Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has shown steady revenue growth and improved profitability, with a revenue of 12.61 billion RMB in H1 2025, representing a year-on-year increase of 9.9%, and a net profit of 560 million RMB, up 15.6% year-on-year [1] - The clean energy segment is a key driver of growth, achieving a revenue of 9.63 billion RMB in H1 2025, a 22.2% increase year-on-year, supported by rising domestic environmental protection and energy-saving demands [2] - The company is actively developing its coke oven gas comprehensive utilization business and has a robust order book in its shipbuilding segment, with new shipbuilding orders amounting to 2.34 billion RMB in H1 2025 [3] Summary by Sections Financial Performance - In H1 2025, the company achieved a gross margin of 14.4%, an increase of 0.1 percentage points year-on-year, and a net margin of 4.6%, up 0.2 percentage points year-on-year [1] - The company’s new orders totaled 10.74 billion RMB in H1 2025, with significant contributions from the clean energy segment [2] Business Development - The company completed the delivery of its coke oven gas comprehensive utilization project in July 2025, which can produce 147,000 tons of LNG and 20,000 tons of hydrogen annually [3] - The company continues to lead in the global LNG bunkering vessel market, with a total of 6 orders for LNG transport and bunkering vessels [3] Earnings Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 1.29 billion RMB, 1.51 billion RMB, and 1.75 billion RMB respectively, with corresponding EPS of 0.63 RMB, 0.74 RMB, and 0.86 RMB [4][5] - The company’s revenue is projected to grow from 23.63 billion RMB in 2023 to 35.41 billion RMB in 2027, with a compound annual growth rate of approximately 15.3% from 2024 to 2025 [5][10]

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8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 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | 2,028,277,588 | | 0 | | 2,028,277,588 | | 增加 / 減少 (-) | | | 220,000 | | 0 | | | | 本月底結存 | | | 2,028,497,588 | | 0 | | 2,028,497,588 | 呈交日期: 2025年9月3日 I. 法定 ...

Core Viewpoint - The company's 1H25 performance met market expectations, with revenue of 12.614 billion yuan and a net profit of 562 million yuan, reflecting year-on-year increases of 9.86% and 15.6% respectively [1] Group 1: Financial Performance - The overall gross margin improved to 14.5%, up 0.2 percentage points year-on-year, driven by better margins in the clean energy and liquid food segments, offsetting declines in the chemical and environmental segments [1] - The net profit margin reached 4.5%, also up 0.2 percentage points year-on-year [1] - The backlog of orders stood at 29.18 billion yuan, remaining stable year-on-year [1] Group 2: Segment Performance - Clean energy segment showed strong revenue growth of 9.626 billion yuan, up 22.2% year-on-year, supported by increasing demand for LNG low-temperature transport vehicles and storage equipment [1] - The clean energy segment's gross margin was 12.7%, up 0.1 percentage points year-on-year, with a reported profit of 560 million yuan, a significant increase of 29.5% year-on-year [1] - New orders in the clean energy segment totaled 8.97 billion yuan, primarily from waterborne clean energy projects, with a backlog of 25.2 billion yuan, up 10% year-on-year [1] Group 3: Chemical and Liquid Food Segments - The chemical segment's revenue was 1.111 billion yuan, down 14.3% year-on-year, due to uncertainties in U.S. trade policy and geopolitical factors affecting demand [2] - The gross margin for the chemical segment decreased to 12.9%, down 2.8 percentage points year-on-year, attributed to lower capacity utilization [2] - The liquid food segment's revenue was 1.877 billion yuan, down 18.6% year-on-year, but the gross margin improved to 24.2%, up 5.1 percentage points year-on-year, due to the release of margins from completed projects [2] Group 4: Future Outlook - The company is optimistic about the continued delivery of clean energy equipment, maintaining a leading global market share in LNG transport and refueling vessels [2] - The successful delivery of the first coke oven gas to LNG and hydrogen project is expected to contribute positively to the company's performance [2] - Profit forecasts for 2025 and 2026 remain unchanged at 1.318 billion yuan and 1.504 billion yuan respectively, with a target price of 9.00 HKD, indicating a potential upside of 25.7% from the current stock price [2]

Core Viewpoint - The report from CMB International indicates that CIMC Enric's profit for the first half of the year increased by 15.6% year-on-year to 560 million yuan, which is in line with expectations [1] Financial Performance - CIMC Enric's order backlog remained flat year-on-year [1] - The company's clean energy new orders in the second quarter decreased by 31% year-on-year due to global trade uncertainties and a cautious attitude from customers [1] - The chemical and liquid food sectors also saw a year-on-year decline in new orders and backlog in the second quarter [1] Earnings Forecast - CMB International has revised down the company's core earnings forecasts for this year and next year by 5.8% and 5% respectively [1] - The expectation is that the company's core earnings will remain flat year-on-year for the entire year [1] Target Price and Rating - The target price for CIMC Enric has been raised to 8.4 HKD, with a rating of "Buy" [1]

Investment Rating - The report maintains a "Neutral" rating for the company with a target price raised from HKD 7.00 to HKD 7.40, reflecting a potential upside of 4.1% based on a target P/E ratio of 10.0 times FY26 earnings [4][7]. Core Insights - The company's FY25 interim results are broadly in line with expectations, with a 15.6% year-on-year increase in net profit attributable to shareholders, reaching RMB 560 million. This growth is attributed to a 9.9% increase in total revenue to RMB 12.61 billion, driven by a 22.2% increase in the clean energy segment [1][4]. - New order intake for H1 2025 decreased by 34.5% year-on-year to RMB 10.74 billion, with the clean energy segment seeing a 30.6% decline. However, the company anticipates a rebound in new orders in the second half of the year [2][4]. - The company is transitioning from a "key equipment + core process" service provider in clean energy to a "comprehensive service provider," which is expected to enhance sustainable profit growth [3]. Financial Summary - For FY25, the company forecasts a 3.3% reduction in net profit due to the decline in new orders, but anticipates continued cost control measures will lead to a 0.9% increase in FY26 profit projections. Additionally, FY27 projections have been introduced [4][6]. - Key financial metrics include: - Revenue growth rates: 20.5% in 2023, 4.8% in 2024, and projected 4.1% in 2025 [6][12]. - Net profit attributable to shareholders is projected to grow from RMB 1,114 million in 2023 to RMB 1,203 million in 2025, reflecting a 9.8% increase [6][12]. - The company maintains a healthy order backlog, with total orders slightly down by 0.6% year-on-year to RMB 29.18 billion as of June 30, 2026, while the clean energy segment's backlog grew by 9.9% [2][4].

Core Viewpoint - The report from CMB International indicates that CIMC Enric (03899) achieved a 15.6% year-on-year increase in profit to 560 million RMB in the first half of the year, meeting expectations [1] Group 1: Financial Performance - The company's profit for the first half of the year was 560 million RMB, reflecting a 15.6% increase compared to the previous year [1] - The overall order backlog remained flat year-on-year [1] Group 2: Order Trends - In the second quarter, new orders for clean energy dropped by 31% year-on-year due to global trade uncertainties and a cautious attitude from customers [1] - The chemical and liquid food sectors also saw a year-on-year decline in new orders and backlog in the second quarter [1] Group 3: Forecast and Recommendations - The firm has revised down its core profit forecasts for the company by 5.8% and 5% for this year and next year, respectively [1] - The expectation is that the full-year core profit will remain flat year-on-year [1] - The target price for the company has been raised to 8.4 HKD, with a rating of "Buy" [1]

Core Viewpoint - The report from CMB International indicates that CIMC Enric (03899) achieved a 15.6% year-on-year increase in profit to 560 million RMB in the first half of the year, which aligns with expectations [1] Financial Performance - The company's overall orders on hand remained flat year-on-year in the first half [1] - In the second quarter, new orders for clean energy dropped by 31% year-on-year due to global trade uncertainties and a cautious attitude from clients [1] - The chemical and liquid food sectors also saw a year-on-year decline in new orders and orders on hand in the second quarter [1] Earnings Forecast - CMB International has revised down the core earnings forecast for the company by 5.8% and 5% for this year and next year, respectively [1] - The expectation is that the full-year core earnings will remain flat year-on-year [1] Target Price and Rating - The target price for CIMC Enric has been raised to 8.4 HKD, with a rating of "Buy" [1]

Core Insights - UBS report indicates that CIMC Enric (03899) achieved a net profit growth of 15.6% year-on-year in the first half of the year, driven by the clean energy sector [1] - The company's revenue reached 12.6 billion RMB, reflecting a year-on-year increase of 9.9%, with a net profit of 562 million RMB, up 15.6% year-on-year [1] - The clean energy business continues to be the core growth engine, with revenue growth of 22.2% year-on-year [1] - The report notes that CIMC Enric's new orders signed in the second quarter showed a quarter-on-quarter improvement [1] - The target price has been raised from 9 HKD to 9.19 HKD, corresponding to a forecasted price-to-earnings ratio of 14 times for this year, maintaining a "Buy" rating [1] - Based on the performance in the first half of 2025, the earnings forecasts for 2025-2027 have been adjusted upward by 2-5% [1]

Core Viewpoint - UBS reports that CIMC Enric (03899) achieved a net profit growth of 15.6% year-on-year in the first half of the year, driven by the clean energy sector [1] Financial Performance - Revenue for the first half reached 12.6 billion RMB, representing a year-on-year increase of 9.9% [1] - Net profit amounted to 562 million RMB, reflecting a year-on-year growth of 15.6% [1] - The clean energy business continues to be the core growth engine, with revenue growth of 22.2% year-on-year [1] Market Outlook - The report indicates that CIMC Enric's new orders in the second quarter showed a quarter-on-quarter improvement [1] - UBS raised the target price from 9 HKD to 9.19 HKD, corresponding to a projected price-to-earnings ratio of 14 times for this year [1] - Based on the performance forecast for the first half of 2025, UBS has adjusted the profit forecast for 2025-2027 upwards by 2-5% [1]

Group 1 - The company announced the resignation of Mr. Yu Qun as a non-executive director and member of the Sustainability Committee effective from August 26, 2025 [1] - Mr. Wang Xiaoyan has been appointed as a non-executive director and member of the Sustainability Committee [1]