（文章来源：新华财经） 近日，由潞安化机制造的"水煤浆水冷壁气化炉"在新疆准东化肥项目一次吊装成功，为项目尽早投产打 下坚实基础。 据悉，潞安化机"水煤浆水冷壁气化炉"的优势在于煤种适应性好、能效利用率高、节水性能好、点火投 料快、烧嘴寿命长、运行成本低、运行安全稳定且环境友好。目前，该气化炉已累计签约97台套合同订 单。 近年来，潞安化机始终锚定"双碳"目标，依托长期积累的"水煤浆气化"技术市场，加速推进"全炉型"战 略布局，并收获了一大批覆盖水煤浆、干粉、碎煤、生物质、焦末等主流气化技术的制造订单。 未来，潞安化机将持续围绕"做精主业、做长链条、做优品牌"发力，在做强"全炉型"技术市场的同时， 加大对氢能、储能等战新领域的研发投入，积极拓展海外业务及压力容器检验检测服务，将潞安化机打 造成具有全球竞争力的高端能化装备供应商和服务商。 ...

Core Viewpoint - The China International Import Expo (CIIE) serves as a significant platform for foreign enterprises to secure large orders, reflecting China's status as the world's second-largest consumer and import market, with substantial growth potential in the future [2][3]. Group 1: CIIE Overview - The eighth CIIE commenced on November 5, featuring participation from 155 countries and regions, with a record 4,108 foreign exhibitors [2]. - The cumulative intended transaction amount from the first seven CIIEs exceeded 500 billion USD, attracting 23,000 foreign exhibitors [2]. - This year's CIIE saw a 23.1% increase in exhibitors from countries involved in the Belt and Road Initiative, with all top ten global automotive brands participating [2]. Group 2: Major Orders and Investments - Cargill, a multinational in agriculture and food, expects to sign contracts exceeding 3 billion USD at this year's CIIE, building on over 30 billion USD in agreements from previous expos [3][5]. - Other companies, such as Syngenta, anticipate signing contracts worth over 1.1 billion USD, while Zhenhua Heavy Industries expects to finalize agreements totaling 390 million USD [3]. - Cargill is also investing approximately 500 million USD in a new grain and oil factory in Nantong, indicating a commitment to meet growing market demands [6]. Group 3: Insights from Participating Companies - Cargill's experience at CIIE highlights the expo as a platform for showcasing innovation and fostering partnerships, with a significant increase in product offerings from 15 to over 100 since the first expo [5][6]. - Klaus-Maffei, a chemical equipment manufacturer, views CIIE as a competitive arena for global industry and technology, leading to new collaborations beyond the expo [7][8]. - Evonik, a specialty chemicals company, launched 11 new products at this year's CIIE, emphasizing the importance of the event for showcasing local strategies and innovations [8]. Group 4: Market Confidence and Trends - The CIIE reflects a growing confidence in the Chinese market, with foreign companies recognizing the benefits of China's improved business environment and high-level opening-up policies [11][12]. - China's economy grew by 5.2% in the first three quarters, positioning it as a key driver of global economic growth amidst uncertainties in international trade [10]. - The trend towards high-end, green, and intelligent transformation in China is accelerating, with companies like Evonik seeing significant market opportunities [12].

Core Insights - The 8th China International Import Expo (CIIE) commenced on November 5, featuring participation from 155 countries and regions, with a record 4,108 foreign exhibitors [2] - The CIIE serves as a platform for showcasing cutting-edge technology and new products, with a cumulative intended transaction amount exceeding $500 billion over the first seven expos [2] - This year's expo saw a 23.1% increase in exhibitors from the Belt and Road Initiative countries, and significant participation from top global automotive brands [2] - Major foreign companies, including Tesla and Sherwin-Williams, announced their return or first-time participation, highlighting the presence of Fortune 500 and industry-leading firms [2] Group 1: Orders and Business Growth - Cargill plans to sign contracts exceeding $3 billion at this year's expo, building on over $30 billion in agreements from previous expos [4][11] - Cargill has expanded its product showcase from fewer than 15 items at the first expo to over 100 innovative products this year [5] - Other companies, such as KRAUSS MAFFEI and Evonik, also reported significant business opportunities and new partnerships formed during the expo [8][9] Group 2: Market Potential and Investment - China is recognized as the world's second-largest consumer and import market, with significant growth potential amid global trade restructuring [3] - Cargill is investing approximately $500 million in a new grain and oil factory in Nantong, reflecting its commitment to meet growing market demands [7] - Evonik aims to increase its market share in the Asia-Pacific region, emphasizing the importance of innovation and investment for sustainable growth [12] Group 3: Industry Trends and Insights - The expo has become a vital platform for cross-industry collaboration and innovation, with a focus on sustainability and high-quality development in agricultural international trade [10][11] - The global trade environment remains uncertain, but China's market is seen as a stabilizing force for global economic growth, with a notable increase in its openness index [10][11] - Companies are adapting to trends such as health-conscious consumer demands and the aging population, which are driving the need for innovative food solutions [12]

Market Outlook and Industry Trends - The domestic market for tank containers has a broad development prospect, supported by the scale advantages of the chemical industry and policies promoting multimodal transport [2][3] - The State Council emphasized the need to reduce logistics costs and improve efficiency, which will accelerate the construction of a modern logistics system [3] Business Performance - In the first three quarters of 2025, the company's tank container business maintained resilience, with a market share at the top and revenue of CNY 1,313.24 million [3] - The gross profit margin for tank container products has fluctuated due to pressures in the chemical industry, intensified market competition, and declining demand [3] - New orders signed in the first three quarters of 2025 amounted to CNY 1.613 billion, with a backlog of CNY 858 million as of the end of September 2025 [4] Medical Equipment Sector - The company has enhanced its R&D and manufacturing capabilities for high-end medical imaging equipment components, achieving revenue of CNY 181.44 million in the first three quarters of 2025, a year-on-year increase of 5.92% [4] Aftermarket Services - The company focuses on providing high-quality products and services across the tank container supply chain, with aftermarket services generating revenue of CNY 112.45 million, up 3.52% year-on-year [4] Future Development Directions - The company aims to diversify its operations to ensure sustainable growth and enhance risk resistance, focusing on high-end equipment and medical sectors [5][6] - Plans include expanding capabilities in precision manufacturing and exploring new business opportunities in high-end medical equipment and intelligent manufacturing [5][6] - The company is committed to responding to national policies through mergers and investments, aiming to transition from a leader in tank containers to a core technology platform for high-end equipment [6] Dividend Policy - The company has established a shareholder dividend return plan for 2024-2026, committing to distribute at least 50% of the distributable profits as cash dividends, with a planned distribution of CNY 264 million in 2024 [6]

Group 1 - The core viewpoint of the news is the successful installation of the ammonia synthesis tower, a key component of the second phase of the Jingyuan Coal Power Clean and Efficient Gasification Project, which highlights the manufacturing capabilities of Lu'an Chemical Machinery [1] - The ammonia synthesis tower has a diameter of 2.42 meters and a height of 27.627 meters, indicating its complexity and significance in the gasification project [1] - Lu'an Chemical Machinery organized personnel to address key challenges and optimized production resources to ensure timely delivery of the equipment, implementing a 24-hour shift system to maintain continuous operations [1] Group 2 - The total investment for the Jingyuan Coal Power Clean and Efficient Gasification Project is 5.425 billion yuan, located in the Gansu Baiyin High-tech Industrial Park, covering an area of 839 acres [2] - The project primarily uses Jingyuan coal as raw material and employs technologies such as pulverized coal pressurized gasification, isothermal conversion, and Claus sulfur recovery to produce various products including ammonia, methanol, urea, melamine, and urea ammonium nitrate solution [2] - The project also aims to provide high-quality hydrogen and carbon monoxide to other chemical enterprises in the Yindong Industrial Park, promoting the development of a circular economy in the area [2]

Investment Rating - The report does not specify an investment rating for the company [1] Core Insights - The company reported a total revenue of 1.302 billion yuan in H1 2025, a year-on-year decrease of 4.79%, while the net profit attributable to the parent company was 135 million yuan, an increase of 9.14% [1] - The company has a strong order backlog, with overseas orders accounting for nearly 40% of total orders, indicating a significant increase in international recognition and market expansion potential [4] - The gas operation segment experienced a revenue decline of 18.64% in H1 2025, but the implementation of a natural gas price linkage mechanism is expected to help recover performance in this segment [4] - The company is actively developing its gas operation business, with new investments in rare gases and a focus on sectors like semiconductors and aerospace [4][5] Summary by Sections Financial Performance - In H1 2025, the company achieved total operating revenue of 1.302 billion yuan, a decrease of 4.79% year-on-year, and a net profit of 135 million yuan, an increase of 9.14% [1] - The equipment sales revenue reached 583 million yuan, a year-on-year increase of 7.52%, with a gross margin of 42.28%, up 12.83 percentage points [4] - The gas operation segment generated revenue of 644 million yuan, down 18.64%, with a net profit of approximately 49.95 million yuan, a decrease of 66.02% [4] Order Backlog and Market Position - As of June 30, 2025, the company had an order backlog of 2.442 billion yuan, with overseas orders reaching a historical high [4] - The company has established itself as a leader in the design and manufacturing of plate-fin heat exchangers, exporting to 53 countries and regions [4] Future Outlook - The company plans to leverage its dual-engine model of "equipment manufacturing + gas operation" to enhance its market share both domestically and internationally [5] - Revenue projections for 2025-2027 are estimated at 2.794 billion yuan, 3.296 billion yuan, and 3.929 billion yuan, with growth rates of 2.9%, 17.9%, and 19.2% respectively [7]

Financial Performance - Clean Energy revenue significantly increased by 222% YoY[9], reaching RMB 9626 million[9] - Basic Earnings Per Share Increased to RMB 0278 per share[12] - Net Asset Value (NAV) per Share increased to RMB 6540 per share[14] - Annualised ROE Increased by 1pp to 97% YoY[15] - Overall Cash Conversion Cycle (CCC) was 25 days[18], optimised by 11 days YoY[18] Segment Results and Orders - Clean energy reportable segment profit increased significantly by 295% YoY[31], reaching RMB 560 million[31] - Newly signed orders for clean energy totaled RMB 897 billion[40], with offshore clean energy accounting for RMB 324 billion[40] - Backlog orders of clean energy stood at RMB 2520 billion[43], up 10% YoY[43] - Newly signed orders for liquid food reached RMB 690 million[40], a 62% QoQ increase from Q1 to Q2 in 2Q25[40] Business Highlights and Outlook - China's LNG imports declined by 206% YoY[59] to 3011 million tons[59] - The global tank container fleet reached 882023 units[147], representing an increase of 396% compared with 2024[147] - CLPT completed a new round of private placement in July 2025[154], raising RMB 110 million[154] and adding 19079434 new shares[154]

Group 1 - The company, Lu'an Chemical Machinery, has successfully shipped 8 pieces of equipment for a propane dehydrogenation project to Russia, marking the second batch of exports to the Russian market [1] - A total of 15 pieces of equipment have been contracted for the Russian propane dehydrogenation project, with 11 already delivered [1] - The largest piece in this shipment is the raw material dryer, measuring 2.3 meters in diameter and 13.15 meters in length, highlighting the high precision quality requirements set by the client [1] Group 2 - Lu'an Chemical Machinery aims to leverage international market opportunities by accurately identifying overseas user needs and accelerating the development of green products related to hydrogen energy and energy storage [2] - The company is focused on enhancing its core capabilities and competitiveness to provide high-quality products and set an industry benchmark [2] - The goal is to establish itself as a leading domestic and internationally recognized high-end energy and chemical equipment supplier and service provider [2]