Group 1 - Samsung Heavy Industries (SHI) has received the Approval in Principle (AiP) certificate from Bureau Veritas (BV) for its ammonia-hydrogen fuel cell-powered crude oil tanker, marking a significant achievement in the eco-friendly shipping market [2] - The ammonia-hydrogen fuel cell developed by SHI utilizes cracking technology to decompose ammonia into hydrogen and nitrogen, providing a clean and efficient energy source with low noise [2] - The 115,000-ton ammonia-hydrogen fuel cell tanker features solid polymer electrolyte fuel cells (PEMFC) that can start quickly and offer excellent durability [2] Group 2 - SHI has successfully localized core equipment by collaborating with domestic companies, with PANASIA developing the cracking equipment and Vinssen manufacturing the fuel cells [3] - Malaysian International Shipping Corporation (MISC) and BV are also involved in the project, with MISC providing operational data to support economic evaluations and enhance technology reliability [3] - SHI aims to accelerate the commercialization of this type of vessel through global collaboration, reinforcing its technological advantage in the eco-friendly shipping market [3] Group 3 - SHI is committed to advancing ship fuel cell technology ahead of competitors and accumulating core technologies [4] - The company has previously received AiP certificates for solid oxide fuel cell (SOFC) powered crude oil tankers and LNG vessels, demonstrating its ongoing innovation in the sector [4] - In June 2024, SHI's design for an ammonia fuel cell-powered very large ammonia carrier (VLAC) received AiP certification from Lloyd's Register (LR) [4]

Core Insights - Company reported 1H25 results in line with expectations, with revenue of HKD 14.3 billion, down 8% year-on-year, and net profit of HKD 2.2 billion, down 10% year-on-year [1] - The company declared an interim dividend of HKD 0.15 per share, up 7% year-on-year, with a payout ratio of 42%, an increase of 7 percentage points year-on-year [1] Environmental Energy - Construction revenue decreased to 9% of total revenue; operational efficiency improved, leading to a 12% increase in net profit [1] - New capacity added in 1H25 was 500 tons/day, totaling 139,000 tons/day; construction revenue fell 70% to HKD 0.5 billion, a decrease of 18 percentage points in segment share [1] - Operational metrics showed a 2% increase in waste processing volume, a 1.7 times increase in kitchen waste disposal, and a 3% increase in power generation per ton, with total operational revenue up 6% to HKD 5.1 billion [1] Water Services - Revenue growth driven by high water price projects, while profits were impacted by foreign exchange losses [2] - New sewage treatment capacity added was 700,000 cubic meters/day, totaling 6.92 million cubic meters/day; construction revenue decreased 17%, accounting for 46% of the segment [2] - Operational revenue increased 13% due to project upgrades and new projects, despite net profit declining 4% to HKD 0.4 billion due to rising foreign exchange losses [2] Green Environmental Services - Hazardous waste segment faced impairment due to insufficient capacity; however, net profit increased 30% driven by steam supply expansion [2] - No new biomass power generation or hazardous waste projects were launched in 1H25, with construction revenue dropping to HKD 0.05 billion [2] - Operational metrics showed a 4% decrease in biomass material processing and a 3% decrease in hazardous waste processing, but power generation efficiency improved with a 3% increase in grid electricity [2] Development Trends - Company expects stable capital expenditure from 2025 to 2026, with a potential increase in overseas investment proportion [2][3] Profit Forecast and Valuation - Profit forecasts remain unchanged, maintaining an "outperform" rating; despite a decline in earnings, the company demonstrated strong free cash flow and increased dividends [3] - The projected dividend per share for 2025 is raised to HKD 0.25, a 10% increase year-on-year, with the target price increased by 8% to HKD 5.2, indicating a 21.5% upside from the current stock price [3] - Current stock trades at 6.2x/6.0x P/E for 2025E/2026E, while the target price corresponds to 7.5x/7.2x P/E for the same periods [3]

Core Viewpoint - China Tianying Co., Ltd. has successfully completed the expansion of its Hanoi solid waste incineration power generation project, increasing the total installed capacity from 75MW to 90MW, which is now fully operational and contributing more green electricity to the Hanoi power market [1][2]. Group 1 - The expansion of the Hanoi project enhances the overall operational efficiency and profitability of the project, leading to a significant increase in annual electricity generation and sales revenue [1]. - The project expansion was achieved through the optimization and upgrading of existing facilities, resulting in lower marginal costs and improved gross profit margins due to increased power generation efficiency and reduced fixed cost allocation [2]. - The successful expansion of the Hanoi project reinforces the company's leading position in the Vietnamese environmental energy market and enhances its competitiveness in the international market [1][2]. Group 2 - The overseas business is a crucial growth driver for the company, with other projects in Vietnam and Singapore also progressing rapidly, which will further solidify the company's leadership in the overseas environmental energy market [2]. - The expansion of the Hanoi project is expected to instill confidence in the advancement of other overseas projects, showcasing the brand influence of "Chinese environmental technology + operation" in the international market [2].

Group 1 - Aladdin Legend Technology Group Co., Ltd. has a newly added enforcement information dated August 13, with an enforcement amount of 173,638 yuan, handled by the Beijing Chaoyang District People's Court [1] - The company was established on January 17, 2017, with Ren Fuying as the legal representative and is owned by Aladdin Holdings Group Co., Ltd. [2] - Aladdin Holdings Group Co., Ltd. was founded on April 16, 2012, and focuses on industrial investment and technological innovation, particularly in the fields of "environmental energy," "community economy," and "aerospace" [3] Group 2 - The company is currently listed as active and registered with the Beijing Chaoyang District Market Supervision Administration [3] - The registered capital of Aladdin Legend Technology Group Co., Ltd. is 50 million yuan, and its business scope includes technology development, software development, and sales of various products [3] - The business license is valid from January 17, 2017, to January 16, 2037 [3]