% year-on-year [2][6]. - In the third quarter alone, the company achieved a revenue of 543 million yuan, a year-on-year decline of 31.58%. The net profit attributable to shareholders was 56 million yuan, down 19.69% year-on-year, with the net profit after deducting non-recurring items also at 56 million yuan, a decrease of 12.93% year-on-year [2][6]. - The company benefits from the increasing demand for industrial modules and engineering services in sectors such as chemicals, oil and gas energy, nuclear power, mining, and water treatment. This trend provides significant growth opportunities for industrial module manufacturers [8]. - The company has secured a project with China General Nuclear Power Group for the construction and installation of modules, with a project scale of approximately 5,000 tons and a contract value of 226 million yuan [8]. Financial Performance Summary - The company's gross profit margin for the first three quarters was 20.44%, an increase of 2.91 percentage points year-on-year. In the third quarter, the gross profit margin was 26.78%, up 6.42 percentage points year-on-year [12]. - The company experienced a net cash outflow from operating activities of 84 million yuan for the first three quarters, a shift from positive cash flow in the previous year. The cash collection ratio was 91.95%, an increase of 6.66 percentage points year-on-year [12]. - As of the end of the third quarter, the company's asset-liability ratio increased by 15.68 percentage points year-on-year to 55.91% [12].

Core Insights - Libet (605167.SH) reported its Q3 2025 results, revealing that as of October 30, 2025, six institutional investors held a total of 290 million shares, accounting for 64.60% of the company's total equity [1] - The institutional holding percentage decreased by 1.05 percentage points compared to the previous quarter [1] Institutional Investors - The institutional investors include Shanghai Libet Investment Co., Ltd., Zhenstone Group (Hong Kong), Shif Composite Materials Co., Ltd., Zhangjiagang Free Trade Zone Xingli Enterprise Management Partnership (Limited Partnership), China Nuclear Industry 23 Construction Co., Ltd., National Social Security Fund 503 Portfolio, and China Postal Savings Bank Co., Ltd. - Dongfang Growth Small and Medium Cap Mixed Open-End Securities Investment Fund [1] - The public funds saw an increase in holdings from one fund, Dongfang New Energy Vehicle Theme Mixed Fund, with an increase of 0.18% [1] - A total of 36 public funds did not disclose holdings compared to the previous quarter, including funds like Huaxia High-End Manufacturing Mixed A and Changsheng Tongde Theme Mixed [1] Social Security Fund - The National Social Security Fund 503 Portfolio was the only social security fund to reduce its holdings, with a decrease of 0.22% compared to the previous quarter [1]

Group 1 - The company Libet announced the convening of its fifth board meeting on October 30, 2025, to review the proposal for the third quarter report of 2025 [1] - For the year 2024, the company's revenue composition is as follows: engineering services account for 79.03%, industrial module design and manufacturing for 20.73%, and other businesses for 0.24% [1] - As of the report, Libet's market capitalization is 4.9 billion yuan [1]

本次会议应出席董事 9 人，实际出席董事 9 人。会议由董事长沈斌强先生主 持，高级管理人员列席。本次会议召开符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定。 | 证券代码：605167 | 证券简称：利柏特 | 公告编号：2025-045 | | --- | --- | --- | | 债券代码：111023 | 债券简称：利柏转债 | | 江苏利柏特股份有限公司 第五届董事会第二十次会议决议公告 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法律责任。 一、董事会会议召开情况 江苏利柏特股份有限公司（以下简称"公司"）第五届董事会第二十次会议 于 2025 年 10 月 30 日（星期四）在公司会议室以现场结合通讯的方式召开。会 议通知已于 2025 年 10 月 24 日以书面及邮件等方式送达全体董事。 具体内容详见披露于上海证券交易所网站（www.sse.com.cn）的《江苏利柏 特股份有限公司关于第一期员工持股计划第二个锁定期届满暨解锁条件成就的 公告》（公告编号：2025-046）。 表决结果：9 票同 ...

| 证券代码：605167 | 证券简称：利柏特 | 公告编号：2025-046 | | --- | --- | --- | | 债券代码：111023 | 债券简称：利柏转债 | | 江苏利柏特股份有限公司 关于第一期员工持股计划第二个锁定期届满 暨解锁条件成就的公告 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法律责任。 2025 年 10 月 30 日，江苏利柏特股份有限公司（以下简称"公司"）召开第 五届董事会第二十次会议，审议通过了《关于第一期员工持股计划第二个锁定期 届满暨解锁条件成就的议案》，具体情况如下： 一、第一期员工持股计划实施进展 （1）2023 年 9 月 11 日，公司召开第五届董事会第三次会议、第五届监事 会第三次会议，审议通过了《关于<江苏利柏特股份有限公司第一期员工持股计 划（草案）>及其摘要的议案》《关于<江苏利柏特股份有限公司第一期员工持股 计划管理办法>的议案》等议案。2023 年 9 月 27 日，公司召开 2023 年第一次临 时股东大会审议通过了上述议案，同意公司实施第一期员工持股计划（以下 ...

Financial Performance - The company's operating revenue for the third quarter was ¥542,780,408.13, a decrease of 31.58% compared to the same period last year[4]. - The total profit for the quarter was ¥68,256,165.78, reflecting a decline of 21.44% year-over-year[4]. - Net profit attributable to shareholders was ¥56,391,367.78, down 19.69% from the previous year[4]. - The basic earnings per share for the quarter was ¥0.13, a decrease of 18.75% compared to the same period last year[5]. - Total operating revenue for the first three quarters of 2025 was CNY 1,982,915,893.11, a decrease of 23.4% compared to CNY 2,590,160,591.44 in the same period of 2024[19]. - Net profit for the first three quarters of 2025 was CNY 177,963,966.71, a decline of 11.1% compared to CNY 200,286,896.61 in 2024[20]. - Basic earnings per share for the first three quarters of 2025 were CNY 0.40, down from CNY 0.45 in 2024[20]. Assets and Liabilities - The total assets at the end of the reporting period were ¥4,516,802,883.27, an increase of 34.40% from the end of the previous year[5]. - The company's total assets increased to CNY 4,516,802,883.27 in 2025 from CNY 3,360,614,930.49 in 2024, representing a growth of 34.3%[16]. - Total liabilities rose to CNY 2,525,221,114.26 in 2025, up 65.7% from CNY 1,523,359,289.24 in 2024[16]. - The total equity attributable to shareholders increased by 8.40% to ¥1,991,581,769.01 compared to the end of the previous year[5]. - The company's total equity increased to CNY 1,991,581,769.01 in 2025, compared to CNY 1,837,255,641.25 in 2024, reflecting an increase of 8.4%[16]. Cash Flow - The net cash flow from operating activities for the year-to-date was -¥83,562,609.17, a significant decline of 204.14%[4][8]. - Cash inflow from operating activities for the first three quarters of 2025 was approximately $1.84 billion, a decrease of 18% compared to $2.25 billion in the same period of 2024[22]. - Net cash flow from operating activities was negative $83.56 million in 2025, contrasting with a positive $80.24 million in 2024[23]. - Cash inflow from investment activities totaled approximately $2.29 billion in 2025, significantly higher than $1.46 billion in 2024, marking a 56% increase[23]. - Net cash flow from investment activities was negative $1.01 billion in 2025, compared to a positive $3.10 million in 2024[24]. - Cash inflow from financing activities was approximately $1.24 billion in 2025, a substantial increase from $39.78 million in 2024[24]. - Net cash flow from financing activities was positive $1.03 billion in 2025, while it was negative $75.29 million in 2024[24]. - The total cash and cash equivalents at the end of Q3 2025 stood at approximately $752.61 million, compared to $511.08 million at the end of Q3 2024, reflecting a 47% increase[24]. Shareholder Information - The company has a total of 5,154,000 shares held in the repurchase account, accounting for 1.15% of the total share capital[12]. - The largest shareholder, Shanghai Libote Investment Co., Ltd., holds 40.85% of the shares, indicating a significant concentration of ownership[11]. - The company has not reported any changes in the lending or borrowing of shares among the top shareholders[13]. Government Support and Other Factors - The company received government subsidies amounting to ¥733,978.85 during the quarter, contributing positively to the financial results[6]. - The company attributed the revenue decline primarily to reduced project income and decreased workload during the reporting period[8].

Core Insights - The company reported third-quarter revenue of 543 million, a year-over-year decline of 31.58% [1] - Net profit for the third quarter was 56.39 million, down 19.69% year-over-year [1] - For the first three quarters, revenue totaled 1.983 billion, reflecting a year-over-year decrease of 23.44% [1] - Net profit for the first three quarters was 178 million, which is a decline of 11.15% year-over-year [1]

Market Overview - The professional engineering sector experienced a decline of 2.07% on October 17, with Libat leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Notable gainers included: - Jinggong Steel Structure (600496) with a closing price of 4.24, up 3.92% on a trading volume of 1.6463 million shares and a turnover of 702 million yuan [1] - Haibo Heavy Industry (300517) closed at 11.50, up 1.14% with a trading volume of 90,300 shares and a turnover of 10.3 million yuan [1] - Major decliners included: - Libat (605167) with a closing price of 10.38, down 5.29% on a trading volume of 106,800 shares and a turnover of 113 million yuan [2] - Aiman Co. (605289) closed at 71.35, down 4.93% with a trading volume of 31,800 shares and a turnover of 230 million yuan [2] Capital Flow - The professional engineering sector saw a net outflow of 444 million yuan from institutional investors, while retail investors contributed a net inflow of 398 million yuan [2][3] - The capital flow for specific stocks showed: - Zhongcai International (600970) had a net inflow of 17.09 million yuan from institutional investors, while retail investors contributed a net inflow of 24.17 million yuan [3] - Beifang International (000065) recorded a net inflow of 16.92 million yuan from institutional investors, but a net outflow of 15.16 million yuan from retail investors [3]