利柏特(605167) - 2025 Q2 - 季度财报

Section I Definitions This section defines common terms, company and related party names, and the reporting period for clarity Definitions of Common Terms This chapter defines common terms, company and related party names, and the reporting period for accurate understanding - The reporting period is defined as January 1, 2025, to June 30, 2025[12] - Company, the Company, and Libaite Shares all refer to Jiangsu Libaite Co., Ltd.[12] Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and key financial performance metrics for the reporting period I. Company Information This section outlines the basic information of Jiangsu Libaite Co., Ltd., including its Chinese name, abbreviation, foreign name, and legal representative - The company's Chinese name is Jiangsu Libaite Co., Ltd., abbreviated as Libaite, with Shen Binqiang as the legal representative[14] II. Contact Persons and Information This section provides contact information for the company's Board Secretary and Securities Affairs Representative for investor communication - The Board Secretary is Yu Jia, and the Securities Affairs Representative is Zhang Jun, both reachable at 0512-89592521 and investor@cnlbt.com[15] III. Overview of Basic Information Changes This section details historical changes in the company's registered address, currently located at No. 2667 Yanjiang Road, Jiangsu Yangtze River Heavy Equipment Industrial Park, Zhangjiagang, Jiangsu Province - The company's registered address changed on December 11, 2018, from 'No. 55 Shanghai Road, Zhangjiagang Free Trade Zone' to 'No. 2667 Yanjiang Road, Jiangsu Yangtze River Heavy Equipment Industrial Park, Zhangjiagang, Jiangsu Province'[16] IV. Overview of Information Disclosure and Document Storage Location Changes This section specifies the company's designated information disclosure newspaper, website address, and the location for storing semi-annual reports - The company's designated information disclosure newspaper is Shanghai Securities News, and the website for semi-annual reports is **www.sse.com.cn**[17](index=17&type=chunk) V. Company Stock Overview This section provides basic information about the company's stock, including its listing exchange, abbreviation, and code - The company's stock is A-shares, listed on the Shanghai Stock Exchange, with the abbreviation Libaite and stock code 605167[18] VII. Key Accounting Data and Financial Indicators This section discloses the company's key accounting data and financial indicators for H1 2025, showing year-on-year declines in revenue and net profit, and a significant decrease in net cash flow from operating activities Key Accounting Data (H1 2025 vs. Prior Year Period) | 主要会计数据 | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 1,440,135,484.98 | 1,796,798,600.85 | -19.85 | | Total Profit (RMB) | 146,389,721.70 | 158,476,924.33 | -7.63 | | Net Profit Attributable to Listed Company Shareholders (RMB) | 121,572,598.93 | 130,070,718.82 | -6.53 | | Net Cash Flow from Operating Activities (RMB) | -92,570,777.80 | 62,890,701.17 | -247.19 | Key Financial Indicators (H1 2025 vs. Prior Year Period) | 主要财务指标 | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.27 | 0.29 | -6.90 | | Diluted Earnings Per Share (RMB/share) | 0.27 | 0.29 | -6.90 | | Weighted Average Return on Net Assets (%) | 6.39 | 7.76 | Decrease of 1.37 percentage points | - Net cash flow from operating activities decreased by 247.19% year-on-year, primarily due to a reduction in cash received from sales of goods and services during the period[20] IX. Non-Recurring Gains and Losses Items and Amounts This section lists the company's non-recurring gains and losses items and their amounts for H1 2025, totaling 5.20 million RMB Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Government grants recognized in profit or loss for the current period | 6,261,047.46 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | 241,283.37 | | Other non-operating income and expenses apart from the above | 358,180.62 | | Less: Income tax impact | 1,785,171.64 | | Total | 5,201,679.60 | X. Companies with Equity Incentives or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact This section discloses net profit after deducting the impact of share-based payments, which was 123.30 million RMB for the current period, a year-on-year decrease of 8.81% Net Profit After Deducting Share-Based Payment Impact | 主要会计数据 | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact (RMB) | 123,301,906.27 | 135,208,218.34 | -8.81 | Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's industry, business operations, financial performance, core competencies, and risk factors during the reporting period I. Industry and Main Business Overview During the Reporting Period The company specializes in industrial module design and manufacturing, offering integrated 'Design-Procurement-Modularization-Construction' (EPFC) full-chain services across chemical, oil and gas, mining, water treatment, and nuclear power sectors, leveraging modular construction advantages and trends - The company's main business involves industrial module design and manufacturing, alongside full-chain services including Engineering, Procurement, and Construction (EPC), Engineering (E), Procurement (P), Modularization (F), Construction (C), and Maintenance[24] - Industrial module products, including process modules, pipe rack modules, and pipe spools, are widely applied in chemical, oil and gas, mining, water treatment, and nuclear power industries[26] - Modular manufacturing offers advantages such as aligning with international division of labor, avoiding harsh construction environments, controlling costs and quality, enhancing safety, and promoting environmental protection[32][33] (I) Main Business Operations The company provides industrial module design and manufacturing, along with comprehensive engineering services including EPC, design, procurement, construction, and maintenance, offering customized project solutions to clients - The company possesses full-chain capabilities and integrated services for 'Design-Procurement-Modularization-Construction' (EPFC)[24] - Industrial module products cover process modules, pipe rack modules, and pipe spools, applied across various industries such as chemical, oil and gas, mining, water treatment, and nuclear power engineering[26] - Engineering services include general contracting, design, procurement, construction, and maintenance, holding a Grade A qualification for petrochemical engineering general contracting[25][31] (II) Industry Overview The company operates in special equipment manufacturing, professional technical services, and civil engineering construction. Modular project construction is a growing trend in chemical, oil and gas, nuclear power, mining, and water treatment sectors due to its advantages in international division of labor, challenging environment construction, cost and quality control, safety, and environmental protection - The company's industrial module design and manufacturing business falls under Special Equipment Manufacturing (C35), engineering general contracting and design under Professional Technical Services (M74), and engineering construction under Civil Engineering Construction (E48)[32] - Advantages of modular manufacturing include balancing global production resources, avoiding harsh construction environments, improving quality, shortening cycles, reducing costs, enhancing safety production, and minimizing environmental pollution[32][33] - Industries such as chemical, oil and gas, nuclear power, mining, and water treatment are increasingly adopting modular construction, providing significant market opportunities for the company[35][36][37][38] II. Discussion and Analysis of Operations In H1, the company achieved 1.44 billion RMB in operating revenue, 121.57 million RMB in net profit, 3.87 billion RMB in total assets, and 1.92 billion RMB in equity attributable to listed company shareholders H1 2025 Operating Performance | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Operating Revenue | 144,013.55 | | Net Profit | 12,157.26 | | Total Assets | 387,448.47 | | Equity Attributable to Listed Company Shareholders | 191,719.25 | III. Analysis of Core Competencies During the Reporting Period The company's core competencies include large-scale industrial module design and manufacturing, integrated EPFC full-chain services, high-end client resources, and a refined management system, demonstrating significant advantages in technology, management, market, and talent - The company is one of the few domestic enterprises with capabilities in large-scale industrial module design and manufacturing, and integrated 'Design-Procurement-Modularization-Construction' (EPFC) full-chain services[41] - The company holds multiple international certifications (ASME, EN, CWB, KGS) and serves clients across China and over 30 overseas countries[44] - The company has established stable cooperative relationships with internationally renowned enterprises such as BASF and Honeywell, accumulating high-quality client resources and project achievements[45][46] - The company has established an efficient and standardized refined project management system, certified with ISO14001:2015 Environmental Management System and ISO45001:2018 Occupational Health and Safety Management System[48] (I) Large-Scale Industrial Module Design and Manufacturing Capabilities The company possesses leading large-scale industrial module design and manufacturing technology, ensuring high precision, efficiency, and international service capabilities through multidisciplinary design teams, advanced software, scientific control processes, and large production bases - The company has extensive experience in industrial module design, integrating technologies such as structural design, 3D modeling, general assembly, pipe stress calculation, and lifting and transportation[42] - Manufacturing technology is advanced, involving techniques such as welding anti-deformation control, modular layered construction, high-precision pre-assembly, and lifting[42] - The ERP+PCMS management system supports the procedural, standardized, and process-oriented control of production, ensuring quality[43] (II) Full-Chain and Integrated Service Capabilities The company offers integrated 'Design-Procurement-Modularization-Construction' full-chain services, leveraging synergistic effects across all stages to continuously enhance design capabilities and project execution efficiency, thereby gaining a competitive advantage - The company holds Grade A engineering design qualifications (chemical, petrochemical, pharmaceutical, and construction industries) issued by the Ministry of Housing and Urban-Rural Development[44] - The full-chain service model enables synergy between design, module manufacturing, and construction, continuously improving design capabilities through data feedback[44] (III) High-End Client Project Performance and Quality Client Resources Leveraging years of experience, the company serves numerous internationally renowned enterprises, establishing stable partnerships and accumulating project achievements in chemical, oil and gas, mining, and water treatment sectors, thereby enhancing its ability to mitigate market risks - The company's main clients are internationally renowned enterprises with strong commercial credit and ample capital, ensuring timely project settlement and reinvestment of company funds[45] - The company has established stable cooperative relationships with clients such as BASF, Honeywell, and Covestro, receiving awards like 'Excellent Service Provider'[46] - The diversified geographical distribution of clients enhances the company's ability to mitigate regional risks[46] (IV) Long-Term Stable and Efficient Refined Management System The company has established an efficient, standardized project-centric management system covering project initiation, design, manufacturing/construction, with a strong focus on HSE management and a team of experienced design and management professionals - The company's management system spans the entire project lifecycle, emphasizing reasonable planning, comprehensive execution plans, and strong execution capabilities[47][48] - Strictly adhering to safety production regulations, the company has established a safety and environmental system compliant with advanced project management requirements, obtaining ISO14001:2015 and ISO45001:2018 certifications[48] - Design and project management personnel largely come from internationally renowned companies within the industry, possessing extensive experience[49] IV. Key Operating Performance During the Reporting Period During the reporting period, the company's operating revenue and costs decreased year-on-year, while financial expenses significantly reduced due to exchange rate fluctuations. The asset and liability structure changed notably, with substantial increases in financial assets held for trading, construction in progress, and long-term borrowings, alongside decreases in notes receivable, accounts receivable financing, and contract liabilities Analysis of Financial Statement Item Changes (H1 2025 vs. Prior Year Period) | 科目 | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,440,135,484.98 | 1,796,798,600.85 | -19.85 | | Operating Costs | 1,180,124,437.12 | 1,504,288,713.85 | -21.55 | | Financial Expenses | -2,580,039.37 | 1,895,427.87 | -236.12 | | Net Cash Flow from Operating Activities | -92,570,777.80 | 62,890,701.17 | -247.19 | | Net Cash Flow from Investing Activities | -358,361,778.67 | 117,262,276.31 | -405.61 | | Net Cash Flow from Financing Activities | 342,642,451.93 | -32,464,836.31 | Not applicable | - The change in financial expenses was primarily due to foreign currency exchange rate fluctuations[50] - The decrease in net cash flow from investing activities was mainly due to increased investment in construction in progress projects during the period[51] - The significant increase in net cash flow from financing activities was primarily due to increased bank borrowings during the period[51] (I) Main Business Analysis The company's main business revenue and costs both decreased year-on-year, but the decline in operating costs was slightly greater than revenue, leading to an improved gross margin. Financial expenses shifted from positive to negative due to exchange rate fluctuations, positively impacting profit Analysis of Financial Statement Item Changes (H1 2025 vs. Prior Year Period) | 科目 | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,440,135,484.98 | 1,796,798,600.85 | -19.85 | | Operating Costs | 1,180,124,437.12 | 1,504,288,713.85 | -21.55 | | Financial Expenses | -2,580,039.37 | 1,895,427.87 | -236.12 | (III) Analysis of Assets and Liabilities The company's total assets and net assets attributable to shareholders both increased. Financial assets held for trading, contract assets, construction in progress, short-term borrowings, and long-term borrowings significantly rose, while notes receivable, accounts receivable financing, other receivables, and contract liabilities substantially decreased Changes in Assets and Liabilities (Current Period End vs. Prior Year End) | Item Name | Current Period End Amount (RMB) | Proportion of Total Assets (%) | Prior Year End Amount (RMB) | Proportion of Total Assets (%) | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 174,524,080.82 | 4.50 | 63,528,510.13 | 1.89 | 174.72 | | Notes Receivable | 20,405,699.09 | 0.53 | 57,469,159.31 | 1.71 | -64.49 | | Contract Assets | 538,532,297.23 | 13.90 | 266,798,789.75 | 7.94 | 101.85 | | Construction in Progress | 566,597,502.74 | 14.62 | 105,285,245.14 | 3.13 | 438.15 | | Short-Term Borrowings | 76,495,804.16 | 1.97 | 39,816,300.83 | 1.18 | 92.12 | | Long-Term Borrowings | 540,196,063.78 | 13.94 | 183,612,944.78 | 5.46 | 194.20 | - The increase in financial assets held for trading was primarily due to increased purchases of wealth management products during the period[54] - The significant increase in construction in progress was mainly due to increased investment in construction projects during the period[54] - The substantial increase in long-term borrowings was primarily due to increased long-term financing during the period[54] - Overseas assets at period-end totaled 9.56 million RMB, accounting for 0.25% of total assets[55] Major Asset Restrictions as of the End of the Reporting Period | Item | Book Value at Period End (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 46,000.00 | Guarantee deposit | | Cash and Bank Balances | 92,891.10 | Migrant worker account deposit | | Fixed Assets | 152,513,428.76 | Loan collateral | | Intangible Assets | 95,603,057.70 | Loan collateral | | Total | 248,255,377.56 | / | (IV) Investment Analysis The company's long-term equity investments increased, while other equity instrument investments decreased due to investment recovery. Financial assets measured at fair value totaled 199.23 million RMB at period-end, with a significant increase in financial assets held for trading - As of the end of the reporting period, the company's long-term equity investments totaled 2.52 million RMB, an increase of 0.66 million RMB from the beginning of the year[58] - Other equity instrument investments totaled 20.00 million RMB, a decrease of 29.99 million RMB from the beginning of the year, primarily due to investment recovery during the period[58] Financial Assets Measured at Fair Value (Period-End) | Asset Category | Period-End Amount (RMB) | | :--- | :--- | | I. Continuous Fair Value Measurement | | | (I) Financial Assets Held for Trading | 174,524,080.82 | | (III) Other Equity Instrument Investments | 20,000,000.00 | | (VI) Accounts Receivable Financing | 4,708,768.90 | | Total Assets Measured at Fair Value on a Continuous Basis | 199,232,849.72 | | (VII) Financial Liabilities Held for Trading | 2,148,309.02 | | Total Liabilities Measured at Fair Value on a Continuous Basis | 2,148,309.02 | (VI) Analysis of Major Holding and Associate Companies The company's main subsidiaries include Libaite Engineering, Zhanjiang Libaite, and Nantong Libaite, with Libaite Engineering contributing most of the operating revenue and net profit. During the reporting period, a new wholly-owned subsidiary, Libaite Management, was established Major Holding and Associate Companies (H1 2025) | Company Name | Main Business | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Libaite Engineering | Engineering design, EPC, engineering construction | 30,000.00 | 175,243.45 | 65,799.71 | 135,447.53 | 5,934.76 | 4,996.51 | | Zhanjiang Libaite | Industrial module manufacturing | 28,600.00 | 47,982.69 | 29,848.05 | 1,266.36 | -1,457.87 | -1,445.62 | | Nantong Libaite | Industrial module manufacturing | 20,000.00 | 80,781.20 | 19,746.87 | - | 250.26 | 250.26 | - During the reporting period, a new wholly-owned subsidiary, Shanghai Libaite Enterprise Management Co., Ltd., was established[63] V. Other Disclosure Matters The company faces risks from macroeconomic cyclical fluctuations, procurement price volatility, order intake and site resource matching, environmental and safety production, operating qualifications, talent loss, and force majeure - Demand in the company's main business downstream markets is affected by cyclical fluctuations in industries such as chemical, oil and gas, mining, water treatment, and nuclear power engineering[64] - Major cost components include material procurement and construction labor costs, facing risks from upstream price fluctuations[64] - Large-scale industrial module projects require significant site resources, posing risks related to order intake and site resource matching[65] - There are risks of environmental pollution and safety production accidents, as well as risks of untimely qualification acquisition in new business areas and talent loss[65][66][67] Section IV Corporate Governance, Environment, and Society This section covers the company's corporate governance practices, environmental information disclosure, and contributions to social responsibility initiatives II. Profit Distribution or Capital Reserve Conversion Plan The company's board of directors resolved not to implement a profit distribution or capital reserve conversion plan for the current reporting period - This semi-annual report contains no profit distribution or capital reserve conversion plan[69] IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law The company is included in the list of enterprises required to disclose environmental information by law, with reports available on the Jiangsu Provincial Department of Ecology and Environment website - Jiangsu Libaite Co., Ltd. has been included in the list of enterprises required to disclose environmental information by law[70] - The environmental information disclosure report is available on the **Jiangsu Provincial Department of Ecology and Environment website (http://sthjt.jiangsu.gov.cn)**[70](index=70&type=chunk) V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization The company actively fulfills its social responsibilities, donating 50,000.00 RMB to the 'Hand in Hand for Rural Revitalization' pairing assistance project for Muqing Village, Quluo Township, Dingri County, Tibet, via the Shanghai Charity Foundation during the reporting period - The company donated 50,000.00 RMB to the 'Hand in Hand for Rural Revitalization' pairing assistance project for Muqing Village, Quluo Township, Dingri County, Tibet[71] Section V Significant Matters This section details significant events, commitments, related party transactions, guarantees, and other material disclosures impacting the company I. Fulfillment of Commitments The company's actual controllers, shareholders, related parties, directors, and senior management strictly fulfilled all commitments during the reporting period, including share lock-up periods, reduction intentions, compensation measures, and convertible bond subscription intentions - Libaite Investment, Hong Kong Heshi, and other shareholders holding over 5% of shares committed not to reduce their holdings during the lock-up period, and for two years after the lock-up expires, the reduction price will not be lower than the offering price[73] - The company's actual controllers, directors, and senior management committed to effectively implement compensation measures for the issuance of convertible corporate bonds to unspecified investors[74][75] - Some shareholders and directors, supervisors, and senior management committed that there were no share reductions within six months prior to the convertible bond issuance date and to strictly comply with short-swing trading requirements[75][76] II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period During the reporting period, related party Veolia Taixing had non-operating fund occupation, with no opening balance, a new occupation of 145,862.00 RMB this period, which has been fully repaid Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties | Shareholder or Related Party Name | Related Party Relationship | Occupation Period | Reason for Occurrence | Opening Balance (RMB) | New Occupation Amount During Reporting Period (RMB) | Total Repaid Amount During Reporting Period (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Veolia Taixing | Other related party | / | Note 1 | - | 145,862.00 | 145,862.00 | - | - The company signed a 'Shareholder Loan Agreement' with Veolia Taixing for a total loan amount of 3.30 million RMB, and the Shanghai Arbitration Commission has ruled that Veolia Taixing must fully pay the principal, interest, and overdue interest[79] IX. Explanation of the Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers During the Reporting Period During the reporting period, the company, its controlling shareholders, and actual controllers maintained good integrity, with no unfulfilled obligations from effective court judgments or overdue large debts - During the reporting period, the integrity status of the company, its controlling shareholders, and actual controllers was good[81] - There were no unfulfilled obligations determined by effective court legal documents or large overdue debts[81] X. Significant Related Party Transactions The company engaged in ordinary related party transactions with Shanghai Shugong Construction Co., Ltd. during the reporting period, receiving services totaling 55.27 million RMB, which did not exceed the annual estimated amount Ordinary Related Party Transactions (2025) | Related Party Transaction Type | Related Party | 2025 Estimated Amount (RMB 10,000) | Cumulative Transaction Amount with Related Party from Year Start to Period End (RMB 10,000) | | :--- | :--- | :--- | :--- | | Acceptance of services from related parties | Shanghai Shugong Construction Co., Ltd. | 12,000.00 | 5,526.67 | XI. Significant Contracts and Their Performance During the reporting period, the company's total guarantees to subsidiaries amounted to 500.00 million RMB, with an outstanding guarantee balance of 3.10 billion RMB at period-end, representing 161.69% of the company's net assets Total Company Guarantees (Including Guarantees to Subsidiaries) | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Total guarantees to subsidiaries incurred during the reporting period | 50,000.00 | | Total outstanding guarantees to subsidiaries at period-end (B) | 310,000.00 | | Total guarantees (A+B) | 310,000.00 | | Proportion of total guarantees to company's net assets (%) | 161.69 | | Amount of total guarantees exceeding 50% of net assets (E) | 214,140.37 | | Total of the above three guarantee amounts (C+D+E) | 214,140.37 | XIII. Explanation of Other Significant Matters The company successfully listed and issued 750 million RMB in convertible corporate bonds (abbreviated as 'Libaite Convertible Bonds', code '111023') on the Shanghai Stock Exchange on July 22, 2025 - The company has issued 750 million RMB in convertible corporate bonds (Libaite Convertible Bonds, code 111023), which were listed and traded on the Shanghai Stock Exchange on July 22, 2025[89] Section VI Share Changes and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholder structure during the reporting period I. Share Capital Changes During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[91] II. Shareholder Information As of the end of the reporting period, the company had 26,288 common shareholders. The top ten shareholders showed high concentration, with Shanghai Libaite Investment Co., Ltd. holding 40.85% and Zhenshi Group (Hong Kong) Heshi Composite Materials Co., Ltd. holding 13.46%. The company's controlling shareholders and actual controllers, Shen Binqiang and Shen Xuan, collectively control 46.51% of the company's shares through direct or indirect means - As of the end of the reporting period, the total number of common shareholders was 26,288[92] Top Ten Shareholders' Holdings (As of the End of the Reporting Period) | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shanghai Libaite Investment Co., Ltd. | 183,454,670 | 40.85 | Domestic non-state-owned legal person | | Zhenshi Group (Hong Kong) Heshi Composite Materials Co., Ltd. | 60,439,943 | 13.46 | Other | | Zhangjiagang Free Trade Zone Xingli Enterprise Management Partnership (Limited Partnership) | 17,900,000 | 3.99 | Other | | China Nuclear Industry 23 Construction Co., Ltd. | 16,509,112 | 3.68 | State-owned legal person | | National Social Security Fund 503 Portfolio | 10,000,000 | 2.23 | Other | | Shen Binqiang | 7,500,000 | 1.67 | Domestic natural person | - Mr. Shen Binqiang and Mr. Shen Xuan collectively control 46.51% of the company's shares through direct or indirect means[469] - The company has cumulatively repurchased 5,154,000 shares, accounting for 1.15% of its total share capital[96] Section VII Bond-Related Information This section provides an overview of the company's bond-related activities, specifically focusing on convertible corporate bonds II. Convertible Corporate Bonds During the reporting period, the company had no issued convertible corporate bonds that were outstanding or fully redeemed Section VIII Financial Report This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies and significant items II. Financial Statements This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity, comprehensively reflecting its financial position, operating results, and cash flows - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were 3.87 billion RMB, and total equity attributable to parent company owners was 1.92 billion RMB[104] - The consolidated income statement shows total operating revenue of 1.44 billion RMB for Jan-Jun 2025, and net profit attributable to parent company shareholders of 121.57 million RMB[109] - The consolidated cash flow statement shows net cash flow from operating activities of -92.57 million RMB, net cash flow from investing activities of -358.36 million RMB, and net cash flow from financing activities of 342.64 million RMB for Jan-Jun 2025[117] III. Company Basic Information Jiangsu Libaite Co., Ltd., established in 2006 and listed on the Shanghai Stock Exchange in 2021, primarily engages in the production, processing, sales, installation of pipe products, steel components, and R&D of industrial equipment modular engineering technology, with Shen Binqiang as its legal representative - The company's predecessor was Zhangjiagang Free Trade Zone Libaite Steel Products Co., Ltd., registered on October 20, 2006[129] - The company's shares were listed and traded on the Shanghai Stock Exchange on July 26, 2021[129] - The company's business scope includes the production, processing, sales, installation, and after-sales service of pipe products, steel components, plastic products, fiberglass products, and mechanical equipment; as well as R&D of industrial equipment modular engineering technology[130] IV. Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, in accordance with Enterprise Accounting Standards and relevant disclosure regulations of the China Securities Regulatory Commission, with no significant doubts regarding the going concern assumption - The company prepares its financial statements on a going concern basis, in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and the China Securities Regulatory Commission's 'Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports (Revised 2023)'[131] - The company has no matters or circumstances that would cause significant doubt about its ability to continue as a going concern for 12 months from the end of the reporting period[132] V. Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates used in financial statement preparation, covering key areas such as financial instruments, revenue recognition, asset impairment, and depreciation/amortization, and discloses current period accounting policy changes - The company classifies financial assets based on its business model for managing them and their contractual cash flow characteristics into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[153] - The company recognizes revenue based on the transfer of control, with main businesses including industrial module design and manufacturing, EPC, construction, design, procurement, and maintenance, using either the percentage-of-completion method or point-in-time method for revenue recognition[220][222] - Current period accounting policy changes involve the accounting treatment of assurance-type warranties not constituting a separate performance obligation; after retrospective adjustment, sales expenses for Jan-Jun 2024 decreased by 834,425.51 RMB, and main business costs increased by 834,425.51 RMB[246] VI. Taxation This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, and corporate income tax, along with preferential policies for high-tech enterprises, advanced manufacturing VAT deductions, and small and micro-enterprise income tax Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Value-added amount generated during sales of goods or provision of taxable services | 1%, 3%, 6%, 9%, 13%, etc. | | Urban Maintenance and Construction Tax | Amount of actual paid turnover tax | 5%, 7% | | Corporate Income Tax | Taxable income | 15%, 17%, 20%, 25% | - The company obtained high-tech enterprise certification in 2024, and its corporate income tax for 2025 is calculated at 15%[249] - From January 1, 2023, to December 31, 2027, advanced manufacturing enterprises are allowed to deduct an additional 5% of current deductible input VAT from their payable VAT[249] - Subsidiary Shanghai Libaite Industrial Equipment Co., Ltd. and sub-subsidiary Shanghai Huangxing Construction Engineering Co., Ltd. qualify for small and micro-enterprise income tax relief for 2025[250] VII. Notes to Consolidated Financial Statement Items This section details the period-end and beginning balances and changes for each consolidated financial statement item, including cash, financial assets, accounts receivable, inventories, fixed assets, construction in progress, liabilities, owners' equity, and various gains/losses, with explanations for significant changes - Cash and cash equivalents at period-end totaled 704.29 million RMB, including 704.15 million RMB in bank deposits[252] - Financial assets held for trading at period-end totaled 174.52 million RMB, an increase of 174.72% from the beginning of the period, primarily due to increased purchases of wealth management products[253][54] - Construction in progress at period-end totaled 566.60 million RMB, an increase of 438.15% from the beginning of the period, mainly due to increased investment in Nantong Libaite Heavy Industry Co., Ltd.'s large-scale industrial module manufacturing project[325][54] - Long-term borrowings at period-end totaled 540.20 million RMB, an increase of 194.20% from the beginning of the period, primarily due to increased long-term financing[376][54] - Operating revenue for the current period was 1.44 billion RMB, a year-on-year decrease of 19.85%[395][50] - Net cash flow from operating activities was -92.57 million RMB, a year-on-year decrease of 247.19%, mainly due to reduced cash received from sales of goods and services[117][51] VIII. Research and Development Expenses The company's total R&D expenses for the current period were 35.77 million RMB, all expensed, primarily comprising employee compensation, direct input, depreciation and amortization, and other expenses, showing a year-on-year decrease R&D Expenses by Nature of Expense | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 27,043,374.28 | 29,815,863.74 | | Direct Input | 3,942,856.04 | 7,519,199.88 | | Depreciation and Amortization | 2,253,438.22 | 1,739,315.02 | | Other | 2,528,018.71 | 859,261.09 | | Total | 35,767,687.25 | 39,933,639.73 | | Of which: Expensed R&D Expenditure | 35,767,687.25 | 39,933,639.73 | IX. Changes in Consolidation Scope During the reporting period, the company added a wholly-owned subsidiary, Shanghai Libaite Enterprise Management Co., Ltd., through direct establishment, and included it in the scope of consolidated financial statements - On May 14, 2025, the company established a new wholly-owned subsidiary, Shanghai Libaite Enterprise Management Co., Ltd., with a registered capital of 5 million RMB[435] - The company has been included in the scope of consolidated financial statements from its date of establishment[435] X. Interests in Other Entities This section discloses the company's interests in subsidiaries, joint ventures, and associates. The company owns multiple wholly-owned subsidiaries and holds associate interests in Shanghai Shugong Construction Co., Ltd. and Veolia Environmental Technology (Taixing) Co., Ltd. - The company owns multiple wholly-owned subsidiaries, including Shanghai Libaite Engineering Technology Co., Ltd., Zhanjiang Libaite Module Manufacturing Co., Ltd., and Nantong Libaite Heavy Industry Co., Ltd.[436] - The company holds a 30.00% stake in Shanghai Shugong Construction Co., Ltd., exercising significant influence and accounting for it using the equity method[311] - The company holds a 10.00% stake in Veolia Environmental Technology (Taixing) Co., Ltd., but accounts for it using the equity method due to having a representative with substantive participation rights in decision-making[441] - Veolia Environmental Technology (Taixing) Co., Ltd. reported a net loss of 14.34 million RMB for the current period, while Shanghai Shugong Construction Co., Ltd. reported a net profit of 2.18 million RMB[442] XI. Government Grants The company's total government grants recognized in profit or loss for the current period amounted to 5.91 million RMB, primarily income-related. The balance of government grants in deferred income was 12.14 million RMB Government Grants Recognized in Profit or Loss | Type | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Other | 5,907,518.82 | 12,848,533.32 | | Total | 5,907,518.82 | 12,848,533.32 | - The period-end balance of government grants in deferred income was 12.14 million RMB, primarily asset-related government grants[379] XII. Risks Related to Financial Instruments The company faces credit risk, market risk (including exchange rate risk, interest rate risk), and liquidity risk. It manages these risks through diversified investments, credit assessment, monitoring exchange and interest rate changes, and cash flow forecasting. The company's asset-liability ratio is 50.52% - The company's main financial instrument risks include credit risk, market risk (foreign exchange risk, interest rate risk), and liquidity risk[446] - If the RMB appreciates or depreciates by 5% against the USD or EUR, the impact on net profit would be approximately ±10.31 million RMB[449] - If floating-rate borrowing interest rates rise or fall by 50 basis points, the impact on net profit would be approximately ±3.16 million RMB[449] - The company manages credit and liquidity risks by assessing debtor creditworthiness, regularly monitoring credit records, monitoring cash balances, and rolling cash flow forecasts[450][453] - As of June 30, 2025, the company's asset-liability ratio was 50.52%, an increase from 45.33% at the end of 2024[455] XIII. Disclosure of Fair Value This section discloses the period-end fair values of the company's assets and liabilities measured at fair value, primarily including financial assets held for trading, other equity instrument investments, and financial liabilities held for trading, along with valuation techniques and key parameters for each fair value hierarchy level Financial Assets Measured at Fair Value (Period-End) | Item | Period-End Fair Value (RMB) | | :--- | :--- | | I. Continuous Fair Value Measurement | | | (I) Financial Assets Held for Trading | 174,524,080.82 | | (III) Other Equity Instrument Investments | 20,000,000.00 | | (VI) Accounts Receivable Financing | 4,708,768.90 | | Total Assets Measured at Fair Value on a Continuous Basis | 199,232,849.72 | | (VII) Financial Liabilities Held for Trading | 2,148,309.02 | | Total Liabilities Measured at Fair Value on a Continuous Basis | 2,148,309.02 | - Bank wealth management products and accounts receivable financing use market quotes or dealer quotes for similar instruments as valuation techniques to determine fair value[464] - For equity instrument investments not traded in an active market, the investment cost is used as a reasonable estimate of fair value for measurement[465] XIV. Related Parties and Related Party Transactions This section discloses the company's parent company, ultimate controlling parties, subsidiaries, joint ventures, associates, and other related parties, and details related party transactions during the reporting period, including purchases/sales of goods/services, related party leases, and key management personnel compensation - The company's parent company is Shanghai Libaite Investment Co., Ltd., with a shareholding ratio of 40.85%. The ultimate controlling parties are Shen Binqiang and Shen Xuan[469][470] - During the reporting period, the company received construction and electrical/instrumentation labor subcontracting services from related party Shanghai Shugong Construction Co., Ltd. and its wholly-owned subsidiary Shanghai Hengbingpu Construction Engineering Co., Ltd., totaling 55.27 million RMB[474] - As a lessee, the company leased properties from related parties such as Sun Xia, Wang Muge, Yang Qinghua, Yang Ruiyu, Yang Qingyan, and Shen Jiaye, paying total rent of 2.47 million RMB for the current period[476] - Key management personnel compensation for the current period was 4.31 million RMB[479] XV. Share-Based Payment The company's equity-settled share-based payment expense for the current period was 2.23 million RMB, with a cumulative amount of 16.61 million RMB recognized in capital reserves, primarily granted to key personnel - The cumulative amount of equity-settled share-based payments recognized in capital reserves for the current period was 16.61 million RMB[484] - Share-based payment expense for the current period was 2.23 million RMB, with grants primarily to key personnel[485] XVI. Commitments and Contingencies As of the end of the reporting period, the company had guarantees between consolidated entities totaling 742.63 million RMB. Additionally, the company issued multiple outstanding letters of guarantee involving various currencies, including RMB, USD, EUR, and SGD Guarantee Situations Between Consolidated Entities (As of June 30, 2025) | Guarantor | Guaranteed Party | Lending Financial Institution | Guaranteed Loan Balance (RMB) | Loan Maturity Date | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Libaite Co., Ltd. | Shanghai Libaite Engineering Technology Co., Ltd. | Bank of China Shanghai Zhaoxiang Branch | 36,000,000.00 | 2025/12/31 | | Jiangsu Libaite Co., Ltd. | Shanghai Libaite Engineering Technology Co., Ltd. | China Construction Bank Shanghai Songjiang Branch | 40,000,000.00 | 2026/6/29 | | Jiangsu Libaite Co., Ltd. | Zhanjiang Libaite Module Manufacturing Co., Ltd. | Bank of China Zhanjiang Baosteel Branch | 85,309,835.08 | 2030/4/26 | | Jiangsu Libaite Co., Ltd. | Nantong Libaite Heavy Industry Co., Ltd. | China Merchants Bank Nantong Tongzhou Branch | 469,978,238.12 | 2034/10/10 | | Subtotal | | | 742,633,924.15 | | - The company's outstanding letters of guarantee involve multiple currencies, including RMB, USD, EUR, and SGD, with some guarantees backed by deposits[488] XVII. Events After the Balance Sheet Date This section discloses no significant non-adjusting events, profit distribution, sales returns, or other events after the balance sheet date XIX. Notes to Parent Company Financial Statement Items This section details the period-end and beginning balances and changes for key parent company financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income - The parent company's accounts receivable book balance at period-end was 119.30 million RMB, with 94.52% due within one year (inclusive)[491] - The parent company's long-term equity investments at period-end totaled 834.76 million RMB, primarily investments in subsidiaries[517] - The parent company's operating revenue for the current period was 327.85 million RMB, and operating costs were 210.96 million RMB[524] - The parent company's investment income for the current period was 21.71 million RMB, mainly from long-term equity investments accounted for using the cost method[529] XX. Supplementary Information This section provides supplementary information, including a detailed statement of non-recurring gains and losses, and return on net assets and earnings per share. Total non-recurring gains and losses amounted to 5.20 million RMB, and the return on net assets attributable to common shareholders was 6.39% Current Period Non-Recurring Gains and Losses Details | Item | Amount (RMB) | | :--- | :--- | | Government grants recognized in profit or loss for the current period | 6,261,047.46 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | 241,283.37 | | Other non-operating income and expenses apart from the above | 358,180.62 | | Less: Income tax impact | 1,785,171.64 | | Total | 5,201,679.60 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (RMB) | | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 6.39 | 0.27 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 6.12 | 0.26 |