Core Viewpoint - The company plans to establish a gas industry equity investment fund in collaboration with two other entities to enhance its strategic development and optimize its industrial layout [1] Group 1: Investment Fund Details - The new fund, named Sichuan Gas Industry Fund, is expected to have a scale of 2 billion yuan and a duration of 8 years [1] - The company will contribute 1 billion yuan, representing 50% of the fund, while the other partner will contribute approximately 998 million yuan, accounting for 49.9% [1] - The funding will come from the company's own resources and will be disbursed in phases based on the fund's investment progress, ensuring no significant impact on the company's cash flow [1] Group 2: Strategic Importance - The investment aims to support the company's strategic needs by accelerating the implementation of industrial layout optimization and merger and acquisition projects [1] - The company views the partnership with the equity fund as a way to effectively control and diversify investment risks through shared interests and risk-sharing [2] - The company retains a priority buyback right under equal conditions during project exits, which could enhance future returns [2] Group 3: Business Expansion and Focus - The company has been expanding its operations in gas investment and clean energy, focusing on hydrogen energy and other advanced fields [3] - Its main products include industrial gases, special gases, rare gases, and liquefied natural gas (LNG), which are utilized across various sectors such as metallurgy, chemicals, and healthcare [3] - The company aims to leverage capital operations and mergers to accelerate its transition into clean energy and industrial gas investment, fostering new growth engines [3]

Core Viewpoint - The company plans to establish a gas industry equity investment fund in collaboration with two other entities, focusing on industrial gases, LNG, and hydrogen energy [1] Group 1: Fund Details - The total scale of the fund is set at 2 billion yuan [1] - The company will contribute 1 billion yuan, representing 50% of the fund [1] - The other LP, Shudao Equity Fund Company, will contribute 998 million yuan, accounting for 49.9% [1] - Shudao Financial Management Company will act as the GP, contributing 200,000 yuan, which is 0.1% of the fund [1] - The initial capital contribution of 10 million yuan has been made for regulatory filing purposes [1] Group 2: Investment Focus - The fund will primarily invest in sectors related to industrial gases, including specialty gases and electronic gases, as well as LNG and hydrogen energy [1] - The establishment of sub-funds or direct equity investments will be pursued within these sectors [1]

证券代码：300540 证券简称：蜀道装备 公告编号：2025-052 四川蜀道装备科技股份有限公司 关于与专业机构共同投资设立产业投资基金暨关联交易的公告 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。 一、关联交易概述 1、本次交易基本情况 为满足战略发展需求，加快推动产业布局优化和并购投资项目落地实施，助 力公司持续构建完善工业气体、清洁能源以及氢能产业平台，四川蜀道装备科技 股份有限公司（以下简称"公司"、"蜀道装备"）拟与蜀道产融（四川）私募 基金管理有限公司（以下简称"蜀道产融管理公司"）、蜀道（四川）股权投资 基金有限公司（以下简称"蜀道股权基金公司"）共同投资设立蜀道（四川）气 体产业股权投资基金（有限合伙）（暂定名，最终以工商注册为准），主要围绕 工业气体（含特种气体、电子气体）、LNG、氢能领域设立子基金或开展直接股 权投资。 基金规模 20 亿元，蜀道装备作为 LP 认缴 100,000 万元，占比 50.00%；蜀 道股权基金公司作为 LP 认缴 99,800 万元，占比 49.90%；蜀道产融管理公司担 任 GP 认缴 200 万元， ...

证券代码：300540 证券简称：蜀道装备 公告编号：2025-051 1、以 8 票同意、0 票反对、0 票弃权审议通过《关于与专业机构共同投资 设立产业投资基金暨关联交易的议案》 为满足战略发展需求，加快推动产业布局优化和并购投资项目落地实施，助 力公司持续构建完善工业气体、清洁能源以及氢能产业平台，公司拟与蜀道产融 （四川）私募基金管理有限公司、蜀道（四川）股权投资基金有限公司共同投资 设立蜀道（四川）气体产业股权投资基金（有限合伙）（暂定名，最终以工商注 册为准）。 本议案已经公司董事会战略委员会2025年第三次会议、董事会独立董事2025 年第四次专门会议全票同意审议通过。郭海作为本议案的关联董事回避表决。本 次交易事项构成关联交易，本议案尚需提交公司股东会审议。同时为提高决策效 率，保证相关事宜的顺利进行，董事会提请股东会授权董事会并同意董事会授权 公司经理层签署合作事项下相关文件并具体落实协议项下相关事宜。 具体内容详见公司刊登于巨潮资讯网（http://www.cninfo.com.cn）《关于 与专业机构共同投资设立产业投资基金暨关联交易的公告》（公告编号： 2025-052）。 三、备查文 ...

蜀道装备公告，公司拟与蜀道产融管理公司、蜀道股权基金公司共同投资设立蜀道（四川）气体产业股 权投资基金（有限合伙），基金规模20亿元。蜀道装备作为LP认缴10亿元，占比50.00%；蜀道股权基 金公司作为LP认缴9.98亿元，占比49.90%；蜀道产融管理公司担任GP认缴200万元，占比0.10%。基金 首期出资到位1000万元，后续出资根据投资项目投资决策金额及合伙企业运作需要，按各合伙人在基金 中的认缴出资比例履行实缴出资义务。 ...

证券日报网讯11月28日，蜀道装备（300540）在互动平台回答投资者提问时表示，公司目前已具备高纯 甲烷、高纯一氧化碳、高纯氦、高纯氮、高纯氧、高纯氩等高纯大宗气体的提纯技术及稳定运行业绩， 并拥有液氨全容罐等核心装备的设计与制造经验，三氟化钨等含氟类电子特气尚未纳入当前技术布局。 未来公司将紧密跟踪半导体、显示面板、光伏等下游产业对特种气体的需求变化，在夯实现有业务基础 上，结合自身在低温分离、气体纯化等方面的优势，审慎评估并逐步拓展市场前景明确、技术路径匹配 的特种气体品类，稳步推进气体运营板块的高质量发展。 ...

Core Viewpoint - The company is actively expanding its high-purity and electronic-grade specialty gas business in response to the growing demand from the semiconductor and high-end manufacturing sectors [1] Group 1: Company Operations - The company's main business includes LNG facilities, air separation units, hydrogen energy equipment, and transportation equipment [1] - In the industrial gas sector, the company primarily supplies bulk gases such as carbon dioxide, oxygen, nitrogen, and argon, and has also started supplying specialty gases like helium [1] Group 2: Market Trends - Since the second half of 2025, some industrial gas prices have shown a moderate upward trend due to rising energy costs and a recovery in downstream high-end manufacturing demand [1] - The company is optimizing supply chain management to ensure stable supply for customers while maintaining reasonable profit levels [1]

Group 1: Company Overview and Operations - Sichuan Shudao Equipment Technology Co., Ltd. is focusing on hydrogen fuel cell systems and components, with production expected to start in 2025 [2] - The company has made significant breakthroughs in frontier fields such as BOG helium extraction and hydrogen liquefaction, aligning with national "dual carbon" strategies [2][3] Group 2: Future Growth Drivers - The core business of deep cold gas equipment serves as a stable revenue source, while the company aims for transformation towards clean energy and industrial gas operations [4] - The company is leveraging partnerships, such as with Toyota, to develop a hydrogen fuel cell intelligent manufacturing base, projected to be operational by the end of 2025 [4] Group 3: Gas Operation Business Strategy - The company plans to become a comprehensive gas service provider, integrating technology R&D, equipment manufacturing, and investment operations [4] - Significant progress has been made in gas operation projects, including the successful launch of the Inner Mongolia Yahui helium extraction project [4] Group 4: Business Models and Market Opportunities - Gas operation models include on-site gas production for large clients and retail supply for smaller customers, providing stable cash flow through long-term contracts [5][6] - The industrial gas sector presents integration opportunities due to technological upgrades and domestic replacements, particularly for smaller enterprises lacking manufacturing capabilities [6]

Core Insights - Hydrogen energy has been included in the national planning, marking a significant strategic opportunity for the industry as it is recognized as a new economic growth point in the 15th Five-Year Plan [1][2] Group 1: National Strategy and Industry Positioning - The 15th Five-Year Plan emphasizes the cultivation of emerging industries, positioning hydrogen energy alongside quantum technology and sixth-generation mobile communication as a key area for future economic growth [2] - The hydrogen energy industry is expected to share in a trillion-level market growth, contributing to the expansion of high-tech industries and creating substantial employment opportunities [2][3] Group 2: Development Environment and Applications - Hydrogen energy is identified as a clean, low-carbon secondary energy source that can facilitate the green transformation of traditional industries and support the large-scale development of new energy sectors [3] - The industry is anticipated to see widespread applications in industrial, transportation, and energy storage sectors, attracting concentrated market investments [3] Group 3: Company Strategy and Collaborations - Shudao Equipment is strategically positioned in the hydrogen energy equipment sector, aligning its integrated "production, storage, and application" layout with national policy directions [4] - The company has established a joint venture with Toyota to enhance its capabilities in hydrogen fuel cell systems and related components, with production expected to commence by the end of 2025 [4][5] Group 4: Technological Innovation and Infrastructure - Shudao Equipment focuses on liquid hydrogen technology, leveraging decades of experience in cryogenic equipment manufacturing to advance key technological breakthroughs [5] - The company is actively involved in various projects, including the "Chuan-Yu Hydrogen Corridor" and hydrogen-powered rail transport, while also expanding its hydrogen refueling station network [6] Group 5: Policy Synergy and Future Growth - The implementation of the 15th Five-Year Plan is expected to create a stable development environment for Shudao Equipment's hydrogen business, with policies aimed at enhancing industry collaboration and international cooperation [8] - The company is well-positioned to capitalize on the transition from demonstration to commercialization in the hydrogen sector, supported by favorable policies regarding liquid hydrogen transport and hydrogen station approvals [8]

Group 1: Company Overview and Market Position - The company has invested in the LNG-BOG helium extraction project in Inner Mongolia, which is crucial for national security and has applications in various fields such as military, medical, and semiconductor industries [2][3]. - Domestic helium supply is primarily reliant on imports from countries like the USA and Qatar [3]. Group 2: Technology and Innovation - The company plans to increase R&D investment, focusing on deep cooling technology and key areas such as hydrogen liquefaction and rare gas purification [4]. - It aims to maintain its technological leadership by enhancing its R&D team and continuously innovating core products [4][6]. Group 3: Business Strategy and Growth - The company is transitioning from an equipment manufacturer to a gas and clean energy service provider, focusing on four business segments: deep cooling technology, transportation service equipment, gas investment operations, and clean energy investment operations [5]. - It is strategically positioned to capitalize on the hydrogen energy sector, which is recognized as a key emerging industry in the national "14th Five-Year Plan" [5]. Group 4: Competitive Advantage and Market Expansion - The company has established a solid technical foundation in natural gas liquefaction and special gas purification, which enhances its competitive edge [6]. - Future plans include expanding into overseas markets, particularly along the "Belt and Road" initiative, by leveraging existing partnerships and optimizing product standards for international markets [7][8]. Group 5: Hydrogen Energy Initiatives - The company has developed a comprehensive hydrogen energy capability covering production, storage, transportation, and utilization [8]. - It is actively involved in projects like the Chengyu Hydrogen Corridor and has established a hydrogen fuel cell manufacturing base in Chengdu, expected to commence production in 2025 [8].