议案名称 比例 议案 | 证券代码：688268 证券简称：华特气体 公告编号：2025-033 | | | | | | | --- | --- | --- | --- | --- | --- | | 转债代码：118033 转债简称：华特转债 | | | | | | | 广东华特气体股份有限公司 | | | | | | | 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 5 月 13 | | 日 | | | | | （二） 股东大会召开的地点：广东省佛山市南海区里水镇和顺逢西村白天鹅酒 | | | | | | | 店 | | | | | | | （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： ...

Core Viewpoint - The legal opinion issued by Guangdong Xinda Law Firm confirms the legality of the 2024 annual general meeting of Guangdong Huate Gas Co., Ltd, including the procedures for convening and holding the meeting, the qualifications of attendees, and the voting process and results [2][12]. Group 1: Meeting Procedures - The 2024 annual general meeting is scheduled for May 13, 2025, and will be held in a combination of on-site and online voting [3][4]. - The meeting will take place at the Baiyue Hotel in Heshun Village, and voting will occur during the trading hours of the meeting day [3][4]. Group 2: Attendee Qualifications - A total of 13 shareholders attended the meeting, holding 63,869,734 shares, which represents 53.3624% of the total voting shares [4]. - An additional 76 shareholders participated via online voting, holding 500,925 shares, accounting for 0.4185% of the total voting shares [4]. Group 3: Voting Process and Results - The meeting did not introduce new proposals, and voting was conducted through a registered ballot system [5]. - The results showed that 64,227,085 shares (99.7770%) voted in favor of the proposals, while 137,984 shares (0.2144%) opposed, and 5,590 shares (0.0087%) abstained [5][6]. - Subsequent votes confirmed similar trends, with the majority consistently supporting the proposals, indicating strong shareholder approval [6][7][11]. Group 4: Legal Conclusion - The legal opinion concludes that all procedures, qualifications, and voting results of the meeting comply with relevant laws and regulations, affirming their legality and validity [12].

股东大会法律意见书 中国深圳市福田区益田路 6001 号太平金融大厦 11、12 楼 邮编：518038 11-12/F, TAIPING FINANCE TOWER, YITIAN ROAD 6001, FUTIAN DISTRICT, SHENZHEN, P.R. CHINA 电话(Tel)：(0755)88265288 传真(Fax)：(0755)88265537 关于广东华特气体股份有限公司 2024 年年度股东大会的法律意见书 信达科会字（2025）第 021 号 致：广东华特气体股份有限公司 广东信达律师事务所（以下简称"信达"）接受广东华特气体股份有限公司 （以下简称"公司"）的委托，指派信达律师出席公司 2024 年年度股东大会（以 下简称"本次股东大会"），对本次股东大会的合法性进行见证，并出具《广东 信达律师事务所关于广东华特气体股份有限公司 2024 年年度股东大会的法律意 见书》（以下简称"本法律意见书"）。 信达律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上 市公司股东会规则》（以下简称"《股东会规则》"）等法律、法规和规范性文 件，以及《广东华特气体股份有限公司章 ...

证券代码：688268 证券简称：华特气体 公告编号：2025-033 转债代码：118033 转债简称：华特转债 广东华特气体股份有限公司 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 （五） 公司董事、监事和董事会秘书的出席情况 3、 董事会秘书万灵芝女士出席了本次会议；其他高级管理人员列席了本次会议。 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 13 日 （二） 股东大会召开的地点：广东省佛山市南海区里水镇和顺逢西村白天鹅酒 店 （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 | 89 | | --- | --- | | 普通股股东人数 | 89 | | 2、出席会议的股东所持有的表决权数量 | 64,370,659 | | 普通股股东所持有表决权数量 | 64,370,659 | | 3、出席会议的股东所持有表决权数量占公 ...

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly highlighting undervalued and high-growth opportunities [1]. Core Insights - The anti-dumping duties on chlorpyrifos are expected to benefit domestic companies, with a recommendation to focus on Yangnong Chemical [3][4]. - The report emphasizes the importance of orderly exports of nitrogen fertilizers, suggesting that leading domestic companies should adopt a proactive pricing strategy to avoid excessive competition [3]. - The chemical sector is experiencing a gradual recovery in PPI, with a focus on investment opportunities in cyclical products due to low inventory levels [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a mixed outlook for oil, coal, and natural gas prices, with oil prices supported by shale oil production costs [3][4]. - The report notes a significant price increase in PTA and MEG, driven by supply constraints and optimistic market sentiment [9][10]. Fertilizer and Pesticide Market - Domestic urea prices have risen by 2.8% to 1830 CNY/ton, influenced by export policy expectations [11]. - The report highlights the stable pricing of various pesticides, with specific price points for glyphosate and other herbicides remaining unchanged [11]. Chemical Products Pricing - The report provides detailed pricing trends for various chemical products, including a 1.6% decrease in PVC prices and stable pricing for other chemicals like DMC and silicone [12][13]. - The report indicates a cautious market sentiment in the dye industry, with prices remaining stable despite cost support from raw materials [15]. Key Company Valuations - The report includes a valuation table for key companies, with recommendations for stocks such as Yangnong Chemical (buy) and Hualu Chemical (increase) based on their projected earnings and market performance [17][18].

Summary of Key Points Core Viewpoint - The announcement details the share reduction plan executed by the company's director and general manager, Fu Zhuhong, highlighting the completion of the plan and the financial implications of the share reduction [1][2]. Group 1: Shareholding Information - Fu Zhuhong held 990,657 shares before the reduction, representing 0.82% of the total share capital, with 828,657 shares being tradable and 162,000 shares subject to equity incentive restrictions [1][2]. - Of the tradable shares, 804,657 were acquired before the company's initial public offering (IPO), and 186,000 shares were obtained through the equity incentive plan [2]. Group 2: Reduction Plan Implementation - The reduction plan was announced on January 25, 2025, with a proposed reduction of up to 227,414 shares, not exceeding 0.19% of the total share capital, scheduled from February 26 to May 23, 2025 [1]. - As of May 8, 2025, Fu Zhuhong had reduced his holdings by 225,164 shares, also representing 0.19% of the total share capital, and the plan was terminated early [2][4]. Group 3: Financial Details of the Reduction - The shares were sold at a price range of 48.6 to 54.1 yuan per share, resulting in a total reduction amount of approximately 11,522,734.17 yuan [2]. - After the reduction, Fu Zhuhong's remaining shareholding is 765,493 shares [2].

| 证券代码：688268 | 证券简称：华特气体 | 公告编号：2025-032 | | --- | --- | --- | | 转债代码：118033 | 转债简称：华特转债 | | 广东华特气体股份有限公司 董事、高级管理人员集中竞价减持股份结果公告 本公司董事会、全体董事及相关股东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： 董事、高级管理人员持有的基本情况 本次减持计划实施前，广东华特气体股份有限公司（以下简称"公司"）董 事、总经理傅铸红先生持有公司股份 990,657 股，占公司总股本的 0.82%，其中 无限售流通股为 828,657 股，股权激励限售股 162,000 股。 上述减持主体无一致行动人。 上述无限售流通股中 804,657 股为公司首次公开发行前取得的股份，已于 2020 年 12 月 28 日上市流通；无限售流通股 24,000 股为公司 2021 年限制性股 票激励计划首次授予第一个归属期归属股份，已于 2022 年 9 月 6 日上市流通。 减持计划的实施结果情况 公司于 2025 年 ...

Core Insights - The behavior of margin traders has attracted significant market attention, with investors hoping to capture investment opportunities from their activities [1] Group 1: Margin Trading Data - On May 8, a total of 3,663 stocks received margin buying funds, with the top three stocks being Xinyi Technology (¥1.425 billion), Zhongji Xuchuang (¥1.053 billion), and Shenghong Technology (¥807 million) [1] - The table lists stocks with the highest margin buying amounts, including Tiancheng Technology (¥15.75 million), Xingqiu Graphite (¥8.83 million), and Lianyu Co. (¥15.27 million), showing their respective transaction amounts and margin buying ratios [1] - Margin buying accounted for significant percentages of total transaction amounts for various stocks, with Tiancheng Technology at 28.65%, Xingqiu Graphite at 28.51%, and Lianyu Co. at 28.15% [1] Group 2: Stock Performance - The price changes of stocks with high margin buying varied, with some stocks experiencing gains, such as Tiancheng Technology (1.47%) and Xingqiu Graphite (2.39%), while others like Fuliwang saw a decline (-3.29%) [1][2] - The data indicates that margin buying can correlate with stock performance, as seen in the fluctuations of the stocks listed [1][2]

Investment Rating - The report maintains a "Positive" outlook on the chemical industry, highlighting the recovery at the bottom of the cycle and the focus on undervalued high-growth stocks [1]. Core Insights - The macroeconomic assessment of the chemical industry indicates a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium to long term. Natural gas prices are fluctuating at the bottom [3][4]. - The report forecasts a gradual recovery in profitability for the chemical sector in Q1 2025, driven by terminal inventory replenishment and improved demand, despite ongoing construction projects peaking and declining [3]. - The overall revenue for the chemical sector in 2024 is projected to reach 2.0601 trillion yuan, a 3% year-on-year increase, while net profit is expected to decline by 3% to 109.8 billion yuan, aligning with market expectations [3]. Summary by Sections Industry Dynamics - Current oil prices are influenced by the easing of the Russia-Ukraine conflict and U.S. tariff policies, with Brent crude averaging $80.93 per barrel in 2024, down 2% year-on-year. NYMEX natural gas futures are expected to average $2.41 per million British thermal units, down 10% year-on-year [3][4]. - The chemical industry is experiencing a "V"-shaped recovery in market conditions, with Q1 2025 revenue reaching 496.9 billion yuan, a 6% increase year-on-year, and net profit rising by 9% year-on-year to 32.8 billion yuan [3]. Investment Analysis - The report suggests focusing on traditional cyclical stocks with strong fundamentals, such as Wanhua Chemical and Hualu Chemical, as well as growth stocks in semiconductor materials and OLED technologies [3]. - The tire industry is expected to benefit from domestic demand recovery and cost reductions, with companies like Sailun Tire and Linglong Tire highlighted for potential investment [3]. - The report emphasizes the importance of identifying undervalued stocks with growth potential in the chemical sector, particularly in segments like agricultural chemicals and specialty chemicals [3]. Price and Inventory Changes - The report notes that the chemical industry is experiencing a gradual recovery in price differentials, with PPI data showing a slow recovery from negative values towards zero [3][4]. - The report highlights the importance of monitoring inventory levels and price movements in key chemical products, as these factors will influence future profitability and investment opportunities [3][4].

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of 57.60 RMB [6][7]. Core Views - The company reported Q1 2025 revenue of 340 million RMB, a year-on-year increase of 2% and a quarter-on-quarter increase of 0.4%. However, the net profit attributable to the parent company was 44.4 million RMB, a year-on-year decrease of 2% and a quarter-on-quarter decrease of 15% [1]. - The company is expected to benefit from the growth of several specialty gas products and the acceleration of domestic semiconductor production, leading to a new growth phase [1]. - The company is transitioning to an overseas direct sales model, with a comprehensive gross margin of 33.7% in Q1 2025, reflecting a year-on-year increase of 0.7% and a quarter-on-quarter increase of 1.7 percentage points [2]. - The introduction of products into leading semiconductor companies is progressing smoothly, with a focus on high-end electronic specialty gases such as silane and hydrogen bromide [3]. Summary by Sections Financial Performance - For 2025, the company is projected to achieve net profits of 216.84 million RMB, with a year-on-year growth of 17.35%. The earnings per share (EPS) are expected to be 1.80 RMB [4]. - The company maintains a gross margin of 33.7% in Q1 2025, with an increase in expense ratio to 18.7% [2]. Product Development - The company has successfully integrated its products into the supply chains of major GaN and SiC manufacturers, and its germane product has achieved industrialization [3]. - The company plans to focus on advanced process application gas materials and high-purity hydrocarbons to meet the needs of semiconductor manufacturing at 14nm and below [3]. Valuation - The company is valued at a PE ratio of 32 times for 2025, with a target price of 57.60 RMB, reflecting a decrease from the previous target of 59.40 RMB [4].