Group 1: Market Trends and Investment Opportunities - The report indicates a shift in foreign capital from net outflows to net inflows, with passive allocation foreign capital being the main contributor to this trend [1][2][3] - The construction industry is experiencing weak supply and demand, with a notable decline in real estate transaction volumes, particularly in new homes [2][3] - The FPSO market is expected to see a rise in both volume and price due to improved economic viability in deep-sea oil and gas development, with projected spending reaching $159.4 billion in 2025, a 28% year-on-year increase [7] Group 2: Company Performance and Financial Results - Huazhong Technology reported a total bond scale of 27.3 billion yuan and $700 million, with a focus on off-market repayment due to risk exposure [3] - The report highlights that Weilan Meishi has established a strong brand presence in the spicy snack sector, with a target price of HKD 19.96 based on a 32x PE ratio for 2025 [9] - Xinbao Co. achieved a revenue of 16.82 billion yuan in 2024, a 14.84% increase year-on-year, with a strong performance in Q1 2025 driven by export demand [10] Group 3: Sector-Specific Insights - The energy sector is witnessing increased investment demand for grid upgrades following a large-scale power outage in Spain, Portugal, and southern France, which may benefit companies like Siyi Electric and China West Electric [4] - The report notes that the steel industry is under pressure, with Baosteel's revenue declining by 6.6% in 2024, but the company is expected to benefit from supply-side optimization [22] - The report emphasizes that the semiconductor industry is facing challenges, with Zhuoshengwei's revenue dropping by 36.47% in Q1 2025, but there is potential for recovery with new product launches [20]

证券代码：688268 证券简称：华特气体 转债代码：118033 转债简称：华特转债 债券受托管理人 二〇二五年四月 中信建投证券股份有限公司 关于 广东华特气体股份有限公司 向不特定对象发行可转换公司债券 2025 年第一次临时受托管理事务报告 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"） 《公司债券受托管理人执业行为准则》（以下简称"《执业行为准则》"）《广东 华特气体股份有限公司 2022 年向不特定对象发行可转换公司债券之受托管理协 议》（以下简称"《受托管理协议》"）等相关规定和约定、公开信息披露文件及 广东华特气体股份有限公司（以下简称"公司""华特气体"或"发行人"）出具的相 关说明文件及提供的相关资料等，由本期债券受托管理人中信建投证券股份有限 公司（以下简称"中信建投证券"）编制。中信建投证券编制本报告的内容及信息 均来源发行人提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作出 的承诺或声明。在任何情况下，未经中信建投证券书面许可，不得将本报告用作 ...

一、持续督导工作情况 1 中信建投证券股份有限公司 关于广东华特气体股份有限公司 2024 年持续督导年度报告书 | 保荐人名称：中信建投证券股份有限 | 上市公司名称： 广东华特气体股份有限 | | --- | --- | | 公司 | 公司 | | 保荐代表人姓名：罗榃 | 联系方式：020-38381556 联系地址：广东省广州市天河区冼村路 5 | | | 号凯华国际中心 楼 单元 43 02-07A | | 保荐代表人姓名：翁嘉辉 | 联系方式：020-38381063 联系地址：广东省广州市天河区冼村路 5 | | | 号凯华国际中心 楼 单元 43 02-07A | 根据中国证券监督管理委员会（以下简称"中国证监会"）《关于同意广东华 特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〕158 号），广东华特气体股份有限公司（以下简称"公司"或"华特气体"） 获准向不特定对象发行可转换公司债券发行数量为 6,460,000 张，每张面值为人 民币 100 元，募集资金总额为 646,000,000 元，扣除承销及保荐费用等与发行有 关的费用共计人民币 7,821, ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 337,877,035.17, representing a year-on-year increase of 1.57% compared to CNY 332,664,711.18 in the same period last year[4]. - The net profit attributable to shareholders decreased by 1.55% to CNY 44,396,504.71 from CNY 45,095,211.35 in the previous year[4]. - The net profit after deducting non-recurring gains and losses was CNY 41,278,102.20, down 5.41% from CNY 43,638,088.44 year-on-year[4]. - The basic earnings per share for the period was CNY 0.37, a decrease of 2.63% from CNY 0.38 in the previous year[4]. - The weighted average return on equity was 2.25%, down 0.19 percentage points from 2.44% in the same period last year[4]. - Net profit for Q1 2025 decreased to RMB 43,926,375.17, down 3.0% from RMB 45,297,291.14 in Q1 2024[17]. - Operating profit for Q1 2025 was RMB 51,105,142.15, a decrease of 4.4% compared to RMB 53,467,084.63 in Q1 2024[17]. - The company reported a total comprehensive income of RMB 45,689,795.73 for Q1 2025, slightly up from RMB 45,456,893.49 in Q1 2024[17]. - Basic and diluted earnings per share for Q1 2025 were both RMB 0.37, down from RMB 0.38 in Q1 2024[17]. Cash Flow - The net cash flow from operating activities was CNY 62,060,090.63, a decrease of 22.02% compared to CNY 79,583,122.26 in the same period last year[4]. - Cash flow from operating activities for Q1 2025 was RMB 62,060,090.63, down 22.1% from RMB 79,583,122.26 in Q1 2024[19]. - Cash flow from investing activities for Q1 2025 was RMB 37,324,191.71, a significant improvement from a negative RMB 144,776,980.52 in Q1 2024[20]. - Cash flow from financing activities for Q1 2025 was RMB 51,412,156.95, compared to a negative RMB 4,370,003.75 in Q1 2024[20]. - The company’s cash and cash equivalents at the end of Q1 2025 increased to RMB 839,043,725.73 from RMB 758,408,089.13 at the end of Q1 2024[20]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 3,442,483,173.74, an increase of 4.28% from CNY 3,301,138,166.51 at the end of the previous year[5]. - As of March 31, 2025, the total assets of the company amounted to RMB 3,442,483,173.74, an increase from RMB 3,301,138,166.51 as of December 31, 2024, reflecting a growth of approximately 4.3%[15]. - The company's current assets totaled RMB 1,799,806,997.33, up from RMB 1,653,547,962.67, indicating an increase of about 8.8%[13]. - The total liabilities of the company were RMB 1,389,953,143.17, compared to RMB 1,295,464,350.26, representing a rise of approximately 7.3%[14]. - The company's equity attributable to shareholders reached RMB 1,997,164,331.92, an increase from RMB 1,949,871,938.32, showing a growth of around 2.4%[14]. - The company’s total non-current assets were RMB 1,642,676,176.41, slightly down from RMB 1,647,590,203.84, indicating a decrease of about 0.3%[13]. Research and Development - The total R&D investment was CNY 9,659,278.80, which is 15.80% lower than CNY 11,471,831.69 in the same period last year[4]. - The R&D investment accounted for 2.86% of operating revenue, down from 3.45% year-on-year, a decrease of 0.59 percentage points[4]. Inventory and Receivables - Accounts receivable rose to RMB 380,352,082.21 from RMB 351,000,312.57, reflecting an increase of about 8.4%[11]. - Inventory levels increased to RMB 217,041,342.87 from RMB 181,858,453.49, indicating a growth of approximately 19.4%[13]. Other Financial Metrics - Cash and cash equivalents increased to RMB 862,581,725.73 from RMB 711,882,469.13, marking a significant rise of approximately 21.2%[11]. - The company reported non-recurring gains of CNY 1,638,933.94 from the disposal of non-current assets[6]. - The company reported a decrease in short-term borrowings, with a total of RMB 195,425,133.22 compared to RMB 142,495,612.49, representing an increase of about 37.1%[14]. - The company’s retained earnings increased to RMB 870,667,461.83 from RMB 826,270,957.12, reflecting a growth of approximately 5.4%[14].

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.3700 | 0.3800 | -2.63 | 0.3300 | | 每股净资产（元） | 15.24 | 14.18 | 7.48 | 13.18 | | 每股公积金(元) | 6.52 | 6.56 | -0.61 | 6.61 | | 每股未分配利润(元) | 7.23 | 6.19 | 16.8 | 5.13 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 3.38 | 3.33 | 1.5 | 3.59 | | 净利润(亿元) | 0.44 | 0.45 | -2.22 | 0.4 | | 净资产收益率(%) | 2.25 | 2.44 | -7.79 | 2.43 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 7392.37万股，累计占流通股比： 61.48%，较上期 ...

Investment Rating - The report maintains a "Buy" rating for specific companies in the chemical industry, particularly in the compound fertilizer and pesticide sectors, while recommending "Hold" for others [17]. Core Insights - The chemical industry is experiencing an optimization in supply and demand dynamics, leading to a recovery in the compound fertilizer, metal chromium, and niche pesticide markets. The report highlights investment opportunities in undervalued high-growth companies [3][4]. - The report emphasizes the positive performance of listed companies in Q1 2025, particularly in the compound fertilizer sector, and suggests focusing on companies like Xin Yang Feng, Stanley, and Yun Tu Holdings for investment opportunities [3][4]. - The report notes that metal chromium prices have surged to 75,000 CNY/ton, a week-on-week increase of 7,500 CNY/ton, driven by rising demand from the stainless steel sector and new military spending in Europe [3][4]. - The agricultural chemical market is entering its traditional peak season, with stable trading volumes for seasonal crop pesticides. Specific products like Acetochlor and Avermectin are seeing price increases, with recommendations for companies like Xian Da and Li Min [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions in the chemical sector indicate a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium term [4][6]. - The chemical industry PPI data shows a gradual recovery from negative values, with March 2025 PPI at -2.8% year-on-year, indicating a potential bottoming out of the cycle [6][8]. Fertilizer and Pesticide Sector - The report highlights that the domestic urea price is currently at 1,800 CNY/ton, with a slight week-on-week decline of 0.6%. The compound fertilizer sector is experiencing a decrease in operating rates, leading to increased inventory levels [10]. - The pesticide market is witnessing a seasonal peak, with stable trading volumes and price adjustments in various pesticide products, including a price increase for Pyrazole [10][19]. Chemical Products Pricing and Inventory Changes - The report provides detailed pricing data for various chemical products, indicating fluctuations in prices for PTA, MEG, and PVC, with specific attention to the impact of raw material costs and market demand [10][11][12]. - The report notes that the market for fluorinated chemicals is facing supply constraints due to mining restrictions, while the demand remains weak, leading to price adjustments [12][19]. Company Recommendations - The report recommends several companies for investment based on their growth potential and market positioning, including Yangnong Chemical, Runfeng Co., and Yun Tianhua in the fertilizer and pesticide sectors [17][18]. - Companies in the tire and fluorochemical sectors are also highlighted for their potential benefits from recovering domestic demand and cost reductions [3][17].

广东华特气体股份有限公司 2024 年年度股东大会会议资料 证券代码：688268 证券简称：华特气体 | 广东华特气体股份有限公司 2024 年年度股东大会会议须知 | | 1 | | --- | --- | --- | | 广东华特气体股份有限公司 2024 年年度股东大会会议议程 | | 4 | | 一、会议时间、地点及投票方式 | | 4 | | 二、会议议程 | | 4 | | 2024 年年度股东大会会议议案 | | 6 | | 2024 年年度股东大会会议议案一： | | 7 | | 2024 年年度股东大会会议议案二： | | 8 | | 2024 年年度股东大会会议议案三： | | 9 | | 2024 年年度股东大会会议议案四： | | 10 | | 2024 年年度股东大会会议议案五： | | 11 | | 2024 年年度股东大会会议议案六： | | 13 | | 2024 年年度股东大会会议议案七： | | 14 | | 2024 年年度股东大会会议议案八： | | 15 | | 2024 年年度股东大会会议议案九： | | 16 | | 2024 年年度股东大会会议议案十： | | ...

| 证券代码：688268 | 证券简称：华特气体 | 公告编号：2025-031 | | --- | --- | --- | | 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 关于不向下修正"华特转债"转股价格的公告 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: 截至 2025 年 4 月 25 日，广东华特气体股份有限公司（以下简称"公司"） 股价已触发"华特转债"转股价格向下修正条款。 经公司第四届董事会第十七次会议审议通过，公司董事会决定本次不向 下修正"华特转债"转股价格，同时在未来六个月内（即自本次触发修正条件的 次一交易日 2025 年 4 月 28 日起至 2025 年 10 月 27 日），如再次触发"华特转 债"转股价格向下修正条件，亦不提出向下修正方案。 一、可转债发行上市概况 （一）经中国证券监督管理委员会《关于同意广东华特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]158 号）核准， 公司向不特定对象发行可 ...

Core Viewpoint - The dispute between Huate Gas and its partner involves a breach of contract related to a joint project, leading to lawsuits filed by both parties over unfulfilled obligations and financial claims [1][3]. Group 1: Legal Disputes - Huate Gas has filed a lawsuit against Lai Minggui and Sichuan Zhongfuren New Materials Technology Co., Ltd. for breach of contract, seeking the transfer of equity valued at approximately 370 million yuan, along with a claim for a 20 million yuan deposit and additional damages totaling 23 million yuan [1][5]. - Lai Minggui has also initiated legal action against Huate Gas, alleging that the company failed to provide necessary packaging materials, which hindered the trial production process [3][5]. - The lawsuits are currently pending in court, with no hearings scheduled yet [1][6]. Group 2: Project Background - The collaboration between Huate Gas and Lai Minggui began in April 2022, focusing on three fluorinated gas products, with an agreement for Huate Gas to acquire a 51% stake in the project company, Zhongfuren, for approximately 370 million yuan once production conditions were met [2][5]. - The project company, Zhongfuren, was established in May 2022, with production targets set for specific fluorinated gas products within defined timelines [2][5]. Group 3: Financial Performance - In 2024, Huate Gas reported revenue of 1.395 billion yuan, a year-on-year decrease of 7.02%, while the net profit attributable to shareholders increased by 7.99% to 185 million yuan [7].

凌钢转债：下修到底 鼎龙转债：4月23日上市 | 搜 | | --- | | 索 | | 公 | | 众 | | 号 | | "jisilu8" | | 添 | | 加 | | 我 | | 们 | | 转债代码 | 转债名称 | 现价 | 强赎价 | 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占止股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | (亿元) | 流通市值比 | | 113582 | 火炬转债 | 150.743 | 101.632 | 2025-04-17 | 2025-04-22 | 151.95 | 0.056 | 0.03% | | 123228 | 震裕转债 | 220.700 | 100.200 | 2025-04-17 | 2025-04-22 | 223.69 | 0.015 | 0.01% | | 127051 | 博杰转债 | 106.150 | 100.700 | 2025-04-24 | 2025-04-24 | 106.41 | 0.091 | 0. ...