股东大会法律意见书 关于广东华特气体股份有限公司 2025 年第一次临时股东大会的法律意见书 信达科会字(2025)第 049 号 致：广东华特气体股份有限公司 广东信达律师事务所（以下简称信达）接受广东华特气体股份有限公司（以 下简称公司）的委托，指派信达律师出席公司 2025 年第一次临时股东大会（以 下简称本次股东大会），对本次股东大会的合法性进行见证，并出具《广东信达 律师事务所关于广东华特气体股份有限公司 2025 年第一次临时股东大会的法律 意见书》（以下简称本法律意见书）。 信达律师根据《中华人民共和国公司法》（以下简称《公司法》）、《上市 公司股东会规则》（以下简称《股东会规则》）等法律、法规和规范性文件，以 及《广东华特气体股份有限公司章程》（以下简称《公司章程》）的规定，对本 次股东大会的召集、召开程序、出席会议人员的资格、召集人的资格、会议的表 决程序和表决结果等事项发表法律意见。 信达及经办律师依据《中华人民共和国证券法》《律师事务所从事证券法律 业务管理办法》《律师事务所证券法律业务执业规则（试行）》等规定及本法律 中国深圳市福田区益田路 6001 号太平金融大厦 11、12 楼 邮 ...

Group 1 - The core point of the article is that Huate Gas announced a share reduction plan by its shareholders, which has been completed, resulting in a decrease of 2.99% of the company's total shares [1] - The shareholders involved in the reduction are Xiamen Huahong Duofu Investment Partnership, Xiamen Huahao Duofu Investment Partnership, and Xiamen Huajin Duofu Investment Partnership, which collectively reduced their holdings by 2.4 million shares [1] - As of the announcement, Huate Gas has a market capitalization of 7.7 billion yuan [1] Group 2 - The share reduction plan is set to be effective until October 31, 2025 [1] - The total shares reduced represent 1.99% of the company's total equity [1]

Group 1 - The core transaction of Huate Gas involved a block trade of 642,800 shares, amounting to 37.7324 million yuan, which accounted for 19.51% of the total trading volume on that day [1] - The transaction price was 58.7 yuan, representing an 8.74% discount compared to the market closing price of 64.32 yuan [1] Group 2 - The block trade on October 31, 2025, included multiple institutional buyers, with the largest transaction being 2,035.72 thousand yuan for 34.68 thousand shares [2] - Other notable transactions included amounts of 1,074.21 thousand yuan for 18.3 thousand shares and 663.31 thousand yuan for 11.3 thousand shares, all executed by institutional trading departments [2]

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of 68.15 RMB [6][4]. Core Insights - The company reported Q3 revenue of 370 million RMB, an increase of 8% year-over-year and 9% quarter-over-quarter, with a net profit of 41.07 million RMB, up 12% year-over-year and 23% quarter-over-quarter [1]. - The gross margin for the first three quarters of 2025 increased by 1.9 percentage points to 33.8%, driven by the demand for high-end gas products [2]. - The company has successfully introduced products to over 90% of domestic 8-12 inch chip manufacturers, with ongoing projects progressing smoothly [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 1.04 billion RMB, a decrease of 1% year-over-year, and a net profit of 120 million RMB, down 10% year-over-year [1]. - The report projects net profits for 2025-2027 to be 170 million, 220 million, and 280 million RMB respectively, reflecting year-over-year changes of -5%, +25%, and +29% [4]. Market Position and Growth Potential - The company is positioned to benefit from the accelerated domestic semiconductor production, with several specialty gas products showing strong growth potential [1]. - The ongoing projects include the synthesis and purification of hexafluorobutylene and the purification of hydrogen bromide, which are on track for mass production [3]. Valuation Metrics - The report adjusts the company's net profit estimates downward for 2025-2027 by 19%, 16%, and 18% respectively, while maintaining a PE valuation of 47 times for 2025, leading to a target price of 68.15 RMB [4].

Core Viewpoint - Huate Gas (688268.SH) reported its Q3 2025 results, highlighting a significant institutional ownership and changes in public fund disclosures [1] Institutional Ownership - As of October 30, 2025, six institutional investors disclosed holdings in Huate Gas A-shares, totaling 45.61 million shares, which represents 37.91% of the company's total equity [1] - The institutional ownership percentage decreased by 0.41 percentage points compared to the previous quarter [1] Public Fund Disclosures - One new public fund was disclosed during this period, namely the Invesco Great Wall Pension 2055 Mixed Fund [1] - A total of 65 public funds were not disclosed in this quarter, including notable funds such as Huaan Cultural Health Flexible Allocation Mixed A and Huaan Industry Selection Mixed A [1]

Group 1 - The core viewpoint of the article highlights the financial performance of Huate Gas in Q3 2023, indicating a decline in revenue and net profit compared to the previous year [1] - For the first three quarters of 2025, the company's revenue was approximately 1.044 billion yuan, representing a year-on-year decrease of 1.36% [1] - The net profit attributable to shareholders was around 119 million yuan, reflecting a year-on-year decline of 10.32% [1] - Basic earnings per share were reported at 0.99 yuan, down 10.81% year-on-year [1] Group 2 - As of the report date, Huate Gas had a market capitalization of 7.8 billion yuan [2]

Core Viewpoint - Huate Gas (688268.SH) reported a year-on-year increase in revenue and net profit for Q3 2025, indicating strong financial performance and growth potential in the gas industry [1] Financial Performance - The company's operating revenue for Q3 2025 reached 368 million yuan, representing a year-on-year increase of 7.96% [1] - The net profit attributable to shareholders of the listed company was 41.071 million yuan, showing a year-on-year increase of 12.45% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 40.370 million yuan, reflecting a year-on-year increase of 9.80% [1]

Core Viewpoint - Huate Gas (688268.SH) reported a year-on-year increase in revenue and net profit for Q3 2025, indicating positive financial performance and growth potential [1] Financial Performance - The company's operating revenue for Q3 2025 reached 368 million yuan, representing a year-on-year increase of 7.96% [1] - The net profit attributable to shareholders of the listed company was 41.071 million yuan, showing a year-on-year increase of 12.45% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 40.370 million yuan, reflecting a year-on-year increase of 9.80% [1]

Revenue and Profit - Q3 2025 revenue reached CNY 367.61 million, a year-on-year increase of 7.96%[4] - Total profit for the quarter was CNY 47.73 million, up 4.58% compared to the same period last year[4] - Net profit attributable to shareholders was CNY 41.07 million, reflecting a 12.45% increase year-on-year[4] - The total profit for the year-to-date was CNY 142.43 million, a decrease of 11.14% compared to the same period last year[4] - The net profit for the first three quarters of 2025 is CNY 116,416,232.80, a decrease of 12.1% compared to CNY 132,602,984.08 in the same period of 2024[18] - The operating profit for the current period is CNY 142,536,813.33, down 10.7% from CNY 159,715,533.43 in the previous year[18] - The total comprehensive income for the current period is CNY 119,487,971.03, down from CNY 134,575,800.63 in the previous year, indicating a decline of 11.2%[19] Expenses and Costs - R&D investment totaled CNY 12.45 million, accounting for 3.39% of revenue, a decrease of 0.12 percentage points from the previous year[5] - Total operating costs for the first three quarters of 2025 were CNY 906,671,711.02, down from CNY 912,375,823.28 in 2024, reflecting a cost reduction strategy[17] - Operating costs decreased from CNY 721,094,799.64 in 2024 to CNY 691,412,510.70 in 2025, indicating improved operational efficiency[17] - Sales expenses increased to CNY 79,357,571.97 in 2025 from CNY 70,416,244.87 in 2024, suggesting increased investment in marketing efforts[17] - Management expenses rose to CNY 74,386,572.29 in 2025, compared to CNY 61,401,583.97 in 2024, indicating higher administrative costs[17] - The company’s financial expenses increased to CNY 19,747,571.67 from CNY 18,094,934.02, marking an increase of 9.1%[18] - The research and development expenses for the current period are CNY 34,444,103.43, a decrease from CNY 35,748,754.27 in the previous year, reflecting a decline of 3.6%[18] Cash Flow and Liquidity - Cash flow from operating activities for the year-to-date was CNY 184.99 million, down 13.97% from the previous year[4] - The cash flow from operating activities for the first three quarters of 2025 is CNY 184,995,315.60, a decrease of 13.5% from CNY 215,031,032.30 in the previous year[21] - The company reported a net cash outflow from investing activities of CNY 242,544,060.33, compared to a net outflow of CNY 235,452,091.11 in the same period last year[21] - Cash and cash equivalents as of September 30, 2025, were CNY 674,625,908.93, down from CNY 711,882,469.13 at the end of 2024[12] - The company’s cash and cash equivalents at the end of the period stand at CNY 654,198,127.58, down from CNY 743,463,856.97 at the end of the same period last year[21] Assets and Liabilities - Total assets increased to CNY 3.53 billion, representing a growth of 7.08% compared to the end of the previous year[5] - Total assets increased to CNY 3,534,815,662.43 as of September 30, 2025, compared to CNY 3,301,138,166.51 at the end of 2024, reflecting growth in the asset base[14] - Total liabilities increased to CNY 1,478,969,432.45 in 2025 from CNY 1,295,464,350.26 in 2024, indicating a rise in financial obligations[15] - Shareholders' equity rose to CNY 2,055,846,229.98 in 2025 from CNY 2,005,673,816.25 in 2024, showing an increase in the company's net worth[15] - Non-current assets totaled CNY 1,778,800,959.42 as of September 30, 2025, up from CNY 1,647,590,203.84 at the end of 2024, indicating investment in long-term growth[14] Shareholder Information - The company reported a total of 10,979 common shareholders at the end of the reporting period[10] - The basic earnings per share for the quarter was CNY 0.34, a 9.68% increase year-on-year[4] - The basic and diluted earnings per share for the current period are both CNY 0.99, compared to CNY 1.11 in the same period last year, reflecting a decrease of 10.8%[19]

Market Overview - The electronic chemicals sector experienced a decline of 0.3% on October 28, with Siquan New Materials leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Notable gainers in the electronic chemicals sector included: - Huate Gas (688268) with a closing price of 68.52, up 5.42% on a trading volume of 44,800 shares and a turnover of 297 million [1] - Jingrui Electric Materials (300655) closed at 18.25, up 4.23% with a trading volume of 3.09 million shares and a turnover of 56.791 million [1] - Conversely, Siquan New Materials (301489) saw a significant decline of 16.98%, closing at 203.30 with a trading volume of 138,900 shares and a turnover of 298.5 million [2] Capital Flow - The electronic chemicals sector experienced a net outflow of 1.446 billion in main funds, while retail investors saw a net inflow of 1.253 billion [2] - The capital flow for specific stocks showed: - Dinglong Co. (300054) had a main fund net inflow of 37.85 million, but retail investors had a net outflow of 22.91 million [3] - Huate Gas (688268) experienced a main fund net inflow of 8.2143 million, with retail investors seeing a net outflow of 8.6272 million [3]