公司积极推进"装备+服务"双轮驱动战略，压裂业务与海洋板块增长亮眼。报告期内，公司压裂业务收 入同比增长41.1%，达人民币4.33亿元；海洋板块收入同比增长35.0%，达人民币6.17亿元。其中，海洋 油气及海工装备制造业务收入同比激增1171.4%，展现出强劲的发展势头。报告期内，公司中东市场实 现收入达人民币10.3亿元，同比上升32.1%。其中，公司陆地钻机业务在中东地区实现收入为人民币 6.83亿元，同比增长34.47%，进一步巩固了公司在高端智能钻机领域的领先地位。 报告期内，公司持续加大研发投入，聚焦智能化、数字化转型，抢抓智能装备制造发展赛道。智能钻机 2.0研发、国家级深地钻机项目推进顺利；在钻井数字化领域，与国内知名高校及企业合作开展边缘计 算研发；在完井数字领域，与国内头部油气企业联合开展的智能压裂示范项目取得突破性进展，显著提 升压裂业务的作业效率；在新能源领域，公司首个"光伏+油气"项目成功落地，完成油气田领域光伏发 电和零碳供电新突破。公司各项成果获行业高度认可，荣获2025石油石化装备科技创新成果一等奖、全 国钻标委标准创新奖二等奖。 展望2025年下半年，宏华集团将加快装备高端 ...

油气及化工装备展区：大型压裂车组如钢铁巨兽般矗立，金刚石钻头折射出冷冽的光芒；新能源与新材料展区："绿电"流动模型在风光电沙盘上跃动；智 能算力展区：数字孪生平台将千里之外的油田作业场景实时投射。 在骄阳似火的八月，新疆克拉玛依这座以"油城"闻名的西部城市再度成为世界能源领域的焦点。第七届中国（克拉玛依）国际石油天然气及石化技术装备 展览会于8月13日至15日隆重举办，以"新驱动、新制造、新效能"为主题，3.3万平方米的展馆犹如一部立体的能源产业画卷，来自8个国家及19个省区市 的416家企业在此同台竞技，共同勾勒出中国能源装备创新的宏伟图景。 01 创新矩阵：从地下万米到绿色零碳 走进克拉玛依会展中心，六大特色展区星罗棋布，共同组成了能源装备的"创新矩阵"。 第七届中国（克拉玛依）国际石油天然气及石化技术装备展览会新疆油田展台。董雯 摄 中国石油展团以1620平方米的"大块头"阵容强势登场，14家企业携168件展品组成硬核方阵。展区现场，CCUS开井装置、制氢设备与燃料电池热电联供系 统一字排开。"这套系统实现绿电与制氢高效耦合，为油田提供'零碳'动力。"讲解员的声音吸引越来越多的人群驻足。新疆油田公司带来 ...

Group 1 - The company, Furui Special Equipment, specializes in the entire industrial chain of natural gas liquefaction and LNG storage, transportation, terminal application equipment manufacturing, and provides one-stop overall technical solutions and operation services [2] - The heavy equipment manufacturing products will be determined based on customer needs [2]

渤海装备突出主业主责，围绕"改革创新深化年"系统部署新兴产业七大领域20项举措，持续推进传统产 业焕新升级、优势产业巩固提升、新业务新赛道培育发展，多措并举加大清洁热力、清洁电力、氢能、 CCUS、环保、气电等领域高端、智能、绿色装备布局力度，打造企业高质量发展的"第二曲线"。 固体/熔盐储热示范项目有序推进，国内最大规模二氧化碳输送管道完成首批用管保供，二氧化碳密相 泵在油田成功应用……8月10日，记者从渤海装备公司了解到，该公司加快培育新质生产力，推进新兴 产业项目提速运行，累计收入同比增长25%。 渤海装备围绕油田及炼化生产用能清洁替代需求，瞄准油田清洁热力示范项目建设和炼化企业电气化率 提升两个场景，加强低成本固体/熔岩储热技术研究，固体蓄热储能技术在抚顺石化、新疆油田等企业 的示范项目落地，为集团公司绿色低碳转型做好支撑。 渤海装备加快布局CCUS产业链，打造经济型二氧化碳输送管、密相泵、井口及杆管泵等产品，研发出 国内最大壁厚、最大口径超临界二氧化碳输送钢管，并完成CCUS弯管试制，具备了规模化批量生产条 件。研发的CCUS注入和采油井口装置已在现场应用，为油田驱油增产和注入封存提供了绿色安全装 ...

Core Insights - The 2025 National Ecological Day and the Third Beijing-Tianjin-Hebei Green Development Conference were launched in Baoding, Hebei, focusing on the theme "Collaborative 'Green' Movement and 'Renewal' Energy Release" [1] - The event aims to inject strong momentum into the green development of the Beijing-Tianjin-Hebei region through authoritative policy interpretations, innovative theoretical explanations, cutting-edge technology sharing, and typical case promotions [1] Group 1: Key Discussions and Achievements - Notable speakers included former UN Deputy Secretary-General Sha Zukang, who analyzed global climate change responses and shared China's wisdom and solutions for achieving carbon peak and carbon neutrality [2] - Significant achievements in ecological civilization construction were highlighted by Zhao Peng, former Deputy Director of the National Development and Reform Commission [2] - The conference showcased exemplary cases of green development in the region, including the establishment of ecological collaboration mechanisms and the construction of a national renewable energy demonstration zone in Zhangjiakou [2][3] Group 2: Green Development Platform - The conference aimed to create a high-level platform for sharing green technologies, opportunities, and cooperation [3] - Various sessions focused on new power system construction, dual carbon control systems, and zero-carbon park development, providing policy navigation for enterprises [3] - The event also facilitated a platform for small and medium-sized enterprises to showcase and connect supply and demand in the green industry [3] Group 3: Baoding's Green Transformation - Baoding has emerged as a national pilot for coordinated pollution reduction and carbon reduction, forming a significant "wind-solar-hydrogen-storage" industrial cluster [4] - The city aims to become a "carbon neutrality industry capital" and the largest green energy equipment manufacturing base in northern China, with over 6,000 enterprises [4] Group 4: Future Directions - The Beijing-Tianjin-Hebei Green Development Conference has become an important platform for promoting regional green cooperation, with plans to deepen ecological co-governance and industrial collaboration [5] - The successful hosting of the conference is expected to inject new momentum into high-quality green development in the region and provide a model for national ecological civilization construction [5]

Group 1: Company Overview - The company was established in 2002 and became part of the Xizi Elevator Group, listed on the Shenzhen Stock Exchange in 2011, and renamed to Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022 [3][5]. - The main business includes waste heat boilers, clean energy power generation equipment, solutions, and spare parts and services [3][4]. Group 2: Nuclear Power Development - The company has over 20 years of experience in the nuclear power sector and holds Class 2 and 3 manufacturing licenses [5]. - It actively participates in supplying equipment for nuclear power plants, with increasing opportunities due to the growth in approved nuclear power installations [5]. Group 3: Future Market Directions - Focus on the renewable energy market, leveraging molten salt storage technology for applications in solar thermal power, user-side energy storage, and zero-carbon parks [6]. - Expansion in the nuclear power market through upgrades at the Chongxian manufacturing base to enhance production capabilities [6]. - Targeting overseas markets, particularly in Southeast Asia, South America, and regions along the Belt and Road Initiative [6][10]. Group 4: Order Situation in 2025 - In the first half of 2025, the company secured new orders totaling CNY 2.784 billion, with specific segments: waste heat boilers (CNY 703 million), clean energy equipment (CNY 281 million), solutions (CNY 1.477 billion), and spare parts and services (CNY 323 million) [7][8]. - As of June 30, 2025, the total orders on hand amounted to CNY 6.119 billion, with a focus on improving order quality and structure [8]. Group 5: Market Opportunities - The company is positioned to benefit from the explosive growth in equipment demand for the Yarlung Tsangpo River downstream hydropower project, with a market forecast exceeding CNY 10 billion [9]. - The subsidiary, Hangzhou Hangguo General Equipment Co., Ltd., specializes in various equipment, including shield machines, and has a strong track record in tunnel excavation projects [9]. Group 6: Product Delivery and Competitors - The delivery cycle for boiler products typically ranges from 6 to 12 months for domestic projects, with longer timelines for overseas projects [11]. - The company is a leader in the waste heat boiler sector, competing with major domestic boiler manufacturers [12]. Group 7: Market Management and Competitive Advantages - The company emphasizes market value management through operational efficiency, annual cash dividends, employee stock ownership plans, and transparent investor relations [13]. - In the solar thermal sector, the company has a competitive edge due to its early involvement and successful participation in significant projects, such as the Qinghai Delingha 50MW solar thermal power station [13].

Core Viewpoint - The company is leveraging the growth opportunities in the North American energy market, particularly in natural gas equipment and services, due to recent energy export agreements among major economies [2]. Group 1: Company Strategy and Operations - The company has been deeply engaged in the North American market for many years, achieving sales of electric-driven fracturing equipment, cementing equipment, coiled tubing equipment, and liquid nitrogen pumping equipment [2]. - The company has established production capabilities for related equipment assembly in the U.S., effectively meeting local market demands [2]. - The company is actively expanding its aftermarket services for high-end equipment components [2]. Group 2: Market Dynamics - The company is closely monitoring market trends to seize order opportunities arising from the growth in U.S. energy exports [2].

Summary of Chuanrun Co., Ltd. Conference Call Company Overview - Chuanrun Co., Ltd. focuses on high-end energy equipment and industrial services, with a strong emphasis on fluid control technology and intelligent energy equipment, aiming for a zero-carbon future [2][3][5]. Industry and Market Position - The company holds over 40% market share in the wind power sector and has applied fluid control equipment in over 400,000 wind turbines globally, achieving over 120,000 hours of fault-free operation [2][7]. - Chuanrun has established long-term partnerships with leading companies such as Goldwind Technology and Mingyang Smart Energy, particularly excelling in offshore wind power competition, with a prototype coverage rate of 80% expected by 2024 [2][7]. Key Business Segments 1. **High-end Energy Equipment Manufacturing**: - Fluid control and system solutions that enhance equipment lifespan by 40% and reduce operational costs by 25% [5]. - Liquid cooling solutions for data centers, achieving a Power Usage Effectiveness (PUE) of ≤ 1.05 and reducing product volume by 40% [2][5]. - Clean energy equipment including power boilers and efficient heat exchangers [5]. 2. **Industrial Services**: - Fluid industrial technology services that improve operational efficiency by 30% and enhance equipment effectiveness threefold [6]. Financial Performance - In the first half of 2025, the company’s order volume doubled year-on-year, with 90% of orders coming from overseas markets, primarily from large data center end-users in North America [2][15]. - The export value of single-row products ranges from 1 million to 1.3 million yuan [20]. Future Growth and Strategy - The company aims to optimize existing businesses, innovate in liquid cooling, and enhance cash flow through asset reduction, targeting a liquid cooling business annual capacity of 1 billion yuan within three years [3][40]. - The penetration rate of liquid cooling technology in overseas markets is expected to exceed 50% by 2025, with North America projected to grow at a compound annual growth rate of 12%-15% [3][35]. Technological Advancements - Chuanrun has established 11 national or industry standards and holds over 260 patents, ranking first in the lubrication fluid control industry [10]. - The company has invested over 3.5% of its revenue annually in R&D, employing over 420 engineers [10]. Product Quality Assurance - The company emphasizes quality management with two key laboratories and a comprehensive quality management system covering all operational aspects [11]. Competitive Advantages - Chuanrun's liquid cooling solutions have a PUE of 1.05, significantly better than the domestic average of 1.2, attributed to their understanding of energy consumption and heat exchange efficiency [22]. - The company has a unique capability to provide one-stop services from design to construction, particularly beneficial for upgrading old data centers without extensive infrastructure changes [21][22]. Challenges and Market Dynamics - The company faces challenges related to tariff impacts on overseas deliveries, but has begun to resolve backlog orders [28]. - Domestic AI application commercialization is constrained by chip availability and the pace of infrastructure development in data centers [24][25]. Conclusion Chuanrun Co., Ltd. is strategically positioned in the high-end energy equipment sector, with a robust growth trajectory driven by innovative technologies and a strong market presence in both domestic and international markets. The company is focused on expanding its liquid cooling business and enhancing operational efficiencies to meet the growing demand in the energy sector.

Company Overview - The company, established in 1955 and listed on the Shenzhen Stock Exchange, was renamed to Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2022. It specializes in waste heat boilers, clean energy generation equipment, and comprehensive energy solutions [2][3]. Business Segments - The company operates in four main business areas: waste heat boilers, clean energy equipment, solutions, and spare parts/services. Key products include various types of waste heat boilers and clean energy equipment such as biomass boilers and nuclear power equipment [3][4]. Market Expansion New Energy Market - The company aims to leverage molten salt storage technology to expand into solar thermal power, user-side energy storage, and zero-carbon parks, highlighting the importance of user-side storage for industrial steam demand [4]. Nuclear Power Market - With over 20 years in the nuclear sector, the company has obtained Class II and III manufacturing licenses and is enhancing its manufacturing capabilities for nuclear products [5]. International Market - The company is focusing on Southeast Asia, South America, and countries along the Belt and Road Initiative to increase its international market share, particularly in waste heat boilers [7]. Order Status - In the first half of 2025, the company secured new orders totaling CNY 2.784 billion, with waste heat boilers accounting for CNY 703 million and clean energy equipment for CNY 281 million. The total orders on hand reached CNY 6.119 billion [6]. Project Highlights Flexibility Transformation in Thermal Power - The company is involved in a pioneering project in Hebei, utilizing molten salt storage technology to enhance the flexibility of a 600MW thermal power unit, achieving a peak load capacity of 650MW [8][10]. Future Development Plans - The company plans to enhance traditional energy efficiency while expanding into clean energy sectors such as nuclear power, flexible thermal power transformation, and renewable energy applications [12]. Equipment Supply Capability - The company’s subsidiary specializes in manufacturing various equipment, including shield machines, and is prepared to meet the increasing demand for equipment in the Yarlung Tsangpo River downstream hydropower project [13].

Core Viewpoint - Jinan has achieved significant growth in foreign trade, with a total import and export value of 1240.9 billion yuan in the first half of 2025, marking a year-on-year increase of 25.9%, outperforming national and provincial averages by 23 and 19.1 percentage points respectively [2] Group 1: Technological Innovation - The export of Y-shaped transition forgings by Yilite Energy Equipment Co., Ltd. to the Middle East signifies international recognition of its technology [2] - Yilite's exports have surged, with major products including wind power flanges and large ring forgings, reaching over 30 countries [2] - The company is set to enhance its production capacity with a new project aimed at producing oversized key forging components by 2026 [3] Group 2: Industry Transformation - Jinan's manufacturing sector is shifting from cost competition to technology leadership, with high-tech product exports reaching 131.6 billion yuan, an increase of 11.1% [4] - Self-branded products accounted for 392.4 billion yuan in exports, growing by 11.3% and making up nearly half of the city's total exports [4] - The export value of new energy vehicles has increased significantly, exceeding 300 million yuan, a growth of 3.5 times [4] Group 3: Ecological Innovation - Shandong Energy Group International Trade Development Co., Ltd. achieved 44.5 billion yuan in foreign trade in the first half of the year, with total revenue exceeding 77 billion yuan [5] - The company has successfully recruited foreign trade talent and expanded its market presence [5] Group 4: Policy Innovation - The issuance of a certificate of origin for Shandong Shengquan New Materials Co., Ltd. has enabled tariff reductions, with exports exceeding 1.2 billion yuan in the first five months [8] - The customs authority has streamlined the certificate issuance process, enhancing trade flexibility and competitiveness [8] - In the first half of the year, the customs issued 27,144 certificates of origin, amounting to 135.24 billion yuan, resulting in an estimated tax reduction of 21.1 million yuan for enterprises [9]