Analysis of Libert (605167) Limit-Up: Concept Hype and Risk Identification Driven by Nuclear Power Business

Libert (605167) surged to a limit-up on January 16, 2026, entering the limit-up pool. This limit-up is driven by multiple factors, among which

and are the main catalysts [1].

From a fundamental perspective, as an industrial module design and manufacturing enterprise, Libert has recently made substantial progress in the nuclear power sector. The integrated large module for the diesel generator plant of CGN Ningde Nuclear Power Phase II, undertaken by the company, officially started construction on December 26, 2025, marking a milestone breakthrough for the company in the nuclear power large module business [1]. At the same time, the Nantong production base specially built by the company for new businesses was completed and put into operation in December 2025, and the capacity landing provides a solid foundation for subsequent order acceptance [1].

From a capital perspective, data from the Dragon and Tiger List shows that institutional dedicated seats had a net purchase of RMB 20.7235 million, and business department seats had a combined net purchase of RMB 28.4615 million. The full-day turnover reached RMB 730 million, with a turnover rate of 12.36% [3]. The active participation of institutional capital provides short-term support for the stock price.

It is highly noteworthy that the market has categorized Libert as a “controllable nuclear fusion concept stock” and “nuclear power concept stock”, and this concept label has driven the speculative enthusiasm of short-term capital [3][4]. However, the company issued a stock trading abnormal fluctuation announcement on December 23, 2025,

that, as of now, the company [3][4]. The company’s main business is related to industrial module design and manufacturing and engineering services, and its nuclear power sector business mainly involves the “5BDA, 7BUG module construction and installation project and temporary berth project”.

In terms of scale, the contract amount related to nuclear power is RMB 226 million, accounting for only 6.48% of 2024 operating revenue [3][4]. This data indicates that the proportion of the company’s nuclear power business is limited, and its contribution to overall performance is still in the initial stage. Investors need to distinguish the essential differences between “nuclear power business” and “controllable nuclear fusion concept” to avoid making irrational investment decisions due to concept confusion.

On January 5, 2026, “Libert Convertible Bonds” entered the conversion period [2]. Convertible bond conversion usually forms expectations of share dilution, creating a capital game pattern in the market. On one hand, conversion may lead to share dilution, diluting the equity of original shareholders; on the other hand, some capital may choose to sell after conversion is completed, adding short-term pressure to the stock price. Investors need to closely monitor the progress of conversion and its impact on the share capital structure.

---

The core contradiction of this limit-up lies in the

. The market has hyped the company as a “controllable nuclear fusion concept stock”, but the company has clearly denied involvement in this business. Essentially, Libert is an industrial module manufacturing enterprise, whose core value lies in providing modular products and services for industries such as petrochemicals and nuclear power, rather than nuclear fusion technology itself.

From a valuation perspective, the company’s current TTM P/E ratio is 32.27x, dynamic P/E ratio is 29.68x, and P/B ratio is 3.56x [1]. Considering that the nuclear power business accounts for only 6.48% of revenue, and related contracts are still in execution with uncertain profits, the current valuation level may have overdrawn future growth expectations.

Despite the short-term risk of concept hype, the

[1]. With the acceleration of domestic nuclear power project approval and the advancement of energy structure transformation, the demand for nuclear power modular manufacturing is expected to continue to grow. The company’s full industry chain service capabilities (from design, manufacturing to installation) constitute a competitive barrier, and the commissioning of the new Nantong production capacity also creates conditions for undertaking more orders.

The key difference is: investors should focus on

rather than concept hype. If the company can continuously obtain orders in the nuclear power sector, performance growth will receive fundamental support, and the stock price will also gain long-term upward momentum; conversely, if it only relies on concept hype, it is necessary to be alert to the risk of valuation regression.

From the Dragon and Tiger List data, institutional capital shows a net inflow trend, but the active transactions of business department seats indicate that

[3]. Historical data shows that the company’s stock experienced a sharp fluctuation with a daily amplitude of 15.23% on December 23, 2025 [3], indicating that the stock has high volatility under high popularity.

The 52-week trading range is RMB 7.49 to RMB 17.58 [1], and the current stock price is close to the upper edge of the range. In the absence of stronger fundamental support, the risk of chasing the rally needs to be carefully evaluated.

---

: The company has clearly clarified that it is not involved in controllable nuclear fusion business [3][4]. If the market gradually realizes the gap between the concept and fundamentals, it may trigger profit-taking, leading to a stock price correction.

: The nuclear power business is small in scale (accounting for 6.48% of revenue), and related contracts are still in execution with uncertain profits [3][4]. It is difficult to make a significant contribution to performance in the short term.

: The current P/E ratio is about 30x, which may be relatively high compared to the average valuation of the industrial manufacturing industry. If market sentiment shifts, it may face valuation compression.

: Historical data shows that the stock has severe volatility when market attention is high, with an amplitude of 15.23% on December 23, 2025 [3].

: Convertible bond conversion may lead to share dilution, creating phased pressure on the stock price [2].

: The approval of domestic nuclear power projects is accelerating, and energy structure transformation is driving the growth of demand for nuclear power modular manufacturing, which has long-term growth logic [1].

: After the completion and commissioning of the Nantong production base, the company’s capacity has been expanded, laying a foundation for undertaking more orders [1].

: The company has full-chain service capabilities from design, manufacturing to installation, with competitive barriers in the modular manufacturing field [1].

: The Dragon and Tiger List shows net purchases by institutions, and institutional capital attention may bring opportunities for valuation re-rating [3].

---

This limit-up of Libert (605167) is mainly driven by multiple factors such as breakthroughs in nuclear power business, commissioning of new production capacity in Nantong, expectations of convertible bond conversion, and institutional capital purchases. However, the company has clearly clarified that it is not involved in controllable nuclear fusion business, and the current concept hype component is significant. The actual scale of the nuclear power business is limited (accounting for 6.48% of revenue), and its contribution to performance has not yet emerged. Technically, the stock price is close to the 52-week high, and the risk of chasing the rally is high at the current valuation level.

From an investment decision-making perspective, investors should

, and focus on tracking the landing of nuclear power project orders and the company’s performance realization capabilities. In the short term, the stock price may regress as the concept fades; in the long term, if the company can continuously obtain orders and expand the scale of its nuclear power business, it has certain allocation value. In any case, investors should set a reasonable stop-loss level, make prudent decisions, and invest rationally.

:

• Nuclear power contract amount: RMB 226 million (6.48% of 2024 revenue) [3]
• Institutional net purchases: RMB 20.7235 million [3]
• TTM P/E ratio: 32.27x [1]
• 52-week price range: RMB 7.49 - RMB 17.58 [1]