证券代码：002353 证券简称：杰瑞股份 公告编号：2025-043 烟台杰瑞石油服务集团股份有限公司 关于事业合伙人 4 期员工持股计划锁定期届满的提示性公告 烟台杰瑞石油服务集团股份有限公司（以下简称"公司"）于2024年5月7日召开2023年 度股东大会审议并通过《关于<烟台杰瑞石油服务集团股份有限公司事业合伙人4期员工持股 计划（草案）及其摘要>的议案》等议案，具体详见公司2024年5月8日披露于巨潮资讯网的 2024-040号公告。2024年6月25日，公司完成事业合伙人4期员工持股计划（以下简称"本员 工持股计划"）股票购买，具体详见公司2024年6月27日披露于巨潮资讯网的2024-051号公 告。 鉴于本员工持股计划锁定期将于 2025 年 6 月 26 日届满，根据中国证券监督管理委员 会《关于上市公司实施员工持股计划试点的指导意见》及《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》相关规定，现将本员工持股计划锁定期届满后的 相关情况公告如下： 一、 本员工持股计划持股情况和锁定期 公司事业合伙人4期员工持股计划于2024年6月25日通过非交易过户的方式完成股票购 ...

Summary of Key Points from the Conference Call Industry Overview - The mechanical industry has seen significant growth in the first half of 2025, with a nearly 14% increase, ranking sixth among all A-share sectors [2] - The industry is influenced by themes such as robotics, reducers, and hard technology, with a focus on undervalued assets [1][5] Core Insights and Arguments - **Investment Trends**: The mechanical sector's investment opportunities are concentrated in hard technology (e.g., giant wheel intelligence, controllable nuclear fusion) and undervalued assets [1][5] - **Domestic Demand**: The recovery in domestic demand for engineering machinery is moderate, primarily driven by equipment upgrades. Excavator sales slowed in Q2, but large excavators continue to perform well [1][6][7] - **External Demand**: The external demand for engineering machinery is strong, particularly in Asia, Africa, and Latin America, with potential growth in the European and American markets [1][9] - **Industrial Control Sector**: The industrial control sector reversed its downward trend in Q1 2025, showing a 2.35% year-on-year growth, with rapid growth in HVAC and industrial robots [1][10] Important but Overlooked Content - **Overseas Expansion**: China's manufacturing direct investment abroad has grown from $19.108 billion in 2018 to $27.342 billion in 2023, with a CAGR of 7.43%. ASEAN's share in this investment is increasing [4] - **Market Dynamics**: The mechanical industry is closely tied to the performance of the manufacturing, real estate, and infrastructure sectors, which are currently showing signs of weakness [3] - **Future Outlook**: The second half of 2025 is expected to see a focus on hard technology and high-dividend, low-valuation stocks, particularly in the Hong Kong market due to ample supply and global capital inflow [5][52] Recommendations - **Key Companies**: Recommended companies in the mechanical sector include Haitan International, Sany International, and Jerry Holdings, among others, with a focus on hard technology firms like Aobi Zhongguang and Sikang Technology [53] - **Investment Opportunities**: Investors are advised to pay attention to the controllable nuclear fusion sector, which is expected to see significant investment opportunities in the latter half of 2025 [50][51]

Group 1: Company Overview and Strategy - The company has significantly increased its overseas business share, with overseas revenue accounting for 45.20% in 2024, operating in over 70 countries and regions [2][3] - The Middle East is a key strategic market, recognized for its comprehensive business layout and largest revenue scale [2][3] Group 2: Engineering Business in the Middle East - The company has successfully implemented several key projects in the Middle East, including a $920 million digital transformation project for ADNOC and a $316 million gas booster station project for Bahrain National Oil Company [4] - The company focuses on selecting high-quality projects based on strategic significance, industry synergy, project returns, and cash flow [4] Group 3: Natural Gas Equipment Advantages - The company has developed a full industrial chain for natural gas, providing integrated solutions from planning to after-sales service [5] - A new industrial park has been established, tripling production capacity and enhancing product delivery efficiency [5] Group 4: Power Generation Business - The company has established Shandong Jerry Min Electric Energy Co., Ltd. to promote its power generation business, offering various gas turbine generator sets [7] - In North America, the company has successfully implemented sales and service models for its 35MW and 6MW mobile gas turbine generator sets [7]

Group 1: Company Overview - The company has a significant global presence, operating in over 70 countries and regions, with overseas business revenue accounting for 45.20% in 2024 [3] - The Middle East is a key strategic market, recognized for its comprehensive business layout and largest revenue scale [3] Group 2: Engineering Business in the Middle East - The company has successfully implemented multiple key projects in the Middle East, including the KOC JPF-5 project, enhancing market recognition [4] - In 2024, the company secured projects worth $920 million for ADNOC and $316 million for Bahrain National Oil Company, among others [4] Group 3: Natural Gas Equipment Advantages - The company has achieved a full industrial chain development in natural gas, covering manufacturing, power generation, processing, and terminal utilization [5] - A new industrial park has been established, tripling the production capacity for natural gas equipment, which enhances product structure and market competitiveness [5]

Group 1 - Recent geopolitical tensions have led to a rapid increase in international crude oil prices, with Brent crude reported at $72.79 per barrel and domestic crude futures rising by 5.43% [1] - The market anticipates an increase in demand for oil and gas exploration, development, and equipment maintenance due to rising oil prices and concerns over energy supply stability [1] - Companies in the oil and gas equipment sector, such as Shandong Molong and China Petroleum, have seen their stocks surge, with several hitting the daily limit up on June 16 [1] Group 2 - Leading domestic oil service equipment companies, such as Yantai Jereh Petroleum Service Group and Suzhou Neway Valve, have experienced explosive growth in orders from the Middle East [2] - Jereh's overseas business revenue is projected to reach 45.2% in 2024, with a 100% year-on-year increase in orders from the Middle East [2] - The oil service equipment industry is witnessing a recovery in capital expenditure due to sustained high international crude oil prices, leading to increased demand for oil and gas equipment and services [2]

Core Viewpoint - The oil and gas sector is experiencing significant price fluctuations due to geopolitical tensions, particularly the recent airstrikes by Israel on Iran, which have raised concerns about oil supply disruptions in the Middle East [1][2]. Group 1: Market Performance - As of June 16, 2025, key stocks in the oil and gas sector have shown substantial gains, with Taishan Petroleum up 10.07%, Intercontinental Oil and Gas up 9.88%, and Heshun Petroleum up 8.17% [1]. - The Oil and Gas ETF (159697) has increased by 0.68%, marking its fourth consecutive rise, with a latest price of 1.03 yuan [1]. - Over the week leading to June 13, 2025, the Oil and Gas ETF has accumulated a rise of 4.48% [1]. Group 2: Price Trends - On June 13, 2025, WTI and Brent crude oil futures closed at $72.98 and $74.23 per barrel, respectively, reflecting increases of 16.7% and 14.9% since the beginning of the month [1]. - The report from Huatai Securities indicates that the oil price is expected to enter a high volatility phase due to potential declines in Iranian oil production and exports [2]. Group 3: Supply and Demand Outlook - The global oil demand is being impacted by the transition to electricity and gas, while supply from oil-producing countries is becoming increasingly coordinated and weaker [2]. - The oil price is projected to have a downward trend from 2025 to 2027, with a new equilibrium expected to be above $60 per barrel, driven by marginal costs and supply-side dynamics [2]. Group 4: Index Composition - The National Oil and Gas Index (399439) reflects the price changes of publicly listed companies in the oil and gas sector, with the top ten weighted stocks accounting for 66.48% of the index [2].

Group 1 - The core viewpoint of the news is that Jerry Holdings (002353) has shown positive financial performance with significant revenue and profit growth in the latest quarterly report [1] - As of June 13, 2025, Jerry Holdings' stock price closed at 35.91 yuan, reflecting a 1.84% increase, with a trading volume of 144,400 hands and a transaction amount of 522 million yuan [1] - The company reported total operating revenue of 2.687 billion yuan for the first quarter of 2025, representing a year-on-year growth of 26.07%, and a net profit attributable to shareholders of 466 million yuan, up 24.04% year-on-year [1] Group 2 - The company has a liquidity ratio of 2.505 and a quick ratio of 1.945, indicating strong short-term financial health [1] - Jerry Holdings has invested in 24 enterprises and participated in 155 bidding projects, showcasing its active engagement in the market [2] - The company holds 150 trademark registrations and 243 patents, reflecting its commitment to innovation and intellectual property [2]

Investment Rating - The report recommends strong buy for Jerry Holdings and Neway Valve due to their potential in the Middle East oil service market [2]. Core Viewpoints - The deepening of the "Belt and Road" cooperation presents vast opportunities in the Middle East oil service market, with China's energy sector investments in the region projected to reach $168 billion from 2020 to 2024, including $50.28 billion in oil and gas projects [2][33]. - Jerry Holdings and Neway Valve have different product and business models, affecting their revenue recognition and customer onboarding speed [2][39]. - Both companies exhibit high management efficiency and technical barriers, with accelerated expansion in the Middle East [2][90]. Summary by Sections 1. Market Opportunities - The Middle East oil service market is estimated to be in the hundreds of billions, with the oil service equipment market at least in the tens of billions, indicating significant growth potential for Chinese oil service equipment companies [10][12]. - China is the largest importer of crude oil from the Middle East, with imports reaching 6.02 million barrels per day in 2023 [9]. 2. Investment and Construction Projects - From 2020 to 2024, China’s energy sector investments in six Middle Eastern countries (Saudi Arabia, Iraq, UAE, Kuwait, Qatar, Angola) are expected to total $50.28 billion, with a significant portion allocated to oil and gas projects [33][32]. - The report highlights the successful acquisition of numerous energy cooperation projects by Chinese EPC contractors in the Middle East since 2020 [33]. 3. Company Comparisons - Jerry Holdings focuses on high-end equipment and EPC projects, with longer delivery times averaging 1.5 years for equipment and over 2 years for EPC projects [39][62]. - Neway Valve specializes in standardized valve products with shorter production cycles of 3-6 months, benefiting from scale effects [62][75]. - Both companies are experiencing rapid order growth in the Middle East, with Jerry Holdings achieving significant project milestones and Neway Valve expanding its market share [2][75]. 4. Joint Strengths - Both companies are enhancing their presence in the Middle East, with Jerry Holdings and Neway Valve establishing production capacities to meet rising demand [2][90]. - The report notes that the oil service equipment industry is characterized by strong customer loyalty once initial projects are validated, particularly for Jerry Holdings [81].

Group 1 - The core viewpoint is that China's foreign energy investment projects from 2020 to 2024 will reach $168 billion, with significant investments in the Middle East, particularly in Saudi Arabia, Iraq, UAE, Kuwait, Qatar, and Angola, totaling $50.28 billion, of which $29.15 billion is in oil and gas projects, showing a year-on-year increase [1] - The Middle East oil service market is estimated to be in the hundreds of billions, with the oil service equipment market at least in the tens of billions, indicating a high growth potential for Chinese oil service equipment companies, which currently have a low market share in the region [1] - The "Belt and Road" initiative is deepening cooperation, creating vast opportunities in the Middle East oil service market [1] Group 2 - Jerry's business model involves long project cycles with a focus on high-end equipment and non-standard customization, leading to an average delivery time of 1.5 years, while Neway's model is based on standardized products with shorter delivery times of 3-6 months [2] - Jerry's project-based approach results in longer customer validation periods but fosters strong customer relationships, while Neway benefits from scale effects and management efficiency [2] - Both companies are experiencing rapid order growth in the Middle East, with Jerry and Neway expanding their production capacities in the region to meet rising demand [3] Group 3 - Jerry has established a strong market presence in the Middle East, completing significant projects and gaining recognition, while Neway is increasing its order volume through certifications from major clients like Saudi Aramco and ADNOC [3] - The competitive landscape shows that domestic competitors lack the overseas competitiveness that Jerry and Neway possess, allowing them to leverage China's manufacturing advantages [3] - The management teams of both companies are driven by professional managers, enhancing corporate vitality and responsiveness [3] Group 4 - Recommended stocks include Jerry (002353.SZ) for its explosive order growth in the Middle East and Neway (603699.SH) for its strong visibility in demand and anticipated steady performance growth [4]

Investment Rating - The report recommends a strong buy for Jerry Holdings and Neway Valve, highlighting their potential in the Middle Eastern oil service market [2]. Core Insights - The deepening of the "Belt and Road" cooperation presents vast opportunities in the Middle Eastern oil service market, with China's energy sector investments in the region projected to reach $168 billion from 2020 to 2024, including $50.28 billion in oil and gas projects [2][33]. - Jerry Holdings and Neway Valve differ in product and business models, affecting their revenue recognition and customer onboarding speeds. Jerry focuses on high-end equipment and EPC projects with longer delivery times, while Neway specializes in standardized valve products with shorter production cycles [2][39][62]. - Both companies exhibit high management efficiency and technical barriers, with accelerated expansion in the Middle East. They have established strong relationships with major oil companies, enhancing their market positions [2][90]. Summary by Sections 1. Market Opportunities - The Middle Eastern oil service market is valued at over $100 billion, with Chinese companies currently holding a low market share, indicating significant growth potential [10][12]. - China's oil service equipment exports to the Middle East have been increasing, with Neway's revenue from the region expected to grow substantially [75]. 2. Investment Projects - From 2020 to 2024, China has secured numerous energy cooperation projects in the Middle East, with a total investment of $502.8 billion across six countries [33][32]. - Major projects include Jerry's contracts with Kuwait Oil Company and upcoming contracts in Iraq and Bahrain, showcasing the company's growing influence in the region [52][56][59]. 3. Company Comparisons - Jerry Holdings operates on a project-based model requiring extensive customization, leading to longer cash flow cycles but stronger customer loyalty post-verification [78]. - Neway Valve benefits from a standardized product model, allowing for quicker revenue recognition and scalability, with a focus on expanding its market share in the Middle East [75][87]. 4. Future Outlook - The report anticipates continued growth in capital expenditures from major oil companies, providing a stable environment for Jerry and Neway to thrive [15][90]. - Both companies are expected to benefit from the increasing demand for oil service equipment and the ongoing energy transition in the Middle East [22][22].