Summary of Jerry Corporation's Conference Call Company Overview - **Company**: Jerry Corporation - **Industry**: Oil and Gas Equipment Key Points Financial Performance - In the first half of 2025, Jerry Corporation achieved a revenue growth rate of **39%**, with a non-recurring net profit growth of **34%** [2][4] - Operating cash flow net amount increased nearly **200%** year-on-year to **3.1 billion** [2][4] - The company’s revenue from overseas business is projected to rise from **28%** in 2021 to **45%** in 2024 [2][4] Order Growth - New orders in 2024 increased by **30%** year-on-year, with overseas orders showing significant growth, now accounting for over half of total orders [2][4][5] - The overall order growth rate for Jerry Corporation is expected to maintain above **30%** in the first eight months of 2025 [4][5] Market Expansion - The Middle East is identified as the most significant market for Jerry Corporation, with over **30%** of overseas orders coming from this region [8][9] - The company has been expanding into North Africa, recently securing a **6 billion** RMB EPC project in Algeria [7][8] Product Structure Optimization - The optimization of product structure has led to nearly **50%** of revenue coming from natural gas-related businesses, reducing the impact of oil price fluctuations [2][6] - Natural gas-related orders have a compound annual growth rate exceeding **80%**, primarily driven by demand in the Middle East and Asia-Pacific [6][9] Competitive Position - Jerry Corporation is recognized as a leading player in the oil and gas equipment sector, with a strong presence in both domestic and international markets [3][13] - The company has established a fully localized production capability in North America, with significant growth expected in electric fracturing and gas turbine power generation businesses [10][13] Future Outlook - The company anticipates a performance growth rate of **15-20%** from 2025 to 2027, supported by a strong order delivery schedule [4][11] - The correlation between the company’s performance and oil prices is expected to decrease, enhancing its investment value [11][12] Strategic Advantages - Jerry Corporation has a competitive edge due to its resource integration, management capabilities, and shorter delivery cycles compared to competitors [9][13] - The company’s strong reputation and influence in the Middle East, particularly after successful project deliveries, position it well for future growth [9][10] Additional Insights - The company’s focus on EPC (Engineering, Procurement, and Construction) models has strengthened its performance stability and order growth capacity [3][4] - The ongoing global energy transition and geopolitical factors are expected to further boost demand for natural gas, benefiting Jerry Corporation [8][9]

Group 1 - The company announced a cash dividend distribution plan for the first half of 2025, proposing a payout of 1.5 yuan per 10 shares (including tax) [1] - The record date for the dividend distribution is set for September 23, 2025, while the ex-dividend date is September 24, 2025 [1]

Core Points - The company Jerry Petroleum Service Group announced an adjustment in the maximum repurchase price of its shares from 48.31 CNY to 48.16 CNY starting September 24, 2025, due to the implementation of the 2025 semi-annual equity distribution [1][4] Group 1: Share Repurchase Overview - On April 23, 2025, the company's board approved a share repurchase plan with a budget of no less than 150 million CNY and no more than 250 million CNY, with an initial maximum repurchase price set at 49.00 CNY per share [2] - The repurchase is intended for employee stock ownership plans and equity incentives, with a 12-month implementation period from the board's approval [2] Group 2: Equity Distribution Details - The semi-annual equity distribution plan involves a cash dividend of 1.5 CNY per 10 shares, totaling approximately 153.11 million CNY, with a record date of September 23, 2025, and an ex-dividend date of September 24, 2025 [3] - After the equity distribution, the cash dividend per share will decrease to approximately 0.1495 CNY due to the exclusion of repurchased shares from the dividend distribution [3] Group 3: Impact of Price Adjustment - The adjustment of the repurchase price is based on the cash dividend distribution, resulting in a new maximum repurchase price of 48.16 CNY per share [4] - With the new maximum repurchase price, the company estimates it can repurchase approximately 519,100 shares at the upper limit of 250 million CNY, representing about 0.51% of the total share capital [4] - At the lower limit of 150 million CNY, the estimated repurchase would be around 311,460 shares, or about 0.30% of the total share capital [4]

证券代码：002353 证券简称：杰瑞股份 公告编号：2025-066 烟台杰瑞石油服务集团股份有限公司 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： 2025 年半年度权益分派实施公告 烟台杰瑞石油服务集团股份有限公司（以下简称"公司"或"杰瑞股份"）于本利润分 配方案披露至分配实施期间，正在进行2025年度回购股份计划，回购专用证券账户最新持有 的股份为3,093,656股。因回购股份不参与分红，公司2025年半年度权益分派实施方案为： 以公司2025年6月30日的总股本1,023,855,833股剔除存放于公司回购专用证券账户 3,093,656股后的1,020,762,177股为基数，向全体股东每10股派发现金红利1.5元（含税）， 共计派发153,114,326.55元（含税），送红股0股（含税），不以公积金转增股本。 本次权益分派实施后除权除息价格计算时，每股现金红利应以0.1495467元/股计算。（每 股 现 金 红 利 = 现 金 分 红 总 额 ÷ 总 股 本 ， 即 0.1495467 元 / 股 =153,114,326. ...

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。 关于 2025 年半年度权益分派实施后调整回购股份价格上限的公告 一、股份回购事项基本情况 证券代码：002353 证券简称：杰瑞股份 公告编号：2025-067 烟台杰瑞石油服务集团股份有限公司 自2025年9月24日起，公司本次回购价格将由不超过48.31元/股调整为不超过48.16元/ 股。（调整后的回购价格上限=调整前的回购价格上限-每股现金红利=48.31元/股-0.1495467 元/股≈48.16元/股，保留两位小数） 按回购金额上限人民币25,000万元、回购价格上限48.16元/股测算，预计可回购股数约 519.10万股，约占公司总股本的0.51%；按回购金额下限人民币15,000万元、回购价格上限 48.16元/股测算，预计可回购股数约311.46万股，约占公司总股本的0.30%；具体回购股份 的数量以回购方案实施完毕时实际回购的股份数量为准。 四、其他事项说明 除上述调整外，公司回购股份的其他事项均无变化。公司在回购期间将根据相关法律、 法规的规定及时履行信息披露义务。 烟台杰瑞石油服务集团 ...

Summary of Jerry Holdings Conference Call Company Overview - **Company**: Jerry Holdings - **Industry**: Natural Gas Development and Equipment Manufacturing Key Points and Arguments Industry Trends and Company Performance - Global natural gas development trends have significantly driven Jerry Holdings' natural gas business revenue, achieving a growth rate of **113%** in the first half of the year, benefiting from energy transition and energy security demands, particularly in the Middle East and North Africa [2][4] - The company has enhanced its global market share in compressor units and secured multiple important EPC projects, including contracts with Bahrain National Oil Company, leading to a gross margin exceeding **30%** on EPC orders [2][7] Strategic Initiatives - Jerry Holdings employs a "Equipment + Engineering + Investment" model to deepen its international market presence, with approximately **60%** of its current EPC orders coming from the Middle East, while also expanding into North America and the Asia-Pacific region [2][8] - The company is actively building overseas production capacity, including a manufacturing park in the Middle East and expansion in Yantai, to meet future overseas orders [2][9] Technological Advancements - The company has implemented an industrial equipment export strategy through technological accumulation and capacity distribution, breaking international monopolies with its self-developed **7,000**-type electric drive pressure equipment [2][10] - Jerry Holdings has achieved significant breakthroughs in gas turbine and generator set businesses, entering the market through a leasing model with gross margins of **50% to 60%** [5][11] Market Position and Financial Outlook - The company is positioned as a leader in the global fracturing equipment market, with a comprehensive service system covering drilling and completion equipment, oil and gas engineering, and technical services [3][12] - In the first half of 2025, the company signed new orders worth approximately **10 billion** yuan, a year-on-year increase of nearly **40%**, with expectations for total orders to exceed **23 billion** yuan for the year [5][12] Future Projections - The core driver of Jerry Holdings has shifted from oil capital expenditure to gas capital expenditure, influenced by energy strategy adjustments and increased demand for data center construction [13][14] - The company's market valuation is projected to reach **55 billion** yuan or more next year, with current market value around **48 billion** yuan, indicating a potential increase in valuation multiples as orders continue to exceed expectations [15][16] Risk Management and Competitive Advantage - Jerry Holdings has a low exposure to production and demand risks, enhancing its competitive advantage in the global market [16] Additional Important Insights - The company’s strategic focus on the Middle East and North Africa is crucial for its growth, with significant contributions from projects like the Mansuriya gas field in Iraq [6][8] - The company’s ability to localize assembly and inventory in North America provides a competitive edge in cost control and delivery timelines [10]

Core Viewpoint - The company, Jerry Co., has established a comprehensive natural gas business model that significantly contributes to its revenue growth and operational efficiency, supported by a strong international presence and innovative product offerings [1][3][8]. Group 1: Natural Gas Business - The natural gas business has become a crucial growth driver for the company, leveraging a full industry chain approach from exploration to end-use [1]. - The company has developed a comprehensive solution capability across the entire natural gas value chain, enhancing its service offerings and operational efficiency [1][2]. - The company has increased its natural gas equipment production capacity by over three times to meet growing demand [2]. Group 2: International Expansion - The company has successfully executed an internationalization strategy, with operations in over 70 countries, leading to a significant increase in overseas revenue [3]. - In the first half of 2025, overseas market revenue reached 3.295 billion yuan, a year-on-year increase of 38.38%, with new overseas orders growing by 24.16% [3]. Group 3: Product Innovation - The company has a strong focus on R&D for its fracturing equipment, particularly the plunger pump, which has been enhanced to improve performance and reduce maintenance costs [4]. - The newly developed "Pangu" series plunger pumps have achieved significant advancements in lifespan and efficiency, enhancing market competitiveness [4]. Group 4: Financial Performance - In the first half of 2025, the company reported a main revenue of 6.901 billion yuan, a year-on-year increase of 39.21%, and a net profit of 1.241 billion yuan, up 14.04% [8]. - The company has improved its cash flow management, with a net cash flow from operating activities of 3.144 billion yuan, an increase of 20.83 million yuan year-on-year [6]. Group 5: Dividend Policy - The company has committed to increasing dividend levels, distributing 0.69 yuan per share in cash dividends for the 2024 fiscal year, totaling 706 million yuan [7]. - For the first half of 2025, the company plans to distribute 0.15 yuan per share, amounting to 15.3 million yuan [7].

Core Insights - The company, Jerry Co., recently engaged in a research activity with 17 institutions, including E Fund and Morgan Fund, focusing on its natural gas business, overseas operations, core products, and cash flow [1][3]. Group 1: Research Activity Details - The research activity was categorized as targeted research and site visits, conducted in two sessions on September 10 and September 11, 2025, at the company's headquarters [2]. - Participating institutions included well-known financial entities such as E Fund, Invesco Great Wall Fund, and Guotou Ruijin Fund, with company representatives including Qu Ning, Mao Caixia, Song Xiang, and Wang Heyang [2]. Group 2: Business Highlights and Advantages - The natural gas business has become a significant support and growth point for the company, leveraging a comprehensive technical layout across the entire industry chain from gas development to end-use [3]. - The company has established a threefold increase in production capacity through the construction and expansion of its natural gas industrial park [3]. - The international strategy has shown significant results, with overseas market revenue reaching 3.295 billion yuan in the first half of 2025, a year-on-year increase of 38.38%, and new orders growing by 24.16% [3]. - The company has developed its own fracturing plunger pump, recently launching the "Pangu" series, which features long life and high displacement, with a 50% reduction in maintenance costs [3]. - The establishment of Shandong Jerry Min Electric Energy Co. aims to promote the power generation business, providing gas internal combustion generator sets and related services, with new orders in the North American market [3]. Group 3: Cash Flow and Dividend Situation - The company emphasizes cash flow management, achieving a net cash flow from operating activities of 3.144 billion yuan in the first half of the year, an increase of 2.083 billion yuan year-on-year [4]. - For the 2024 fiscal year, the company plans to distribute a cash dividend of 6.9 yuan per 10 shares (before tax), totaling 706 million yuan [4]. - The half-year dividend plan for 2025 is set at 1.5 yuan per 10 shares (before tax), with an expected total of 153 million yuan [4].

Group 1: Company Overview and Business Strategy - The company has established a comprehensive natural gas business chain, covering exploration, storage, processing, liquefaction, and terminal utilization, which has become a significant growth driver for its performance [3] - The company has built a natural gas industrial park, increasing production capacity by over three times to meet the growing demand for natural gas equipment [3] - The company operates in over 70 countries, with overseas business revenue accounting for a growing proportion of total income [4] Group 2: Financial Performance - In the first half of 2025, the company achieved overseas market revenue of CNY 3.295 billion, a year-on-year increase of 38.38%, with new overseas orders growing by 24.16% [4] - The net cash flow from operating activities reached CNY 3.144 billion, an increase of CNY 2.083 billion year-on-year [7] - The company distributed a cash dividend of CNY 6.9 per 10 shares (tax included), totaling CNY 706 million (tax included) for the 2024 fiscal year [7] Group 3: Product Development and Innovation - The company has developed the "Pangu" series of plunger pumps, which feature a high commonality rate of 85% in core structures and components, reducing maintenance costs by 50% [5] - The company emphasizes product innovation to maintain a technological edge, with recent advancements in plunger pump technology enhancing market competitiveness [5] - The company has established Shandong Jerry Min Electric Energy Co., Ltd. to promote its generator set business, offering various reliable power solutions [6] Group 4: Market Position and Brand Recognition - The company has improved its brand recognition and market share through high-quality delivery of engineering orders and high-end equipment applications [4] - The company is focused on enhancing its overseas market capabilities and brand influence through resource integration and increased investment [4]

Core Viewpoint - Yantai Jereh Petroleum Service Group Co., Ltd. (referred to as "Jereh") and Zhongman Petroleum and Natural Gas Group Co., Ltd. (referred to as "Zhongman Group") signed a strategic cooperation agreement to enhance collaboration in various fields related to oil and gas field development and high-quality growth in the energy equipment and service sector [1] Group 1 - The strategic cooperation will focus on the supply of supporting equipment for oil and gas field development [1] - The partnership will involve the development of customized technical solutions [1] - Both companies aim to jointly expand domestic and international projects [1]