Summary of the Conference Call for 中集安瑞科 Company Overview - **Company**: 中集安瑞科 - **Date**: March 27, 2026 Key Points Industry and Business Focus - The company is shifting its strategic focus towards integrated services and green methanol, with significant investments planned for the Indonesian Qingshan coke oven gas project (180,000 tons of LNG + 100,000 tons of methanol) and the second phase of the Zhanjiang green methanol project (200,000 tons) [2][7] Financial Performance and Projections - Expected capital expenditure for 2026 is approximately 1.5 billion yuan, with a projected revenue increase of about 1 billion yuan, maintaining a net profit margin of around 5% [2][4] - The waterborne clean energy segment has a backlog of orders amounting to 19.1 billion yuan, with production scheduled until 2028 and a prepayment ratio of 45% [2][3] - The company anticipates double-digit profit growth for 2026, despite challenges in the liquid food business [4][22] Project Developments - The coke oven gas to LNG business is performing well, with the Angang and Lingang projects achieving a net profit margin exceeding 12% [2][19] - The first green methanol project aims for a capacity utilization rate of 60%-80% in 2026, with products already being delivered [2][9] - The second phase of the green methanol project is expected to utilize second-generation pressurized gasification technology and is planned for phased implementation starting in 2027 [2][11] Market Dynamics and Risks - The company is actively managing foreign exchange risks, having incurred a foreign exchange loss of approximately 190 million yuan in 2025, with a net impact of 90 million yuan after hedging [4][5] - Energy price fluctuations have not significantly impacted the waterborne clean energy business, as decisions are driven by long-term trends rather than short-term price changes [5][6] Future Growth Areas - The commercial aerospace business is emerging as a new growth point, with new orders reaching 90 million yuan in early 2026 [21] - The company is also focusing on the development of green methanol and maintaining a competitive edge in the LNG value chain [6][11] Customer and Market Engagement - The company has signed memorandums of understanding with major shipping companies but has not yet established long-term supply agreements for green methanol, opting for retail sales instead [10] - Strategic partnerships have been formed with various industry players to enhance green fuel supply capabilities [10][22] Operational Insights - The green methanol project has produced over 3,000 tons and is actively selling products, with a target price of approximately 6,000 yuan per ton [9][13] - The company is leveraging its location advantages and existing infrastructure to optimize production and distribution costs [13][14] Conclusion - The company is well-positioned for growth in the clean energy sector, with a robust pipeline of projects and a strategic focus on green methanol and LNG. The management is actively addressing market challenges and is optimistic about achieving its financial targets for 2026 [2][22]

Summary of the Conference Call for 中集安瑞科 Company Overview - **Company**: 中集安瑞科 - **Industry**: Clean Energy, Marine Engineering, Chemical Environment, and Liquid Food Key Financial Performance - **2025 Revenue**: Increased from 24.7 billion to 26.3 billion CNY, a growth of 6.3% [3] - **Clean Energy Revenue**: 20.56 billion CNY (+19.7%), accounting for 78.1% of total revenue [2][4] - **Operating Cash Flow**: Net inflow of 1.74 billion CNY, 1.7 times net profit [3] - **Net Profit**: Steady growth in gross profit, consolidated net profit, and net profit attributable to shareholders [3] - **Dividend Payout Ratio**: Maintained at 50%, with a dividend of 0.31 HKD per share [3] Business Segment Performance Clean Energy - **Revenue**: 20.56 billion CNY, with a segment profit of 1.12 billion CNY [4] - **Market Breakdown**: Domestic market accounts for 68%, with significant contributions from both land and marine clean energy [4] - **New Orders**: 222 billion CNY in new orders, a historical high [4] Chemical Environment - **Revenue**: 2.141 billion CNY, with a recovery expected in 2026 [5] - **Market Share**: Maintained the leading position in the global market for over 20 years [5] Liquid Food - **Revenue**: 3.6 billion CNY, with a slight increase in gross margin [5] - **International Market**: 83% of revenue from overseas [5] Strategic Developments Technology and Innovation - **R&D Investment**: 730 million CNY in 2025 [6] - **New Products**: Development of various new products including storage devices for CO2 and ammonia tanks [6] Clean Energy Strategy - **Positioning**: Aiming to be a comprehensive solution provider for energy transition in traditional industries [6] - **Core Capabilities**: Focus on key equipment manufacturing, leading core processes, and intelligent interconnectivity [6] Commercial Aerospace - **Orders**: 110 million CNY in new orders, focusing on ground storage and aerospace applications [8] Market Outlook LNG and Energy Transition - **LNG Market**: Expected to remain a major new energy source, with over 1,500 LNG-powered vessels in operation [13] - **Cost Advantage**: Significant cost difference between LNG and diesel fuels driving market demand [13] Future Projections - **2026 Revenue Growth**: Anticipated double-digit growth, particularly in clean energy and SOE sectors [19] - **Capital Expenditure**: Estimated at 1 billion CNY, focusing on clean energy projects [20] Challenges and Risks Chemical Environment and Liquid Food - **Market Pressures**: Facing challenges due to international investment contraction and fluctuating oil prices [18] - **Order Backlog**: Liquid food segment's backlog significantly reduced compared to historical levels [18] Currency Exchange Impact - **Exchange Rate Loss**: Approximately 170 million CNY impact from currency fluctuations in 2025 [23] - **Hedging Strategies**: Implementing various measures to mitigate exchange rate risks [23] Conclusion - **Overall Performance**: Company shows strong growth in clean energy and strategic positioning in various sectors, despite facing challenges in chemical and liquid food segments. Future growth is expected to be driven by clean energy projects and technological advancements.

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 12.22, reflecting a potential upside of 10.1% based on the current price of HKD 11.10 [4][7]. Core Insights - The company's FY25 performance is generally satisfactory, with a 3.7% year-on-year increase in net profit attributable to shareholders, reaching RMB 1.14 billion. This is 7.3% lower than the forecast of RMB 1.23 billion due to a 6.3% increase in total revenue to RMB 26.33 billion, which is also 3.3% below the forecast [1][4]. - The clean energy segment remains the primary source of revenue and profit, with a 19.7% year-on-year increase in segment revenue to RMB 20.57 billion, accounting for 78.1% of total revenue [1][3]. Financial Performance Summary - FY25 total revenue reached RMB 26.33 billion, with a growth rate of 6.3% compared to the previous year [6]. - The clean energy segment's revenue increased by 19.7% to RMB 20.57 billion, with a gross margin improvement from 12.6% to 12.7% [1][12]. - The company experienced a foreign exchange loss that expanded from RMB 223,000 in FY24 to RMB 170 million in FY25, impacting overall profitability [1][12]. - The new orders in the clean energy segment increased by 2.0% year-on-year to RMB 22.23 billion, while total new orders decreased by 4.4% to RMB 26.29 billion [2][4]. - The backlog of orders at the end of FY25 rose by 5.1% year-on-year to RMB 29.75 billion, with the clean energy segment's backlog increasing by 13.2% to RMB 26.28 billion [2][4]. Earnings Forecast Adjustments - The report slightly lowers the net profit forecasts for FY26 and FY27 by 3.4% and 1.9%, respectively, reflecting adjustments in revenue expectations [4][17]. - The target price was adjusted from HKD 12.34 to HKD 12.22, corresponding to a price-to-earnings ratio of 16.5 times for FY26 [4][7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 12.22, reflecting a potential upside of 10.1% based on the current price of HKD 11.10 [4][7]. Core Insights - The company's FY25 performance is generally satisfactory, with a 3.7% year-on-year increase in net profit attributable to shareholders, reaching RMB 1.14 billion. This is 7.3% lower than the forecast of RMB 1.23 billion due to a 6.3% increase in total revenue to RMB 26.33 billion, which is also 3.3% below the forecast [1][4]. - The clean energy segment remains the primary source of revenue and profit, with a 19.7% year-on-year increase in segment revenue to RMB 20.57 billion, accounting for 78.1% of total revenue [1][3]. - The company has signed new orders in the clean energy segment amounting to RMB 22.23 billion, a 2.0% year-on-year increase, despite an overall decline in new orders by 4.4% to RMB 26.29 billion [2]. Financial Summary - For FY25, total revenue is projected to be RMB 26.33 billion, with a growth rate of 6.3%. The net profit attributable to shareholders is expected to be RMB 1.14 billion, reflecting a growth rate of 3.7% [1][6]. - The clean energy segment's gross margin increased from 12.6% to 12.7%, contributing RMB 2.61 billion to total gross profit [1][12]. - The company has adjusted its FY26-27 net profit forecasts downwards by 3.4% and 1.9%, respectively, leading to a slight reduction in the target price [4][17].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中集安瑞科控股有限公司 呈交日期： 2026年3月26日 FF305 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 確認 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 03899 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括 ...

Industry Performance - In 2025, the global chemical industry faced pressure, leading to a decline in demand for tank containers, but new orders in Q4 2025 improved both year-on-year and quarter-on-quarter, with new orders in the chemical environment segment amounting to RMB 2,664 million[5] - The backlog of orders at the end of 2025 was RMB 1,276 million, representing a year-on-year growth of 36.3%[5]

EF001 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 中集安瑞科控股有限公司 | | 股份代號 | 03899 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度之末期股息 | | 公告日期 | 2026年3月24日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.31 HKD | | 股東批准日期 | 2026年5月20日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.31 HKD ...

Financial Performance - Total revenue for the year ended December 31, 2025, reached RMB 26,325,942, representing a 6.3% increase from RMB 24,755,737 in 2024[3] - Net profit for the year was RMB 1,171,591, a 2.4% increase compared to RMB 1,143,835 in 2024[4] - Earnings attributable to equity holders amounted to RMB 1,135,214, up 3.7% from RMB 1,094,871 in the previous year[4] - Basic earnings per share increased to RMB 0.561, reflecting a 3.5% growth from RMB 0.542 in 2024[4] - Gross profit for the year was RMB 3,674,243, compared to RMB 3,554,234 in 2024, indicating a positive trend in profitability[4] - The company reported a total comprehensive income of RMB 1,290,377 for the year, compared to RMB 1,017,889 in 2024, reflecting improved overall performance[6] - The annual profit attributable to equity holders was RMB 1,135,214 thousand for the year ending December 31, 2024, compared to RMB 1,094,871 thousand in the previous year, indicating a year-over-year increase of about 3.7%[12] - The total comprehensive income for the year was RMB 1,254,000 thousand, up from RMB 968,384 thousand in the previous year, representing a significant increase of approximately 29.5%[12] Dividends and Shareholder Returns - The proposed final dividend per share is HKD 0.31, which is approximately RMB 0.27, a 3.3% increase from HKD 0.30 in 2024[3] - The company plans to pay a final dividend of RMB 565,768 thousand for the year ending December 31, 2024, consistent with its commitment to return value to shareholders[12] - The board recommends maintaining a dividend payout ratio of approximately 50% for the fiscal year ending December 31, 2025, with a proposed final dividend of HKD 0.31 per share[120] - The company will distribute the 2025 final dividend after deducting a 10% corporate income tax for non-individual shareholders[124] Assets and Liabilities - Total assets as of December 31, 2025, were RMB 32,181,887, an increase from RMB 29,381,665 in 2024[7] - Total liabilities increased to RMB 18,395,277 from RMB 16,276,627 in the previous year, indicating a rise in financial obligations[8] - The company's net assets reached RMB 13,786,610, up from RMB 13,105,038 in 2024, showing a strengthening balance sheet[8] Revenue Breakdown - Revenue from product sales was RMB 16,278,560,000, up from RMB 15,610,859,000 in 2024, representing a growth of 4.26%[20] - Engineering project contract revenue increased to RMB 10,047,382,000 from RMB 9,144,878,000, marking a growth of 9.87%[20] - Revenue from external customers in China was RMB 15,098,636,000 in 2025, a rise of 13.83% from RMB 13,262,274,000 in 2024[45] Segment Performance - The Group operates in three reportable segments: Clean Energy, Chemical Environment, and Liquid Food, focusing on various manufacturing and sales activities[38] - The clean energy segment's revenue rose by 19.7% to RMB 20,564,600,000, accounting for 78.1% of total revenue[57] - The chemical environment segment's revenue decreased by 31.3% to RMB 2,141,038,000, representing 8.1% of total revenue[57] - The liquid food segment's revenue fell by 18.7% to RMB 3,620,304,000, making up 13.8% of total revenue[58] Costs and Expenses - Employee costs increased to RMB 2,424,589,000 in 2025 from RMB 2,308,999,000 in 2024, representing a rise of 5.01%[27] - The cost of inventory for 2025 was RMB 14,134,959,000, compared to RMB 12,975,010,000 in 2024, indicating an increase of 8.95%[28] - The income tax expense for 2025 was RMB 336,269,000, compared to RMB 319,846,000 in 2024, reflecting an increase of 5.11%[31] Strategic Initiatives and Future Outlook - The company anticipates continued growth in the upcoming fiscal year, with a focus on enhancing operational efficiency and expanding market presence[12] - The group aims to transform into a technology-driven low-carbon smart integrated energy service provider, enhancing its upstream resource capabilities in clean energy[81] - The group plans to enhance R&D in key equipment and core processes, maintaining a leading position in LNG, high-pressure hydrogen, liquid hydrogen, liquid ammonia, and methanol storage and transportation[110] Corporate Governance and Compliance - The audit committee has reviewed the group's financial statements for the year ended December 31, 2025, ensuring compliance with accounting principles and internal controls[129] - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange listing rules for the year ending December 31, 2025[128] Market Trends and Industry Insights - The global energy transition is entering a key decade, with significant opportunities arising from the inclusion of hydrogen energy in the energy management system by 2025[105] - The global natural gas market is expected to see accelerated growth starting in 2026, with demand growth projected to reach around 2%, driven primarily by the industrial and energy sectors[106]

CIMC Enric Holdings Limited (Stock code: 3899.HK) Annual Results Presentation 2025 Contents 1. Financial Performance 2. Segment Results and Orders 3. Business Highlights, Review and Outlook Overall Revenue Increased YoY, with Robust Growth in Clean Energy Revenue 17,183 20,565 3,116 2,141 4,451 3,620 24,756 26,326 2024 2025 Unit: RMB million Clean energy revenue increased significantly YoY Clean Energy Chemical & Environmental Liquid Food China 57.4% Overseas 42.6% Revenue breakdown by segment Revenue break ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 CIMC Enric Holdings Limited 公告 中集環科截至2025年12月31日止年度之主要經審核財務數據 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09條及證券及期貨條 例（香港法例第571章）第XIVA部刊發。 中集安瑞環科技股份有限公司（「中集環科」）乃中集安瑞科控股有限公司（「本公 司」）附屬公司，其A股於深圳證券交易所創業板上市（股份代號：301559.SZ）。 於2026年3月20日，中集環科公佈其截至2025年12月31日止年度之年報（「中集環 科2025年年報」）。本公司董事會（「董事會」）謹此提醒其股東及公眾投資者注意以 下摘錄自中集環科2025年年報之中集環科截至2025年12月31日止年度之主要經 審核會計數據及財務指標。 1 中集環科之主要經審核會計數據及財務指標 單位：元 幣種：人民幣 中集安瑞科控股有限公司 （於開曼群島註冊成立之有限公司） （股份 ...