FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中集安瑞科控股有限公司 呈交日期: 2025年11月5日 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03899 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,028,939,588 | | 0 | | 2,028,939,588 | | 增加 / 減少 (-) | | | 274,665 | | 0 | | | | 本月底結存 | | | 2,029,214,253 | | 0 | | 2,029,214,253 | 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 ...

Core Insights - The article highlights the net inflow and outflow of funds for various companies in the Hong Kong stock market, indicating significant movements in investor sentiment and market dynamics [1][2][3] Net Inflow Summary - The top three companies with the highest net inflow of funds are Huahong Semiconductor (华虹半导体) with 388 million, Pop Mart (泡泡玛特) with 320 million, and Qingdao Beer (青岛啤酒股份) with 305 million [1][2] - The net inflow percentages for these companies are 8.15%, 7.92%, and 58.54% respectively, indicating strong investor interest, particularly in Qingdao Beer [2][3] Net Outflow Summary - The companies with the highest net outflow of funds include Alibaba-W (阿里巴巴-W) with -523 million, Southern Hang Seng Technology (南方恒生科技) with -429 million, and Tencent Holdings (腾讯控股) with -355 million [1][2] - The net outflow percentages for these companies are -3.89%, -4.86%, and -3.36% respectively, reflecting a negative sentiment among investors towards these stocks [2][3] Net Inflow Ratio Summary - The companies with the highest net inflow ratios are Shenzhen Expressway (深圳高速公路股份) at 68.48%, Anhui Wanshan Expressway (安徽皖通高速公路) at 64.22%, and Legend Holdings (联想控股) at 59.98% [1][3] - These ratios suggest a strong demand for shares in these companies relative to their trading volume [3] Net Outflow Ratio Summary - The companies with the highest net outflow ratios are Huadian International Power (华电国际电力股份) at -62.31%, CIMC Enric (中集安瑞科) at -54.98%, and Connoisseur-B (康诺亚-B) at -52.78% [1][3] - These figures indicate significant selling pressure and a lack of confidence among investors in these stocks [3]

Core Viewpoint - The company has raised its FY25-27 net profit forecast for shareholders by 1.9%, 1.2%, and 2.1% respectively, and increased the target price from HKD 7.40 to HKD 8.60, reflecting a 10.4% upside potential based on an FY26 P/E ratio of 11.5 times, while also indicating a decrease in capital market risks [1] Group 1: Financial Performance - For the first three quarters of FY25, the net profit for shareholders increased by 12.2% year-on-year [2] - Total revenue and net profit for shareholders grew by 7.7% and 12.9% year-on-year to RMB 19.35 billion and RMB 770 million respectively [2] - Despite declines in the chemical and liquid food sectors, the clean energy sector saw a revenue increase of 19.4% year-on-year to RMB 15.04 billion, with the marine clean energy segment experiencing a significant growth of 64.4% to RMB 4.81 billion [2] Group 2: Order Growth - New orders in Q3 FY25 surged by 104.1% year-on-year to RMB 8.91 billion, with the clean energy sector orders rising by 147.7% to RMB 8.03 billion [3] - Notable contracts include the construction of dual-fuel LPG/ammonia transport vessels and LNG bunkering vessels with various international partners [3] - As of September 30, the total order backlog reached RMB 30.76 billion, a 10.9% increase year-on-year, with the clean energy segment accounting for RMB 27.34 billion, up 23.6% year-on-year [3] Group 3: Project Developments - The Guangdong Zhanjiang green methanol project, with an annual capacity of 50,000 tons, is set to commence production in Q4 FY25 to meet the demand for green fuel in shipping [4] - Despite a delay in the International Maritime Organization's decision on the net-zero emissions framework, the trend towards green fuel usage remains unchanged [4] - Global demand for marine methanol is projected to be between 1 million to 2 million tons this year, surpassing the global production capacity of 720,000 tons [4]

Core Viewpoint - The report from Zhongtai International indicates an upward revision of the company's net profit forecasts for FY25-27 by 1.9%, 1.2%, and 2.1% respectively, and raises the target price from HKD 7.40 to HKD 8.60, reflecting a 10.4% upside potential and a PE ratio of 11.5 times for FY26, while upgrading the rating from "Neutral" to "Buy" [1] Financial Performance - For the first three quarters of FY25, the company's net profit increased by 12.2% year-on-year, with total revenue and net profit reaching RMB 19.35 billion and RMB 770 million respectively, representing year-on-year growth of 7.7% and 12.9% [1] - Despite declines in revenue from the chemical environmental protection and liquid food sectors by 28.2% and 13.9% to RMB 1.57 billion and RMB 2.74 billion respectively, the clean energy sector saw a revenue increase of 19.4% to RMB 15.04 billion, with the offshore clean energy segment growing by 64.4% to RMB 4.81 billion [1] New Orders - In Q3 FY25, the company experienced a significant increase in new orders, with a total amount of RMB 8.91 billion, representing a year-on-year growth of 104.1%, and the clean energy sector alone saw a 147.7% increase to RMB 8.03 billion [2] - Notable contracts include the construction of 2+2 ammonia dual-fuel medium LPG/ammonia transport vessels with Norway's Amon Gas, and 2 LNG bunkering vessels with Singapore's Purus [2] - As of September 30, the total backlog of orders reached RMB 30.76 billion, a year-on-year increase of 10.9%, with the clean energy sector accounting for RMB 27.34 billion, up 23.6% [2] Project Developments - The Guangdong Zhanjiang green methanol project, with an annual capacity of 50,000 tons, is set to commence production in Q4 FY25 to meet the demand for green fuel in shipping [3] - Despite a delay in the International Maritime Organization's decision on the net-zero emissions framework, the trend towards green fuel usage remains unchanged, with global demand for marine methanol projected between 1 million to 2 million tons, exceeding the current global production capacity of 720,000 tons [3]

Core Viewpoint - The company is a leading player in clean energy equipment manufacturing, focusing on the natural gas, hydrogen, and green methanol sectors, with significant growth in revenue and profit projections for the coming years [1][2][3] Group 1: Financial Performance - The company's revenue has grown rapidly from 12.29 billion in 2020 to an estimated 24.76 billion in 2024, with a CAGR of 19% [1] - The net profit attributable to shareholders for 2022, 2023, and 2024 is projected to be 1.055 billion, 1.114 billion, and 1.095 billion respectively, with a net profit of 562 million in the first half of 2025, reflecting a year-on-year increase of 15.6% [1] - The overall gross margin has improved from 14.3% in 2024 to 14.5% in the first half of 2025 [1] Group 2: Industry Trends - There is a simultaneous increase in natural gas consumption and transportation demand, with a strong order flow for LNG bunkering vessels, highlighting the role of natural gas in energy transition [1] - Global natural gas consumption continues to grow, particularly in Europe and North America, with LNG fleet expansion driving fuel demand [1] - The company is well-positioned in the natural gas industry chain, maintaining a leading global market share in LNG bunkering vessels, with new orders exceeding 8 billion RMB by the end of Q3 2025 [1] Group 3: Emerging Fields - The company has established a comprehensive presence in the hydrogen energy sector since 2006, offering a full range of solutions for hydrogen storage, transportation, and application [2] - Green methanol is emerging as a key direction for global energy transition, with the company covering the entire green methanol industry chain, and its comprehensive service project expected to commence production in Q4 2025 [2] - The company is advancing high-value utilization projects for coke oven gas, with significant investments in projects at Ansteel, Lingsteel, and Shougang, aiming for a combined capacity of 200,000 tons of hydrogen and 1 million tons of LNG by 2027 [2] Group 4: Global Operations - The liquid food industry is rapidly developing, with the company focusing on "turnkey project" solutions and maintaining a strong global operational capability [3] - The company has successfully established overseas operations, with a greenfield factory in Mexico set to commence production in January 2025 [3] - Profit forecasts for 2025, 2026, and 2027 are projected at 1.253 billion, 1.498 billion, and 1.737 billion respectively, with an EPS of 0.62, 0.74, and 0.86 [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 8.40, reflecting a 7.8% potential upside from the current price of HKD 7.79 [10]. Core Insights - The company's revenue for the first three quarters of 2025 increased by 7.7% year-on-year to RMB 19.35 billion, while net profit rose by 12.9% to RMB 770 million, driven by strong performance in clean energy products [1]. - The clean energy segment saw a remarkable revenue growth of 19% year-on-year, contributing RMB 15 billion, with a significant 52% increase in offshore clean energy revenue [1]. - The chemical and liquid food segments experienced a decline in revenue, with the chemical segment's revenue dropping by 48% year-on-year in Q3, primarily due to trade uncertainties [1]. - New orders in the clean energy sector have shown improvement, with a 10.9% year-on-year increase in backlog orders, largely driven by a 23.6% growth in clean energy orders [1][2]. - The report suggests that the company's profit structure is expected to stabilize further by 2026, despite ongoing challenges in the chemical and liquid food segments [1]. Summary by Sections Revenue and Profit Performance - For the first three quarters of 2025, the company reported a revenue of RMB 19.35 billion, a 7.7% increase year-on-year, and a net profit of RMB 770 million, up 12.9% [1]. - The clean energy business contributed significantly, with a revenue increase of 19% to RMB 15 billion, and a quarterly revenue growth of 14.6% in Q3 [1]. Segment Analysis - The chemical segment's revenue in Q3 fell by 48% year-on-year, while the liquid food segment's revenue decreased by 14% year-on-year, indicating a reduced impact on overall company performance [1]. - The combined revenue share of the chemical and liquid food segments has decreased to 23%, reflecting a diminishing influence on the company's overall earnings [1]. Order and Backlog Trends - The total new orders signed in the first three quarters decreased by 5% year-on-year to RMB 19.6 billion, showing significant improvement compared to a 35% decline in the first half of the year [1][2]. - The backlog of orders increased by 10.9% year-on-year to RMB 30.76 billion, with clean energy orders making up approximately 73% of the backlog [1][2].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 11 HKD, based on a 14x PE for 2026 [6]. Core Insights - The company is a leading player in clean energy equipment, benefiting from the energy transition, with a focus on natural gas and hydrogen-methanol development [1][3]. - The company has shown rapid revenue growth, with a CAGR of 19% from 2020 to 2024, and a projected revenue of 247.6 billion RMB in 2024 [1][28]. - The company maintains a strong market position in the LNG transportation and refueling sector, with over 80 billion RMB in new orders signed by Q3 2025 [2][66]. Summary by Sections 1. Clean Energy Equipment Leader - The company, a subsidiary of CIMC Group, specializes in providing key equipment and engineering services for clean energy, chemical environment, and liquid food industries [15][19]. - It has a comprehensive layout across three core business areas: clean energy, chemical environment, and liquid food, establishing itself as a key equipment manufacturer and integrated service provider [20][24]. 2. Clean Energy: Natural Gas Demand and Hydrogen & Green Methanol Potential - Global natural gas consumption is steadily increasing, with significant growth expected in Europe and North America [44][45]. - The company has a leading position in the LNG transportation and refueling market, with a strong order book and a focus on integrated solutions [57][62]. - Hydrogen energy is gaining traction, with the company being the first in China to offer a full range of liquid hydrogen solutions [69][77]. 3. Chemical Environment - The company is the largest manufacturer of tank containers globally, with a comprehensive service chain [20][24]. - It is actively seeking new growth areas as demand for chemical containers faces pressure [36]. 4. Rapid Development in Liquid Food Industry - The global liquid food industry is expanding rapidly, with the company focusing on turnkey project solutions and maintaining a strong global presence [5][36]. 5. Profit Forecast and Valuation - The company is projected to achieve net profits of 12.53 billion RMB, 14.98 billion RMB, and 17.37 billion RMB for the years 2025, 2026, and 2027 respectively [6][28].

Core Viewpoint - Southwest Securities maintains a "Buy" rating for CIMC Enric (03899), projecting EPS of 0.63/0.76/0.86 yuan for 2025-2027, highlighting growth in marine clean energy and stable land clean energy, with significant potential in hydrogen energy development [1] Group 1: Financial Performance - For the first three quarters of 2025, the company reported a revenue increase of 7.7% year-on-year to approximately 19.35 billion yuan, with net profit attributable to shareholders growing by 12.9% to 770 million yuan [1] - Clean energy revenue accounted for 77.7% of total revenue, while liquid food and chemical environment revenues made up 14.2% and 8.1%, respectively [1] Group 2: Business Segments - In Q3, the company delivered 5 vessels, with marine clean energy business revenue soaring by 51.7% year-on-year to about 1.747 billion yuan, and total vessel deliveries reaching 14 by September 30, 2025 [2] - New orders for marine clean energy amounted to approximately 8.646 billion yuan, a 16.2% increase year-on-year, with a record backlog of 19.953 billion yuan, up 39.5% [2] - The clean energy segment's revenue grew by 19.4% year-on-year to around 15.04 billion yuan, driven by the recovery in domestic natural gas consumption [2] Group 3: Challenges and Market Conditions - The liquid food segment experienced a revenue decline of 13.9% year-on-year to 2.738 billion yuan due to macroeconomic uncertainties stemming from U.S. tariff policies [3] - The chemical environment segment saw a revenue drop of 28.2% to 1.573 billion yuan, impacted by a challenging global economic landscape and increased market competition [3] - Despite challenges, the chemical environment segment maintained its leading global market share in tank containers and is actively pursuing new growth opportunities in high-end medical device components [3]

Core Viewpoint - The announcement from 中集安瑞科 indicates a positive financial performance for the first three quarters of 2025, with notable increases in both revenue and net profit [1] Financial Performance - The group's revenue for the first three quarters of 2025 increased by 7.7% year-on-year, reaching approximately RMB 19.35 billion [1] - The net profit attributable to the parent company reached RMB 770 million, reflecting a year-on-year growth of 12.9% [1]

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。 茲 提 述 中 集 安 瑞 科 控 股 有 限 公 司（「本公司」）日 期 同 為2025年10月2日的股東特別大會 通 告（「股東特別大會通告」）及 通 函（「該通函」）。除 另 有 說 明 外，本 公 告 所 用 詞 彙 與 該 通函所界定者具有相同涵義。 股東特別大會投票表決結果 本公司欣然公佈，於股東特別大會上就金融服務框架協議(2025)、其項下擬進行的存 款 服 務 及 建 議 存 款 年 度 上 限 而 提 呈 之 普 通 決 議 案（「該決議案」）的 投 票 表 決 結 果 如 下： | | | | | 普通決議案 | | | | | （附註1） | | | | | 票 （附註2） | 數 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...