Core Viewpoint - The company, Huate Gas (688268.SH), reported improved gross margins in Q3 2025 due to the gradual release of new product capacities and effective transformation of results, which alleviated the pressure from declining prices of traditional products [1] Group 1: Financial Performance - The main business gross margin has further increased, indicating a positive shift in profitability structure [1] - The company has successfully supplied electronic-grade hexafluorobutadiene to leading domestic semiconductor clients, contributing to revenue growth [1] Group 2: Product Development - New products, including bromine hydride, have achieved small sales orders, showcasing ongoing progress in product transformation [1]

Core Viewpoint - Guangdong Huate Gas Co., Ltd. has decided not to adjust the conversion price of its convertible bonds, Huate Convertible Bonds, despite the triggering of the downward adjustment clause due to stock price fluctuations [2][9][10]. Summary by Sections Convertible Bond Issuance Overview - The company issued 6,460,000 convertible bonds with a total fundraising amount of RMB 646 million, netting RMB 638.18 million after expenses [3]. - The bonds are set to mature six years from the issuance date, specifically from March 21, 2023, to March 20, 2029 [3]. - The initial conversion price was set at RMB 84.22 per share, which was adjusted to RMB 83.81 on July 6, 2023, and further adjusted to RMB 83.75 on August 21, 2023 [4][5]. Downward Adjustment Clause for Conversion Price - The downward adjustment clause is triggered when the stock price is below 85% of the conversion price for at least 15 out of 30 consecutive trading days [7]. - The company has the authority to propose a downward adjustment, which requires a two-thirds majority approval from shareholders [7]. Decision on Non-Adjustment of Conversion Price - As of November 17, 2025, the stock price fell below RMB 70.31, triggering the adjustment clause [9]. - The board of directors decided not to adjust the conversion price, considering the short time since the bond's issuance and the impact of macroeconomic factors [9][10]. - The decision was made unanimously with 8 votes in favor and no opposition [10]. Future Considerations - The company will not propose a downward adjustment for the next six months, even if the conditions are met again [10]. - The next period for potential adjustment will start from May 18, 2026 [10].

Core Viewpoint - The company, Huate Gas, is positioned as a pioneer in the domestic specialty gas industry, successfully breaking into international markets and establishing a collaborative development model between domestic and overseas operations [1] Group 1 - The company exports products to over 50 countries and regions, making it one of the few domestic enterprises capable of bulk and diverse exports [1] - The company aims to leverage its advantages to meet the globalized demand of the industry chain, focusing on integrating product variety, industry chain, and regional aspects [1]

Core Viewpoint - The company emphasizes its commitment to independent control and innovative development, positioning itself as a leader in breaking the import restrictions of gas materials in advanced fields such as integrated circuits, new display panels, high-end equipment manufacturing, and renewable energy [1] Group 1 - The company has been a pioneer in the gas industry, focusing on self-sufficiency and innovation [1] - The company aims to overcome import constraints in critical sectors, enhancing its competitive edge [1]

Core Viewpoint - The company is accelerating the transformation and certification process of high-end electronic specialty gases, including silane, hydrogen bromide, and boron trichloride, with sales orders already generated for these new products [1] Group 1 - The company plans to advance the commercialization of silane, hydrogen bromide, and boron trichloride by 2025 [1] - The new products have already resulted in sales orders, indicating successful transformation of research outcomes into marketable products [1]

Group 1 - The core viewpoint of the article highlights that the gas industry is experiencing a recovery in demand while facing price pressures, with a notable year-on-year increase in market demand for gas products in downstream application areas [2] - The company has effectively leveraged its stable product supply capabilities and market coverage advantages to seize opportunities arising from increased demand, resulting in significant sales growth for some core specialty gas products during the reporting period [2]

Core Viewpoint - Huate Gas has successfully produced over 55 types of high-purity specialty gases, achieving domestic import substitution for similar products in China [2] Group 1: Product Development - The company has developed high-purity tetrafluoromethane, high-purity hexafluoroethane, high-purity carbon dioxide, high-purity carbon monoxide, high-purity octafluorocyclobutane, high-purity trifluoromethane, rare mixed photoetching gases, and high-purity perfluorobutylene [2] - The focus is on advanced process application gas materials, high-purity hydrocarbons, and silicon-based precursors for high-end product technology breakthroughs and industrialization [2] Group 2: Market Positioning - The company aims to meet the needs of semiconductor manufacturing at 14nm and below, enhancing its independent R&D capabilities in the high-end electronic specialty gas sector [2] - The development philosophy is centered around "technology-driven enterprise, innovation-driven" [2]

Group 1 - The company has reported that the new capacity ramp-up at its Jiangxi subsidiary has been completed, and production value is being released as it enters the ramp-up phase [2] - The convertible bond fundraising project is progressing as planned, with some products already launched in the market [2] - The Nantong project has obtained the first phase of land and has received environmental and safety evaluations, and it is currently in the planning and construction stage [2]

Core Points - The company, Huate Gas, announced that it will not adjust the conversion price of its "Huate Convertible Bonds" downward during the upcoming six months [2] - The decision was made during the 23rd meeting of the fourth board of directors [2] - If the conditions for downward adjustment are triggered again within the specified period, the company will also not propose a downward adjustment plan [2]

| 证券代码：688268 | 证券简称：华特气体 | 公告编号：2025-066 | | --- | --- | --- | | 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: （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转换公司债券 6,460,000 张，每张面值为人民币 100 元，募集资金总额为人民币 646,000,000.00 元，扣除与本次发行有关的费用合 计 7,821,867.92 元（不含税）后，实际募集资金净额为 638,178,132.08 元。可 转债的期限为自发行之日起六年，即自 2023 年 3 月 21 日至 2029 年 3 月 20 日。 （二）经上海证券交易所"自律监管决定书〔2023〕73 号"文同意，公司 64,60 ...