沉寂多时的氢能板块爆发！ 今天早上，A股市场氢能概念股突然大涨，美锦能源、京城股份、厚普股份一度涨停，卓越新能、亿华通、致 远新能、昇辉科技、华电科工等快速跟涨。港股京城机电股份大涨超11%，中国能源等跟涨。 氢能板块之所以今天爆发，很大程度可能是美股市场的映射。昨晚，美股氢能板块狂飙18%，是美股市场涨幅 第一的板块，4月底以来，氢能指数涨幅已超100%。龙头普拉格昨晚暴涨超25%，5月中旬以来，这只股票已 狂涨超150%。 那么，究竟发生了什么？ 暴涨 昨晚，美股氢能概念股再度狂飙，普拉格暴涨超25%，Bloom Energy Corp-A狂拉超18%，巴拉德动力大涨超 14%，燃料电池能源大涨5.66%。整个板块指数大涨超18%。从4月21日至今，美股氢能指数涨幅已经超过 100%。 据新浪财经，美国提议扩大以天然气为基础的航空燃料种类，较受关注的是一种名为合成煤油的燃料。这种燃 料是通过将氢气与捕获的二氧化碳结合而产生的。如果军事基地有天然气供应，利用这项技术可以直接在军事 基地生产航空燃料。这将消除大量氢气的运输和储存等问题。美国还提议使用一种被称为"零排放燃料"的航空 燃料变体。这种燃料基于"绿色 ...

中集安瑞科投资控股（深圳）有限公司，成立于2010年，位于深圳市，是一家以从事科技推广和应用服 务业为主的企业。企业注册资本8000万美元。通过天眼查大数据分析，中集安瑞科投资控股（深圳）有 限公司共对外投资了25家企业，参与招投标项目1次，财产线索方面有商标信息103条，专利信息941 条，此外企业还拥有行政许可3个。 本文源自金融界 天眼查资料显示，中集安瑞科工程科技有限公司，成立于2001年，位于南京市，是一家以从事建筑装 饰、装修和其他建筑业为主的企业。企业注册资本11000万人民币。通过天眼查大数据分析，中集安瑞 科工程科技有限公司共对外投资了2家企业，参与招投标项目262次，财产线索方面有商标信息3条，专 利信息111条，此外企业还拥有行政许可16个。 中国国际海运集装箱（集团）股份有限公司，成立于1980年，位于深圳市，是一家以从事金属制品业为 主的企业。企业注册资本539252.0385万人民币。通过天眼查大数据分析，中国国际海运集装箱（集 团）股份有限公司共对外投资了23家企业，参与招投标项目54次，财产线索方面有商标信息155条，专 利信息4903条，此外企业还拥有行政许可25个。 金融界 ...

7月7日，中集安瑞科旗下能源系统(上海)有限公司与江苏中纯氢能科技有限公司正式签署氢能业务战略 合作协议。双方就采用液驱氢能压缩机在绿氢以及氢交通领域的优势展开探讨并达成一致，双方将共同 推动绿氢制备、储运及终端应用示范项目的落地。作为合作的重点之一，中集安瑞科与江苏中纯将共同 开发可再生能源电解水制氢(绿电绿氢)项目。其中一个在新疆的共建绿氢项目将于2025年下半年落地， 内蒙古项目正在有序筹备中。(人民财讯) ...

Group 1 - The Hong Kong Transport and Logistics Bureau signed a memorandum of cooperation with CIMC Enric to develop a green marine fuel ecosystem in Hong Kong [1] - The cooperation aims to stabilize the supply of green marine fuel, establish a trading market, and promote related business development [1] - By 2030, Hong Kong aims to provide over 200,000 tons of green marine fuel annually and achieve more than 60 refueling services for vessels using LNG and green methanol [1] Group 2 - CIMC Enric is a leading provider of clean energy equipment and solutions, with a strong presence in the clean energy and maritime sectors [2] - The company has established the first green methanol plant in the Guangdong-Hong Kong-Macao Greater Bay Area, expected to start production in Q4 2023 with an initial capacity of 50,000 tons [2] - The total capacity of the green methanol plant is projected to reach 250,000 tons by 2027 [2]

Core Viewpoint - The delivery of the first domestically built 16,000 TEU methanol dual-fuel container ship "COSCO Shipping Yangpu" marks significant breakthroughs in China's shipbuilding industry, positioning the country at the forefront of global shipping's green and low-carbon transition [1] Group 1 - The ship was constructed by Yangzhou COSCO Shipping Heavy Industry [1] - This delivery represents the first order for a large methanol dual-fuel container ship by a domestic shipowner, the first delivery of such a vessel by a domestic shipyard, and the first practical application of domestically produced methanol engines [1] - The achievement provides a "Chinese solution" for the global shipping industry's green and low-carbon transformation [1]

Core Insights - The 29th World Gas Conference (WGC2025) will be held in Beijing from May 19 to 23, marking the first time the event is hosted in China since its inception in 1931 [1] - The global energy landscape is undergoing significant restructuring, presenting historic development opportunities for the energy sector, with "green, low-carbon, transformation, and upgrading" being key industry themes [1][2] - The natural gas industry is experiencing three core trends: deepening regional trade, decarbonization capabilities becoming a new competitive advantage, and increasing demand differentiation [1] Industry Trends - The industry is shifting from "resource scale competition" to "low-carbon service capability competition," with market concentration likely favoring industry giants that combine flexible supply and decarbonization technologies [1] - The establishment of the National Petroleum and Natural Gas Pipeline Group is accelerating the implementation of a unified national network, enhancing competition in upstream and downstream sectors [1] - There is a focus on diversifying natural gas imports while increasing domestic gas production, which is improving supply chain resilience [1] Company Initiatives - The company is committed to becoming a comprehensive service provider for low-carbon smart energy solutions, leveraging "key equipment + core processes + integrated services" to drive technological innovation in the industry [2] - The company is actively involved in projects that utilize waste gases, such as collaborating with steel companies to develop integrated solutions for converting coke oven gas into liquefied natural gas (LNG) and hydrogen [4] - The company is participating in large-scale renewable energy projects, including green hydrogen and green ammonia integration projects, emphasizing the importance of efficient energy storage technologies in the low-carbon transition [5] Market Development - The maturity of the natural gas market depends on ensuring energy security while expanding low-carbon transition capabilities, requiring consensus across the industry [6] - There is a need to accelerate the improvement of market-based pricing systems and stimulate infrastructure investment, while also integrating natural gas infrastructure with hydrogen and renewable energy sources [6] - The WGC2025 will feature over 80 forums covering topics such as global energy dynamics, energy transition, regional gas development, and digital innovation in the industry [6]

Core Insights - The company reported a strong revenue growth of 24.4% year-on-year, reaching RMB 57.65 billion for the first quarter of 2025, despite challenges such as a slight slowdown in natural gas consumption and the impact of the Chinese New Year holiday [1][2] Group 1: Clean Energy Division - The clean energy division achieved a significant revenue increase of 33.4% year-on-year, amounting to RMB 43.42 billion, making it the largest contributor to the company's overall revenue at 75.3% [2] - Hydrogen energy revenue within the clean energy division was approximately RMB 1.43 billion [2] - The clean energy division secured new orders totaling RMB 38.58 billion, although the Chinese New Year holiday affected the completion of several project bids [1] Group 2: Chemical Environment Division - The chemical environment division reported a revenue of RMB 5.70 billion, a slight increase of 1.4% year-on-year, contributing 9.9% to the overall revenue [2] - New orders in the chemical environment division reached RMB 4.44 billion, reflecting a year-on-year growth of 17.3% [1][2] - Revenue from high-end medical equipment components within this division grew by 21.0% to RMB 54.41 million [2] Group 3: Liquid Food Division - The liquid food division's revenue increased by 4.3% year-on-year to RMB 8.53 billion, accounting for 14.8% of the total revenue [2] - The division is actively pursuing several large industrial beer projects in North America and the Middle East [1] - The company's production base in Mexico commenced full operations at the beginning of 2025, enhancing its global capabilities in liquid food turnkey projects [2]

Financial Performance - Revenue for 2024 reached RMB 24,755,737 thousand, an increase of 4.8% compared to RMB 23,626,279 thousand in 2023[11] - Operating profit for 2024 was RMB 1,538,446 thousand, reflecting a slight increase of 0.9% from RMB 1,524,827 thousand in 2023[11] - Net profit attributable to equity holders decreased by 1.7% to RMB 1,094,871 thousand in 2024 from RMB 1,113,972 thousand in 2023[11] - Basic earnings per share for 2024 was RMB 0.542, down 2.2% from RMB 0.554 in 2023[11] - Total assets increased by 6.5% to RMB 29,381,665 thousand in 2024 from RMB 27,587,424 thousand in 2023[15] - Net assets rose by 5.9% to RMB 13,105,038 thousand in 2024 compared to RMB 12,373,644 thousand in 2023[15] - The company reported a gross profit margin of 14.4% in 2024, down from 15.7% in 2023, a decrease of 1.3 percentage points[17] - The EBITDA margin for 2024 was 8.2%, slightly down from 8.3% in 2023[17] - Cash and cash equivalents increased by 3.8% to RMB 7,264,358 thousand in 2024 from RMB 6,998,191 thousand in 2023[15] - The company reported a net profit margin of 50% for the year, indicating strong operational efficiency[19] Clean Energy Initiatives - The company has a comprehensive layout in the hydrogen energy industry, with over 20 subsidiaries globally, enhancing its market presence[9] - The company is focusing on the development of hydrogen energy, energy storage, and multi-energy complementary technologies to foster new profit growth points[24] - The company has deepened cooperation with global partners in high-end liquid hydrogen equipment and energy storage solutions, achieving key breakthroughs in multiple areas[22] - The company aims to provide comprehensive clean energy lifecycle services, integrating upstream and downstream resources in the industry chain[21] - The clean energy business revenue grew by 15.3%, with new orders increasing by 17.3%, particularly benefiting from the global shipping green upgrade[38] - The company is focusing on strategic projects such as hydrogen production from blast furnace gas and the replication and implementation of green methanol from biomass[27] - The company is actively involved in the development of alternative fuels for the shipping industry to meet the IMO's 2040 emission reduction targets[74] Market Expansion and Global Presence - The company has established sales offices in Africa, Southeast Asia, Europe, and the Middle East, enhancing its global sales network and service capabilities[26] - The company aims to enhance its overseas presence and capitalize on the rapid growth opportunities brought by the green transformation of inland shipping[27] - The company is focusing on expanding its market presence in regions with rich natural gas resources, such as Africa, the Middle East, and Southeast Asia[55] - The company is set to support the scrapping and renewal of old operational vessels, promoting the development of new energy clean vessels through various subsidies based on vessel types[5] Technological Advancements - The company plans to further enhance its technological leadership and digital empowerment by integrating artificial intelligence and digital twin technologies into its operations[24] - The company is committed to continuous technological innovation to promote the rapid, efficient, and safe application of clean energy[75] - The group aims to enhance R&D in key equipment and core technologies, maintaining a leading position in LNG, high-pressure hydrogen, liquid hydrogen, liquid ammonia, and methanol storage, with a target to produce 50,000 tons of green methanol by 2025[77] - The group is focusing on developing new technologies and processes for green upgrades in global shipping and inland waterways, seizing opportunities in clean fuel power development[79] Government Policies and Industry Trends - The hydrogen energy industry was officially recognized as a strategic emerging industry in the government work report, with a focus on high-quality development[41] - The government aims for significant progress in clean low-carbon hydrogen applications in the industrial sector by 2027, particularly in metallurgy and ammonia synthesis[41] - The National Energy Administration issued guidelines in March 2024 to accelerate the construction of gas storage facilities and promote the role of natural gas in the new energy system[42] - The State Council's action plan for 2024-2025 emphasizes optimizing the oil and gas consumption structure and promoting the development of unconventional oil and gas resources[42] Employee and Management Structure - As of December 31, 2024, the total number of employees in the group is approximately 12,000, an increase from about 11,000 in 2023[174] - Total employee costs, including director remuneration and retirement benefits, amount to RMB 2,619,654,000, up from RMB 2,168,545,000 in 2023, representing an increase of approximately 20.8%[174] - The management team includes experienced professionals with backgrounds in engineering and business, ensuring strong leadership in strategic decision-making[182][183][184] Research and Development - The division is focusing on sustainable development, aiming to reduce carbon footprint and support clients in achieving net-zero emissions[137] - Significant progress was made in R&D for industrial distillation systems and mechanical vapor recompression solutions, particularly in the spirits industry[138] - The division is investing in a diverse and skilled workforce to drive innovation and meet overall strategic goals[137] After-Sales Service and Customer Support - The company is committed to providing 24/7 technical support and services to ensure safe and efficient operation of clean energy equipment for customers[89] - The company is focusing on integrating and sharing after-sales service resources to create a comprehensive, professional, and networked service layout[90] - The company has established an after-sales service network in Europe, Southeast Asia, the Middle East, and the Americas through acquisitions and licensing partnerships[90]

Summary of Conference Call Records Company Overview - The company discussed is Anruike, focusing on clean energy, chemical environment, and liquid food sectors. Key Points and Arguments Industry and Business Segments 1. **Clean Energy Growth**: The clean energy segment showed significant revenue growth, reaching 17.1 billion RMB, contributing to 70% of total revenue in 2024, with a notable increase in offshore clean energy revenue by 108% year-on-year to 4.66 billion RMB [6][10][15]. 2. **Chemical Environment**: The chemical environment segment is expected to recover in 2025 after a low performance in 2024, with a focus on enhancing after-sales service capabilities [4][11]. 3. **Liquid Food Sector**: The liquid food segment experienced a slight revenue increase of 3.7%, totaling 4.45 billion RMB, driven by overseas market expansion [12][5]. Financial Performance 4. **Revenue and Profitability**: Total revenue for 2024 was 24.8 billion RMB, with a core profit of 1.336 billion RMB, reflecting a stable growth despite slight declines in net profit [6][7][10]. 5. **Cash Flow**: Operating cash flow reached 2.49 billion RMB, with free cash flow also showing a significant increase of 2.5 times year-on-year [7][8]. 6. **Debt Management**: Total liabilities increased from 15 billion RMB to 16 billion RMB, with a focus on maintaining a low leverage ratio and reducing financing costs [9][10]. Market Dynamics 7. **International Market Expansion**: The company is focusing on expanding its presence in Southeast Asia, Africa, and the Middle East, particularly in the clean energy sector [3][10]. 8. **Government Policies**: National policies promoting the replacement of old equipment with new technologies are expected to drive growth in the LNG and natural gas sectors [2][4]. Future Outlook 9. **Strategic Focus**: The company aims to become a comprehensive service provider, leveraging its core manufacturing and design capabilities to support traditional industries in their energy transition [29][30]. 10. **Investment Plans**: Planned capital expenditures for 2025 are expected to exceed 2 billion RMB, primarily focused on clean energy projects [43][44]. Additional Insights 11. **Technological Innovations**: The company is investing in digitalization and smart energy solutions to enhance operational efficiency and customer service [23][31]. 12. **Sustainability Initiatives**: The company is committed to ESG principles, with ongoing efforts in sustainable development and innovation in energy solutions [28][29]. Risks and Challenges 13. **Market Volatility**: The chemical environment sector faces cyclical fluctuations, and the company anticipates challenges in maintaining profitability in this segment [11][46]. 14. **Global Economic Factors**: Geopolitical tensions and global economic conditions may impact the company's international operations and market demand [53][54]. This summary encapsulates the key points discussed during the conference call, highlighting the company's performance, strategic direction, and market outlook.

Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Insights - The company achieved a stable revenue growth of 4.8% year-on-year, reaching RMB 24.76 billion in 2024, while the net profit attributable to shareholders slightly decreased by 1.7% to RMB 1.09 billion [1][4] - The clean energy segment saw significant growth, with revenues increasing by 15.3% to RMB 17.18 billion, driven by rising demand for LNG and industrial gases due to environmental policies [2][3] - The hydrogen energy business reported a revenue increase of 21.7% to RMB 0.85 billion, and the shipbuilding segment secured over RMB 10 billion in new orders [3][4] Summary by Sections Financial Performance - In 2024, the company reported total revenue of RMB 24.76 billion, with a gross margin of 14.4%, down 1.4 percentage points from the previous year [1] - The net profit margin was 4.6%, reflecting a decrease of 0.3 percentage points year-on-year [1] Order Book and Growth - The company signed new orders totaling RMB 27.49 billion in 2024, marking a historical high, with a year-on-year growth of 3.2% [2] - The backlog of orders at the end of 2024 reached RMB 28.3 billion, up 23.8% from the previous year [2] Business Segments - The clean energy segment's revenue growth was primarily due to favorable policies and increased demand, while the chemical environment segment experienced a decline of 29.4% [2] - The liquid food segment achieved a revenue increase of 3.7% to RMB 4.45 billion, benefiting from project completions [2] Future Projections - The report projects a decline in net profit for 2025 and 2026, with estimates of RMB 1.29 billion and RMB 1.51 billion respectively, but anticipates a recovery in 2027 with a projected net profit of RMB 1.75 billion [4][9]