湖南凯美特气体股份有限公司 2025 年半年度报告全文 湖南凯美特气体股份有限公司 2025 年半年度报告 2025 年 7 月 1 湖南凯美特气体股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人祝恩福、主管会计工作负责人徐卫忠及会计机构负责人(会计 主管人员)袁丁香声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告"第三节、管理层讨论与分析"中"十、公司面临的风险 和应对措施"，详细描述了公司未来经营可能面临的主要风险，敬请广大投 资者注意风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 目录 | | --- | | 第一节 重要提示、目录和释义 | 2 | | --- | --- | | 第二节 公司简介和主要财务指标 | 6 | | 第三节 管理层讨论与分析 | 9 | | 第四节 公司治理、环境和社会 | 23 | | 第五节 重 ...

证券代码：002549 证券简称：凯美特气 公告编号：2025-044 湖南凯美特气体股份有限公司 第六届董事会第十四次会议决议公告 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。 一、董事会会议召开情况 2025 年 7 月 28 日，湖南凯美特气体股份有限公司（以下简称"公司"）在 湖南省岳阳市岳阳楼区延寿寺路公司会议室以现场与通讯表决方式召开第六届 董事会第十四次会议。会议通知于 2025 年 7 月 17 日以电子邮件等方式送达。会 议由董事长祝恩福先生主持，应出席董事 8 人，实际出席董事 8 人，公司全体监 事、高级管理人员列席了本次会议。会议的通知、召集、召开和表决程序符合《公 司法》和《公司章程》的规定。 二、董事会会议审议情况 经与会董事认真审议并表决，本次会议通过了如下决议： 1、审议通过了《湖南凯美特气体股份有限公司2025年半年度报告及其摘要》 的议案。 表决结果：赞成 8 票，反对 0 票，弃权 0 票。 本议案经公司董事会审计委员会审议通过。《2025年半年度报告》《2025年 半年度报告摘要》具体内容详见公司同日刊登于中国证监会指 ...

Group 1 - The A-share photolithography concept stocks experienced a surge in the afternoon, with Zhangjiang Hi-Tech reaching the daily limit [1] - Other companies such as Maolai Optical, Fulede, Fuchuang Precision, Jingfang Technology, and Kaimete Gas also saw significant increases [1]

Core Viewpoint - The semiconductor industry is experiencing a significant upward trend, particularly in the photolithography equipment sector, with companies like Dongfang Jiasheng reaching their daily limit increase in stock price [1] Group 1: Market Performance - The semiconductor supply chain saw a notable rise, with Dongfang Jiasheng hitting the daily limit increase and other companies such as Maolai Optics and Zhongying Electronics rising nearly 10% [1] - Other companies in the sector, including Huicheng Vacuum, Shanghai Xinyang, Huahong Company, Kaimeteqi, and SMIC, also experienced stock price increases [1] Group 2: Industry Forecast - SEMI (Semiconductor Equipment and Materials International) predicts that the total sales of semiconductor manufacturing equipment by original equipment manufacturers (OEMs) will reach a record high of $125.5 billion by 2025, representing a year-on-year growth of 7.4% [1]

Core Viewpoint - The company has completed the registration of changes in its business scope and has obtained a new business license from the Yueyang Market Supervision Administration, reflecting an expansion of its operational capabilities [1][2]. Group 1: Business Scope Changes - The company's business scope has been updated from a previous list that included general projects such as air pollution control and electronic materials sales to a new list that adds unit logistics management services and catering services [2][3]. - The updated business scope now includes both general and licensed projects, with specific mention of hazardous chemical operations and power supply services [2][4]. Group 2: Company Information - The company is named Hunan Kaimete Gas Co., Ltd., with a unified social credit code of 914306006166503867 [3]. - The company is classified as a joint-stock company with investments from Hong Kong, Macao, and Taiwan, and it was established on June 11, 1991, with a registered capital of 695.347901 million RMB [3][4].

证券代码：002549 证券简称：凯美特气 公告编号：2025-043 湖南凯美特气体股份有限公司 关于完成工商变更登记的公告 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。 湖南凯美特气体股份有限公司（以下简称"公司"）2025 年 4 月 23 日召开 第六届董事会第十三次会议、第六届监事会第十三次会议，2025 年 5 月 16 日召 开 2024 年度股东大会，审议通过了《关于拟变更公司经营范围及修订〈公司章 程〉的议案》。具体内容详见 2025 年 4 月 25 日公司披露的《关于拟变更公司经 营范围及修订<公司章程>的公告》（公告编号：2025-027）。 近日，公司已完成工商变更登记手续，取得岳阳市市场监督管理局换发的《营 业执照》，具体情况如下： 一、完成工商变更登记情况 公司完成工商变更登记手续，取得岳阳市市场监督管理局换发的统一社会信 用代码为 914306006166503867 的《营业执照》。 经营范围由"一般项目：大气污染治理；电子专用材料销售；电子专用材料 研发；食品添加剂销售；技术服务、技术开发、技术咨询、技术交流、技术转让、 ...

2025 Semi-Annual Performance Forecast [Performance Forecast Core Indicators](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company anticipates a significant turnaround in the first half of 2025, projecting net profit attributable to shareholders between 45 million CNY and 63 million CNY Performance Forecast Key Metrics | Item | Current Period (2025 H1 Forecast) | Prior Period (2024 H1) | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: 45 million CNY – 63 million CNY | Loss: 55.9441 million CNY | | **Net Profit After Non-Recurring Items** | Profit: 40 million CNY – 55 million CNY | Profit: 0.5218 million CNY | | **Basic Earnings Per Share** | Profit: 0.0647 CNY/share – 0.0906 CNY/share | Loss: 0.0805 CNY/share | - The low net profit after non-recurring items in the prior period (**0.5218 million CNY**) was primarily due to a one-time recognition of **78.3634 million CNY** in share-based payment expenses from the termination of the 2022 restricted stock incentive plan, which was classified as a non-recurring item, leading to a significant net loss attributable to shareholders in the prior period[3](index=3&type=chunk) [Communication with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The performance forecast data represents preliminary internal estimates and has not undergone external audit - The performance forecast data is unaudited, and the final financial figures will be based on the company's disclosed 2025 semi-annual report[4](index=4&type=chunk) [Explanation of Performance Change](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The positive performance shift is primarily attributed to increased main product sales and the absence of significant one-time share-based payment expenses incurred in the prior period - The company's main product sales increased year-on-year, driving steady growth in overall operating revenue and contributing to performance improvement[6](index=6&type=chunk) - A significant reduction in share-based payment expenses is another key factor for performance improvement. In the prior period, a one-time share-based payment expense of **87.4036 million CNY** was recognized due to the termination of the incentive plan, which did not occur in the current period[6](index=6&type=chunk) - The company preliminarily estimates that non-recurring gains and losses will impact net profit by approximately **5 million CNY to 8 million CNY** in the first half of 2025[6](index=6&type=chunk) [Risk Warning and Other Related Information](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA%E5%8F%8A%E5%85%B6%E4%BB%96%E7%9B%B8%E5%85%B3%E8%AF%B4%E6%98%8E) The company reiterates the unaudited nature of the forecast and advises investors to rely on official disclosures for decision-making - Investors are reminded again that this performance forecast data is a preliminary estimate, unaudited, and subject to uncertainty[7](index=7&type=chunk) - The company's designated information disclosure media are Securities Times, China Securities Journal, Shanghai Securities News, Securities Daily, and Juchao Information Network[7](index=7&type=chunk)

Group 1 - The company, Kaimete Gas (002549), announced an expected net profit of 45 million to 63 million yuan for the first half of 2025, compared to a loss of 55.9441 million yuan in the same period last year [1]

Investment Rating - The industry rating is "Outperform the Market" [3][50]. Core Insights - Breakthroughs in electrolyzer technology have been observed, and the hydrogen heavy-duty truck sector is gradually maturing. The newly awarded electrolyzer projects are still primarily alkaline, but both PEM and AEM electrolyzer technologies have made significant advancements. It is recommended to pay attention to companies at the forefront of electrolyzer technology [2][40]. - The midstream sector is accelerating the development of hydrogen transportation and utilization, promoting the construction of hydrogen refueling stations. Companies with hydrogen transportation capabilities are recommended for attention [2][40]. - Transportation applications are leading the gradual maturation of the hydrogen fuel cell industry ecosystem, with a recommendation to focus on hydrogen vehicle companies related to heavy-duty trucks [2][40]. Industry Performance - As of July 4, 2025, the hydrogen energy index closed at 2135.09 points, with a weekly change of 1.03% and a year-to-date change of 20.16%. The hydrogen energy index ranked 53rd among the Shenwan secondary industry rankings this week, showing a significant decline [8][14]. - The TTM price-to-earnings ratio of the hydrogen energy index is 24.66 times, and the MRQ price-to-book ratio is 1.60 times as of July 4, 2025 [11][13]. Company Dynamics - The top five companies in the hydrogen energy sector by weekly increase are Xuedilong (31.74%), Kaimeteqi (27.46%), Shengdexintai (22.40%), Zhongcai Technology (20.71%), and Huaguang Huaneng (20.06%). The top three companies by weekly decrease are Guangzhi Technology (-15.82%), Taihe Technology (-9.40%), and Xinxunda (-9.13%) [14][16]. - This week, there were 9 awarded projects in the hydrogen energy sector, with 3 electrolyzer bidding projects totaling 520 MW and a total hydrogen production capacity of 104,000 Nm³/h [17][18]. Industry Dynamics - Significant developments include the approval of the first cross-province green hydrogen pipeline in Inner Mongolia and the launch of hydrogen two-wheelers in Dongguan. These initiatives are part of broader efforts to promote hydrogen energy as a strategic industry [35][36]. - Internationally, Morocco's large-scale green hydrogen project is making progress, and Uzbekistan's Tashkent green hydrogen project has successfully achieved hydrogen production [36][37].

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The industrial gas sector is experiencing a price upturn, with liquid oxygen showing a continuous year-on-year growth for three consecutive weeks [3][10] - The market for industrial gases in China is approximately 200 billion yuan, with a compound annual growth rate exceeding 10% over the past five years [4][56] - The electronic gas sector is expected to benefit from the gradual recovery of the semiconductor industry, with the global electronic gas market projected to exceed 50 billion yuan by 2025 [54][57] Price Tracking - In June, the average prices for liquid oxygen, liquid nitrogen, and liquid argon were 448 yuan/ton (up 4.7% month-on-month, up 0.5% year-on-year), 480 yuan/ton (up 6% month-on-month, up 5% year-on-year), and 629 yuan/ton (up 3.5% month-on-month, down 35.6% year-on-year) respectively [3][9] - As of July 3, the prices were 449 yuan/ton for liquid oxygen (up 1.4% month-on-month, up 3.5% year-on-year), 469 yuan/ton for liquid nitrogen (down 0.2% month-on-month, up 7% year-on-year), and 628 yuan/ton for liquid argon (down 1.1% month-on-month, down 27% year-on-year) [10] Supply and Demand Tracking - The operating load rate of air separation units in China is showing a rebound, with market supply tightening due to maintenance and increased self-use by major enterprises [36] - In June, the PMI was recorded at 49.7, indicating a slight improvement over the past two months [37] Investment Recommendations - Key recommendations include Hangyang Co., Ltd., with continuous recommendations for Qiaoyuan Co., Ltd. and Shangu Power, and suggestions to pay attention to HeYuan Gas, China Shipbuilding Special Gas, Guanggang Gas, Huate Gas, and Kaimeite Gas [55][56] - The report emphasizes the potential for domestic companies to increase their market share in the electronic gas sector, with a significant shift from foreign to domestic suppliers [53][57]