Core Viewpoint - Kaishan Co., Ltd. is accelerating its globalization process with the signing of a steam supply agreement for a green ammonia project in Kenya, marking a significant expansion into the green hydrogen and ammonia sectors [1][4]. Group 1: Project Details - The new green ammonia project in Kenya has a total investment of approximately $800 million (about 5.68 billion RMB) and is expected to generate annual revenues between $220 million and $250 million over a 25-year operational period [1][3]. - The project will establish a geothermal power plant with a capacity of 165.4 MW and facilities to produce 100,000 tons of green ammonia annually, with plans to increase total production capacity to 200,000 tons [3]. - The project aims to address fertilizer supply issues for Kenyan agriculture, ensuring food security while protecting the environment by preventing the conversion of forests and wetlands into farmland [2][4]. Group 2: Strategic Significance - This project is set to become the largest agricultural project in East Africa and the largest green fertilizer project in Africa, achieving zero carbon emissions during production [4]. - It represents a major strategic breakthrough for the company, expanding its business into the green hydrogen and ammonia sectors and showcasing its advanced technology and commercial capabilities across the geothermal energy, hydrogen production, and ammonia synthesis value chain [4]. Group 3: Company Performance and Globalization - Kaishan Co., Ltd. has seen continuous growth in its performance, with overseas revenue accounting for 50.21% of total revenue in the first half of 2025, indicating a significant shift towards globalization [1][6]. - The company has established three overseas manufacturing bases and has a presence in major global markets, including the U.S., Turkey, and several countries in Africa and Asia [5][7]. - Since beginning its globalization journey in 2016, the company has transformed into a multinational corporation with a diversified revenue structure, laying a solid foundation for becoming a globally influential company [8].

Core Viewpoint - Kaishan Holdings (300257) has signed a steam supply agreement with KenGen for its geothermal project in Kenya, aiming to produce green ammonia and green fertilizers through hydrogen production from geothermal energy [1] Group 1: Project Overview - The project company, Kaishan Terra Green Ammonia Limited, will construct and operate a geothermal power plant with a planned capacity of 165.4 megawatts [1] - The facility is designed to produce 100,000 tons of green ammonia annually, with plans to increase total production capacity to 200,000 tons by purchasing off-peak electricity from the national grid [1]

Core Viewpoint - The company has signed a steam supply agreement with Kenya Power for a geothermal power plant project in Kenya, which aims to produce electricity for hydrogen production and subsequently green ammonia and green fertilizers [1] Investment and Revenue Potential - The total investment for the project is estimated to be around $800 million, with expected annual revenue ranging from $220 million to $250 million [1] - The operational period of the project is projected to exceed 25 years, indicating a long-term revenue stream [1] Strategic Importance - Successful implementation of the project is expected to provide the company with stable and significant cash flow, while also extending the geothermal green energy value chain [1] Risks and Uncertainties - The large investment amount presents financing risks, and the effectiveness of the agreement is contingent upon the signing of related preliminary agreements, introducing a degree of uncertainty [1] - The overseas nature of the project may expose the company to geopolitical risks, policy changes, and exchange rate fluctuations [1]