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]

证券代码：688548 证券简称：广钢气体 公告编号：2025-021 广州广钢气体能源股份有限公司 关于注销部分募集资金专户的公告 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。 广州广钢气体能源股份有限公司（以下简称"广钢气体"或"公司"）首 次公开发行股票募集资金按照相关法律、法规和规范性文件的规定在银行开立 了募集资金专用账户及现金管理专用结算账户。公司于近日办理完成了部分募 集资金专用账户的注销手续，具体情况如下： 一、募集资金基本情况 董事会 2025年7月4日 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司证 券发行注册管理办法》《上海证券交易所科创板股票上市规则》《上市公司募 集资金监管规则》《上海证券交易所科创板上市公司自律监管指引第 1 号—— 规范运作》等法律、行政法规、部门规章、规范性文件及公司相关制度的规定， 募集资金到账后，已全部存放于经公司董事会批准开设的募集资金专用账户内， 公司已与保荐机构、募集资金专户开户银行签署了《募集资金专户存储三方监 管协议》，公司及各子公司按规定与 ...

Core Viewpoint - The Chinese electronic bulk gas industry is undergoing a critical transformation from technology catch-up to localized breakthroughs, with a continuously expanding market size and accelerated domestic substitution process. The market size of China's electronic bulk gas is expected to reach approximately 11.2 billion yuan in 2024, representing a year-on-year growth of 8.74% [1][16]. Industry Overview - The term "electronic gas" broadly refers to gases used in electronic industrial production, divided into electronic bulk gases and electronic specialty gases, which are crucial raw materials in semiconductor manufacturing [2]. - Electronic bulk gases include nitrogen, helium, oxygen, hydrogen, and carbon dioxide, with significant usage in semiconductor production processes [4][6]. Industry Development History - The development of China's electronic bulk gas industry has gone through four stages: 1. The budding stage (1950-1980) where reliance on imported equipment limited domestic production capabilities. 2. The initiation stage (1981-1999) marked by the entry of international gas giants bringing advanced technology. 3. The development stage (2000-2015) where domestic companies began to reduce reliance on imports and the demand for electronic bulk gases surged due to the growth of the semiconductor and photovoltaic industries. 4. The maturity stage (2016-present) where domestic companies have mastered ultra-pure gas purification technologies, meeting advanced process requirements [7][8]. Market Size - The electronic gas market in China is projected to reach approximately 20.3 billion yuan in 2024, with a year-on-year growth of 7.98%. The rapid expansion of the domestic semiconductor industry and continuous growth in photovoltaic installations are driving this demand [14][16]. Key Companies - **Guangzhou Guanggang Gas**: A leading domestic electronic bulk gas service provider, known for its "Super-N" series ultra-pure nitrogen production technology, achieving ppb-level purity [21]. - **Jinhong Gas**: Engaged in gas research, production, and sales, recognized as a national high-tech enterprise, with a focus on ultra-pure gases [23]. - **Linde Gas, Air Liquide, and Air Products**: Global industrial gas giants dominating over 70% of the high-end market share, leveraging technology barriers and long-term customer contracts [18][19]. Industry Development Trends 1. **Technological Innovation and Domestic Substitution**: The industry is experiencing dual drivers of technological innovation and domestic substitution, with companies increasing R&D investments to meet high purity and stability requirements [25]. 2. **Industry Chain Integration and Model Innovation**: Companies are integrating vertically and innovating business models, exploring on-site gas production and digital gas management systems to enhance competitiveness [26]. 3. **Diversified Market Demand and Global Layout**: The industry faces opportunities from diversified market demands and accelerated globalization, with companies expanding internationally to meet both domestic and foreign needs [27].

Summary of Key Points Core Viewpoint - The announcement details the shareholding reduction plan executed by the shareholder Jinggangshan Chengxing Gas Investment Partnership, which has reduced its stake in Guangzhou Guanggang Gas Energy Co., Ltd. Group 1: Shareholder Information - Jinggangshan Chengxing held 34,449,730 shares, representing 2.61% of the total share capital before the reduction plan [1] - The shares were acquired prior to the company's initial public offering (IPO) and are now publicly traded [1] Group 2: Reduction Plan Implementation Results - The reduction plan was disclosed on March 11, 2025, with a timeframe from March 14, 2025, to June 13, 2025, allowing for a maximum reduction of 26,387,970 shares, or 2% of the total share capital [2] - Jinggangshan Chengxing successfully reduced its holdings by 8,069,730 shares, which is 0.61% of the total share capital [2] - The shares were sold through centralized bidding at prices ranging from 9.75 to 11.80 yuan per share, totaling approximately 89,428,577.75 yuan [2] - The original plan allowed for a maximum reduction of 2%, but only 0.61% was executed, leaving 18,318,240 shares untransacted [2][3] Group 3: Compliance with Reduction Plan - The actual reduction was consistent with the previously disclosed plan, and there was no early termination of the reduction plan [3]

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 11.88 CNY, based on a 45 times PE for 2025 [7][11]. Core Insights - The company is a leading domestic supplier of high-purity electronic gases, benefiting from the domestic substitution trend in the semiconductor industry. It has achieved a market share of 15.3% in the bulk gas market by 2024, breaking the foreign monopoly [1][2][20]. - The company's revenue is projected to grow significantly, with expected revenues of 7.8 billion CNY in 2025 and 20.2 billion CNY in 2027, driven by major projects coming online [2][11]. - The helium price cycle is showing signs of recovery, which is expected to improve the company's profitability in the coming years [4][11]. Summary by Sections Company Overview - The company has a history of over 50 years in the gas industry, transitioning from a gas supply plant for a steel factory to a specialized gas supplier. It has successfully broken the foreign monopoly in the electronic gas sector [1][20]. - Revenue increased from 867 million CNY in 2020 to 2.103 billion CNY in 2024, with a CAGR of 24.8%. However, net profit decreased from 270 million CNY to 248 million CNY during the same period due to helium price fluctuations [16][19]. Electronic Bulk Gas Market - The electronic bulk gas market in China is expected to reach 9.7 billion CNY in 2024, with a projected CAGR of 7.5% from 2025 to 2030. The company has a leading position with a 41% new bid rate in 2024 [2][45]. - The company’s bulk gas business accounted for 71% of its revenue in 2024, with a significant increase in sales driven by the semiconductor industry [1][24]. General Industrial Gas - The general industrial gas segment remains stable, generating 4-5 billion CNY in revenue, with key clients including major corporations in various industries [3][31]. Helium Price Recovery - The company is the largest domestic helium importer, with 13.4% of the national import volume in 2024. The current helium prices are at historical lows, but a recovery is anticipated, which will enhance profit margins [4][11][24]. Financial Projections - The company is expected to achieve net profits of 348 million CNY, 582 million CNY, and 842 million CNY for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 41%, 67%, and 45% [11][12].

证券代码：688548 证券简称：广钢气体 公告编号：2025-020 关于股东减持股份计划时间届满暨减持结果公告 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： 股东持股的基本情况: 本次减持计划实施前，广州广钢气体能源股份有 限公司（以下简称"公司"）股东井冈山橙兴气华股权投资合伙企业(有限合伙) （以下简称"井冈山橙兴"）在中国证券登记结算有限责任公司上海分公司登记 持有公司股份 34,449,730 股，占公司总股本的 2.61%，均为在公司首次公开发 行 A 股股票并上市前取得的股份。相关股份已上市流通。 减持计划的实施结果：2025 年 3 月 11 日，公司在上海证券交易所网站 （www.sse.com.cn)披露了《关于股东减持股份计划的公告》（公告编号： 2025-004）。股东井冈山橙兴计划于上述公告披露之日起 3 个交易日结束后的 3 个月内(即 2025 年 3 月 14 日至 2025 年 6 月 13 日期间)通过大宗交易方式或集中 竞价交易方式，减持合计不超过 26 ...

Core Viewpoint - Guangzhou Guanggang Gas Energy Co., Ltd. has announced a differentiated cash dividend distribution plan for the fiscal year 2024, which was approved at the annual shareholders' meeting on May 20, 2025 [1][2]. Dividend Distribution Plan - The company plans to distribute a cash dividend of 0.0460 yuan per share (including tax), amounting to a total of approximately 60.68 million yuan (including tax) based on the actual participating shares [2][3]. - The total share capital of the company is 1,319,398,521 shares, with 1,319,027,316 shares eligible for distribution after excluding treasury shares [2]. Important Dates - The key dates for the dividend distribution are as follows: - Record date for shareholders: Not specified - Ex-dividend date: Not specified - Cash dividend payment date: Not specified [3]. Implementation Method - The cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the record date [3]. - Shareholders who have completed designated transactions can receive their cash dividends on the payment date at their designated securities business department [3]. Taxation Policies - For individual shareholders holding unrestricted shares for over one year, the dividend income is exempt from personal income tax, resulting in a net cash dividend of 0.046 yuan per share [4][5]. - For shares held for less than one year, the company will not withhold personal income tax at the time of distribution, and the actual cash dividend will be deducted from the shareholders' accounts by the securities companies [5][6]. - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.0414 yuan per share [6][7].

国泰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 差异化分红送转特殊除权除息处理的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 广州广钢气体能源股份有限公司（以下简称"广钢气体"或"公司"）首次公开 发行股票并在科创板上市持续督导保荐机构，根据《证券发行上市保荐业务管理 办法》《上海证券交易所上市公司自律监管指引第11号——持续督导》《上海证券 交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第1 号——规范运作》《上海证券交易所上市公司自律监管指引第7 号——回购股份》 等有关规定，对公司差异化分红送转特殊除权除息处理事项（以下简称"本次差 异化分红"）进行了审慎核查，具体情况如下： 一、本次差异化分红的原因 公司于2024年9月受让员工持股平台井冈山市大气天成贰号投资合伙企业 （有限合伙）离职员工退伙份额，产生库存股371,205股，该库存股不参与利润 分配。 因此，公司2024年度利润分配涉及差异化分红。 二、本次差异化分红方案 公司于2025年3月28日分别召开第三届董事会第五次会议及第三届监事会第 三次会议，并于2025年5月20日召开2 ...

证券代码：688548 证券简称：广钢气体 公告编号：2025-019 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东 （库存股不参与本次分派）。 是否涉及差异化分红送转：是 每股分配比例 每股现金红利0.0460元（含税） 相关日期 广州广钢气体能源股份有限公司2024年年度 权益分派实施公告 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、 通过分配方案的股东大会届次和日期 本次利润分配方案经广州广钢气体能源股份有限公司（以下简称"公司"）2025 年 5 月 20 日的2024年年度股东会审议通过。 二、 分配方案 1. 发放年度：2024年年度 3. 差异化分红送转方案： （1）本次差异化分红方案 公司于 2025 年 3 月 28 日分别召开第三届董事会第五次会议及第三届监事会 第三次会议，并于 2025 年 5 月 20 日召开 2024 年年度股东会审议通过了《关于 ...

Core Viewpoint - The company has announced a change in the designated sponsor representatives for its initial public offering (IPO) and ongoing supervision on the Sci-Tech Innovation Board, ensuring continuity in oversight and compliance with regulatory requirements [1][2]. Group 1: Change of Sponsor Representatives - The company received a notice from Guotai Junan Securities Co., Ltd. regarding the replacement of the sponsor representatives for its IPO project [1]. - Zhang Yue, the original sponsor representative, is unable to continue due to work arrangements, and Deng Xin has been appointed to take over her responsibilities [1][2]. - The new sponsor representatives for the ongoing supervision of the IPO project are Qin Guoliang and Deng Xin [2]. Group 2: Acknowledgment of Contributions - The company's board expressed sincere gratitude for Zhang Yue's outstanding contributions during the IPO and ongoing supervision period [2]. Group 3: Background of New Sponsor Representative - Deng Xin is currently employed in the Investment Banking Department of Guotai Junan Securities, specializing in the TMT sector, and has a strong track record in managing IPO projects [3]. - Deng Xin has previously participated in IPO projects for companies such as Yirui Technology and Geling Deep Vision, and has adhered to relevant regulations during her practice [3].