Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 27.3 yuan [2][8]. Core Views - The company reported a total revenue of 3.56 billion yuan in Q1 2025, representing a year-on-year growth of 7.85%, and a net profit attributable to shareholders of 230 million yuan, up 10.82% year-on-year [2][4]. - The company is expected to benefit from the recovery in gas prices and has a strong order acquisition capability, with numerous gas projects under construction set to enter a peak operational phase [2][8]. - The company has shown improvements in operational quality and cost control, with a net cash flow from operating activities reaching 420 million yuan, a year-on-year increase of 46.78% [2][8]. Financial Summary - The company’s projected total revenue for 2025 is 15.1 billion yuan, with a year-on-year growth rate of 10.1%. The net profit attributable to shareholders is expected to be 1.08 billion yuan, reflecting a growth rate of 16.7% [4][9]. - Key financial metrics include an expected EPS of 1.09 yuan for 2025, with a PE ratio of 18 times [4][9]. - The company’s total assets are projected to reach 26.8 billion yuan by 2025, with a debt-to-equity ratio of 73.3% [9].

Core Insights - The company reported a total revenue of 3.565 billion yuan for Q1 2025, marking a year-on-year increase of 7.85% and achieving five consecutive years of growth [1] - The net profit attributable to shareholders reached 226 million yuan, reflecting a 10.82% year-on-year increase [1] - The net cash flow from operating activities was 424 million yuan, up 46.78% compared to the same period last year [1] Financial Performance - The latest debt-to-asset ratio stands at 56.25%, a decrease of 0.60 percentage points from the previous quarter [3] - The gross profit margin is 21.45%, which is an increase of 0.60 percentage points from the previous quarter and 1.55 percentage points from the same period last year [3] - The return on equity (ROE) is 2.38%, up 0.15 percentage points year-on-year [3] - The diluted earnings per share (EPS) is 0.23 yuan, reflecting a 9.43% increase compared to the same period last year [3] Operational Efficiency - The total asset turnover ratio is 0.15 times, remaining stable compared to the previous year [3] - The inventory turnover ratio is 1.17 times, which is an increase of 0.05 times year-on-year [3] Shareholder Structure - The number of shareholders is 33,100, with the top ten shareholders holding 675 million shares, accounting for 68.60% of the total share capital [3] - The largest shareholder is Hangzhou Hangyang Holding Co., Ltd., with a holding ratio of 53.33% [3]

Core Viewpoint - Hangyang Co., Ltd. reported a solid financial performance in Q1 2025, with total operating revenue of 3.565 billion yuan, a year-on-year increase of 7.85%, and a net profit attributable to shareholders of 226 million yuan, up 10.82% year-on-year [1] Financial Performance - The company achieved a total operating revenue of 3.565 billion yuan in Q1 2025, representing a 7.85% increase year-on-year [1] - Profit before tax reached 335 million yuan, reflecting a 13.61% year-on-year growth [1] - The net cash flow from operating activities was 424 million yuan, an increase of 46.78% compared to the same period last year [1] Shareholder Structure - Hangzhou Hangyang Holding Co., Ltd., as the largest shareholder, holds 53.33% of the shares, totaling 524,754,485 shares, with no shares pledged, marked, or frozen, indicating strong control and stability [1] Business Overview - Hangyang is a world-class supplier of air separation equipment and low-temperature petrochemical equipment, leading the gas industry in China [1] - The company has established over 60 specialized gas companies domestically and internationally, with an oxygen production capacity of 3.5 million Nm3/h, serving various industries including metallurgy, chemicals, and healthcare [1] Industry Position - Hangyang's air separation equipment business is globally recognized, with a leading market share in low-temperature petrochemical products domestically [2] - The company has a self-sufficiency rate of over 90% for key equipment, showcasing its technological capabilities [2] Strategic Initiatives - The company is focusing on the entire hydrogen energy value chain and carbon neutrality solutions, while also exploring biomass energy utilization and green chemistry [2] - Hangyang aims to innovate its business model and expand its service industry, enhancing its position as an innovative service-oriented enterprise [2] Future Outlook - The company anticipates a recovery in performance following a challenging 2024, supported by abundant gas projects and ongoing developments in coal chemical projects [3] - Hangyang plans to increase its stock holdings through a special loan from China Industrial Bank, reflecting confidence in its long-term investment value [4] - The company aims to create a world-class gas industry enterprise by focusing on market-driven strategies, innovation, quality, service, and cost management [4]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company's Q1 2025 performance exceeded expectations, with revenue of 3.56 billion yuan, a year-on-year increase of 7.9%, and a net profit of 230 million yuan, up 10.8% year-on-year. The gross margin improved by 1.6 percentage points to 21.5% [1] - The company is positioned as a leading player in the industrial gas sector, benefiting from both defensive and offensive attributes, with expectations for a recovery in the gas industry following a challenging 2024 [2] - The company has a strong growth trajectory driven by demand growth, market share expansion, and improved profitability, with long-term profit potential expected to increase several times [2][3] Summary by Sections Q1 Performance - Revenue reached 3.56 billion yuan, a 7.9% increase year-on-year - Net profit was 230 million yuan, reflecting a 10.8% year-on-year growth - Gross margin stood at 21.5%, up 1.6 percentage points, while net margin improved to 7% [1] Orders and Contracts - As of the end of Q1, the company's contract liabilities were 2.84 billion yuan, down 10.3% year-on-year - The company won a bid for a coal-to-olefins project in Xinjiang, which includes two air separation units with a total capacity of 220,000 m³/h [1] Growth Drivers - The company is expected to benefit from stable growth in pipeline gas, which is less affected by macroeconomic fluctuations, and aims to increase its market share in the third-party gas supply market significantly [2] - The retail gas segment is positioned for potential growth as gas prices are at historical lows, with significant upside if the economy recovers [2] - The company is the leading domestic manufacturer of air separation equipment, with expectations for steady performance driven by demand from coal chemical projects and overseas markets [3] Financial Forecast - Projected net profits for 2025-2027 are 1.067 billion, 1.298 billion, and 1.513 billion yuan, with year-on-year growth rates of 16%, 22%, and 17% respectively [4]

业绩简评 风险提示 宏观经济波动；原材料价格波动；项目进展不及预期。 4 月 28 日，公司发布 25 年一季报，25Q1 公司实现收入 35.6 亿 元，同比+7.9%，归母净利润 2.3 亿元，同比+10.8%。 经营分析 业绩超预期，主要源于毛利率回升。根据公司 25 年一季报，公司 25Q1 毛利率 21.5%，同比+1.6pct，或由海外设备收入确认以及气 体项目爬坡、固定成本摊薄所致。 看好公司空分设备业绩释放。根据公司 24 年年报，公司 2024 年 空分设备毛利率 29.9%，依然维持在非常高的水平，盈利能力稳健。 根据石油和化工采供资讯，2025 年 4 月 8 日，新疆山能化工有限 公司准东五彩湾 80 万吨/年煤制烯烃项目空分技术、工艺包及成 套设备专项招标中标候选人公示，第一中标候选人为公司。据我们 测算，未来五年平均每年新增现代煤化工产能对应的空分设备需 求不少于 187 万 Nm3 /h，即 2018-2024 年平均水平的 2.0 倍，2022 年公司在国内空分设备市占率为 43.2%，居第一。看好公司空分设 备业务受益于国内现代煤化工扩产。 盈利预测、估值与评级 预测 25/ ...

业绩简评 4 月 28 日，公司发布 25 年一季报，25Q1 公司实现收入 35.6 亿 元，同比+7.9%，归母净利润 2.3 亿元，同比+10.8%。 经营分析 业绩超预期，主要源于毛利率回升。根据公司 25 年一季报，公司 25Q1 毛利率 21.5%，同比+1.6pct，或由海外设备收入确认以及气 体项目爬坡、固定成本摊薄所致。 看好公司空分设备业绩释放。根据公司 24 年年报，公司 2024 年 空分设备毛利率 29.9%，依然维持在非常高的水平，盈利能力稳健。 根据石油和化工采供资讯，2025 年 4 月 8 日，新疆山能化工有限 公司准东五彩湾 80 万吨/年煤制烯烃项目空分技术、工艺包及成 套设备专项招标中标候选人公示，第一中标候选人为公司。据我们 测算，未来五年平均每年新增现代煤化工产能对应的空分设备需 求不少于 187 万 Nm3 /h，即 2018-2024 年平均水平的 2.0 倍，2022 年公司在国内空分设备市占率为 43.2%，居第一。看好公司空分设 备业务受益于国内现代煤化工扩产。 盈利预测、估值与评级 宏观经济波动；原材料价格波动；项目进展不及预期。 0 200 400 6 ...

关于控股股东获得增持专项贷款承诺函的公告 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。 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 9 日收 到公司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 上市公司杭氧股份股票的函》，基于对公司长期投资价值的认可及未来发展前景信 心，杭氧控股拟自 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 2 亿元。 具体内容详见公司于 2025 年 4 月 10 日披露的《关于控股股东增持公司股份计划的公 告》（公告编号：2025-032）。 股票代码：002430 股票简称：杭氧股份 公告编号：2025-041 转债代码：127064 转债简称：杭氧转债 杭氧集团股份有限公司 根据中国人民银行、金融监管总局、中国证监会发布《关于设立股票回购增持 再贷款有关事宜的通知》的指导意见，杭氧控股符合主要股东增持股票的基本条件。 近日，公司收到杭氧控股出具的《关于取得股票增持专项 ...

杭氧集团股份有限公司（以下简称"公司"或"本公司"）于2025年4月28日以通讯 方式召开了第八届监事会第十九次会议，本次会议的通知及会议资料于2025年4月23 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<2025 年第一季度报告>的议案》 证券代码：002430 证券简称：杭氧股份 公告编号：2025-039 债券代码：127064 债券简称：杭氧转债 杭氧集团股份有限公司 第八届监事会第十九次会议决议公告 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。 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%。 三、审议通过了《关于为全资子公司提供委托贷款的议案（二）》 同意为全资子公司衢州杭氧东港气体有限公司提供1,800万元委托贷款，委托贷 款期限不 ...

证券代码：002430 证券简称：杭氧股份 公告编号：2025-038 一、审议通过了《关于<2025 年第一季度报告>的议案》 债券代码：127064 债券简称：杭氧转债 杭氧集团股份有限公司 第八届董事会第二十二次会议决议公告 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2025年4月28日以通讯 方式召开了第八届董事会第二十二次会议，本次会议的通知及会议资料于2025年4月 23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： 审议通过《2025年第一季度报告》，本议案已经董事会审计委员会审议通过。 表决结果：9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%。 公司《2025年第一季度报告》具体内容详见《证券时报》、《上海证券报》和 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥3,564,556,128.76, representing a 7.85% increase compared to ¥3,305,051,780.79 in the same period last year[5] - Net profit attributable to shareholders was ¥226,075,630.67, up 10.82% from ¥204,002,885.59 year-on-year[5] - Basic earnings per share rose to ¥0.2298, a 9.43% increase from ¥0.21 in the same period last year[5] - Operating profit for the current period was ¥334,911,254.25, up from ¥293,519,981.17, reflecting a growth of 14.1%[17] - Net profit attributable to the parent company was ¥226,075,630.67, compared to ¥204,002,885.59 in the previous period, marking an increase of 10.8%[18] Cash Flow - The net cash flow from operating activities increased by 46.78% to ¥423,964,251.54, compared to ¥288,837,516.14 in the previous year[5] - Cash flow from operating activities was ¥1,760,340,487.16, down from ¥1,834,759,661.31, a decrease of 4.0%[19] - The net cash flow from investing activities was -$486,466,684.44, a decline from -$412,570,137.91 in the prior period, indicating a worsening of cash flow by about 18%[20] - The total cash outflow from financing activities was $417,487,240.01, a decrease from $496,334,579.89 in the prior period, indicating a reduction of approximately 16%[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥24,563,906,359.32, reflecting a 2.05% increase from ¥24,070,374,917.55 at the end of the previous year[5] - Total liabilities amounted to ¥13,816,023,354.51, slightly up from ¥13,681,812,910.89, indicating a 1.0% increase[16] - The total current assets increased to ¥10,752,263,991.87 from ¥10,604,044,332.58, reflecting a growth of approximately 1.4%[14] - The company's fixed assets grew to ¥8,215,835,178.94 from ¥7,896,332,479.20, marking an increase of approximately 4%[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 33,148[10] - The company reported a total of 524,754,485 shares held by Hangzhou Hangyang Holdings Co., Ltd., the largest shareholder[11] - The top ten shareholders collectively hold significant stakes, with the largest being Hangzhou Hangyang Holdings Co., Ltd. at 524,754,485 shares[11] Goodwill and Borrowings - The company reported a significant increase in goodwill by 47.07% to ¥288,833,767.09, primarily due to the acquisition of new company shares[8] - Short-term borrowings surged by 119.93% to ¥608,280,223.38, mainly due to increased bank short-term loans[8] Expenses - Research and development expenses were ¥81,695,210.47, a decrease of 20.2% from ¥102,393,422.48 in the previous period[17] - The company reported a decrease in financial expenses to ¥23,658,229.44 from ¥16,469,005.86, a reduction of 43.5%[17] Cash and Equivalents - Cash and cash equivalents rose to ¥2,209,290,334.19, up from ¥2,121,373,317.71, indicating an increase of about 4.1%[14] - Cash and cash equivalents at the end of the period reached $2,014,042,701.25, up from $2,112,290,614.20 at the beginning of the period, showing a net increase of $90,011,957.02[21]