Investment Rating - The report maintains an "Outperform" rating for the company [9][10]. Core Views - Increased competition has led to a decline in product prices and gross profit margins, resulting in a year-on-year decrease in net profit. The company is increasing R&D investments to strengthen its market competitiveness [10][11]. - The company achieved a revenue of 620 million RMB in Q1 2025, representing a year-on-year growth of 5.62%, while the net profit attributable to shareholders decreased by 42.47% year-on-year [10][11]. - The focus on electronic semiconductor specialty gases is progressing, with the company achieving import substitution for several products and securing new clients in the semiconductor sector [11]. Financial Summary - Revenue projections for 2023A to 2027E are as follows: 2,427 million RMB (2023A), 2,525 million RMB (2024A), 3,216 million RMB (2025E), 3,753 million RMB (2026E), and 4,419 million RMB (2027E), with growth rates of 23.4%, 4.0%, 27.4%, 16.7%, and 17.8% respectively [3][5]. - Net profit attributable to shareholders is projected to decline from 315 million RMB in 2023A to 201 million RMB in 2024A, before recovering to 266 million RMB in 2025E, 353 million RMB in 2026E, and 445 million RMB in 2027E [3][5]. - The report adjusts the earnings per share (EPS) estimates for 2025-2027 to 0.55 RMB (previously 0.89 RMB), 0.73 RMB (previously 1.09 RMB), and 0.92 RMB respectively [9][10]. Market Position and Strategy - The company is focusing on the electronic semiconductor field, with a commitment to domestic substitution of specialty gases, having added 21 semiconductor clients in 2024 [11]. - The company has secured multiple projects in bulk carrier gases and on-site gas operations, indicating a steady operational performance in these segments [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 620 million yuan for Q1 2025, representing a year-on-year increase of 5.6% but a quarter-on-quarter decrease of 6.7%. The net profit attributable to shareholders was 40 million yuan, down 42.5% year-on-year, but turned profitable compared to the previous quarter. The net profit excluding non-recurring items was 30 million yuan, down 41.7% year-on-year, also turning profitable quarter-on-quarter [6][7]. - The company's performance is under pressure due to intensified competition, but revenue from on-site gas production has significantly increased. The gross profit margin decreased to 28.5%, down 5.6 percentage points year-on-year, while the net profit margin was 7.4%, down 5.8 percentage points year-on-year. The special gases segment saw a revenue decline of 18.7% year-on-year, while bulk gases increased by 23.9% year-on-year. On-site gas production and rental income grew by 30.1% year-on-year, and gas business revenue increased by 26.6% year-on-year [6][7]. - The on-site gas production business is expected to continue achieving breakthroughs, with significant revenue growth of 39.1% year-on-year in 2024. The business has a high gross profit margin of 62.2%, up 2.3 percentage points year-on-year. The company has secured several key projects across various industries, including metallurgy and electronics, which are expected to contribute to future revenue [7]. - The bulk gas retail business is also expanding, leveraging the company's experience in regional market integration. The company has been optimizing its management and training to enhance its operational efficiency and market reach [7]. - The company is projected to achieve net profits of 310 million yuan, 380 million yuan, and 450 million yuan for the years 2025, 2026, and 2027, respectively, indicating a positive growth outlook [7]. Financial Summary - For Q1 2025, the company achieved total revenue of 620 million yuan, with a gross profit margin of 28.5% and a net profit margin of 7.4% [6][7]. - The projected total revenue for 2024 is 2.525 billion yuan, with expected growth to 3.106 billion yuan in 2025 and further increases in subsequent years [14]. - The company’s earnings per share (EPS) are projected to be 0.42 yuan in 2024, increasing to 0.94 yuan by 2027 [14].

Group 1 - The company announced a cash dividend distribution plan for the year 2024, where shareholders will receive a cash dividend of 1.00 yuan per 10 shares, with no stock bonus or additional shares issued [2][3] - The convertible bond "Jinhong Convertible Bond" will have its conversion price adjusted from 19.07 yuan per share to 18.97 yuan per share due to the cash dividend distribution [2][7] - The adjustment of the conversion price will take effect on the first trading day after the equity distribution registration date [4][7] Group 2 - The company will stop the conversion of "Jinhong Convertible Bond" from May 9, 2025, until the equity distribution registration date, with conversion resuming on the first trading day after the registration [4][6] - The adjusted cash dividend per share, calculated based on the total share capital after deducting shares in the repurchase account, is approximately 0.0990 yuan per share [6][7] - The total share capital as of April 28, 2025, is 481,977,391 shares, with 4,829,996 shares in the repurchase account, resulting in 477,147,395 shares participating in the distribution [6][7]

| 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2025-021 | | --- | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | | 金宏气体股份有限公司 关于实施 2024 年年度权益分派时可转债转股价格调整 暨转股连续停牌的提示性公告 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： 证券停复牌情况：适用 因实施权益分派,本公司的相关证券停复牌情况如下：权益分派公告前一交易 日（2025 年 5 月 9 日）至权益分派股权登记日期间，本公司可转债将停止转股。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 118038 | 金宏转债 | 可转债转股停牌 | 2025/5/9 | | | | 因实施权益分派，"金宏转债"相应调整转股价格，从 19.07 元/股调整为 18.97 元/股，转股价格调整实施日期为权 ...

Summary of Jin Hong Gas Conference Call Company Overview - Jin Hong Gas operates in the specialty gas industry, focusing on products such as ammonia and nitrous oxide (laughing gas) [2][3]. Key Financial Highlights - In Q1 2025, Jin Hong Gas reported revenue of 623 million yuan, a year-on-year increase of 5.62% [3]. - The net profit attributable to shareholders was 40.004 million yuan, showing a decline compared to the previous year [3]. - The overall gross margin decreased to approximately 28%-29% due to lower sales prices in the manufacturing sector and significant declines in specialty gas sales and prices influenced by the photovoltaic industry [2][25]. - Operating cash flow increased by 21.82% year-on-year to 96 million yuan, with capital expenditures and R&D investments rising [2][3]. Specialty Gas Performance - Ammonia sales volume and gross margin significantly decreased, with the gross margin dropping from 60% in the same period last year to 30% [2][5]. - Nitrous oxide sales volume also saw a slight decline, with the gross margin decreasing from 42% to 40% [5]. - The capacity utilization rate for ammonia is around 50%, while nitrous oxide is at full production capacity [6]. Business Strategy and Future Outlook - The company plans to focus on three main business areas: specialty gases, bulk retail, and on-site gas production, with expected annual growth in specialty gas varieties [2][8]. - The bulk retail segment is anticipated to benefit from accelerated growth in large-scale oxygen generator projects [2][8]. - New product launches are planned, and the company aims to expand its product line through collaboration with peers [8]. Market Conditions and Competitive Landscape - The company faces competition in the electronic bulk gas market from Jin Hong and Guanggang, but maintains an investment return rate of approximately 11% due to its young professional team and efficient decision-making [2][17]. - The photovoltaic industry's downturn has led to price and sales pressure, but the company expects a gradual recovery as it has reached a bottom position [8]. M&A and Financing Strategy - Jin Hong Gas is considering acquisitions in various segments, including bulk retail filling stations and specialty gases, with a focus on economically developed regions [7][21]. - The company prefers debt financing for large capital expenditures or acquisitions due to low borrowing costs [25]. Regional Expansion and International Operations - The company has acquired Singapore's Victory Gas, focusing on bulk retail, and is optimistic about expanding its market share in Singapore and surrounding areas [13]. - The helium supply is stable, with approximately 50% sourced from Russia, and the company is prepared to adapt to potential tariff impacts on imports [4][22]. Challenges and Opportunities - The current low gas price cycle may impact overall industry profitability but also presents opportunities for low-cost expansion and acquisitions [23]. - The company is actively working on increasing its self-produced liquid gas ratio to mitigate performance volatility [28]. Conclusion - Jin Hong Gas is navigating a challenging market environment with strategic plans for growth in specialty gases and bulk retail, while also preparing for potential recovery in the photovoltaic sector and exploring acquisition opportunities to enhance its market position [20][21].

Core Viewpoint - The company, Jin Hong Gas, has released its quarterly financial report for the first quarter of 2025, ensuring the accuracy and completeness of the information provided [1][2]. Financial Data Summary - The financial report is unaudited, and the company has confirmed that there are no significant changes in the financial data compared to previous periods [3][7]. - The revenue breakdown for the company's main business segments is as follows: bulk gases account for 41.98%, specialty gases for 34.27%, on-site gas production and rental for 12.89%, and gas for 10.87% [4]. Shareholder Information - The report includes details about the total number of ordinary shareholders and the shareholding status of the top ten shareholders [5][6]. Audit Opinion - The financial statements for the first quarter of 2025 are not subject to an audit, as indicated in the report [6][7].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 622,513,751.39, representing a year-on-year increase of 5.62% compared to CNY 589,385,657.72 in the same period last year[6]. - Net profit attributable to shareholders decreased by 42.47% to CNY 44,003,241.69 from CNY 76,482,616.23 year-on-year[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 41.68% to CNY 29,260,913.84 from CNY 50,175,892.97 year-on-year[6]. - The basic earnings per share decreased by 43.75% to CNY 0.09 from CNY 0.16 year-on-year[7]. - The diluted earnings per share decreased by 46.67% to CNY 0.08 from CNY 0.15 year-on-year[7]. - Net profit for Q1 2025 was ¥46,240,231.74, a decrease of 40.9% from ¥77,996,403.58 in Q1 2024[28]. - Earnings per share for Q1 2025 were ¥0.09, down from ¥0.16 in Q1 2024[28]. - The company reported a net profit for the first quarter of 2025 is 88,588,894.33 RMB, a decrease from 90,683,884.96 RMB in the first quarter of 2024, representing a decline of approximately 2%[42]. - The company’s total profit for Q1 2025 is 93,122,261.71 RMB, down from 98,635,732.02 RMB in Q1 2024, indicating a decline of about 5.7%[42]. Cash Flow and Investments - The net cash flow from operating activities increased by 21.82% to CNY 96,095,231.71 compared to CNY 78,880,498.69 in the same period last year[6]. - Cash inflow from operating activities in Q1 2025 was ¥758,921,252.94, compared to ¥693,937,279.92 in Q1 2024, reflecting a growth of 9.4%[31]. - The net cash flow from investing activities was CNY -225,087,630.38, a decline from CNY -28,657,786.80 in the previous year, indicating increased investment outflows[32]. - The company reported a net cash inflow from financing activities of CNY 264,857,835.85, down from CNY 631,653,023.35 in the previous year, indicating a significant decrease of 58%[33]. - Cash flow from financing activities in Q1 2025 shows a net outflow of -60,004,775.99 RMB, contrasting with a net inflow of 687,475,238.83 RMB in Q1 2024[46]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,050,868,525.38, an increase of 4.19% from CNY 6,767,227,436.76 at the end of the previous year[7]. - The company's current assets totaled RMB 2,374,294,205.49, up from RMB 2,261,724,042.07, indicating an increase of about 4.97%[20]. - The total liabilities stood at RMB 2,374,294,205.49, reflecting a rise from the previous total, indicating a potential increase in leverage[20]. - The total liabilities as of the reporting date were ¥3,703,786,680.87, compared to ¥3,417,375,161.37 in the previous period, indicating an increase of 8.4%[23]. - The total cash and cash equivalents at the end of Q1 2025 is 284,500,406.88 RMB, down from 727,558,764.56 RMB at the end of Q1 2024, a decrease of about 61%[46]. Research and Development - R&D investment totaled CNY 27,734,030.53, up 16.97% from CNY 23,711,351.14 year-on-year, accounting for 4.46% of operating revenue[7]. - Research and development expenses for Q1 2025 amounted to ¥27,734,030.53, an increase of 16.9% from ¥23,711,351.14 in Q1 2024[27]. - Research and development expenses for Q1 2025 were CNY 24,439,210.01, compared to CNY 22,186,213.40 in Q1 2024, reflecting an increase of 10.2%[41]. Market Conditions - The company faced increased market competition, leading to a decline in product prices and overall gross margin, contributing to the drop in net profit[12]. - The revenue composition for the reporting period included bulk gases at 41.98%, specialty gases at 34.27%, on-site gas production and rental at 12.89%, and gas at 10.87%[12].

金宏气体公告，2025年第一季度营收为6.23亿元，同比增长5.62%；净利润为4400.32万元，同比下降 42.47%。 ...

| 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2025-020 | | --- | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | | 金宏气体股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 4 月 17 日 （二） 股东大会召开的地点：苏州市相城区黄埭镇潘阳工业园安民路 6 号 VIP 会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 143 | | --- | --- | | 普通股股东人数 | 143 | | 2、出席会议的股东所持有的表决权数量 | 252,807,122 | | 普通股股东所持有表决权数量 | 252,807,122 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 52 ...

江苏益友天元律师事务所 关于金宏气体股份有限公司 2024 年年度股东大会的 法律意见书 地址：苏州市工业园区月亮湾路 15 号中新大厦 7 楼 邮编：215123 电话：0512-68240861 传真：0512-68253379 二〇二五年四月 关于金宏气体股份有限公司 2024年年度股东大会的法律意见书 益友证金宏字（2025）第1号 致：金宏气体股份有限公司 江苏益友天元律师事务所（下称"本所"）接受金宏气体股份有限公司（下称"公 司"）的委托，指派庞磊、蔡蕲律师（下称"本所律师"）出席了公司2024年年度股东 大会（下称"本次股东大会"），对本次股东大会进行见证并发表法律意见。 为出具本法律意见书，本所律师审查了公司本次股东大会的有关文件和材料，并得 到公司如下保证：公司向本所提供的用于出具本法律意见书所必需的原始书面材料、副 本材料、电子文档或口头陈述真实、完整、有效，不存在虚假陈述、重大遗漏或隐瞒， 所有副本材料与复印件均与原件一致。 本法律意见书仅供本次股东大会之目的使用，未经本所书面同意，本法律意见书不 得用于其它任何目的。本所律师同意将本法律意见书作为本次股东大会所必备的法律文 件进行公告 ...