Group 1 - The stock price of Libat (605167) has shown volatility recently, with a cumulative decline of 0.91% over the past five days, and a peak trading volume of 925,000 yuan on February 10, which has since decreased [1] - The company is focusing on hydrogen energy, nuclear power, and offshore equipment, with ongoing research in modular technology for electrolysis hydrogen devices and applications in nuclear fusion experiments [2] - Institutional sentiment towards Libat is moderately optimistic, with a target price of 20.41 yuan indicating a potential upside of 16.83% from the current price, and a forecasted net profit growth of 18.76% for 2026 [3] Group 2 - The company has announced a significant offshore module weighing over 12,000 tons, highlighting its strategic positioning in the offshore equipment sector [2] - Despite the positive outlook, the company's revenue and net profit showed a year-on-year decline in the third quarter of 2025, indicating ongoing pressure on its fundamentals [3] - In the last 90 days, four institutions have rated the stock, with three giving a "buy" rating and one an "accumulate" rating, reflecting a generally favorable view among analysts [3]

Core Viewpoint - Libet has announced that its stock price has met the conditions for the conditional redemption of its convertible bonds, but the company has decided not to exercise this redemption option at this time [2] Group 1 - Libet's stock has closed at or above 130% of the conversion price of the "Libet Convertible Bonds" for fifteen trading days from January 13, 2026, to February 4, 2026, triggering the conditional redemption clause [2] - On February 4, 2026, Libet's board of directors held a meeting and approved a resolution not to redeem the "Libet Convertible Bonds" early [2] - The company will not exercise the early redemption right for the next three months, from February 5, 2026, to May 4, 2026, even if the redemption conditions are triggered again [2] Group 2 - After May 4, 2026, if the "Libet Convertible Bonds" trigger the conditional redemption clause again, the board will hold another meeting to decide on the exercise of the early redemption right [2]

国泰海通证券股份有限公司 关于江苏利柏特股份有限公司 不提前赎回"利柏转债"的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 江苏利柏特股份有限公司（以下简称"公司"或"利柏特"）向不特定对象发行 可转换公司债券项目持续督导保荐机构，根据《证券发行上市保荐业务管理办法》 《上海证券交易所股票上市规则》《可转换公司债券管理办法》和《上海证券交 易所上市公司自律监管指引第 12 号——可转换公司债券》等有关规定，对公司 不提前赎回"利柏转债"的事项进行了审慎核查，具体情况如下： 一、可转债基本情况 （一）可转债发行情况 根据中国证券监督管理委员会出具的《关于同意江苏利柏特股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕1173 号），公 司于 2025 年 7 月 3 日向不特定对象发行了 7,500,000 张可转换公司债券，每张 面值 100 元，发行总额为 75,000.00 万元。 （二）可转债上市情况 经上海证券交易所自律监管决定书〔2025〕167 号文同意，公司发行的 75,000.00万元可转换公司债券于2025年7月22日在上海证券交易 ...

Core Viewpoint - The company, Libet (605167.SH), has triggered the conditional redemption clause of its convertible bonds due to the stock price being above 130% of the conversion price for fifteen trading days from January 13, 2026, to February 4, 2026 [1] Group 1 - The company held its 22nd meeting of the 5th Board of Directors on February 4, 2026, where it approved the proposal not to redeem the convertible bonds early [1] - The company has decided not to exercise the early redemption right for the convertible bonds at this time [1] - For the next three months (from February 5, 2026, to May 4, 2026), if the conditional redemption clause is triggered again, the company will also not exercise the early redemption right [1] Group 2 - After May 4, 2026, if the conditional redemption clause is triggered again on the first trading day, the Board of Directors will hold another meeting to decide whether to exercise the early redemption right [1]

| 证券代码：605167 | 证券简称：利柏特 | 公告编号：2026-007 | | --- | --- | --- | | 债券代码：111023 | 债券简称：利柏转债 | | 江苏利柏特股份有限公司 关于不提前赎回"利柏转债"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。 重要内容提示： 江苏利柏特股份有限公司（以下简称"公司"或"利柏特"）股票自 2026 年 1 月 13 日至 2026 年 2 月 4 日期间已有十五个交易日的收盘价格不低于"利柏 转债"当期转股价格的 130%（含 130%），已触发"利柏转债"的有条件赎回条款。 公司于 2026 年 2 月 4 日召开第五届董事会第二十二次会议，审议通过了 《关于不提前赎回"利柏转债"的议案》，决定本次不行使"利柏转债"的提前 赎回权，不提前赎回"利柏转债"。 未来 3 个月内（即 2026 年 2 月 5 日至 2026 年 5 月 4 日），如再次触发"利 柏转债"的有条件赎回条款时，公司均不行使提前赎回权。自 2026 年 5 月 4 日 后首 ...

格隆汇2月4日丨利柏特(605167.SH)涨2.47%，报19.120元，股价创历史新高，总市值85.86亿元。 ...

2月3日，利柏特涨5.1%，截至发稿，报18.74元/股，成交6730.04万元，换手率0.82%，总市值84.16亿 元。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，银河基金旗下1只基金重仓利柏特。银河君信混合A（519616）四季度持有股数1.8万股，占 基金净值比例为3.04%，位居第八大重仓股。根据测算，今日浮盈赚取约1.64万元。 银河君信混合A（519616）成立日期2016年9月7日，最新规模438.87万。今年以来收益0.85%，同类排 名6237/8874；近一年收益13.68%，同类排名5748/8124；成立以来收益90.09%。 银河君信混合A（519616）基金经理为何晶、石磊。 截至发稿，何晶累计任职时间12年288天，现任基金资产总规模31.11亿元，任职期间最佳基金回报 43.95%， 任职期间最差基金回报-20.62%。 石磊累计任职时间6年290天，现任基金资产 ...

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 18.30 RMB and a fair value of 20.41 RMB [9]. Core Insights - The modular design and manufacturing are critical components in the FPSO midstream sector, with significant advantages over non-modular construction methods [9][27]. - The domestic offshore oil and gas development is accelerating due to energy security policies, with the FPSO upper module market expected to reach approximately 10 billion USD annually [9][32]. - The company has demonstrated competitive manufacturing capabilities in the FPSO sector, with plans to expand its production capacity at the Nantong base [9][53]. Summary by Sections 1. Modular Design and Manufacturing - The FPSO industry is primarily composed of three segments: upstream (raw materials and equipment suppliers), midstream (module design and manufacturing), and downstream (client companies) [23]. - Modular construction significantly reduces construction time and costs while improving quality and safety compared to traditional methods [27]. 2. Energy Security and Market Growth - The Chinese government is promoting deep-sea economic development, which is expected to enhance offshore oil and gas capital expenditures [32]. - The annual market size for FPSO upper modules is projected to be around 10 billion USD, driven by domestic policies and international investments, particularly from Brazil [32][45]. 3. Competitive Landscape - The FPSO market is characterized by a few dominant players, with Chinese companies like the company in question, CNOOC Engineering, and CIMC Raffles gaining prominence due to their manufacturing capabilities and cost advantages [49][50]. - The company has engaged in significant projects, including its first FPSO design and manufacturing contract with a Dutch firm, showcasing its growing capabilities in the sector [53]. 4. Financial Projections - The company is expected to generate revenues of 2.905 billion RMB in 2025, with a projected growth rate of 5.5% in 2026 and 30.5% in 2027 [4]. - The net profit forecast for 2025 is 215 million RMB, with expected growth rates of -10.7% in 2025, 21.9% in 2026, and 35.5% in 2027 [4][60].

Group 1: Metal Sector - Shandong Gold - Shandong Gold's net profit forecast for 2026 is projected to reach CNY 108.14 billion, with a PE ratio of 25.21[10] - The company has a resource reserve of 2,058 tons and an equity reserve of 787 tons, indicating significant undervaluation potential[14] - The recovery of the Jiaoji Gold Mine is expected to contribute 10 tons of gold annually once fully operational[14] Group 2: Building Materials Sector - Oriental Yuhong - Oriental Yuhong's operating performance is expected to bottom out, with net profits projected at CNY 18 billion in 2025, increasing to CNY 29 billion by 2027[21] - The company plans to increase revenue through retail price hikes of 3-4% and overseas expansion, potentially adding CNY 25 billion in revenue from international operations[21] - The domestic construction materials market is expected to see a 47% decline in sales area compared to 2021, leading to significant supply exit in the sector[18] Group 3: Transportation Sector - ZTO Express - ZTO Express is expected to achieve a net profit of CNY 104.45 billion in 2026, with a PE ratio of 11.80[10] - The company has improved its cash flow, with cash reserves exceeding CNY 300 billion and a debt ratio below 30%[44] - The competitive landscape in the express delivery sector is stabilizing, with a focus on improving profitability and operational efficiency[43]

Group 1 - The core viewpoint of the news is that Jiangsu Libat Co., Ltd. has shown a significant stock price increase of 5.26%, reaching 18.60 CNY per share, with a trading volume of 169 million CNY and a turnover rate of 2.08%, resulting in a total market capitalization of 8.353 billion CNY [1] - Jiangsu Libat was established on October 20, 2006, and went public on July 26, 2021. The company's main business involves the entire EPFC industry chain, which can be further broken down into Engineering Procurement Construction (EPC), Engineering Design (E), Engineering Procurement (P), Modularization (F), Engineering Construction (C), and Engineering Maintenance [1] - The revenue composition of Jiangsu Libat includes 77.70% from engineering services, 22.15% from industrial module design and manufacturing, and 0.15% from other supplementary services [1] Group 2 - The Qianhai Kaiyuan Belt and Road Mixed A Fund (001209) holds a significant position in Jiangsu Libat, with 275,400 shares, accounting for 5.81% of the fund's net value, making it the third-largest holding [2] - The fund has generated an estimated floating profit of approximately 256,100 CNY today [2] - The Qianhai Kaiyuan Belt and Road Mixed A Fund was established on April 29, 2015, with a latest scale of 45.0854 million CNY, and has achieved a year-to-date return of 8.96% and a one-year return of 24.35% [2]