Group 1 - The company will participate in the 2025 semi-annual performance briefing for the semiconductor equipment and materials industry on September 10, 2025, from 15:00 to 17:00 [2][3] - The briefing will be held online at the Shanghai Stock Exchange Roadshow Center, allowing for interactive Q&A [2][3] - Investors can submit questions from September 3 to September 9, 2025, before 16:00, through the Roadshow Center website or via the company's email [3][4] Group 2 - Key personnel attending the briefing include the Chairman, Secretary of the Board, Vice General Manager, and Independent Director [2] - The company assures that the announcement content is truthful, accurate, and complete, and it will respond to commonly asked investor questions during the session [1][2] - After the briefing, investors can view the session's details and main content on the Shanghai Stock Exchange Roadshow Center [4]

Core Points - The company is holding its first extraordinary general meeting of shareholders in 2025 to discuss several key proposals, including the appointment of a new non-independent director, the cancellation of the supervisory board, changes to registered capital, and amendments to governance rules [1][7][9][11][14]. Group 1: Meeting Procedures - The meeting will ensure the presence of only relevant participants, including shareholders, directors, supervisors, and invited guests, to maintain order and protect shareholder rights [2][3]. - Shareholders must register 15 minutes before the meeting and present necessary identification documents to participate [2][5]. - Voting will be conducted both on-site and online, with specific time frames for each method [5][6]. Group 2: Proposals - Proposal 1 involves the appointment of Dai Zhanglong as a non-independent director to replace Gu Yuewen, who resigned due to work adjustments [7][10]. - Proposal 2 seeks to abolish the supervisory board, transferring its responsibilities to the audit committee of the board of directors [9][10]. - Proposal 3 includes changes to the registered capital, increasing it from 481,972,213 shares to 481,977,548 shares due to the conversion of convertible bonds [11][12]. - Proposal 4 aims to revise and establish several governance systems, including renaming existing rules and merging certain management systems for better compliance and efficiency [14][15].

金宏气体股份有限公司 2025 年第一次临时股东大会会议资料 金宏气体股份有限公司 2025 年第一次临时股东大会会议资料 2025 年 09 月 金宏气体股份有限公司 2025 年第一次临时股东大会会议资料 目 录 | 金宏气体股份有限公司 2025 年第一次临时股东大会会议须知………………………1 | | --- | | 金宏气体股份有限公司 2025 年第一次临时股东大会会议议程………………………3 | | 议案一：关于增补第六届董事会非独立董事的议案 …………………………………5 | | 议案二：关于取消监事会的议案 ………………………………………………………6 | | 议案三：关于变更注册资本、修订《公司章程》并办理工商变更登记的议案 ……7 | | 议案四：关于修订和制定公司部分治理制度的议案 …………………………………8 | | 附件一：《金宏气体股份有限公司股东会议事规则》 ………………………………10 | | 附件二：《金宏气体股份有限公司董事会议事规则》 ………………………………20 | | 附件三：《金宏气体股份有限公司独立董事制度》 …………………………………28 | | 附件四：《金 ...

| 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2025-048 | | --- | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | | 投资者可于 2025 年 9 月 3 日（星期三）至 9 月 9 日（星期二）16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 dongmi@jinhonggroup.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 金宏气体股份有限公司（以下简称"公司"）已于 2025 年 8 月 23 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营 成果、财务状况，公司计划于 2025 年 9 月 10 日（星期三）15:00-17:00 参加上海 证券交易所主办的 2025 年半年度科创板半导体设备及材料行业集体业绩说明会， 就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络文字互动问答方式召开，公司将针对 2025 年半年度 会议线上交流时间：2025 年 9 月 ...

Core Insights - The report emphasizes that the chemical industry is entering a new phase of capital expenditure, with a focus on the rebalancing of supply and demand following the release of production capacity during the 14th Five-Year Plan period [2][6] - The report indicates that the bottom of the cycle is becoming clearer, with potential price increases for chemical products driven by demand recovery and supply stability in the second half of the year [2][6] Industry Overview - The current cycle has reached its tail end, with a total of 12 quarters of decline since Q3 2022, following a 7-quarter expansion from Q4 2020 to Q2 2022 [10][12] - The report outlines that the chemical industry has experienced three significant price fluctuation cycles since 2010, with the latest cycle characterized by a demand-driven recovery followed by a supply-side pressure [8][10] Investment Recommendations - The report suggests focusing on sectors with relatively low valuations, such as sucralose (recommended: Jinhe Industrial), pesticides (recommended: Yangnong Chemical, Runfeng Shares), and MDI (recommended: Wanhua Chemical) [3][4] - It highlights the importance of domestic demand in countering tariff impacts, recommending companies in refrigerants and fertilizers [3][4] - The report identifies investment opportunities in sectors with upcoming capacity releases, such as organic silicon (recommended: Xin'an Chemical) and spandex [3][4] Price and Profitability Trends - The report notes that many sub-industry product prices remain at historical lows, with specific prices for spandex, PA6, and other fibers at 0%, 4%, and 5% of historical levels respectively [28] - It mentions that the chemical industry has seen a slight recovery in profitability in Q1 2025, although the overall performance remains under pressure [27][25] Supply and Demand Dynamics - The report indicates that the global chemical capital expenditure is on a downward trend, with domestic companies experiencing a slowdown in investment while still facing significant pressure to convert projects into fixed assets [22][32] - It also states that both domestic and international markets are entering a replenishment phase in 2025, which may influence inventory levels and pricing strategies [35][36]

Group 1: Automotive Industry Insights - The automotive industry is experiencing a significant shift towards intelligent driving technologies, with companies like HUAWEI and Horizon leading the way in advanced driver assistance systems [13][14]. - The penetration rate of L2 and above autonomous driving features in passenger vehicles reached 29.7% as of June 2025, reflecting a year-on-year increase of 13 percentage points [14]. - Investment recommendations include companies such as Xpeng Motors, Leap Motor, and Geely for complete vehicles, and suppliers like Suoteng Technology and Hesai Technology for components [15]. Group 2: Pharmaceutical Sector Developments - The pharmaceutical sector showed weaker performance compared to the overall market, with the biopharmaceutical segment rising only 1.05% [16]. - The World Lung Cancer Conference (WCLC) in September 2025 will showcase innovative research from Chinese pharmaceutical companies, highlighting the growing competitiveness of domestic products [16][17]. - Investment focus is recommended on companies presenting at major conferences like ESMO and WCLC, particularly those with promising clinical data [17]. Group 3: Mining and Metals Performance - Luoyang Molybdenum's net profit for H1 2025 increased by 60% to CNY 8.67 billion, driven by rising copper and cobalt prices alongside increased production [18][19]. - Zijin Mining reported a 54.41% year-on-year increase in net profit for H1 2025, attributed to a significant rise in gold production and prices [22][23]. - Cloud Aluminum's net profit for H1 2025 grew by 10%, with a strong performance in aluminum production and a proposed cash dividend of CNY 3.2 per share [20][21]. Group 4: Real Estate and Property Management - Poly Property's revenue for H1 2025 reached CNY 8.4 billion, with a net profit increase of 5%, indicating steady growth in property management services [31][32]. - Greentown China reported a significant decline in net profit by 89.7% for H1 2025, primarily due to uneven revenue recognition and asset impairment provisions [33][34]. - The company maintained a strong sales performance, with total sales area down only 10% compared to the industry average, reflecting resilience in a challenging market [34].

Group 1: Ruihua Tai - Ruihua Tai's production efficiency is expected to improve in the first half of 2025, with ongoing market expansion for new products [1] - The company reported revenue of 181.93 million yuan, a year-on-year increase of 37.86%, and a reduction in losses by 2.40 million yuan [1] - Ruihua Tai has obtained 38 patents and employs 89 R&D personnel [1] - The construction of a 1,600-ton project in Jiaxing has been completed, with four production lines operational and one line in trial production [1] - Revenue from thermal control PI films has decreased to below 30%, while electronic PI films now account for approximately 55% of revenue [1] Group 2: Jinhong Gas - Jinhong Gas's revenue breakdown for the first half of 2025 shows bulk gas at 43.50%, specialty gases at 33.15%, on-site gas production and rental at 13.60%, and gas business at 9.75% [2] - The company has seen revenue and gross margin increase in Q2 due to improved service quality and customer expansion [2] - New electronic bulk gas projects are progressing steadily, with helium business benefiting from stable overseas sources [2] - The company has adjusted its revenue share in the semiconductor sector, with integrated circuits accounting for nearly 14% [2] - Future growth is expected from on-site gas projects, specialty gas product line expansion, and international trade [2]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][9][32]. Core Views - The company experienced steady revenue growth in the first half of 2025, with revenue reaching 1.314 billion yuan, a year-on-year increase of 6.65%. However, the net profit attributable to shareholders decreased by 48.63% to 82.2013 million yuan due to increased competition and price pressure in the specialty gas segment [10][5]. - The company is focusing on the domestic production of semiconductor materials, successfully replacing imports with products such as ultra-pure ammonia and high-purity nitrogen oxide, and has added 18 new semiconductor customers in the first half of 2025 [24][2]. - The company is actively expanding its helium resources and has established strategic partnerships to enhance helium storage and transportation capabilities, ensuring a stable supply for various customer needs [25][3]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 1.314 billion yuan, up 6.65% year-on-year, while net profit fell by 48.63% to 82.2013 million yuan. The revenue structure includes bulk gases (41.5%), specialty gases (31.6%), on-site gas production and rental (13.0%), and gas (9.3%) [10][5][29]. - The company has adjusted its profit forecasts for 2025-2027, expecting revenues of 2.877 billion, 3.201 billion, and 3.521 billion yuan, respectively, with net profits of 220 million, 285 million, and 349 million yuan [5][29]. Business Development - The company is enhancing its integrated strategy in the bulk gas business, with significant growth in newly acquired regions such as Hunan, where revenue increased by 11.14% and net profit surged by 646.89% [27][4]. - The company has made substantial progress in on-site gas production, securing multiple large-scale projects and completing the acquisition of Jin Hong Jie Meng, which boosts its market coverage [27][4]. Market Positioning - The company is deepening its product matrix in electronic gases, achieving import substitution for several key products and enhancing its service capabilities in the electronic bulk gas sector [24][2]. - The company is strategically positioning itself in the helium market by diversifying its helium import sources and establishing partnerships to innovate in helium extraction and purification technologies [25][3].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected net profit of 2.19 billion, 3.17 billion, and 4.02 billion for the years 2025 to 2027, corresponding to PE ratios of 36.30X, 25.10X, and 19.82X respectively [4][6]. Core Insights - The company reported a revenue of 1.314 billion in the first half of 2025, a year-on-year increase of 6.65%, while the net profit attributable to the parent company was 82 million, a decrease of 48.65% year-on-year [1]. - The company is facing short-term pressure on performance due to industry cyclicality and increased competition, leading to a decline in the selling prices and gross margins of some products [2]. - Despite the challenges, the company is actively expanding its market presence, achieving significant growth in sales volume across various gas segments [2]. Financial Performance Summary - In the first half of 2025, the company achieved revenues of 5.46 billion from bulk gases, 4.16 billion from specialty gases, 1.71 billion from on-site gas production, and 1.22 billion from clean coal gas, with respective year-on-year growth rates of 23.3%, -18.3%, 29.5%, and 15.1% [2]. - The gross margins for these segments were 29.9%, 21.0%, 57.8%, and 16.8%, reflecting year-on-year declines of 2.1, 10.6, 6.6, and 2.1 percentage points [2]. - The company has made significant capital expenditures and increased R&D investments to counteract market pressures [2]. Business Expansion and Strategy - The company has successfully introduced a range of electronic specialty gases, achieving import substitution for products such as ultra-pure ammonia and high-purity carbon dioxide [3]. - In the first half of 2025, the company onboarded 18 new semiconductor clients, enhancing its position in the semiconductor supply chain [3]. - The company is expanding its on-site gas production capabilities, securing projects that are expected to bolster future performance [3]. Market Integration and Acquisitions - The company is increasing retail outlets in core regions and introducing products in new areas, including the establishment of five new companies in various locations [4]. - Recent acquisitions, such as CHEM-GAS and Jin Hong Jie Meng, are aimed at expanding the Southeast Asian market and enhancing on-site gas production capabilities [4].

Investment Rating - The investment rating for Jin Hong Gas (688106.SH) is maintained as "Buy" [1] Core Views - Jin Hong Gas reported a revenue of 1.314 billion yuan in H1 2025, representing a year-on-year increase of 6.65%, while the net profit attributable to the parent company decreased by 48.65% to 82 million yuan due to industry cyclicality and increased competition [6] - The company is expected to benefit from growth opportunities in on-site gas production and bulk gas projects, despite short-term profit pressures [6] - The profit forecasts for 2025-2027 have been adjusted to 209 million, 295 million, and 384 million yuan respectively, with corresponding PE ratios of 43.8, 31.0, and 23.8 [6] Financial Performance Summary - In H1 2025, the revenue breakdown showed significant growth in bulk gas (5.46 billion yuan, +23.09%), on-site gas production and rental (1.71 billion yuan, +29.22%), and clean coal gas (1.22 billion yuan, +15.83%), while specialty gases saw a decline (4.16 billion yuan, -18.39%) [7] - The company has made strategic acquisitions and expansions, including the purchase of CHEM-GA to enter the Southeast Asian market and the acquisition of Hanxing Gas to enhance regional presence [7] - The financial summary indicates a projected revenue increase from 2.961 billion yuan in 2025 to 3.773 billion yuan in 2027, with a corresponding net profit increase from 209 million yuan to 384 million yuan [8][10]