Group 1: Company Overview and Culture - The core values of the company are "customer-centric, based on strivers, self-criticism, and striving for first place" [3] - The company emphasizes the importance of a healthy corporate culture as a key driver of competitive advantage [3] - Leadership at all levels exemplifies the company's culture, which is crucial for its effective implementation [3] Group 2: International Business Development - The company has successfully expanded its international strategy, with operations in over 70 countries and regions [4] - The revenue from overseas business is continuously increasing, reflecting the effectiveness of the company's global strategy [4] - The company focuses on high-end equipment demand through engineering orders, enhancing brand recognition and market share [4] Group 3: Natural Gas Industry Outlook - The restructuring of the global natural gas supply landscape presents significant market opportunities [5][6] - Natural gas is increasingly recognized as a strategic bridge in the global energy transition, with rising demand for its development [5][6] Group 4: Order Fulfillment and Capacity Expansion - The company has seen rapid growth in natural gas-related orders and is proactively managing production and delivery schedules [7] - Key components are being pre-stocked to ensure timely order fulfillment, with an increase in prepaid accounts and inventory compared to the beginning of the year [7] - The company is expanding capacity through various means, including leasing facilities and enhancing talent recruitment [7] Group 5: Natural Gas Equipment Business Advantages - The company has established a comprehensive solution capability across the entire natural gas industry chain [8] - It maintains a strong focus on innovation and product quality, supported by various quality management certifications [8] - A robust service network ensures quick responses to customer needs, enhancing after-sales support [8] Group 6: Power Generation Business Development - The company has formed a new subsidiary to advance its power generation business, offering various gas turbine solutions [10] - It has successfully implemented equipment sales and power generation services in both domestic and international markets [10] - New orders for gas turbine services have been secured, with ongoing discussions to expand applications and secure additional contracts [10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [5][8]. Core Insights - The company reported a revenue of 10.421 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 29.49%. The net profit attributable to shareholders reached 1.808 billion yuan, up 13.11% year-on-year [1]. - The third quarter alone saw revenues of 3.519 billion yuan, a 13.9% increase compared to the same period last year, with a net profit of 567 million yuan, reflecting an 11.11% year-on-year growth [1][2]. - The company has successfully expanded its overseas market presence, securing a significant contract worth approximately 6.126 billion yuan with the Algerian National Oil Company [4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 31.29%, a decrease of 3.73 percentage points year-on-year. The R&D expenses amounted to 362 million yuan, marking a 13.76% increase [3]. - The company’s prepayments increased by 108.78% compared to the beginning of the year, primarily due to the payment progress for key component purchases [2]. Market and Business Development - The oil and gas sector experienced fluctuations in 2025, but the demand for natural gas as a strategic transition bridge has grown rapidly, presenting opportunities for the company [4]. - The company is focused on technological innovation, having launched the Pangu series plunger pump, which is the world's first plunger pump with a lifetime warranty on the power end, significantly enhancing product competitiveness [4]. Future Outlook - The company is expected to achieve revenues of 16.003 billion yuan, 18.400 billion yuan, and 21.092 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 3.065 billion yuan, 3.603 billion yuan, and 4.171 billion yuan for the same years [5][7].

山东鑫福来源律师事务所 山东鑫福来源律师事务所 关于烟台杰瑞石油服务集团股份有限公司 2025 年第一次临时股东会的 法律意见书 地址：烟台市莱山区观海路 119 号 2 楼 邮编：264003 山东鑫福来源律师事务所 山东鑫福来源律师事务所 关于烟台杰瑞石油服务集团股份有限公司 2025 年第一次临时股东会的法律意见书 致：烟台杰瑞石油服务集团股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公 司治理准则》、《深圳证券交易所股票上市规则》等我国现行法律、 行政法规、部门规章、规范性文件（以下简称法律、法规）的规定， 以及根据《烟台杰瑞石油服务集团股份有限公司章程》（以下简称 "《公司章程》"）等的规定，山东鑫福来源律师事务所（以下简称"本 所"）作为在中国取得律师执业资格的律师事务所，接受委托，指派 本所高强律师、滕晓峰律师就烟台杰瑞石油服务集团股份有限公司 (以下简称"公司")于 2025 年 10 月 30 日召开的 2025 年第一次临时 股东会（以下简称"本次股东会"）的召集、召开程序、出席本次股 东会人员及召集人资格 ...

一、会议召开情况 证券代码：002353 证券简称：杰瑞股份 公告编号：2025-077 烟台杰瑞石油服务集团股份有限公司 2025 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 1、本次股东会无否决提案的情况； 2、本次股东会不涉及变更以往股东会已通过的决议。 1、召开时间： 现场会议时间：2025 年 10 月 30 日 下午 14:30 开始 网络投票时间：（1）通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 10 月 30 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；（2）通过深圳证券交易所 互联网投票系统进行网络投票的具体时间为 2025 年 10 月 30 日上午 9:15 至 2025 年 10 月 30 日下午 15:00 的任意时间。 2、召开地点：山东省烟台市莱山区杰瑞路 5 号公司会议室。 3、召开方式：现场投票表决和网络投票表决相结合。 4、会议召集人：公司董事会。 5、会议主持人：公司董事长李慧涛先生。 6、本次会议的召集、召开符合《公司法 ...

Core Viewpoint - Jerry Holdings has shown a significant stock price increase of 42.07% year-to-date, despite a slight decline in the recent trading period, indicating a volatile but generally positive market performance [2]. Financial Performance - For the period from January to September 2025, Jerry Holdings reported a revenue of 10.42 billion yuan, reflecting a year-on-year growth of 29.49%. The net profit attributable to shareholders was 1.808 billion yuan, marking a 13.11% increase compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 3.299 billion yuan, with 1.819 billion yuan distributed over the past three years [3]. Stock Market Activity - As of October 30, Jerry Holdings' stock price reached 51.36 yuan per share, with a market capitalization of 52.585 billion yuan. The stock experienced a trading volume of 1.40 billion yuan and a turnover rate of 0.40% [1]. - The stock has seen a net inflow of 11.4423 million yuan from major funds, with significant buying activity from large orders [1]. Shareholder Structure - As of October 20, 2025, the number of shareholders for Jerry Holdings increased to 23,100, with an average of 30,037 circulating shares per shareholder, a slight decrease of 1.08% [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 68.4299 million shares, an increase of 11.3162 million shares from the previous period [3].

Macro and Strategy - The macroeconomic analysis indicates a significant deviation between traditional GDP calculations and official figures, suggesting a structural transformation in the economy, moving away from traditional infrastructure and real estate investments [9][10] - The focus of future policies is expected to shift from "investment in objects" to "investment in people," emphasizing urban renewal and service industry development [10] Industry and Company Analysis - New Hope Liuhe (002001.SZ) reported a resilient performance with a 5.45% year-on-year increase in revenue to 16.642 billion yuan and a 33.37% increase in net profit to 5.321 billion yuan for the first three quarters of 2025 [20] - Cloud Map Holdings (002539.SZ) experienced a slight revenue decline of 4.73% in Q3, but the core business remains stable with a net profit of 1.64 billion yuan [23] - Kingfa Sci. & Tech. (600143.SH) achieved a 22.62% increase in revenue to 49.616 billion yuan and a 55.86% increase in net profit to 10.65 billion yuan for the first three quarters of 2025, driven by product structure optimization [26] - Aiwai Electronics (688798.SH) reported a 55% increase in net profit for the first three quarters, with a revenue of 2.176 billion yuan, reflecting strong performance in the consumer electronics sector [30] - The overall performance of the food industry, including companies like Sanquan Foods (002216.SZ) and Haitian Flavoring (603288.SH), shows a trend of revenue stabilization and cost control despite market challenges [8][30] Fixed Income Strategy - The convertible bond market is experiencing a significant increase in public fund holdings, with a total of 316.6 billion yuan, despite a decrease in overall market size [12][13] - The strategy suggests a focus on sectors like lithium batteries, semiconductors, and pharmaceuticals for potential high returns, while advising caution in financial and consumer sectors [11][12] Commodity Market Insights - The gold market is witnessing a pivotal moment as prices approach 4400 USD/oz, indicating a challenge to the dollar's dominance and a potential shift in global reserve currency dynamics [18][19] - The fertilizer market, particularly for compound fertilizers, remains stable, although sales have been impacted by extreme weather conditions [24][25]

Group 1 - The core viewpoint of the news is that the National Petroleum and Natural Gas Index (399439) has shown a strong increase of 1.00%, driven by significant gains in constituent stocks such as Lanstone Heavy Industry (603169) up 9.98%, and China Merchants Energy Shipping (601872) up 7.81% [1] - The U.S. Energy Information Administration (EIA) reported a decrease in crude oil inventories by 6.86 million barrels last week, exceeding expectations, which contributed to the rise in oil prices [1] - Zhongyou Securities indicated that if there is a future premium on crude oil due to regional situations, it would benefit upstream assets, while improvements in demand and supply could favor midstream refining [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the National Petroleum and Natural Gas Index (399439) include China National Petroleum (601857), China Petroleum & Chemical (600028), and China National Offshore Oil (600938), collectively accounting for 64.68% of the index [2] - The Oil and Gas ETF (159697) closely tracks the National Petroleum and Natural Gas Index, reflecting the price changes of publicly listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges [1]

Core Insights - The article highlights the significant role of leading mechanical equipment manufacturers listed on the Shenzhen Stock Exchange in driving innovation and meeting market demands in high-end machinery manufacturing, particularly in large-scale engineering projects both domestically and globally [1][2]. Industry Performance - The mechanical industry in China has shown robust growth, with a reported increase of 8.7% in the added value of large-scale mechanical industries in the first three quarters of 2025, outperforming the national industrial growth rate by 2.5 percentage points [3]. - 68% of monitored mechanical products experienced year-on-year production growth, with notable increases in the production of automobiles, solar cells, and excavators, all exceeding 10% [3]. Company Innovations and Strategies - Companies like Zoomlion Heavy Industry Science and Technology Co., Ltd. and XCMG Group focus on technological breakthroughs and customized equipment development to meet specific project needs, such as high-altitude and challenging geological conditions in the Yarlung Tsangpo River hydropower project [1][3]. - Jerry Oilfield Services Group has invested over 2 billion yuan in R&D over the past five years, achieving leading market shares in various oil and gas development equipment sectors [3]. Global Expansion Efforts - Leading companies are actively integrating into global supply chains by establishing localized service networks and participating in international standard-setting, with Zoomlion reporting a compound annual growth rate of 62% in overseas revenue over the past three years [4]. - By the end of 2024, Zoomlion's overseas revenue is expected to exceed 23.38 billion yuan, with over 400 service points established globally [4]. Supportive Environment - The growth of these companies is supported by a collaborative framework involving government policies, capital market empowerment, and sustained R&D investments [5][6]. - The Ministry of Industry and Information Technology has outlined a plan for the mechanical industry to maintain steady growth, targeting an annual revenue increase of approximately 3.5% and a revenue goal exceeding 10 trillion yuan by 2026 [6]. R&D and Technological Leadership - Continuous high-intensity R&D investment is crucial for maintaining technological leadership, with Zoomlion achieving significant accolades and holding the highest number of effective patents in the industry [7]. - Over the past five years, Zoomlion's average annual R&D investment intensity has exceeded 7%, with a reported R&D expenditure of 1.694 billion yuan in the first half of 2025, accounting for 6.82% of its revenue [7].

Core Insights - The article highlights the significant role of leading mechanical equipment manufacturers in the Shenzhen Stock Exchange in driving innovation and meeting market demands in high-end machinery manufacturing [1][2][8] Group 1: Company Developments - Zoomlion Heavy Industry Science and Technology Co., Ltd. has made breakthroughs in 4000-ton level crane technology and established the largest and most comprehensive intelligent construction machinery industrial base globally, known as "Zoomlion Smart Industrial City" [1] - XCMG Group focuses on developing equipment for extreme working conditions, specifically tailored for the high-altitude and challenging geological environment of the Yarlung Tsangpo River downstream hydropower project [1] - Yantai Jereh Petroleum Service Group has been continuously innovating core equipment for shale gas extraction to meet national energy security needs [1][3] Group 2: Industry Growth - The mechanical industry in China has shown robust growth, with a reported 8.7% year-on-year increase in value added for large-scale mechanical industries in the first three quarters of 2025, outperforming the national industrial growth rate by 2.5 percentage points [3] - 68% of monitored mechanical products have seen a year-on-year increase in cumulative output, with significant growth in automotive, solar cells, and excavators, all exceeding 10% [3] Group 3: International Expansion - Companies are actively integrating into the global supply chain by conducting market research, establishing localized service networks, and participating in international standard-setting [4] - Zoomlion's overseas revenue has seen a compound annual growth rate of 62% over the past three years, with foreign income expected to exceed 51% of total revenue by the end of 2024, amounting to 23.38 billion yuan [4] Group 4: Support Mechanisms - The growth of leading mechanical equipment manufacturers is supported by a collaborative effect of policies, capital, and research and development [6][8] - The Chinese government has implemented various supportive policies, including subsidies and tax incentives for technology projects, to create a favorable environment for industry growth [6] - Continuous high-intensity R&D investment is crucial for maintaining technological leadership and market expansion, with companies like Zoomlion investing over 1.694 billion yuan in R&D in the first half of 2025, representing 6.82% of their revenue [7][8]

Core Insights - The article highlights the significant role of leading mechanical equipment manufacturers in Shenzhen Stock Exchange in driving innovation and meeting market demands in high-end machinery manufacturing [1][2] Group 1: Company Developments - Zoomlion Heavy Industry Science and Technology Co., Ltd. has made breakthroughs in 4000-ton level crane technology and established the largest and most comprehensive engineering machinery intelligent industrial base, "Zoomlion Smart Industrial City" [1] - XCMG Group focuses on developing equipment for extreme conditions, customizing tunnel excavation equipment for the Yarlung Tsangpo River hydropower project [1] - Yantai Jereh Petroleum Service Group is addressing national energy security needs by advancing core equipment for shale gas extraction [1] Group 2: Market Performance - The mechanical industry in China has shown robust growth, with a 8.7% year-on-year increase in value added for large-scale mechanical industries in the first three quarters of 2025, outperforming the national industrial growth rate by 2.5 percentage points [3] - 68% of monitored mechanical products have seen a year-on-year increase in cumulative output, with significant growth in automotive, solar cells, and excavators, all exceeding 10% [3] Group 3: International Expansion - Companies are strategically integrating into global supply chains by researching target market demands, establishing localized service networks, and participating in international standard-setting [4] - Zoomlion's overseas revenue has seen a compound annual growth rate of 62% over the past three years, with foreign income expected to exceed 51% of total revenue by the end of 2024, amounting to 23.38 billion [4] Group 4: Support Mechanisms - The growth of leading mechanical equipment manufacturers is supported by a collaborative effect of policies, capital, and research and development [5][6] - The Chinese government has implemented various supportive measures, including subsidies and tax incentives for technology projects, to create a favorable environment for industry growth [6] - Continuous high-intensity R&D investment is crucial for maintaining technological leadership and market resilience, with Zoomlion's R&D investment exceeding 1.694 billion in the first half of 2025, representing 6.82% of its revenue [7]