| 证券代码：605167 | 证券简称：利柏特 | 公告编号：2026-006 | | --- | --- | --- | | 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"利柏转债"预计满足赎回条件的提示 性公告 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。 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日在上海证券交易所挂牌交易， 债券简称"利柏转债"，债券代码"111023"，转股期起止日期为 2026 年 1 月 9 日至 2031 年 7 月 2 日，初始转股价格为 12.14 元/股。 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募集说明 书》中约定，有条件赎回条款具体如下： 在本次发行的可转换公司债券转股期内，当下述两种情形的任意一种出现时， 公司董事会有权决定按照债券面值加当期应计利息的价格赎回全部或部分未转 股的可转换公司债券： 1）在转股期内，如果公司股票在任意连续三十 ...

Market Performance - The professional engineering sector increased by 0.91% on January 28, with Tongguan Mining Construction leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Top Gainers in Professional Engineering Sector - Tongguan Mining Construction (code: 920019) closed at 28.00, up 15.27% with a trading volume of 226,100 shares and a transaction value of 618 million yuan [1] - China Aluminum International (code: 601068) closed at 6.64, up 9.93% with a trading volume of 665,600 shares and a transaction value of 426 million yuan [1] - Roman Co., Ltd. (code: 605289) closed at 74.80, up 7.67% with a trading volume of 101,500 shares and a transaction value of 760 million yuan [1] Top Losers in Professional Engineering Sector - Zhite New Materials (code: 300986) closed at 37.65, down 12.99% with a trading volume of 962,600 shares and a transaction value of 374 million yuan [2] - Zhenhai Co., Ltd. (code: 603637) closed at 11.98, down 9.99% with a trading volume of 239,300 shares and a transaction value of 289 million yuan [2] - Feiguishang (code: 605598) closed at 61.30, down 5.03% with a trading volume of 71,400 shares and a transaction value of 443 million yuan [2] Capital Flow Analysis - The professional engineering sector experienced a net outflow of 419 million yuan from institutional investors, while retail investors saw a net inflow of 476 million yuan [2] - The net outflow from retail investors amounted to 56.46 million yuan [2] Individual Stock Capital Flow - For Asia Xiang Integration (code: 603929), the net inflow from institutional investors was 15.7 million yuan, while retail investors had a net outflow of 19.41 million yuan [3] - China Aluminum International (code: 601068) saw a net inflow of 10 million yuan from institutional investors, with retail investors experiencing a net outflow of 74.75 million yuan [3] - Tongguan Mining Construction (code: 920019) had a net inflow of 58.91 million yuan from institutional investors and a small net inflow of 2.24 million yuan from retail investors [3]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [12]. Core Insights - The company specializes in the design and manufacturing of large industrial modules, primarily applied in the chemical industry, and has extended its services to oil and gas, mining, water treatment, and nuclear power engineering [4][7]. - The company has secured a significant order for the construction and installation of modular components for the Ningde Phase II project, marking its first collaboration with China General Nuclear Power Group [9]. - The nuclear power sector is expected to experience accelerated growth, with the company poised to benefit from its technological capabilities and shareholder background [8][9]. Summary by Relevant Sections Company Overview - The company, established in 2006, has evolved from manufacturing cold boxes and small modules to providing a full range of engineering services, including design, procurement, modularization, and construction [22][30]. - The company has a stable shareholder structure, with significant ownership by China Nuclear Industry Second Construction Company, which may contribute to more nuclear orders [31]. Business Performance - In 2023, the company achieved a revenue of 3.242 billion yuan, a year-on-year increase of 88.39%, with a net profit of 190 million yuan, up 38.73% [33][34]. - The company has signed multiple large contracts since 2022, with a total expected value exceeding 4 billion yuan [37][38]. Market Position and Competitive Advantage - The company has established long-term partnerships with major international clients, including BASF and Honeywell, which enhances its market reputation and client retention [27]. - The modular construction approach offers significant advantages over traditional methods, including reduced construction time and costs, improved quality, and lower safety risks [53][56]. Future Outlook - The company is expanding its production capacity through a new facility in Nantong, which is expected to enhance its ability to meet growing demand in the oil and gas and nuclear sectors [10]. - The nuclear power sector is projected to grow significantly, with an average utilization of 7,683 hours for nuclear units in 2024, indicating strong policy support for nuclear energy development [8][64].

| 证券代码：605167 | 证券简称：利柏特 | 公告编号：2026-005 | | --- | --- | --- | | 债券代码：111023 | 债券简称：利柏转债 | | 江苏利柏特股份有限公司 关于股东减持可转换公司债券的公告 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、股东配售可转债情况 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"）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。 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日在上海证券交易所挂牌交易， 债券简称"利柏转债"，债券代码"111023"。 公司控股股东上海利柏特投资有限公司（以下简称"利柏特投资"）配售 3,0 ...

Group 1 - The report highlights a significant increase in the State Grid's capital expenditure during the "14th Five-Year Plan" period, with a projected investment of approximately 4 trillion yuan during the "15th Five-Year Plan," representing a 40% increase compared to the previous plan [15][18][21] - The report recommends focusing on power engineering companies, specifically China Electric Power Construction, China Huadian Engineering, and China Energy Engineering, which are well-positioned to benefit from the increased capital expenditure [21][22] - The report emphasizes the importance of selecting companies with strong fundamentals and low valuations based on ROE and valuation percentiles, recommending firms such as China Chemical, China National Materials, and Donghua Technology [23][24] Group 2 - Weekly tracking indicates steady progress in coal chemical projects, with significant contract awards for the coal-to-natural gas project in Xinjiang, totaling over 15 billion yuan [28][29] - The hydrogen energy sector is gaining momentum, with government initiatives promoting zero-carbon factory construction and the launch of major projects like the Baowu Green Hydrogen Industrial Park, which has a total investment of 110.9 billion yuan [31][32] - The report notes a slight decline in steel prices, with average prices for medium-thick plates and rebar decreasing by 0.5% and 0.8% respectively, indicating a stable but low price environment [31]

| 证券代码：605167 | 证券简称：利柏特 | 公告编号：2026-004 | | --- | --- | --- | | 债券代码：111023 | 债券简称：利柏转债 | | 江苏利柏特股份有限公司 关于为全资子公司提供担保的进展公告 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： 担保对象及基本情况 | 被担保人名称 | 本次担保金额 | | 实际为其提供的 | | 是否在前 | 本次担保 | | --- | --- | --- | --- | --- | --- | --- | | | | | 担保余额（不含本 | | 期预计额 | 是否有反 | | | | | 次担保金额） | | 度内 | 担保 | | 上海利柏特工程 技术有限公司 | 50,000.00 | 万元 | 130,000.00 | 万元 | 是 | 否 | | 上海里卜特工业 设备有限公司 | 2,000.00 | 万元 | | - | 是 | 否 | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | -- ...

Company and Industry Summary Company Focus - The company specializes in industrial modular design and manufacturing services, with the completion of the Liebherr Nantong base on December 6, 2025, focusing on nuclear power and offshore engineering modules. The Nantong base is expected to see a significant increase in follow-up orders after its completion [1][1] Nuclear Power Insights - Modular technology in nuclear power offers three main advantages: reduced construction time, labor savings, and enhanced safety and reliability. The number of nuclear units under construction has increased from 18 units in 2020 to 32 units in 2024, with a maximum construction capacity of 40 units. The trend towards nuclear modularization is evident [1][1] - Based on projections for future annual investments in nuclear power (10 units per year, with an investment of approximately 20 billion yuan per unit), if modular construction accounts for 10% to 20% of total nuclear investment, the corresponding annual market space for nuclear modules would be 21 billion to 42.1 billion yuan [1][1] Industry Developments - From 2022 to 2025, a total of 41 nuclear units have been approved, primarily focusing on the Hualong One design. All module tenders are expected to be completed within two years after the main construction begins [2][2] - The company benefits from advantages in location, nuclear culture, production capacity, and qualifications. The Nantong base is strategically located near the Yangtze River estuary and has its own dock, which is expected to enhance market share over time [2][2] Offshore Engineering Outlook - Capital expenditures in the offshore oil and gas sector are expected to grow significantly, with clear advantages for modular construction of Floating Production Storage and Offloading (FPSO) units. The company has already secured multiple FPSO projects, and with increasing downstream capital expenditures, offshore oil and gas orders are likely to remain robust [2][2] - Projected net profit attributable to the parent company for 2025-2027 is estimated at 215 million, 262 million, and 355 million yuan, reflecting a year-on-year change of -11%, +22%, and +36% respectively [2][2]

Summary of Conference Call Notes Company and Industry Overview - The focus is on Libart, a leading company in modular design and manufacturing in China, particularly in the nuclear power and offshore engineering sectors [1][2] Key Points and Arguments - **Modular Design and Manufacturing Services**: Libart is concentrating on industrial modular design and manufacturing services, with the completion of its Nantong base on December 6, 2025, which is expected to significantly increase future orders in nuclear power and offshore modules [1] - **Nuclear Power Advantages**: The modular technology in nuclear power offers three main advantages: reduced construction time, labor savings, and enhanced safety and reliability. The number of nuclear units under construction has increased from 18 units in 2020 to 32 units in 2024, with a maximum construction capacity of 40 units [1] - **Market Potential**: Based on projections for future nuclear power investments (10 units per year, with an investment of approximately 20 billion yuan per unit), if modular construction accounts for 10% to 20% of total nuclear investment, the annual market space for nuclear modules is estimated to be 21 billion to 42.1 billion yuan [1] - **Nuclear Unit Approvals**: A total of 41 nuclear units are expected to be approved from 2022 to 2025, primarily focusing on the Hualong One design, with all module tenders expected to be completed within two years after the main construction begins [2] - **Competitive Advantages**: The Nantong base benefits from its location near the Yangtze River estuary and has its own dock, which is expected to enhance market share over time [2] - **Offshore Engineering Growth**: The capital expenditure for offshore oil and gas companies is expected to rise significantly, with modular construction for FPSO (Floating Production Storage and Offloading) showing clear advantages. Libart has already secured multiple FPSO projects, and with increasing downstream capital expenditure, offshore oil and gas orders are likely to remain robust [2] Important but Overlooked Content - **Profit Forecast**: The projected net profit attributable to the parent company for the years 2025 to 2027 is estimated at 215 million, 262 million, and 355 million yuan, reflecting a year-on-year change of -11%, +22%, and +36% respectively [2]

Company Performance - The stock price of Libet has reached a historical high, with 11 trading days in the past month marking new records [2] - As of 09:46, the stock is up 0.76%, priced at 18.54 yuan, with a trading volume of 5.7838 million shares and a transaction amount of 105 million yuan [2] - The latest total market capitalization of the company in A-shares is 8.326 billion yuan [2] Industry Overview - The construction decoration industry, to which Libet belongs, has an overall increase of 0.77%, with 96 stocks rising [2] - Leading stocks in the industry include Zhizhi New Materials, Shenghui Integration, and Longyuan Construction, with increases of 16.76%, 8.45%, and 6.87% respectively [2] - Conversely, 61 stocks in the industry have declined, with Guosheng Technology, ST Keli Da, and Chengbang Co., Ltd. experiencing declines of 10.00%, 5.05%, and 3.46% respectively [2] Financial Results - In the third quarter, the company reported a total operating revenue of 1.983 billion yuan, a year-on-year decrease of 23.44% [2] - The net profit for the same period was 178 million yuan, reflecting a year-on-year decline of 11.15% [2] - The basic earnings per share are reported at 0.4000 yuan, with a weighted average return on equity of 9.28% [2]

Group 1 - The company issued 7,500,000 convertible bonds with a total value of 75,000 million yuan, which were listed on the Shanghai Stock Exchange on July 22, 2025 [1] - The controlling shareholder, Shanghai Libate Investment Co., Ltd., accounted for 41.31% of the total bond issuance by selling 3,098,550 bonds [2] - A total of 1,146,380 bonds were reduced by certain shareholders from January 12 to January 16, 2026, representing 15.29% of the total convertible bonds issued [3]