Company Overview - The report rates the company as "Buy" for the first time, indicating a positive outlook for investment [4] - The company, Kaishan Holdings, is a leader in the compressor and geothermal power sectors, focusing on high-end equipment manufacturing and renewable energy development [1][11] - The company has a comprehensive compressor product line and is a domestic leader in the air compressor industry, while also extending its geothermal power business through innovative technologies [1][20] Financial Performance - In 2024, the company achieved total revenue of 4.235 billion yuan, a year-on-year increase of 1.64%, with a net profit of 320 million yuan, down 26.05% year-on-year [1][5] - The net profit margin for 2024 is approximately 7.66% [1] - The company expects to see significant growth in net profit from 2025 to 2027, with projections of 4.09 billion yuan, 6.38 billion yuan, and 9.50 billion yuan respectively, representing year-on-year growth rates of 27.8%, 55.8%, and 48.9% [3][5] Industry Overview - The geothermal power industry is projected to see a decrease in the levelized cost of electricity (LCOE) to 0.06 USD/kWh by 2024, which is expected to open up further growth opportunities in the global geothermal power market [2][41] - The global installed capacity of geothermal power plants is expected to grow from 15.4 GW in 2019 to 16.87 GW in 2024, with a compound annual growth rate (CAGR) of 1.84% [2][41] - Indonesia is highlighted as having the largest geothermal potential globally, with only about 2% of its potential geothermal energy currently being utilized [2][42] Business Segments - The company's compressor segment generated revenue of 2.902 billion yuan in 2024, accounting for 68.53% of total revenue, with a stable gross margin of around 30% [23][29] - The geothermal power segment reported revenue of 798 million yuan in 2024, a year-on-year increase of 21.23%, contributing 18.84% to total revenue, with a gross margin exceeding 49% [23][29] - Other business segments, including compressor accessories and vacuum systems, generated revenue of 535 million yuan, accounting for 12.63% of total revenue [23][29] Global Expansion - The company is actively pursuing a global strategy, with overseas revenue accounting for approximately 44.95% of total revenue in 2024, driven by its compressor and geothermal power businesses [25][31] - The company has established new sales offices in cities like Seoul, Bangkok, and Mexico City, and is constructing a third overseas factory in Turkey [25][31] Future Outlook - The company has seven operational geothermal power projects with a total capacity of 215.5 MW and eight projects under construction with a capacity of approximately 191 MW, which are expected to contribute to revenue growth [3][29] - The report emphasizes the potential for continued growth in both the compressor and geothermal segments, supported by technological advancements and increasing global demand for renewable energy solutions [3][41]

Investment Rating - The report maintains a positive outlook on the controllable nuclear fusion and deep-sea technology industries, highlighting investment opportunities in cryogenic equipment and compressors [3][5]. Core Insights - Controllable nuclear fusion is viewed as the ultimate energy source of the future, with low-temperature technology being an indispensable component. It offers safety, abundant raw materials, and clean outputs compared to other energy sources [4][14]. - China is actively participating in the ITER (International Thermonuclear Experimental Reactor) project, with expectations for commercial nuclear fusion by 2035, which will significantly expand the market for cryogenic equipment [4][6]. - The deep-sea technology sector encompasses various fields, with compressors playing a crucial role in deep-sea applications, facing high technical barriers [4][6]. - The marine economy is projected to grow significantly, with the market for compressors in deep-sea technology expected to expand from approximately 19.48 billion yuan in 2025 to 40.16 billion yuan by 2030, reflecting a compound annual growth rate of 15.57% [4][6]. Summary by Sections 1. Controllable Nuclear Fusion - Controllable nuclear fusion is recognized for its safety, cleanliness, and abundant raw materials, with the D-T fusion reaction being the most feasible [14][19]. - Magnetic confinement is identified as a promising method for large-scale controllable nuclear fusion, with tokamak devices being the most widely used globally [21][26]. - Low-temperature technology enhances the efficiency and stability of nuclear fusion reactions, which is critical for maintaining the necessary conditions for fusion [34][36]. - The global nuclear fusion market is projected to reach approximately 203.5 billion USD by 2055, with cryogenic equipment expected to capture a market space of about 10.175 billion USD from 2025 to 2035 [4][6]. 2. Deep-Sea Technology - Deep-sea technology includes advanced techniques for exploring and utilizing deep-sea resources, with compressors being essential for various applications [4][6]. - The marine economy is expected to grow from approximately 10.54 trillion yuan in 2024 to 14.31 trillion yuan by 2030, indicating strong growth potential [4][6]. - The report emphasizes the importance of compressors in deep-sea applications, highlighting the technical challenges that need to be addressed for successful implementation [4][6]. 3. Related Listed Companies - The report suggests focusing on companies such as Zhongtai Co., Ice Wheel Environment, Xue Ren Co., and Kaishan Co. for investment opportunities in cryogenic equipment and compressors within the controllable nuclear fusion and deep-sea technology sectors [5][6].

Group 1 - The core viewpoint of the news is that Kaishan Group Co., Ltd. has shown significant trading activity and financial performance, with a notable increase in shareholder numbers and revenue growth [1][2][3] - On September 11, Kaishan's stock rose by 1.52%, with a trading volume of 148 million yuan. The financing buy-in amount was 17.28 million yuan, while the financing repayment was 34.32 million yuan, resulting in a net financing buy of -17.04 million yuan [1] - As of September 11, the total margin balance for Kaishan was 442 million yuan, with a financing balance of 439 million yuan, accounting for 2.88% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of June 30, the number of shareholders for Kaishan increased by 8.70% to 17,300, while the average circulating shares per person decreased by 8.00% to 55,178 shares [2] - For the first half of 2025, Kaishan achieved operating revenue of 2.251 billion yuan, representing a year-on-year growth of 10.75%, and a net profit attributable to shareholders of 190 million yuan, up 7.25% year-on-year [2] - Since its A-share listing, Kaishan has distributed a total of 1.279 billion yuan in dividends, with 298 million yuan distributed in the last three years [3]

Core Viewpoint - The company has successfully completed the acquisition of a 5% stake in Sorik Marapi Geothermal Power Company, consolidating its ownership to 100% [2] Group 1: Acquisition Details - The company’s wholly-owned subsidiary, OTP Geothermal Pte. Ltd, and KS Orka Renewables Pte. Ltd have signed a conditional equity acquisition agreement with PT Supraco Indonesia [2] - The total cash consideration for the acquisition amounts to 3 million USD [2] - As of the announcement date, the company has completed the payment for the entire transaction price as per the agreement [2] Group 2: Ownership Structure - Following the acquisition, OTP holds 98.57% of Sorik Marapi Geothermal Power Company, while KS Orka holds 1.43% [2] - The company now holds 100% ownership of Sorik Marapi Geothermal Power Company [2]

Core Viewpoint - The company has successfully completed the acquisition of a 5% stake in Sorik Marapi Geothermal Power (SMGP) from PT Supraco Indonesia for a total cash consideration of 3 million USD, resulting in the company now holding 100% ownership of SMGP [1] Group 1 - The acquisition agreement was signed by the company's wholly-owned subsidiaries OTP Geothermal Pte., Ltd. and KS Orka Renewables Pte. Ltd. in July 2025 [1] - The total payment for the acquisition has been completed as per the conditional equity acquisition agreement [1] - Following the acquisition, OTP holds 98.57% of SMGP, while KSO holds 1.43% [1]

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。 证券代码：300257 证券简称：开山股份 公告编号：2025-032 开山集团股份有限公司 关于下属公司收购SorikMarapi地热能有限公司少数股权的 进展公告 开山集团股份有限公司 董 事 会 二〇二五年九月十一日 一、本次交易的基本情况 2025 年 7 月，开山集团股份有限公司（以下简称"公司"）设立在新加坡的 全资下属公司 OTP Geothermal Pte., Ltd（以下简称"OTP"）和 KS Orka Renewables Pte. Ltd.（以下简称"KSO"）分别与印度尼西亚公司 PT Supraco Indonesia（以下 简称"Supraco"）签署了《有条件股权收购协议》，合计以 300 万美元现金收购 Supraco 持有的 Sorik Marapi 地热能有限公司（以下简称"SMGP"）5%全部股份。 具体内容详见公司于 2025 年 7 月 28 日在中国证监会指定创业板信息披露媒体巨 潮资讯网（http://www.cninfo.com.cn）披露的《关于下属公司与 P ...

Group 1 - The company KaiShan Co., Ltd. announced on September 10 that its 530bar compressor can be used in hydrogen refueling stations for trucks and hydrogen-powered vehicles, as well as in other hydrogen-related applications such as hydrogen transportation and pressurization [1] - The company expects to launch the 530bar compressor to the market in the first half of 2026 [1]

Core Viewpoint - Kaishan Group Co., Ltd. shows strong financial performance with significant growth in revenue and net profit, alongside high levels of financing and margin trading activity, indicating investor interest and confidence in the company's future prospects [1][2][3]. Financial Performance - For the first half of 2025, Kaishan Group achieved operating revenue of 2.251 billion yuan, representing a year-on-year increase of 10.75% [2]. - The net profit attributable to shareholders for the same period was 190 million yuan, reflecting a year-on-year growth of 7.25% [2]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders increased to 17,300, up by 8.70% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 8.00% to 55,178 shares [2]. - On September 9, 2023, Kaishan's stock price rose by 0.66%, with a trading volume of 299 million yuan [1]. Financing and Margin Trading - On September 9, 2023, Kaishan received a financing buy-in of 34.1457 million yuan, with a net financing purchase of 14.2821 million yuan after repayments [1]. - The total balance of margin trading as of September 9, 2023, was 456 million yuan, with financing accounting for 300% of the circulating market value, indicating a high level of investor engagement [1]. - The short-selling activity on the same day included 40,100 shares sold short, with a total value of approximately 610,700 yuan [1]. Dividend Distribution - Since its A-share listing, Kaishan has distributed a total of 1.279 billion yuan in dividends, with 298 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the sixth-largest circulating shareholder, holding 9.3648 million shares, an increase of 845,300 shares from the previous period [3]. - The ninth-largest circulating shareholder, Dongfanghong Vision Value Mixed A, held 6.6794 million shares, a decrease of 438,700 shares from the previous period [3].

Group 1 - The company has developed a 530bar compressor for hydrogen energy applications, which is expected to be launched in the market by the first half of 2026 [2] - The compressor can be utilized in hydrogen refueling stations to supply hydrogen to trucks and hydrogen-powered vehicles, as well as in other hydrogen-related applications such as compression and transportation [2] - The hydrogen energy market presents significant potential for growth, particularly in the transportation sector [2]

Core Viewpoint - The recent financial report of Kaishan Holdings (300257) shows a positive growth trend in revenue and net profit for the first half of 2025, despite rising short-term debt pressure and a decrease in net profit margin [1] Financial Performance - Total revenue for the first half of 2025 reached 2.251 billion yuan, an increase of 10.75% year-on-year [1] - Net profit attributable to shareholders was 190 million yuan, up 7.25% year-on-year [1] - In Q2 2025, total revenue was 1.155 billion yuan, reflecting a year-on-year increase of 15.63% [1] - Q2 net profit attributable to shareholders was 102 million yuan, a 6.66% increase year-on-year [1] - Gross margin improved to 35.89%, up 11.38% year-on-year, while net margin slightly decreased to 8.56%, down 1.99% year-on-year [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 464 million yuan, accounting for 20.63% of revenue, which is a 20.57% increase year-on-year [1] - Financial expenses saw a significant increase of 100.31%, attributed to higher interest expenses and exchange losses [1][2] Cash Flow and Debt - Cash and cash equivalents increased significantly to 3.514 billion yuan, a 387.97% rise year-on-year [1] - Accounts receivable decreased by 27.80% to 892 million yuan [1] - Interest-bearing liabilities rose by 51.10% to 8.698 billion yuan [1] - The current ratio stands at 0.88, indicating rising short-term debt pressure [1][5] Investment Returns - The company's return on invested capital (ROIC) for the previous year was 4.27%, indicating weak capital returns [3] - Historical data shows a median ROIC of 3.81% over the past decade, with the lowest recorded at 2.12% in 2016 [3] Fund Holdings - The largest fund holding Kaishan shares is the Dongfanghong Yuanjian Value Mixed A fund, with 6.6794 million shares, which has seen a 50.77% increase in value over the past year [6]