中信建投证券股份有限公司 1 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | | 持续督导期间，按照有关规定对上市公司违 | | | | 法违规事项公开发表声明的，应于披露前向 | 本持续督导期间，华特气体未发生按 | | 4 | 上海证券交易所报告，经上海证券交易所审 | 有关规定需公开发表声明的违法违规 事项。 | | | 核后在指定媒体上公告。 | | | | 持续督导期间，上市公司或相关当事人出现 | | | | 违法违规、违背承诺等事项的，应自发现或 | 本持续督导期间，华特气体或相关当 | | | 应当发现之日起五个工作日内向上海证券 | | | 5 | 交易所报告，报告内容包括上市公司或相关 | 事人在持续督导期间未发生违法违 | | | 当事人出现违法违规、违背承诺等事项的具 | 规、违背承诺等事项。 | | | 体情况，保荐机构采取的督导措施等。 | | | | | 本持续督导期间，华特气体及其董事、 | | | 督导上市公司及其董事、高级管理人员遵守 | 高级管理人员遵守法律法规、部门规 | | 6 | 法律法规、部门规章和上海证券交易所发布 | ...

Market Overview - The net inflow of main funds in the Shanghai and Shenzhen markets reached 44.53 billion yuan, with the Sci-Tech Innovation Board seeing a net inflow of 1.295 billion yuan [1] - A total of 275 stocks experienced net inflows, while 311 stocks saw net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 562 stocks rose, with 7 stocks hitting the daily limit, including Yuchan Intelligent and Xiamen Tungsten [1] - The top three stocks with the highest net inflow were: - Lanke Technology: 430.46 million yuan - Borui Pharmaceutical: 306.50 million yuan - Tianyue Advanced: 218.43 million yuan [2] Continuous Fund Flow - There are 33 stocks with continuous net inflows for more than three trading days, with Hanwujing leading at 13 consecutive days [2] - Conversely, 166 stocks experienced continuous net outflows, with Huate Gas leading at 15 consecutive days [2] Key Stocks with Significant Fund Inflows - The following stocks had notable net inflows: - Lanke Technology: 430.05 million yuan, with a flow rate of 8.09% and a price increase of 5.41% [2] - Borui Pharmaceutical: 306.50 million yuan, with a flow rate of 18.56% and a price increase of 9.50% [2] - Tianyue Advanced: 218.43 million yuan, with a flow rate of 10.12% and a price increase of 20.00% [2] Stocks with Significant Fund Outflows - The stocks with the highest net outflows included: - Dongxin Co., with a net outflow of 311 million yuan and a price decrease of 0.04% [1] - Sainuo Medical: 219 million yuan outflow [1] - Haiguang Information: 129 million yuan outflow [1]

Company Overview - Guangdong Huate Gas Co., Ltd. is located in Nanhai District, Foshan City, Guangdong Province, and was established on February 5, 1999. The company was listed on December 26, 2019. Its core business involves the research, production, and sales of specialty gases, supplemented by ordinary industrial gases and related gas equipment and engineering services [1][2]. Financial Performance - As of June 30, Huate Gas reported a revenue of 677 million yuan for the first half of 2025, a year-on-year decrease of 5.77%. The net profit attributable to the parent company was 77.91 million yuan, down 18.97% year-on-year [2]. - The company has cumulatively distributed 288 million yuan in dividends since its A-share listing, with 180 million yuan distributed over the past three years [3]. Stock Performance - On September 5, Huate Gas's stock price increased by 2.00%, reaching 54.97 yuan per share, with a trading volume of 58.02 million yuan and a turnover rate of 0.88%. The total market capitalization stood at 6.613 billion yuan [1]. - Year-to-date, the stock price has risen by 21.29%, but it has decreased by 4.35% over the past five trading days. Over the last 20 days, the stock increased by 1.14%, and over the last 60 days, it rose by 18.62% [1]. Shareholder Information - As of June 30, the number of shareholders for Huate Gas was 9,708, a decrease of 15.07% from the previous period. The average number of circulating shares per person increased by 17.74% to 12,383 shares [2]. Business Segmentation - The revenue composition of Huate Gas is as follows: specialty gases account for 62.52%, ordinary industrial gases for 22.01%, equipment and engineering for 11.98%, and other supplementary sources for 3.49% [1].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company reported a revenue of 677 million yuan in the first half of 2025, a decrease of 5.77% year-on-year, and a net profit attributable to shareholders of 77.91 million yuan, down 18.97% year-on-year [1][2]. - Despite a decline in revenue, the company has seen an increase in the gross margin for specialty gases, which improved by 2.4 percentage points year-on-year, partially offsetting the impact of price declines [2][3]. - The company is actively promoting domestic substitution of specialty gases and has established a comprehensive production base across key economic regions in China, enhancing its international brand influence [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 339 million yuan, a year-on-year decrease of 12.11%, but a slight quarter-on-quarter increase of 0.23%. The net profit for the quarter was 33.51 million yuan, down 34.36% year-on-year and 24.52% quarter-on-quarter [1][2]. - The specialty gas segment generated 423 million yuan in revenue, down 8.79% year-on-year, while the industrial gas segment saw a revenue increase of 15.26% to 149 million yuan [2]. Cost and Expenses - The company experienced an increase in sales, management, and financial expenses, which rose by 10.3%, 13.5%, and 16.2% respectively in the first half of 2025. Research and development expenses decreased by 7.5% [2]. Profitability Forecast - The report revises the profit forecast for 2025-2027, estimating net profits of 201 million yuan, 247 million yuan, and 283 million yuan respectively, down from previous estimates [3][5]. - The company is expected to maintain strong demand for specialty gases driven by sectors like AI and cloud infrastructure, alongside the release of new production capacities [3]. Valuation Metrics - The report provides a summary of key financial metrics, including projected revenue growth rates and profit margins, indicating a gradual recovery in the coming years [5][12].

Group 1: Company Insights - Kangliang Pharmaceutical's first innovative drug ALK-N001/QHL-1618 is expected to receive clinical approval in April 2025, currently in Phase I trials with two dose escalations completed [1] - Mindray Medical has launched the world's first clinically implemented critical care large model, named Qiyuan, and has established a subsidiary for animal healthcare [2] - Transsion Holdings is focusing on user value with its Practical I strategy, enhancing AI features in mid-range products, and has achieved a market share of nearly 40% in the Philippines [3] Group 2: Financial Performance and Strategy - Kangliang Pharmaceutical's R&D budget is capped at approximately 300 million yuan, with a significant reduction in generic drug investment starting in 2026 [1] - Mindray Medical's imaging solution "Ruiying·AI+" was developed in collaboration with DeepSeek, indicating a strategic push into AI-driven medical imaging [2] - Transsion Holdings reported a 1.49 percentage point increase in gross margin to 20.76% in Q2 2025, with R&D expenses primarily directed towards AI technology and mid-to-high-end imaging [3] Group 3: Market Position and Future Outlook - Huate Gas has entered the supply chain of major domestic GaN and SiC manufacturers, indicating strong positioning in the semiconductor market [3] - Jialian Technology is ramping up production capacity in Thailand, with plans to enhance efficiency through automation and has established partnerships in the 3D printing sector [3]

Group 1 - The private equity firm Licheng Asset recently conducted research on two listed companies, Feikai Materials and Huate Gas, indicating a focus on growth opportunities in the semiconductor and advanced manufacturing sectors [1][2] - Feikai Materials expects significant revenue growth in 2025 due to strong sales of TMO products, improved gross margins from lower raw material prices, and effective cost control leading to increased net profits [1] - The company has made technological breakthroughs in thick film negative photoresists for advanced packaging and is expanding its EMC materials into advanced packaging, IGBT, and third-generation semiconductor markets [1] Group 2 - Huate Gas has positioned itself in the supply chain of major domestic manufacturers of silicon carbide (SiC) and gallium nitride (GaN) semiconductors, indicating strong demand for its products in the third-generation power device sector [2] - Licheng Asset has a long-standing investment philosophy focused on growth stocks with a margin of safety, managing over 10 billion yuan and specializing in sectors such as pharmaceuticals, advanced manufacturing, and consumer goods [2]

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]

Investment Rating - The report maintains an "Overweight" rating for the company [6][4]. Core Views - The company reported a year-on-year decline in net profit of 19% for H1 2025, with revenue decreasing by 6% to 680 million RMB. The second quarter saw a revenue drop of 12% year-on-year [1]. - Despite the current challenges, the company is expected to benefit from the growth of various specialty gas products and the acceleration of domestic semiconductor production, indicating potential for a new growth phase [1]. - The report highlights that the company is successfully introducing its products to over 90% of domestic 8-12 inch chip manufacturers, with ongoing projects progressing smoothly [3]. Financial Performance - For H1 2025, the specialty gases segment revenue decreased by 9% to 420 million RMB, while the ordinary industrial gases segment saw a 15% increase to 150 million RMB. The overall gross margin improved by 1.9 percentage points to 33.5% [2]. - The company forecasts net profits of 220 million RMB, 260 million RMB, and 350 million RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 17%, 21%, and 32% [4][10]. Valuation - The target price for the company is set at 63.00 RMB, based on a 35x PE ratio for 2025, reflecting an increase from the previous target of 57.60 RMB [4][6]. - The report indicates that the company’s earnings per share (EPS) are projected to be 1.80 RMB, 2.18 RMB, and 2.87 RMB for 2025, 2026, and 2027 respectively [4][10].

Core Viewpoint - Guangdong Huate Gas Co., Ltd. has provided a special report on the management and actual use of raised funds for the first half of 2025, confirming compliance with relevant regulations and detailing the status of funds raised through convertible bonds [1][16]. Fundraising Overview - The total amount raised through the issuance of convertible bonds was RMB 646 million, with a net amount of RMB 638.18 million after deducting related fees [1]. - As of December 31, 2024, the company had utilized RMB 312.60 million from previous years, leaving a balance of RMB 290.66 million [2]. - In the current reporting period, RMB 82.23 million was used for fundraising projects, with specific details provided in an attached table [3]. Fund Management - The company has established a fundraising management system in accordance with relevant laws and regulations to ensure the proper management and use of raised funds [4]. - Six special accounts for the raised funds have been set up, with agreements signed with various banks and the sponsor [5][6]. Actual Use of Funds - The report indicates that there were no early investments or replacements of fundraising projects during the reporting period [6]. - There were no instances of using idle funds to temporarily supplement working capital [7]. - The company has approved the use of up to RMB 30 million and RMB 25 million of temporarily idle funds for cash management, ensuring that it does not affect the implementation of fundraising projects [8][9]. - As of June 30, 2025, the balance of idle funds used for cash management was RMB 56 million [10]. Other Fund Usage Situations - The company provided a zero-interest loan of RMB 40 million to its wholly-owned subsidiary for fundraising projects, with a repayment period of three years [12]. - There were no changes in the use of fundraising projects or any surplus funds during the reporting period [12]. Compliance and Disclosure - The company has complied with all relevant laws and regulations regarding the use of raised funds and has disclosed the usage status in a timely manner, with no significant violations reported [13][16].

Group 1 - The core point of the article is that Huate Gas announced the approval of multiple proposals during the ninth meeting of its fourth supervisory board [2] Group 2 - The announcement was made on the evening of August 27 [2] - The proposals included the discussion of the agenda and its summary [2]