杭氧集团股份有限公司 关于公司非独立董事辞职暨选举职工代表董事的公告 | 股票代码：002430 | 股票简称：杭氧股份 | 公告编号：2025-084 | | --- | --- | --- | | 转债代码：127064 | 转债简称：杭氧转债 | | 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、非独立董事辞职情况 职务的董事以及由职工代表担任的董事人数未超过公司董事总数的二分之一，符合 相关法律法规的要求。 三、备查文件 特此公告。 杭氧集团股份有限公司董事会 2025年8月28日 杭氧集团股份有限公司（以下简称"公司"或"杭氧股份"）董事会近日收到公司非 独立董事童俊先生递交的书面辞职报告。因公司治理结构调整，童俊先生申请辞去 公司第八届董事会董事职务，继续担任公司第八届董事会提名委员会委员及公司下 属子公司董事职务。童俊先生原定任期为 2024 年 1 月 26 日至 2027 年 1 月 25 日。 根据《公司法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司 规范运作》《公司章程》等有关规定，童俊先生的辞职不会导致公司董事 ...

| 股票代码：002430 | 股票简称：杭氧股份 | 公告编号：2025-083 | | --- | --- | --- | | 转债代码：127064 | 转债简称：杭氧转债 | | 杭氧集团股份有限公司 2025年第二次临时股东大会决议公告 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。 一、特别提示 1、本次临时股东大会召开期间没有增加、变更或否决议案的情形发生。 2、本次会议中的提案需对中小投资者的表决单独计票并披露投票结果。 二、会议通知情况 《杭氧集团股份有限公司关于召开2025年第二次临时股东大会的通知公告》 《杭氧集团股份有限公司关于召开2025年第二次临时股东大会的提示性公告》已 分别于2025年8月12日、2025年8月16日在《证券时报》、《上海证券报》和巨 潮资讯网（www.cninfo.com.cn）进行披露。 三、会议召开基本情况 网络投票时间：2025年8月27日，其中：通过深圳证券交易所交易系统进 行网络投票的具体时间为2025年8月27日上午9:15-9:25，9:30-11:30和下午13:00- 15:00；通过深圳证券 ...

法律意见书 浙江天册律师事务所 关于 杭氧集团股份有限公司 2025 年第二次临时股东大会的 法律意见书 浙江天册律师事务所（以下简称"本所"）接受杭氧集团股份有限公司（以 下简称"杭氧股份"或"公司"）的委托，指派本所律师参加公司 2025 年第二次 临时股东大会，并根据《中华人民共和国证券法》（以下简称"《证券法》"）、 《中华人民共和国公司法》（以下简称"《公司法》"）和《上市公司股东会规 则》（以下简称"《股东会规则》"）等法律、法规和其他有关规范性文件的要 求出具本法律意见书。 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于杭氧集团股份有限公司 2025 年第二次临时股东大会的 法律意见书 编号：TCYJS2025H1415 致：杭氧集团股份有限公司 （一）经本所律师核查，公司本次股东大会由董事会提议并召集，召开本次 股东大会的通知已于 2025 年 8 月 12 日在符合条件的媒体及深圳证券交易所网站 上公告。 （二）本次股东大会采取现场投票与网络投票相结合的方式。 法 ...

002430 杭氧集团股份有限公司 证券代码：002430 证券简称：杭氧股份 杭氧集团股份有限公司投资者关系活动记录表 编号：20250826 | 投 | 资 | 者 | 关 | 系 | 活 | 动 | □特定对象调研 | □分析师会议 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | □媒体采访 | 业绩说明会 | 类别 | ☑ | | | | | | | □新闻发布会 | □路演活动 | | | | | | | | | □现场参观 | □其他 | | | | | | | | | 华泰证券；华安证券；西部证券；国泰海通证券；华创证券； | 参与单位名称及人 | | | | | | | | | 东方财富证券；财通证券；东海证券；浙商证券；中泰证券； | 员姓名 | | | | | | | | | 南京证券；中国国际金融；长江证券；光大证券；信达证券； | | | | | | | | | | 中信证券；中银国际证券；方正证券；山西证券；中国银河证 | | | | | | | | | | 券；国都证券；瑞银证券；招商证券；天风证券；国海证券； ...

Group 1 - The core viewpoint of the article highlights the growth in the number of enterprises in the chemical raw materials and chemical products manufacturing industry, which increased by 1,021 to a total of 26,860 enterprises in the first half of 2025, representing a year-on-year growth of 3.95% [1] - The proportion of chemical raw materials and chemical products manufacturing enterprises in the total industrial enterprises is 5.16% [1] - The report referenced is the "2025-2031 China Basic Chemical Raw Materials Industry Market Supply and Demand Situation and Investment Prospects Analysis Report" published by Zhiyan Consulting [1] Group 2 - The data indicates that the threshold for scale industrial enterprises has been raised from an annual main business income of 5 million yuan to 20 million yuan since 2011 [1] - Zhiyan Consulting is recognized as a leading industry consulting agency in China, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [1] - The consulting firm emphasizes its commitment to delivering quality services and market insights to empower investment decisions [1]

Group 1 - The core viewpoint of the report is that Goer Group plans to acquire Shanghai Aolai through its subsidiary Goer Optics, which will enhance its optical waveguide capacity and technical strength, accelerating the integration of optical products into global leading XR clients [1][2] - The report maintains a "Buy" rating for Goer Group, raising the target price to 43.05 yuan, considering the impact of product life cycles and client new product release schedules, while also increasing R&D investment [1][2] - The expected EPS for Goer Group is adjusted to 0.96/1.23 yuan for 2025-2026, with a forecast of 1.50 yuan for 2027, reflecting the company's high growth rate and leading position in AI glasses and AR products [1][2] Group 2 - Goer Group has established a vertical integration layout in the XR field, benefiting from future industry demand surges, and has close cooperation with global leading XR clients [3] - The company has made strategic investments and acquisitions to strengthen its customer resources and technical capabilities, including acquiring a stake in Silan Microelectronics and investing in Plessey to enhance its AR display capabilities [3] - The merger with Shanghai Aolai is expected to accelerate the expansion of mature optical waveguide production capacity and consolidate Goer Group's competitive advantage in wafer-level micro-nano optical devices [2][3]

Market Performance - Global markets continued to rise last week, with MSCI Global up by 1.5%, MSCI Developed up by 1.5%, and MSCI Emerging up by 1.3%[3] - The US stock market's earnings expectations for 2025 were revised upward, with the S&P 500 EPS forecast increased from 268 to 269[4] Economic Expectations - Global economic expectations were adjusted upward, with the Citigroup Economic Surprise Index for the US rising due to dovish signals from the Fed[4] - The issuance of new special bonds by local governments reached 2392.7 billion CNY, a year-on-year increase of 76.7%[19] Industry Insights - In the home appliance sector, TCL Electronics reported a total revenue of 54.777 billion HKD for H1 2025, a year-on-year increase of 20.4%[15] - The gaming industry saw a record high of 166 domestic game approvals in August, with a total of 1050 approvals in the first eight months of 2025, significantly higher than the previous year's 850[31] Investment Recommendations - In the home appliance sector, recommended stocks include Stone Technology and Ecovacs for their strong performance and growth potential[14] - For the construction industry, low valuation high-dividend companies such as China State Construction and China Railway Construction are recommended due to their expected benefits from PPP policy catalysts[39]

Core Viewpoint - Hangyang Co., Ltd. reported a strong performance in its 2025 mid-year financial results, with significant increases in revenue and net profit compared to the previous year, indicating improved profitability and operational efficiency [1]. Financial Performance - The total revenue for the first half of 2025 reached 7.327 billion yuan, an increase of 8.92% year-on-year [1]. - The net profit attributable to shareholders was 479 million yuan, up 9.61% year-on-year [1]. - In Q2 2025, total revenue was 3.763 billion yuan, reflecting a year-on-year increase of 9.95%, while net profit for the quarter was 253 million yuan, up 8.55% [1]. - The gross margin improved slightly to 20.73%, with a net margin of 7.30%, showing increases of 0.11% and 3.27% respectively [1]. - Total expenses (selling, administrative, and financial) amounted to 553 million yuan, accounting for 7.55% of revenue, a decrease of 6.28% year-on-year [1]. - Earnings per share rose to 0.49 yuan, a 9.64% increase, while operating cash flow per share surged by 98.97% to 1.24 yuan [1]. Business Evaluation - The company's return on invested capital (ROIC) was 6.5% last year, indicating average capital returns, with a historical median ROIC of 9.29% over the past decade [3]. - The net profit margin was recorded at 7.23%, suggesting average value addition from products or services [3]. - The company has experienced one loss year since its IPO, necessitating further investigation into underlying causes [3]. Cash Flow and Debt Situation - The cash flow situation is a concern, with cash and cash equivalents covering only 31.18% of current liabilities [4]. - The interest-bearing debt ratio has reached 29.57%, indicating a significant level of debt [4]. - Accounts receivable have reached 200.09% of profit, raising potential liquidity concerns [4]. Future Outlook and Projects - The company plans to launch several new projects in 2025, including a 500,000 cubic meter air separation unit in various locations [6]. - The company is adjusting its dividend policy to maintain financial stability and manage debt levels [6]. - There is an expectation of growth in the helium market, with the establishment of a joint venture to enhance market supply [6]. - The company aims to expand its overseas market presence, particularly in regions like Southeast Asia and Africa [9]. Fund Holdings - The largest fund holding Hangyang shares is the Bosera Growth Navigator Mixed A, with 9.1475 million shares held [5]. - The fund has shown a significant increase in value, with a 37.1% rise over the past year [5].

Core Insights - The company reported a revenue of 7.327 billion yuan, an increase of 8.92% year-on-year, and a net profit of 479 million yuan, up 9.61% year-on-year for the first half of 2025 [1] - The gas industry revenue reached 4.593 billion yuan, growing by 14.12%, while manufacturing revenue was 2.635 billion yuan, with a more moderate growth of 4.23% [1] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, reflecting a strong financial position and commitment to shareholder returns [1] Gas Business Expansion - The gas business primarily relies on pipeline gas supply, supported by long-term contracts, with rapid growth in demand for hydrogen and specialty gases driving overall business expansion [2] - Six new on-site gas production projects were added in the first half of the year, with a total of 36 projects won, indicating steady progress in gas operations [2] - The company is well-positioned to benefit from the rise of strategic emerging industries such as semiconductors, photovoltaics, and biomedicine, which are increasing the demand for high-value-added gas products [2] Product and Technology Development - The company produces a wide range of gases including oxygen, nitrogen, hydrogen, and various specialty gases, which are used across multiple sectors such as energy, metallurgy, and healthcare [3] - The company is actively expanding into hydrogen energy and carbon capture, utilization, and storage (CCUS), with a focus on integrated hydrogen production and storage projects [3] International Market Expansion - The company has made significant strides in international markets, achieving overseas revenue of 294.56 million yuan, a year-on-year increase of 78.89% [5] - The company signed a contract for a 22,000 cubic meter air separation project overseas, marking a breakthrough in the African market [5] - The establishment of overseas subsidiaries in Singapore and Malaysia aims to enhance the company's international presence and market responsiveness [6] Joint Ventures and Innovation - A joint venture with the controlling shareholder aims to foster innovation and develop core technologies in the gas sector, focusing on high-value-added business expansion [7] - The joint venture will leverage resources from both parties to enhance competitiveness and support the development of new applications and quality projects [7]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance in Q2 2025 met expectations, driven by an unexpected improvement in the gas business's gross margin, which offset the decline in profitability from the equipment business [3] - The gas sales business achieved revenue of 4.59 billion RMB in the first half of 2025, with a year-on-year growth of 14.1% and a gross margin of 21.2%, up 2.8 percentage points year-on-year [2] - The air separation equipment business reported revenue of 2.32 billion RMB, flat year-on-year, with a gross margin of 20.4%, down 5.0 percentage points year-on-year [2] - The report anticipates a rebound in physical consumption, leading to an increase in gas prices and higher load factors for air separation [3] Summary by Sections Performance Review - In Q2 2025, the company achieved revenue of 3.76 billion RMB, a year-on-year increase of 9.9% and a quarter-on-quarter increase of 5.6% [2] - The net profit attributable to the parent company was 250 million RMB, reflecting a year-on-year increase of 8.6% and a quarter-on-quarter increase of 12.0% [2] Business Analysis - The gas business's gross margin improvement is attributed to concentrated capacity release in regions with strong demand, successful diversification of gas business, and a continuous increase in direct sales proportion [3] - The air separation equipment business faces margin pressure due to a decline in chemical product prices, with the chemical product price index down 9.7% year-on-year and the Shanghai rebar price down 12.6% year-on-year in the first half of 2025 [3] Profit Forecast and Valuation - The forecast for net profit attributable to the parent company is 1.09 billion RMB for 2025, 1.25 billion RMB for 2026, and 1.45 billion RMB for 2027, representing year-on-year growth rates of 17.8%, 15.0%, and 15.8% respectively [4] - The corresponding price-to-earnings ratios are projected to be 22x for 2025, 19x for 2026, and 16x for 2027 [4]