Group 1 - The company conducted a specific investor survey with Northeast Securities and China Post Fund on August 28, 2025, discussing various business segments [1] - In the first half of 2025, the company's international market orders reached 1.21 billion yuan, a year-on-year increase of 15%, with significant contracts signed with major oil companies [1] - The company's drilling tools revenue in the first half of 2025 was 348 million yuan, a decrease of 13.05% year-on-year, attributed to reduced demand and cost-cutting measures by major oil companies [1] Group 2 - The company is accelerating the development of LNG refueling equipment, with new orders amounting to 2.538 million yuan in the first half of 2025, supported by domestic policies promoting LNG as a clean energy source [1] - The company aims to achieve its annual operational targets through stable domestic growth and breakthrough international growth, while enhancing investor relations and information disclosure [1] - The company is introducing high-value functional new products to differentiate itself in the drilling tools market and strengthen partnerships with oilfield enterprises [1]

Group 1: Overseas Business Performance - In the first half of 2025, the company achieved new orders of 1.21 billion RMB in the international market, a year-on-year increase of 15% [1] - Collaborations with major oil companies such as Saudi Aramco and ADNOC were established, and the company successfully entered the supply chains of international firms like Total and Sonatrach [1][2] - The company’s overseas business has transitioned from single product exports to full industry chain solution outputs [2] Group 2: Drill Bit Business Performance - In the first half of 2025, the drill bit business generated revenue of 348 million RMB, a decline of 13.05% year-on-year [3] - The decrease in demand for drill bits is attributed to the rising efficiency requirements and cost-cutting measures by major oil companies [3] - The company is focusing on high-value functional new products to differentiate itself and enhance market share [3] Group 3: LNG Business Development - The company is capitalizing on the domestic policy push for LNG as a clean energy source, with rapid development of LNG refueling stations [4] - In the first half of 2025, the company secured new orders worth 25.38 million RMB for LNG refueling equipment from key projects in multiple provinces [4] Group 4: Shareholder Incentives and Market Management - The company aims to achieve its annual operational goals, with the success of the stock incentive plan dependent on the performance of comparable enterprises [5] - Focus on enhancing technological innovation and green development capabilities to improve market expansion and operational performance [6][7]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report is about the institutional research on Sinopec Machinery. The company attaches great importance to the collection of accounts receivable and has increased the cash received from selling goods and providing services. It will continue to enhance its operating performance, focus on high - end, intelligent, green and service - oriented development, and strive to reward shareholders with excellent performance. In 2025 H1, the company achieved good results in orders, new orders in the international market, and new orders in the hydrogen energy equipment business [23][25][26] 3. Summary According to the Catalog 3.1 Research Basic Situation - Research object: Sinopec Machinery - Industry: Special equipment - Reception time: August 26, 2025 - Reception personnel: Chairman Wang Junqiao, Independent Director Guo Wei, Financial Controller Wei Gang, Secretary of the Board Wang Wuhong [16] 3.2 Detailed Research Institutions - The reception object is all investors who participated in the company's 2025 semi - annual performance briefing online, and the reception object type is "other" [19] 3.3 Research Institution Proportion - No relevant content provided 3.4 Main Content Data - **Accounts receivable**: The company has formulated a special action plan for improving accounts receivable management (2025 - 2027), established a special action working group, and formed a multi - department collaborative working mechanism. In the first half of 2025, the cash received from selling goods and providing services increased by 530 million yuan year - on - year [23][24] - **Corporate responsibility**: As a state - owned enterprise, the company is responsible to the country, society and shareholders. It will continue to enhance its operating performance, focus on high - end, intelligent, green and service - oriented development, and strive to reward shareholders with excellent performance [25] - **Order situation in H1 2025**: The company achieved orders of 4.94 billion yuan, a year - on - year increase of 14%. Among them, oil drilling and production equipment was 1.8 billion yuan, drilling tools were 550 million yuan, steel pipes were 900 million yuan, and gathering and transportation equipment was 350 million yuan [26] - **Hydrogen energy equipment business**: In H1 2025, the new orders of the hydrogen energy equipment business reached 75 million yuan, a year - on - year increase of 21%. The company is involved in national and local hydrogen energy projects, has won multiple orders, and has the ability to mass - produce hydrogen - transporting steel pipes [29] - **International market**: In H1 2025, the new orders in the international market reached 1.21 billion yuan, a year - on - year increase of 15%. The company's drilling and production equipment has obtained batch orders in the Asian and African markets, and high - end equipment has been applied in the African market [28][29] - **Production line transformation**: The company has introduced robot welding production lines, digital processing production lines and advanced MES manufacturing systems to enhance production manufacturing capabilities [30] - **Accounts receivable increase reason**: The increase in accounts receivable in H1 is mainly due to the increase in accounts receivable within one year, which is a normal business activity. The company has a strict credit management policy [30] - **Incentive target and market value management**: The company will strive to achieve the annual operating target, and whether the equity incentive target can be achieved depends on the operating conditions of benchmarking enterprises. In terms of market value management, the company will improve information disclosure quality and strengthen investor relations management on the basis of improving operating performance [31] - **Q3 performance**: Specific performance needs to be concerned about the subsequent disclosure of the 2025 Q3 report [32] - **Daye cave hydrogen storage project**: The company has won the bid, and the contract is being signed [33]

Group 1 - The stock price of Jerry Holdings reached 46.56 yuan as of August 22, 2025, with an increase of 0.82% compared to the previous trading day [1] - The trading volume on that day was 78,915 lots, with a total transaction amount of 365 million yuan [1] - As of August 20, the number of shareholders was 25,463, a decrease of 2,409 shareholders, representing a decline of 8.64% compared to August 10 [1] Group 2 - Jerry Holdings specializes in oil and gas field equipment and technical engineering services, falling under the specialized equipment manufacturing industry [1] - The company's product range includes fracturing equipment, cementing equipment, and coiled tubing equipment for oil and gas fields [1] - For the first half of the year, the company reported operating 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% year-on-year [1] Group 3 - On August 22, the net outflow of main funds was 23.056 million yuan, with a cumulative net outflow of 65.7347 million yuan over the past five days [1]

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]

Core Viewpoint - The company is leveraging the growth opportunities in the North American energy market, particularly in natural gas equipment and services, due to recent energy export agreements among major economies [2]. Group 1: Company Strategy and Operations - The company has been deeply engaged in the North American market for many years, achieving sales of electric-driven fracturing equipment, cementing equipment, coiled tubing equipment, and liquid nitrogen pumping equipment [2]. - The company has established production capabilities for related equipment assembly in the U.S., effectively meeting local market demands [2]. - The company is actively expanding its aftermarket services for high-end equipment components [2]. Group 2: Market Dynamics - The company is closely monitoring market trends to seize order opportunities arising from the growth in U.S. energy exports [2].