2025 年第二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； 证券代码：002353 证券简称：杰瑞股份 公告编号：2025-097 烟台杰瑞石油服务集团股份有限公司 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开情况 1、召开时间： 现场会议时间：2025 年 12 月 29 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 12 月 29 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 12 月 29 日上午 9:15 至 2025 年 12 月 29 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 ...

Group 1 - The core point of the article highlights the performance of the oil and gas ETF Huatai Fuhua (159309), which opened with a slight increase of 0.09% at 1.139 yuan [1] - The major holdings of the oil and gas ETF include companies such as Jereh, CNOOC, PetroChina, Sinopec, and others, with varying performance on the opening day [1] - The ETF's performance benchmark is the CSI Oil and Gas Resource Index return rate, managed by Huatai Fuhua Fund Management Co., Ltd., with a return of 13.88% since its establishment on May 31, 2024, and a return of 5.61% over the past month [1] Group 2 - Jereh shares opened down by 2.00%, while CNOOC and PetroChina saw declines of 0.39% and 0.10% respectively [1] - Sinopec remained unchanged, while other companies like China Merchants Energy and Intercontinental Oil & Gas showed slight increases [1] - The overall performance of the ETF reflects the mixed performance of its underlying assets in the oil and gas sector [1]

Summary of Key Points from Conference Call Records Industry Overview - The gas turbine market is expected to remain tight until 2029, with the order-to-supply ratio projected to increase from 5.15 in 2025 to 5.9 by 2027, indicating strong demand [1][2] - Major players like Siemens and GE are expected to sign a combined 74 GW of new orders in 2025, accounting for 60% of the global gas turbine market [1][2] - The total global order backlog is estimated to reach approximately 230 GW, significantly exceeding the 2025 production capacity of 45 GW [1][2] Demand Drivers - Demand in 2025 is primarily driven by AI data centers, non-AI replacements in the U.S., and global non-U.S. demand, totaling around 80 GW, with expectations to rise to 150 GW in 2026 [1][4] - The U.S. accounts for less than 40% of global demand, while regions like the Middle East, Central Asia, Russia, and Africa represent over 60% [1][4] Future Projections - By 2028, the global order backlog could reach 500 GW, with demand increasing to 190 GW, although production capacity is limited to 80-90 GW due to constraints in key components like turbine disks and high-temperature blades [1][4] Company Insights Jereh Corporation - Expected profit for 2025 is approximately 3 billion CNY, increasing to at least 3.3 billion CNY in 2026, corresponding to a market value of 60-70 billion CNY [1][9] - The gas turbine business is projected to be revised upwards to 400 MW, contributing 3.5 billion CNY in revenue and 700 million CNY in profit, potentially adding 20-30 billion CNY in market value [1][9] - The liquid cooling business may contribute an additional 10 billion CNY in market value, leading to an overall market value expectation of 100-110 billion CNY [1][9] Binlun Environment - Positioned among the top three in North America for liquid cooling equipment, with new orders expected to reach 1.6 billion CNY in 2025, a year-on-year increase of over 300% [3][10] - HRSG business revenue is projected at 1 billion CNY for 2025, with a target of 1.5 billion CNY for the following year [3][10] - Collaboration with Hyundai Heavy Industries to expand overseas markets indicates strong growth potential [3][10] Market Trends - The gas turbine market is anticipated to grow significantly due to increasing electricity demand, particularly driven by AI [6][7] - By 2030, AI is expected to contribute an additional 200 GW to U.S. electricity demand, a figure significantly higher than some reports suggest [7] Investment Opportunities - Companies such as Jereh, Haomai, Yingliu, Liande, Boyin, Wande, and Changbao are highlighted as potential investment opportunities due to their growth prospects [8] - Jereh and Binlun are expected to outperform market expectations, with Jereh's market value potentially reaching 100 billion CNY and Binlun at 30 billion CNY based on their business development and market conditions [5][15] Conclusion - The gas turbine market is poised for significant growth driven by technological advancements and increasing demand, particularly from AI applications. Companies like Jereh and Binlun are well-positioned to capitalize on these trends, presenting attractive investment opportunities.

Group 1 - During the period from December 1 to December 27, a total of 745 listed companies in Shanghai, Shenzhen, and Beijing received institutional research, indicating active efforts by institutional investors to seek investment opportunities and uncover potential value in the current market environment [1] - Among the companies, Boying Special Welding stood out with the highest number of institutional visits, totaling 14 times, followed by Ice Wheel Environment with 9 visits, and Jerry Shares and Weili Transmission with 8 and 7 visits respectively [3] - The top ten companies by institutional visit volume included Zhongke Shuguang and Haiguang Information, both receiving 365 visits, while Chang'an Automobile ranked third with 258 visits [3] Group 2 - Recent research indicates a surge in interest in commercial aerospace and robotics sectors, with stocks like Guangting Information, Nord Shares, and others receiving significant attention from institutions [3] - The net inflow of funds on December 26 showed that the top ten stocks with institutional net inflow included Aerospace Development, Demingli, and others, highlighting the growing interest in these sectors [3] - Guosheng Securities suggests that "space computing power" has commercial value potential, with related projects already underway, emphasizing the importance of early positioning in the industry [4] - According to Zhongtai Securities, "space computing power" is transitioning from concept to commercial reality, driving growth in the commercial aerospace industry, particularly as it integrates with artificial intelligence [4]

Investment Rating - The industry investment rating is "Positive" [2][3] Core Insights - The report highlights the opportunity for gas turbine development driven by the demand for electricity, particularly due to AI data centers and recent power outages in California [2][3] - GE Vernova anticipates signing contracts for 80GW of combined cycle gas turbines by the end of 2025, with an upward revision of revenue expectations from $45 billion to $52 billion by 2028 [3] - The report emphasizes the supply-demand mismatch in electricity, indicating that gas turbine generators have significant growth potential in the short term [3][4] Summary by Sections Industry Overview - The report discusses the impact of recent power outages in California, affecting 130,000 households and businesses, and the increasing focus of AI companies on electricity supply [3] - The report identifies gas turbines as a stable and efficient power generation technology, suitable for meeting the short-term electricity demands of AI data centers [4] Supply Chain Analysis - The gas turbine supply chain includes upstream companies providing key components such as high-temperature alloys and turbine blades, with notable companies like Linde Co., Yingliu Co., and Haomai Technology [5][6] - Midstream companies responsible for gas turbine generator development include Jereh Group, Dongfang Electric, and Shanghai Electric [7] - Downstream applications involve companies like Jereh Group and Xizi Clean Energy, which provide essential components for gas turbine power generation [9] Company Focus - Jereh Group is highlighted as a leading company in oil service equipment, with significant growth potential in the AI data center electricity sector, supported by strategic partnerships and contracts exceeding $100 million [10][11] - Linde Co. is recognized for its precision casting capabilities in gas turbine components, with expected growth in orders due to increasing demand from AI data centers [13] - Yingliu Co. specializes in high-end castings for gas turbines, maintaining strong partnerships with major players like GE and Siemens, positioning itself well for future growth [14] - Haomai Technology benefits from the expansion of AI data centers and the resulting demand for gas turbine generators [15]

Group 1: Company Overview and Strategy - The company has established the Jerry Min Electric Energy Group to enhance its power business and integrate resources in the power sector [2] - The company has a strong focus on the development of gas turbine power generation equipment, achieving significant orders in North America due to its high standards in reliability, responsiveness, and stability [3] Group 2: Market Presence and Product Offering - The company has successfully sold and leased gas turbine generator sets in the North American market, building a solid brand reputation and performance foundation for entering the data center power generation sector [3] - The company offers comprehensive energy solutions with its power generation equipment designed for quick transport, on-site assembly, and flexible expansion, addressing challenges such as tight project timelines and limited space [3] Group 3: Supply Chain and Delivery Assurance - The company has built a global supply chain system and established strategic partnerships with major manufacturers like Siemens and Kawasaki Heavy Industries to ensure robust product delivery [4] - The company has expanded its production capacity in the U.S. to meet the demand for various equipment types, including electric drive and turbine fracturing equipment [4] Group 4: Strategic Partnerships - In October 2025, the company completed a bulk procurement layout for Kawasaki gas turbines and signed a strategic cooperation agreement to enhance market development and integrate global technology resources [5]

Group 1 - The core viewpoint of the article is that Donghai Securities has given a "buy" rating to Jerry Holdings (002353.SZ) based on its leadership in the global drilling and completion equipment sector and its growth potential in natural gas and power energy businesses [1] Group 2 - Jerry Holdings is recognized as a leading enterprise in the global drilling and completion equipment field [1] - The natural gas business has become a "second growth curve" for the company, indicating significant potential for revenue generation [1] - The power energy business is being developed as a "third growth curve," further diversifying the company's revenue streams [1]

Group 1 - The specialized equipment sector increased by 0.12% on December 26, with Tianqi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] - Notable gainers in the specialized equipment sector included Tianqi Co., Ltd. with a 10% increase, closing at 19.36, and Mokei Co., Ltd. with a 9.95% increase, closing at 8.95 [1] Group 2 - The specialized equipment sector experienced a net outflow of 2.904 billion yuan from institutional funds, while retail investors saw a net inflow of 2.817 billion yuan [2] - Major stocks in the sector showed varied fund flows, with Jerey Co., Ltd. having a net inflow of 1.75 billion yuan from institutional investors [3] - Tianqi Co., Ltd. had a net inflow of 377.496 million yuan from institutional investors, despite a net outflow from retail investors [3]

Market Overview - The Shanghai Composite Index rose by 0.10% on December 26, with 19 out of 28 sectors experiencing gains. The top-performing sectors were non-ferrous metals and power equipment, with increases of 3.69% and 1.40% respectively. The machinery equipment sector saw a modest rise of 0.29%. Conversely, the electronics and light industry sectors faced declines of 0.71% and 0.61% respectively [1] Capital Flow Analysis - The net outflow of capital from the two markets reached 23.284 billion yuan. Among the sectors, 8 experienced net inflows, with the power equipment sector leading at a net inflow of 8.560 billion yuan and a daily increase of 1.40%. The non-ferrous metals sector followed with a net inflow of 3.814 billion yuan and a daily increase of 3.69% [1] Machinery Equipment Sector Performance - The machinery equipment sector increased by 0.29%, but faced a net capital outflow of 4.856 billion yuan. Out of 531 stocks in this sector, 158 rose, with 9 hitting the daily limit, while 365 declined. There were 166 stocks with net capital inflows, with 8 stocks seeing inflows exceeding 100 million yuan. The top stock for inflow was Jieli Rigging, with a net inflow of 524 million yuan, followed by China Nuclear Technology and Jerry Shares with inflows of 424 million yuan and 194 million yuan respectively [2] Top Gainers in Machinery Equipment Sector - The following stocks in the machinery equipment sector had significant capital inflows and price increases: - Jieli Rigging: +6.80%, 24.46% turnover, 523.99 million yuan inflow - China Nuclear Technology: +10.02%, 20.87% turnover, 424.41 million yuan inflow - Jerry Shares: +6.13%, 4.22% turnover, 193.82 million yuan inflow [2] Top Losers in Machinery Equipment Sector - The following stocks in the machinery equipment sector experienced significant capital outflows: - Yingweike: -0.20%, 6.31% turnover, -474.59 million yuan outflow - Guoji Heavy Industry: -1.17%, 7.53% turnover, -439.37 million yuan outflow - Haozhi Machinery: +7.60%, 30.14% turnover, -393.08 million yuan outflow [3]

Investment Rating - The report assigns a "Buy" rating for the company, Jerry Holdings (002353), marking its first coverage [1]. Core Insights - Jerry Holdings is a leading company in the drilling and completion equipment sector, driven by dual engines of "natural gas + electricity" for growth [1]. - The company has established a diversified business model with significant breakthroughs in domestic and international markets, particularly in drilling, natural gas, and gas turbine generator businesses [1][6]. Summary by Relevant Sections Company Overview - Jerry Holdings, founded in 1999, is a prominent energy equipment and technology service provider in China, with a focus on high-end equipment manufacturing, oil and gas engineering services, new energy, and environmental governance [10]. - The company has a strong market position in drilling and completion equipment, holding the largest market share in domestic sectors such as fracturing, cementing, and coiled tubing [15][17]. Natural Gas Business - The natural gas segment has emerged as a "second growth curve" for the company, with significant orders and revenue growth, including a 112.69% year-on-year increase in revenue for the first half of 2025 [6][57]. - The global LNG market is entering a new construction phase, with over 300 billion cubic meters of new capacity expected to be operational from 2025 to 2030, particularly in the Middle East [44][46]. Power Energy Business - The power energy segment is being developed as a "third growth curve," driven by the increasing demand for gas turbine generator sets, particularly in data centers [6][19]. - The company has signed multiple contracts exceeding $100 million for gas turbine sales, establishing a new business growth point [6][19]. Financial Projections - The company forecasts total revenue of 13,354.92 million yuan in 2024, with a projected growth rate of 21.96% in 2025, reaching 16,287.21 million yuan [2]. - Net profit attributable to shareholders is expected to grow from 2,627.03 million yuan in 2024 to 3,164.19 million yuan in 2025, reflecting a growth rate of 20.45% [2]. Valuation Metrics - The report provides a P/E ratio forecast, indicating a decrease from 27.59 in 2024 to 22.91 in 2025, and further down to 16.29 by 2027, suggesting an attractive valuation as earnings grow [2].