Core Points - Jin Hong Gas's stock price decreased by 2.09% on November 4, trading at 20.13 CNY per share with a market capitalization of 9.702 billion CNY [1] - The company has seen a year-to-date stock price increase of 19.03%, but a recent decline of 2.57% over the last five trading days [1] Financial Performance - For the period from January to September 2025, Jin Hong Gas reported a revenue of 2.031 billion CNY, representing a year-on-year growth of 9.33% [2] - The net profit attributable to shareholders for the same period was 116 million CNY, which is a decrease of 44.90% compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 21.85% to 20,700, while the average number of circulating shares per person decreased by 17.93% to 23,327 shares [2] - Since its A-share listing, Jin Hong Gas has distributed a total of 649 million CNY in dividends, with 408 million CNY distributed over the last three years [3] Ownership Structure - As of September 30, 2025, Hong Kong Central Clearing Limited is the sixth largest circulating shareholder with 5.0744 million shares, marking its entry as a new shareholder [3] - Xingquan Multi-Dimensional Value Mixed A (007449) is the tenth largest circulating shareholder, holding 3.3655 million shares, with no change in the number of shares held compared to the previous period [3] Business Overview - Jin Hong Gas, established on October 28, 1999, and listed on June 16, 2020, is primarily engaged in the research, production, sales, and service of gases [1] - The company's revenue composition includes bulk gases (41.52%), specialty gases (31.64%), on-site gas production and rental (12.98%), gas (9.30%), and other (4.55%) [1]

Investment Rating - Industry investment rating: Overweight [1] Core Views - The chemical sector showed a weekly performance ranking of 4th with a gain of 2.50%, outperforming the Shanghai Composite Index by 2.38 percentage points [3][22] - The chemical industry is expected to maintain a differentiated trend in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Summary by Sections Industry Performance - The chemical sector's overall performance ranked 4th for the week of October 27 to October 31, 2025, with a gain of 2.50% [22] - The top three performing sub-sectors were fluorochemicals (8.40%), inorganic salts (7.68%), and phosphate fertilizers (5.84%) [23] Key Industry Dynamics - A new 510 billion yuan state-owned enterprise fund for emerging industries has been launched, focusing on strategic emerging industries such as new-generation information technology, artificial intelligence, and new materials [34] - The price of lithium hexafluorophosphate continued to rise, with a 15% increase to 103,500 yuan/ton, driven by high demand in the energy storage market [34] Recommendations for Specific Sectors - Synthetic biology is highlighted as a key area for growth, with companies like Kasei Biotech and Huaheng Biotech recommended for investment [4] - The third-generation refrigerants are expected to enter a high prosperity cycle due to quota policies, benefiting companies with high quota shares such as Juhua Co., Sanmei Co., and Haohua Technology [5] - The electronic specialty gases market presents significant domestic substitution opportunities, with companies like Jinhong Gas and Huate Gas positioned for growth [6][8] - Light hydrocarbon chemicals are identified as a global trend, with companies like Satellite Chemical recommended for investment [8] - The COC polymer industry is accelerating its domestic industrialization process, with companies like AkzoNobel expected to benefit [9] - Potash fertilizer prices are anticipated to rebound as supply tightens, with companies like Yara International and Salt Lake Potash recommended [10] - The MDI market is expected to improve due to oligopolistic supply dynamics, with Wanhu Chemical highlighted as a key player [12]

Summary of Jin Hong Gas Conference Call Company Overview - **Company**: Jin Hong Gas - **Industry**: Gas and Energy Key Financial Performance - **Revenue**: In the first three quarters of 2025, revenue reached 1.939 billion RMB, a year-on-year increase of 9.33% [2][3] - **Net Profit**: Net profit attributable to shareholders decreased by 44.19% to 116 million RMB, primarily due to intensified market competition and increased depreciation costs [2][3] - **Gross Margin**: Gross margin slightly declined to 30.44% in Q3 2025 [2][3] Revenue Breakdown by Segment - **Bulk Gas Sales**: 444.4 million RMB, accounting for 44.44% of total sales, with a gross margin of 30.40% [2][5] - **Specialty Gas Sales**: 640 million RMB, accounting for 33% of total sales, with a gross margin of 22.16% [2][5] - **Energy Gas Sales**: 170 million RMB, accounting for 9% of total sales, with a gross margin of 17.08% [2][5] - **On-site Gas Production and Rental**: 260 million RMB, accounting for 13% of total sales, with a gross margin of 55.2% [2][5] Specialty Gas Performance - **Ammonia**: Sales volume decreased by 60 million RMB year-on-year, with a gross margin decline of 26% due to the photovoltaic industry impact [2][6] - **Nitrous Oxide**: Sales volume remained stable, with a gross margin increase of 2% [2][6] - **Hydrogen**: Sales volume increased by 20 million RMB, but gross margin decreased by 3% [2][6] Project Developments - **Shandong Ruilin Project**: Expansion initiated with an estimated total investment of 300-340 million RMB, expected to start production by the end of 2026 [2][7] - **Spain Project**: Investment between 80-90 million RMB, expected revenue of 20-30 million RMB, with good profit expectations [4][11] Competitive Advantages - **Flexibility and Customization**: The company maintains an advantage in a competitive gas market through flexible cooperation, customized services, and a comprehensive lifecycle team [2][8] - **Equipment Supplier Selection**: Ability to choose optimal equipment suppliers based on project needs, enhancing competitiveness [2][8] Financial Pressures - **Depreciation Costs**: Increased by 72 million RMB due to project transitions, impacting overall financial performance [4][9] - **Sales and Margin Trends**: Despite revenue growth, gross margins have been under pressure due to project transitions and market conditions [3][9] Market Conditions - **Stability in Retail Business**: The retail business remains stable, particularly in the Yangtze River Delta region [14] - **Impact of Industry Cycles**: The Hunan subsidiary showed significant profit growth despite industry cycles affecting performance [14] Future Outlook - **No Immediate Funding Pressure**: The company does not face funding pressure due to support from partner banks [15] - **Continued Overseas Expansion**: Plans for further overseas projects in Southeast Asia, with details to be announced later [11]

Core Insights - The company reported a revenue of 2.031 billion yuan for Q3 2025, marking a 9.33% year-on-year growth, reflecting its evolution from a "bulk retail supplier" to a "supply chain hub" [1][2] Group 1: Financial Performance - The company achieved a record revenue, with a net cash flow from operating activities reaching 290 million yuan, indicating strong revenue realization capabilities [2] - The company ranked ninth among 35 peers in the industry, significantly above the industry average revenue of 1.399 billion yuan [2] Group 2: Research and Development - R&D expenses increased by 17.84% to 81.94 million yuan, representing 4.03% of revenue, which is above the industry average [3] - The company has successfully supplied high-purity gases to leading firms like SMIC and SK Hynix, and has entered the third-generation semiconductor market [3] Group 3: Service Model and Contracts - The company has upgraded its service model to include "on-site gas production + pipeline direct supply + TGCM management," enhancing its service capabilities [4] - A significant contract with Shandong Ruilin Polymer Materials was modified to increase the project scale from 23,000 Nm3/h to 50,000 Nm3/h, raising the contract value from 1.86 billion yuan to 4 billion yuan, with a supply period of 20 years [4]

Core Insights - The company reported a year-on-year increase in revenue for Q3 2025, but net profit faced pressure, with revenue reaching 717 million yuan, up 14.6%, while net profit dropped by 33.0% to 33.77 million yuan [1][3] Financial Performance - The company's Q3 non-recurring net profit was 32.25 million yuan, a decrease of 30.4% year-on-year. Basic earnings per share (EPS) stood at 0.0701 yuan [3] - For the first three quarters, total revenue amounted to 2.03 billion yuan, reflecting a year-on-year increase of 9.3%. However, cumulative net profit fell significantly by 44.9% to 116 million yuan, and non-recurring net profit decreased by 41.1% to 99.48 million yuan [3] Business Segmentation - The company operates in various sectors, with bulk gases contributing 44.55% to revenue, specialty gases at 33.07%, on-site gas and rental at 13.47%, and gas at 8.91% [3] Research and Development - In Q3, the company invested 26.37 million yuan in R&D, accounting for 3.68% of its revenue. The company emphasized its commitment to enhancing market competitiveness through technological innovation and product development [3] Asset and Cash Flow Position - As of the end of Q3, total assets reached 7.858 billion yuan, a growth of 16.1% compared to the end of the previous year. The net assets attributable to shareholders were 3.118 billion yuan, up 1.8% year-on-year. The net operating cash flow for the first three quarters was 290 million yuan, showing a slight decline of 2.9% [4]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Views - The company reported a revenue of 2.031 billion yuan for Q3 2025, a year-on-year increase of 9.33%, but the net profit attributable to shareholders decreased by 44.90% [1]. - The company is actively expanding its on-site gas production business, which is expected to enhance revenue and profitability once new projects are completed [1][6]. - The company has seen a decline in product prices and overall gross margin due to intensified market competition, leading to a decrease in net profit [6]. - The company is introducing new specialty gas products and has made strategic partnerships to enhance helium sourcing, which will help reduce costs [6]. Financial Data and Valuation - The projected total revenue for the company is expected to grow from 27.75 billion yuan in 2025 to 43.75 billion yuan in 2027, with net profits projected at 1.74 billion yuan and 2.99 billion yuan respectively [2][6]. - The company's current price-to-earnings (PE) ratios are projected to be 56.7, 42.0, and 32.9 for the years 2025, 2026, and 2027 respectively [7][14]. - The company’s total assets are projected to increase from 69.32 billion yuan in 2025 to 84.69 billion yuan in 2027 [12][14]. Business Performance - The company’s revenue from bulk gases accounted for 44.55% of total revenue, while specialty gases contributed 33.07% [6]. - The company has made significant investments in expanding its production capacity, including a contract with Shandong Ruilin Polymer Materials Co., which is expected to enhance its on-site gas production capabilities [6]. - The company is also focusing on the semiconductor sector, with several projects expected to commence gas supply in the near future [6].

Group 1 - The company Jin Hong Gas (688106.SH) reported a total operating revenue of 2.031 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 9.33% [1] - The net profit attributable to shareholders of the parent company was 116 million yuan, showing a year-on-year decline of 44.9% [1] - The basic earnings per share were 0.24 yuan [1]

Core Viewpoint - Jin Hong Gas is a leading industrial gas supplier in China, focusing on the research, production, sales, and service of gases, with a comprehensive supply chain advantage [1] Group 1: Business Performance - For Q3 2025, Jin Hong Gas reported revenue of 2.031 billion yuan, ranking 9th among 35 companies in the industry, with the industry leader, Xilong Science, generating 5.324 billion yuan [2] - The revenue composition includes bulk gases at 546 million yuan (41.52%), specialty gases at 416 million yuan (31.64%), on-site gas production and rental at 171 million yuan (12.98%), and gas at 122 million yuan (9.30%) [2] - The net profit for the same period was 129 million yuan, placing the company 14th in the industry, with the top performer, Anji Technology, achieving a net profit of 608 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 57.07%, an increase from 51.02% year-on-year, and significantly higher than the industry average of 28.64% [3] - The gross profit margin was reported at 29.96%, down from 33.09% year-on-year and below the industry average of 31.60% [3] Group 3: Executive Compensation - The chairman, Jin Xianghua, received a salary of 2.1617 million yuan in 2024, an increase of 975,200 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 21.85% to 20,700, with an average holding of 23,300 circulating A-shares, a decrease of 17.93% [5] - Notable new shareholders include Hong Kong Central Clearing Limited, holding 5.0744 million shares, and Xingquan Multi-Dimensional Value Mixed Fund, holding 3.3655 million shares [5] Group 5: Business Highlights and Future Outlook - The company has shown significant growth in bulk gas and on-site gas production, with revenues increasing by 23.09% and 29.22% respectively in H1 2025 [5][6] - The introduction of new specialty gas products and successful acquisitions in the Hunan region are expected to contribute positively to future performance [5][6] - Forecasts for revenue from 2025 to 2027 are 2.91 billion, 3.69 billion, and 4.54 billion yuan, with net profits projected at 211 million, 290 million, and 373 million yuan respectively [5]

| 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2025-053 | | --- | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | | 金宏气体股份有限公司 关于日常经营合同的进展公告 一、日常经营合同基本情况 2024 年 5 月 21 日，金宏气体股份有限公司（以下简称"公司"）通过控股 子公司金宏气体（上海）有限公司（以下简称"上海金宏"）与山东睿霖高分子 材料有限公司（以下简称"山东睿霖高分子"）签订了《供气合同》（以下简称 "原合同"），通过新建 1 套 23000Nm³/h 的空分装置及其附属设施，向对方供 应工业气体产品——氧气和氮气。根据合同测算，合同金额约为人民币 18.6 亿 元（不含税），具体以实际为准。具体内容详见公司于 2024 年 5 月 22 日在上海 证券交易所网站（www.sse.com.cn）披露的《金宏气体股份有限公司关于签订日 常经营合同的公告》（公告编号：2024-057）。 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、准确性和完整性依法承担法律责任。 重要内 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥717,017,324.95, representing a year-on-year increase of 14.59%[6] - The total profit for the period was ¥46,486,484.26, a decrease of 30.22% compared to the same period last year[6] - The net profit attributable to shareholders was ¥33,766,764.51, down 33.00% year-on-year[6] - The company reported a year-to-date net profit attributable to shareholders of ¥115,968,057.38, down 44.90% year-on-year[6] - Net profit for the first three quarters of 2025 was ¥128,768,712.78, a decrease of 42.1% from ¥222,252,914.54 in the same period of 2024[26] - Basic earnings per share decreased to ¥0.24 from ¥0.44, reflecting a decline of 45.5% year-over-year[27] - Operating profit decreased to approximately ¥196.43 million in 2025 from ¥225.62 million in 2024, reflecting a decline of about 12.93%[40] - Net profit for the first three quarters of 2025 was approximately ¥180.13 million, down from ¥206.27 million in 2024, indicating a decrease of around 12.66%[40] Research and Development - Research and development expenses totaled ¥26,365,082.94, accounting for 3.68% of operating revenue, an increase of 0.09 percentage points[7] - Research and development expenses for the first three quarters of 2025 were ¥81,942,620.40, an increase of 17.5% from ¥69,538,300.27 in the same period of 2024[25] - Research and development expenses increased to approximately ¥70.44 million in 2025 from ¥63.52 million in 2024, reflecting a growth of about 10.25%[39] Assets and Liabilities - Total assets increased by 16.12% to ¥7,858,283,428.98 compared to the end of the previous year[7] - The company's total liabilities increased to ¥4,484,428,662.88, compared to ¥3,417,375,161.37 in the previous year, marking a growth of 31.2%[22] - The total equity attributable to shareholders reached ¥3,117,731,612.12, up from ¥3,063,745,351.88, indicating a growth of 1.8%[22] - The company's long-term borrowings rose to ¥1,183,694,724.47 from ¥977,889,002.64, an increase of 20.9%[22] - The total non-current liabilities amounted to ¥2,420,905,112.40, up from ¥2,141,134,007.80, reflecting a growth of 13.1%[22] Cash Flow - The net cash flow from operating activities was CNY 289,548,144.72, a decrease of 0.18% compared to CNY 298,089,718.77 in the previous period[31] - Total cash inflow from investment activities was CNY 2,322,870,093.26, down from CNY 3,903,841,511.23, indicating a decline of approximately 40.5%[32] - Cash outflow from investment activities totaled CNY 3,057,251,895.40, a decrease of 32.7% from CNY 4,548,554,113.72[32] - The net cash flow from financing activities was CNY 521,589,224.37, slightly up from CNY 515,586,113.36, reflecting a marginal increase of 1%[32] - The net cash flow from operating activities increased significantly to approximately ¥696.56 million in 2025, compared to ¥73.13 million in 2024, marking a substantial improvement[43] - Cash flow from investment activities showed a net outflow of approximately ¥1.13 billion in 2025, worsening from a net outflow of about ¥528.67 million in 2024[43] - Cash flow from financing activities generated a net inflow of approximately ¥391.19 million in 2025, down from ¥554.91 million in 2024[44] Shareholder Information - Total number of common shareholders at the end of the reporting period is 20,661[14] - The largest shareholder, Jin Xianghua, holds 25.85% of the shares, totaling 124,577,113 shares[14] - The company has a total of 8,915,164 shares held by Suzhou Xiangcheng Daixi Venture Capital, representing 1.85% of the total shares[16] - There were no changes in the number of shares lent through the securities lending program during the reporting period[16] Market and Competition - The company faced increased competition leading to a decline in product prices and overall gross margin[12] - The company has been actively expanding its market presence, resulting in increased operating revenue despite rising operational costs[12] Other Financial Metrics - Non-recurring gains and losses for the period amounted to ¥1,521,146.52, with government subsidies contributing significantly to this figure[9] - The company's cash and cash equivalents as of September 30, 2025, amount to ¥767,441,190.67, an increase from ¥692,637,878.19 as of December 31, 2024[19] - Total current assets increased to ¥2,302,908,776.37 from ¥2,261,724,042.07[20] - The company's fixed assets increased significantly to ¥3,240,592,539.26 from ¥2,165,865,798.98[20] - The goodwill reported as of September 30, 2025, is ¥356,736,979.24, compared to ¥297,717,876.94 at the end of 2024[20] - The company's total assets at the end of the reporting period were not disclosed, but the cash and cash equivalents decreased to approximately ¥194.92 million from ¥325.78 million in the previous year[44] - The company reported a significant increase in other income, which decreased to approximately ¥19.36 million in 2025 from ¥30.35 million in 2024, indicating a decline of about 36.25%[39] - The interest expenses rose to approximately ¥32.61 million in 2025 from ¥23.76 million in 2024, representing an increase of about 37.25%[39]