Everbright Securities maintains a "Buy" rating on CIMC ENRIC (03899), with performance meeting expectations. The firm maintains its net profit forecasts for 2025-27 at RMB 12.9/15.1/17.5 billion, corresponding to EPS of RMB 0.63/0.74/0.86. The company's coke oven gas comprehensive utilization business continues to achieve breakthroughs, while the shipbuilding business maintains full order books, which are expected to support the company's future growth.

CIMC ENRIC achieved operating revenue of RMB 126.1 billion in 2025H1, up 9.9% year-on-year, and net profit attributable to shareholders of RMB 5.6 billion, up 15.6% year-on-year. Gross profit margin reached 14.4%, up 0.1 percentage points year-on-year, while net profit margin was 4.6%, up 0.2 percentage points year-on-year.

In 2025H1, the company's clean energy segment achieved revenue of RMB 96.3 billion, up 22.2% year-on-year; the chemical and environmental segment generated revenue of RMB 11.1 billion, down 14.3% year-on-year; and the liquid food segment recorded revenue of RMB 18.8 billion, down 18.6% year-on-year. The company secured new orders worth RMB 107.4 billion in 2025H1.

Leveraging its key equipment and core processes, the company is vigorously developing comprehensive service businesses. In July 2025, CIMC ENRIC completed delivery of the Lingang Steel coke oven gas comprehensive utilization project, which can produce 147,000 tons of LNG and 20,000 tons of hydrogen annually. The company's Shougang Shuigang project is currently under construction and is expected to commence production in 2026, with annual capacity to produce 130,000 tons of LNG and 15,000 tons of hydrogen upon completion.

The company continues to maintain its global leadership in LNG bunkering vessels. In 2025H1, CIMC ENRIC signed new shipbuilding orders worth RMB 2.34 billion. The company secured orders for 2+1 units of 20,000 cubic meter LNG transport and bunkering vessels from European shipowners, bringing the total orders for this vessel type to 6 units. The company successfully delivered 9 vessels, including China's first LNG tank-swapping 14,000-ton clean energy river-sea direct transport dry bulk carrier.