股票简称：利柏特 股票代码：605167 江苏利柏特股份有限公司 Jiangsu Libert INC. （江苏省张家港江苏扬子江重型装备产业园沿江公路 2667 号） （中国（上海）自由贸易试验区商城路 618 号） 二〇二五年七月 江苏利柏特股份有限公司 上市公告书 第一节 重要声明与提示 江苏利柏特股份有限公司（以下简称"利柏特""发行人""公司"或"本 公司"）全体董事、监事和高级管理人员保证上市公告书的真实性、准确性、完 整性，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并对其内容的 真实性、准确性和完整性承担个别和连带的法律责任。 向不特定对象发行可转换公司债券 上市公告书 保荐人（主承销商） 根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共 和国证券法》（以下简称"《证券法》"）等有关法律、法规的规定，本公司董 事、高级管理人员已依法履行诚信和勤勉尽责的义务和责任。 二、可转换公司债券代码：111023 三、可转换公司债券发行量：75,000.00 万元（7,500,000 张，750,000 手） 中国证券监督管理委员会（以下简称"中国证监会"）、上海证券交易所（以 ...

Fundraising Overview - Jiangsu Libat Co., Ltd. issued 7,500,000 convertible bonds with a face value of RMB 100 each, raising a total of RMB 75,000 million, with a net amount of RMB 74,434.37 million after deducting issuance costs of RMB 565.63 million [1][2] - The funds were fully received on July 9, 2025, and verified by Zhonghui Accounting Firm [1] Fund Management and Regulatory Agreements - The company established a special account for the raised funds and signed a tripartite regulatory agreement with its wholly-owned subsidiary Nantong Libat Heavy Industry Co., Ltd., the sponsor Guotai Junan Securities Co., Ltd., and the bank holding the funds [2][3] - The special account is designated solely for the "Nantong Libat Heavy Industry Co., Ltd. Large Industrial Module Manufacturing Project" and cannot be used for other purposes [3][4] Responsibilities and Oversight - The sponsor is responsible for supervising the use of the raised funds and must conduct at least one on-site investigation every six months [4][5] - The bank must provide monthly account statements to the company and the sponsor, ensuring transparency in fund management [5][6] - If the company withdraws more than RMB 50 million or 20% of the net raised funds within 12 months, it must notify the sponsor and provide a spending list [5][6]

证券代码：605167 证券简称：利柏特 公告编号：2025-028 江苏利柏特股份有限公司 关于签订募集资金专户存储监管协议的公告 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。 一、募集资金基本情况 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），江 苏利柏特股份有限公司（以下简称"公司"或"利柏特股份"）本次向不特定对 象发行了 7,500,000 张可转换公司债券，每张面值为人民币 100 元，募集资金总 额为人民币 75,000.00 万元。扣除各项发行费用（不含税）人民币 565.63 万元， 实际募集资金净额为人民币 74,434.37 万元。上述募集资金已于 2025 年 7 月 9 日全部到账，中汇会计师事务所（特殊普通合伙）于 2025 年 7 月 9 日对本次募 集资金到账情况进行了审验，并出具了中汇会验［2025］10005 号《验证报告》。 二、募集资金专户存储监管协议的签订情况和募集资金专户的开立情况 ...

Investment Rating - The industry rating is maintained as "Outperform the Market" [5] Core Insights - The construction sector has seen a significant increase in attention towards urban renewal, with undervalued large-cap stocks showing signs of stabilization. The sector's performance is driven by improved demand-side policy expectations and a shift away from excessive competition, benefiting both large and small-cap stocks. The report suggests focusing on high-growth segments such as urban renewal, coal chemical, nuclear power, and steel structures, while also considering the beta opportunities in large-cap stocks [1][13][14]. Summary by Sections Urban Renewal - Urban renewal is accelerating, with policies from the central government outlining goals and support measures. The focus includes the renovation of old residential areas, establishing safety management systems for buildings, and creating resilient and smart cities. The report identifies four key categories for investment: design and testing, construction and decoration, urban infrastructure renovation, and resilient/smart city initiatives, highlighting specific companies in each category [2][15][17]. Market Performance - The construction index rose by 2.77% in the week of July 7-11, outperforming the Shanghai and Shenzhen 300 index by 1.76 percentage points. Notable performers included Guosheng Technology (+42.98%), New City (+34.73%), and Beautiful Ecology (+34.46%) [4][21][26]. Investment Recommendations - The report emphasizes the cyclical opportunities arising from improved physical work volume in infrastructure. It suggests focusing on high-demand areas such as water conservancy, railways, and aviation, particularly in regions like Sichuan, Zhejiang, Anhui, and Jiangsu. Recommended companies include Sichuan Road and Bridge, Zhejiang Communications, and major state-owned enterprises like China Communications Construction and China Railway Construction [27][28]. Emerging Business Directions - The report highlights the growing demand for computing power driven by AI applications, recommending companies like Hainan Huatie for their transition into computing power leasing. It also notes the potential in cleanroom sectors due to the ongoing domestic replacement in the semiconductor industry, suggesting companies like Baicheng and Shenghui Integration [29][30]. Major Projects and Themes - The report identifies significant investment opportunities in major hydropower projects, deep-sea economy, and low-altitude economy, recommending companies involved in these sectors, such as China Power Construction and China Energy Engineering [32][30].

证券代码：605167 证券简称：利柏特 公告编号：2025-027 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发行结果公告 保荐人（主承销商）：国泰海通证券股份有限公司 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"发行人"或"公司"）向不特定对象发 行可转换公司债券（以下简称"可转债"）已获得中国证券监督管理委员会证监许 可〔2025〕1173 号文同意注册。本次发行的保荐人（主承销商）为国泰海通证券 股份有限公司（以下简称"保荐人（主承销商）"）。本次发行的可转债简称为" 利柏转债"，债券代码为"111023"。 | 类别 | 认购数量（手） 放弃认购数量（手） | | | --- | --- | --- | | 原股东 | 606,638 | 0 | | 网上社会公众投资者 | 140,052 | 3,310 | | 网下机构投资者 | - | - | | 主承销商包销数量（放弃 认购总数量） | | 3,310 | | 发行数量合计 | | 750,00 ...

Group 1 - The core point of the announcement is the results of the online lottery for the issuance of convertible bonds by Jiangsu Libat Co., Ltd. [1] - The issuance was conducted under the supervision of relevant representatives to ensure transparency and fairness [1] - A total of 143,362 winning numbers were announced, with each winning number eligible to subscribe for one hand (1,000 yuan) of Libat convertible bonds [2]

根据《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发行公 告》，发行人江苏利柏特股份有限公司（以下简称"利柏特"、"发行人"或"公 司"）及本次可转债发行的保荐人（主承销商）国泰海通证券股份有限公司于 2025 年 7 月 4 日（T+1 日）主持了利柏特向不特定对象发行可转换公司债券（以下简 称"利柏转债"）网上发行中签摇号仪式。摇号仪式按照公开、公平、公正的原 则在有关单位代表的监督下进行，摇号结果经上海市东方公证处公证。现将中签 结果公告如下： | 末尾位数 | 中签号码 | | | | | --- | --- | --- | --- | --- | | 末"5"位数 | 53998 | | | | | 末"6"位数 | 683273，883273，483273，283273，083273，399760，899760 | | | | | 末"7"位数 | 9605793，4605793，2013918 | | | | | 末"8"位数 | 35706377，60706377，85706377，10706377 | | | | | 末"9"位数 | 250732373，450732373，6507 ...

Core Viewpoint - Jiangsu Libat Co., Ltd. has successfully issued convertible bonds amounting to 750 million yuan, with a significant portion allocated to existing shareholders and a small portion available for public investors [1][4][5]. Group 1: Issuance Details - The total amount of the convertible bonds issued is 750 million yuan, with an issuance price of 100 yuan per bond [4][5]. - The priority subscription for existing shareholders accounted for approximately 80.89% of the total issuance, amounting to 606.638 million yuan [4][5]. - The public subscription resulted in a total of 143.362 million yuan, representing about 19.11% of the total issuance, with a low winning rate of 0.00173477% [5]. Group 2: Subscription and Allocation - The effective subscription amount from the public was 8,264,019,313 hands, equating to 8.264 billion yuan, with a total of 8,294,686 valid subscription accounts [5]. - The actual allocation for public investors was 750,000 bonds, amounting to 750 million yuan [5]. - The company and the lead underwriter will conduct a lottery draw for the allocation results on July 4, 2025, with results to be disclosed on July 7, 2025 [5]. Group 3: Underwriting and Risk Management - The lead underwriter, Guotai Junan Securities Co., Ltd., will underwrite any portion of the issuance that does not reach 75 million yuan, with a maximum underwriting amount of 22.5 million yuan [2][3]. - If the total subscription does not meet 70% of the issuance, the issuer and underwriter may consider halting the issuance and will report to the Shanghai Stock Exchange [2].

证券代码：605167 证券简称：利柏特 公告编号：2025-025 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 网上中签率及优先配售结果公告 保荐人（主承销商）：国泰海通证券股份有限公司 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： | 类别 | 中签率/配售 比例（%） | 有效申购数量 （手） | 实际配售数 量（手） | 实际获配金 额（元） | | --- | --- | --- | --- | --- | | 原股东 | 100.00 | 606,638 | 606,638 | 606,638,000 | | 网上社会公众投 资者 | 0.00173477 | 8,264,019,313 | 143,362 | 143,362,000 | | 网下机构投资者 | - | - | - | - | | 合计 | | 8,264,625,951 | 750,000 | 750,000,000 | 特别提示 江苏利柏特股份有限公司（以下简称"利柏特"、"发行人"或"公司"）向不 特定对象发行可 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The target price of Libo Convertible Bond on the first day of listing is expected to be between 132 - 137 yuan, and investors are advised to actively subscribe. The conversion premium rate on the first day of listing is estimated to be in the range of 30% - 35% [2][19]. - The estimated first - day new - bond lottery winning rate is around 0.0027% - 0.0043% [20]. 3. Summary According to the Catalog 3.1 Libo Convertible Bond New - Bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Libo Convertible Bond is priority placement and online issuance. The bond and issuer ratings are AA, with an issuance scale of 750 million yuan. The initial conversion price is 12.14 yuan. As of July 2, 2025, the conversion parity is 101.32 yuan, and the pure bond value is 99.26 yuan. The game terms are normal, with general issuance scale and liquidity, a decent rating, and good bond floor protection [16]. 3.1.2 New - Bond Initial Listing Price Analysis - The company's main business is the design and manufacturing of industrial modules, with main products including process modules, pipe rack modules, and pipe pre - fabricated parts. The funds raised from this issuance are mainly used for the "Large - scale Industrial Module Manufacturing Project of Nantong Libote Heavy Industry Co., Ltd." [19]. - Based on the valuation reference of Huashe Convertible Bond and Nenghui Convertible Bond, considering the current market environment and parity level, the conversion premium rate of Libo Convertible Bond on the first day of listing is expected to be in the range of 30% - 35%, corresponding to a first - day listing target price of around 132 - 137 yuan [2][19]. 3.1.3 Convertible Bond New - Bond Lottery Winning Rate Analysis - Assuming the old shareholder placement ratio is 54% - 71%, the scale of Libo Convertible Bond available to the market is 216 million - 343 million yuan. Assuming the online effective subscription volume is 7.92 million households, the lottery winning rate is estimated to be around 0.0027% - 0.0043% [20]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Up - stream and Down - stream Industry Situations - The company's main business is the design and manufacturing of industrial modules. The upstream industries are mainly raw material suppliers and subcontractors, which are highly competitive and have little impact on the company. The downstream industries are mainly the chemical industry, and the company is also actively exploring multiple industries such as oil and gas energy and nuclear power projects [21]. 3.2.2 Company's Operating Conditions - From 2022 to Q1 2025, the company's operating income was 1.721 billion yuan, 3.242 billion yuan, 3.493 billion yuan, and 668 million yuan respectively, with year - on - year growth rates of - 13.21%, 88.39%, 7.72%, and 1.45%. The comprehensive gross profit margin showed a slight fluctuation, and the net profit margin also fluctuated. The company's period expenses increased slightly, and R & D expenses showed an upward trend. Accounts receivable and the accounts receivable turnover rate fluctuated, and the net profit attributable to the parent company increased year by year [24][26][37]. 3.2.3 Company's Equity Structure and Main Subsidiaries - As of the end of 2024, the company's equity structure was relatively concentrated. The top two shareholders held a combined 54.31% of the shares, and the top 13 shareholders held a combined 71.67% of the shares. Shen Binqiang and Shen Xuan were the actual controllers, controlling 46.51% of the shares. The company has 7 wholly - owned subsidiaries [40]. 3.2.4 Company's Business Characteristics and Advantages - The company has high - tech barriers in the industrial module business, with an expanding development space. It has an "EPFC" full - industry chain and integrated service capabilities [45]. - The company has advantages in design and manufacturing capabilities, business qualifications, and customer resources [45][46]. 3.2.5 Allocation of This Fund - Raising - The company plans to issue convertible bonds to raise a total of no more than 750 million yuan, all of which will be used for the "Large - scale Industrial Module Manufacturing Project of Nantong Libote Heavy Industry Co., Ltd." with a total investment of 1.295 billion yuan. The project's internal rate of return (after - tax) is 13.05%, and the after - tax static investment payback period (including the construction period) is 6.06 years [48].