Investment Rating - The industry investment rating is optimistic [1] Core Insights - The industrial gas market is expected to reach 1.3 trillion yuan by 2026, with a CAGR of 6.8% over the next four years [3] - The competitive landscape is becoming more concentrated, with the top four companies holding 54% of the global market share and the top six in China holding 72% [3] - Growth drivers include increased outsourcing of gas supply, accelerated demand from sectors like semiconductors and new energy, and short-term benefits from macroeconomic recovery and gas price elasticity [3] Market Space - The global industrial gas market is valued at over 1 trillion, while the domestic market is around 200 billion [3] - The market is projected to grow to 284.2 billion yuan in China by 2026, with a CAGR of 9.68% from 2022 to 2026 [21] - The market is characterized by high concentration, with the top five companies holding approximately 69% of the market share [21] Equipment Market - The domestic air separation equipment market is valued at 34.1 billion yuan in 2022, with a growth rate of 25% year-on-year [4] - The market is expected to grow at a CAGR of 22% from 2019 to 2024, driven by larger equipment sizes and increased export demand [4] Electronic Specialty Gases - The semiconductor market is expected to remain strong, with a projected 30% year-on-year increase in global semiconductor sales by November 2025 [5] - There is significant potential for domestic electronic specialty gas manufacturers to replace imports and expand into global markets [5] Investment Recommendations - The report recommends focusing on leading companies in the industrial gas sector, such as Hangyang Co., and key players in electronic specialty gases like China Shipbuilding Gas and Guanggang Gas [6]

内容概要：近年来，在泛半导体（含半导体集成电路、光伏、LED、LCD 等）、光纤、生物医药、食 品饮料等现代制造业高速发展的驱动下，我国高纯介质输送系统市场快速崛起，据统计，2025年我国高 纯介质输送系统需求量达21430套，市场规模达459.23亿元，未来，随着半导体制程向更小节点推进、 生物医药向创新药、生物制剂、细胞治疗等高端领域发展，对介质的纯度、洁净度、输送的精准度、系 统的密封性与稳定性要求也越来越高，传统老旧、标准偏低的输送系统难以适配新工艺需求，将逐步被 迭代淘汰，进而催生大规模的系统升级、改造与翻新需求，同时，新的工艺路线、新的高纯介质出现， 也会带动定制化、专用型输送系统的新需求。 相关上市企业：森松国际（02155.HK）、正帆科技（688596）、至纯科技（603690）、新莱应材 （300260） 相关企业：凯耐第斯工艺系统（上海）有限公司、东横气体设备（上海）有限公司、液化空气（上海） 气体有限公司、帆宣系统科技股份有限公司、汉唐集成股份有限公司、上海朗脉洁净技术股份有限公 司、上海栎智半导体科技股份有限公司、普莱斯特流体科技（深圳）有限公司、中科艾尔（北京）科技 有限公司 关键 ...

证券代码：603690 证券简称：至纯科技 公告编号：2026-006 上海至纯洁净系统科技股份有限公司 关于股东部分股份质押展期的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 上海至纯洁净系统科技股份有限公司（以下简称"公司"）控股股东之 一蒋渊女士持有公司股份数量为 80,499,708 股，占公司总股本的 21.02%。本次 质押展期 11,660,000 股，本次质押展期后，蒋渊女士累计质押公司股份数量为 28,660,000 股，占其所持公司股份的 35.60%，占公司目前股份总数的 7.48%。 截至本公告日，蒋渊女士及其一致行动人陆龙英女士、共青城尚纯科技 产业投资合伙企业（有限合伙）（以下简称"尚纯投资"）合计持有本公司股份 数量为 105,200,724 股，占公司总股本的 27.47%。本次质押展期后，蒋渊女士及 其一致行动人陆龙英女士、尚纯投资累计质押股份数量为 28,660,000 股，占其合 计持股数量的 27.24%，占公司目前总股本的 7.48%。 一、股份质押情况 公司于 ...

Core Viewpoint - The announcement from Zhichun Technology indicates that controlling shareholder Jiang Yuan has extended the pledge of 11.66 million shares, which is primarily for personal funding needs, with no impact on the company [1] Group 1: Share Pledge Details - Jiang Yuan has pledged 11.66 million shares, including 6 million shares originally pledged on February 10, 2025, now extended to February 10, 2027, and 5.66 million shares originally pledged on February 12, 2025, now extended to February 12, 2027 [1] - The pledge is secured by CITIC Securities, indicating a financial arrangement for Jiang Yuan's personal funding [1] Group 2: Ownership and Pledge Impact - Jiang Yuan holds 21.02% of the company's shares, and after the pledge extension, a total of 28.66 million shares are pledged, which constitutes 35.60% of his holdings and 7.48% of the total share capital [1] - Jiang Yuan and his concerted parties collectively hold 27.47% of the total share capital, and the pledged shares do not pose a risk of forced liquidation, thus having no adverse effect on the company [1]

Core Viewpoint - The company emphasizes its commitment to capacity building and supply chain management, achieving an 80% localization rate for core components, thus ensuring self-control in production [1] Group 1: Capacity and Supply Chain Management - The company has completed its capacity enhancement efforts and is actively promoting localized supply chain development [1] - The localization rate for core components has reached 80%, indicating significant progress in self-sufficiency [1] Group 2: Delivery and Market Dynamics - The delivery schedule is influenced by the complexity of semiconductor wet etching equipment, which focuses on advanced process technology with longer validation cycles [1] - Customers, primarily in the logic sector, have multiple options for both imported and domestic equipment, affecting the company's market strategy [1] Group 3: Business Development - The company plans to enhance its systematic business development capabilities to ensure successful conversion of key opportunities into revenue [1]

Core Viewpoint - The company, Zhichun Technology, is experiencing operational fluctuations in Q4 2025, leading to an overall annual loss despite cumulative profits in the first three quarters [2] Financial Performance - The revenue scale for Q4 2025 is expected to decline both year-on-year and quarter-on-quarter due to unmet delivery expectations [2] - The company has seen an increase in period expenses year-on-year, with a significant rise in Q4 attributed to ongoing strategic expenditures, particularly in R&D [2] Risk Factors - Credit impairment losses are impacting the financials, with specific provisions being made for legal matters that involve international litigation, which has a lengthy judgment and execution cycle [2] Strategic Initiatives - The management is focused on strategic business concentration, optimizing resource allocation, and enhancing accounts receivable management [2] - The company aims to improve operational quality by increasing orders and deliveries of high-end wet process equipment and expanding its electronic materials business, such as bulk gas stations [2] - The company emphasizes safeguarding investor rights and enhancing sustainable profitability through solidifying technological barriers and refined operations [2]

Group 1 - The company announced the completion of a capital increase and share expansion for its subsidiary, Shanghai Zhichun Precision Gas Co., Ltd., which involved introducing new investors and waiving preemptive rights by existing shareholders [2][3] - The registered capital of Zhichun Precision Gas increased from 138.416667 million RMB to 167.291667 million RMB following the capital increase [2] - As of the announcement date, the company has received 315 million RMB in capital for this round of financing and completed the necessary business registration changes [3] Group 2 - The new business license for Zhichun Precision Gas was issued by the Market Supervision Administration of the China (Shanghai) Pilot Free Trade Zone, confirming its status as a limited liability company with foreign investment [3] - The company’s operational scope includes various engineering construction activities, import and export of goods and technology, and manufacturing of gas and liquid separation and purification equipment [3]

上海至纯洁净系统科技股份有限公司（以下简称"公司"）于 2025 年 12 月 16 日召开第五届董事会第十六次会议，审议通过了《关于子公司增资扩股并引 入投资者暨放弃优先认购权的议案》，同意控股子公司上海至纯精密气体有限公 司（以下简称"至纯精密气体"）通过增资扩股引入投资者，至纯精密气体原有 股东就本次增资事项放弃优先认购权，本次增资完成后，至纯精密气体的注册资 本由 13,841.6667 万元人民币增加至 16,729.1667 万元人民币。具体内容详见公司 于 2025 年 12 月 17 日披露于上海证券交易所网站的《关于子公司增资扩股并引 入投资者暨放弃优先认购权的公告》（公告编号：2025-118）。 证券代码： 603690 证券简称：至纯科技 公告编号：2026-005 上海至纯洁净系统科技股份有限公司 关于子公司增资扩股进展暨完成工商 变更登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、本次交易情况概述 截至本公告披露日，至纯精密气体已收到本轮增资款 31,500 万元并完成了本 次增资扩 ...

Core Viewpoint - The company announced a capital increase for its subsidiary, ZhiChun Precision Gas, with existing shareholders waiving their preemptive rights, resulting in an increase in registered capital from 138 million to 167 million yuan [1] Group 1 - The company has agreed to introduce new investors through a capital increase for its subsidiary, ZhiChun Precision Gas [1] - The capital increase has raised 315 million yuan, and the company has completed the necessary business registration changes [1] - The new business license has been obtained following the completion of the capital increase [1]

Core Viewpoint - The company, Zhichun Technology, emphasizes its diverse subsidiary structure and operational efficiency improvements through various management strategies [1]. Group 1: Subsidiary Structure - The company has a significant number of subsidiaries covering various fields including semiconductor wet processing equipment, system integration, electronic materials, biomedicine, and optoelectronics [1]. Group 2: Organizational Structure - The company has established a group functional platform and an organizational structure based on three dimensions: customer, product, and region [1]. Group 3: Operational Efficiency - The company enhances operational efficiency through budget control, accounts receivable management, and cost-saving measures [1]. Group 4: Subsidiary Management - A tiered authorization system has been implemented for subsidiary management, combined with a performance assessment mechanism to strengthen target management [1]. - The company will continue to strengthen its management of subsidiaries [1].