Core Viewpoint - The company is expected to maintain steady growth in 2024, with improving profitability and ongoing overseas strategic expansion, supported by high order growth and domestic and international capacity expansion [1]. Financial Performance - In 2024, the company is projected to achieve operating revenue of 13.355 billion yuan, a year-on-year decrease of 4.01%, with a net profit attributable to shareholders of 2.627 billion yuan, an increase of 7.03%. The non-recurring net profit is expected to be 2.402 billion yuan, up 9.06% [2]. - For Q4 2024, the company anticipates operating revenue of 5.308 billion yuan, a year-on-year increase of 2.95%, with a net profit of 1.029 billion yuan, up 15.51%, and a non-recurring net profit of 1.005 billion yuan, an increase of 17.24% [2]. Profitability - The company's gross margin and net margin for 2024 are projected to be 33.70% and 20.11%, respectively, representing increases of 0.65 percentage points and 2.19 percentage points year-on-year. For Q4 2024, the gross margin and net margin are expected to be 31.69% and 19.54%, showing a year-on-year decrease of 0.58 percentage points and an increase of 2.23 percentage points [3]. Business Segments - The high-end equipment manufacturing segment is expected to generate revenue of 9.180 billion yuan in 2024, reflecting a year-on-year increase of 12.71%, with strong performance in natural gas-related businesses and rapid growth in new orders [3]. Order Growth and Strategic Expansion - The company secured new orders worth 18.232 billion yuan in 2024, marking a year-on-year growth of 30.64% [3]. - The overseas strategy continues to deepen, with revenue from overseas operations reaching 6.037 billion yuan in 2024, accounting for 45.20% of total revenue, although this represents a year-on-year decline of 7.39% due to the absence of comparable project deliveries in 2024 [3]. - In October 2024, the company launched the Jerry Natural Gas Industrial Park, tripling its natural gas production capacity, and is expanding production facilities in the U.S. and planning new bases in the Middle East [3].

Core Viewpoint - The company, Jerry Co., is focusing on global development strategies and technological innovation to maintain its leading position in the oil and gas market, achieving significant revenue and profit growth in 2024 [1][2]. Group 1: Financial Performance - In 2024, the company achieved an operating income of 13.355 billion yuan, marking three consecutive years of revenue exceeding 10 billion yuan, and a net profit attributable to shareholders of 2.627 billion yuan, representing a year-on-year growth of 7.03% [1]. - In the first quarter of 2025, the company reported an operating income of 2.687 billion yuan, a year-on-year increase of 26.07%, and a net profit of 466 million yuan, up 24.04% year-on-year [3]. Group 2: Market Opportunities - The global oil and gas exploration and development activities remain robust, driving growth in the oil and gas service market, with increasing domestic oil and gas production due to strategic energy security initiatives [1]. - The demand for unconventional oil and gas resources, such as shale oil and gas, is expected to rise, providing more business opportunities for related oil and gas extraction equipment and services [1]. Group 3: Business Development - The company’s high-end equipment manufacturing business saw growth in revenue, gross margin, and new orders, with new orders reaching 18.232 billion yuan, a year-on-year increase of 30.64% [2]. - The company has made significant progress in expanding its overseas market presence, despite a 7.39% decline in overseas revenue due to the absence of comparable project deliveries from the previous year [2]. - The company is actively integrating resources to enhance its overseas market capabilities and brand influence, achieving a 65.37% year-on-year growth in new orders [2]. Group 4: Strategic Response to Trade Environment - In response to ongoing global trade tensions, the company has established diversified procurement channels and has proactively stocked raw materials and major components to mitigate potential impacts [3].

Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 2.687 billion CNY, a year-on-year increase of 26.07% [2] - The net profit attributable to shareholders was 466 million CNY, reflecting a year-on-year growth of 24.04% [2] Group 2: Growth Strategies - The company will focus on developing both oil and non-oil industries to support dual business growth [2] - There is a commitment to enhance the overseas market share, aiming for a robust dual-market development structure [2] Group 3: Industry Outlook - The demand for unconventional oil and gas resources is expected to rise due to the gradual depletion of conventional resources and increasing global energy needs [3] - The company anticipates more business opportunities in oil and gas extraction equipment and services [3] Group 4: Supply Chain Management - The company has established diversified procurement channels globally to mitigate the impact of trade tensions, particularly regarding the import of turbine engines from the U.S. [3] - Proactive measures have been taken to stockpile essential raw materials and major components to ensure supply chain stability [3] Group 5: Market Orders and R&D - As of the end of Q1, the company reported a year-on-year increase in overseas orders [3] - Continuous attention is being given to new technology research and development, with timely disclosures planned for significant advancements [3]

证券代码：002353 证券简称：杰瑞股份 公告编号：2025-032 烟台杰瑞石油服务集团股份有限公司 回购报告书 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。 重要提示： 1、基于对公司经营发展的信心及对公司长期投资价值和未来持续发展前景的充分认可， 为维护公司全体股东利益，增强投资者信心，稳定及提升公司价值，公司董事长李慧涛先生 于 2025 年 4 月 8 日提议公司通过深圳证券交易所集中竞价交易方式回购部分公司股票，用 于股权激励或者员工持股计划。 2、根据董事长提议内容，公司本次回购资金总额不低于人民币 15,000 万元（含）且不 超过人民币 25,000 万元，回购价格不超过 49.00 元/股。按回购金额上限人民币 25,000 万 元、回购价格上限 49.00 元/股测算，预计可回购股数约 510.20 万股，约占公司总股本的 0.50%；按回购金额下限人民币 15,000 万元、回购价格上限 49.00 元/股测算，预计可回购 股数约 306.12 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 ...

证券代码：002353 证券简称：杰瑞股份 公告编号：2025-031 烟台杰瑞石油服务集团股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东 持股情况的公告 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。 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4月23日召开第六 届董事会第二十三次会议审议通过了《关于2025年度回购股份方案的议案》，具体内容详见 公司于2025年4月24日披露在巨潮资讯网的2025-029、2025-030号公告。 2025 年 4 月 24 日 单位：股 序号 股东名称 持股数量 持股数量占总股数 比例（%） 1 孙伟杰 194,232,534 18.97 2 王坤晓 133,154,889 13.01 3 刘贞峰 109,353,535 10.68 4 香港中央结算有限公司 54,048,227 5.28 5 中国工商银行股份有限公司－富国天惠精选成长 混合型证券投资基金（LOF） 15,000,000 1.47 6 全国社保基金一一八组合 11,417,192 1.12 7 中国农业银行股份有限公 ...

Summary of Jerry Corporation's Q1 2025 Earnings Call Company Overview - **Company**: Jerry Corporation - **Period**: Q1 2025 Key Financial Metrics - **Revenue**: 2.686 billion CNY, up 26.07% year-over-year [2] - **Net Profit**: 462 million CNY, up 28.37% year-over-year [2] - **Operating Cash Flow**: 1.067 billion CNY, up 409.68% year-over-year [3] Core Insights - **Cash Flow Improvement**: Significant increase in cash flow attributed to enhanced management of inventory and receivables, increased overseas orders, and effective domestic debt collection [1][3] - **Overseas Orders**: The prepayment model for overseas orders is more favorable compared to domestic state-owned enterprises, leading to improved cash flow as overseas revenue exceeds 60% [1][4][5] - **Gross Margin Decline**: The decline in gross margin is due to product mix changes, with a higher proportion of lower-margin solidification products delivered in Q1, and delays in high-margin electric drive systems [1][7] - **Negative Material Business**: The negative performance in the anode material business is expected to improve due to new processes and production lines, with capacity release anticipated in the second half of the year [1][8] - **EPC Revenue Growth**: EPC revenue doubled, driven by projects in Bahrain and Inpex [9] Market Dynamics - **North American Market**: The number of active pressure units in North America has increased from a historical low, indicating a rise in development willingness, although full capacity is not yet reached [16] - **Gas Equipment Orders**: Orders for gas equipment grew over 200% year-over-year, but revenue growth was limited due to long production cycles [18] - **Environmental Business Outlook**: The environmental business is expected to recover with improved project selection and overseas orders, showing over 100% revenue growth in Q1 [20] Strategic Initiatives - **Cost Management**: The company aims to control the expense ratio despite increased costs from overseas strategic expansion [1][11] - **Foreign Exchange Management**: The depreciation of the RMB is beneficial, and the company is actively managing foreign exchange risks [21] - **Production Capacity**: The U.S. and Middle East bases are expected to meet market demands, with ongoing expansion plans [6] Additional Considerations - **Future Dividend Plans**: The company plans to gradually increase dividend payouts, with a potential 30% increase by 2026, contingent on cash flow improvements [23] - **Local Workforce Development**: The company is focusing on localizing its workforce in overseas markets to mitigate costs and enhance operational efficiency [14] This summary encapsulates the key points from Jerry Corporation's Q1 2025 earnings call, highlighting financial performance, market dynamics, strategic initiatives, and future outlook.

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5][16]. Core Views - The company reported excellent performance in Q1 2025, achieving revenue of 2.687 billion yuan, a year-on-year increase of 26.07%, and a net profit attributable to shareholders of 466 million yuan, up 24.04% year-on-year [1]. - The company is advancing its globalization strategy, with significant improvements in overseas market sales and a 65.37% year-on-year increase in new orders [2]. - The company has successfully secured major contracts in various regions, including a significant order from a strategic client in Central Asia and multiple projects in the Middle East [3]. - The company is demonstrating confidence in its operational development through stock buybacks and plans for shareholding incentives [4]. Financial Performance - In Q1 2025, the company achieved a gross margin of 31.43%, a decrease of 4.29 percentage points year-on-year, and a net profit margin of 17.79%, down 0.2 percentage points year-on-year [1]. - The operating cash flow improved significantly, with a net cash flow from operating activities of 1.067 billion yuan, an increase of 858 million yuan year-on-year [1]. - The company’s net profit forecasts for 2025, 2026, and 2027 are adjusted to 2.94 billion yuan, 3.43 billion yuan, and 4.07 billion yuan, respectively, reflecting a positive outlook on its core competitive advantages [4]. Market Expansion - The company is focusing on enhancing its market presence by collaborating across business segments to target strategic global clients, leading to improved win rates and market share [2]. - A significant investment of 120 million USD was approved for the establishment of a high-end oil and gas equipment manufacturing base in Dubai, aimed at serving the Middle East, North Africa, and Southeast Asia [2]. Order Performance - The company has shown strong order performance across multiple regions, including successful bids in domestic markets and significant contracts in North America and the Middle East [3].

证券代码：002353 证券简称：杰瑞股份 公告编号：2025-029 一、 审议并通过《关于 2025 年度回购股份方案的议案》 烟台杰瑞石油服务集团股份有限公司 第六届董事会第二十三次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 2025 年 4 月 23 日，烟台杰瑞石油服务集团股份有限公司（以下简称"公 司"）第六届董事会第二十三次会议以通讯表决方式召开。会议通知已于 2025 年 4 月 22 日通过专人送达、邮件方式送达给董事，本次会议为紧急会议，根据 相关规定，全体董事一致同意豁免本次董事会通知期限要求。会议应到董事 9 人， 实到董事 9 人。会议召开符合《公司法》及《公司章程》的规定。会议由公司董 事长李慧涛先生召集并主持，全体董事经过审议，以记名投票方式审议通过了： 表决情况：9 票同意，0 票反对，0 票弃权。 公司董事会同意使用自筹资金及股票回购专项贷款，通过深圳证券交易所集 中竞价交易方式回购公司发行的人民币普通股（A 股），用于股权激励或者员工 持股计划。本次回购资金总额不低于人民币 15,000 万元（含）且不超过 ...

证券代码：002353 证券简称：杰瑞股份 公告编号：2025-030 烟台杰瑞石油服务集团股份有限公司 关于2025年度回购股份方案暨取得回购专项贷款承诺书的公告 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。 重要提示： 1、基于对公司经营发展的信心及对公司长期投资价值和未来持续发展前景的充分认可， 为维护公司全体股东利益，增强投资者信心，稳定及提升公司价值，公司董事长李慧涛先生于 2025 年 4 月 8 日提议公司通过深圳证券交易所集中竞价交易方式回购部分公司股票，用于股 权激励或者员工持股计划。 2、根据董事长提议内容，公司本次回购资金总额不低于人民币 15,000 万元（含）且不超 过人民币 25,000 万元，回购价格不超过 49.00 元/股。按回购金额上限人民币 25,000 万元、 回购价格上限 49.00 元/股测算，预计可回购股数约 510.20 万股，约占公司总股本的 0.50%； 按回购金额下限人民币 15,000 万元、回购价格上限 49.00 元/股测算，预计可回购股数约 306.12 万股，约占公司总股本的 0.30%；具体回 ...

一、审议并通过《2025 年第一季度报告》 表决情况：3 票同意，0 票反对，0 票弃权。 证券代码：002353 证券简称：杰瑞股份 公告编号：2025-026 烟台杰瑞石油服务集团股份有限公司 第六届监事会第二十次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 2025 年 4 月 22 日，烟台杰瑞石油服务集团股份有限公司（以下简称"公司"）第六届 监事会第二十次会议在公司五楼会议室以现场方式召开。会议通知已于 2025 年 4 月 11 日 通过专人送达、邮件方式送达给监事，会议应到监事 3 人，实到监事 3 人。会议召开符合 《公司法》及《公司章程》的规定。会议由监事会主席史海宁先生召集并主持，全体监事经 过审议，以记名投票方式审议通过了： 表决情况：3 票同意，0 票反对，0 票弃权。 经审核，监事会认为：本次增加使用自有闲置资金进行现金管理额度事项是基于目前市 场及公司实际情况做出的调整，有利于进一步提高资金使用效率，增加公司的投资收益，不 会影响公司正常经营，不存在损害公司及全体股东，特别是中小股东利益的情形。我们同意 本事项。 ...