Core Viewpoint - Zhejiang Lino's stock price has shown fluctuations with a year-to-date increase of 17.67%, while facing a decline of 6.66% over the past 20 days [2] Company Overview - Zhejiang Lino Fluid Control Technology Co., Ltd. was established on January 9, 2003, and went public on June 8, 2020. The company specializes in the research, production, and sales of industrial control valves [2] - The company's revenue composition includes: 50.30% from switch valves, 37.16% from regulating valves, 6.29% from process valves, 5.47% from accessories, and 0.78% from other sources [2] - As of June 30, 2025, the number of shareholders increased by 20.42% to 10,500, while the average circulating shares per person decreased by 16.96% to 9,692 shares [2] Financial Performance - For the first half of 2025, Zhejiang Lino reported a revenue of 406 million yuan, representing a year-on-year decrease of 10.77%. The net profit attributable to shareholders was 7.19 million yuan, down 68.12% year-on-year [2] - The company has distributed a total of 137 million yuan in dividends since its A-share listing, with 89.07 million yuan distributed over the past three years [3] Shareholding Structure - As of June 30, 2025, the top ten circulating shareholders include Dazheng Jingheng Mixed A (090019) holding 832,200 shares, unchanged from the previous period, and Nuoan Multi-Strategy Mixed A (320016) as a new shareholder with 712,300 shares [3]

Group 1 - Zhejiang Lino's stock price increased by 5.39% to 14.67 CNY per share, with a trading volume of 49.63 million CNY and a turnover rate of 3.43%, resulting in a total market capitalization of 2.024 billion CNY [1] - Zhejiang Lino Fluid Control Technology Co., Ltd. was established on January 9, 2003, and went public on June 8, 2020, focusing on the research, production, and sales of industrial control valves [1] Group 2 - The largest circulating shareholder of Zhejiang Lino is a fund under Dacheng Fund, specifically Dacheng Jingheng Mixed A (090019), which held 832,200 shares, unchanged from the previous period, accounting for 0.82% of circulating shares [2] - Dacheng Jingheng Mixed A has achieved a year-to-date return of 35.75%, ranking 1683 out of 8254 in its category, and a one-year return of 95.7%, ranking 434 out of 8037 [2] - The fund manager, Su Bingyi, has a tenure of 13 years and 209 days, with the fund's total asset size at 1.24 billion CNY and a best return of 235.91% during his tenure [2]

Group 1 - Zhejiang Lino's stock price increased by 5.39% to 14.67 CNY per share, with a trading volume of 49.63 million CNY and a turnover rate of 3.43%, resulting in a total market capitalization of 2.024 billion CNY [1] - Zhejiang Lino Fluid Control Technology Co., Ltd. was established on January 9, 2003, and went public on June 8, 2020, focusing on the research, production, and sales of industrial control valves [1] Group 2 - Noan Multi-Strategy Mixed A Fund (320016) entered the top ten circulating shareholders of Zhejiang Lino, holding 712,300 shares, which is 0.7% of the circulating shares, with an estimated floating profit of approximately 534,200 CNY [2] - The Noan Multi-Strategy Mixed A Fund was established on August 9, 2011, with a latest scale of 1.399 billion CNY, achieving a year-to-date return of 57.82% and ranking 426 out of 8,254 in its category, while its one-year return is 118.35%, ranking 202 out of 8,037 [2] Group 3 - The fund manager of Noan Multi-Strategy Mixed A Fund is Kong Xianzheng, who has been in position for 4 years and 280 days, with a total fund asset size of 4.607 billion CNY and a best return of 72.09% during his tenure [3] - Wang Haichang, the co-manager, has been in position for 3 years and 42 days, managing a fund asset size of 2.529 billion CNY, with a best return of 59.98% during his tenure [3]

Group 1 - The company, Zhejiang Lino, has extensive experience in various process industries and its products are widely applied in these sectors [1] - In the semiconductor industry, some of the company's products are utilized in upstream processes such as silicon extraction, purification, and etching solutions, as well as in cooling systems [1]

Core Viewpoint - The announcement details the completion of a share reduction plan by a major shareholder of Zhejiang Lino Fluid Control Technology Co., Ltd, indicating a reduction of 620,000 shares, which is approximately 0.4493% of the total share capital [1][2]. Shareholder Reduction Details - The major shareholder, Mr. Ren Xiang, held 12,237,000 shares (8.8688% of total shares) before the reduction and now holds 11,617,000 shares (8.4195% of total shares) after the reduction [1]. - The reduction occurred through various trading methods, including centralized bidding and block trading, with the average reduction price ranging from 12.51 to 14.61 yuan per share [1]. - The total shares reduced were executed over several days, with specific details as follows: - June 5: 47,400 shares at 14.35 yuan - June 6: 90,000 shares at 14.44 yuan - June 9: 21,500 shares at 14.61 yuan - June 11: 60,000 shares at 14.43 yuan - June 12: 91,100 shares at 14.42 yuan - June 18: 230,000 shares at 12.51 yuan - September 1: 80,000 shares at 14.13 yuan [1]. Compliance and Impact - The share reduction plan complies with relevant laws and regulations, including the Company Law and the Securities Law of the People's Republic of China [1][2]. - The implementation of this reduction plan will not lead to a change in the company's control and will not affect the company's ongoing operations [2]. - Mr. Ren Xiang adhered to commitments made in the company's initial public offering prospectus, ensuring no violations occurred during the reduction process [2].

浙江力诺流体控制科技股份有限公司 关于持股 5%以上股东减持股份计划实施完成的公告 股东任翔先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：300838 证券简称：浙江力诺 公告编号：2025-053 （二）股东本次减持前后持股情况 | 股东名称 | 股份性质 | 本次减持前持有股份 | | | 本次减持后持有股份 | | | --- | --- | --- | --- | --- | --- | --- | | | | 股数（股） | 占总股本比 | 股数（股） | 占总股本比 | | | | | | 例（%） | | 例（%） | | | 任翔 | 合计持有股份 | 12,237,000 | 8.8688 | 11,617,000 | 8.4195 | | | | 其中：无限售条件股份 | 12,237,000 | 8.8688 | 11,617,000 | 8.4195 | | | | 有限售条件股份 | 0 | | 0 | 0 | 0 | 二、其他相关说明 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 浙江力诺流体控制科技股份有限 ...

Core Viewpoint - Zhejiang Lino's recent financial report for the first half of 2025 shows a significant decline in revenue and profit, indicating potential challenges in its business operations and financial health [1]. Financial Performance - Total revenue for the first half of 2025 was 406 million yuan, a decrease of 10.77% year-on-year [1]. - Net profit attributable to shareholders was 7.19 million yuan, down 68.12% compared to the previous year [1]. - In Q2 2025, total revenue was 242 million yuan, reflecting an 11.67% decline year-on-year, while net profit was 858,200 yuan, a staggering drop of 94.59% [1]. - The gross profit margin was 17.06%, down 16.0% year-on-year, and the net profit margin was 1.4%, a decrease of 72.62% [1]. - Total operating expenses (selling, administrative, and financial expenses) amounted to 37.16 million yuan, accounting for 9.14% of revenue, a decrease of 6.47% year-on-year [1]. Balance Sheet Insights - Accounts receivable increased to 758 million yuan, a 2.14% rise year-on-year, with accounts receivable to net profit ratio reaching 4134.01% [1][2]. - Interest-bearing debt surged to 318 million yuan, marking a 178.14% increase year-on-year [1]. - Cash and cash equivalents stood at 73.36 million yuan, up 5.62% from the previous year [1]. Investment Metrics - The company's return on invested capital (ROIC) was 1.66%, indicating weak capital returns, with a historical median ROIC of 10.53% since its listing [1]. - The average operating cash flow to current liabilities ratio over the past three years was only 3.88%, suggesting potential liquidity concerns [2]. Fund Holdings - The largest fund holding Zhejiang Lino is the Jianxin Flexible Allocation Mixed A Fund, which holds 221,600 shares and has recently entered the top ten holdings [3].

Group 1 - Zhejiang Lino (300838.SZ) released its semi-annual report for 2025 on August 28, 2025, indicating that as of August 27, 2025, five institutional investors disclosed holding shares, totaling 5.4705 million shares, which accounts for 3.96% of the total share capital [1] - The institutional investors include Ruian Nord Investment Partnership (Limited Partnership), Bank of China - Dachen Jingheng Mixed Securities Investment Fund, BARCLAYS BANK PLC, China Construction Bank - Nu'an Multi-Strategy Equity Fund, and Jianxin Flexible Allocation Mixed A, with a total institutional holding ratio increase of 1.01 percentage points compared to the previous quarter [1] - In the public fund sector, one public fund, Nu'an Multi-Strategy Mixed A, increased its holdings by 0.33% compared to the previous period, while a new public fund, Jianxin Flexible Allocation Mixed A, was disclosed in this period [1] Group 2 - In terms of foreign investment, one new foreign institution, BARCLAYS BANK PLC, disclosed its holdings in this period compared to the previous quarter [1]

Group 1 - Zhejiang Lino Fluid Control Technology Co., Ltd. experienced a decline of 5.03% on August 28, with a stock price of 14.16 yuan per share and a total market capitalization of 1.954 billion yuan [1] - The company, established on January 9, 2003, and listed on June 8, 2020, specializes in the research, production, and sales of industrial control valves [1] Group 2 - Among the top ten circulating shareholders of Zhejiang Lino, Dazhong Fund's Dazhong Jingheng Mixed A (090019) holds 832,200 shares, unchanged from the previous period, representing 0.82% of circulating shares [2] - Dazhong Jingheng Mixed A has a current scale of 397 million yuan and has achieved a year-to-date return of 35.52%, ranking 1276 out of 8190 in its category [2] - The fund manager, Su Bingyi, has a tenure of 13 years and 205 days, with the best fund return during his tenure being 235.34% [2]

Core Viewpoint - Zhejiang Lino's half-year report for 2025 indicates strong revenue growth and a robust market position in the control valve industry, driven by dual demand in product and service sectors, particularly in the oil and petrochemical industries [1][2]. Group 1: Financial Performance - In the first half of 2025, Zhejiang Lino achieved a revenue of 406 million yuan, with significant contributions from the chemical industry (239 million yuan), pulp and paper industry (70.4 million yuan), and oil and petrochemical industry (40.3 million yuan) [1]. - The oil and petrochemical sector demonstrated exceptional resilience with a year-on-year revenue growth of 16.74% [1]. Group 2: Market Opportunities - The control valve industry is experiencing a dual demand opportunity from both product and service sides, driven by national industrial upgrades and the push for smart manufacturing [1][4]. - The increasing reliance on valves in the oil, petrochemical, and chemical industries is creating stable maintenance demands, transitioning from reactive to predictive maintenance strategies [1][4]. Group 3: R&D and Innovation - Zhejiang Lino's R&D investment reached 16.14 million yuan in the first half of 2025, maintaining a stable R&D expenditure ratio of over 3% from 2022 to 2024 [2]. - The company has a dedicated R&D team of 118 personnel, accounting for 13.33% of its workforce, and has been recognized as a national-level specialized and innovative "little giant" enterprise [2]. Group 4: Product Strategy - The company employs a dual strategy of new product development and optimization of existing products to meet market demands and enhance competitiveness [3]. - Notable products include the pneumatic corrugated pipe regulating valve and the soft-sealed fully welded ball valve, which have gained market recognition due to their unique technical advantages [3]. Group 5: Strategic Expansion - Zhejiang Lino is implementing a dual-driven strategy of "internal growth + external expansion" to navigate market challenges and enhance its competitive edge [4][5]. - The acquisition of Xu Huaji's 100% stake is a strategic move to strengthen its position in the regulating valve sector, leveraging Xu Huaji's advanced technology and market reputation [5][6]. Group 6: Future Outlook - Looking ahead to the second half of 2025, Zhejiang Lino aims to leverage Xu Huaji's expertise to expand into high-end application markets while maintaining its competitive advantage in traditional sectors [6]. - The company is focused on creating a comprehensive service solution that spans the entire lifecycle of its products, enhancing customer loyalty and reinforcing its position as a full-scenario application service provider in the control valve market [6].