Group 1: Company Overview and Market Position - The company is committed to an international strategy, with the Middle East being a key strategic market, recognized for its comprehensive business layout and largest overseas revenue scale [2][3] - The market share of high-end equipment in the Middle East has shown continuous improvement, positively impacting the company's performance [3] - The company has established a complete localized business chain in the Middle East, covering high-end equipment manufacturing, environmental services, oil and gas engineering services, and technology services [3] Group 2: Capacity and Project Developments - The company is actively advancing the construction of a new production and office base in Dubai, UAE, to better meet overseas market demands [4] - The ADNOC digital well site transformation project has signed a formal contract, with the first batch of well site transformation successfully delivered [5] - The Algeria national oil company's gas booster station project has received a letter of award, with contract discussions ongoing [5] Group 3: Natural Gas Business and Innovations - The natural gas business has become a significant growth point, with a comprehensive solution covering the entire industry chain from exploration to end-use [6][7] - The company has built a natural gas industrial park, tripling its production capacity, and is implementing measures to address capacity issues [7] - The company maintains a strong focus on innovation and quality, supported by various management system certifications [7] Group 4: Power Generation Business - The company has established Shandong Jereh Min Electric Energy Co., Ltd., focusing on gas internal combustion generator sets and related services [8] - In North America, the company has successfully launched a 35MW mobile gas turbine generator set and a 6MW version, providing reliable power solutions [8] - The company has secured new orders in the North American market for gas turbine power generation services this year [8] Group 5: On-Site Visit and Facility Overview - The on-site visit included an introduction to the geographical location, layout, and functional planning of the industrial park [9] - Key equipment such as fracturing equipment, cementing equipment, and natural gas equipment were showcased during the visit [9]

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].