Core Viewpoint - Jiangsu Libert INC. is issuing convertible bonds to raise funds, with a total issuance amount of 750 million yuan, aimed at enhancing its operational capabilities and expanding its market presence [2][4]. Overview of Convertible Bonds - The convertible bonds are named "Libert Convertible Bonds" with the code 111023 [2]. - The total issuance volume is 750 million yuan, equivalent to 7.5 million bonds [2]. - The bonds will be listed on the Shanghai Stock Exchange on July 22, 2025 [2]. - The duration of the bonds is from July 3, 2025, to July 2, 2031 [2]. - The conversion period for the bonds is from January 9, 2026, to July 2, 2031 [2]. Company Profile - Jiangsu Libert INC. was established on October 20, 2006, and transformed into a joint-stock company on January 31, 2011 [5][6]. - The company is headquartered in Jiangsu Province, with a total share capital of 449,070,000 yuan [5]. - The company specializes in the design and manufacturing of industrial modules, with a focus on engineering services across various disciplines [12][19]. Business Operations - The company operates in the industrial module design and manufacturing sector, providing a full range of services including engineering design, procurement, construction, and maintenance [19][26]. - The company has established a strong market presence, serving well-known multinational clients such as BASF, Honeywell, and Dow Chemical [12][26]. - The company holds various international certifications, including ASME and EN certifications, enabling it to meet global market requirements [13][26]. Competitive Landscape - The company is recognized as a national high-tech enterprise and has a significant market share in the industrial module sector [26]. - The industry is experiencing a shift towards modular construction, driven by the increasing demand for efficiency and cost-effectiveness in project execution [22]. - The company faces competition from both domestic and international firms, but its extensive experience and technical capabilities provide a competitive edge [25][26].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The target price of Libo Convertible Bond on the first day of listing is expected to be between 132 - 137 yuan, and investors are advised to actively subscribe. The conversion premium rate on the first day of listing is estimated to be in the range of 30% - 35% [2][19]. - The estimated first - day new - bond lottery winning rate is around 0.0027% - 0.0043% [20]. 3. Summary According to the Catalog 3.1 Libo Convertible Bond New - Bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Libo Convertible Bond is priority placement and online issuance. The bond and issuer ratings are AA, with an issuance scale of 750 million yuan. The initial conversion price is 12.14 yuan. As of July 2, 2025, the conversion parity is 101.32 yuan, and the pure bond value is 99.26 yuan. The game terms are normal, with general issuance scale and liquidity, a decent rating, and good bond floor protection [16]. 3.1.2 New - Bond Initial Listing Price Analysis - The company's main business is the design and manufacturing of industrial modules, with main products including process modules, pipe rack modules, and pipe pre - fabricated parts. The funds raised from this issuance are mainly used for the "Large - scale Industrial Module Manufacturing Project of Nantong Libote Heavy Industry Co., Ltd." [19]. - Based on the valuation reference of Huashe Convertible Bond and Nenghui Convertible Bond, considering the current market environment and parity level, the conversion premium rate of Libo Convertible Bond on the first day of listing is expected to be in the range of 30% - 35%, corresponding to a first - day listing target price of around 132 - 137 yuan [2][19]. 3.1.3 Convertible Bond New - Bond Lottery Winning Rate Analysis - Assuming the old shareholder placement ratio is 54% - 71%, the scale of Libo Convertible Bond available to the market is 216 million - 343 million yuan. Assuming the online effective subscription volume is 7.92 million households, the lottery winning rate is estimated to be around 0.0027% - 0.0043% [20]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Up - stream and Down - stream Industry Situations - The company's main business is the design and manufacturing of industrial modules. The upstream industries are mainly raw material suppliers and subcontractors, which are highly competitive and have little impact on the company. The downstream industries are mainly the chemical industry, and the company is also actively exploring multiple industries such as oil and gas energy and nuclear power projects [21]. 3.2.2 Company's Operating Conditions - From 2022 to Q1 2025, the company's operating income was 1.721 billion yuan, 3.242 billion yuan, 3.493 billion yuan, and 668 million yuan respectively, with year - on - year growth rates of - 13.21%, 88.39%, 7.72%, and 1.45%. The comprehensive gross profit margin showed a slight fluctuation, and the net profit margin also fluctuated. The company's period expenses increased slightly, and R & D expenses showed an upward trend. Accounts receivable and the accounts receivable turnover rate fluctuated, and the net profit attributable to the parent company increased year by year [24][26][37]. 3.2.3 Company's Equity Structure and Main Subsidiaries - As of the end of 2024, the company's equity structure was relatively concentrated. The top two shareholders held a combined 54.31% of the shares, and the top 13 shareholders held a combined 71.67% of the shares. Shen Binqiang and Shen Xuan were the actual controllers, controlling 46.51% of the shares. The company has 7 wholly - owned subsidiaries [40]. 3.2.4 Company's Business Characteristics and Advantages - The company has high - tech barriers in the industrial module business, with an expanding development space. It has an "EPFC" full - industry chain and integrated service capabilities [45]. - The company has advantages in design and manufacturing capabilities, business qualifications, and customer resources [45][46]. 3.2.5 Allocation of This Fund - Raising - The company plans to issue convertible bonds to raise a total of no more than 750 million yuan, all of which will be used for the "Large - scale Industrial Module Manufacturing Project of Nantong Libote Heavy Industry Co., Ltd." with a total investment of 1.295 billion yuan. The project's internal rate of return (after - tax) is 13.05%, and the after - tax static investment payback period (including the construction period) is 6.06 years [48].