Core Viewpoint - The gas industry is capital-intensive and requires continuous investment for development, with 2025 expected to be a challenging year for the sector [1] Group 1: Company Overview - Jin Hong Gas Co., Ltd. was established in 1999 and specializes in gas research, production, sales, and integrated service solutions [1] - The company provides over a hundred types of gas products, including specialty gases, bulk gases, and fuels, serving industries such as electronics, healthcare, energy conservation, new energy, and high-end equipment manufacturing [1] Group 2: Financial Performance - In Q1 2025, the company achieved revenue of 623 million yuan, a year-on-year increase of 5.62%, while net profit attributable to shareholders was 44.0032 million yuan, a year-on-year decrease of 42.47% [1] - The decline in net profit is attributed to increased market competition leading to lower product prices and gross margins, alongside higher capital expenditures and R&D investments [2] Group 3: Market Strategy and Future Outlook - The company is focusing on the electronic specialty gas market, which is crucial for semiconductor manufacturing, and plans to accelerate its market positioning to capture more business opportunities [2] - Jin Hong Gas is expanding its overseas business, having signed a gas production project in Thailand and acquired Singapore's CHEM-GAS to enhance its Southeast Asian market presence [3] - The company aims to stabilize revenue through new projects in bulk gas and on-site gas production, while also enhancing product lines in specialty gases through strategic collaborations [3] - In Q1 2025, R&D investment reached 27.734 million yuan, a year-on-year increase of 16.97%, accounting for 4.46% of revenue [3]

Fundraising Overview - The company has been approved by the China Securities Regulatory Commission to issue 10,160,000 convertible bonds, with a total fundraising amount of RMB 1,016,000,000, after deducting issuance costs of RMB 11,840,377.36, the net amount raised is RMB 1,004,159,622.64 [2][3] - The funds have been fully received and verified by a certified public accountant [2] Fund Management and Usage - The company has established a special account for managing the raised funds, in compliance with relevant regulations and guidelines to protect investor interests [5][8] - A tripartite supervision agreement has been signed among the company, the underwriter, and the bank to ensure proper management of the funds [5][8] Project Implementation - The company has approved the use of part of the raised funds, up to RMB 75 million, as interest-free loans to its wholly-owned subsidiary, Suzhou Jinhong Logistics, for the implementation of a new high-end electronic materials project [4][5] Special Account Details - A special account has been opened at the bank specifically for the project, with the account balance being zero as of May 26, 2025 [8][9] - The funds in this account are strictly designated for the new project and cannot be used for other purposes [8][9] Agreement Provisions - The agreement stipulates that the underwriter will supervise the use of the funds and conduct semi-annual checks on the fund management [9][10] - Any significant withdrawals from the special account must be reported to the underwriter [10][11] - The agreement is effective upon signing and will remain in force until all funds are utilized and the supervision period ends [11][12]

| 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2025-032 | | --- | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | | 金宏气体股份有限公司 关于子公司开立募集资金专户并签订募集资金四方 监管协议的公告 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、准确性和完整性依法承担法律责任。 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于同 意金宏气体股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监 许可〔2023〕1319 号），金宏气体股份有限公司（以下简称"公司"）获准向 不特定对象发行可转换公司债券 10,160,000 张，每张债券面值为人民币 100 元， 募集资金总额为人民币 1,016,000,000.00 元，扣除发行费用人民币 11,840,377.36 元后，公司本次募集资金净额为人民币 1,004,159,622.64 元。上述募集资金已全 部到位，并经容诚会计师事务所（特殊普通合伙）审验，出具了"容诚验字 [2023]2 ...

Core Viewpoint - The credit rating of Jinhong Gas Co., Ltd. is maintained at AA- with a stable outlook, reflecting its comprehensive service capabilities and leading technology in the domestic gas industry, despite challenges such as insufficient downstream demand and intense industry competition [2][4][5]. Company Overview - Jinhong Gas has a complete range of products and maintains a competitive edge in the regional market, with its technology at the leading level among domestic gas companies [2][5][12]. - The company is actively expanding its onsite gas production business through new projects and acquisitions, with a focus on enhancing its market share and product offerings [13][17]. Financial Performance - Total assets increased from 47.35 billion in 2022 to 70.51 billion in 2025, while total liabilities rose from 17.26 billion to 37.04 billion during the same period [6][30]. - Operating revenue grew from 19.67 billion in 2022 to 25.25 billion in 2025, but net profit decreased from 2.41 billion to 2.10 billion, indicating pressure on profitability due to competitive pricing [6][24]. - The company's EBITDA showed fluctuations, with a notable decline in 2024, reflecting the impact of market conditions on operational efficiency [6][30]. Market Dynamics - The industrial gas market is experiencing structural changes, with traditional sectors like steel and chemicals facing demand challenges, while emerging industries such as photovoltaics and semiconductors are driving growth in gas demand [11][12]. - Jinhong Gas faces intense competition from international giants who dominate the high-end gas market, holding approximately 65% market share [11][12]. Investment and R&D - The company has been increasing its R&D investment, with a focus on developing high-purity gases and expanding its product portfolio, holding 366 patents as of 2024 [21][23]. - Significant capital expenditures are planned for ongoing projects, with a total planned investment of 33.70 billion, necessitating careful management of funding and expected returns [23][24]. Risk Factors - The company is exposed to risks from fluctuating raw material prices and competitive pricing pressures, which could impact profit margins and overall financial health [11][24]. - The ongoing expansion and investment in new projects may lead to increased debt levels, necessitating close monitoring of liquidity and financial stability [7][29].

Core Viewpoint - The credit rating for Jin Hong Gas Co., Ltd. and its convertible bond remains stable at "AA-" following a recent evaluation by China Chengxin International Credit Rating Co., Ltd. [1][2] Previous Rating Situation - The previous credit rating for the company was "AA-" with a stable outlook, and the same rating applied to the "Jin Hong Convertible Bond" as of May 23, 2024 [1]. Current Rating Situation - The current credit rating report, issued on May 23, 2025, confirms the company’s credit rating as "AA-" and maintains a stable outlook for both the company and the convertible bond [2]. - The rating results have not changed compared to the previous evaluation [2]. - The credit rating report has been disclosed on the Shanghai Stock Exchange website [2].

Meeting Details - The sixth session of the Supervisory Board of Jin Hong Gas Co., Ltd. was held on May 23, 2025, with all three supervisors present, confirming the legality and validity of the meeting [1][2] Resolutions Passed - The Supervisory Board approved a proposal to increase the implementation subjects of fundraising projects and to provide interest-free loans from the raised funds to the new implementation subjects, which aligns with the company's operational needs and promotes the smooth execution of fundraising projects [1][2] - The decision was deemed compliant with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [1]

证券代码：688106 证券简称：金宏气体 公告编号：2025-031 转债代码：118038 转债简称：金宏转债 金宏气体股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ? 会议线上交流时间：2025 年 6 月 3 日（星期二）15:00-16:00 ? 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络互动 ? 投资者可于 2025 年 5 月 26 日（星期一）至 5 月 30 日（星期五）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 4 月 26 日发布公司 经营成果、财务状况，公司计划于 2025 年 6 月 3 日（星期二）15:00-16 ...

《上 证券代码：688106 证券简称：金宏气体 公告编号：2025-028 转债代码：118038 转债简称：金宏转债 金宏气体股份有限公司 关于总经理离任暨聘任总经理的公告 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、准确性和完整性依法承担法律责任。 一、总经理离任情况 （一）提前离任的基本情况 金宏气体股份有限公司（以下简称"公司"）董事会于 2025 年 5 月 23 日收 到总经理金向华先生的书面离任报告，为更好地履行董事长职责，将更多精力投 入到公司战略规划、规范治理等方面，金向华先生申请辞去公司总经理职务。辞 职后，金向华先生仍将继续担任公司第六届董事会董事长，金宏气体（上海）有 限公司（以下简称"上海金宏"）执行董事、总经理，苏州金宏润投资有限公司 （以下简称"金宏润投资"）执行董事。 | | | | 原定 | | 是否继续 | | 是否存在 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 任期 | 离任 | 在上市公 | | | | | | 离任 ...

Core Viewpoint - The company has approved the addition of a new wholly-owned subsidiary, Suzhou Jinhong Logistics Co., Ltd., as the implementation entity for the "New High-end Electronic Special Materials Project" and will provide a loan from the raised funds to support this project [2][5][10] Fundraising Overview - The company has been authorized to issue 10,160,000 convertible bonds at a face value of RMB 100 each, raising a total of RMB 1,016,000,000, with a net amount of RMB 1,004,159,622.64 after deducting issuance costs [2][3] - The funds will be managed in a dedicated account to ensure investor protection and compliance with regulations [2][8] Project Investment Status - As of December 31, 2024, the total investment for the "New High-end Electronic Special Materials Project" is RMB 124,093.66 million, with RMB 100,415.96 million raised and RMB 57,395.05 million already invested, representing 57.16% of the total [4][5] New Implementation Entity - The addition of Jinhong Logistics as a project implementation entity is aimed at enhancing the efficiency of fund usage and ensuring compliance with transportation regulations for hazardous materials [5][6] - The project will not change in terms of total investment, funding allocation, or construction content [5][9] Loan Provision Details - The company will provide a loan of up to RMB 75 million to Jinhong Logistics to support the project, with the loan being interest-free and disbursed based on actual funding needs [6][10] - The loan will be managed under a four-party supervision agreement to ensure proper use of the funds [6][8] Impact on Company Operations - The decision to add a new implementation entity and provide a loan is expected to facilitate the smooth execution of the project without adversely affecting the company's operations or shareholder interests [5][9][10] - The company will adhere to relevant regulations and maintain transparency in fund usage [8][10]

| 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2025-030 | | --- | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | | 一、前次评级情况 公司前次主体信用评级结果为"AA-"，评级展望为"稳定"，"金宏转债" 前次评级结果为"AA-"，评级机构为中诚信，评级时间为 2024 年 5 月 23 日。 二、本次评级情况 金宏气体股份有限公司 关于"金宏转债"跟踪信用评级结果的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 前次债券评级：公司主体信用等级为"AA-"，评级展望为"稳定"， "金宏转债"的信用等级为"AA-"。 本次债券评级：公司主体信用等级为"AA-"，评级展望为"稳定"， "金宏转债"的信用等级为"AA-"。 根据中国证券监督管理委员会《上市公司证券发行注册管理办法》《上海证 券交易所科创板股票上市规则》的有关规定，金宏气体股份有限公司（以下简称 "公司"）委托信用评级机构中诚信国际信用评级有限责任公司（以下简称"中 诚信 ...