Group 1 - Guangzhou Guanggang Gas Energy Co., Ltd. has invested 5.1 million RMB to establish Hubei Liangjiang Semiconductor Materials Research Institute Co., Ltd., holding a 51% stake [1] - Hubei Liangjiang Semiconductor Materials Research Institute Co., Ltd. was established on August 28, 2025, with a registered capital of 10 million RMB and is located in Wuhan [1] - The company is involved in various activities including manufacturing specialized chemical products (excluding hazardous chemicals), manufacturing and sales of electronic specialized materials, and providing technical services and research development [1]

Group 1 - The company held its sixth meeting of the third supervisory board on August 28, 2025, with all three supervisors present, ensuring compliance with relevant laws and regulations [1] - The supervisory board approved the proposal to use up to RMB 1,300 million of temporarily idle raised funds for cash management, aiming to improve fund utilization efficiency and increase company revenue [2][1] - The voting result for the proposal was unanimous, with 3 votes in favor, 0 against, and 0 abstentions [2] Group 2 - The company confirmed that the use of idle funds for cash management does not change the purpose of the raised funds and does not harm the interests of the company and its shareholders [1]

证券代码：688548 证券简称：广钢气体 公告编号：2025-033 广州广钢气体能源股份有限公司 2025年第一次临时股东会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 8 月 29 日 （二） 股东会召开的地点：广州市荔湾区白鹤洞街道芳村大道东 2 号广钢气体 大厦岭南报告厅 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 257 | | --- | --- | | 普通股股东人数 | 257 | | 2、出席会议的股东所持有的表决权数量 | 675,339,204 | | 普通股股东所持有表决权数量 | 675,339,204 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 51.1853 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 51.1 ...

致：广州广钢气体能源股份有限公司 北京市中伦（广州）律师事务所（以下简称"本所"）受广州广钢气体能源 股份有限公司（以下简称"公司"）委托，指派本所律师全奋、叶可安（以下简 称"本所律师"）出席公司 2025 年第一次临时股东会（以下简称"本次股东 会"）。本所律师根据《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》等有关法律、法规、规范性文件及《广州广钢气体能源 股份有限公司章程》（以下简称"《公司章程》"）的规定，对公司本次股东会 进行见证并出具法律意见。 为出具本法律意见书，本所律师审查了公司本次股东会的有关文件和材料。 本所律师得到公司如下保证，即其已提供了本所律师认为作为出具本法律意见 书所必需的材料，所提供的原始材料、副本、复印件等材料、口头证言均符合 真实、准确、完整的要求，有关副本、复印件等材料与原始材料一致。 在本法律意见书中，本所律师仅对本次股东会的召集、召开程序、出席本 次股东会人员和召集人的资格、会议表决程序及表决结果是否符合《公司法》《上 市公司股东会规则》等法律、法规、规范性文件及《公司章程》的相关规定发表 意见，不对会议审议的议案内容以及该等议案所表述 ...

国泰海通证券股份有限公司 在 2025 年 1 月 1 日至 2025 年 6 月 30 日持续督导期内（以下简称"本持续督 导期间"），保荐机构及保荐代表人按照《证券发行上市保荐业务管理办法》（以 下简称"保荐办法"）、《上海证券交易所科创板股票上市规则》（以下简称"上 市规则"）等相关规定，通过日常沟通、定期回访、现场检查、尽职调查等方式 进行持续督导，现就 2025 年半年度持续督导情况报告如下： 一、2025 年半年度保荐机构持续督导工作情况 | 项 目 | 工作内容 | | --- | --- | | 1、建立健全并有效执行持续督导工作制度， | 保荐机构已建立健全并有效执行持续督导工 | | 针对公司的具体情况确定持续督导的内容和 | 作制度，针对公司的具体情况确定持续督导的 | | 重点，督导公司履行有关上市公司规范运作、 | 内容和重点，督导公司履行有关上市公司规范 | | 信守承诺和信息披露等义务，审阅信息披露文 | 运作、信守承诺和信息披露等义务，审阅信息 | 1 | 项 目 | 工作内容 | | --- | --- | | 件及向中国证监会、证券交易所或其他机构提 | 披露文件及向中国证 ...

| | 同意 | | 反对 | | | | 弃权 | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东类型 | | | | | 比例 | | 比例 | | | 票数 | | 比例（%） | 票数 | | 票数 | | | | | | | （%） | | | （%） | | 普通股 | 674,737,351 | 99.9108 | 496,909 | 0.0735 | 104,944 | 0.0157 | | | （二） | 涉及重大事项，应说明 | | 5%以下股东的表决情况 | | | | | | 议案 | | 同意 | | 反对 | | 弃权 | | | 议案名称 | | | | | | | | | 序号 | | 票数 比例（%） | 票数 | 比例（%） | 票数 | 比例（%） | | | 超募资金永久 | | 5,448 | | 98 | | 44 | | | 补充流动资金 | | | | | | | | | 的议案 | | | | | | | | | 超募资金投资 | | 2,019 | | 27 | | 44 | | | 建设新项目的 ...

广东省广州市天河区珠江新城华夏路 10 号富力中心 23 楼整层及 31 楼 01、04 单元 邮编： 510623 Tianhe District Guangzhou, Guangdong 510623, P. R. China 电话/Tel : +86 20 2826 1688 传真/Fax : +86 20 2826 1666 www.zhonglun.com 北京市中伦（广州）律师事务所 关于广州广钢气体能源股份有限公司 致：广州广钢气体能源股份有限公司 北京市中伦（广州）律师事务所（以下简称"本所"）受广州广钢气体能源 股份有限公司（以下简称"公司"）委托，指派本所律师全奋、叶可安（以下简 称"本所律师"）出席公司 2025 年第一次临时股东会（以下简称"本次股东 会"）。本所律师根据《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》等有关法律、法规、规范性文件及《广州广钢气体能源 股份有限公司章程》（以下简称"《公司章程》"）的规定，对公司本次股东会 进行见证并出具法律意见。 为出具本法律意见书，本所律师审查了公司本次股东会的有关文件和材料。 本所律师得到公司如下保证，即 ...

Core Viewpoint - Guangzhou Guanggang Gas Energy Co., Ltd. has successfully completed its initial public offering (IPO) with a total fundraising amount of RMB 1.326 billion, and the shares were listed on the Shanghai Stock Exchange on August 15, 2023 [1]. Summary by Sections IPO Details - The company issued shares at a price of RMB 9.87 each, with a par value of RMB 1 [1]. - The total amount raised from the IPO is RMB 1.326 billion [1]. Continuous Supervision - The continuous supervision period by the sponsor, Guotai Junan Securities Co., Ltd., is from August 15, 2023, to December 31, 2026 [1]. - The sponsor will conduct regular communication, site inspections, and due diligence during this period to ensure compliance with regulations [2][3]. Financial Performance - For the first half of 2025, the company reported a revenue of RMB 111,444.19 million, a year-on-year increase of 14.56% [12]. - The net profit attributable to shareholders decreased by 13.44% compared to the previous year [16]. - The net cash flow from operating activities increased by 84.34%, attributed to improved accounts receivable management [16]. Risk Factors - The company faces core competitiveness risks due to increasing competition in the electronic semiconductor industry [12]. - Operational risks include potential disruptions in helium gas imports due to geopolitical factors [12]. - Financial risks are highlighted by a significant accounts receivable balance, which could lead to bad debts if market conditions worsen [12]. Core Competencies - The company has developed a comprehensive core technology system, including advanced gas production and storage technologies [16][20]. - Innovations in gas application technologies have positioned the company to meet the high purity demands of the semiconductor industry [20][26]. Research and Development - The company invested RMB 5,344.29 million in R&D during the reporting period, with a focus on enhancing its technological capabilities [28]. - A total of 12 patents were applied for, with 6 granted during the reporting period [28]. Fund Utilization - As of June 30, 2025, the company maintained a balance of RMB 1.327 billion in its fundraising account, ensuring compliance with regulatory requirements for fund usage [29].

Core Insights - The report emphasizes that the chemical industry is entering a new phase of capital expenditure, with a focus on the rebalancing of supply and demand following the release of production capacity during the 14th Five-Year Plan period [2][6] - The report indicates that the bottom of the cycle is becoming clearer, with potential price increases for chemical products driven by demand recovery and supply stability in the second half of the year [2][6] Industry Overview - The current cycle has reached its tail end, with a total of 12 quarters of decline since Q3 2022, following a 7-quarter expansion from Q4 2020 to Q2 2022 [10][12] - The report outlines that the chemical industry has experienced three significant price fluctuation cycles since 2010, with the latest cycle characterized by a demand-driven recovery followed by a supply-side pressure [8][10] Investment Recommendations - The report suggests focusing on sectors with relatively low valuations, such as sucralose (recommended: Jinhe Industrial), pesticides (recommended: Yangnong Chemical, Runfeng Shares), and MDI (recommended: Wanhua Chemical) [3][4] - It highlights the importance of domestic demand in countering tariff impacts, recommending companies in refrigerants and fertilizers [3][4] - The report identifies investment opportunities in sectors with upcoming capacity releases, such as organic silicon (recommended: Xin'an Chemical) and spandex [3][4] Price and Profitability Trends - The report notes that many sub-industry product prices remain at historical lows, with specific prices for spandex, PA6, and other fibers at 0%, 4%, and 5% of historical levels respectively [28] - It mentions that the chemical industry has seen a slight recovery in profitability in Q1 2025, although the overall performance remains under pressure [27][25] Supply and Demand Dynamics - The report indicates that the global chemical capital expenditure is on a downward trend, with domestic companies experiencing a slowdown in investment while still facing significant pressure to convert projects into fixed assets [22][32] - It also states that both domestic and international markets are entering a replenishment phase in 2025, which may influence inventory levels and pricing strategies [35][36]

Core Viewpoint - Guanggang Gas (stock code: 688548) announced the approval of a proposal to use part of the temporarily idle raised funds for cash management, aiming to improve the efficiency of fund utilization while ensuring project construction and operational safety [1][4]. Fundraising Situation - The company raised a total of approximately 3.26 billion yuan from its initial public offering, with a net amount of about 3.07 billion yuan after deducting issuance costs [2]. - Previous cash management involved using up to 1.7 billion yuan of idle funds, and the company plans to continue this practice [2]. - The current proposal allows for the use of up to 1.3 billion yuan of idle funds for a period of 12 months, with the possibility of rolling over the amount [2]. Impact on Company Operations - The cash management initiative is expected to enhance fund utilization efficiency without affecting daily cash flow or the operation of investment projects, thereby potentially increasing overall performance and shareholder returns [3]. - The company will account for the financial products in accordance with regulations, ensuring that the investment does not compromise the main business development [3]. Review and Verification - The board and supervisory committee approved the cash management plan, affirming that it would not alter the purpose of the raised funds or harm shareholder interests [4]. - The sponsor, Guotai Junan Securities, confirmed that the initiative complies with relevant regulations and is beneficial for improving fund utilization efficiency [4].