Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][10]. Core Insights - The company reported a revenue of 13.72 billion yuan for 2024, a year-on-year increase of 3.1%, while the net profit attributable to shareholders was 0.92 billion yuan, a decrease of 24.2% [1]. - The gas business's gross margin declined in the second half of 2024, primarily due to falling prices of retail gas and rare gases, but is expected to stabilize in 2025 as economic activities recover [2]. - The company signed six new gas investment projects in 2024, with a total oxygen production capacity of approximately 650,000 Nm³/h, and aims to expand its gas retail business significantly [3]. - Profit forecasts for the company indicate net profits of 1.06 billion yuan in 2025, 1.23 billion yuan in 2026, and 1.44 billion yuan in 2027, reflecting growth rates of 15.3%, 15.5%, and 17.0% respectively [4]. Summary by Sections Performance Review - In Q4 2024, the company achieved a revenue of 3.36 billion yuan, a year-on-year decrease of 4.7%, and a net profit of 0.25 billion yuan, down 32.3% [1]. Operational Analysis - The gross margin for gas sales was 18.4% in the first half of 2024 and dropped to 13.9% in the second half, influenced by price declines in retail gas and rare gases [2]. - As of March 27, 2024, the prices for liquid oxygen, nitrogen, and argon have increased by 31.2%, 14.7%, and 33.1% respectively from their recent lows [2]. Business Expansion - The company plans to issue convertible bonds worth up to 1.63 billion yuan to support its gas operations, which are expected to expand steadily [3]. - The cumulative order amount for air separation and petrochemical equipment reached 5.512 billion yuan in 2024, with 22 large and medium-sized air separation units signed, marking a historical high [3]. Profit Forecast and Valuation - The projected net profits for the company are 1.06 billion yuan in 2025, 1.23 billion yuan in 2026, and 1.44 billion yuan in 2027, with corresponding P/E ratios of 20, 17, and 15 times [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of 13.72 billion yuan for 2024, a year-on-year increase of 3.1%, while the net profit attributable to shareholders was 0.92 billion yuan, a decrease of 24.2% [1]. - The gas business's gross margin declined in the second half of 2024, primarily due to falling prices of retail gas and rare gases, but is expected to stabilize in 2025 as economic activities recover [2]. - The company has signed six new gas investment projects in 2024, with a total oxygen production capacity of approximately 650,000 Nm³/h, and aims to expand its gas retail business significantly [3]. - The projected net profits for 2025, 2026, and 2027 are 1.06 billion yuan, 1.23 billion yuan, and 1.44 billion yuan, respectively, reflecting growth rates of 15.3%, 15.5%, and 17.0% [4]. Summary by Sections Performance Review - In Q4 2024, the company achieved a revenue of 3.36 billion yuan, a year-on-year decrease of 4.7%, and a net profit of 0.25 billion yuan, down 32.3% [1]. Operational Analysis - The gross margin for gas sales was 18.4% in the first half of 2024 and dropped to 13.9% in the second half, influenced by price declines in retail gas and rare gases [2]. - As of March 27, 2024, the prices for liquid oxygen, nitrogen, and argon have increased by 31.2%, 14.7%, and 33.1% respectively from their recent lows [2]. Business Expansion - The company plans to issue convertible bonds worth up to 1.63 billion yuan to support its gas operations and equipment sales, which are expected to grow steadily [3]. - The total order amount for air separation and petrochemical equipment reached 5.512 billion yuan in 2024, with 22 large and medium-sized air separation units signed, marking a historical high [3].

Core Viewpoint - The company, Hangyang Co., Ltd., continues to deepen its industrial gas services and air separation equipment manufacturing business while actively laying out emerging energy sectors such as hydrogen energy and CCUS [1][2]. Financial Performance - The company achieved an operating revenue of 13.716 billion yuan, a year-on-year increase of 3.06% [1]. - The net profit attributable to shareholders was 922 million yuan, a year-on-year decrease of 24.15% [1]. Market Position and Innovation - As a leading supplier of air separation equipment in China, the company maintains a leading market share in low-temperature petrochemical products such as air separation equipment and ethylene cold boxes [1]. - The company has authorized a total of 605 patents, including 170 invention patents, with 75 new patents authorized during the reporting period [1]. - The air separation equipment is widely used in the metallurgy and traditional chemical industries, with expanding market space in emerging industries driven by new demands [1]. Industrial Gas Services - The company signed six new gas investment projects during the reporting period, with a total new production capacity of approximately 650,000 Nm³/h [2]. - The company sold 45,000 tons of medical oxygen and has launched its first on-site medical gas production project [2]. - The company is actively expanding into new gas application fields while maintaining its core competitiveness in the industrial gas market [2]. Emerging Energy Business - The company is actively laying out hydrogen energy, energy storage, and CCUS projects, with a focus on integrated hydrogen production, storage, and transportation projects [2]. - The company possesses mature hydrogen purification technology and full-process design capabilities for hydrogen liquefaction [2]. Research and Development - The company spent 449 million yuan on R&D during the reporting period, remaining stable compared to the previous year [2]. - The company collaborates with universities and research institutions to form an open innovation consortium, addressing technical challenges faced by the industry [2]. Shareholder Returns - The company plans to distribute a cash dividend of 3 yuan per 10 shares (including tax) to share growth dividends with shareholders [3].

Core Viewpoint - Hangyang Co., Ltd. demonstrates resilience and growth potential in traditional gas sectors while strategically expanding into emerging fields such as electronic gases and hydrogen energy, as highlighted in their 2024 annual report [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 13.716 billion yuan, a year-on-year increase of 3.06% [2]. - The net profit attributable to shareholders was 922 million yuan, reflecting a decline of 24% year-on-year due to macroeconomic challenges and a sluggish liquid market [2]. Business Transformation - Hangyang is transitioning from a traditional equipment manufacturer to a comprehensive gas service provider, enhancing its product matrix [2]. - The gas business consistently accounts for about 60% of the company's revenue, driving overall growth [2]. Market Expansion - The company has successfully expanded its domestic and international markets, with equipment revenue increasing by 7% year-on-year [2]. - Notable projects include the operation of the largest air separation island project in Inner Mongolia and a significant contract win for a large-scale air separation project in Mexico [4]. Emerging Fields - In the electronic gas sector, the company has seen substantial growth, with sales of electronic-grade hydrogen and helium increasing by 88.31% and 92.87% respectively [2]. - The establishment of a hydrogen energy business unit aims to create a comprehensive hydrogen industry chain, with strategic partnerships formed to advance hydrogen energy projects [5]. Technological Innovation - The company invests heavily in R&D, with 449 million yuan allocated in 2024, representing 3.27% of operating revenue [7]. - Hangyang has established 16 technology innovation platforms and is involved in multiple national and provincial research projects, achieving breakthroughs in various technologies [7]. Industry Outlook - The industrial gas market in China is projected to grow from 196.6 billion yuan in 2022 to 284.2 billion yuan by 2026, with a compound annual growth rate of approximately 10% [3]. - The electronic specialty gas market is expected to grow significantly, providing substantial opportunities for companies like Hangyang with strong technical capabilities [3]. Corporate Responsibility - Hangyang emphasizes sustainable development and has integrated green practices into its operations, achieving a water reuse rate of 98.61% in 2024 [7]. - The company engages in social responsibility initiatives, including support for rural revitalization and employee development programs [8]. Future Prospects - The company is well-positioned to capitalize on domestic industrial upgrades and the growth of emerging industries, particularly in electronic specialty gases and hydrogen energy [9]. - Hangyang's dual-driven model of "equipment + service" is expected to enhance its market position, with a focus on achieving higher quality growth in the coming years [9].

Group 1 - The company has approved a merger between its wholly-owned subsidiaries, Hangzhou Hangyang Alloy Head Co., Ltd. and Hangzhou Hangyang Forging and Heating Co., Ltd., to improve operational efficiency and reduce management costs [1] - The merger will result in Hangyang Alloy Head continuing to exist while Hangyang Forging and Heating will be legally dissolved [1] - This merger does not constitute a related party transaction or a major asset restructuring as defined by relevant regulations [1] Group 2 - As of December 31, 2023, Hangyang Alloy Head reported total assets of 577.516 million yuan, liabilities of 247.500 million yuan, and owner's equity of 330.016 million yuan [2] - For the same period, Hangyang Forging and Heating reported total assets of 670.625 million yuan, liabilities of 187.787 million yuan, and owner's equity of 482.838 million yuan [4] - The revenue for Hangyang Alloy Head in 2023 was 714.792 million yuan with a net profit of 38.165 million yuan, while Hangyang Forging and Heating had revenue of 438.164 million yuan and a net profit of 54.177 million yuan [2][4] Group 3 - The merger aims to enhance the overall scale of Hangyang Alloy Head, improving its capabilities in metal products and rolling processing, which aligns with the group's strategic goal of extending its core industry into competitive segments [6] - The merger is expected to strengthen the company's control over supply chain costs related to pipeline and fitting businesses [6] - The company assures that the merger will not materially affect its normal operations or financial status, nor will it harm the interests of shareholders, especially minority shareholders [6]

Core Viewpoint - The company has proposed a profit distribution plan for the fiscal year 2024, which includes a cash dividend of RMB 3.00 per share, subject to approval at the upcoming shareholders' meeting [1][4]. Profit Distribution Plan - The company achieved a net profit of RMB 1,032,086,691.01 for the fiscal year 2024, with an opening retained earnings balance of RMB 2,222,358,112.18 [1]. - After deducting the previously paid ordinary share dividends of RMB 787,170,275.20, the total profit available for distribution to shareholders is RMB 295,167,030.00, based on a total share capital of 983,890,100 shares as of March 26, 2025 [1][2]. - The cash dividend will be distributed at a rate of RMB 3.00 per 10 shares, with no stock dividends or capital increases from reserves [1]. Compliance and Governance - The profit distribution plan is in compliance with relevant regulations, including the China Securities Regulatory Commission's guidelines on cash dividends and the company's own articles of association [4]. - The supervisory board has expressed that the profit distribution plan aligns with the company's operational status and development needs, ensuring no harm to shareholders, particularly minority shareholders [4]. Financial Indicators - The total cash dividend for the current year is projected at RMB 295,167,030.00, a significant decrease from the previous year's dividend of RMB 787,170,275.20 [2]. - The company has maintained a positive net profit for the most recent fiscal year, and the cumulative cash dividends over the last three years exceed 30% of the average annual net profit [4].

根据《上市公司独立董事管理办法》及《公司章程》等有关规定，杭氧集团股份 有限公司（以下简称"公司"）于 2025 年 3 月 26 日以现场会议方式召开第八届董 事会 2025 年第一次独立董事专门会议。 会议应到独立董事 3 人，实到独立董事 3 人，全体独立董事共同推举本次会议 由姚建华先生主持。本次会议的召集、召开和表决程序符合《公司法》《上市公司独 立董事管理办法》等法律法规及《公司章程》的规定。会议审议通过了《关于 2025 年预计发生日常关联交易的议案》，认为：公司预计的 2025 年日常关联交易遵循了 客观、公平、公正的交易原则，预计发生的关联交易属于公司开展正常经营所需，定 价原则公允，有利于公司主营业务的开展和持续稳定经营，未对公司独立性构成不利 影响，没有损害公司及股东特别是中小股东的利益。 杭氧集团股份有限公司 （以下为《杭氧集团股份有限公司第八届董事会2025年第一次独立董事专门会议决议》 之签字页，无正文） 第八届董事会 2025 年第一次独立董事专门会议决议 参会独立董事签字： （2025 年 3 月 26 日） 因此，我们一致同意《关于 2025 年预计发生日常关联交易的议案》并 ...

债券代码：127064 债券简称：杭氧转债 杭氧集团股份有限公司 第八届监事会第十八次会议决议公告 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。 证券代码：002430 证券简称：杭氧股份 公告编号：2025-019 杭氧集团股份有限公司（以下简称"公司"或"本公司"）于2025年3月26日以现场 会议方式召开了第八届监事会第十八次会议，本次会议的通知及会议资料于2025年3 月16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<2024 年度总经理工作报告>的议案》。 审议批准《2024年度总经理工作报告》。 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%。 二、审议通过了《关于<2024 年度监事会报告>的议案》；并同意提交 2024 年 度股东大 ...

股票代码：002430 股票简称：杭氧股份 公告编号：2025-020 转债代码：127064 转债简称：杭氧转债 杭氧集团股份有限公司 关于召开2024年度股东大会的通知公告 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、会议召开的基本情况 （一）股东大会届次：2024年度股东大会 （二）会议召集人：公司董事会 （三）会议召开的合法、合规性：公司第八届董事会第二十次会议审议通过了 《关于召开2024年度股东大会的议案》，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。 （四）会议召开时间： 其中，通过深交所交易系统进行网络投票的具体时间为：2025年4月18日上午 （http://wltp.cninfo.com.cn）投票的具体时间为：2025年4月18日上午9：15至下午 （五）会议召开方式：本次股东大会采取现场投票和网络投票相结合的方式召 开。 人出席现场会议。 和互联网投票系统（http://wltp.cninfo.com.cn）向全体股东提供网络投票平台，股 东可以在网络投票时间内通过上述系统行使表决权。同一股份只能选择 ...

杭氧集团股份有限公司（以下简称"公司"或"本公司"）于 2025 年 3 月 26 日召开了第八届董事会第二十次会议、第八届监事会第十八次会议，审议通过了 《关于减少公司注册资本的议案》及《关于修订<公司章程>的议案》，前述两项议 案尚需经公司股东大会审议通过，具体情况如下： 一、减少注册资本情况 | 股票代码：002430 | 股票简称：杭氧股份 | 公告编号：2025-029 | | --- | --- | --- | | 转债代码：127064 | 转债简称：杭氧转债 | | 杭氧集团股份有限公司 关于减少公司注册资本暨修订《公司章程》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。 三、其他情况说明 本次回购注销限制性股票将导致公司注册资本减少，根据《中华人民共和国公 司法》等相关法律法规的规定，本议案经股东大会审议通过后，公司将通知债权人， 公司债权人自公告之日起 45 日内有权要求本公司清偿债务或者提供相应担保。本次 减少注册资本将按法定程序办理注册资本的变更登记事宜。 特此公告。 杭氧集团股份有限公司董事会 2025 年 3 月 26 日， ...