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]

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]

Core Insights - Lanzhou New Area has transformed from a blank slate into a vibrant modern city over the past 13 years, with GDP increasing from less than 0.5 billion to 44.8 billion yuan and population growing from under 100,000 to 720,000 [1] - The area has achieved a GDP growth rate of 16.6% year-on-year in the first half of 2025, maintaining its position among the top national new areas [1] Group 1: Reform and Development - Reform is identified as the driving force behind Lanzhou New Area's high-quality development, with a focus on creating a favorable business environment and efficient service for enterprises [2] - The area has implemented a management system that supports high-quality development through a "large service, flat" principle, enhancing regional competitiveness [2] Group 2: Industrial Growth - Lanzhou New Area is committed to an industrial-driven strategy, establishing a modern industrial system characterized by diverse and distinctive sectors [3][4] - The area has attracted over 1,300 quality projects with a total investment of approximately 610 billion yuan, forming significant industrial clusters in green chemicals, new energy materials, and advanced manufacturing [4] Group 3: Ecological Development - The area prioritizes ecological development, achieving a significant increase in urban greening from less than 5% to 36% and implementing comprehensive land management [5][6] - Lanzhou New Area has been recognized for its ecological initiatives, winning the "United Nations Outstanding Environmental Governance Project Award" [6] Group 4: Open Economy - The area has integrated into the Belt and Road Initiative, with a 46.1% year-on-year increase in import and export trade in the first half of the year [7][8] - Lanzhou New Area has developed a multi-modal transport hub and logistics center, enhancing its role as a key player in international trade [8] Group 5: Urban Quality - The area focuses on improving urban governance and quality of life, establishing a "15-minute living circle" and enhancing public services [9] - Infrastructure developments, including the completion of the Lanzhou Zhongchuan International Airport T3 terminal, have strengthened the area's transportation network [9] Group 6: Future Outlook - Lanzhou New Area aims to continue its high-quality development, reform, and innovation, positioning itself as a leading area for economic growth and urban development in China [10]