Core Viewpoint - The company, Libet, announced that its stock price has closed below 85% of the conversion price of its convertible bonds for 10 trading days, which may trigger a price adjustment clause if the condition continues for an additional 16 trading days [2]. Group 1 - Libet's stock has been underperforming, with 10 trading days recorded below the specified threshold [2]. - The potential for triggering the conversion price adjustment clause is contingent on the stock price meeting the criteria for five out of the next 16 trading days [2].

Core Insights - Nantong Libat Group has officially launched its new manufacturing base in the Tongzhou Bay Demonstration Zone, focusing on the research and production of large energy modules for marine engineering and nuclear power [1][2] - The company aims to establish itself as a leading domestic and internationally competitive industrial module manufacturing base through the integration of automation, digitalization, and intelligent manufacturing technologies [1][2] Company Overview - Libat Group, founded in 2006, is one of the few companies in China capable of providing a full industrial chain service, including engineering design, EPC contracting, and industrial module R&D and manufacturing [1] - The company serves a diverse clientele, including several Fortune 500 companies such as China General Nuclear Power Group, BASF, and Honeywell, with products exported globally [1] Strategic Development - The Nantong base is part of a two-phase construction plan that includes the development of berths, contributing to the company's national layout strategy of "one body and three wings" [1] - The successful establishment and rapid production of the Nantong facility represent a significant achievement for the Tongzhou Bay area in developing high-end equipment manufacturing [1][2] Industry Context - As a national high-tech enterprise and a "specialized and innovative" small giant, Libat has several independent R&D achievements that fill domestic gaps in the industrial modularization field [2] - The launch of the Nantong base enhances Libat's manufacturing capabilities in high-end equipment sectors like nuclear power and marine engineering, supporting China's high-end manufacturing sector's global expansion [2]

Market Overview - The professional engineering sector increased by 0.16% on December 2, with Shenghui Integration leading the gains [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Top Performers - Shenghui Integration (603163) closed at 58.27, up 10.01% with a trading volume of 43,200 lots and a transaction value of 239 million [1] - Yaxiang Integration (603929) closed at 68.10, up 8.80% with a trading volume of 81,900 lots and a transaction value of 548 million [1] - Bicheng Co., Ltd. (601133) closed at 14.40, up 3.30% with a trading volume of 279,400 lots and a transaction value of 396 million [1] Underperformers - Feifei History (605598) closed at 45.98, down 3.06% with a trading volume of 140,800 lots and a transaction value of 648 million [2] - Shikong Technology (605178) closed at 58.50, down 2.95% with a trading volume of 71,800 lots and a transaction value of 426 million [2] - Zhite New Materials (300986) closed at 10.61, down 2.93% with a trading volume of 80,600 lots and a transaction value of 86.11 million [2] Capital Flow - The professional engineering sector experienced a net outflow of 77.90 million from institutional investors, while retail investors saw a net inflow of 132 million [2] - The detailed capital flow for key stocks shows varying trends, with some stocks like Bicheng Co., Ltd. experiencing significant net outflows from both institutional and retail investors [3]

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 ...