a 中集安瑞科控股有限公司 CIMC Enric Holdings Limited (Stock code: 3899.HK) 中期業績發佈會 2025Interim Results Presentation English 2025.8.27 Contents 7,876 9,626 1,297 2,307 1,111 1,877 11,480 12,614 1H2024 1H2025 Unit: RMB million Clean Energy +22.2% Clean Energy Chemical & Environmental Liquid Food China 56.1% Overseas 43.9% Revenue Breakdown by Segment Revenue Breakdown by Location 14.9% 76.3% 8.8% *All financial data currency is in RMB 3 Net Profit and Annualised ROE Growth YoY 504 486 581 562 Combined Net Profit Profit ...

Core Viewpoint - Hong Kong and China Gas Company Limited reported a stable performance in its mid-term results, with a slight increase in operational profit and a focus on expanding its renewable energy and hydrogen business segments [1][3][4]. Group 1: Financial Performance - The group's revenue reached HKD 27.514 billion, with a 3% increase in post-tax operating profit to HKD 3.996 billion [1]. - Shareholders' profit decreased by 3% to HKD 2.964 billion after accounting for non-operating gains and losses [1]. - Core business profit, excluding foreign exchange losses, increased by 4% [1]. Group 2: Utility Business in Hong Kong - The average temperature in Hong Kong was lower than the previous year, leading to an increase in residential gas sales [3]. - The overall gas sales volume in Hong Kong remained stable, supported by the recovery of the tourism industry and the completion of gas application facilities in various sectors [3]. - The company is advancing its hydrogen commercialization efforts, including hydrogen supply for construction sites and charging projects, which are expected to drive future profit growth [3]. Group 3: Utility Business in Mainland China - Despite challenges such as tariff issues and a warm winter, the urban gas sales volume remained stable [3]. - The gas business profit was stable, with the comprehensive price difference for urban gas increasing by 4 cents RMB per cubic meter to RMB 0.54 per cubic meter [3]. Group 4: Renewable Energy Business - The core profit of Honghua Smart Energy Limited grew by 2% to HKD 719 million, with cumulative photovoltaic grid connection reaching 2.6 GW and commercial energy storage at 260 MWh as of June 30, 2025 [3]. - The company is promoting an integrated decarbonization business model of "photovoltaics + energy storage + electricity sales" to enhance profitability [3]. Group 5: Green Methanol and Sustainable Aviation Fuel - The green methanol business made significant progress with a joint venture established with Fuan Energy to produce 200,000 tons annually, expected to commence production in the second half of 2027 [4]. - The company is collaborating with the Hong Kong government and industry partners to develop a green shipping fuel hub and is expanding into the sustainable aviation fuel market, with a long-term supply agreement with British Airways [4]. Group 6: Business Integration and Innovation - The company successfully merged its Hong Kong and mainland operations and is leveraging its 45 million user base to introduce innovative products and services [4]. - The company secured USD 45 million in financing to support its strategic goals amid ongoing global economic challenges [4]. Group 7: Dividend - The company maintained an interim dividend of HKD 0.12 per share [5].

Core Viewpoint - The project aims to establish a green methanol integrated production facility with an annual capacity of 20,000 tons, highlighting a significant investment in sustainable chemical production [1] Group 1: Project Overview - The project is located in Rizhao City, Juxian, within the Rizhao Haiyou Chemical Industry Park [1] - The total investment for the project is 315 million yuan, excluding land costs [1] - The project will cover an area of approximately 52.13 acres [1] Group 2: Production Details - The facility will include a 20,000 tons/year green methanol integrated production unit, two pilot workshops, and one pilot production line for 5-hydroxymethylfurfural (HMF) [1] - The green methanol production unit will utilize biomass gasification and synthesis gas purification, along with green hydrogen production from renewable electricity [1] - The annual electricity consumption for the green methanol production is estimated to be around 10 million kilowatt-hours, with a biomass input of approximately 30,000 tons [1] Group 3: Pilot Testing Facilities - The two pilot workshops will be used for testing new electrolytic cells, bio-based and biodegradable new materials, high-energy special materials, and intermediates for petrochemicals and pharmaceuticals [1] - The HMF pilot production line is expected to produce 500 tons of pilot products annually [1]

Core Viewpoint - The hydrogen energy industry is entering a new phase characterized by policy guidance and technological innovation, with significant growth in the Solid Oxide Fuel Cell (SOFC) and Solid Oxide Electrolysis Cell (SOEC) markets, despite a decline in fuel cell vehicle production and sales [4][6]. Group 1: Overall Situation - In the first half of 2025, there were 32 new SOC bidding projects, with a total power capacity reaching the megawatt level, marking a year-on-year increase of 167% [5][6]. - The total installed capacity of newly added SOC bidding projects in the first half of 2025 reached 1.5 MW, a staggering increase of 282% compared to the previous year [8]. Group 2: Product Type Situation - Among the 32 new bidding projects, SOFC, SOEC, and Reversible Solid Oxide Cells (RSOC) accounted for 60%, 34%, and 6% respectively, indicating a notable growth in SOEC projects [11]. - There has been an increase in projects using methanol and ammonia as fuels, showcasing the adaptability of SOFC technology [13]. Group 3: Winning Enterprises Situation - A total of 13 enterprises have won bids, with Xi'an Rare Institute leading in the number of projects, while Proton Power and Yijing Energy are tied for the highest installed capacity [18][20]. - The trend of enterprises exploring international markets is increasing, with Yijing Energy reporting three overseas projects in the first half of the year [17]. Group 4: Emerging Applications - There is a growing number of projects in marine applications and hydrogen-electric coupling, indicating a shift towards diverse applications of SOC technology [15]. - The exploration spirit of enterprises in SOC demonstration projects is noteworthy, with significant advancements in various applications, including mobile and fixed power generation systems [15].

Group 1 - Neuralink expects its "telepathy" brain-machine interface device to receive regulatory approval by 2029, with plans to implant chips in 20,000 people annually by 2031, generating at least $1 billion in annual revenue [1] - The first "Sichuan-made" earth pressure balance shield machine, Chuan Shan Jia No. 1, has been launched in Chengdu, marking a significant step in high-end equipment manufacturing in Sichuan [1] - The first large-scale continuous production project of wind power coupled with biomass green methanol has been launched in Taining, Jilin, with green methanol primarily sold to shipping companies for carbon reduction [1] Group 2 - Japan's new H3 rocket has completed a static ignition test, aiming to reduce launch costs to approximately 5 billion yen (around 240 million RMB), which is about half the cost of the retired H2A rocket [1]

Group 1: Urban Development and Smart Cities - The Central Urban Work Conference emphasized optimizing modern urban systems and developing modern urban clusters and metropolitan areas [1] - Smart city construction is identified as a core driver of economic growth and urban governance modernization in China, with a projected market size of 45.3 trillion yuan by 2025 and a CAGR of 25.2% from 2020 to 2025 [1] Group 2: Methanol Industry - The first batch of green methanol products from a biomass coupling project in Jilin Province has been successfully produced, with an initial annual capacity of 50,000 tons and a projected total capacity of 250,000 tons upon full production [2] - Green methanol is seen as a key carrier for low-carbon transition, with global production expected to exceed 30 million tons by 2030, and China's planned capacity exceeding 14.95 million tons [2] Group 3: Robotaxi Market - Tesla is testing its Robotaxi technology in Texas and plans to expand to the San Francisco Bay Area, with the U.S. Robotaxi market expected to reach $36.5 billion by 2035 [3] - The Chinese Robotaxi market is projected to reach $44.5 billion by 2035, with a CAGR of 96% from 2025 to 2035, driven by numerous domestic players [3] Group 4: Humanoid Robots - Huawei has launched the first embodied intelligence industry innovation center in Shenzhen, aiming to accelerate the development of the humanoid robot industry [4] - The market for embodied intelligence in China is expected to reach 5.295 billion yuan by 2025, with humanoid robots projected to account for 50% of the global market [4] Group 5: Semiconductor Industry - Nvidia's stock saw significant gains following the announcement of the H20 chip approved for sale in China, which is designed for AI acceleration [5] - The demand for high-performance chips is expected to drive growth in related equipment sectors, benefiting leading domestic manufacturers [6] Group 6: AI Agents - The AI agent concept is gaining traction, with new standards for AI agent operation safety being released, indicating a growing focus on autonomous AI applications [7]

Group 1 - The first "Soochow Super" event impact report has been released, highlighting the economic influence of sports events in stimulating urban consumption [2] - A survey conducted by the National Bureau of Statistics in Jiangsu Province involved 3,189 residents, showing increased public attention and reputation for the Jiangsu urban football league [2] Group 2 - The Hong Kong government announced the preliminary implementation phase of the "Guangdong Cars Southbound" plan, set to start in November with a daily quota of 100 vehicles allowed to enter Hong Kong [3] - The plan aims to enhance cross-border transportation and economic interaction between Hong Kong and Guangdong [3] Group 3 - Starting August 1, cash transactions exceeding 100,000 RMB for gold and diamonds must be reported to the Anti-Money Laundering Monitoring and Analysis Center [4] - This regulation is part of a broader effort to combat money laundering and terrorist financing in the precious metals and gemstones sector [4] Group 4 - Chongqing has introduced the first national standard for "no-dine-in delivery" services, aiming to enhance food safety and service quality in the delivery sector [5] - The standard will be implemented starting July 1, 2025, focusing on the entire service chain of no-dine-in delivery [5] Group 5 - Shenzhen Romoss Technology Co., Ltd. announced a change in its legal representative and is currently undergoing internal restructuring to prepare for new product launches [6] - The company, established in March 2012, has a registered capital of 6 million RMB [6] Group 6 - China National Offshore Oil Corporation (CNOOC) completed the first refueling of a domestic methanol dual-fuel container ship using green methanol derived from urban waste [7] - This marks a significant step in promoting sustainable fuel alternatives in the shipping industry [7] Group 7 - The first AI delivery vehicle in China, equipped with an "AI brain," was launched in Wuhan, featuring advanced functions such as identity recognition and route optimization [8] - This innovation represents a significant advancement in the logistics and delivery sector [8] Group 8 - Yushun Technology has applied for over 160 patents, primarily in the field of robotics, including humanoid and foot robots [9] - The company's first store opened in Zhengzhou, indicating its growth and innovation in the robotics industry [9] Group 9 - GAC Group announced that its first model developed in collaboration with Huawei is expected to be launched in 2026, targeting the high-end market [10] - The partnership aims to leverage both companies' strengths in technology and product development [10] Group 10 - A new global technology literature data platform, created by Chinese institutions, has been launched, featuring nearly 90 million high-quality scientific literature metadata [11] - This platform aims to break the Western monopoly in the field and is fully owned by Chinese entities [11] Group 11 - Tesla plans to introduce more affordable models by 2025 to enhance the accessibility of electric vehicles [13] - This initiative comes amid declining sales and aims to accelerate the adoption of electric vehicles [14] Group 12 - France has launched a plan to promote the integration of AI in businesses, targeting 100% of large enterprises and 80% of SMEs by 2030 [15] - The government will support this initiative through training and promotional activities [15] Group 13 - SoftBank's acquisition of Ampere Computing is under deeper scrutiny by the FTC, indicating potential regulatory challenges ahead [16] - This acquisition is part of SoftBank's strategy to strengthen its position in the semiconductor industry [16]

Group 1: General Information - Report Title: Methanol Daily Report [1] - Date: June 26, 2025 [2] - Researcher Information: Li Jin, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Li Jie, Feng Zeren [3] - Data Sources: Wind, CCB Futures Research and Development Department [5] Group 2: Market Performance - Futures Market: Methanol weighted contract increased positions and rebounded, with an increase of 12,464 lots, and the 09 main contract increased by 7,724 lots. The weighted contract showed a narrow - range oscillation and closed with a small - bodied positive line, rising 0.5% [5]. - Spot Market: The average spot transaction price of methanol in Jiangsu Taicang was 2,650 yuan/ton, up 10 yuan/ton from the previous day [6]. Group 3: Inventory Data - Domestic Production Enterprises: As of June 25, 2025, the inventory of domestic methanol sample production enterprises was 341,600 tons, a decrease of 25,800 tons (7.02%) from the previous period; the sample enterprise orders to be delivered were 240,700 tons, a decrease of 33,100 tons (12.08%) [6]. - Port Inventory: The total domestic methanol port inventory was 670,500 tons, an increase of 84,100 tons from the previous data. Both East China and South China regions had inventory accumulation [6]. Group 4: Arrival Volume - Weekly Arrival: The weekly arrival volume of Chinese methanol samples was 301,400 tons, with a slight increase. Among them, foreign vessels accounted for 264,100 tons and domestic trade vessels supplemented 37,300 tons [6]. Group 5: Market Outlook - Short - term Trend: The driving factor of geopolitical conflicts on the market has weakened, the amplitude of methanol has converged, and it will mainly oscillate in the short term. Technically, it also shows an oscillating trend [6]. Group 6: Contract - Specific Data - MA2501: Opened at 2,401, closed at 2,417, with a high of 2,425, a low of 2,399, a rise of 0.42%, a trading volume of 80,377, an open interest of 242,523, an increase of 4,963 in open interest, and a speculation degree of 0.33 [7]. - MA2505: Opened at 2,322, closed at 2,328, with a high of 2,330, a low of 2,315, a rise of 0.30%, a trading volume of 1,195, an open interest of 5,235, a decrease of 81 in open interest, and a speculation degree of 0.23 [7]. - MA2509: Opened at 2,383, closed at 2,391, with a high of 2,400, a low of 2,375, a rise of 0.50%, a trading volume of 1,052,872, an open interest of 904,459, an increase of 7,724 in open interest, and a speculation degree of 1.16 [7]. Group 7: Industry News - Investment Project: Jidian Co., Ltd. plans to invest 4.92 billion yuan through its subsidiary to build the Lishu Green Methanol Innovation Demonstration Project, an important step towards the green hydrogen - based energy field [12].

Group 1 - The board of directors of Jilin Electric Power Co., Ltd. held a meeting to discuss various proposals, including the appointment of a new vice president and investment projects [1][2] - The board approved the appointment of He Lu as the vice president, with 8 votes in favor and no opposition [1][2] - The board also approved the investment in the Pear Tree Green Methanol Innovation Demonstration Project, with a total investment of 4.92 billion yuan, requiring at least 20% of the investment to be funded by the company's own capital [1][2] Group 2 - Several management regulations were revised and approved during the meeting, including the investment management regulations and investor relations management regulations, all receiving unanimous support [2][3][4] - The board decided to hold the third temporary shareholders' meeting of 2025, with the equity registration date set for July 1, 2025, to discuss the investment project [4][5] - He Lu, the newly appointed vice president, has a strong background in engineering and has held various leadership positions in related industries [5][6]

Group 1: Green Methanol Project - The 11th China (Shanghai) International Technology Import and Export Fair opened with nearly a thousand exhibitors, showcasing advanced technologies including a commercial green methanol plant [1] - Shanghai Electric's green methanol integrated demonstration project in Jilin is expected to produce its first batch of green methanol by early July, marking it as the first large-scale commercial green methanol project in China [1] - Green methanol, produced from green hydrogen and biomass, has over a 65% reduction in carbon emissions compared to conventional methanol throughout its lifecycle [1] Group 2: Production Capacity and Collaboration - The Shanghai Electric project plans to implement in two phases, with an initial capacity of 50,000 tons per year, expanding to 200,000 tons per year in the second phase, aiming for a total capacity of 250,000 tons by 2027 [5] - The project utilizes a world-first pure oxygen pressurized fluidized bed biomass gasification system, capable of processing 300 tons of biomass per day [5] - A long-term supply agreement was signed between Shanghai Electric, CMA CGM Group, and Shanghai Port Group to transport green methanol from Jilin to Shanghai for commercial logistics vessels [5] Group 3: Shipping Industry and Decarbonization - The shipping industry is exploring various decarbonization technologies, with green methanol seen as a key player due to its suitability for large vessels [2] - Domestic planned green methanol projects have a total annual production capacity exceeding 10 million tons [2]