【中集安瑞科（3899.HK）】清洁能源板块稳定增长，焦炉气综合利用项目、造船业务持续突破——动态跟踪报告（陈佳宁/夏天宇）

Core Viewpoint - The company has demonstrated steady revenue growth and improved profitability in the first half of 2025, driven by its clean energy segment and robust order intake in various business areas [4][5]. Group 1: Financial Performance - In H1 2025, the company achieved a revenue of 12.61 billion RMB, representing a year-on-year increase of 9.9% [4]. - The net profit attributable to shareholders reached 560 million RMB, up 15.6% year-on-year [4]. - The gross margin was 14.4%, an increase of 0.1 percentage points compared to the previous year, while the net margin improved to 4.6%, up 0.2 percentage points [4]. Group 2: Business Segments Performance - The clean energy segment generated revenue of 9.63 billion RMB in H1 2025, a growth of 22.2%, driven by increasing domestic environmental protection and energy-saving demands [5]. - The chemical environment segment reported revenue of 1.11 billion RMB, down 14.3%, attributed to unstable U.S. trade policies and geopolitical tensions affecting demand [5]. - The liquid food segment saw a revenue decline of 18.6% to 1.88 billion RMB, primarily due to a decrease in new orders [5]. Group 3: Order Intake and Backlog - The company secured new orders totaling 10.74 billion RMB in H1 2025, with clean energy, chemical environment, and liquid food segments contributing 8.97 billion, 1.08 billion, and 690 million RMB respectively [5]. - New orders in Q2 2025 for the chemical environment and liquid food segments increased significantly by 43% and 62% respectively compared to the previous quarter [5]. - As of H1 2025, the total backlog of orders stood at 29.18 billion RMB, remaining stable year-on-year, with clean energy backlog increasing by 10% to 25.20 billion RMB [5]. Group 4: Strategic Developments - The company is actively developing its coke oven gas comprehensive utilization business, with a project completed in July 2025 capable of producing 147,000 tons of LNG and 20,000 tons of hydrogen annually [6]. - The company maintains a leading global market share in LNG bunkering vessels, securing new shipbuilding orders worth 2.34 billion RMB in H1 2025 [6]. - The company successfully delivered nine vessels, including China's first LNG bunkering clean energy bulk carrier [6].