登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688548 证券简称：广钢气体 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一) 主要会计数据和财务指标 单位：元 币种：人民币 (二) 非经常性损益项目和金额 √适用 □不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 单位:元 币种:人民币 对公司将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号——非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 548,339,548.06, representing an increase of 18.95% compared to CNY 460,972,839.32 in the same period last year[4]. - The net profit attributable to shareholders decreased by 15.95% to CNY 56,440,603.84 from CNY 67,153,749.05 year-on-year[4]. - The net profit after deducting non-recurring gains and losses fell by 24.42% to CNY 49,346,588.95 compared to CNY 65,289,085.29 in the previous year[4]. - Total revenue for Q1 2025 reached ¥548,339,548.06, an increase of 18.9% compared to ¥460,972,839.32 in Q1 2024[18]. - Net profit for Q1 2025 was ¥56,083,340.91, a decrease of 16.7% from ¥67,380,525.88 in Q1 2024[19]. - Operating profit for Q1 2025 was ¥61,061,014.23, down 21.5% from ¥77,761,892.18 in Q1 2024[19]. - Basic earnings per share for Q1 2025 were ¥0.04, down from ¥0.05 in Q1 2024[19]. - The diluted earnings per share for the current period is 0.04 CNY, compared to 0.05 CNY in the previous period[20]. Cash Flow - The net cash flow from operating activities increased significantly by 78.38% to CNY 156,139,464.41 from CNY 87,530,035.28 year-on-year[4][8]. - In Q1 2025, the cash inflow from operating activities was 605,717,026.11 CNY, an increase of 28.2% from 472,189,078.68 CNY in Q1 2024[21]. - The net cash flow from operating activities for Q1 2025 was 156,139,464.41 CNY, up from 87,530,035.28 CNY in Q1 2024, representing an increase of 78.5%[21]. - The cash inflow from investment activities in Q1 2025 totaled 884,001,331.51 CNY, compared to 119,148.33 CNY in Q1 2024[22]. - The net cash flow from investment activities was -329,449,397.36 CNY in Q1 2025, a decrease from -381,144,457.03 CNY in Q1 2024[22]. - The cash inflow from financing activities was 268,862,746.36 CNY in Q1 2025, significantly higher than 4,124,079.72 CNY in Q1 2024[22]. - The net cash flow from financing activities was 198,609,744.67 CNY in Q1 2025, compared to -22,766,817.40 CNY in Q1 2024[22]. - The ending balance of cash and cash equivalents as of Q1 2025 was 127,265,677.78 CNY, up from 472,036,095.70 CNY in the previous year[22]. - The company received 37,885,081.48 CNY in tax refunds during Q1 2025, compared to 309,449.84 CNY in Q1 2024[21]. - The total cash outflow from operating activities in Q1 2025 was 449,577,561.70 CNY, an increase from 384,659,043.40 CNY in Q1 2024[21]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 8,345,828,848.66, reflecting a growth of 5.06% from CNY 7,943,960,288.96 at the end of the previous year[5]. - Total assets increased to ¥8,345,828,848.66 in 2025 from ¥7,943,960,288.96 in 2024, reflecting a growth of 5.1%[17]. - Total liabilities rose to ¥2,426,594,440.73 in 2025, compared to ¥2,082,453,175.91 in 2024, marking an increase of 16.5%[16]. - Non-current assets totaled ¥5,859,323,245.35 in 2025, up from ¥5,445,906,809.19 in 2024, representing a growth of 7.6%[16]. - The company's total equity reached ¥5,919,234,407.93 in 2025, compared to ¥5,861,507,113.05 in 2024, indicating a slight increase of 1.0%[16]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 17,472[9]. - The largest shareholder, Guangzhou Industrial Investment Group Co., Ltd., holds 272,619,213 shares, accounting for 20.66% of the total shares[10]. - The top ten shareholders include Shenzhen Sequoia Hanchen Equity Investment Partnership with 33,064,098 shares, representing a significant stake in the company[12]. - The company has not reported any changes in the participation of major shareholders in securities lending or margin trading activities[13]. Research and Development - Research and development expenses totaled CNY 28,986,911.59, which is 5.29% of operating revenue, a slight decrease from 5.44% in the previous year[5]. - Research and development expenses for Q1 2025 totaled ¥26,418,219.96, slightly up from ¥25,066,473.37 in Q1 2024[18]. Operational Status - The company is focused on expanding its market presence and enhancing its product offerings through strategic investments and partnerships[12]. - There are no significant changes in the operational status of the company that require investor attention[13]. - The company maintains a consistent financial position with no audit opinion discrepancies reported for the current period[13]. Other Financial Metrics - The weighted average return on net assets decreased by 0.2 percentage points compared to the previous year[5]. - The company reported non-recurring gains of CNY 7,094,014.89, after accounting for tax and minority interests[7]. - The trading financial assets rose significantly to ¥1,375,886,605 from ¥801,501,977, marking an increase of about 71.5%[14]. - Accounts receivable increased to ¥496,826,570 from ¥480,514,351, reflecting a growth of approximately 3.4%[14]. - Inventory levels rose to ¥253,739,985 from ¥241,744,556, indicating an increase of about 4.9%[14]. - The company reported a decrease in contract assets from ¥2,317,050 to ¥1,097,668, a decline of approximately 52.7%[14].

Core Viewpoint - Guanggang Gas (688548.SH) announced a court ruling regarding its subsidiary's bankruptcy claim against Junhua Co., confirming a debt of 168 million yuan, which is significantly lower than the claimed 321 million yuan [2][3]. Company Summary - Guanggang Gas's subsidiary, Henan Guanggang, had a 20-year supply contract with Junhua Co. since 2014, which was disrupted when Junhua entered bankruptcy restructuring in 2022 [5][6]. - The court ruling recognized a bankruptcy claim of 168 million yuan, leaving a gap of 153 million yuan from the original claim [3][4]. - The company has not recognized revenue from Junhua since 2021 and has already accounted for asset impairment losses related to this contract [4]. Industry Summary - The helium gas market has faced challenges, with prices dropping by 32% in 2023 due to supply outpacing demand [8]. - Guanggang Gas's revenue from helium decreased in 2024, with total revenue reported at 2.48 billion yuan, a 22.42% decline year-on-year [8]. - The helium market is expected to see a compound annual growth rate of around 10% over the next five years, driven by demand from sectors like semiconductors and renewable energy [8].

来源丨 投中网 什么是青年？可以用数据说话。联合国将青年定义为 15-24 岁，世界卫生组织则将年龄范围扩展到 15-44 岁。可以用古语说话。"后生可畏"的箴言 揭示着东方文明对青春力量的敬畏。也可以用概念说话。文艺复兴后，"青年"作为独立概念出现，经过五四运动后在中国普及，成为社会变革的象征。 对于投资，青年又意味着始终处于"成为"（ becoming ）的状态。在湍急的时代浪潮中，青年投资人要不断寻找自身的定位，校准自己的价值观，整 合各种不同的看待世界的方法和模型，形成一套自己的认知体系，当然，最重要的，投资人要与时代共振。 生命力是主体的一种经验和感受，是意识和行动之间的间隔。而投资正是社会生命力的象征。我们希望青年投资人能活出饱满的生命力。既能躬身入 局，中流击水，也能及时抽身，理清时代的脉络。既能理解宏观经济趋势，深入分析行业来龙去脉，更需在信息过载时筛选出有效信号，在快速变化的 市场中保持新鲜的眼光和敏锐的洞察力。 投资人要与时代共振。 | 5 | 邓到 | 陆石投资 | 北京、天津、成都 | 爱思达航天 天兵科技 | | --- | --- | --- | --- | --- | | | | ...

证券代码：688548 证券简称：广钢气体 公告编号：2025-013 广州广钢气体能源股份有限公司 关于控股子公司诉讼进展的公告 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： "1、确认原告河南广钢对被告骏化股份享有普通破产债权168,113,649.34元； 2、驳回原告河南广钢的其他诉讼请求。 一、 本次诉讼的基本情况 2024年4月，河南广钢向河南省驻马店市中级人民法院（以下简称"驻马店中院"、 "法院"）提起诉讼，要求确认原告河南广钢对被告河南骏化发展股份有限公司（以 下简称"骏化股份"）享有破产债权为32,075.29万元（该金额为暂定金额，最终根据 审计评估结论确定）。（注:管理人确认原告债权金额为5,249.57万元，争议金额暂定 为：32,075.29万元-5,249.57万元=26,825.72万元） 1 案件所处的诉讼阶段：一审判决； 上市公司所处的当事人地位：广州广钢气体能源股份有限公司（以下简称 "公司"、"上市公司"）控股子公司河南广钢气体能源有限公司（以 下简称"河南广钢"） ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Bromine prices continue to rise, with a 15.12% increase this week, reaching 33,385 RMB/ton, following a 20.83% rise last week, and showing an 85.47% year-on-year increase [3][4] - The refrigerant sector remains strong, with R32 prices at 48,000 RMB/ton, up 5.49% from last week, driven by seasonal demand [4][5] - EVA prices have stabilized and slightly rebounded, with an average market price of 11,443 RMB/ton, reflecting a 5.47% increase since the beginning of the year [4][5] Summary by Sections 1. Sub-industry and Product Tracking - Bromine prices have shown a significant increase due to seasonal demand and supply constraints, with a current price of 33,385 RMB/ton [3][4] - Refrigerant prices are on the rise, with R32 at 48,000 RMB/ton and R125 at 45,000 RMB/ton, indicating strong market performance [4][9] - EVA prices have stabilized, with a slight rebound observed, maintaining a market average of 11,443 RMB/ton [4][42] 2. Key Industry Trends - The fluorochemical sector is experiencing a demand surge, particularly in refrigerants, with major price increases noted [5][11] - The low-altitude economy and robotics industry are expected to drive demand for new materials, such as carbon fiber and ultra-high molecular weight polyethylene [5][25] - The semiconductor materials market is growing, with China's market size increasing from 52.5 billion RMB to 95.1 billion RMB from 2017 to 2023, reflecting a CAGR of 10% [16][19] 3. Company Announcements and Industry News - Key companies in the bromine market include those involved in the production of flame retardants and pharmaceutical intermediates [3][4] - Companies like Juhua Co. and Sanmei Co. are recommended for investment due to their strong performance in the fluorochemical sector [5][11] - The report highlights the importance of domestic semiconductor material manufacturers as the industry moves towards greater localization [18][19]

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [3][20]. Core Views - The company is positioned as a leader in the electronic gas sector, with strong growth potential driven by new project launches and recovery in semiconductor investments [6][5]. - The decline in helium prices has marginally weakened, and the company expects a stabilization or potential rebound in helium prices, which could improve profitability [6]. - The company has secured multiple electronic gas projects, achieving a market share of 41% in new on-site gas production projects in the domestic integrated circuit manufacturing and semiconductor display sectors [6]. Financial Performance Summary - In 2024, the company achieved revenue of 2.1 billion yuan, a year-on-year increase of 14.6%, while the net profit attributable to shareholders was 250 million yuan, a decrease of 22.4% [5][8]. - The fourth quarter of 2024 saw revenue of 610 million yuan, up 26.1% year-on-year and 15.1% quarter-on-quarter, with a net profit of 67 million yuan, down 28.1% year-on-year but up 46.4% quarter-on-quarter [9][13]. - The company's gross margin for 2024 was 26.9%, a decrease of 8.1 percentage points year-on-year, primarily due to the ramp-up of new electronic gas projects and declining helium prices [6][11]. Earnings Forecast - The company is projected to achieve net profits of 350 million yuan in 2025, 450 million yuan in 2026, and 600 million yuan in 2027, with year-on-year growth rates of 39%, 29%, and 35% respectively [6][19]. - Corresponding P/E ratios for 2025, 2026, and 2027 are estimated at 43.9x, 34.1x, and 25.3x [6][19]. Market Position and Competitive Landscape - The company is recognized as a domestic leader in electronic bulk gases and helium, with a robust order backlog and strong growth prospects [6]. - The semiconductor industry's development is expected to continuously drive demand for electronic bulk gases, supporting the company's long-term growth [6].

海通证券股份有限公司关于广州广钢气体能源股份有限公司 2024 年度持续督导年度跟踪报告 | 保荐机构名称：海通证券股份有限公司 | 被保荐公司简称：广钢气体 | | --- | --- | | 保荐代表人姓名：张悦、秦国亮 | 被保荐公司代码：688548 | 重大事项提示 经中国证券监督管理委员会《关于同意广州广钢气体能源股份有限公司首次 公开发行股票注册的批复》（证监许可〔2023〕1452 号），广州广钢气体能源 股份有限公司（以下简称"广钢气体"、"上市公司"、"公司"）首次公开发 行股票，每股面值人民币 1 元，每股发行价格人民币 9.87 元，募集资金总额为 人民币 325,561.58 万元，扣除发行费用后，实际募集资金净额为人民币 306,781.46 万元。本次发行证券已于 2023 年 8 月 15 日在上海证券交易所上市。海通证券股 份有限公司（以下简称"海通证券"、"保荐机构"）担任其持续督导保荐机构， 持续督导期间为 2023 年 8 月 15 日至 2026 年 12 月 31 日。 在 2024 年 1 月 1 日至 2024 年 12 月 31 日持续督导期内（以下简称"本持 ...

Group 1: Aluminum Industry - The aluminum industry is experiencing a good destocking performance, but prices are under pressure due to tariffs and macroeconomic uncertainties [4][10]. - Domestic electrolytic aluminum production capacity has slightly increased, with average costs around 16,960 RMB/ton, down 103 RMB/ton week-on-week [5]. - Downstream aluminum processing enterprises are seeing a recovery in orders and operating rates, supported by demand from the photovoltaic sector and automotive aluminum [6]. Group 2: Power Industry - China Power reported a revenue of 54.21 billion RMB for 2024, a year-on-year increase of 22.5%, with a net profit of 3.86 billion RMB, up 25.2% [11][12]. - The company’s coal-fired power segment showed improved performance, while hydropower turned profitable due to favorable water conditions [13]. - The company plans to maintain a dividend payout ratio of 60% for the year [12]. Group 3: Beverage Industry - The food and beverage sector has seen a decline, with the beverage segment down 3.65% over the past two weeks, underperforming the Shanghai Composite Index [15]. - The liquor market is experiencing a seasonal downturn, with prices for premium brands like Moutai decreasing, indicating weaker demand [16]. - The overall performance of liquor companies varies, with some regional brands showing resilience amid macroeconomic pressures [17]. Group 4: Logistics Industry - SF Express reported a revenue of 15.746 billion RMB for 2024, a year-on-year increase of 27%, with a net profit of 132 million RMB, up 161.8% [21][22]. - The company’s last-mile delivery segment saw significant growth, particularly in county-level markets, with a 121% increase in revenue [24]. - The logistics sector is benefiting from network scale effects, leading to improved profit margins and cost reductions [25]. Group 5: Chemical Industry - The chemical sector is expected to enter a replenishment cycle in 2025, driven by low inventory levels and improving profitability [29]. - Phosphate rock supply remains tight, with companies like Baitian Co. expanding production capacity to meet growing demand [28]. - The industry is witnessing price increases for key products like urea and hexafluoropropylene, indicating a positive market sentiment [35].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The report highlights that helium prices have bottomed out and are beginning to recover, while on-site gas production is steadily advancing [1] - The company is expected to benefit from the ongoing capital expenditure in the domestic semiconductor and panel industries, positioning it well for future growth [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,835 million in 2023 to 3,901 million by 2027, with a compound annual growth rate (CAGR) of approximately 19.1% [5][7] - The net profit attributable to the parent company is forecasted to increase from 320 million in 2023 to 685 million by 2027, reflecting a significant growth trajectory [5][7] - The earnings per share (EPS) is expected to rise from 0.29 in 2023 to 0.52 in 2027, indicating a positive outlook for shareholder returns [5][7] - The company's gross margin is projected to stabilize around 30% in the coming years, with a return on equity (ROE) expected to reach 10% by 2027 [5][7] Business Performance Insights - The company reported a revenue of 2,103 million in 2024, a year-on-year increase of 15%, although the net profit decreased by 22% to 248 million due to falling helium prices [6] - The on-site gas production segment has shown robust growth, with revenue increasing by 41% year-on-year, while retail gas sales have declined by 11% [6] - The company has secured significant contracts in the electronic bulk gas sector, which is expected to drive future revenue growth [6] Strategic Developments - The company is enhancing its supply chain by signing long-term helium procurement agreements, which will improve its market position and pricing power [6] - Investments in manufacturing capabilities for gas production equipment are underway, aimed at solidifying the company's competitive edge in the on-site gas production market [6]