Group 1 - Zhejiang Lino (300838.SZ) released its Q3 2025 report on October 28, 2025, indicating that as of October 27, 2025, four institutional investors disclosed holding a total of 4.9783 million A-shares, accounting for 3.61% of the total share capital [1] - The institutional holding ratio decreased by 0.92 percentage points compared to the previous quarter [1] - Among public funds, one fund, CITIC Prudential Multi-Strategy Mixed (LOF) A, increased its holdings by 0.15% compared to the previous period [1] Group 2 - A total of 31 public funds that did not disclose their holdings in the current period were noted, including notable funds such as Nuon Multi-Strategy Mixed A and Jianxin Flexible Allocation Mixed A [1] - In terms of foreign investment, Barclays Bank PLC was noted as an external institution that did not disclose its holdings in the current period [2]

Group 1 - Zhejiang Lino announced a provision for credit impairment losses and asset impairment losses totaling approximately 18.41 million yuan for the first three quarters of 2025, which will reduce the company's total profit for the same period by the same amount [1] - The impairment losses have not been confirmed by an auditing firm [1] - As of the announcement, Zhejiang Lino's market capitalization is 2.1 billion yuan [1] Group 2 - For the first half of 2025, Zhejiang Lino's revenue composition is as follows: chemical industry accounts for 58.71%, pulp and paper industry for 17.32%, petroleum and petrochemical industry for 9.91%, other industries for 9.8%, and environmental protection industry for 3.48% [1]

Core Viewpoint - Zhejiang Linuo (300838.SZ) reported a slight increase in revenue for the first three quarters of 2025, but a significant decline in net profit compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters reached 723 million yuan, reflecting a year-on-year growth of 1.57% [1] - The net profit attributable to shareholders of the listed company was 10.4453 million yuan, representing a year-on-year decrease of 56.23% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 10.2349 million yuan, down 51.30% year-on-year [1] - Basic earnings per share stood at 0.08 yuan [1]

证券代码：300838 证券简称：浙江力诺 公告编号：2025-057 浙江力诺流体控制科技股份有限公司 关于计提 2025 年前三季度资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 浙江力诺流体控制科技股份有限公司（以下简称"公司"或"本公司"）根 据《企业会计准则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板 上市公司规范运作》（以下简称《创业板上市公司规范运作》）、《深圳证券交 易所创业板上市公司自律监管指南第 1 号——业务办理》《浙江力诺流体控制科 技股份有限公司章程》（以下简称《公司章程》）以及公司相关会计政策的规定， 对截至 2025 年 09 月 30 日合并报表范围内存在减值迹象的各类资产计提了相应 的减值准备，现将相关情况公告如下： 一、本次计提资产减值准备情况概述 根据《企业会计准则》及公司会计政策的相关规定，基于谨慎性原则，公司 及其子公司对截至 2025 年 09 月 30 日合并报表内各类资产进行了全面检查、充 分评估并进行了减值测试，计提信用减值损失和资产减值损失共计 18,405,040.79 元 ...

证券代码：300838 证券简称：浙江力诺 公告编号：2025-055 具体内容详见公司于同日披露在巨潮资讯网（http://www.cninfo.com.cn）上 的《2025 年第三季度报告》。 本议案已经公司董事会审计委员会审议通过。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 本议案无需提交股东会审议。 浙江力诺流体控制科技股份有限公司 第五届董事会第十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 浙江力诺流体控制科技股份有限公司（以下简称"公司"）第五届董事会第 十二次会议通知于 2025 年 10 月 16 日以专人送达、电话、微信等方式向全体董 事发出，会议于 2025 年 10 月 27 日在浙江省温州市瑞安市上望街道望海路 2899 号公司会议室以现场和通讯相结合的方式召开。 本次会议由董事长陈晓宇先生主持，会议应出席董事 7 人，实际出席董事 7 人（其中公司独立董事黄志雄先生通过通讯方式出席），公司高级管理人员列席 了本次会议。 本次会议的召集、召开和表决程序符合《中华人民共和国公司法 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥316,917,990, representing a 23.47% increase compared to ¥256,681,510 in the same period last year[4]. - Net profit attributable to shareholders was ¥3,255,590.90, a significant increase of 147.27% from ¥1,316,607.50 in the previous year[4]. - The net profit after deducting non-recurring gains and losses was ¥3,414,914.20, up 158.24% from ¥1,322,365.70 in the same period last year[5]. - The company reported a net profit of ¥10,669,082.24, reflecting a decrease of 54.07% compared to ¥23,227,246.16 in the previous year, primarily due to a decline in gross margin[13]. - Total operating revenue for the current period reached ¥723,333,798.07, an increase from ¥712,144,675.50 in the previous period, reflecting a growth of approximately 1.67%[29]. - Net profit for the current period was ¥10,669,082.24, a decrease from ¥23,227,246.16, representing a decline of approximately 54.1%[30]. - Total comprehensive income for the period attributable to the parent company was CNY 10,445,286.08, a decrease from CNY 23,866,249.40 in the previous period[31]. - Basic and diluted earnings per share were both CNY 0.08, down from CNY 0.17 in the previous period[31]. Assets and Liabilities - The company's total assets increased by 27.00% to ¥1,956,491,855.25 from ¥1,540,573,054.25 at the beginning of the year[5]. - Current liabilities rose to ¥783,870,721.60, compared to ¥539,070,300.90, reflecting an increase of approximately 45.3%[27]. - The company's total liabilities reached ¥954,704,859.86, compared to ¥553,262,502.59, showing an increase of approximately 72.6%[28]. - Non-current assets totaled ¥629,832,292.72, up from ¥468,228,404.20, indicating a growth of around 34.4%[27]. - The goodwill on the balance sheet increased significantly to ¥112,138,939.88 from ¥33,384,885.52, representing a growth of about 235%[28]. Cash Flow - The net cash flow from investing activities was -$172.54 million, a decrease of 419.67% compared to the same period last year, primarily due to the acquisition of Xuzhou Chemical Machinery[14]. - The net cash flow from financing activities increased to $234.88 million, up 313.90% year-over-year, mainly attributed to increased bank loans during the reporting period[14]. - Net cash flow from operating activities was CNY -74,564,610.12, compared to CNY -70,104,238.54 in the previous period, indicating a decline in operational cash generation[32]. - Cash inflow from investment activities totaled CNY 119,912,118.13, while cash outflow was CNY 292,448,889.72, resulting in a net cash flow of CNY -172,536,771.59 from investment activities[32]. - Cash inflow from financing activities was CNY 363,651,358.01, with a net cash flow of CNY 234,884,405.39 after outflows[33]. - The ending balance of cash and cash equivalents was CNY 58,365,857.35, an increase from CNY 40,444,884.24 in the previous period[33]. - The company reported a net increase in cash and cash equivalents of CNY -12,320,033.85 for the period[33]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 11,812, with no preferred shareholders having restored voting rights[16]. - The largest shareholder, Chen Xiaoyu, holds 21.07% of the shares, amounting to 29,075,000 shares[17]. - The company has a total of 36,235,375 restricted shares at the end of the reporting period, with no new restrictions added during this period[19]. - The company announced a change in control due to the expiration of the previous concerted action agreement among certain shareholders[21]. Strategic Developments - The company is actively pursuing market expansion and has consolidated Xuzhou Chemical Machinery, contributing to various financial metrics[11]. - The company plans to acquire 100% of Xuzhou Chemical Machinery, with multiple announcements regarding the progress of this acquisition[21]. Expenses - Financial expenses surged by 253.90% to ¥4,245,972.39, mainly due to increased interest expenses from bank loans[13]. - Research and development expenses for the current period were ¥26,707,340.89, down from ¥29,550,666.86, indicating a decrease of approximately 9.7%[29]. - The company reported a financial expense of ¥4,245,972.39, which is a significant increase from ¥1,199,762.07, reflecting a rise of about 253%[29]. Inventory and Receivables - The company's inventory rose by 52.98% to ¥329,427,348.00, primarily due to the consolidation of Xuzhou Chemical Machinery[10]. - Accounts receivable increased to ¥810.24 million from ¥699.06 million at the beginning of the period, indicating a growth in sales or credit terms[25]. - The company reported an increase in other receivables to $29.20 million from $16.17 million, reflecting potential growth in customer transactions or financing activities[25]. Operating Costs - Total operating costs amounted to ¥698,646,795.19, up from ¥682,561,535.89, indicating an increase of about 2.93%[29]. Audit Status - The financial report for the third quarter was not audited[34].

Core Insights - Zhejiang Lino Fluid Control Technology Co., Ltd. has been recognized for its dual-driven strategy of internal growth and external expansion to tackle industry challenges, providing a model for traditional manufacturing in Zhejiang Province [1][4] - The control valve industry is facing significant challenges in 2024 due to deep cyclical adjustments in downstream sectors like polysilicon and lithium batteries, leading to intense market price competition and extended project construction cycles [1][4] Internal Growth Strategy - The company emphasizes technological innovation, product quality enhancement, production management, digital transformation, and talent development to strengthen its internal growth [1][2] - A multi-dimensional and systematic approach is adopted, integrating technology research, management optimization, and digital transformation across various operational aspects [1][2] - Continuous innovation in product offerings includes low-leakage ball valves, angle valves, and high-frequency high-pressure ball valves, addressing specific customer needs in complex working environments [1][2] Management and Operational Efficiency - The company is implementing management reforms focused on refined management practices throughout production and key customer projects [2] - A professional team is engaged in process optimization, achieving standardization in management and data, which enhances decision-making efficiency [2] - The marketing system has been optimized with a structure that promotes collaboration between headquarters and regional teams, allowing for real-time market data integration and customer development [2] Digital Transformation - The company has integrated core systems such as ERP, MES, PLM, WMS, and BI to create a comprehensive information platform that enhances order processing and market responsiveness [2] - This integration facilitates rapid information transfer and precise alignment with market demands, improving after-sales service capabilities [2] External Expansion Strategy - The company’s main business involves the R&D, production, sales, and after-sales service of industrial control valves, with a focus on providing personalized and diversified solutions [3] - A significant acquisition of 100% equity in Xuzhou Chemical Machinery Co., Ltd. for 260 million yuan is planned, aimed at enhancing the company's capabilities in the control valve sector [3][4] - This acquisition is expected to fill product structure gaps and leverage Xuzhou Chemical Machinery's established technical expertise and market presence [3][4] Market Positioning and Future Outlook - The acquisition will enable Zhejiang Lino to gain extensive application experience and brand recognition in various industries, including coal chemical and petroleum chemical sectors [4] - The strategic location of both companies enhances their ability to respond to market demands in northern China, expanding the company's market footprint [4] - The recognition as a model for internal growth and external expansion underscores the company's commitment to technological innovation and management transformation, positioning it for long-term success in the control valve industry [4]

Industry Overview - In the first half of 2025, the general equipment manufacturing industry is expected to reach a cyclical bottom recovery, characterized by "revenue stabilization and profit acceleration" [1] - The machinery sector saw a year-on-year revenue growth of 6.9% in Q2, with net profit growth of 14.3%, particularly driven by the instrumentation sector, which experienced a 2.2 percentage point increase in gross margin [1] Company Positioning - Zhejiang Lino (300838) is deeply integrated into the industry's recovery process, focusing on instrumentation and general equipment, which are core growth areas benefiting from industry demand [1] - The company is positioned in the control valve sector, benefiting from both "domestic substitution and overseas incremental" demand, as the competitive landscape is shifting towards leading companies with technological advantages [1] Market Dynamics - The demand for electric measuring instruments is recovering globally, with domestic manufacturers achieving double-digit revenue growth due to domestic substitution advantages [1] - The explosion in demand for oil and petrochemical equipment is a key driver, particularly as energy development accelerates in emerging markets like the Middle East [1] Policy Support - Policy benefits are categorized into national strategy, local support, and standard upgrades, with "smart control valves and high-efficiency energy-saving valves" listed as encouraged products [2] - The ongoing national equipment update initiative is driving demand in the maintenance market, positively impacting Zhejiang Lino's "product + service" transformation [2] Technological Advancements - The company has made significant strides in technology through strategic adjustments, including the acquisition of 100% of Xuzhou Huaji's shares, filling gaps in coal chemical and cryogenic conditions [2] - As of June 2025, the company and its subsidiaries have been granted 224 patents, with new products like pneumatic corrugated pipe control valves being widely applied in industrial fields [2] Market Expansion - The company is expanding its market presence in the Middle East by participating in key industry events, targeting high-end markets in oil, petrochemicals, and natural gas processing [3] - The domestic market is also seeing a shift towards service transformation, with subsidiaries providing maintenance services that enhance customer loyalty and reduce long-term costs [3] Digital Transformation - The implementation of the Selection Quotation 4.0 system has improved operational efficiency by quickly generating customized solutions through intelligent algorithms [3] - The company is advancing its headquarters-level information platform to streamline business processes and enhance resource allocation [3] Future Outlook - The company is expected to see performance improvements driven by multiple positive factors, including deepening domestic substitution and the implementation of equipment update policies [4] - The regional supply chain advantages and ongoing policy support are anticipated to lower procurement costs and enhance R&D capabilities [4] - The company's overseas market breakthroughs, particularly in the Middle East, are expected to convert customer resources into substantial orders, complementing its domestic strengths [4]

Core Insights - The smart control valve industry is experiencing rapid growth driven by policies such as the "14th Five-Year Plan for Intelligent Manufacturing," with the overall market expected to reach approximately 48.2 billion yuan in 2024 and exceed 50 billion yuan in 2025 [1][8] - The smart control valve segment is projected to grow from about 12.7 billion yuan in 2024 to 15.2 billion yuan in 2025, indicating a strong development trend [1][10] - The competitive landscape shows a dominance of foreign brands in the high-end market, with 13 foreign companies accounting for 56.97% of sales among the top 50 firms in 2024, while 37 domestic companies contribute 43.03% [1][9] Industry Overview - Smart control valves are advanced devices based on microprocessors that monitor operational status in real-time and utilize intelligent algorithms for precise control [2] - The industry is characterized by a dual opportunity from policy support and market demand, with domestic companies facing challenges in high-end breakthroughs despite having capabilities in general applications [1][8] Market Dynamics - The smart control valve market is projected to maintain an annual compound growth rate of approximately 10%, driven by the demand from traditional industries like petrochemicals and emerging sectors such as hydrogen energy and semiconductors [1][8][10] - The market structure is undergoing significant adjustments, with the top 50 companies' sales total increasing from 27.877 billion yuan in 2020 to 38.047 billion yuan in 2023, although a slight decline to 36.778 billion yuan is expected in 2024 [8][9] Competitive Landscape - The competitive landscape is marked by foreign brands leading in high-end markets, while domestic companies like Chuan Yi and Nuo Wei are making strides in general control valve sectors [1][11] - In 2024, Chuan Yi and Nuo Wei are expected to hold market shares of 8.3% and 4.9%, respectively, indicating a gradual improvement in the position of domestic firms [11][12] Future Trends - The future of the smart control valve industry will focus on technological integration, market expansion into new sectors, and a shift in competition towards comprehensive solutions combining hardware, software, and services [15][16] - Emerging fields such as renewable energy and semiconductors are expected to drive demand for specialized valves, while domestic companies will accelerate globalization efforts [16][17] - The industry is likely to see a transition from product-centric approaches to ecosystem development, enhancing customer loyalty through integrated solutions [18]

Core Insights - The Zhejiang Province held a meeting to enhance the safety responsibilities of enterprises regarding special equipment, with Zhejiang Lino Fluid Control Technology Co., Ltd. being highlighted as a model for its digital safety management system [1][2] Group 1: Digital Transformation and Safety Management - Zhejiang Lino has invested 5 million yuan to develop a "Product Lifecycle Quality Digital Platform," which assigns a unique "digital ID" to each product, ensuring a comprehensive data chain from raw material intake to after-sales maintenance [1] - The platform allows real-time updates of critical information such as raw material batches, process parameters, inspection reports, and maintenance records, achieving a unified management of safety data [1][2] Group 2: Manufacturing Process Improvement - The company has implemented Statistical Process Control (SPC) technology to dynamically monitor production processes, resulting in an increase in the first-pass yield from 96% to 98% [2] - In 2024, the company aims to achieve 100% rectification of six quality optimization points, ensuring traceable and controllable problem resolution [2] Group 3: Safety Management Mechanism - The integration of the "Three Personnel and One Supervisor" system with digital tools has clearly defined the roles of safety director, safety personnel, supervisors, and support personnel, promoting a collaborative safety management approach [2] - This system allows for data-driven decision-making and accountability, transforming safety management from reactive to proactive [2]