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之內容概不負責，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。 本公告僅作資訊用途，並非於美國或任何其他司法權區出售或收購證券的邀請或要約或 要約購買證券的招攬，未根據任何該等司法權區的證券法登記或獲批准而於上述司法權 區進行的相關邀請、要約、收購、招攬或出售均屬違法。本公告或其任何內容概不構成 任何合約或承諾的基礎。 完成根據一般授權配售新股份 整體協調人及獨家配售代理 董事會欣然宣佈，配售事項的所有條件均已達成，且配售事項已於2026 年1月27日完成。配售代理已根據配售協議的條款及條件，按每股配售股 份9.79港元的配售價成功向不少於六名承配人配售合共79,700,000股新股 份。 本公告及其任何副本不得帶入美國或於美國分發。本公告所述證券並無亦不會根據1933 年美國證券法（經修訂）或向美國任何州或其他司法權區的任何證券監管機構登記，且不 得於美國提呈發售或出售，惟獲得1933年美國證券法（經修訂）及適用州或地方證券法登 記規定的適用豁免，或屬不受1933 ...

Core Viewpoint - CIMC Enric (03899) has seen a significant stock price increase, attributed to breakthroughs in several innovative business areas, which are expected to support long-term growth and higher valuations [1] Group 1: Stock Performance - CIMC Enric's stock rose over 7% at one point, currently up 4.83% at HKD 11.28, with a trading volume of HKD 159 million [1] Group 2: Business Developments - Recent breakthroughs include the commissioning of Phase 1 of the green methanol project in Zhanjiang, Guangdong [1] - The revenue and orders for aerospace storage equipment are expected to exceed RMB 100 million by 2025 [1] - Investment in nuclear fusion energy is also highlighted as a key area of focus [1] Group 3: Analyst Insights - Despite the short-term profitability of these initiatives being limited, they are believed to contribute to the company's long-term growth [1] - The target price for CIMC Enric has been raised from HKD 8.60 to HKD 12.34, reflecting a 13.5% upside based on a 16.5 times FY26 price-to-earnings ratio [1] - The analyst maintains the FY25-27 net profit forecast for shareholders but may adjust it following future performance updates [1]

每经AI快讯，中集安瑞科(03899.HK)一度涨超7%，截至发稿，涨4.83%，报11.28港元，成交额1.59亿港 元。 （文章来源：每日经济新闻） ...

Core Viewpoint - The stock of CIMC Enric (03899) experienced a significant increase, rising over 7% at one point and closing up 4.83% at HKD 11.28, with a trading volume of HKD 159 million [1] Group 1: Business Developments - CIMC Enric has made breakthroughs in several innovative businesses, including the commissioning of Phase I of the green methanol project in Zhanjiang, Guangdong [1] - The company anticipates revenue and orders exceeding RMB 100 million for aerospace storage equipment by 2025, along with investments in nuclear fusion energy [1] Group 2: Financial Outlook - Despite the expectation that these innovative businesses will have limited short-term profit contributions, they are believed to support the company's long-term growth and justify a higher valuation [1] - The target price for CIMC Enric has been raised from HKD 8.60 to HKD 12.34, reflecting a 16.5 times FY26 price-to-earnings ratio and a potential upside of 13.5% [1] - The firm maintains its net profit forecasts for shareholders for FY25-27 but does not rule out the possibility of upward adjustments following future performance or related announcements [1]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].

Core Viewpoint - The successful completion of the first methanol bunkering operation by China's first dual-fuel methanol bunkering vessel marks a significant step in establishing a green methanol industry chain, contributing to the decarbonization of the domestic shipping industry [1] Group 1: Industry Developments - The first dual-fuel methanol bunkering vessel, "Daqing 268," has a deadweight of 7,500 tons and significantly reduces carbon emissions from ships, representing a breakthrough in green fuel bunkering equipment in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - The green methanol supplied for this operation comes from CIMC Anrui's first large-scale biomass methanol project in Zhanjiang, Guangdong, with an initial annual production capacity of 50,000 tons and a planned capacity of 200,000 tons [2] - The project boasts a greenhouse gas (GHG) reduction rate of over 85% throughout its lifecycle and has received EU ISCC EU certification, ensuring a complete carbon traceability from raw materials to products [2] Group 2: Strategic Collaborations - CIMC Anrui has established a strategic partnership with Huaguang Shipping Co., focusing on the application, bunkering, and logistics services of green methanol, enhancing the commercialization of the green methanol industry chain [4] - The collaboration aims to create a full-scenario demonstration of green methanol applications in the Greater Bay Area, with CIMC Anrui supplying certified green methanol and Huaguang Shipping managing market promotion and fuel delivery [4] Group 3: Infrastructure and Logistics - CIMC Anrui has developed a 30,000 m³ methanol product tank and dedicated loading and unloading berths at Zhanjiang Port, creating a one-hour closed-loop system for production, storage, and transportation [3] - This infrastructure supports a "same-day delivery" network for vessel bunkering in the Greater Bay Area and serves as a key point for exporting green methanol to international ports such as Hong Kong and Singapore, significantly reducing the carbon footprint of fuel transportation [3]

Core Viewpoint - The successful completion of the first methanol bunkering operation by China's first dual-fuel methanol bunkering vessel marks a significant milestone in the development of a green methanol supply chain and the decarbonization of the domestic shipping industry [1] Group 1: Industry Developments - The first dual-fuel methanol bunkering vessel, "Daqing 268," has a deadweight of 7,500 tons and features a dual-fuel power system that significantly reduces carbon emissions from ships [1] - The operation represents a breakthrough in the availability of green fuel bunkering equipment in the Guangdong-Hong Kong-Macao Greater Bay Area, providing green energy supplies for international vessels [1] - The Shenzhen Yantian District is advancing comprehensive reform pilot tasks, including the implementation of bonded fuel bunkering for international navigation vessels [1] Group 2: Supply Chain and Production - The green methanol supplied comes from CIMC Anwei's first large-scale biomass methanol project in Zhanjiang, Guangdong, with an initial annual production capacity of 50,000 tons and a planned capacity of 200,000 tons [2] - The project boasts a greenhouse gas (GHG) reduction rate of over 85% throughout its lifecycle and has received EU ISCC EU certification, ensuring a complete carbon traceability loop from raw materials to products [2] - CIMC Anwei has established a 30,000 cubic meter methanol storage tank and dedicated loading and unloading berths at Zhanjiang Port, creating a one-hour closed-loop system for production, storage, and transportation [2] Group 3: Strategic Partnerships - CIMC Anwei has signed a strategic cooperation agreement with Huaguang Shipping Co., focusing on the application, bunkering, and logistics services of green methanol [3] - The partnership aims to promote the commercialization of the green methanol supply chain, with CIMC Anwei supplying certified green methanol and Huaguang Shipping handling market promotion and fuel delivery [3] - The collaboration will demonstrate the application of green methanol across various scenarios in the Guangdong-Hong Kong-Macao Greater Bay Area [3]

中集安瑞科管理层解释，虽然合并口径下的现金状况与现金流看似充裕，但部分资金用途受限，尤其是 在化工业务分拆上市(中集环科（301559）(301559.SZ))之后。此外，清洁能源业务的一些营运现金流入 来自船舶客户的预付款，这些资金亦不能用于资本开支。因此，安瑞科需要依靠外部融资，以支持清洁 能源业务的资本开支。 花旗发布研报称，中集安瑞科(03899)公布配售最多共7,970万股新股，预估扩大后股本约3.77%，每股作 价9.79港元，净集资约7.74亿港元。花旗维持对中集安瑞科的"买入"评级，目标价12.5港元。 ...

Core Viewpoint - Citigroup has issued a report stating that China International Marine Containers (CIMC) Anrui Technology (03899) plans to issue up to 79.7 million new shares, which is expected to expand the share capital by approximately 3.77%, with a price of HKD 9.79 per share, raising about HKD 774 million in net funds [1] Group 1 - CIMC Anrui's management explained that although the cash position and cash flow appear sufficient on a consolidated basis, certain funding uses are restricted, especially after the spin-off of its chemical business (CIMC Huankai (301559.SZ)) [1] - The cash inflows from the clean energy business are partially derived from advance payments from shipping customers, which cannot be used for capital expenditures [1] - Therefore, CIMC Anrui needs to rely on external financing to support capital expenditures in its clean energy business [1]

Summary of Conference Call for 中集安瑞科 Company Overview - Company: 中集安瑞科 - Focus: Clean energy projects, including dry coke projects and green methanol production Key Points Capital Raising and Financials - The company conducted a new share placement at a price of HKD 9.79, representing a discount of 7.73% from the closing price on January 19 [2][4] - The placement raised approximately USD 100 million, accounting for 3.92% of the previously issued share capital [4] - The funds will be allocated equally between clean energy capital expenditures and general corporate purposes, including repaying bank loans and meeting working capital needs [2][5] Clean Energy Projects - Major investments are focused on clean energy, including operational and under-construction dry coke projects, and the green methanol phase II project expected to commence production in 2027 with an estimated total investment of RMB 1.8 to 1.9 billion [2][6] - The company has already implemented four dry coke projects, with two operational and one under construction [5] Future Capital Expenditure Plans - Projected capital expenditures for 2025 are approximately RMB 1 billion, with 2026 expenditures expected to range between RMB 800 million to 1.5 billion [2][7] - The expenditures will primarily support dry coke projects, green methanol phase II construction, and routine fixed asset upgrades [7] Financial Health and Debt Situation - As of June 30, 2025, the company had nearly RMB 7.8 billion in cash, but only RMB 3.8 billion is freely available due to restrictions on cash from subsidiaries [8] - The company has a working capital requirement of approximately RMB 3.6 billion, leading to a limited availability of liquid cash [8] - The debt-to-asset ratio stands at 57%, nearing the group's threshold of 60% [8] Specific Project Details - The fifth dry coke project, located in Indonesia, is the company's first overseas project with a designed capacity of 180,000 tons of LNG and 100,000 tons of methanol, with a total investment exceeding RMB 2 billion [9] - The project may be developed in two phases, with production expected within 1 to 1.5 years [9][10] Shareholder Returns and Dividends - The company’s dividend policy is not affected by cash availability, maintaining a 50% payout ratio for dividends [3][12] - Cash for dividends has been pre-planned, ensuring that distributions will not be impacted by cash flow constraints [12] Future Financing Needs - The company does not anticipate the need for additional financing, as cash flows from existing projects are expected to support future investments [13] - The operational cash flow is significantly higher than net profit, indicating strong financial health [13] Investor Interest - The recent share placement saw strong demand from sovereign funds, international long-term funds, and hedge funds, indicating robust investor confidence [14] Additional Insights - The company is strategically positioning itself in the clean energy sector, with a focus on sustainable projects that promise long-term returns [2][14] - The introduction of new partners in the green methanol phase II project may alter the equity structure compared to phase I, where the company held a 70% stake [11]