Summary of Jerry Holdings Conference Call Company Overview - **Company**: Jerry Holdings (杰瑞股份) - **Industry**: Oil and Gas Equipment and Services Key Points Business Performance - Jerry Holdings' natural gas business benefited from the expansion wave in the Middle East, with revenue growth exceeding 100% year-on-year in the first half of the year [2][4] - New orders in the natural gas segment increased by 43% year-on-year, with a significant contract worth $900 million recently secured [2][4] - The company expects over 50% performance growth in the natural gas business, which is becoming a second growth curve for the company [2][13] Financial Highlights - For the first three quarters of 2025, the company reported revenue of 10.4 billion RMB, a 30% increase year-on-year, and a net profit of 1.808 billion RMB, up 13% year-on-year [10] - The overseas revenue accounted for 47.75% of total revenue, with a backlog of orders amounting to 12.3 billion RMB, providing momentum for future growth [10][3] - Projected revenues for 2026 and 2027 are 19.809 billion RMB and 23.799 billion RMB, respectively [3][19] Market Position and Strategy - Jerry Holdings holds a leading position in the global drilling and completion market, with a domestic market share of over 1,200 units of production capacity [4] - The company has expanded its capabilities in shale gas production services in Saudi Arabia and the UAE, with a service capacity of 700,000 hydraulic horsepower [9] - Collaborations with Siemens Energy, Baker Hughes, and Kawasaki Heavy Industries have led to the development of high-efficiency gas turbine units [2][17] Industry Trends - The global LNG industry is entering a new construction phase, with significant infrastructure investment expected to reach $128.2 billion by 2029 [10][11] - The demand for natural gas is projected to increase, particularly in data centers, where natural gas is expected to become the primary source of new supply [16] Risks and Challenges - The company faces operational risks from fluctuating oil and gas prices, increased market competition, and geopolitical uncertainties [5][20] - Despite these challenges, the company is considered undervalued compared to peers, with projected P/E ratios of 27.273, 22.80, and 19.36 for 2025, 2026, and 2027, respectively [5][19] Future Outlook - The electric power business is expected to grow significantly due to rising investments in artificial intelligence, with a projected CAGR of 31.9% from 2024 to 2029 [2][14] - The company aims to establish a revenue segment similar in scale to its drilling and completion business, targeting revenues of 5 to 6 billion RMB [18] Conclusion - Jerry Holdings is positioned for strong growth in both its natural gas and electric power segments, supported by strategic partnerships and a robust order backlog, despite facing certain market risks [2][19]

仅隔一个月，该客户连续复购，显示出其对杰瑞产品性能、交付能力以及综合服务实力的高度认可。至 此，双方累计合同金额已达14.84亿元。 "杰瑞正逐渐成为全球高端客户的重要合作伙伴，为工业发展与数据中心能源基础设施的稳定运行提供 坚实保障。"杰瑞敏电相关负责人介绍，本次为客户提供的大功率燃气发电机组，将作为数据中心及工 业供电系统的核心电源，承担主力电力输出任务。机组采用标准化、模块化设计，具备快速运输、现场 组装与灵活扩容的能力，可有效适应项目周期紧、空间受限等复杂挑战。 □记者 杨秀萍 通讯员 张妍 报道 本报烟台讯 1月13日，杰瑞股份全资子公司山东杰瑞敏电能源集团（以下简称"杰瑞敏电"）再度与北美 战略客户成功签署1.06亿美元发电机组销售合同，金额约合人民币7.42亿元，该设备将用于北美数据中 心及工业供电等领域。 杰瑞股份董事长李志勇表示，公司将持续深耕数据中心、工业能源和新型电力系统三大领域，提升综合 竞争力。在数据中心方面，不仅致力于解决复杂应用场景下的发电保障需求，更将通过系统化技术整 合，构建覆盖发电、配电及热能管理的一体化解决方案，全面提升数据中心能源系统的安全性、可靠性 和运行效率。 ...

Core Viewpoint - The oil and gas ETF Huatai Fuhua (159309) opened down by 1.69% at 1.220 yuan, reflecting a mixed performance among its major holdings [1] Group 1: ETF Performance - The performance benchmark for the oil and gas ETF Huatai Fuhua (159309) is the CSI Oil and Gas Resource Index return rate [1] - Since its establishment on May 31, 2024, the fund has achieved a return of 24.34%, with a monthly return of 11.03% [1] Group 2: Major Holdings Performance - Major holdings include: - Jereh Group opened up by 1.04% - China National Offshore Oil Corporation (CNOOC) down by 1.46% - China Petroleum down by 0.70% - China Petrochemical down by 0.34% - China Merchants Energy down by 2.02% - Guanghui Energy unchanged at 0.00% - COSCO Shipping Energy down by 2.03% - China Merchants South Oil down by 0.89% - CNOOC Engineering down by 1.30% - Intercontinental Oil and Gas down by 1.97% [1]

Core Viewpoint - Yantai Jereh Petroleum Service Group Co., Ltd. plans to provide interest-free loans to high-end talent groups using up to RMB 20 million of its own funds to support investment in emerging business areas [2][4]. Group 1: Loan Details - The loan amount will not exceed RMB 20 million and can be reused within this limit [2][6]. - Eligible borrowers include core technical talents and industry experts, excluding related parties such as major shareholders and their relatives [3][6]. - The maximum loan amount per individual is RMB 800,000, with a maximum term of 6 years [6]. Group 2: Purpose and Approval - The loans aim to support high-end talent in investing in emerging business areas alongside the company [4][6]. - The board of directors approved this initiative during its second meeting on January 15, 2026, with unanimous support [9][10]. Group 3: Risk Management - The main risk identified is the potential inability of borrowers to repay the loans, which the company aims to mitigate through clear loan processes and agreements [7][8]. - The total approved financial assistance after this initiative will amount to RMB 28 million, representing 0.13% of the company's latest audited net assets [7].

（文章来源：证券日报） 证券日报网讯 1月15日，杰瑞股份发布公告称，公司第七届董事会第二次会议审议通过《关于为公司高 端人才群体提供借款的议案》。 ...

Investment Rating - The report recommends a positive investment outlook for the machinery equipment industry, particularly focusing on companies with high export potential and strong growth prospects in overseas markets [3][10]. Core Insights - The report identifies three major opportunities for machinery equipment exports: the Belt and Road Initiative driving demand in resource-rich countries, strong demand recovery in Europe and the US, and the shift from capacity export to technology export in high-end manufacturing [3][4][5]. - Key companies recommended for investment include SANY Heavy Industry, Zoomlion, LiuGong, and Hengli Hydraulic in the engineering machinery sector, and Jerry Holdings and Neway in the oil service sector [3][4][5][67]. Summary by Sections Belt and Road Initiative - Investment in oil, gas, and mineral resources in resource-rich countries is accelerating, driving demand for domestic equipment and expanding global market share [3]. - The engineering machinery sector is expected to benefit from rising prices of non-ferrous metals and increased capital expenditure by mining companies, leading to higher demand for high-margin excavators [3][10]. European and American Demand - The report highlights a recovery in overseas production capacity and macroeconomic recovery, focusing on high-quality targets with significant exposure to European and American markets [4]. - Key recommendations include leading Chinese hand tool exporter Juxing Technology and companies in the industrial forklift sector such as Hangcha Group and Anhui Heli [4]. High-End Manufacturing Export - The shift from capacity export to technology export is emphasized, with Chinese equipment manufacturers leveraging their advantages to enhance export ceilings [5]. - Companies involved in the production of optical module equipment, lithium battery equipment, and photovoltaic equipment are highlighted as key players, with specific recommendations for firms like Meiwai and Aotewi [5]. Engineering Machinery Export - The report anticipates a new upward cycle for overseas engineering machinery demand starting in 2025, driven by recovery in global demand and increased capital expenditure in mining and infrastructure [10][11]. - Key companies with established overseas operations and competitive advantages in mining and large infrastructure projects are expected to benefit significantly [10][11]. Oil Service Market - The Middle East is identified as a core market for oil service companies, with high certainty for growth due to stable capital expenditure and strong demand [67][69]. - Recommended companies include Jerry Holdings, which has a comprehensive international certification system and strong project execution capabilities, and Neway, which has a significant presence in the aftermarket service sector [67][69].

Group 1 - The company Jerry Holdings announced that its seventh second board meeting will be held on January 15, 2026, combining in-person and electronic communication methods [1] - The meeting will review documents including a proposal to provide loans for the company's high-end talent group [1] Group 2 - A report suggests that a "budget version" of the Tesla Model 3 may enter the Chinese market, priced under 200,000 yuan, with a range of 480 kilometers [1] - The U.S. market is experiencing significant adjustments regarding autonomous driving technology [1]

证券代码：002353 证券简称：杰瑞股份 公告编号：2026-007 烟台杰瑞石油服务集团股份有限公司 关于为公司高端人才群体提供借款的公告 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、烟台杰瑞石油服务集团股份有限公司（以下简称"公司"）拟使用不超过人民币 2,000 万元的自有资金为符合条件的公司高端人才群体提供无息借款，借款在上述额度范围内可循 环使用。 2、本事项已经公司第七届董事会第二次会议审议通过，本事项在董事会审批范围内， 无需提交股东会审议，不构成关联交易。 3、本事项的主要风险为申请借款的高端人才群体无法偿还借款。为防范风险，公司明 确了借款流程和风险防范措施，整体风险可控。 为更好地引进、吸纳和保留优秀人才，支持公司核心技术人才、行业专家等高端人才（以 下简称"高端人才群体"）在公司长期发展，与公司共同推动新兴业务领域战略规划有效落 地，公司于 2026 年 1 月 15 日召开第七届董事会第二次会议，审议通过了《关于为公司高端 人才群体提供借款的议案》，在不影响公司业务开展及资金使用的前提下，公司拟使用不超 过人民币 ...

证券代码：002353 证券简称：杰瑞股份 公告编号：2026-006 表决情况：9 票同意，0 票反对，0 票弃权。 议案内容详见巨潮资讯网（http://www.cninfo.com.cn/）。 特此公告。 烟台杰瑞石油服务集团股份有限公司董事会 2026 年 1 月 15 日 烟台杰瑞石油服务集团股份有限公司 第七届董事会第二次会议决议公告 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。 2026 年 1 月 15 日，烟台杰瑞石油服务集团股份有限公司（以下简称"公司"） 第七届董事会第二次会议在公司五楼会议室以现场与电子通信相结合的方式召 开。会议通知已于 2026 年 1 月 12 日通过专人送达、邮件方式送达给董事，会议 应到董事 9 人，实到董事 9 人，其中董事王继丽女士因工作原因以电子通信方式 出席。会议召开符合《公司法》及《公司章程》的规定。会议由董事长李志勇先 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： 一、审议并通过《关于为公司高端人才群体提供借款的议案》 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Insights - The company has secured a significant order for gas turbine generator sets worth $106 million (approximately 742 million yuan), which is expected to positively impact future operating performance [5] - The company is establishing a new growth curve in the power energy business, having formed partnerships with major players like Siemens Energy and Baker Hughes for gas turbine cooperation [5] - The company is expanding into the small modular reactor (SMR) sector, which is expected to enhance its competitiveness in the power sector and open new long-term growth opportunities [5] - The company is recognized as a leading domestic oil and gas equipment enterprise, with successful breakthroughs in drilling, natural gas, and gas turbine generator businesses both domestically and internationally [5] Financial Projections - Total revenue is projected to grow from 13,354.92 million yuan in 2024 to 23,799.61 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20.14% [3][6] - Net profit attributable to the parent company is expected to increase from 2,627.03 million yuan in 2024 to 4,448.79 million yuan in 2027, reflecting a CAGR of about 17.77% [3][6] - The diluted EPS is forecasted to rise from 2.57 yuan in 2024 to 4.35 yuan in 2027, indicating strong earnings growth [3][6] - The price-to-earnings (P/E) ratio is projected to decrease from 32.79 in 2024 to 19.36 in 2027, suggesting improving valuation metrics [3][6]