公司发布 2025 年半年报，业绩表现优异，经营现金流持续改善。 收入端：25H1 收入 69 亿元、同比+39%，25Q2 收入 42 亿元、同比+49%。 其中 25H1 国内收入占比 52.25%、收入同比+39.97%，海外收入占比 47.75%、 收入同比+38.38%。同时公司多措并举严控两金，经营现金流持续改善， 25H1 经营性现金流净额 31.44 亿元，同比增加 20.83 亿元。 收入增长主要系油气工程及技术服务板块同比+88.14%，天然气相关业务实 现收入同比增长 112.69%。此外 25H1 公司获取新订单 98.81 亿元，同比 +37.65%，截至今年上半年度末存量订单 123.86 亿元，同比+34.76%，为后 续收入表现奠定坚实基础。 利润端：25H1 归母净利润 12.4 亿元、同比+14%，扣非归母净利润 12.3 亿 元、同比+33.9%。25Q2 归母净利润 7.75 亿元、同比+8.8%，扣非归母净利 润 7.69 亿元、同比+37.46%，主要系去年同期 1.68 亿元非流动资产处置收 益影响。 公司报告 | 半年报点评 盈利能力端：25H1 毛利率/归母净 ...

Core Viewpoint - The report from Dongfang Securities indicates that Jerry Holdings has experienced significant growth in Q2 revenue and non-recurring profit, suggesting an improvement in operational capabilities that may enhance the company's value [1] Group 1: Operational Performance - Jerry Holdings' new orders reached 9.881 billion yuan in H1 2025, representing a year-on-year increase of 37.65%, indicating strong demand and operational performance [1] - The company is expected to continue increasing its market share and order growth due to sustained global natural gas expenditure demand [1] Group 2: Financial Projections - The net profit forecasts for Jerry Holdings for 2025, 2026, and 2027 have been raised to 3.153 billion yuan, 3.818 billion yuan, and 4.464 billion yuan respectively, up from previous estimates of 3.075 billion yuan, 3.636 billion yuan, and 4.225 billion yuan [1] - The company is assigned a target price of 55.44 yuan for 2025, based on a 18x price-to-earnings ratio, maintaining a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Insights - The company achieved significant revenue and net profit growth in the first half of 2025, with revenue reaching 6.9 billion yuan, a year-on-year increase of 39.2%, and net profit of 1.24 billion yuan, up 14.0% year-on-year [1] - The high-end equipment manufacturing and oil and gas engineering segments both experienced substantial revenue increases, with the oil and gas engineering and technical services segment growing by 88.1% year-on-year [2] - The company successfully signed a major contract for the supply of centrifugal compressors for a large domestic gas storage facility, totaling approximately 500 million yuan, marking a significant breakthrough in the gas storage sector [2] - The international strategy is progressing steadily, with overseas revenue reaching 3.3 billion yuan, a 38.4% increase year-on-year, and a 24.2% growth in new overseas orders [3] - The company has a robust order backlog, with new orders totaling 9.88 billion yuan, a 37.7% increase year-on-year, supporting continued performance growth [4] Summary by Sections Revenue and Profitability - The company reported a revenue of 6.9 billion yuan in H1 2025, with a gross margin of 32.2%, down 3.6 percentage points year-on-year, and a net margin of 18.4%, down 4.1 percentage points year-on-year [1] Business Segments - High-end equipment manufacturing revenue was 4.22 billion yuan, up 22.4% year-on-year, while oil and gas engineering revenue was 2.07 billion yuan, up 88.1% year-on-year [2] - Natural gas-related business revenue saw a remarkable increase of 112.7% year-on-year, with new orders up 43.3% [2] International Expansion - The overseas market contributed 3.3 billion yuan in revenue, with a gross margin of 37.8%, an increase of 0.6 percentage points year-on-year [3] Order Backlog - The company had an order backlog of 12.39 billion yuan as of June 30, 2025, reflecting a 34.8% year-on-year increase [4]

Group 1 - The core viewpoint is that the oil and gas industry is experiencing structural changes, shifting from fuel-based refining to chemical-based refining due to declining demand for traditional fuel products and the push for renewable energy [2] - The government is implementing policies to limit the growth of domestic refining capacity and accelerate the elimination of outdated small refining units, while promoting the replacement of advanced low-emission new capacities [2] - Leading refining companies are expected to enhance their product structure by increasing the yield of chemical raw materials like propylene and ethylene, which will reduce carbon emissions and improve product value [2] Group 2 - As of July 31, 2025, the top ten weighted stocks in the National Petroleum and Natural Gas Index accounted for 65.78% of the index, with major companies including Sinopec, PetroChina, and CNOOC [3] - The National Petroleum and Natural Gas Index reflects the price changes of publicly listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges [2][3] - The oil and gas ETF closely tracks the National Petroleum and Natural Gas Index, indicating a positive market trend with a recent increase of 0.68% [1]

Group 1: Cosmetics Industry Insights - The new consumption trend in cosmetics is driven by supply-demand misalignment, with content marketing accelerating product innovation and transformation [2][4] - The beauty sector is expected to lead new consumption, with a focus on product renewal and emotional value consumption [4][5] - Traditional industries such as personal care, health products, and snacks are seeing significant opportunities for product renewal [6] Group 2: Company Performance - Shijia Photon - Shijia Photon reported a significant increase in performance, with a Q2 revenue of 9.93 billion yuan, a year-on-year growth of 121.12%, and a net profit of 2.17 billion yuan, up 1712.00% [7][21] - The company has raised its profit forecast for 2025-2027, with expected net profits of 4.88 billion, 8.62 billion, and 10.63 billion yuan respectively [7][21] - The MPO business is growing rapidly, contributing significantly to revenue, with a focus on high-end chip development and new product lines [8][22] Group 3: Company Performance - Jerry Holdings - Jerry Holdings experienced accelerated performance in Q2, with a revenue of 42.14 billion yuan, a year-on-year increase of 49.12%, and a net profit of 7.75 billion yuan, up 8.78% [9][30] - The company has raised its EPS forecast for 2025-2027 to 3.06, 3.70, and 4.48 yuan respectively, reflecting strong order growth and operational improvements [9][30] - The natural gas business is emerging as a second growth curve, with significant new orders and revenue growth [11][32] Group 4: Market Trends and Opportunities - The cosmetics industry is witnessing a shift towards emotional consumption, with consumers seeking differentiated products that meet more refined needs [4][5] - New channels and media are facilitating product innovation and market penetration, particularly through social media and content-driven platforms [5] - The traditional sectors are adapting to new consumer demands, with a focus on product renewal and leveraging new distribution channels [6]

二季度末养老金账户对宏发股份的持股量最多，基本养老保险基金八零七组合、基本养老保险基金一五 零二二组合为公司第九、第七大流通股东，合计持股量为2822.27万股；其次是杰瑞股份，基本养老保 险基金八零八组合为公司第十大流通股东，持股量为671.79万股。从期末持股市值看，养老金账户期末 持股市值在亿元以上的有5只股，分别是宏发股份、杰瑞股份、容知日新等。 持股比例方面，养老金账户持股比例最多的是容知日新，二季度末基本养老保险基金二一零一组合为公 司第四大大流通股东，持股量为350.00万股，占流通股比例4.04%。养老金持股比例居前的还有果麦文 化、宏发股份等，持股比例分别为2.40%、1.93%。 养老金二级市场上持续落子布局，二季度末共现身6只个股前十大流通股东榜，其中，新进3只，增持2 只。 证券时报·数据宝统计显示，养老金账户最新出现在6只个股前十大流通股东名单中，合计持股量0.51亿 股，期末持股市值合计13.44亿元。 业绩方面，养老金账户现身个股中，半年报净利润实现增长的有6家，净利润增幅最高的是容知日新， 公司共实现净利润1423.55万元，同比增长2063.42%。（数据宝） 养老金持股明细 ...

Macro Strategy - The report analyzes three historical cases of capacity adjustment over a century, highlighting the negative feedback loop of capacity imbalance and the importance of government intervention to restore balance [1][12] - It emphasizes that supply-demand rebalancing requires simultaneous efforts in controlling capacity, restoring credit, and stabilizing employment, rather than relying solely on supply or demand policies [1][12] Fixed Income - The new bond value-added tax regulation enhances the relative attractiveness of credit bonds, as their interest income is not subject to the tax, while government bonds lose their tax exemption [2][3][13] - The adjustment in tax rates is expected to narrow the yield spread between credit bonds and other interest rate bonds by approximately 10 basis points, with potential increases in relative value for credit bonds by 5-15 basis points for proprietary trading departments [2][3][14] Industry Analysis - The asset operation and maintenance (O&M) industry is gaining importance post-capital formation peak, with growth driven more by product development than by personnel or capital [4][15] - The report indicates that the O&M market is projected to grow significantly, with the current market size at approximately 2.44 trillion and expected to reach around 5.5 trillion in ten years [4][15] - The report suggests focusing on companies like Borui Data, Rongzhi Rixin, and Xianheng International, as they are positioned to benefit from the increasing demand for high-quality O&M services [4][15] Electronic Industry - The ASIC business model requires service providers to have strong IP design and SoC design capabilities, with major players like Broadcom and Marvell holding significant market shares [5][16][17] - The custom chip market is projected to reach $55.4 billion by 2028, with a compound annual growth rate (CAGR) of 53% from 2023 to 2028, driven by the demand for AI acceleration [5][16][17] - The report highlights the potential for margin pressure in the custom chip business due to increased competition from domestic firms entering the AI ASIC market [5][16][17]

据Wind数据统计显示，8月8日，养老金现身容知日新、果麦文化2只个股前十大流通股东，持股数量分 别为0.04亿股、0.02亿股，持股市值分别为1.55亿元、0.79亿元。截至8月8日，养老金二季度共现身6只 个股前十大流通股东，合计持股5122.81万股，合计持股市值达13.44亿元。其中，1只个股持股数量超千 万，宏发股份、杰瑞股份、东睦股份持股数量居前，养老金分别持有0.28亿股、0.07亿股、0.06亿股。 从养老金持股行业分布来看，主要集中在媒体Ⅲ、家庭耐用消费品、机械，分别有1只、1只、1只。 ...

Core Viewpoint - The financial performance of Jerry Holdings (002353) for the first half of 2025 shows significant growth in revenue and net profit, driven by an increase in business scale, although there are concerns regarding accounts receivable levels and declining profit margins [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 6.901 billion yuan, a year-on-year increase of 39.21% [1]. - Net profit attributable to shareholders was 1.241 billion yuan, up 14.04% year-on-year [1]. - In Q2 2025, total revenue was 4.214 billion yuan, reflecting a 49.12% increase compared to the same period last year [1]. - Q2 net profit attributable to shareholders was 0.775 billion yuan, an increase of 8.78% year-on-year [1]. - The gross margin decreased to 32.19%, down 9.56% year-on-year, while the net margin fell to 18.4%, down 18.1% year-on-year [1]. - The total of selling, administrative, and financial expenses was 0.404 billion yuan, accounting for 5.86% of revenue, a decrease of 25.6% year-on-year [1]. - Earnings per share increased to 1.22 yuan, a rise of 14.02% year-on-year [1]. Cash Flow and Debt Management - Operating cash flow per share surged to 3.07 yuan, a remarkable increase of 196.36% year-on-year, attributed to effective cash collection measures and significant prepayments received [1][2]. - The company reported a net increase in cash and cash equivalents of 91.44%, driven by strong operating cash inflows [2]. Accounts Receivable and Investment Insights - Accounts receivable reached 6.74 billion yuan, representing 256.56% of the latest annual net profit, indicating a high level of receivables relative to profit [1][7]. - The company’s return on invested capital (ROIC) was 10.22%, reflecting average capital returns, with a historical median ROIC of 10.63% over the past decade [5]. Natural Gas Business Growth - The natural gas segment has become a crucial growth driver, with revenue increasing by 112.69% year-on-year and new orders up by 43.28% [10]. - The company has established a comprehensive natural gas value chain, enhancing its market position and service capabilities [10][11]. Fund Management and Market Interest - Jerry Holdings is held by prominent fund managers, including Zhu Shaoxing from Fortune Fund, who has increased his stake in the company [7][8]. - The company is attracting attention from institutional investors, indicating confidence in its growth prospects [9].

Core Insights - Jerry Holdings (002353) reported a strong performance in the first half of 2025, with revenue and net profit both increasing, particularly notable was the 38.38% year-on-year growth in overseas revenue [1][2] - Despite the positive financial results, the company faces challenges in its transition to renewable energy, particularly with losses in its lithium battery projects and uncertainties in international market expansion [1][5] Financial Performance - In the first half of 2025, Jerry Holdings achieved operating revenue of 6.901 billion yuan, a 39.21% increase from 4.957 billion yuan in the same period of 2024 [2] - The high-end equipment manufacturing segment generated revenue of 4.224 billion yuan, accounting for 61.22% of total revenue, with a year-on-year growth of 22.42% [2] - The oil and gas engineering and technical services segment saw revenue of 2.069 billion yuan, representing a significant increase of 88.14% year-on-year, becoming a key driver of revenue growth [2] - The company's net profit attributable to shareholders reached 1.241 billion yuan, a 14.04% increase, while the net profit excluding non-recurring items was 1.231 billion yuan, up 33.90% [3] Market Expansion - Jerry Holdings' natural gas-related business achieved a revenue growth of 112.69%, with a gross margin increase of 5.61% and new orders rising by 43.28% [3] - The company successfully expanded into the North African oil service market, contributing to a 38.38% year-on-year increase in overseas revenue, which totaled 3.295 billion yuan [3][4] - The company emphasized the importance of selecting high-quality orders to improve profit margins in overseas markets [3] Renewable Energy Transition - Jerry Holdings is actively pursuing a transition to renewable energy, with the renewable and recycling business segment achieving revenue of 328 million yuan, a 65.74% increase [6] - The company has invested approximately 1.512 billion yuan in a lithium-ion battery anode material integration project, which has incurred losses of 248 million yuan to date [7] - Despite the strategic focus on dual main businesses in oil and gas and renewable energy, the lithium battery project has not yet turned profitable due to intense market competition and fluctuating raw material prices [6][7]