Core Points - The company is currently involved in a significant lawsuit as the plaintiff, with the case having been accepted but not yet heard in court [1][2] - The lawsuit pertains to a dispute over the "Southwest Region Electronic Gas Cooperation Agreement," where the company is seeking to terminate agreements and recover a performance bond of 20 million RMB [1][3] - The company has raised jurisdictional objections, which were initially rejected but later upheld by a higher court, transferring the case to a different court for further proceedings [2][3] Lawsuit Details - The lawsuit involves claims against Lai Minggui for failing to provide packaging materials and delaying trial production, which hindered the fulfillment of the contract [1] - The company is also pursuing a separate lawsuit regarding a share transfer dispute with Lai Minggui and Zhongfu Energy Company, seeking confirmation of agreements and compensation for damages totaling 23 million RMB [1][3] - A preliminary intention for settlement has been expressed by both parties, leading to a request for postponement of the court hearing to facilitate negotiations [3] Financial Impact - The company cannot currently estimate the impact of the lawsuit on its profits for the current or future periods, as the final judgment remains uncertain [1][4]

| 证券代码：688268 | 证券简称：华特气体 | 公告编号：2025-045 | | --- | --- | --- | | 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 关于前期提起重大诉讼的进展公告 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： 案件所处的诉讼阶段：已立案受理，尚未开庭审理 上市公司所处的当事人地位：广东华特气体股份有限公司（以下简称"公 司"）为原告 是否会对上市公司损益产生负面影响：本次诉讼尚未开庭审理，最终的 判决结果尚不确定，目前无法预计对公司本期利润或期后利润的影响，最终实际 影响需以法院生效判决结果或双方最终达成的和解协议为准。公司将根据相关诉 讼进展情况及时履行信息披露义务，敬请投资者注意投资风险。 1 请求判令确认 2022 年 4 月 6 日《西南地区电子气体合作协议》，以及 2022 年 10 月 14 日《西南地区电子气体合作协议之补充协议（一）》合法有效，赖明贵、 中氟能公司应继续履行；赖明贵按协议约定将其持有的中氟能公 ...

Core Viewpoint - The new materials industry is a rapidly growing sector with significant potential, driven by advancements in technology and increasing demand across various applications, including semiconductors, displays, and renewable energy [2][16]. Semiconductor Industry - The global semiconductor market reached $595 billion in 2021, with a projected growth to $790 billion by 2026, reflecting a compound annual growth rate (CAGR) of 6% [4][21]. - China's semiconductor materials market was valued at $119 billion in 2021, growing by 22.2% year-on-year, indicating a significant increase in domestic demand [36][41]. - The semiconductor materials market is characterized by high import dependency, particularly for critical materials like electronic gases and photoresists, presenting substantial opportunities for domestic production [5][41]. Display Materials - The global OLED materials market is expected to grow from approximately $900 million in 2019 to about $2.6 billion by 2024, with a CAGR of 23.6% [6]. - Key players in the display materials sector include Wanrun and Ruile New Materials, which are leading suppliers of LCD and OLED materials [6][20]. New Energy Materials - The new energy sector is experiencing rapid growth, with significant opportunities in battery materials such as composite copper foil, conductive carbon black, and sodium-ion battery materials [8][20]. - The market for photovoltaic materials, including reflective films and adhesives, is also expanding, driven by increasing demand for solar energy solutions [8][20]. Environmental Materials - Traditional chemical applications are witnessing upgrades and replacement opportunities, particularly in areas like molecular sieves and lubricating oil additives, where domestic companies are beginning to gain market share [10][11][19]. Policy and Market Dynamics - The Chinese government is emphasizing material self-sufficiency and has implemented policies to support the development of the new materials industry, particularly in response to international trade tensions [16][19]. - The market outlook for new materials remains positive, with projections indicating that China's new materials industry could reach a total output value of 10 trillion yuan by 2025 [2][15].

Investment Rating - The report maintains a positive outlook on the chemical industry, with specific buy and hold recommendations for various companies [2][20]. Core Insights - The report highlights the closure of Dow's organic silicon production capacity in Barry, UK, which is expected to increase domestic export demand and support the upstream industrial silicon costs, indicating a potential reversal in the organic silicon industry [4][5]. - The demand for high-end AI PCBs is projected to surge due to the continuous growth in computing power requirements, driven by GPU, ASIC, and 800G switch technologies [4]. - The report notes that the recent tariff announcements from the US on imports from Southeast Asia are lower than expected, stabilizing pessimistic market sentiments [4]. Industry Dynamics - The macroeconomic outlook for the chemical industry indicates a significant increase in oil supply led by non-OPEC countries, with a stable global GDP growth rate of 2.8% [5]. - The report mentions that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream sectors [5]. - Natural gas exports from the US are anticipated to accelerate, potentially lowering import costs [5]. Company Recommendations - Companies to watch in the organic silicon sector include Dongyue Silicon Materials, Xin'an Chemical, and Xingfa Group [4]. - In the PCB sector, recommended companies include Shengquan Group, Dongcai Technology, Lianrui New Materials, Yake Technology, Tiancheng Technology, and Jiuri New Materials [4]. - For traditional cyclical stocks, the report suggests focusing on leading companies in various segments such as Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy [4]. Price Trends - The report provides specific price movements for various chemical products, such as PTA prices decreasing by 2.8% to 4715 RMB/ton, while MEG prices increased by 0.7% to 4409 RMB/ton [11]. - Urea prices rose by 2.9% to 1800 RMB/ton, while phosphate prices remained stable [12]. - The report notes that the price of DMC increased by 1.9% to 11000 RMB/ton, indicating a recovery in the organic silicon market [15].

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The industrial gas sector is experiencing a price upturn, with liquid oxygen showing a continuous year-on-year growth for three consecutive weeks [3][10] - The market for industrial gases in China is approximately 200 billion yuan, with a compound annual growth rate exceeding 10% over the past five years [4][56] - The electronic gas sector is expected to benefit from the gradual recovery of the semiconductor industry, with the global electronic gas market projected to exceed 50 billion yuan by 2025 [54][57] Price Tracking - In June, the average prices for liquid oxygen, liquid nitrogen, and liquid argon were 448 yuan/ton (up 4.7% month-on-month, up 0.5% year-on-year), 480 yuan/ton (up 6% month-on-month, up 5% year-on-year), and 629 yuan/ton (up 3.5% month-on-month, down 35.6% year-on-year) respectively [3][9] - As of July 3, the prices were 449 yuan/ton for liquid oxygen (up 1.4% month-on-month, up 3.5% year-on-year), 469 yuan/ton for liquid nitrogen (down 0.2% month-on-month, up 7% year-on-year), and 628 yuan/ton for liquid argon (down 1.1% month-on-month, down 27% year-on-year) [10] Supply and Demand Tracking - The operating load rate of air separation units in China is showing a rebound, with market supply tightening due to maintenance and increased self-use by major enterprises [36] - In June, the PMI was recorded at 49.7, indicating a slight improvement over the past two months [37] Investment Recommendations - Key recommendations include Hangyang Co., Ltd., with continuous recommendations for Qiaoyuan Co., Ltd. and Shangu Power, and suggestions to pay attention to HeYuan Gas, China Shipbuilding Special Gas, Guanggang Gas, Huate Gas, and Kaimeite Gas [55][56] - The report emphasizes the potential for domestic companies to increase their market share in the electronic gas sector, with a significant shift from foreign to domestic suppliers [53][57]

Market Overview - The Shanghai Composite Index closed at 3473.13 points, slightly above the annual line, with a change of 0.02% [1] - The total trading volume of A-shares reached 1,227.067 billion yuan [1] Stocks Breaking Annual Line - A total of 69 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - Stocks with the highest deviation rates include: - Guotou Zhonglu (8.45%) - Jihigh Development (6.51%) - Huate Gas (5.29%) [1] Detailed Stock Performance - The following stocks have notable performance metrics: - Guotou Zhonglu: Today's change of 9.98%, turnover rate of 0.15%, latest price at 14.77 yuan [1] - Jihigh Development: Today's change of 10.16%, turnover rate of 5.09%, latest price at 3.36 yuan [1] - Huate Gas: Today's change of 5.31%, turnover rate of 3.79%, latest price at 50.99 yuan [1] - Other stocks with smaller deviation rates include: - Xinwufeng - Sanfeng Environment - Yunnan Energy Investment [1]

Core Viewpoint - The A-share market shows a slight decline with the Shanghai Composite Index at 3468.65 points, down by 0.11%, while the total trading volume reached 584.993 billion yuan, indicating a mixed performance in the market [1]. Group 1: Market Performance - As of 10:29 AM, the Shanghai Composite Index is at 3468.65 points, with a decrease of 0.11% [1]. - The total trading volume in the A-share market is 584.993 billion yuan [1]. Group 2: Stocks Breaking the Annual Line - A total of 46 A-shares have surpassed the annual line today, with notable stocks including Guotou Zhonglu, Jigaofazhan, and Huate Gas, showing significant deviation rates of 8.45%, 6.51%, and 4.34% respectively [1]. - Stocks with smaller deviation rates that have just crossed the annual line include Pudong Jinqiao, Hengli Petrochemical, and Zhenyou Technology [1]. Group 3: Top Stocks by Deviation Rate - The top three stocks with the highest deviation rates are: - Guotou Zhonglu (Code: 600962) with a price increase of 9.98% and a deviation rate of 8.45% [1]. - Jigaofazhan (Code: 600807) with a price increase of 10.16% and a deviation rate of 6.51% [1]. - Huate Gas (Code: 688268) with a price increase of 4.36% and a deviation rate of 4.34% [1]. Group 4: Additional Stocks with Positive Performance - Other notable stocks with positive performance include: - Jingtou Fazhan (Code: 600683) with a price increase of 4.39% and a deviation rate of 2.45% [1]. - Huaihe Energy (Code: 600575) with a price increase of 2.23% and a deviation rate of 1.96% [1]. - ST Gaosi (Code: 002848) with a price increase of 2.88% and a deviation rate of 1.65% [1]. Group 5: Stocks with Lower Deviation Rates - Stocks with lower deviation rates that have recently crossed the annual line include: - Qianyuan Qian (Code: 600189) with a price increase of 1.80% and a deviation rate of 0.82% [2]. - Sifang Stock (Code: 601126) with a price increase of 0.79% and a deviation rate of 0.72% [2]. - Wentai Technology (Code: 600745) with a price increase of 0.94% and a deviation rate of 0.66% [2].

Core Viewpoint - The announcement details the conversion results of the company's convertible bonds, highlighting the limited conversion activity and the remaining unconverted bonds. Group 1: Conversion Status - As of June 30, 2025, a total of RMB 100,000 has been converted into company shares, resulting in 1,189 shares, which is 0.00099% of the total shares before conversion [1] - From April 1, 2025, to June 30, 2025, RMB 49,000 was converted into shares, amounting to 588 shares, which is 0.00049% of the total shares before conversion [2][6] Group 2: Convertible Bond Issuance Overview - The company issued 6,460,000 convertible bonds at a face value of RMB 100 each, raising a total of RMB 646 million, with a net amount of RMB 638.18 million after expenses [2] - The bonds have a term of six years, from March 21, 2023, to March 20, 2029 [2] Group 3: Conversion Price Adjustments - The conversion price was adjusted to RMB 83.81 per share starting July 6, 2023, due to the completion of the 2021 restricted stock incentive plan [2] - The conversion price will be further adjusted to RMB 82.72 per share on July 3, 2025, following the completion of the 2023 restricted stock incentive plan [5] Group 4: Share Capital Changes - As of June 30, 2025, the total share capital decreased to 120,304,849 shares after accounting for the conversion and the repurchase of restricted shares [6]

| 证券代码：688268 | 证券简称：华特气体 | 公告编号：2025-044 | | --- | --- | --- | | 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 关于可转债转股结果暨股份变动的公告 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: 累计转股情况：广东华特气体股份有限公司（以下简称"公司"）向不 特定对象发行可转换公司债券"华特转债"自 2023 年 9 月 27 日起可转换为公司 股份。截至 2025 年 6 月 30 日，"华特转债"累计有人民币 100,000.00 元已转 换为公司股票，转股数量为 1,189 股，占"华特转债"转股前公司已发行股份总 额的 0.00099%。 因公司完成 2021 年限制性股票激励计划预留授予部分（第二批次）第一个 归属期归属股份25,000股的新增股份的登记手续以及实施完毕2022年度权益分 派方案，自 2023 年 7 月 6 日起转股价格调整为 83.81 元/股。具体内容详见公司 于 2023 ...

Core Viewpoint - The announcement of leadership changes at Huate Gas, with Shi Pingxiang stepping down as chairman due to age, and Shi Sihui being elected as the new chairman, reflects a generational transition in the company's management [1][2]. Company Leadership Changes - Shi Pingxiang has resigned from the position of chairman and strategic committee head due to age, but will continue as a board member and on the strategic and nomination committees [1][2]. - Shi Sihui, the vice chairman, has been elected as the new chairman of Huate Gas [1][2]. - Shi Pingxiang and Shi Sihui are father and daughter, with their combined shareholding amounting to 51.46% of the company [2]. Company Background - Huate Gas was founded in 1999 by Shi Pingxiang and has become a leading producer of specialty gases in China, focusing on domestic production to break foreign monopolies in various high-tech sectors [3][6]. - The company went public on the Science and Technology Innovation Board in 2019, marking a significant milestone as the first gas company from Foshan to be listed [6]. Financial Performance - The company has faced revenue declines in recent years, with projected revenue drops of 16.8% in 2023 and 7.02% in 2024 [6]. - In the first quarter of 2025, Huate Gas reported revenues of 338 million yuan and a net profit of 44.4 million yuan [6].