Core Viewpoint - The company, Jerry Co., has established a comprehensive natural gas business model that significantly contributes to its revenue growth and operational efficiency, supported by a strong international presence and innovative product offerings [1][3][8]. Group 1: Natural Gas Business - The natural gas business has become a crucial growth driver for the company, leveraging a full industry chain approach from exploration to end-use [1]. - The company has developed a comprehensive solution capability across the entire natural gas value chain, enhancing its service offerings and operational efficiency [1][2]. - The company has increased its natural gas equipment production capacity by over three times to meet growing demand [2]. Group 2: International Expansion - The company has successfully executed an internationalization strategy, with operations in over 70 countries, leading to a significant increase in overseas revenue [3]. - In the first half of 2025, overseas market revenue reached 3.295 billion yuan, a year-on-year increase of 38.38%, with new overseas orders growing by 24.16% [3]. Group 3: Product Innovation - The company has a strong focus on R&D for its fracturing equipment, particularly the plunger pump, which has been enhanced to improve performance and reduce maintenance costs [4]. - The newly developed "Pangu" series plunger pumps have achieved significant advancements in lifespan and efficiency, enhancing market competitiveness [4]. Group 4: Financial Performance - In the first half of 2025, the company reported a main revenue of 6.901 billion yuan, a year-on-year increase of 39.21%, and a net profit of 1.241 billion yuan, up 14.04% [8]. - The company has improved its cash flow management, with a net cash flow from operating activities of 3.144 billion yuan, an increase of 20.83 million yuan year-on-year [6]. Group 5: Dividend Policy - The company has committed to increasing dividend levels, distributing 0.69 yuan per share in cash dividends for the 2024 fiscal year, totaling 706 million yuan [7]. - For the first half of 2025, the company plans to distribute 0.15 yuan per share, amounting to 15.3 million yuan [7].

Core Insights - The company, Jerry Co., recently engaged in a research activity with 17 institutions, including E Fund and Morgan Fund, focusing on its natural gas business, overseas operations, core products, and cash flow [1][3]. Group 1: Research Activity Details - The research activity was categorized as targeted research and site visits, conducted in two sessions on September 10 and September 11, 2025, at the company's headquarters [2]. - Participating institutions included well-known financial entities such as E Fund, Invesco Great Wall Fund, and Guotou Ruijin Fund, with company representatives including Qu Ning, Mao Caixia, Song Xiang, and Wang Heyang [2]. Group 2: Business Highlights and Advantages - The natural gas business has become a significant support and growth point for the company, leveraging a comprehensive technical layout across the entire industry chain from gas development to end-use [3]. - The company has established a threefold increase in production capacity through the construction and expansion of its natural gas industrial park [3]. - The international strategy has shown significant results, with overseas market revenue reaching 3.295 billion yuan in the first half of 2025, a year-on-year increase of 38.38%, and new orders growing by 24.16% [3]. - The company has developed its own fracturing plunger pump, recently launching the "Pangu" series, which features long life and high displacement, with a 50% reduction in maintenance costs [3]. - The establishment of Shandong Jerry Min Electric Energy Co. aims to promote the power generation business, providing gas internal combustion generator sets and related services, with new orders in the North American market [3]. Group 3: Cash Flow and Dividend Situation - The company emphasizes cash flow management, achieving a net cash flow from operating activities of 3.144 billion yuan in the first half of the year, an increase of 2.083 billion yuan year-on-year [4]. - For the 2024 fiscal year, the company plans to distribute a cash dividend of 6.9 yuan per 10 shares (before tax), totaling 706 million yuan [4]. - The half-year dividend plan for 2025 is set at 1.5 yuan per 10 shares (before tax), with an expected total of 153 million yuan [4].

Group 1: Company Overview and Strategy - The company will continue to deepen its focus on the energy sector, enhancing its competitive edge through technological innovation and collaboration across industries [2][3] - A commitment to increasing R&D investment to improve core component technology and maintain leadership in high-end equipment [2][3] Group 2: Natural Gas Business - The natural gas business has become a significant growth driver, with a comprehensive value chain from exploration to end-use [4][5] - The company has built a natural gas industrial park, tripling production capacity to meet growing demand [5] Group 3: International Expansion - The company operates in over 70 countries, with overseas revenue accounting for a growing share of total income [7] - In the first half of 2025, overseas market revenue reached CNY 3.295 billion, a year-on-year increase of 38.38% [7] Group 4: Middle East Market - The Middle East is a key strategic market, with a well-established local business chain across various sectors [8] - Recent projects, such as the ADNOC digital well site transformation, have solidified the company's presence and reputation in the region [8] Group 5: Core Competencies - The company has developed proprietary technology for fracturing plunger pumps, enhancing product lifespan and market competitiveness [9][10] - The establishment of Shandong Jerry Min Electric Energy Co., Ltd. to advance generator set business, including successful operations in North America [10]

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]