Core Insights - The company reported a revenue of RMB 760.90 billion for H1 2025, a year-on-year decrease of 3.82%, while the net profit attributable to shareholders was RMB 12.78 billion, an increase of 47.63% [1] - In Q2 2025, the company achieved a revenue of RMB 400.64 billion, down 14.16% year-on-year but up 11.21% quarter-on-quarter, with a net profit of RMB 7.34 billion, down 6.11% year-on-year but up 35.04% quarter-on-quarter [1] Container Manufacturing - The container manufacturing segment generated revenue of RMB 217.35 billion in H1 2025, a decline of 12.88%, but net profit rose to RMB 14.44 billion, an increase of 13.20% [2] - The sales volume of dry cargo containers was 1.1259 million TEU, reflecting a year-on-year decrease of approximately 18.57% due to high base effects from the previous year [2] - The demand for refrigerated containers surged, with sales reaching 92,000 TEU, a year-on-year increase of approximately 105.82% driven by strong demand for South American fruit exports and high cold chain freight rates [2] Offshore Engineering - The offshore engineering segment reported revenue of RMB 80.14 billion in H1 2025, a year-on-year increase of 2.95%, and net profit of RMB 2.81 billion, reversing a loss of RMB 0.84 billion in the same period last year [2] - New orders totaled USD 1.06 billion, with a backlog of USD 5.55 billion, reflecting a decrease from the end of the previous year due to orders entering the delivery phase [2] - The company signed new lease agreements for semi-submersible drilling platforms, indicating ongoing demand in the oil and gas sector [2] Energy and Chemical Equipment - The energy, chemical, and liquid food equipment segment achieved revenue of RMB 130.09 billion in H1 2025, a year-on-year increase of 7.32%, with net profit rising by 90.26% to RMB 4.60 billion [3] - The main operating entity, CIMC Enric, reported revenue of RMB 126.1 billion, a 9.9% increase, and net profit of RMB 5.6 billion, a significant growth of 15.6% [3] - New orders amounted to RMB 107.4 billion, with a backlog of RMB 291.8 billion as of June 30, 2025, showcasing strong order intake in the LNG and methanol power pack sectors [3] Future Outlook - The company maintains a "buy" rating, anticipating net profits of RMB 33.5 billion and RMB 43.5 billion for 2025 and 2026, respectively, with corresponding P/E ratios of 13 and 10 times [4]