第八届监事会第十四次会议决议公告 表决结果：3 票同意，0 票反对，0 票弃权。同意票数占有表决权总票数的 100%。 本公司及监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"公司"或"本公司"）于 2024 年 12 月 30 日 以通讯与现场会议结合的方式在公司办公楼会议室召开了第八届监事会第十四次会 议，本次会议的通知及会议资料于 2024 年 12 月 25 日以传真、电子邮件等方式送达 各位监事。会议由公司监事会主席董吉琴女士主持，应参加会议的监事 3 名，实际参 加会议的监事 3 名。本次会议的召集和召开符合《公司法》及《公司章程》的有关规 定，合法有效。 会议审议了列入议程的议案。按照《公司章程》的规定，与会监事以书面表决方 式对以下议案进行了表决，通过了以下决议： 一、审议通过了《关于为控股子公司贷款提供担保的议案》 监事会认为本次担保事项主要是为了保证控股子公司九江杭氧天赐气体有限公 司（以下简称"九江杭氧天赐"）项目建设及运营需要，各方股东按持股比例提供担 保，总体风险可控。本次担保不会对公司生产经营产生不利影响，不 ...

转债代码：127064 转债简称：杭氧转债 杭氧集团股份有限公司 第八届董事会第十五次会议决议公告 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。 杭氧集团股份有限公司（以下简称"公司"或"本公司"）于 2024 年 12 月 30 日以通讯与现场会议结合的方式在公司办公楼会议室召开了第八届董事会第十五次 会议，本次会议的通知及会议资料于 2024 年 12 月 25 日以传真、电子邮件等方式送 达各位董事。会议由公司董事长郑伟先生主持，应参加会议的董事 9 名，实际参加会 议的董事 9 名。本次会议的召集和召开符合《公司法》及《公司章程》的有关规定， 合法有效。 会议审议了列入议程的议案。按照《公司章程》的规定，与会董事以书面表决 方式对以下议案进行了表决，通过了以下决议： 一、审议通过了《关于为控股子公司贷款提供担保的议案》 股票代码：002430 股票简称：杭氧股份 公告编号：2024-103 同意公司按持股比例为控股子公司九江杭氧天赐气体有限公司不超过 19,400 万 元的项目贷款提供担保，担保比例为 65%。九江杭氧天赐气体有限公司另一方股东九 江 ...

| 股票代码：002430 | 股票简称：杭氧股份 | 公告编号：2024-105 | | --- | --- | --- | | 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 2024 年 12 月 30 日分别召开了第八届董事会第十五次会议、第八届监事会第十四次会议，审议通过 了《关于为控股子公司贷款提供担保的议案》，同意公司与九江天赐高新材料有限 公司（以下简称"九江天赐"）按持股比例为本公司控股子公司——九江杭氧天赐 气体有限公司（以下简称"九江杭氧天赐"）拟向中信银行股份有限公司杭州分行 申请的不超过人民币 19,400 万元项目贷款提供担保，其中，公司持股比例为 65%， 本次提供担保额度不超过 12,610 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 889,742.93 万元的 1.42%。本次担保额度获批后， 公司及控股子公司 ...

证券代码：002430 证券简称：杭氧股份 公告编号：2024-106 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"杭氧转债"预计触发转股价格向下修正条件的 提示性公告 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： 5、本次触发转股价格修正条件的期间从 2024 年 10 月 17 日开始计算，截至 2024 年 12 月 30 日，杭氧集团股份有限公司（以下简称"公司"）股票已有九个 交易日的收盘价格低于当期转股价格的 85%，若后续公司股票收盘价格继续低 于当期转股价格的 85%，预计可能触发《杭氧集团股份有限公司公开发行可转换 公司债券募集说明书》（以下简称"《募集说明书》"）中转股价格向下修正条 件。敬请广大投资者注意投资风险。 一、可转债发行上市基本概况 （三）转股价格调整情况 根据《深圳证券交易所股票上市规则》等有关规定和《募集说明书》的约定， 本次发行的可转债自 2022 年 11 月 25 日起可转换为公司股份。"杭氧转债"的初 始转股价为 28.69 元/股。 1、2022 年 11 月 29 日，公 ...

Summary of Conference Call Records Company and Industry Overview - The conference call discusses a company undergoing significant management reforms and restructuring within the gas industry, particularly focusing on the gas sector and its organizational adjustments [1][2][3]. Key Points and Arguments 1. **Management Reform and Organizational Structure**: - The company has restructured its organizational framework into three main divisions: Gas Division, Engineering and Equipment Division, and High-End Division [1][2]. - The restructuring aims to adapt to changes in the market economy and improve operational efficiency [2][3]. 2. **Shift from Manufacturing to Service**: - The company is transitioning from being a standalone equipment manufacturer to a gas enterprise focused on service-oriented development [2][3]. - This shift is influenced by learning from Siemens' management practices, emphasizing project management and lifecycle management [3][4]. 3. **Talent and Resource Management**: - The company is enhancing its talent management and resource allocation, implementing a performance evaluation system that allows for flexibility in personnel management [4][6]. - The focus is on ensuring that employees can be promoted or demoted based on performance, aligning with the company's strategic goals [6][7]. 4. **Production and Project Updates**: - The company reported a completion rate of approximately 90% for its projects, with around 600,000 units expected to be operational by year-end [8][9]. - Future projections indicate a target of 700,000 units for the upcoming year, with several projects facing delays due to external factors such as high-pressure electricity supply issues [9][10]. 5. **Market Trends and Pricing**: - The pricing for liquid gases has shown stability, with slight increases noted in recent months, reflecting market conditions and production costs [15][16]. - The company anticipates that prices will not decline significantly due to the current market dynamics, although recovery is possible depending on economic growth [17][18]. 6. **Sales and Order Volume**: - The company expects its sales volume to remain stable compared to the previous year, with a focus on expanding its market share in the gas sector [21][22]. - Orders from key projects, particularly in the western regions, are expected to contribute significantly to the overall order volume [22]. Other Important but Overlooked Content - The company is actively integrating its electronic gas solutions and has established a dedicated department to enhance its capabilities in this rapidly growing sector [14]. - There is an ongoing effort to consolidate resources and improve project management efficiency, particularly in the context of electronic-grade gas solutions [14][15]. - The company is also monitoring the performance of its helium gas segment, which has shown potential for growth despite market challenges [20]. This summary encapsulates the main themes and insights from the conference call, highlighting the company's strategic direction, operational updates, and market outlook.

Summary of Conference Call Notes Company and Industry - The conference call discusses the performance and outlook of a gas supply company, particularly focusing on the industrial gas sector, including liquid oxygen and liquid nitrogen [1][2]. Core Points and Arguments 1. **Price Risk Mitigation**: The price risks have largely been alleviated as of Q3 this year, with expectations for full resolution by Q2 next year due to varying demand dynamics for major gases [1]. 2. **Impact of Project Production Rhythm**: The rhythm of project production significantly affects the company's performance, as the gas operation business is capital-intensive, requiring substantial investment in equipment and infrastructure [2]. 3. **Depreciation and Project Launches**: The company is experiencing a concentrated launch of projects, with approximately 700,000 cubic meters expected this year, leading to increased depreciation costs compared to previous years [3][4]. 4. **Profitability Outlook**: The company's profitability metrics, including gross and net margins, are expected to improve next year as projects ramp up and fixed costs are diluted [5]. 5. **Economic Recovery Potential**: A potential weak economic recovery could positively impact gas prices and production capacity utilization, further enhancing profitability [6]. 6. **Internal Reforms**: The company is undergoing internal restructuring, creating new business units to enhance operational efficiency and market responsiveness [7][8]. 7. **Focus on Quality and Diversification**: The current reform cycle emphasizes project quality and diversification of business areas, particularly in medical and electronic gas applications [11][12]. 8. **Revenue and Profit Projections**: The company anticipates revenues of approximately 9 to 9.5 billion yuan this year, with projections of around 11.5 billion yuan next year, assuming no significant price recovery [18][19]. 9. **Long-term Valuation**: The company’s business model is expected to yield a potential market value of around 50 billion yuan, driven by stable contracts and project acquisitions [15][16]. Other Important but Overlooked Content 1. **Depreciation Impact**: The increase in depreciation due to new project launches is a significant factor affecting short-term profitability, with a notable difference in depreciation costs compared to previous years [4][5]. 2. **Market Competition**: The competitive landscape is crucial; any deterioration could impact profit margins despite potential recovery in demand [21]. 3. **Order Structure**: The company’s order structure is currently stable, with ongoing demand from sectors like coal chemical development, which supports equipment procurement [16][17]. 4. **Gas Pricing Sensitivity**: A 10% increase in gas prices could lead to an additional profit of approximately 100 million yuan, highlighting the sensitivity of profitability to gas pricing [20]. This summary encapsulates the key insights from the conference call, providing a comprehensive overview of the company's current status and future outlook in the industrial gas sector.

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The report highlights the acquisition of Hangzhou Yingde Gas Company, which has increased its registered capital from 100 million RMB to 18.75 billion RMB, indicating significant progress in the company's growth strategy [2][7] - The industrial gas market in China is expected to grow, with a projected compound annual growth rate (CAGR) of 6-8% from 2021 to 2025, driven by increasing demand and a rising outsourcing ratio [2] - The company aims to enhance its market share, with expectations that its share in the third-party gas supply market will increase from 9% in 2021 to 30-40% in the future [2] - The report forecasts a substantial increase in the company's profitability, with net profits projected to reach 1.03 billion RMB in 2024, 1.34 billion RMB in 2025, and 1.62 billion RMB in 2026, reflecting growth rates of -15%, 30%, and 21% respectively [2][3] Financial Summary - The company's revenue is expected to grow from 13.31 billion RMB in 2023 to 19.74 billion RMB in 2026, with annual growth rates of 4%, 6%, 20%, and 16% respectively [3][18] - The projected earnings per share (EPS) are 1.24 RMB for 2023, 1.04 RMB for 2024, 1.36 RMB for 2025, and 1.65 RMB for 2026 [3][18] - The price-to-earnings (P/E) ratio is forecasted to be 19 for 2024, 23 for 2025, and 18 for 2026, indicating a favorable valuation trend [3][18] Growth Path - The company is positioned to benefit from the ongoing demand growth in the industrial gas sector, with a focus on enhancing its product mix and profitability through the expansion of its gas business [2][14] - The report emphasizes the importance of domestic substitution trends, which are expected to bolster the company's market position and operational scale significantly by 2025 [14]

| | | 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 2021 年限制性股票激励计划 第一个解除限售期第二批预留授予股份解除限售及上市流 通的提示性公告 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、本次解除限售上市流通激励对象为公司本次激励计划第二批预留授予对 象，人数为 80 人。 2、本次解除限售上市流通的第一个解除限售期第二批预留授予部分限制性 股票数量为 426,400 股，占公司总股本的 0.0433%。 3、本次解除限售的股权激励股份上市流通日期：2024 年 12 月 3 日。 杭氧集团股份有限公司（以下简称"杭氧股份"或"公司"）于 2024 年 1 月 22 日召开了第七届董事会第五十六次会议和第七届监事会第五十七次会议分 别审议通过《关于 2021 年限制性股票激励计划第一个解除限售期解除限售条件 成就的议案》，同意公司按照相关规定为符合条件的第二批预留授予激励对象 办理第一个解除限售期解除限售相关事宜。截至本公告披露日，公司已于中国 证券登记结算有限责任公司深圳分公司办理完毕公司 2021 ...

Summary of Conference Call Company and Industry Involved - The conference call primarily discusses **Hangyang Co., Ltd.**, a company involved in the gas industry, particularly focusing on gas supply and related services. Key Points and Arguments 1. **Acquisition Updates**: Hangyang announced both the termination and the restart of an acquisition involving a subsidiary, indicating a complex negotiation process. The initial plan was for Hangzhou Capital to acquire a 30% stake, but this has shifted to a 19.9% stake, which is perceived as having a higher probability of success due to regulatory thresholds associated with ownership percentages [1][2][3]. 2. **Market Reactions**: The market interpreted the changes in acquisition plans as a sign of adjustment rather than a setback. The new arrangement is seen as a positive development, suggesting that the acquisition's success probability has increased [2][4]. 3. **Industry Dynamics**: The gas industry is expected to benefit from an economic recovery, particularly as real estate policies shift and monetary policies become more favorable. This is anticipated to lead to increased gas prices and improved sales dynamics [5][8]. 4. **Gas Price Trends**: Recent data indicates that gas prices have shown a year-on-year increase of 3%. The prices are expected to continue rising, despite some short-term fluctuations, as the market adjusts post-holiday [8][9]. 5. **Market Positioning**: Hangyang's market share is currently below 15%, with significant growth potential in the coming years. The company is positioned to benefit from increased demand in the gas sector, particularly from key clients in steel and chemical industries [6][9]. 6. **Valuation Considerations**: The current valuation of Hangyang is significantly lower than that of leading companies in the industry, suggesting substantial growth potential. The company is expected to see a 14% year-on-year increase in performance by 2025 [10][11]. 7. **Defensive and Offensive Attributes**: Hangyang possesses strong defensive characteristics, maintaining stable performance even in economic downturns. However, it also has offensive growth potential through increased project activity and market expansion [12][13]. 8. **Future Outlook**: The overall sentiment is optimistic regarding Hangyang's future, with expectations of improved profitability and valuation as the market recovers. The company is seen as well-positioned to capitalize on macroeconomic trends and industry recovery [15][16]. Other Important but Overlooked Content - The discussion highlighted the importance of regulatory thresholds in acquisitions, which can significantly impact the strategic decisions of companies in the gas sector [3][4]. - The call emphasized the need for a multi-faceted approach to valuation, particularly in a cyclical industry like gas, where traditional metrics may not fully capture potential growth [10][14].

Investment Rating - The investment rating for the company is "Buy" [4]. Core Views - The report highlights the acquisition of Yingde Gas by Hangzhou Capital as a significant step forward for Hangyang Co., indicating a strategic shift in ownership structure and investment approach [2]. - The company is positioned for substantial growth driven by increasing demand in the industrial gas market, with expectations of a compound annual growth rate (CAGR) of 6-8% from 2021 to 2025 [2]. - The report anticipates that Hangyang's market share in the third-party gas supply market will increase significantly, potentially reaching 30-40% by 2025, up from 9% in 2021 [2]. - The profitability of the company's gas business is expected to improve due to a shift towards higher-margin retail gas products, particularly in the electronic specialty gas segment [2]. Summary by Sections Acquisition Details - The original acquisition plan involved Hangzhou Capital as the primary shareholder of SPV1 to acquire 100% of Yingde Gas, but this plan was altered due to unmet conditions [2]. - The new plan involves the establishment of SPV2 with multiple investors, where Hangzhou Capital's subsidiary will hold a 19.55% stake, thus not being the largest shareholder [2]. Market Growth and Company Positioning - The industrial gas market in China is projected to reach nearly 200 billion yuan, with a notable increase in the outsourcing market share from 41% in 2021 to an expected 45% by 2025 [2]. - The company’s gas business revenue is forecasted to grow at a CAGR of 23% from 2022 to 2025, with gas revenue expected to account for over 75% of total revenue by 2025 [8]. Financial Projections - The forecasted net profit for Hangyang from 2024 to 2026 is expected to be 1.03 billion yuan, 1.34 billion yuan, and 1.62 billion yuan respectively, with corresponding year-on-year growth rates of -15%, 30%, and 21% [3]. - The report provides a price-to-earnings (P/E) ratio forecast of 24, 18, and 15 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation trend [3].