| 股票代码：002430 | 股票简称：杭氧股份 | 公告编号：2025-003 | | --- | --- | --- | | 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 一、可转债发行上市基本概况 （一）发行情况 经中国证券监督管理委员会《关于核准杭州制氧机集团股份有限公司公开发 行可转换公司债券的批复》（证监许可[2022]408号文）核准，并经深圳证券交易 所同意，公司于2022年5月19日公开发行了1,137万张可转换公司债券，每张面值 100元，按面值发行，发行总额为11.37亿元。发行方式采用向公司原股东优先配 售，原股东优先配售后余额部分（含原股东放弃优先配售部分）通过深交所交易 系统网上向社会公众投资者发行，认购金额不足11.37亿元的部分（含中签投资者 放弃缴款认购部分）由保荐机构（主承销商）包销。 （二）上市情况 经深交所"深证上[2022]616号"文同意，公司11.37亿元可转换公司债券于 2022年7月5日起在深交所挂牌交易，转债简称"杭氧转债"，转债代码"127064"。 转股期起止日期为2022年11 ...

| | | 股票代码：002430 股票简称：杭氧股份 公告编号：2025-001 转债代码：127064 转债简称：杭氧转债 杭氧集团股份有限公司 2024年第四季度可转换公司债券转股情况公告 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： "杭氧转债"（转债代码：127064）转股期为2022年11月25日至2028年5月18 日，目前转股价格为人民币26.89元/股。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第15号——可转换公司债券》的有关规定，杭氧集团股份有限公司（以下简 称"公司"）将2024年第四季度可转换公司债券（以下简称"可转债"）转股及公司 股份变动的情况公告如下： 一、 可转债发行上市概况 （一）可转换公司债券发行情况 1、2022年11月29日，公司披露了《关于可转债转股价格调整的公告》，因 公司进行了2021年限制性股票激励计划第二批预留限制性股票的授予，公司总股 本增加需调整转股价格，调整后的"杭氧转债"转股价格为28.68元/股，调整后 的转股价格自2022年12月2日起生效。 2、根据 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on its strong market position and growth potential [67][64] Core Views - The company is transitioning from being a leading domestic air separation equipment manufacturer to a comprehensive industrial gas supplier, leveraging its strong market position and technological advantages [95][96] - The industrial gas industry is expected to benefit from macroeconomic recovery, outsourcing trends, and increasing demand from new sectors such as semiconductors and new energy [54][6] - The company's gas business is expected to grow significantly, driven by macroeconomic recovery, market share expansion, and new product categories [54][116] Business Performance - In 2023, the company reported revenue of 13.3 billion yuan, a 4% year-on-year increase, and net profit attributable to shareholders of 1.2 billion yuan, a 0.5% year-on-year increase [3] - The company's gross margin in 2023 was 22.9%, with a net margin of 9.6% [28][29] - The company's new contract value for air separation and petrochemical equipment in 2023 was 6.57 billion yuan, a slight decrease of 0.6% year-on-year [31][32] Market Space and Growth Drivers - The global industrial gas market was valued at 10.238 trillion yuan in 2022, with a CAGR of 7.2% from 2017 to 2022, and is expected to reach 13.299 trillion yuan by 2026, with a CAGR of 6.8% from 2022 to 2026 [6][9] - The domestic industrial gas market was valued at 1.964 trillion yuan in 2022, with a CAGR of 10.4% from 2017 to 2022, and is expected to grow to 2.842 trillion yuan by 2026, with a CAGR of 9.68% from 2022 to 2026 [12] - The company's industrial gas business accounted for 62% of total revenue in 2023, with manufacturing contributing 35% [32][44] Industry Trends - The outsourcing trend in the industrial gas sector is accelerating, with the outsourcing market share in China expected to increase from 58.4% in 2021 to 65.7% by 2026 [39][40] - The company is expanding its presence in the electronic specialty gas and new energy gas sectors, with significant investments in related projects [116][118] Competitive Landscape - The global industrial gas market is highly concentrated, with the top four companies (CR4) accounting for 54% of the market in 2021, down from 71% in 2011 [9][11] - In the domestic market, the top six companies (CR6) account for 72% of the market, with the company holding a 6.3% market share [12][14] - The company is the leading domestic player in large-scale air separation equipment, with a market share of 43.2% in 2022 [100][121] Overseas Expansion - The company is actively expanding its overseas market presence, with overseas revenue reaching 840 million yuan in 2023, accounting for 6.3% of total revenue [134][136] - The company has secured significant overseas contracts, including a 64,000 Nm³/h air separation unit for a major steel plant in India [126][138] Technological Advancements - The company has developed advanced air separation equipment with a maximum capacity of 120,000 Nm³/h, and its total oxygen production capacity exceeds 3.3 million Nm³/h [133] - The company has made breakthroughs in specialty gases, achieving integrated production, storage, and application of gases such as neon, helium, krypton, and xenon, providing solutions for critical industries like semiconductors, nuclear power, and aerospace [131] Financial Projections - The company is expected to achieve net profits of 980 million yuan, 1.311 billion yuan, and 1.593 billion yuan in 2024, 2025, and 2026, respectively, with corresponding PE ratios of 22, 17, and 14 times [64][67]

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]