Core Viewpoint - The company has demonstrated steady revenue growth and improved profitability in the first half of 2025, driven by its clean energy segment and strong order intake in various sectors [1][2]. Financial Performance - In H1 2025, the company achieved a revenue of 12.61 billion RMB, representing a year-on-year increase of 9.9% [1]. - The net profit attributable to shareholders was 560 million RMB, up 15.6% year-on-year [1]. - The gross margin was 14.4%, an increase of 0.1 percentage points, while the net margin rose by 0.2 percentage points to 4.6% [1]. Segment Performance - The clean energy segment generated revenue of 9.63 billion RMB, a 22.2% increase year-on-year, attributed to rising domestic environmental protection and energy-saving demands [1]. - The chemical environment segment saw a revenue decline of 14.3% to 1.11 billion RMB, impacted by unstable U.S. trade policies and geopolitical tensions [1]. - The liquid food segment's revenue fell by 18.6% to 1.88 billion RMB due to a decrease in new orders [1]. Order Intake and Backlog - The company secured new orders worth 10.74 billion RMB in H1 2025, with clean energy, chemical environment, and liquid food orders amounting to 8.97 billion, 1.08 billion, and 690 million RMB respectively [2]. - New orders in Q2 2025 for the chemical environment and liquid food segments increased by 43% and 62% respectively [2]. - As of H1 2025, the total backlog stood at 29.18 billion RMB, remaining stable year-on-year, with clean energy backlog increasing by 10% to 25.20 billion RMB [2]. Strategic Developments - The company is focusing on the comprehensive utilization of coke oven gas and has a robust shipbuilding order book [2]. - The completion of the coke oven gas utilization project in July 2025 is expected to produce 147,000 tons of LNG and 20,000 tons of hydrogen annually [2]. - The company maintains a leading global share in LNG bunkering vessels, with new shipbuilding orders totaling 2.34 billion RMB in H1 2025 [2]. Investment Outlook - The company’s performance aligns with expectations, and the forecast for net profit attributable to shareholders for 2025-2027 is set at 1.29 billion, 1.51 billion, and 1.75 billion RMB respectively, corresponding to EPS of 0.63, 0.74, and 0.86 RMB [2].

Core Insights - The company reported a strong revenue growth of 24.4% year-on-year, reaching RMB 57.65 billion for the first quarter of 2025, despite challenges such as a slight slowdown in natural gas consumption and the impact of the Chinese New Year holiday [1][2] Group 1: Clean Energy Division - The clean energy division achieved a significant revenue increase of 33.4% year-on-year, amounting to RMB 43.42 billion, making it the largest contributor to the company's overall revenue at 75.3% [2] - Hydrogen energy revenue within the clean energy division was approximately RMB 1.43 billion [2] - The clean energy division secured new orders totaling RMB 38.58 billion, although the Chinese New Year holiday affected the completion of several project bids [1] Group 2: Chemical Environment Division - The chemical environment division reported a revenue of RMB 5.70 billion, a slight increase of 1.4% year-on-year, contributing 9.9% to the overall revenue [2] - New orders in the chemical environment division reached RMB 4.44 billion, reflecting a year-on-year growth of 17.3% [1][2] - Revenue from high-end medical equipment components within this division grew by 21.0% to RMB 54.41 million [2] Group 3: Liquid Food Division - The liquid food division's revenue increased by 4.3% year-on-year to RMB 8.53 billion, accounting for 14.8% of the total revenue [2] - The division is actively pursuing several large industrial beer projects in North America and the Middle East [1] - The company's production base in Mexico commenced full operations at the beginning of 2025, enhancing its global capabilities in liquid food turnkey projects [2]