Summary of Conference Call Records Company: Sailun Tire Industry Overview - Sailun Tire has established production bases in multiple countries including Vietnam, Cambodia, Mexico, and Indonesia, with plans to build a new factory in Egypt to be closer to consumer markets and avoid trade barriers, enhancing overseas profitability [1][2] - The global tire replacement market is experiencing growth, but Chinese tire companies face export tariff challenges. Sailun effectively mitigates these barriers through overseas manufacturing, projecting an overseas gross margin of 30% in 2024, significantly higher than the domestic margin of 21% [1][6][11] Core Business Insights - Sailun's product range includes semi-steel tires, all-steel tires, and off-road tires, with a focus on expanding the high-margin off-road tire market. By the end of 2024, the company aims to achieve an off-road tire production capacity of 215,000 tons, with plans to expand to 450,000 tons [1][3][7] - The company has developed a proprietary "Liquid Gold" tire technology that addresses rolling resistance, wet traction, and wear resistance, enhancing its long-term growth potential [8][10] Financial Performance and Projections - Sailun's revenue is projected to rank tenth globally in 2023 and 2024, with expected profits of 4.2 billion, 5.2 billion, and 6.2 billion yuan from 2025 to 2027, indicating sustained growth [2][4][12] - Recent fluctuations in raw material prices have impacted gross margins, but a decrease in prices is anticipated in the latter half of the year, with expectations for improved margins in Q3 and Q4 [9] Competitive Advantages - Sailun's integration of production, education, and research, in collaboration with Qingdao University of Science and Technology and EVE Rubber Research Institute, supports continuous product optimization, particularly in the high-margin off-road tire segment [7] - The company's overseas production strategy not only provides tax advantages but also enhances its competitive edge in the global market [11] Company: Jerry Holdings Market Development - Jerry Holdings has made significant progress in the Middle East, Central Asia, and North Africa, particularly in the natural gas sector, with countries like Oman, Qatar, and the UAE planning substantial increases in natural gas production [13] - The company has secured large orders, including significant contracts in Kuwait and Algeria, positioning these regions as key growth areas [13] U.S. Market Opportunities - Despite challenges in the U.S. market due to past oil price volatility, Jerry Holdings is poised for growth as the market enters a new equipment replacement cycle, with approximately 40% of the 200+ fracturing fleets needing updates [14] - If Jerry captures 10% of this market, it could result in annual orders for about 5 units of equipment, each generating approximately 200 million yuan in revenue with a gross margin of 60%-70% [14] Domestic Market Prospects - In China, the focus on energy security has led to increased capital expenditure in unconventional oil and gas exploration, benefiting Jerry as a supplier of related equipment [15] - The company is expected to gain from the rising capital expenditures in unconventional oil and gas sectors, providing a stable growth foundation [15] Conclusion - Both Sailun Tire and Jerry Holdings are positioned to leverage their strategic advantages and market opportunities for sustained growth in their respective sectors, with Sailun focusing on global expansion and product innovation, while Jerry capitalizes on regional developments and equipment upgrades.

Group 1 - Jerry Holdings' stock price reached a historical high, increasing by 2.89% to 55.56 yuan, with a trading volume of 1.6033 million shares and a transaction amount of 87.7974 million yuan, resulting in a turnover rate of 0.23% [2] - The latest total market capitalization of Jerry Holdings in A-shares is 56.885 billion yuan, with a circulating market value of 38.517 billion yuan [2] - As of September 25, the margin trading balance for Jerry Holdings is 283 million yuan, with a financing balance of 274 million yuan, reflecting a recent increase of 42.7789 million yuan, or 18.53% [2] Group 2 - In the first half of the year, the company achieved operating revenue of 6.901 billion yuan, representing a year-on-year growth of 39.21%, and a net profit of 1.241 billion yuan, with a year-on-year increase of 14.04% [3] - The basic earnings per share are 1.2200 yuan, and the weighted average return on equity is 5.71% [3]

Summary of Jerry Holdings Conference Call Company Overview - **Company**: Jerry Holdings - **Industry**: Oil and Gas Equipment Manufacturing Key Points and Arguments Industry Dynamics - Saudi Aramco's capital expenditure is expected to grow steadily, with a growth rate of 3% to 15%, driven by the economic transformation in the Middle East, which is beneficial for Jerry Holdings' natural gas compressor orders [2][4] - Saudi Aramco announced a large-scale plan involving over 80 projects, with around 20 related to oil and gas, which is significant for Jerry Holdings' order growth in natural gas compressors [4] Order Growth and Performance - Jerry Holdings reported a cumulative order growth of approximately 30% from January to August, with pure equipment orders increasing by about 25% [2][4] - Although the growth rate slowed after April, it is expected that overseas orders will accelerate, particularly due to the bidding rhythm of China's three major oil companies [2][4] - Major overseas orders are anticipated in Q4, including a 900 million yuan contract in Algeria and several Middle Eastern projects worth 200 to 300 million USD each [2][5] Revenue and Profitability - Revenue growth for July and August was between 20% and 30%, with similar targets set for September [2][6] - The gross profit margin is expected to improve year-on-year, despite a 3.6 percentage point decline in the first half of 2025 due to changes in delivery structure [2][6][7] - The company forecasts a revenue growth of 20% to 30% for Q3 2025, with a potential market capitalization of 60 billion yuan by year-end if performance continues [2][8] Future Projections - Full-year performance for 2025 is projected at approximately 3.1 billion yuan, with expectations to reach 3.9 to 4 billion yuan in 2026, potentially leading to a market capitalization of 80 billion yuan by 2026 based on a 20x valuation [3][9] - The company anticipates a 15% growth in 2025, accelerating to around 30% in 2026, and maintaining a growth rate of about 25% in subsequent years [10] Capacity and Operational Challenges - Jerry Holdings faced capacity issues that affected performance over the past year, with initial production capacity for natural gas compressors at only 1 billion yuan, while orders reached 3 to 4 billion yuan [10] - The company has been expanding capacity, with theoretical production capacity expected to reach 4 billion yuan by the end of 2024, and additional production from a new Middle Eastern gas plant expected to contribute 2 billion yuan in value [10] Business Segments Contribution - The natural gas compressor business has shown strong performance, with orders growing over 50% year-on-year from January to July [11] - The EPC business is also expected to contribute significantly to future performance, alleviating concerns about revenue growth [11]

本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 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 8 月 21 日披露了《关于公司董事股份减持计划的预披露公告》（2025-064 号公告）， 持有公司股份 2,894,517 股（占公司总股本比例 0.28%）的公司副董事长王继丽 女士计划自公告披露之日起 15 个交易日后的 3 个月内（即 2025 年 9 月 12 日至 2025 年 12 月 11 日期间）以集中竞价方式减持不超过 723,000 股（占公司总股 本比例 0.07%）。 证券代码：002353 证券简称：杰瑞股份 公告编号：2025-068 公司于近日收到公司副董事长王继丽女士出具的《关于股份减持计划实施完 毕的告知函》，截至告知函出具之日王继丽女士的减持计划已实施完毕。现将有 关情况公告如下： 烟台杰瑞石油服务集团股份有限公司 一、 股东减持情况 关于公司董事股份减持计划实施完毕的公告 王继丽女士保证向本公司提供的信息内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 （一）股东减持股份情况 | 股东名称 | 减持方式 | ...

Group 1 - Jerry Holdings Co., Ltd. experienced a stock price increase of 5.01% on September 19, reaching 50.77 CNY per share, with a trading volume of 354 million CNY and a turnover rate of 1.03%, resulting in a total market capitalization of 51.981 billion CNY [1] - The company, established on December 10, 1999, and listed on February 5, 2010, is primarily engaged in oil and gas field equipment and technical engineering services, with revenue composition as follows: high-end equipment manufacturing 61.22%, oil and gas engineering and technical services 29.99%, renewable energy and recycling 4.76%, oil and gas field development 3.31%, and others 0.73% [1] Group 2 - Morgan Stanley Fund holds a significant position in Jerry Holdings, with the Morgan Stanley Quality Life Select Stock A Fund (000309) owning 233,200 shares, accounting for 3.43% of the fund's net value, making it the ninth-largest holding [2] - The Morgan Stanley Quality Life Select Stock A Fund was established on October 29, 2013, with a current size of 237 million CNY, achieving a year-to-date return of 29.25% and ranking 1679 out of 4222 in its category, while its one-year return stands at 74.27%, ranking 1176 out of 3805 [2] Group 3 - The fund manager of Morgan Stanley Quality Life Select Stock A Fund is Miao Donghang, who has been in the position for 8 years and 240 days, with a total fund asset size of 1.338 billion CNY, achieving the best return of 81.51% and the worst return of -24.19% during his tenure [3] - Co-manager Zhao Weijie has been in the role for 4 years and 201 days, managing assets totaling 305 million CNY, with a best return of 27.32% and a worst return of -28.41% during his tenure [3]

Group 1 - Jerry Holdings Co., Ltd. experienced a stock price increase of 5.01% on September 19, reaching 50.77 CNY per share, with a trading volume of 353 million CNY and a turnover rate of 1.03%, resulting in a total market capitalization of 51.981 billion CNY [1] - The company, established on December 10, 1999, and listed on February 5, 2010, is primarily engaged in oil and gas field equipment and technical engineering services, with revenue composition as follows: high-end equipment manufacturing 61.22%, oil and gas engineering and technical services 29.99%, renewable energy and recycling 4.76%, oil and gas field development 3.31%, and others 0.73% [1] Group 2 - Changjiang Asset Management has a fund that heavily invests in Jerry Holdings, specifically the Changjiang Changyang Mixed Initiation A fund (019293), which increased its holdings by 5,200 shares in the second quarter, totaling 14,200 shares, representing 3.64% of the fund's net value, making it the third-largest holding [2] - The Changjiang Changyang Mixed Initiation A fund was established on September 11, 2023, with a latest scale of 13.5696 million CNY, achieving a year-to-date return of 43.21% and ranking 1394 out of 8172 in its category, while its one-year return is 64.64%, ranking 2026 out of 7980 [2]

Core Viewpoint - Saudi Aramco plans to execute 85 major projects over the next three years, focusing on oil and gas production, pipeline networks, and civil infrastructure [1][2] Investment Highlights - The 85 major projects include 20 in the oil and petrochemical sector, emphasizing upgrades to oil, gas, and refining facilities, particularly in sulfur recovery units, gas compression systems, and refining installations [2] - The procurement list for these projects includes 21,000 kilometers of carbon steel pipelines, 2.2 million tons of structural steel, 41,000 kilometers of cables, and 1,700 kilometers of transmission lines, along with upgrades to key facilities [2] Capital Expenditure - Saudi Aramco's capital expenditure guidance for 2025 remains in the range of $52 billion to $58 billion, representing a year-on-year increase of 3% to 15%, indicating sustained demand for oilfield equipment [3] Opportunities for Companies - Companies like Neway and Jereh are positioned to benefit from the surge in Middle Eastern orders due to their technological advantages and market access [4] - Neway has successfully established direct supply relationships with Saudi Aramco and is expanding local production capacity in Saudi Arabia, anticipating significant growth in orders from the region [4] - Jereh has built brand recognition in the Middle East through successful project completions and is well-aligned with the demand for gas compression systems planned by Saudi Aramco [4] Investment Recommendations - The report recommends investing in Jereh, which is expected to see a surge in Middle Eastern orders, and Neway, which is projected to maintain steady growth due to its proactive capacity planning [5]

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - Over the next three years, Saudi Aramco plans to execute 85 major projects covering oil and gas production, pipeline networks, and civil infrastructure, with significant investment in oil and petrochemical sectors [1] - Saudi Aramco's capital expenditure guidance for 2025 remains between $52 billion and $58 billion, representing a year-on-year growth of 3% to 15%, indicating sustained demand for oil service equipment [2] - Companies like Jereh and Neway are positioned to benefit from the surge in orders in the Middle East due to their technological advantages and market access [3] - Investment recommendations highlight Jereh for its high visibility in Middle Eastern orders and Neway for its stable growth due to proactive capacity planning [4] Summary by Sections Major Projects and Investment - Saudi Aramco's upcoming projects include significant upgrades in oil, gas, and refining facilities, with a procurement list that includes 21,000 kilometers of carbon steel pipelines, 2.2 million tons of structural steel, and 41,000 kilometers of cables [1] Capital Expenditure - The capital expenditure for Saudi Aramco is projected to grow, benefiting leading companies with technological advantages and market access [2] Company Opportunities - Neway has successfully established itself as a core supplier of valves across the oil and gas value chain, directly supplying to Saudi Aramco and expanding local production capacity [3] - Jereh has built brand recognition in the Middle East through successful project completions, aligning its core products with the needs of Saudi Aramco's planned investments [3] Investment Recommendations - The report recommends focusing on Jereh for its unique position in the Middle East and Neway for its consistent performance and strategic capacity planning [4]

Group 1 - The Energy ETF Guangfa (159945) opened down 0.54% at 1.100 yuan [1] - Major holdings in the Energy ETF Guangfa include China Shenhua down 0.08%, China Petroleum down 0.24%, China Petrochemical down 0.18%, Shaanxi Coal and Chemical Industry down 0.53%, China National Offshore Oil Corporation down 0.41%, Guanghui Energy unchanged, Yanzhou Coal Mining down 0.22%, Jereh down 0.39%, China Coal Energy down 0.34%, and Shanxi Coking Coal down 1.20% [1] - The performance benchmark for the Energy ETF Guangfa is the CSI All Share Energy Index, managed by Guangfa Fund Management Co., Ltd., with a fund manager named Yao Xi [1] Group 2 - Since its establishment on June 25, 2015, the Energy ETF Guangfa has returned 10.82%, with a return of 0.38% over the past month [1]

Core Viewpoint - Jerry Holdings has shown a mixed performance in financing activities and stockholder dynamics, with significant revenue growth and a stable profit margin in recent financial results [1][2][3]. Financing Activities - On September 17, Jerry Holdings experienced a financing buy-in of 12.10 million yuan, with a net financing outflow of 4.92 million yuan, indicating a cautious investor sentiment [1]. - The total financing balance as of September 17 is 244 million yuan, which is 0.47% of the circulating market value, reflecting a low level compared to the past year [1]. - The company had a high short-selling balance of 7.45 million yuan, exceeding the 70th percentile of the past year, suggesting increased bearish sentiment among investors [1]. Shareholder Dynamics - As of September 10, the number of shareholders for Jerry Holdings decreased by 2.02% to 23,500, while the average circulating shares per person increased by 2.06% to 29,503 shares [2]. - The top shareholder, Hong Kong Central Clearing Limited, increased its holdings by 5.60 million shares, indicating strong institutional interest [3]. - The company has distributed a total of 3.30 billion yuan in dividends since its A-share listing, with 1.82 billion yuan distributed in the last three years [3]. Financial Performance - For the first half of 2025, Jerry Holdings reported a revenue of 6.90 billion yuan, marking a year-on-year growth of 39.21%, and a net profit attributable to shareholders of 1.24 billion yuan, up 14.04% year-on-year [2]. - The company's main business revenue composition includes high-end equipment manufacturing (61.22%), oil and gas engineering and technical services (29.99%), and other segments [1].