Market Overview - The Hong Kong stock market opened slightly higher, with the Hang Seng Index rising by 0.26% to 25,241.29 points, the Hang Seng Tech Index up by 0.24% to 5,592.3 points, the National Enterprises Index increasing by 0.23% to 9,054.09 points, and the Red Chip Index gaining 0.18% to 4,373.41 points [1] Company Performance - Sinopec Oilfield Services reported revenue of approximately 37.051 billion yuan, a year-on-year increase of 0.6%, and a net profit of approximately 492 million yuan, up 9% [2] - Leap Motor achieved revenue of 24.25 billion yuan, a significant year-on-year growth of 174%, and a net profit of 30 million yuan, turning around from a loss of 2.21 billion yuan in the same period last year [2] - Wanwu Cloud reported revenue of 18.137 billion yuan, a year-on-year increase of 3.11%, and a net profit of 792 million yuan, up 3.88% [3] - China Biopharmaceuticals recorded revenue of 17.57 billion yuan, a year-on-year increase of 10.7%, and a net profit of 3.39 billion yuan, up 140.2% [3] - Tongcheng Travel reported revenue of 9.05 billion yuan, a year-on-year increase of 11.5%, with adjusted EBITDA of 2.34 billion yuan, up 35.2%, and a net profit of 1.56 billion yuan, up 28.6% [3] - Hansoh Pharmaceutical reported revenue of 7.434 billion yuan, a year-on-year increase of 14.27%, and a net profit of 3.135 billion yuan, up 15.02% [4] - Meitu reported revenue of 1.82 billion yuan, a year-on-year increase of 12.3%, and a net profit of 397 million yuan, up 30.8% [5] - Huabao International reported revenue of 1.621 billion yuan, a year-on-year increase of 2.5%, and a net profit of 118 million yuan, up 298.1% [6] - Andeli Juice reported revenue of 948 million yuan, a year-on-year increase of 50%, and a net profit of 201 million yuan, up 50.3% [6] Earnings Warnings and Surprises - Road King issued a profit warning, expecting a mid-term net loss of approximately 1.9 to 2.1 billion HKD [7] - Hui Kee Group also issued a profit warning, anticipating a mid-term net loss of approximately 800 to 900 million HKD, a year-on-year increase [8] - Yunfeng Financial issued a profit alert, expecting a mid-term net profit of approximately 480 million HKD, a significant year-on-year increase of about 139% [9] - Heung Kong Holdings issued a profit warning, expecting a mid-term net loss of 130 to 160 million HKD [10] - JS Global Life issued a profit warning, expecting a mid-term net loss of no more than 56 million USD, turning from profit to loss [11] - United Pharmaceutical issued a profit alert, expecting a mid-term net profit of approximately 1.85 billion yuan, a year-on-year increase [12] - Orange Sky Golden Harvest issued a profit alert, expecting a net profit exceeding 125 million HKD, turning from loss to profit [13] - Ximei Resources issued a profit alert, expecting a mid-term net profit of approximately 81.8 to 100 million HKD, a year-on-year increase [14] - International Resources issued a profit alert, expecting a mid-term net profit of approximately 59 million USD, a year-on-year increase [15] - Siheng Holdings issued a profit alert, expecting a mid-term net profit exceeding 50 million HKD, turning from loss to profit [16] Insurance Sector - New China Life Insurance reported cumulative original premium income of 137.806 billion yuan for the first seven months, a year-on-year increase of 23% [17] Automotive Sector - Leap Motor delivered 50,129 vehicles in July [18]

Market Overview - The Hong Kong stock market opened slightly lower on August 12, with the Hang Seng Index at 24,885 points, down 0.08% [1] - The Hang Seng Tech Index reported a decline of 0.53%, reaching 5,431 points [1] Sector Performance - Technology stocks experienced a general decline, with Baidu, Alibaba, and Kuaishou each falling over 1% [3] - The innovative drug sector opened higher, with Fosun Pharma rising over 7% [3] - The Hang Seng Innovative Drug Index increased by 0.69%, while the Hang Seng Hong Kong Stock Connect Innovative Drug Index rose by 0.61% [3] Active Stocks - Domestic brokerage stocks were active, with Xingsheng International gaining over 2% [3] - Oil and gas equipment and service stocks saw significant gains, with Hailong Holdings increasing by over 14% [3] ETF Performance - The Hang Seng Innovative Drug ETF rose by over 1%, leading the performance among ETFs [3] - Other ETFs such as the Hong Kong Stock Connect Innovative Drug ETF and the Hong Kong Medical ETF also showed strong gains [3] - In contrast, the Nikkei 225 ETF increased by over 1%, while German ETFs, French CAC40 ETFs, and S&P Oil and Gas ETFs fell by more than 0.5% [3]

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]

Summary of Jerry Corporation Conference Call Company Overview - Jerry Corporation has shifted its growth focus towards natural gas operations, particularly in the Middle East and Central Asia, significantly increasing its overseas order proportion and reducing reliance on oil price fluctuations, transforming into a comprehensive energy platform company [2][3][4]. Key Industry Insights - The Middle East and Central Asia are identified as core regions for future order growth, with compound annual growth rates (CAGR) of over 80% and 50% respectively in recent years. By 2024, these regions are expected to account for 70% of total orders, primarily for natural gas compressors and EPC projects [2][4][5]. - North America represents about 10% of total orders, with limited impact from tariffs. The growth potential for electric fracturing equipment is lower than expected, while the generator business shows higher growth potential, projected to reach 10 billion yuan in the next 3-5 years [2][4][6]. Financial Performance - In the first half of 2025, revenue from EPC projects and natural gas compressors saw significant year-on-year growth of 100% and 90% respectively, indicating a stable revenue release [2][7]. - The company anticipates a 20% increase in overall profit for 2025, with a projected growth rate of 30% for 2026, suggesting a strong acceleration in performance release [4][12]. Market Dynamics - The demand for natural gas in the Middle East is rapidly increasing, driven by economic transformation, oil-to-electricity policies, and adjustments in Europe's energy structure. Jerry Corporation has substantial room for market share growth in this region, with market conditions expected to remain favorable until 2027-2028 [2][8]. - The company’s market share in the Middle East is currently below 5%, indicating significant growth potential despite the ongoing transition in energy sources [8]. Challenges and Solutions - Jerry Corporation faces challenges related to insufficient production capacity for natural gas compressors, leading to extended delivery cycles. To address this, the company is expanding its Yantai factory and constructing a new facility in the Middle East, aiming for full production capacity by 2025-2026 [4][11]. - The reliance on European suppliers for key components of natural gas compressors adds complexity to the expansion efforts, but the company is actively working to mitigate these issues [11]. Investment Outlook - The current market conditions and the company's strategic focus on natural gas present a favorable investment opportunity. With stable and growing orders, the company’s valuation is expected to rise, making it an opportune time to invest in Jerry Corporation stock [12][13].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported significant improvements in performance and cash flow, with overseas business expected to continue its breakthrough [2][6]. - In the first half of 2025, the company achieved total revenue of 6.901 billion yuan, a year-on-year increase of 39.21%, and a net profit attributable to shareholders of 1.241 billion yuan, up 14.04% year-on-year [2][6]. - The second quarter saw total revenue of 4.214 billion yuan, a 49.12% increase year-on-year, and a net profit of 775 million yuan, an 8.78% increase year-on-year [2][6]. Summary by Sections Financial Performance - The company's main business revenue significantly increased, with a notable performance in the first half and Q2 [2][6]. - The high-end equipment manufacturing segment maintained its leading position, with revenue growth of 22.42% [2][6]. - The oil and gas engineering and technical services business saw an 88.14% increase in revenue, with a gross margin improvement of 6.62% [2][6]. Cash Flow and Profitability - The company's gross profit margin for the first half of 2025 was 32.19%, a decrease of 3.64 percentage points year-on-year, while the net profit margin was 18.4%, down 4.07 percentage points year-on-year [2][6]. - Operating cash flow for the first half of 2025 was 3.14 billion yuan, a 196% increase year-on-year, with a cash flow to performance ratio of 253%, up 156% year-on-year [2][6]. International Strategy - The company is actively pursuing an international strategy, with overseas market revenue reaching 3.295 billion yuan, a 38.38% increase year-on-year [2][6]. - New orders from overseas markets increased by 24.16% year-on-year, indicating strong growth momentum [2][6]. Order Backlog and Management Confidence - The company secured new orders worth 9.881 billion yuan in the first half of 2025, a 37.65% increase year-on-year, with a backlog of 12.386 billion yuan, up 34.76% year-on-year [2][6]. - The company has repurchased shares worth 106 million yuan and the controlling shareholder has increased holdings by 6 million yuan, reflecting confidence in future development [2][6].

Core Viewpoint - The company has achieved significant growth in revenue and net profit in the first half of 2025, indicating strong operational performance and market demand [4]. Group 1: Financial Performance - In H1 2025, the company reported revenue of 6.9 billion yuan, a year-on-year increase of 39.2%, and a net profit of 1.24 billion yuan, up 14.0% year-on-year [4]. - The company's gross margin was 32.2%, down 3.6 percentage points year-on-year, while the net margin was 18.4%, down 4.1 percentage points year-on-year [4]. - The company proposed an interim dividend of 0.15 yuan per share (before tax) [4]. Group 2: Business Segments - The high-end equipment manufacturing segment generated revenue of 4.22 billion yuan, a year-on-year increase of 22.4%, while the oil and gas engineering and technical services segment achieved revenue of 2.07 billion yuan, up 88.1% year-on-year [5]. - The natural gas-related business saw a revenue increase of 112.7% year-on-year, with new orders rising by 43.3% [5]. - The company signed a significant contract for the supply of centrifugal compressors for a large domestic gas storage facility, valued at approximately 500 million yuan, marking a major breakthrough in the gas storage sector [5]. Group 3: International Expansion - In H1 2025, the overseas market revenue reached 3.3 billion yuan, a year-on-year increase of 38.4%, with a gross margin of 37.8%, up 0.6 percentage points year-on-year [6]. - New orders from overseas markets grew by 24.2% year-on-year, reflecting the company's successful international strategy [6]. - The company is focusing on global strategic customers and expanding its market reach, resulting in a steady increase in market share [6]. Group 4: Order Backlog - The company secured new orders worth 9.88 billion yuan in H1 2025, a year-on-year increase of 37.7%, with a total backlog of 12.39 billion yuan as of June 30, 2025, up 34.8% year-on-year [7]. - The high-end equipment segment maintained its domestic leadership in electric fracturing equipment, while also achieving significant sales in overseas strategic markets [7]. - The oil and gas engineering and technical services segment successfully entered the North African oil service market and signed multiple contracts for LNG liquefaction plants [8].

Core Viewpoint - The report from Dongfang Securities indicates that Jerry Holdings has experienced significant growth in Q2 revenue and non-recurring profit, suggesting an improvement in operational capabilities that may enhance the company's value [1] Group 1: Operational Performance - Jerry Holdings' new orders reached 9.881 billion yuan in H1 2025, representing a year-on-year increase of 37.65%, indicating strong demand and operational performance [1] - The company is expected to continue increasing its market share and order growth due to sustained global natural gas expenditure demand [1] Group 2: Financial Projections - The net profit forecasts for Jerry Holdings for 2025, 2026, and 2027 have been raised to 3.153 billion yuan, 3.818 billion yuan, and 4.464 billion yuan respectively, up from previous estimates of 3.075 billion yuan, 3.636 billion yuan, and 4.225 billion yuan [1] - The company is assigned a target price of 55.44 yuan for 2025, based on a 18x price-to-earnings ratio, maintaining a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Insights - The company achieved significant revenue and net profit growth in the first half of 2025, with revenue reaching 6.9 billion yuan, a year-on-year increase of 39.2%, and net profit of 1.24 billion yuan, up 14.0% year-on-year [1] - The high-end equipment manufacturing and oil and gas engineering segments both experienced substantial revenue increases, with the oil and gas engineering and technical services segment growing by 88.1% year-on-year [2] - The company successfully signed a major contract for the supply of centrifugal compressors for a large domestic gas storage facility, totaling approximately 500 million yuan, marking a significant breakthrough in the gas storage sector [2] - The international strategy is progressing steadily, with overseas revenue reaching 3.3 billion yuan, a 38.4% increase year-on-year, and a 24.2% growth in new overseas orders [3] - The company has a robust order backlog, with new orders totaling 9.88 billion yuan, a 37.7% increase year-on-year, supporting continued performance growth [4] Summary by Sections Revenue and Profitability - The company reported a revenue of 6.9 billion yuan in H1 2025, with a gross margin of 32.2%, down 3.6 percentage points year-on-year, and a net margin of 18.4%, down 4.1 percentage points year-on-year [1] Business Segments - High-end equipment manufacturing revenue was 4.22 billion yuan, up 22.4% year-on-year, while oil and gas engineering revenue was 2.07 billion yuan, up 88.1% year-on-year [2] - Natural gas-related business revenue saw a remarkable increase of 112.7% year-on-year, with new orders up 43.3% [2] International Expansion - The overseas market contributed 3.3 billion yuan in revenue, with a gross margin of 37.8%, an increase of 0.6 percentage points year-on-year [3] Order Backlog - The company had an order backlog of 12.39 billion yuan as of June 30, 2025, reflecting a 34.8% year-on-year increase [4]

Group 1 - Jerry Holdings (002353.SZ) released its 2025 semi-annual report on August 7, 2025, indicating that as of August 6, 2025, 89 institutional investors disclosed holding a total of 147 million A-shares, accounting for 14.35% of the total share capital [1] - The top ten institutional investors include Hong Kong Central Clearing Limited, Industrial and Commercial Bank of China - Fortune Select Growth Mixed Securities Investment Fund (LOF), Agricultural Bank of China - CSI 500 ETF, China Life Insurance - Traditional - Ordinary Insurance Product - 005L-CT001, and others, with a combined holding ratio of 11.69%, which increased by 0.50 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 19 funds increased their holdings compared to the previous period, with a holding increase ratio of 0.35%, including Southern CSI 500 ETF and others [2] - Conversely, 18 public funds decreased their holdings, also with a decrease ratio of 0.35%, including Huaxia Classic Mixed and others [2] - There were 31 newly disclosed public funds this period, including Jiashi Emerging Industry Stock and others, while 38 funds were not disclosed this period, including Jiashi Cycle Preferred Mixed and others [2] Group 3 - In the social security fund sector, there was an increase in holdings from one fund, the National Social Security Fund 101 Combination, with a slight increase in holding ratio [2] - One social security fund, the National Social Security Fund 118 Combination, was not disclosed this period [2] - In the insurance capital sector, one fund, China Life Insurance - Traditional - Ordinary Insurance Product - 005L-CT001, decreased its holdings slightly [2] Group 4 - In terms of foreign investment, one foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.55% compared to the previous period [3]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 6.9 billion CNY, a year-on-year increase of 39.21% [3] - Net profit attributable to shareholders was 1.241 billion CNY, up 14.04% year-on-year, with a net profit of 1.231 billion CNY after excluding non-recurring gains and losses, reflecting a growth of 33.90% [3] - The company reported a significant increase in operating cash flow, reaching 3.144 billion CNY, a year-on-year growth of 196.36% [3] Order Acquisition - New orders amounted to 9.881 billion CNY, representing a year-on-year increase of 37.65% [3] - The total backlog of orders reached 12.386 billion CNY, up 34.76% year-on-year [3] Natural Gas Business - The natural gas segment saw a revenue increase of 112.69% year-on-year, with a gross margin growth of 5.61% [5] - New orders in the natural gas sector grew by 43.28% [5] International Expansion - The company operates in over 70 countries, with overseas revenue reaching 3.295 billion CNY, a year-on-year increase of 38.38% [8] - New orders from international markets grew by 24.16% [8] Middle East Market - The Middle East is a key strategic market, with significant recognition and a complete local business chain established [9] - Recent projects include the ADNOC digital well site transformation and the Mansouriya project, both progressing well [9] Cash Flow Management - The company emphasizes cash flow management, achieving a net cash flow from operating activities of 3.144 billion CNY, an increase of 2.083 billion CNY year-on-year [12]