Core Viewpoint - Baker Hughes, a well-known American energy technology company, showcased its advanced technologies for the aviation industry at the 8th China International Import Expo in Shanghai [1] Group 1: Technology Solutions - Baker Hughes presented its industrial X-ray solutions, which are suitable for 3D failure analysis and precision 3D measurement of large aviation components, characterized by robustness, compact size, low cost, and ease of use [1] - The high-end intelligent industrial video endoscope displayed integrates high-definition imaging, precise measurement, and AI-assisted analysis, enabling accurate quantification of defects and real-time automatic identification of common issues like cracks and corrosion, applicable for internal inspections of aviation components [1] - The industrial ultrasonic solution consolidates the performance of a complete phased array detection system into a single probe, which can connect via USB to tablets, laptops, or desktop computers for operation and result display, suitable for detecting and quantifying composite materials in aerospace structures and aircraft shells, as well as internal voids [1] Group 2: Company Milestones - This year marks the 45th anniversary of Baker Hughes in China, and the company has achieved full attendance at all eight sessions of the Import Expo [1]

Core Viewpoint - Zhoushan Xingjie Energy Technology Co., Ltd. has been established with a registered capital of 1 million RMB, focusing on various transportation and technology services [1] Company Overview - The legal representative of the company is Tu Jiahong [1] - The registered capital is 1 million RMB [1] Business Scope - The company is involved in licensed projects such as road cargo transportation (excluding hazardous goods) and road hazardous goods transportation, which requires approval from relevant authorities [1] - General projects include technology services, development, consulting, and transfer, as well as import and export of goods and technology [1] - The company also engages in the sale of petroleum products (excluding hazardous chemicals), chemical products (excluding licensed chemicals), lubricants, hardware products, and coal and its products [1] - Additional services include information consulting (excluding licensed services), internet sales (excluding goods requiring licenses), and digital advertising [1] - The company can operate ordinary cargo transportation with a total quality of 4.5 tons or less and domestic cargo transportation agency services [1]

Core Viewpoint - The company reported a revenue increase of 4.46% year-on-year for the first half of 2025, reaching 22.597 billion yuan, with a net profit increase of 13.15% to 1.829 billion yuan [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 12.522 billion yuan, a year-on-year increase of 0.78%, and a net profit of 1.235 billion yuan, up 10.75% year-on-year [1] - The gross margin and net margin for the first half of 2025 reached historical highs of 15.33% and 8.31%, respectively, with increases of 1.18 percentage points and 0.56 percentage points year-on-year [2] - The energy technology service business contributed to profitability, with a revenue increase of 2.79% and a gross margin of 21.46%, marking a year-on-year increase of 2.47 percentage points [2] Group 2: Business Segments - The energy technology service sector generated 7.993 billion yuan in revenue, with a gross margin of 21.46%, both achieving historical highs [2] - The low-carbon and digital industries saw revenue growth of 11.17%, with significant increases in the workload of new energy technology (32.89%), safety emergency services (22.70%), and digital business (10.17%) [3] - The energy logistics service sector reported a revenue increase of 5.13%, reaching 11.640 billion yuan, supported by strategies to mitigate the impact of oil price fluctuations [3] Group 3: Strategic Moves - The company plans to optimize resource allocation by selling its cold energy business and assets, including stakes in various air separation companies, for a total of 371 million yuan [3]

Core Viewpoint - Company is actively positioning itself in deep-sea technology and has achieved stable growth in its three main business areas, leading to a "buy" rating for the stock [1] Financial Performance - In the first half of 2025, the company reported total revenue of 22.597 billion yuan, a year-on-year increase of 4.46%, and a net profit attributable to shareholders of 1.829 billion yuan, up 13.15% year-on-year [2] - For Q2 2025, the company achieved revenue of 12.522 billion yuan, a year-on-year increase of 0.78% and a quarter-on-quarter increase of 24.30%, with a net profit of 1.235 billion yuan, up 10.75% year-on-year and 107.97% quarter-on-quarter [2] Business Segments - The company focuses on three main industries: 1. Energy Technology Services: Revenue of 7.993 billion yuan, up 2.79% year-on-year, with significant increases in downhole tools (16.11%) and artificial lift services (3.24%) [3] 2. Low Carbon Environmental and Digitalization: Revenue of 3.870 billion yuan, up 11.17% year-on-year, with notable growth in new energy technology (32.89%) and safety emergency services (22.70%) [3] 3. Energy Logistics Services: Revenue of 11.640 billion yuan, up 5.13% year-on-year, with increases in terminal loading and unloading (6.23%) and product sales (15.61%) [3] Cost and Expenses - The financial expense ratio increased primarily due to a decrease in bank deposit interest income, while sales and management expenses showed slight changes [4] Strategic Initiatives - The company is accelerating the high-end, intelligent, and green transformation of traditional industries, launching ten digital management modules and establishing three smart factories [5] - It is also advancing new strategic industries and future industries, optimizing its product and service offerings across six major areas [5] Profit Forecast - The profit forecast for the company has been slightly adjusted upwards, with expected net profits of 4.150 billion yuan, 4.749 billion yuan, and 5.326 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 9.9, 8.6, and 7.7 times [6]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][11] Core Views - The company is actively positioning itself in deep-sea technology, with stable growth in its three main business areas [6][10] - The company achieved a total revenue of 22.597 billion yuan in the first half of 2025, representing a year-on-year increase of 4.46%, driven by core capability enhancements and ongoing resource development [5][6] - The report slightly raises the profit forecast for the company, predicting net profits of 4.150 billion, 4.749 billion, and 5.326 billion yuan for 2025, 2026, and 2027 respectively [11] Summary by Sections Financial Performance - In the first half of 2025, the company reported a net profit of 1.829 billion yuan, up 13.15% year-on-year [5] - The second quarter of 2025 saw a single-quarter revenue of 12.522 billion yuan, a year-on-year increase of 0.78% and a quarter-on-quarter increase of 24.30% [5] Business Segments - Energy Technology Services: Revenue of 7.993 billion yuan, up 2.79% year-on-year, with significant increases in downhole tools (16.11%) and artificial lifting services (3.24%) [7] - Low Carbon Environmental and Digitalization: Revenue of 3.870 billion yuan, up 11.17% year-on-year, with notable growth in new energy technology (32.89%) and safety emergency services (22.70%) [7] - Energy Logistics Services: Revenue of 11.640 billion yuan, up 5.13% year-on-year, with increases in terminal loading and unloading (6.23%) and product sales (15.61%) [7] Strategic Initiatives - The company is accelerating the transformation and upgrading of traditional industries towards high-end, intelligent, and green technologies [10] - It has launched ten digital management modules and is advancing the construction of smart factories, with three now in trial operation [10] - The company is also focusing on developing strategic emerging industries and future industries, optimizing its product and service offerings across six major areas [10]

Core Viewpoint - The company is optimizing its industrial structure and enhancing its operational resilience by selling its cold energy business and assets to focus on core business development and innovation in energy technology services [2]. Group 1: Transaction Details - The company plans to transfer 70% equity and debt of Zhuhai Air Separation, 65% equity of Ningbo Air Separation, 50% equity of Fujian Air Separation, and cold energy center assets to Haizhuo Company through a non-public agreement [2]. - The total transfer price is set at 371.27 million yuan, based on an asset evaluation conducted by accounting firms, with the evaluated value of the assets being 525.14 million yuan [2]. - The company will sign separate agreements for the transfer of equity and debt for each entity involved in the transaction [3]. Group 2: Financial Overview - For the year 2024, the company's revenue composition is as follows: Energy logistics services account for 44.19%, energy technology services for 41.38%, and safety, environmental protection, and energy saving for 19.16%, with inter-segment eliminations at -4.73% [3].

Core Viewpoint - The company is optimizing its industrial structure and enhancing its operational vitality and resilience through the sale of its cold energy business and assets, which aligns with its long-term interests and those of its shareholders [1]. Group 1: Transaction Details - The company plans to transfer 70% equity and debt of Zhuhai Air Separation, 65% equity of Ningbo Air Separation, 50% equity of Fujian Air Separation, and cold energy center assets to Haizhuo Company through a non-public agreement [1]. - The total transfer price is set at 37,126.63 million yuan, based on an asset evaluation conducted by accounting firms, with the assessed value of the transaction assets being 52,514.37 million yuan [1]. - The assessed value of the equity stakes, after proportionate calculations, amounts to 31,460.63 million yuan, while the book and assessed value of the debt from Zhuhai Air Separation is 5,666.00 million yuan [1]. Group 2: Agreements and Documentation - To facilitate the transfer of equity, debt, and assets, the company will sign separate agreements with Haizhuo Company for each entity involved, including Zhuhai, Ningbo, Fujian Air Separation, and the cold energy utilization technology center [2].

Core Viewpoint - The company plans to transfer its stakes and assets in several gas-related subsidiaries to a wholly-owned subsidiary of its controlling shareholder, China National Offshore Oil Corporation, for a total price of 371 million yuan [1] Group 1: Transaction Details - The company intends to transfer 70% equity and debt of CNOOC Industrial Gases (Zhuhai) Co., Ltd., 65% equity of CNOOC Industrial Gases (Ningbo) Co., Ltd., 50% equity of CNOOC Air Products (Fujian) Co., Ltd., and assets of the Cryogenic Utilization Technology Center [1] - The total transfer price for these assets is 371 million yuan [1] Group 2: Strategic Implications - The sale of the cryogenic business and assets is expected to help the company recover its previous investments and focus on the development of its core business [1] - This move aims to assist in building a specialized and innovative energy technology service company [1]

Group 1 - The company plans to transfer its stakes in several subsidiaries related to industrial gas and cold energy utilization to its controlling shareholder, China National Offshore Oil Corporation (CNOOC), through a private agreement [1] - The total transfer price for the stakes and assets amounts to 371 million yuan [1] - This divestiture is aimed at recouping previous investments to focus on core business development, enhancing the company's position as a specialized and innovative energy technology service provider [1]

Core Insights - The company reported a revenue of 22.597 billion yuan for the first half of 2025, representing a year-on-year growth of 4.46% [1] - The net profit attributable to shareholders was 1.829 billion yuan, showing a year-on-year increase of 13.15% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.834 billion yuan, reflecting a year-on-year growth of 20.30% [1] - Basic earnings per share were 0.18 yuan [1] Revenue Breakdown - The energy technology service sector achieved a revenue of 7.993 billion yuan, with a year-on-year growth of 2.79% [1] - The low-carbon environmental protection and digitalization sector generated a revenue of 3.870 billion yuan, marking a year-on-year increase of 11.17% [1] - The energy logistics service sector reported a revenue of 11.640 billion yuan, which is a year-on-year growth of 5.13% [1]