Summary of Hangyang Co., Ltd. Conference Call Industry Overview - The gas industry is closely related to the manufacturing sector, with China's manufacturing value added accounting for over 30% of the global total, while China's gas market share is only about 2%, indicating significant future growth potential [3][4] - The international industrial gas giants have market capitalizations far exceeding that of Chinese leaders, highlighting the vast potential of the Chinese industrial gas market and the growth space for domestic leaders like Hangyang [2][6] Company Insights - Hangyang's business structure includes equipment and gas segments, with gas business divided into pipeline gas and retail gas. Pipeline gas has a defensive attribute due to long-term contracts and guaranteed capacity utilization, while retail gas has an offensive attribute due to price fluctuations [2][7] - The current investment climate for Hangyang is favorable as the company is at a cyclical bottom, with a price-to-book (PB) ratio of approximately 2 and a price-to-earnings (PE) ratio of about 20, indicating a significant valuation gap compared to international leaders [2][8] - In 2024, Hangyang's revenue structure is expected to consist of approximately one-third from equipment and two-thirds from gas, with pipeline gas accounting for about 80% and retail gas for about 20% of the gas business [2][10] Financial Performance - Recent price increases in gases such as oxygen and nitrogen have positively impacted Hangyang's stock price, with a 15%-16% quarter-over-quarter increase in comprehensive gas prices in Q2 [4][11] - The company is projected to achieve a net profit of around 1 billion RMB this year, corresponding to a PE ratio of about 20 [4][13] - The company reported a 10% year-over-year growth in Q1, with expectations for continued steady growth in Q2 despite economic challenges [5][14] Market Dynamics - The recovery of gas prices is a positive signal for Hangyang's stock, with recent trends indicating a reversal from the cyclical bottom. If market demand improves or the competitive landscape optimizes, gas prices may further recover [4][11] - Supply-side reforms could lead to a rapid increase in the Producer Price Index (PPI), which would subsequently drive up the prices of upstream raw materials, including industrial gases [12] Valuation Perspective - Compared to international industrial gas leaders, which have PE ratios between 25 and 30, Hangyang's valuation has been relatively low at 15 to 20 times, primarily due to domestic macroeconomic factors [13] - If the economic outlook improves, Hangyang's valuation could see significant upward movement, with potential for market share to increase from 12%-13% to 23%-30% in the future [8][9] Conclusion - Hangyang Co., Ltd. is positioned for potential growth in a recovering gas market, with a favorable investment opportunity due to its current valuation and market dynamics. The company’s defensive and offensive business attributes, along with the anticipated recovery in gas prices, suggest a positive outlook for future performance [2][4][8]

Summary of the Conference Call for Hangyang Co., Ltd. Industry Overview - The steel industry's capacity reduction is expected to shrink the supply of liquid gases, supporting retail gas prices, similar to the significant price increases of liquid oxygen and nitrogen observed from 2016 to 2018 due to steel capacity replacement [2][3] - The retail gas price is anticipated to face less pressure in the second half of the year, with year-on-year risks alleviated by August, although demand-side support remains unclear [2][3] - The industrial gas sector is currently experiencing low gas prices, with no clear short-term expectations for price increases [2][7] Company Performance and Projections - Hangyang Co., Ltd. is expected to see a significant increase in volume from 2025 to 2026, with a projected liquid gas sales volume of 3.3 to 3.5 million tons, up from 2.82 million tons last year [2][8] - The company’s performance in 2025 is forecasted at 1.05 billion yuan, increasing to 1.15 to 1.2 billion yuan in 2026, with a growth expectation of 15% to 20% this year [3][17][18] - The company has a leading position in equipment preparation capabilities, particularly in producing high-purity nitrogen equipment [11] Market Dynamics - The market for new pipeline gas projects is weak due to reduced investment willingness in major industries like steel and chemicals, leading to fewer new projects compared to previous years [5][6] - The company is diversifying its downstream applications into sectors such as medical and electronic gases, with emerging fields now accounting for 15% to 20% of its business [9][12] - The company has secured new projects in electronic bulk gases, indicating a positive outlook for future growth [9] Pricing and Profitability - Retail gas prices significantly impact Hangyang's profitability, with last year's low prices suppressing profits by over 200 million yuan [15] - The company anticipates a 30% decrease in argon prices this year, while oxygen and nitrogen prices are expected to remain stable or slightly increase [17] - The existing gas contracts are projected to generate approximately 2 billion yuan in potential net profit [13][15] Risks and Challenges - The core long-term challenge for the company lies in the recovery of liquid gas prices and the elasticity of demand, with ongoing observations needed regarding supply constraints and excess capacity [19] - The equipment sector is expected to remain stable, but the potential for large-scale growth is uncertain due to low investment willingness in the steel sector [16] Conclusion - Hangyang Co., Ltd. is positioned for growth in the coming years, with a focus on volume increase and diversification into new markets, despite facing challenges in pricing and market conditions [2][8][19]

| | | 股票代码：002430 股票简称：杭氧股份 公告编号：2025-064 转债代码：127064 转债简称：杭氧转债 杭氧集团股份有限公司 关于控股股东增持公司股份计划时间过半的进展公告 三、增持计划实施的不确定性风险 本次增持计划可能存在因资本市场发生变化或目前尚无法预判的其他因素，导 致本次增持计划实施无法达到预期的风险。公司将根据相关规定，持续关注本次增 持计划实施情况，及时履行信息披露义务。敬请广大投资者注意投资风险。 四、其他相关说明 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 杭氧集团股份有限公司（以下简称"杭氧股份"或"公司"）于 2025 年 7 月 15 日收到控股股东杭州杭氧控股有限公司（以下简称"杭氧控股"）出具的《关于增 持杭氧股票情况的告知函》，现将具体内容公告如下： 一、计划增持主体的基本情况 公司控股股东杭氧控股基于对公司长期投资价值的认可及未来发展前景信心， 计划自 2025 年 4 月 10 日起 6 个月内，通过二级市场增持公司股份，包括集中竞价、 大宗交易等方式，增持金额不低于人民币 1 亿元、不高于人民币 ...

Investment Rating - The report suggests a focus on undervalued leaders in the shipbuilding sector, particularly China Shipbuilding, and highlights potential investment opportunities in industrial gases and engineering machinery [3][9]. Core Insights - The global new ship price index showed a slight increase of 0.22% in June 2025, indicating a marginal improvement in industry sentiment [3][22]. - China Shipbuilding's H1 2025 net profit is projected to be between 2.8 billion to 3.1 billion yuan, reflecting a year-on-year growth of 98.25% to 119.49%, showcasing strong performance and capacity for profit release [3][22]. - Industrial gas prices have returned to positive year-on-year growth, driven by structural demand improvements and low inventory levels, with a significant increase in pipeline gas revenue expected for Hangzhou Oxygen [3][22]. - The engineering machinery sector is experiencing a robust upward trend, with excavator sales in June 2025 reaching 18,804 units, a year-on-year increase of 13.3% [3][36]. Summary by Sections General Machinery - The general machinery sector continues to face pressure, with the manufacturing PMI at 49.7%, indicating contraction [24]. Engineering Machinery - The engineering machinery sector shows resilience, with domestic excavator sales increasing by 6.2% and exports by 19.3% in June 2025 [3][36]. Shipbuilding - The shipbuilding sector is witnessing a slowdown in decline, with the new ship price index indicating a recovery trend [3][44]. Oilfield Equipment - The oilfield equipment sector is stabilizing at the bottom, with global rig counts rising to over 1,600 units, reflecting a recovery in demand [3][47]. Industrial Gases - The industrial gases sector is expected to perform well in Q3 2025, benefiting from previous maintenance and low base effects [3][55]. Gas Turbines - The gas turbine industry is on a steady upward trajectory, with significant order growth reported for leading companies [3][57].

Summary of Hangyang Co., Ltd. Conference Call Industry and Company Overview - The conference call focuses on Hangyang Co., Ltd., a company operating in the industrial gas sector, particularly in the production of air separation equipment and retail gas business. Key Points and Arguments 1. **Revenue Growth Projections**: Hangyang expects significant growth in gas revenue in 2025, driven by the commissioning of a new 650,000 cubic meter project in 2024, with fixed equipment volume growth approaching 30% and strong steel demand supported by national subsidies in automotive and home appliance sectors [2][4][10]. 2. **Retail Gas Business Expansion**: The company anticipates a 30% increase in liquid gas capacity in 2025, with nitrogen, oxygen, and argon prices expected to rise year-on-year due to increased maintenance on the supply side and low storage capacity [2][4][6]. 3. **Air Separation Equipment Profitability**: The gross margin for the air separation equipment industry exceeded expectations in 2024, reaching 29.9%, with overseas markets contributing approximately 750 million yuan in revenue and a gross margin of 31.6% [2][8][9]. 4. **Market Share and Pricing Power**: Hangyang holds a 90% market share in large air separation projects over 60,000 cubic meters, allowing for strong pricing power [2][9]. 5. **Future Performance Outlook**: The company expects stable growth over the next two years, benefiting from new project contributions, existing capacity, and pipeline project processing capabilities, with an estimated gross margin elasticity of 20% annually [2][10]. 6. **Impact of Steel Anti-Dumping Policies**: The steel anti-dumping policies are expected to improve the profitability of the steel industry, indirectly promoting the demand for industrial gases and related equipment updates [2][11]. 7. **Strategic Response to Market Conditions**: Hangyang maintains high market share, optimizes pricing power, focuses on large coal chemical projects, and ensures new clients are profitable to navigate market fluctuations [3][12]. Additional Important Insights 1. **Supply Chain Dynamics**: The company noted that the nitrogen storage capacity was around 32% at the end of May 2025, which is 10 percentage points lower year-on-year, leading to increased external nitrogen purchases and higher local prices [4][6]. 2. **Sector-Specific Demand**: The demand for liquid nitrogen has surged due to the booming processing needs in the crayfish industry, which has seen a doubling in export volume compared to the previous year [5][6]. 3. **Investment in Large Projects**: The investment in the Meihua Palace project and the contribution from the Inner Mongolia Baofeng's six 110,000 cubic meter large air separation projects, which generated approximately 2 billion yuan in revenue, are critical to maintaining growth [9][10]. This summary encapsulates the essential insights from the conference call, highlighting the company's strategic positioning and market dynamics within the industrial gas sector.

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds despite triggering conditions for a downward adjustment, citing confidence in its long-term development and market conditions [1][6]. Summary by Sections Convertible Bond Issuance Overview - The company issued 11.37 million convertible bonds on May 19, 2022, with a total subscription amount of less than 1.137 billion yuan [1]. - The initial conversion price was set at 28.69 yuan per share, with the conversion period from November 25, 2022, to May 18, 2028 [2]. Conversion Price Adjustment History - The conversion price was adjusted from 28.69 yuan to 28.68 yuan on December 2, 2022, due to an increase in total share capital from a stock incentive plan [2]. - Following a profit distribution, the conversion price was further adjusted to 27.88 yuan on May 8, 2023 [2]. - The price was adjusted again to 27.69 yuan on April 9, 2024, and subsequently to 25.98 yuan on June 18, 2025, after a board resolution [4][5]. Downward Adjustment Conditions - The company has established conditions for downward adjustment of the conversion price, which include a scenario where the stock price is below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [5]. - If the conditions are met, the board can propose a downward adjustment, which requires a two-thirds majority approval from shareholders [5]. Decision on Downward Adjustment - As of July 8, 2025, the stock price had triggered the conditions for a downward adjustment, but the board decided not to proceed with the adjustment for the next six months, maintaining the current conversion price [6].

Group 1 - The company held its 26th meeting of the 8th Board of Directors on July 8, 2025, with all 9 directors present, ensuring compliance with legal and regulatory requirements [1] - The company approved a guarantee for a project loan of up to 356 million yuan for its subsidiary, Chuzhou Hangyang Huayou Gas Co., Ltd., with a guarantee ratio of 51% [1] - The company agreed to provide a entrusted loan of 77 million yuan to its wholly-owned subsidiary, Qingdao Hangyang Tongda Electronic Gas Co., Ltd., with a loan term not exceeding 3 years [2] Group 2 - The company decided not to lower the conversion price of its convertible bonds ("Hangyang Convertible Bonds"), maintaining confidence in its long-term development and intrinsic value [2] - The board's decision to not adjust the conversion price will remain in effect for six months from the announcement date, specifically from July 9, 2025, to January 8, 2026 [2]

Summary of Key Points Core Viewpoint - The company has approved a guarantee for its subsidiary, aiming to support its project financing and operations, which aligns with the company's long-term interests [1][4]. Group 1: Guarantee Overview - The company will provide a guarantee of up to RMB 181.56 million for a loan application by its subsidiary, Chuzhou Hangyang Huayou Gas Co., Ltd., to the Industrial and Commercial Bank of China [1][3]. - The guarantee amount represents 1.97% of the company's latest audited net assets of RMB 919.32 million [1][4]. - After this approval, the total approved external guarantee amount by the company and its subsidiaries will be RMB 2.08 billion, accounting for 22.63% of the company's latest audited net assets [1][4]. Group 2: Financial Performance - As of June 30, 2025, the company's total assets were RMB 493.12 million, with total liabilities of RMB 332.67 million and net assets of RMB 160.45 million [3]. - For the first half of 2025, the company reported operating revenue of RMB 147.55 million and a net profit of RMB 98.21 million [3]. Group 3: Board and Supervisory Opinions - The board believes that providing the guarantee is essential for the project's construction and subsequent operations, and the overall risk is manageable [4][5]. - The supervisory board concurs that the guarantee will not adversely affect the company's operations or shareholder interests, confirming the legality and compliance of the decision-making process [5].

2、经公司第八届董事会第二十六次会议审议通过，公司董事会决定本次不 向下修正"杭氧转债"转股价格，且在未来六个月内（即 2025 年 7 月 9 日至 2026 年 1 月 8 日），如再次触发"杭氧转债"转股价格向下修正条件的，亦不提出向 下修正方案。下一触发转股价格修正条件的期间从 2026 年 1 月 9 日重新起算， 若再次触发"杭氧转债"转股价格向下修正条件，届时公司将按照相关规定履行 审议程序，决定是否行使"杭氧转债"转股价格的向下修正权利。 | 股票代码：002430 | 股票简称：杭氧股份 | 公告编号：2025-063 | | --- | --- | --- | | 转债代码：127064 | 转债简称：杭氧转债 | | 杭氧集团股份有限公司 关于不向下修正"杭氧转债"转股价格的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、截至 2025 年 7 月 8 日，杭氧集团股份有限公司（以下简称"公司"）股 价已触发"杭氧转债"转股价格向下修正条件。 公司于 2025 年 7 月 8 日召开了第八届董事会第二十六次会议，审议 ...

| 股票代码：002430 | 股票简称：杭氧股份 | 公告编号：2025-062 | | --- | --- | --- | | 转债代码：127064 | 转债简称：杭氧转债 | | 杭氧集团股份有限公司 关于为控股子公司贷款提供担保的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、担保情况概述 杭氧集团股份有限公司（以下简称"公司"或"本公司"）于 2025 年 7 月 8 日分别 召开了第八届董事会第二十六次会议、第八届监事会第二十一次会议，审议通过了 《关于为控股子公司贷款提供担保的议案》，同意公司与浙江华友钴业股份有限公 司（以下简称"华友钴业"）按持股比例为本公司控股子公司——衢州杭氧华友气体 有限公司（以下简称"衢州杭氧华友"）拟向中国工商银行股份有限公司杭州分行申 请的不超过人民币 35,600 万元项目贷款提供担保，其中，公司持股比例为 51%，本 次提供担保额度不超过 18,156 万元。本次公司担保额度占本公司最近一期经审计归 属于上市公司股东的净资产 919,323.49 万元的 1.97%。本次担保额度获批后，公司 及控股 ...