Core Viewpoint - The company has raised its FY25-27 net profit forecast for shareholders by 1.9%, 1.2%, and 2.1% respectively, and increased the target price from HKD 7.40 to HKD 8.60, reflecting a 10.4% upside potential based on an FY26 P/E ratio of 11.5 times, while also indicating a decrease in capital market risks [1] Group 1: Financial Performance - For the first three quarters of FY25, the net profit for shareholders increased by 12.2% year-on-year [2] - Total revenue and net profit for shareholders grew by 7.7% and 12.9% year-on-year to RMB 19.35 billion and RMB 770 million respectively [2] - Despite declines in the chemical and liquid food sectors, the clean energy sector saw a revenue increase of 19.4% year-on-year to RMB 15.04 billion, with the marine clean energy segment experiencing a significant growth of 64.4% to RMB 4.81 billion [2] Group 2: Order Growth - New orders in Q3 FY25 surged by 104.1% year-on-year to RMB 8.91 billion, with the clean energy sector orders rising by 147.7% to RMB 8.03 billion [3] - Notable contracts include the construction of dual-fuel LPG/ammonia transport vessels and LNG bunkering vessels with various international partners [3] - As of September 30, the total order backlog reached RMB 30.76 billion, a 10.9% increase year-on-year, with the clean energy segment accounting for RMB 27.34 billion, up 23.6% year-on-year [3] Group 3: Project Developments - The Guangdong Zhanjiang green methanol project, with an annual capacity of 50,000 tons, is set to commence production in Q4 FY25 to meet the demand for green fuel in shipping [4] - Despite a delay in the International Maritime Organization's decision on the net-zero emissions framework, the trend towards green fuel usage remains unchanged [4] - Global demand for marine methanol is projected to be between 1 million to 2 million tons this year, surpassing the global production capacity of 720,000 tons [4]

Core Viewpoint - The report from Zhongtai International indicates an upward revision of the company's net profit forecasts for FY25-27 by 1.9%, 1.2%, and 2.1% respectively, and raises the target price from HKD 7.40 to HKD 8.60, reflecting a 10.4% upside potential and a PE ratio of 11.5 times for FY26, while upgrading the rating from "Neutral" to "Buy" [1] Financial Performance - For the first three quarters of FY25, the company's net profit increased by 12.2% year-on-year, with total revenue and net profit reaching RMB 19.35 billion and RMB 770 million respectively, representing year-on-year growth of 7.7% and 12.9% [1] - Despite declines in revenue from the chemical environmental protection and liquid food sectors by 28.2% and 13.9% to RMB 1.57 billion and RMB 2.74 billion respectively, the clean energy sector saw a revenue increase of 19.4% to RMB 15.04 billion, with the offshore clean energy segment growing by 64.4% to RMB 4.81 billion [1] New Orders - In Q3 FY25, the company experienced a significant increase in new orders, with a total amount of RMB 8.91 billion, representing a year-on-year growth of 104.1%, and the clean energy sector alone saw a 147.7% increase to RMB 8.03 billion [2] - Notable contracts include the construction of 2+2 ammonia dual-fuel medium LPG/ammonia transport vessels with Norway's Amon Gas, and 2 LNG bunkering vessels with Singapore's Purus [2] - As of September 30, the total backlog of orders reached RMB 30.76 billion, a year-on-year increase of 10.9%, with the clean energy sector accounting for RMB 27.34 billion, up 23.6% [2] Project Developments - The Guangdong Zhanjiang green methanol project, with an annual capacity of 50,000 tons, is set to commence production in Q4 FY25 to meet the demand for green fuel in shipping [3] - Despite a delay in the International Maritime Organization's decision on the net-zero emissions framework, the trend towards green fuel usage remains unchanged, with global demand for marine methanol projected between 1 million to 2 million tons, exceeding the current global production capacity of 720,000 tons [3]

Core Viewpoint - CIMC Group's third-quarter performance report highlights a significant increase in revenue and net profit, driven by strong cash flow and strategic share buybacks, indicating confidence in long-term growth and a shift towards high-end manufacturing in logistics and energy sectors [1][10][11]. Group 1: Financial Performance - For the first three quarters, CIMC Group achieved a revenue of RMB 117.06 billion and a net profit of RMB 1.566 billion, with operating cash flow increasing by 510.19% year-on-year to RMB 9.827 billion [1]. - The company has initiated share buyback programs totaling up to HKD 500 million for H shares and RMB 300-500 million for A shares, with cumulative buybacks of approximately HKD 190 million and RMB 103 million as of October 30 [1]. Group 2: Marine Engineering Sector - The marine engineering segment has shown significant growth due to improved delivery efficiency and management, with a structural recovery in the drilling market adding certainty to growth [2][3]. - Global offshore oil and gas spending is projected to reach USD 159.4 billion by 2025, with a compound annual growth rate exceeding 21% from 2024 to 2026, driven by high oil prices and the economic viability of deep-sea oil and gas development [2]. - The FPSO market is experiencing a price increase, with large FPSO unit prices rising from under USD 3 billion in 2022 to over USD 4 billion currently, reflecting strong premium capabilities in high-end manufacturing [2]. Group 3: Drilling Market Dynamics - The drilling market is characterized by a supply-side contraction and rigid demand, with a current supply of only 604 marketable drilling platforms, 5% lower than in early 2020 [3][4]. - Despite a 4% year-on-year decline in global drilling rig demand in Q3 2025, regions like West Africa and Southeast Asia are witnessing growth, indicating new opportunities within the market [4]. Group 4: Energy and Chemical Sector - The energy and chemical segment, led by CIMC Anrui, reported a revenue of RMB 19.35 billion, a 7.7% increase year-on-year, with net profit rising by 12.9% [6]. - The clean energy division is a key growth driver, with revenues reaching RMB 15.04 billion, a 19.4% increase, and a significant surge in waterborne clean energy business revenue by 64.4% [6][7]. - CIMC Anrui's first green methanol project is set to launch in Q4 this year, positioning the company to capitalize on the growing demand for green methanol vessels [9]. Group 5: Long-term Growth Potential - CIMC Group is transitioning from a traditional equipment leader to a core participant in high-end logistics and energy equipment, effectively mitigating cyclical fluctuations in the logistics sector [1][10]. - The company's strategic focus on energy-related businesses and high-end manufacturing is expected to drive long-term growth, reducing the volatility of earnings and enhancing resilience [11][12].

Core Insights - The company reported a revenue of 19.348 billion yuan for the first three quarters of 2025, a year-on-year increase of 7.7%, with a net profit of 794 million yuan, up 12.2% [1] - In Q3 2025, the company achieved a revenue of 6.734 billion yuan, reflecting a 3.8% increase year-on-year, and a net profit of 213 million yuan, which is a 4.3% increase [1] Group 1: Clean Energy Business Performance - The clean energy segment saw a revenue growth of 14.6% to approximately 5.412 billion yuan in Q3 2025, driven by the recovery of domestic natural gas consumption and strong growth in offshore clean energy [2] - The clean energy division accounted for 80.4% of the company's total revenue in Q3 2025, up from 72.8% in the same period of 2024 [2] - The profitability of the clean energy segment significantly increased due to contributions from offshore clean energy business, hydrogen production from coke oven gas, and bulk deliveries of high-end low-temperature tanks [2] Group 2: Shipbuilding and Orders - The company delivered 5 vessels in Q3 2025, with revenue from offshore clean energy business soaring by 51.7% to approximately 1.747 billion yuan [3] - The company secured significant new orders despite market fluctuations due to U.S. Section 301 investigations, including contracts for LNG bunkering vessels and ammonia-fueled ships [3] - As of September 30, 2025, the company had new orders worth approximately 8.646 billion yuan for offshore clean energy, a 16.2% increase year-on-year, with a backlog of orders reaching a historical high of approximately 19.953 billion yuan [4]

Core Insights - The company reported a revenue of 19.348 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 7.7% [1] - Net profit reached 794 million yuan, up 12.2% year-on-year, while profit attributable to shareholders was 767 million yuan, reflecting a 12.9% increase [1] - In Q3 2025, the company achieved a revenue of 6.734 billion yuan, a 3.8% increase year-on-year, with net profit rising 4.3% to 213 million yuan and profit attributable to shareholders increasing 6.2% to 204 million yuan [1] Revenue Breakdown - The clean energy segment saw a revenue growth of 14.6% to approximately 5.412 billion yuan in Q3 2025, driven by the recovery in domestic natural gas consumption and strong growth in marine clean energy [2] - The clean energy division accounted for 80.4% of total revenue in Q3 2025, up from 72.8% in the same period of 2024 [2] Shipbuilding and Orders - The company delivered 5 vessels in Q3 2025, with marine clean energy business revenue soaring 51.7% to about 1.747 billion yuan [3] - The company secured significant new orders, including contracts for LNG bunkering vessels and ammonia-fueled ships, despite market fluctuations due to external factors [3] Order Backlog - New orders for marine clean energy reached approximately 8.646 billion yuan in the first nine months of 2025, a year-on-year increase of 16.2% [4] - The backlog of marine clean energy orders stood at about 19.953 billion yuan, up 39.5% year-on-year, marking a historical high [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CIMC Enric Holdings Limited 中集安瑞科控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3899） 自願公告 2025年第三季度及截至2025年9月30日止九個月 的未經審核核心數據 財務摘要 | | | 截 至9月30日止九個月 | | | 7月1日 至9月30日止三個月 | | | --- | --- | --- | --- | --- | --- | --- | | | 2025年 | 2024年 | 變 動 | 2025年 | 2024年 | 變 動 | | | （未經審核） | （未經審核） | % | （未經審核） | （未經審核） | % | | （人民幣百萬元） 收 益 | 19,348 | 17,969 | 7.7% | 6,734 | 6,489 | 3.8% | | （人民幣百萬元） 淨利潤 | 794 | 708 | 12.2% | 213 ...

Core Insights - CIMC Enric announced contracts for the construction of four LNG bunkering vessels, including two 18,900 cubic meter vessels for Singaporean owner Purus and two plus two 20,000 cubic meter vessels for GSX Energy [1] Group 1 - The contracts with Purus involve leasing the two vessels to Shell [1]

Group 1: Company Performance - HD Korea Shipbuilding & Marine Engineering reported Q2 revenue of 74,284 billion KRW (approximately 5.34 billion USD), a year-on-year increase of 12.3% [2] - The company achieved an operating profit of 9,536 billion KRW (approximately 686 million USD), reflecting a significant year-on-year growth of 153.3% [2] - For the first half of the year, the company recorded total revenue of 142,001 billion KRW (approximately 10.06 billion USD) and an operating profit of 18,128 billion KRW (approximately 1.28 billion USD) [2] Group 2: Business Segments - The shipbuilding segment generated Q2 revenue of 62,549 billion KRW (approximately 4.5 billion USD), with a year-on-year growth of 9.3% and an operating profit of 8,056 billion KRW (approximately 580 million USD), up 104.5% [2][3] - The engine machinery segment saw revenue of 7,740 billion KRW (approximately 557 million USD), a 29.6% increase, and an operating profit of 2,011 billion KRW (approximately 145 million USD), up 120.7% [4] - The offshore equipment segment achieved revenue of 2,479 billion KRW (approximately 178 million USD) and an operating profit of 375 billion KRW (approximately 27 million USD) [5] Group 3: Order Intake and Market Outlook - As of now, the company has secured 82 new ship orders worth 112.2 billion USD, achieving 62.2% of its annual order target of 180.5 billion USD [6] - The overall performance in Q2 indicates a significant improvement in the profitability foundation of the shipbuilding industry, with expectations for continued steady growth in the second half of the year [5][6] - HD Modern Group reported Q2 revenue of 172,111 billion KRW (approximately 12.38 billion USD), with a year-on-year decrease of 2.0%, but an operating profit increase of 29.4% [6][7]

Group 1 - HD Hyundai Heavy Industries announced a contract for the construction of two 2800TEU container ships with a total value of 156.4 billion KRW (approximately 114 million USD) [2] - The new ships will be built at HD Hyundai's Ulsan facility and are scheduled for delivery by the end of 2027 [2] - The contract includes features such as a desulfurization device and a design for future installation of onboard CO2 capture technology [2] Group 2 - Capital Maritime & Trading, owned by Greek shipping magnate Evangelos Marinakis, has ordered a total of 10 ships from HD Hyundai this year, including the latest two [2][3] - HD Hyundai Heavy Industries has secured 82 new ship orders worth 11.22 billion USD (approximately 803 billion RMB) in 2023, achieving 62.2% of its annual order target of 18.05 billion USD (approximately 1300 billion RMB) [3] - The orders include various types of vessels, such as LNG carriers, container ships, and LPG/Ammonia carriers [3] Group 3 - HD Hyundai's Ulsan facility specializes in medium-sized vessels and has a strong position in the global medium-sized container ship market [3] - The company has made significant advancements in eco-friendly ship development, including the delivery of the world's first methanol-powered container ship in 2023 [3] Group 4 - Despite the strong order book, HD Hyundai's Ulsan facility reported an operating loss of 166.2 billion KRW (approximately 125 million USD) in 2023, making it the only subsidiary of HD Hyundai Heavy Industries to incur a loss that year [4] - In 2024, the facility managed to achieve an operating profit of 88.5 billion KRW (approximately 65.2 million USD), but this was significantly lower compared to other subsidiaries [5] - In Q1 2023, the Ulsan facility reported an operating profit of 68.5 billion KRW (approximately 34.8 million RMB), still trailing behind other subsidiaries' profits [5]

Group 1 - The Consumer Price Index (CPI) in June increased by 0.1% year-on-year, ending a four-month decline, while the Producer Price Index (PPI) decreased by 3.6% year-on-year, indicating a mixed price trend in the economy [3][4][16] - The core CPI, excluding food and energy, rose by 0.7% year-on-year, marking a 0.1 percentage point increase from the previous month and reaching a 14-month high, reflecting improvements in supply-demand structures in certain industries [3][17] - The persistent low prices in the market are attributed to an oversupply situation, which could lead to a negative cycle affecting corporate expectations and investment, potentially dragging the economy into a "low inflation trap" [5][18] Group 2 - The decline in PPI is primarily driven by seasonal factors and the construction progress of infrastructure projects, along with an oversupply of raw materials like steel and cement, which has negatively impacted production material prices [4][17] - Key factors contributing to the current supply-demand imbalance include a decline in real estate investment, high tariff barriers affecting exports, and weak consumer income expectations leading to insufficient consumption willingness [4][18] - The overall economic recovery is influenced by a combination of supportive incremental policies and complex external environments, with expectations for CPI to show a trend of low-to-high throughout the year [8][10]