Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The chemical sector is expected to have a short-term drag, while the energy equipment sector is projected to bring long-term growth certainty [1] - Strong orders in the energy sector ensure robust growth for the company in the coming years, with multiple collaborative projects in clean energy expected to enhance revenue [1][2] - The company achieved a revenue of 23.63 billion RMB in 2023, a year-on-year increase of 20.5%, with net profit rising by 7.2% to 1.16 billion RMB [2][4] Financial Performance Summary - Revenue for Q1 2024 decreased by 6.8% to 4.635 billion RMB, with the clean energy segment growing by 21.2% to 3.255 billion RMB, while the chemical environment segment fell by 58.6% to 562 million RMB [2] - New orders in the clean energy segment surged from 3.101 billion RMB to 6.208 billion RMB year-on-year, while total new orders increased from 5.509 billion RMB to 7.478 billion RMB [2] - As of March 31, 2024, the backlog of orders in the clean energy segment rose from 11.712 billion RMB to 20.011 billion RMB [2] Future Projections - Revenue projections for 2024-2026 are 27.84 billion RMB, 31.62 billion RMB, and 37.34 billion RMB, with expected growth rates of 17.8%, 13.6%, and 18.1% respectively [3][4] - The net profit attributable to shareholders is projected to be 1.233 billion RMB, 1.488 billion RMB, and 1.938 billion RMB for the same period, with growth rates of 10.7%, 20.7%, and 30.2% respectively [3][4]

[Table_Page] 公告点评|能源Ⅱ 证券研究报告 [【Table_T广itle] 发 机械&海外】中集安瑞科 [公Tab司le_I评nves级t] 买入 当前价格 7.64港元 （03899.HK） 合理价值 8.97港元 前次评级 买入 清洁能源订单高增，罐箱业绩+库存双触底 报告日期 2024-04-27 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 ⚫ 清洁能源收入快速增长，罐箱&食品业务拖累。公司发布一季度自愿披 20% 12% 露公告，24Q1实现收入46.35亿元，同比-6.8%；其中清洁能源、化 3% 工罐箱、液态食品收入分别32.55/5.62/8.18亿元，同比增速+21.2%/ -5%04/23 06/23 08/23 10/23 12/23 02/24 04/24 -58.6%/-11.7%。细分板块来看，水上清洁能源、氢能、LNG车用瓶在 -14% 一季度实现了高速增长，根据公司 24Q1 业绩推介材料，水上清洁能 -22% 中集安瑞科 恒生指数 源板块增速亮眼，收入7.3亿元，同比+48.6%；氢能业务收入1.69亿 元， ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 9.04, indicating a potential upside of 18.5% from the current price of HKD 7.63 [1][2][8]. Core Insights - The company has achieved a record high in backlog orders, with total backlog reaching RMB 26.9 billion, a year-on-year increase of 42%. The clean energy segment's backlog alone is RMB 20 billion, up 71% year-on-year [1]. - In Q1 2024, the company's total revenue decreased by approximately 7% year-on-year to RMB 4.63 billion, primarily due to a significant decline in the chemical and liquid food segments, which saw revenue drops of 59% and 12% respectively. However, the clean energy segment showed strong growth, with revenue increasing by 21% year-on-year, driven by a 64% increase in overseas revenue [1][2]. - The clean energy segment continues to show robust order growth, with new orders in Q1 2024 doubling to RMB 6.2 billion. Notably, new orders for hydrogen products increased by 30% year-on-year to RMB 220 million [1][5]. Summary by Sections Financial Performance - Revenue projections for the company are as follows: RMB 23.63 billion in 2023, RMB 27.55 billion in 2024 (up 16.6% year-on-year), and RMB 31.79 billion in 2025 (up 15.4% year-on-year) [2][9]. - Net profit is expected to grow from RMB 1.11 billion in 2023 to RMB 1.36 billion in 2024, reflecting a year-on-year increase of 6.5% [2][9]. - The company’s earnings per share (EPS) is projected to be RMB 0.63 in 2023 and RMB 0.67 in 2024, with a growth rate of 6.5% [2][9]. Market Position - The report indicates that the market's concerns regarding the chemical and liquid food segments are largely reflected in current valuations, suggesting limited downside risk. The clean energy segment's outlook is more favorable than previously anticipated [1][2]. - The company is expected to deliver eight vessels in the clean energy segment this year, with some orders extending into 2027, providing a solid growth outlook for the next three years [1][2].

Financial Performance - Total revenue for 2023 reached RMB 23,626,279 thousand, an increase of 20.5% compared to RMB 19,601,761 thousand in 2022[8]. - Operating profit for 2023 was RMB 1,524,827 thousand, slightly up from RMB 1,472,288 thousand in 2022, resulting in an operating margin of 6.4%[8]. - Net profit attributable to equity holders for 2023 was RMB 1,113,972 thousand, representing a growth of 5.5% from RMB 1,055,062 thousand in 2022[8]. - Revenue for 2023 reached RMB 23.63 billion, an increase of 20.5% compared to RMB 19.60 billion in 2022[10]. - Net profit attributable to equity holders rose to RMB 1.11 billion, reflecting a 5.6% increase from RMB 1.06 billion in the previous year[10]. - Basic earnings per share increased to RMB 0.554, up 4.9% from RMB 0.528 in 2022[10]. - The company maintained a return on equity (ROE) of 10.9% at year-end, down from 12.1% in the previous year[10]. - The overall gross profit margin decreased from 17.4% in 2022 to 15.7% in 2023, primarily due to a decline in the gross profit margins of the chemical environment and liquid food segments[95]. - The clean energy segment's gross profit margin slightly increased to 12.8% in 2023 from 12.5% in 2022, mainly due to increased revenue from overseas customers[95]. Assets and Liabilities - Total assets increased by 24.2% to RMB 27,587,424 thousand in 2023 from RMB 22,214,474 thousand in 2022[9]. - Net assets rose by 29.9% to RMB 12,373,644 thousand in 2023 compared to RMB 9,527,507 thousand in 2022[9]. - Cash and cash equivalents increased by 34.0% to RMB 6,998,191 thousand in 2023 from RMB 5,223,453 thousand in 2022[9]. - The company reported a leverage ratio of 21.2% in 2023, slightly up from 21.0% in 2022[9]. - The group recorded a net cash balance of RMB 4,371,256,000 as of December 31, 2023, up from RMB 3,222,583,000 in 2022[96]. - Total liabilities rose to RMB 15,213,780,000 from RMB 12,686,967,000[98]. Market and Business Strategy - The company is focusing on expanding its hydrogen energy industry chain and enhancing its technological capabilities[5]. - Future outlook includes continued investment in clean energy and chemical environment sectors, aiming for sustainable growth[5]. - The company plans to enhance its market presence through strategic partnerships and potential acquisitions in key markets[5]. - The company is actively expanding into overseas markets, including the Americas, Africa, Europe, and Southeast Asia, to capitalize on market opportunities[12]. - The company is enhancing its clean energy multi-energy complementary business, leveraging its EQC intelligent energy system platform[39]. - The company aims to strengthen its overseas sales network and product matrix, actively expanding into markets in Asia-Pacific, Europe, North and South America, Africa, and the Middle East[51]. Research and Development - The number of high-tech enterprises under the company increased to 17, with nearly 120 new patent applications filed, of which 60.3% were invention patents[14]. - The company has over 1,400 domestic authorized patents, including more than 200 invention patents, and 805 patents related to clean energy[52]. - The company has established a research and development department focused on optimizing core products, including competitive brewing filtration systems and intelligent applications for sustainable process optimization[87]. - The company is committed to increasing investment in technology research and development, focusing on the application market for containerized assembly boxes[71]. Environmental, Social, and Governance (ESG) - The group achieved a significant improvement in ESG ratings, with MSCI ESG rating upgraded by two levels to AA, making it the top-rated company in China's industrial equipment sector[17]. - The company received an upgrade in its Environmental, Social, and Governance (ESG) rating from MSCI from BBB to AA in 2023[179]. - The company is committed to integrating ESG culture and strategy into daily operations, responding to capital market concerns[179]. - The company has established a dedicated committee for sustainable development, indicating a commitment to corporate social responsibility[148]. Corporate Governance - The company has been adhering to all provisions of the corporate governance code effective as of December 31, 2023[131]. - The company’s corporate governance principles emphasize effective board management, prudent risk management, and transparency[127]. - The board consists of nine members, including one executive director, four non-executive directors, and four independent non-executive directors, ensuring independent opinions represent over one-third of the board[139]. - The company has established policies for director appointments, remuneration, and responsibilities to enhance governance structure[129]. - The company has implemented a whistleblowing system and a code of conduct for integrity and compliance, adopted in August 2023[130]. Future Outlook - Future guidance indicates a positive outlook for revenue growth driven by increased demand for clean energy solutions and environmental products[112]. - The company plans to focus on multiple key areas to meet the rapid growth and changes in market demand, particularly in the new energy battery electrolyte and high-tech industries such as chips and semiconductors[71]. - The company aims to achieve profitability growth in 2024 and beyond by strengthening existing operations, enhancing product offerings, and exploring new market opportunities, particularly in solid fermentation and non-beer sectors[86].

Investment Rating - The report recommends关注中集安瑞科 (3899.HK) due to its strong performance and growth potential in the clean energy sector [2][3]. Core Insights - 中集安瑞科 reported a revenue of 23.63 billion yuan in 2023, a year-on-year increase of 20.5%, and a net profit of 1.11 billion yuan, up 5.6% year-on-year, aligning with market expectations [2]. - The clean energy segment, particularly the hydrogen energy business, continues to show robust growth, with new orders increasing by 31.5% to 26.64 billion yuan [2][3]. - The company has a strong order backlog of 22.85 billion yuan, reflecting a 29.8% year-on-year increase, indicating future revenue stability [2][3]. Summary by Sections Financial Performance - Revenue reached 23.63 billion yuan, up 20.5% year-on-year; net profit was 1.11 billion yuan, a 5.6% increase; earnings per share rose to 0.554 yuan, a 4.4% increase [2]. - The gross margin slightly decreased by 1.7% to 15.7% due to a decline in global container demand [2]. Clean Energy Segment - The clean energy segment's revenue was 1.49 billion yuan, a significant increase of 40.8% year-on-year, driven by the recovery in natural gas consumption [2][3]. - The waterborne business generated 2.2 billion yuan, a 74.1% increase, while the overseas land business achieved 2 billion yuan, a 30% increase [2][3]. Hydrogen Energy Business - The hydrogen energy sub-segment achieved a revenue of 700 million yuan, a 59% increase year-on-year, with new orders of 830 million yuan, up 36.7% [3]. - The company is actively involved in large-scale hydrogen energy projects and is a leader in hydrogen storage and transportation equipment [3]. Other Segments - 中集环科 successfully spun off and listed on the STAR Market, reporting a revenue of 4.41 billion yuan, down 15.8% due to normalized demand for standard containers [3]. - The liquid food segment reported a revenue of 4.29 billion yuan, an 18.6% increase, although its gross margin faced slight pressure [3].

Investment Rating - The report assigns a "Buy" rating for the company [1]. Core Views - The company is a leader in clean energy, chemicals, and food equipment industries, with continuous improvement in performance. The company has established a solid platform through stock incentives and spin-off listings, entering a harvest period with improving profitability [3][5]. - The LNG industry is experiencing significant expansion and structural resonance, with a projected 1-1.5 times growth in natural gas demand over the next 10-15 years. The global low-cost natural gas production capacity is expected to expand significantly in the next 2-3 years, driving high growth in related storage, liquefaction, and receiving equipment [3][5]. - The company has a comprehensive equipment layout in the LNG sector and is seeing high growth in new orders. The hydrogen energy market has vast development potential, with a 56% year-on-year increase in hydrogen energy orders as of Q3 2023 [3][5]. - The chemical environment and liquid food sectors are stable cash cows, with a strong market share in chemical tanks and sufficient orders in the liquid food business, indicating steady growth [3][5]. - The company is expected to achieve net profits of 1.114 billion, 1.317 billion, and 1.672 billion RMB for 2023-2025, respectively. Based on comparable company valuations, a PE ratio of 15x for 2024 is suggested, leading to a reasonable value of 8.57 HKD per share [3][5]. Summary by Sections Company Overview - The company has become a leader in clean energy, chemicals, and liquid food equipment after 20 years of steady development. It ranks first in China for low-temperature and high-pressure gas transportation equipment and has a leading position in the global small and medium-sized liquefied gas ship market [13][15]. - The management team is experienced, with a stable shareholding structure and effective incentive systems in place, including stock options for key personnel [17][19]. LNG Industry - The natural gas sector is poised for significant growth, with structural changes in supply and a surge in maritime LNG demand due to geopolitical factors [3][5]. - The company is well-positioned to benefit from the expansion of LNG production capacity and the increasing demand for related equipment [3][5]. Clean Energy - The company has a comprehensive layout in LNG and is actively developing hydrogen energy solutions, with a notable increase in orders for hydrogen-related products [3][5]. - The company is a leader in the LNG refueling ship segment and is seeing robust growth in land-based equipment [3][5]. Chemical Environment & Liquid Food - The chemical environment and liquid food sectors are expected to maintain stable growth, with the company holding a significant market share in chemical tanks and a strong order book in the liquid food sector [3][5]. Profit Forecast and Investment Recommendations - The company is projected to see a steady increase in net profits over the next few years, supported by its strong market position and growth in key sectors [3][5].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 9.04, indicating a potential upside of 26.3% from the current price of HKD 7.16 [3][12]. Core Insights - The company's core profit for 2023 increased by 4.4% year-on-year to RMB 1.28 billion, surpassing market expectations by 5-8%. The clean energy segment was a significant growth driver, with revenues and gross profits rising by 41% and 44%, respectively [1][2]. - The report highlights that the clean energy segment is expected to maintain a robust growth trajectory, with a projected compound annual growth rate (CAGR) of 19% from 2023 to 2026. The order backlog for clean energy products has increased by 54% year-on-year to RMB 16.6 billion, covering 90% of the forecasted revenue for 2024 [1][2]. - The hydrogen energy segment is anticipated to grow by 42% in 2024, reaching approximately RMB 1 billion in revenue. However, the chemical segment is expected to see a slight decline of around 4% in revenue due to a high base effect from 2022 [1][2]. Financial Summary - Revenue for 2023 is reported at RMB 23.63 billion, reflecting a year-on-year growth of 20.5%. The net profit for the same period is RMB 1.11 billion, with earnings per share (EPS) of RMB 0.63, marking a 21.5% increase [3][6]. - The company’s projected revenue for 2024 is RMB 27.55 billion, with a net profit forecast of RMB 1.37 billion and an EPS of RMB 0.67. The report indicates a slight adjustment in EPS forecasts for 2024 and 2025, reflecting conservative gross margin expectations for the chemical and liquid food segments [2][3]. - The dividend payout ratio has increased from 41% in 2022 to 49% in 2023, with a 25% increase in the final dividend [1][2]. Segment Performance - The clean energy equipment segment is projected to generate revenues of RMB 14.91 billion in 2023, with a growth rate of 40.8%. The chemical equipment segment is expected to decline by 15.8% to RMB 4.41 billion [8][9]. - The liquid food equipment segment is forecasted to grow by 18.6% to RMB 4.29 billion in 2023 [8][9]. - The gross margin for the clean energy segment is expected to remain stable, while the chemical segment's gross margin is projected to decline slightly [8][9].

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong growth potential in LNG and hydrogen energy sectors, supported by favorable policies [2][4] Core Views - The company achieved steady revenue growth in 2023, with total revenue reaching RMB 23.63 billion, a 20.5% YoY increase, and net profit attributable to shareholders growing 5.6% YoY to RMB 1.11 billion [2] - Despite a slight decline in gross margin to 15.7% (down 1.7 percentage points YoY), the company's operating cash flow remained strong at RMB 1.78 billion [2] - The company's new orders and backlog reached record highs, with new orders increasing 31.5% YoY to RMB 26.64 billion and backlog growing 29.8% YoY to RMB 22.8 billion [2] - The hydrogen energy business showed robust growth, with revenue surging 59.0% YoY to RMB 700 million, and backlog increasing 18.7% YoY to RMB 335 million [2] Financial Performance - The company's revenue is expected to grow steadily, with forecasts of RMB 27.65 billion, RMB 31.18 billion, and RMB 34.51 billion for 2024E, 2025E, and 2026E, respectively [3] - Net profit is projected to increase to RMB 1.42 billion, RMB 1.74 billion, and RMB 1.97 billion for 2024E, 2025E, and 2026E, respectively, with EPS of RMB 0.70, RMB 0.86, and RMB 0.97 [3] - ROE is expected to improve from 9.9% in 2023 to 11.6%, 13.0%, and 13.5% in 2024E, 2025E, and 2026E, respectively [3] Business Segments - The clean energy segment saw significant growth, with revenue increasing 40.8% YoY to RMB 14.91 billion, driven by strong demand for LNG and industrial gases [2] - The chemical environment segment revenue declined 15.8% YoY to RMB 4.41 billion due to a slowdown in global tank container demand [2] - The liquid food segment revenue grew 18.6% YoY to RMB 4.29 billion, supported by increased new orders [2] Hydrogen Energy Developments - The company made breakthroughs in hydrogen energy, including the successful launch of a coke oven gas-to-hydrogen and LNG co-production project [2] - It developed the first 40 cubic meter commercial liquid hydrogen tanker and a 40-foot liquid hydrogen tank, marking a milestone in national R&D projects [2] - The company completed the construction of a hydrogen cylinder and supply system production base and delivered Hong Kong's first skid-mounted hydrogen refueling station [2] Valuation Metrics - The company's P/E ratio is projected to decrease from 12.0 in 2023 to 9.5, 7.7, and 6.8 in 2024E, 2025E, and 2026E, respectively [3] - The P/B ratio is expected to decline from 1.2 in 2023 to 1.1, 1.0, and 0.9 in 2024E, 2025E, and 2026E, respectively [3]

Financial Performance - Total revenue for the year ended December 31, 2023, reached RMB 23,626,279 thousand, representing a 20.5% increase from RMB 19,601,761 thousand in 2022[2] - Net profit for the year was RMB 1,163,561 thousand, up 7.2% from RMB 1,084,938 thousand in the previous year[3] - Earnings attributable to equity holders increased by 5.6% to RMB 1,113,972 thousand, compared to RMB 1,055,062 thousand in 2022[3] - Core profit, excluding share-based payment expenses and convertible bond-related interest, rose by 4.4% to RMB 1,281,381 thousand from RMB 1,227,963 thousand[2] - Basic earnings per share increased by 4.9% to RMB 0.554, compared to RMB 0.528 in 2022[3] - The proposed final dividend per ordinary share is HKD 0.30, a 25.0% increase from HKD 0.24 in the previous year[2] - The company reported a total comprehensive income of RMB 1,164,305,000 for the year ended December 31, 2023, compared to RMB 1,113,972,000 in the previous year, representing a growth of approximately 4.5%[8] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 27,587,424 thousand, compared to RMB 22,214,474 thousand in 2022[5] - Cash and cash equivalents increased to RMB 6,998,191 thousand from RMB 5,223,453 thousand in the previous year[5] - Non-current liabilities decreased significantly to RMB 1,196,519 thousand from RMB 2,151,231 thousand in 2022[5] - Total current liabilities increased to RMB 14,017,261 thousand in 2023, up from RMB 10,535,736 thousand in 2022, representing a growth of 32.3%[6] - Total liabilities rose to RMB 15,213,780 thousand in 2023, compared to RMB 12,686,967 thousand in 2022, marking an increase of 19.9%[6] - Net assets increased significantly to RMB 12,373,644 thousand in 2023, up from RMB 9,527,507 thousand in 2022, reflecting a growth of 30.7%[6] - The company's equity attributable to shareholders reached RMB 11,232,252 thousand in 2023, compared to RMB 9,141,767 thousand in 2022, indicating a rise of 23.0%[6] Revenue Breakdown - Total revenue from external customers for the clean energy segment reached RMB 14,907,121 thousand in 2023, up from RMB 10,591,120 thousand in 2022, marking an increase of 40.5%[31] - Sales of goods contributed RMB 14,752,277 thousand, up from RMB 12,832,262 thousand, reflecting a growth of 14.9%[14] - Engineering project contract revenue increased to RMB 8,874,002 thousand, compared to RMB 6,769,499 thousand, marking a growth of 31.1%[14] - The clean energy segment's revenue rose by 40.8% to RMB 14,907,121,000, accounting for 63.1% of total revenue, up from 54.0% in 2022[50] - The chemical environment segment's revenue decreased by 15.8% to RMB 4,414,336,000, representing 18.7% of total revenue, down from 26.7% in 2022[51] - The liquid food segment's revenue increased by 18.6% to RMB 4,292,702,000, making up 18.2% of total revenue, slightly down from 18.5% in 2022[51] Expenses and Costs - Employee costs rose to RMB 2,168,545 thousand, up from RMB 2,051,266 thousand, representing a 5.7% increase[17] - Research and development expenses increased to RMB 690,440 thousand from RMB 557,968 thousand, a rise of 23.6%[18] - Financing costs increased by 16.2% to RMB 93,536,000 in 2023, up from RMB 80,470,000 in 2022, mainly due to an increase in loan amounts[54] - The company’s annual depreciation and amortization expenses were RMB 375,322 thousand in 2023, compared to RMB 349,601 thousand in 2022, an increase of 7.3%[31] Shareholder Information - The board recommends increasing the dividend payout ratio to approximately 50% for the year ending December 31, 2023, up from 40% in 2022[90] - The proposed final dividend for 2023 is HKD 0.30 per share, compared to HKD 0.24 per share in 2022, subject to shareholder approval at the annual general meeting[90] - A 10% corporate income tax will be withheld for non-resident corporate shareholders receiving the 2023 final dividend[93] Corporate Governance - The company has adhered to all corporate governance codes as per the Hong Kong Stock Exchange listing rules for the year ending December 31, 2023[95] - The audit committee reviewed the group's annual performance and consolidated financial statements for the year ending December 31, 2023[96] - The independent auditor confirmed that the figures listed in the performance announcement for the year ending December 31, 2023, are consistent with the audited consolidated financial statements[97] - The company is committed to transparency and timely communication with shareholders regarding financial performance and governance matters[106] Strategic Initiatives - The company plans to adopt several revised accounting standards effective January 1, 2024, which are not expected to have a significant impact on the financial statements[10] - The company is focusing on geographic expansion opportunities through both organic growth and acquisitions[89] - The group aims to enhance capabilities in clean energy equipment manufacturing, engineering services, and integrated solutions related to hydrogen, green methanol, and green ammonia[85] - The group plans to actively expand projects for clean alternative fuel production, including hydrogen, LNG, and green methanol[86]

Financial Performance - Total revenue for the first half of 2023 reached RMB 10,756,489 thousand, representing a 20.2% increase compared to RMB 8,948,693 thousand in the same period of 2022[20]. - Gross profit increased by 24.5% to RMB 1,771,166 thousand, up from RMB 1,423,118 thousand year-on-year[20]. - EBITDA for the first half of 2023 was RMB 977,029 thousand, reflecting a growth of 21.9% from RMB 801,814 thousand in the previous year[20]. - Core profit rose by 17.7% to RMB 625,944 thousand, compared to RMB 531,831 thousand in the first half of 2022[20]. - The company reported a net profit attributable to equity holders of RMB 568,673 thousand, a significant increase of 29.4% from RMB 439,315 thousand year-on-year[20]. - Net profit for the period was RMB 570,032 thousand, a rise of 25.7% compared to RMB 453,619 thousand in the prior year[26]. - Basic earnings per share increased to RMB 0.283, up from RMB 0.219, reflecting a growth of 29.3%[25]. - The company reported a total comprehensive income of RMB 626,288 thousand for the period, compared to RMB 427,412 thousand in the previous year, an increase of 46.6%[26]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 23,584,562 thousand, up 6.2% from RMB 22,214,474 thousand at the end of 2022[19]. - Total liabilities increased to RMB 13,776,258 thousand from RMB 12,686,967 thousand, marking an increase of 8.6%[29]. - Net assets rose to RMB 9,808,304 thousand, up from RMB 9,527,507 thousand, reflecting a growth of 2.9%[29]. - The company's cash and cash equivalents decreased by 4.4% to RMB 4,993,951 thousand from RMB 5,223,453 thousand[19]. - The leverage ratio increased to 26.5%, up 5.5 percentage points from 21.0% at the end of 2022[19]. Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2023, was RMB 568,123 thousand, a decrease from RMB 1,580,454 thousand in the same period of 2022, representing a decline of approximately 64.0%[32]. - The net cash used in investing activities amounted to RMB 902,390 thousand, compared to RMB 215,241 thousand in the previous year, indicating a significant increase in investment outflows[32]. - The net cash generated from financing activities was RMB 100,927 thousand, a recovery from a net cash outflow of RMB 162,533 thousand in the same period of 2022[32]. Market and Growth Outlook - The company has set a future revenue guidance of RMB 1 billion for the second half of 2023, indicating a strong growth outlook[30]. - The company plans to expand its market presence in Southeast Asia, targeting a 20% increase in market share by the end of 2024[30]. - New product development initiatives are underway, with an investment of RMB 32,949 thousand allocated for R&D in the first half of 2023[30]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[50]. Segment Performance - The clean energy segment saw a revenue increase of 34.4% to RMB 6,293,551,000, contributing 58.5% of total revenue[102]. - The liquefied food segment's revenue increased by 17.3% to RMB 2,012,106,000, compared to RMB 1,714,941,000 in 2022[99]. - The chemical environment segment experienced a revenue decline of 3.9% to RMB 2,450,832,000 from RMB 2,550,409,000[99]. Research and Development - Research and development costs for the first half of 2023 were RMB 318,820,000, compared to RMB 217,949,000 in the same period of 2022, reflecting a 46% increase[57]. - Significant R&D achievements include the completion of the second-generation liquid helium tank, which has reached international leading standards and commenced mass sales[138]. - Ongoing R&D efforts focus on improving resource efficiency and developing sustainable solutions, including advanced distillation systems and automated brewing lines[149]. Corporate Governance - The financial report was approved for publication on August 23, 2023, and has been reviewed but not audited, ensuring transparency in financial reporting[33]. - The company has adhered to all corporate governance codes as per the Hong Kong Stock Exchange regulations during the reporting period[169]. - The board of directors consists of a mix of executive and independent non-executive directors, ensuring diverse governance[173].