Summary of Hangyang Co., Ltd. Conference Call Company Overview - Hangyang Co., Ltd. is the only domestic manufacturer excelling in EPC (Engineering, Procurement, and Construction), equipment manufacturing, and gas business, benefiting from its comprehensive gas manufacturing capabilities [2][3] Financial Performance - The financial performance of Hangyang is highly correlated with the economic cycles of the steel and chemical industries, with a decline in profit margins observed in the second half of 2023, but stabilization expected in the first half of 2025 [2][5] - The company anticipates achieving a profit of between 1.05 billion to 1.1 billion yuan in 2025, and between 1.15 billion to 1.2 billion yuan in 2026 [4][28][29] - The retail gas prices significantly impact the company's profits, contributing 30%-40% to overall profits, but have seen a decline due to falling prices over the past two years [4][19] Market Dynamics - The gas industry is characterized by stable growth and vast market potential, with domestic third-party gas supply significantly lower than overseas, indicating room for growth [2][6][7] - The pipeline gas market has a high concentration, with foreign companies dominating the existing market, but domestic manufacturers, including Hangyang, have increased their market share from 20% to 40%-60% in new projects since 2019 [2][8] Product and Revenue Structure - Hangyang's main products include liquid oxygen, nitrogen, and argon, with a production ratio of approximately 4:4:2 [20] - The company has a robust project pipeline, with approximately 3.5 million cubic meters of projects on hand, and plans to produce an additional 500,000 cubic meters in 2025 [4][15][16] Pricing and Profitability Trends - Retail gas prices are currently at a cyclical low, with expectations of slight increases starting in the third quarter of 2025, alleviating previous price pressures [13][14] - The company’s profitability is expected to improve as gas prices stabilize and the impact of previous price declines diminishes [5][28] Future Growth Potential - Hangyang is positioned for significant growth, with a projected market value potentially reaching 45 billion yuan in the medium to long term, driven by its project capacity and market dynamics [30][31] - The company is also exploring opportunities in the nuclear fusion sector, focusing on low-temperature systems and core equipment, which could enhance its competitive position [24][25][26] Conclusion - Hangyang Co., Ltd. is strategically positioned within the gas industry, with a strong market presence and growth potential, despite facing challenges related to pricing and economic cycles. The company's diversified business model and project pipeline provide a solid foundation for future profitability and market expansion [2][31]

Group 1 - The company is focusing on the field of nuclear fusion, specifically in developing equipment related to this area [2] - The core technology of the company is deep cryogenic technology, and it is the largest manufacturer of air separation equipment globally [2] - The company has extensive experience in low-temperature separation and purification, deep cryogenic refrigeration, and gas supply throughout the entire cycle [2] Group 2 - The company offers comprehensive solutions that include nitrogen refrigeration systems, helium refrigeration systems, and key core equipment such as expanders, compressors, pumps, and storage tanks [2] - These solutions are directly applicable to the low-temperature systems of nuclear fusion devices [2] - Controlled nuclear fusion is one of the key areas the company is currently focusing on [2]

Core Viewpoint - The company, Hangyang Co., Ltd., is focusing on controllable nuclear fusion as a key strategic direction, recognizing it as a potential ultimate energy solution that is transitioning from research to commercialization [1][2]. Group 1: Company Positioning - Hangyang has officially joined the Anhui Province Fusion Industry Association, indicating its commitment to the nuclear fusion sector [1]. - The company believes that the commercialization of nuclear fusion may take around five years, positioning itself to develop product samples and track customer information and market demand during this period [1]. - With over 70 years of experience in deep low-temperature and gas separation fields, Hangyang possesses significant technical expertise that is crucial for the operation of nuclear fusion devices [1][2]. Group 2: Technological Capabilities - The company can provide essential low-temperature systems, including nitrogen and helium refrigeration systems, which are vital for the cooling of superconducting magnets and plasma confinement in nuclear fusion devices [1][2]. - Hangyang's advanced manufacturing capabilities allow it to supply high-quality low-temperature equipment such as refrigerators, expanders, heat exchangers, low-temperature valves, and storage tanks, ensuring the stable operation of fusion devices [2]. - The company aims to replicate the domestic replacement path for air separation equipment in the nuclear fusion sector, addressing the urgent need for domestic low-temperature systems that are currently dominated by foreign manufacturers [2]. Group 3: Organizational Structure - Within two months, the company has established a special task force to manage projects efficiently, integrating resources from its high-end equipment division and gas application research institute [3]. - The task force consists of experienced core members who are seasoned employees of Hangyang, ensuring organized and effective project execution [3].

Group 1: Company Overview and Strategic Focus - Hangzhou Oxygen Plant Group Co., Ltd. is the largest manufacturer of air separation equipment globally, focusing on deep low-temperature technology and industrial gases [2]. - The company aims to leverage its extensive experience in low-temperature separation and purification to provide comprehensive solutions for nuclear fusion, including nitrogen and helium cooling systems [2][3]. - Controlled nuclear fusion is identified as a key strategic direction for the company [2]. Group 2: Market Competition and Positioning - The domestic market for low-temperature systems in nuclear fusion is primarily dominated by foreign manufacturers, with local companies participating in auxiliary equipment supply [3]. - There is a pressing demand for domestic production of low-temperature systems, and the company plans to replicate its successful domestic replacement strategy from air separation equipment [3]. Group 3: Internal Resource Integration and Planning - A special task force was established within two months to manage nuclear fusion projects, integrating resources from various departments [3]. - The company recently joined the Anhui Province Fusion Industry Alliance, indicating a strategic move to enhance its market presence [3]. Group 4: Industry Impact and Economic Conditions - Recent policy adjustments in industries such as steel and chemicals have led to some companies receiving production reduction mandates, although full compliance has not yet been observed [4]. - The overall economic impact of these policies on the company's performance remains minimal as of now [4]. Group 5: Specialty Gas Segment Performance - The specialty gas segment has shown improvement compared to the previous year, driven by acquisitions and sustained growth in gas business [4]. - Despite high sales volumes, the significant drop in rare gas prices has slightly reduced the segment's contribution to overall company performance [4]. Group 6: Price Trends and Market Outlook - Current gas prices show signs of stabilization and recovery compared to the low prices of the previous year [4]. - Prices for oxygen, nitrogen, and argon have rebounded, with year-on-year increases noted for oxygen and nitrogen, while argon prices have seen a narrower decline due to previous sanctions affecting the photovoltaic industry [4].

Core Viewpoint - Hangyang Co., Ltd. has shown a mixed performance in stock price movements, with a year-to-date increase of 11.49% but a slight decline of 0.54% in the last five trading days [2]. Group 1: Stock Performance - As of September 8, Hangyang's stock price increased by 2.00%, reaching 23.97 CNY per share, with a trading volume of 1.05 billion CNY and a turnover rate of 0.45% [1]. - The stock has experienced a 5.69% increase over the past 20 days and a 24.78% increase over the past 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Hangyang reported a revenue of 7.327 billion CNY, reflecting a year-on-year growth of 8.92%, and a net profit attributable to shareholders of 479 million CNY, up by 9.61% [2]. Group 3: Shareholder and Dividend Information - Since its A-share listing, Hangyang has distributed a total of 3.723 billion CNY in dividends, with 2.067 billion CNY distributed over the last three years [3]. - As of June 30, 2025, the number of shareholders increased to 29,900, with an average of 32,697 circulating shares per shareholder, a decrease of 1.86% from the previous period [2][3].

Summary of Hangyang Co., Ltd. Conference Call Company Overview - Hangyang Co., Ltd. has become the largest manufacturer of ventilation equipment globally, with revenue exceeding 13 billion yuan [2][3] - The company is optimistic about the application of cryogenic technology in emerging strategic industries, particularly in the field of controlled nuclear fusion [2][3] Key Points on Controlled Nuclear Fusion - Hangyang Co., Ltd. is focusing on the controlled nuclear fusion market, which has significant growth potential, especially as the industry transitions from experimental to commercial phases [6][7] - The company aims to provide a complete solution, including core equipment and subsystem services, to establish a foundation for future commercialization [6][7] - The total investment for the Hefei nuclear fusion project is approximately 10 billion yuan, with the cryogenic system accounting for 1 billion yuan [12] Competitive Landscape - Hangyang faces competition from foreign players like Air Liquide and some domestic integrators in the controlled nuclear fusion sector [2][5] - The company is currently participating in tenders for auxiliary equipment to establish a foothold in the market, preparing for future commercialization [5][6] Strategic Initiatives - A dedicated team for controlled nuclear fusion projects was established in May to facilitate communication with key customers in Hefei and Chengdu [19][20] - The company is leveraging its existing technology and project experience to compete effectively, focusing on integrated solutions rather than individual components [13][17] Market Dynamics - The controlled nuclear fusion market is still in the experimental stage, but as commercialization progresses, there will be a surge in application demand [6][10] - Domestic manufacturers are primarily involved in supplying auxiliary cryogenic equipment, while core systems are still dominated by foreign suppliers [9][10] Financial Insights - The profitability of the cryogenic system is expected to improve as domestic production increases, although current profitability is limited due to intense competition [12][14] - The company is preparing for potential orders in the second half of the year, having already begun production of prototypes for nuclear fusion applications [23][25] Industry Trends - The nuclear fusion industry is anticipated to experience rapid commercialization within the next five years, providing opportunities for companies like Hangyang to benefit from market growth [10][11] - The steel industry has shown low capital expenditure willingness in the first half of 2025, but there are signs of improvement in the second half due to recent policy changes [29] Conclusion - Hangyang Co., Ltd. is strategically positioned to capitalize on the growing controlled nuclear fusion market through its technological expertise and established relationships with key customers, while also navigating competitive challenges and market dynamics effectively [2][6][7]

Market Overview - The chemical products sector experienced a decline of 1.88% on September 2, with Jianye Co. leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Leading stocks in the chemical products sector included: - Lingpai Technology (300530) with a closing price of 40.53, up 12.30% and a trading volume of 248,100 shares [1] - Lushan New Materials (603051) closed at 23.28, up 10.02% with a trading volume of 112,600 shares [1] - Baihehua (603823) closed at 16.08, up 6.63% with a trading volume of 327,800 shares [1] - Zhongxin Fluorine Materials (002915) closed at 28.92, up 6.32% with a trading volume of 662,800 shares [1] Capital Flow - The chemical products sector saw a net outflow of 2.195 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.736 billion yuan [2] - Notable capital flows for specific stocks included: - Lushan New Materials (603051) had a net inflow of 89.61 million yuan from institutional investors, but a net outflow of 47.19 million yuan from retail investors [2] - Zhongxin Fluorine Materials (002915) experienced a net inflow of 68.58 million yuan from institutional investors, with a net outflow of 29.03 million yuan from retail investors [2]

股票代码：002430 股票简称：杭氧股份 公告编号：2025-085 转债代码：127064 转债简称：杭氧转债 杭氧集团股份有限公司 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： 理完成 5,539,375 股限制性股票的回购注销手续，回购注销数量占回购注销前公司总 股本的 0.5630%。 杭氧集团股份有限公司董事会 二、增持计划实施情况 公司于 2025 年 8 月 29 日收到杭氧控股出具的《关于增持杭氧股票实施进展情 况暨增持股份触及 1%的告知函》。杭氧控股于 2025 年 4 月 10 日至 2025 年 8 月 29 日期间通过深圳证券交易所以集中竞价方式累计增持公司股份 3,778,286 股，占公司 总股本的 0.3862%。本次增持后，杭氧控股持有公司股份 528,532,771 股，占公司总 股本的 54.0228%，权益变动触及 1%的整数倍。本次增持计划尚未实施完毕，杭氧 控股将继续按照计划择机开展股份增持。 三、股东权益变动情况 | 信息披露义务人 | 杭州杭氧控股有限公司 | | | | | | | | | -- ...

| | | 股票代码：002430 股票简称：杭氧股份 公告编号：2025-085 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触及1%整数倍的公告 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、公司已于 2025 年 7 月 18 日在中国证券登记结算有限责任公司深圳分公司办 理完成 5,539,375 股限制性股票的回购注销手续，回购注销数量占回购注销前公司总 股本的 0.5630%。 2、截至 2025 年 8 月 29 日，公司总股本为 978,351,332 股。 一、增持计划基本情况 杭氧集团股份有限公司（以下简称"杭氧股份"或"公司"）于 2025 年 4 月 10 日披露了《关于控股股东增持公司股份计划的公告》（公告编号：2025-032），公司 控股股东杭州杭氧控股有限公司（以下简称"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 ...

Core Viewpoint - Hangyang Co., Ltd. has experienced fluctuations in stock price and trading volume, with a notable increase in revenue and net profit year-on-year for the first half of 2025 [1][2]. Group 1: Stock Performance - As of September 1, Hangyang's stock price decreased by 2.04%, trading at 24.03 CNY per share, with a total market capitalization of 23.51 billion CNY [1]. - Year-to-date, Hangyang's stock price has increased by 11.77%, with a 0.33% rise over the last five trading days, 7.56% over the last 20 days, and 24.06% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to June 2025, Hangyang achieved a revenue of 7.33 billion CNY, representing a year-on-year growth of 8.92%, and a net profit attributable to shareholders of 479 million CNY, up by 9.61% [2]. - Since its A-share listing, Hangyang has distributed a total of 3.72 billion CNY in dividends, with 2.07 billion CNY distributed over the past three years [3]. Group 3: Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders for Hangyang was 29,900, an increase of 1.89% from the previous period, with an average of 32,697 circulating shares per shareholder, a decrease of 1.86% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 28.21 million shares, a decrease of 12.42 million shares from the previous period [3].