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]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported significant improvements in performance and cash flow, with overseas business expected to continue its breakthrough [2][6]. - In the first half of 2025, the company achieved total revenue of 6.901 billion yuan, a year-on-year increase of 39.21%, and a net profit attributable to shareholders of 1.241 billion yuan, up 14.04% year-on-year [2][6]. - The second quarter saw total revenue of 4.214 billion yuan, a 49.12% increase year-on-year, and a net profit of 775 million yuan, an 8.78% increase year-on-year [2][6]. Summary by Sections Financial Performance - The company's main business revenue significantly increased, with a notable performance in the first half and Q2 [2][6]. - The high-end equipment manufacturing segment maintained its leading position, with revenue growth of 22.42% [2][6]. - The oil and gas engineering and technical services business saw an 88.14% increase in revenue, with a gross margin improvement of 6.62% [2][6]. Cash Flow and Profitability - The company's gross profit margin for the first half of 2025 was 32.19%, a decrease of 3.64 percentage points year-on-year, while the net profit margin was 18.4%, down 4.07 percentage points year-on-year [2][6]. - Operating cash flow for the first half of 2025 was 3.14 billion yuan, a 196% increase year-on-year, with a cash flow to performance ratio of 253%, up 156% year-on-year [2][6]. International Strategy - The company is actively pursuing an international strategy, with overseas market revenue reaching 3.295 billion yuan, a 38.38% increase year-on-year [2][6]. - New orders from overseas markets increased by 24.16% year-on-year, indicating strong growth momentum [2][6]. Order Backlog and Management Confidence - The company secured new orders worth 9.881 billion yuan in the first half of 2025, a 37.65% increase year-on-year, with a backlog of 12.386 billion yuan, up 34.76% year-on-year [2][6]. - The company has repurchased shares worth 106 million yuan and the controlling shareholder has increased holdings by 6 million yuan, reflecting confidence in future development [2][6].

Core Viewpoint - The company has achieved significant growth in revenue and net profit in the first half of 2025, indicating strong operational performance and market demand [4]. Group 1: Financial Performance - In H1 2025, the company reported revenue of 6.9 billion yuan, a year-on-year increase of 39.2%, and a net profit of 1.24 billion yuan, up 14.0% year-on-year [4]. - The company's gross margin was 32.2%, down 3.6 percentage points year-on-year, while the net margin was 18.4%, down 4.1 percentage points year-on-year [4]. - The company proposed an interim dividend of 0.15 yuan per share (before tax) [4]. Group 2: Business Segments - The high-end equipment manufacturing segment generated revenue of 4.22 billion yuan, a year-on-year increase of 22.4%, while the oil and gas engineering and technical services segment achieved revenue of 2.07 billion yuan, up 88.1% year-on-year [5]. - The natural gas-related business saw a revenue increase of 112.7% year-on-year, with new orders rising by 43.3% [5]. - The company signed a significant contract for the supply of centrifugal compressors for a large domestic gas storage facility, valued at approximately 500 million yuan, marking a major breakthrough in the gas storage sector [5]. Group 3: International Expansion - In H1 2025, the overseas market revenue reached 3.3 billion yuan, a year-on-year increase of 38.4%, with a gross margin of 37.8%, up 0.6 percentage points year-on-year [6]. - New orders from overseas markets grew by 24.2% year-on-year, reflecting the company's successful international strategy [6]. - The company is focusing on global strategic customers and expanding its market reach, resulting in a steady increase in market share [6]. Group 4: Order Backlog - The company secured new orders worth 9.88 billion yuan in H1 2025, a year-on-year increase of 37.7%, with a total backlog of 12.39 billion yuan as of June 30, 2025, up 34.8% year-on-year [7]. - The high-end equipment segment maintained its domestic leadership in electric fracturing equipment, while also achieving significant sales in overseas strategic markets [7]. - The oil and gas engineering and technical services segment successfully entered the North African oil service market and signed multiple contracts for LNG liquefaction plants [8].

Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Insights - The company achieved significant revenue and net profit growth in the first half of 2025, with revenue reaching 6.9 billion yuan, a year-on-year increase of 39.2%, and net profit of 1.24 billion yuan, up 14.0% year-on-year [1] - The high-end equipment manufacturing and oil and gas engineering segments both experienced substantial revenue increases, with the oil and gas engineering and technical services segment growing by 88.1% year-on-year [2] - The company successfully signed a major contract for the supply of centrifugal compressors for a large domestic gas storage facility, totaling approximately 500 million yuan, marking a significant breakthrough in the gas storage sector [2] - The international strategy is progressing steadily, with overseas revenue reaching 3.3 billion yuan, a 38.4% increase year-on-year, and a 24.2% growth in new overseas orders [3] - The company has a robust order backlog, with new orders totaling 9.88 billion yuan, a 37.7% increase year-on-year, supporting continued performance growth [4] Summary by Sections Revenue and Profitability - The company reported a revenue of 6.9 billion yuan in H1 2025, with a gross margin of 32.2%, down 3.6 percentage points year-on-year, and a net margin of 18.4%, down 4.1 percentage points year-on-year [1] Business Segments - High-end equipment manufacturing revenue was 4.22 billion yuan, up 22.4% year-on-year, while oil and gas engineering revenue was 2.07 billion yuan, up 88.1% year-on-year [2] - Natural gas-related business revenue saw a remarkable increase of 112.7% year-on-year, with new orders up 43.3% [2] International Expansion - The overseas market contributed 3.3 billion yuan in revenue, with a gross margin of 37.8%, an increase of 0.6 percentage points year-on-year [3] Order Backlog - The company had an order backlog of 12.39 billion yuan as of June 30, 2025, reflecting a 34.8% year-on-year increase [4]

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].