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].

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].