中信建投证券股份有限公司关于 四川侨源气体股份有限公司 2025 年上半年度跟踪报告 | 保荐人名称：中信建投证券股份有限公司 | 上市公司简称：侨源股份 | | --- | --- | | 保荐代表人姓名：贾志华 | 联系电话：028-68850816 | | 保荐代表人姓名：张翔 | 联系电话：028-68850835 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 次 0 | | 2.督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括但 | | | 不限于防止关联方占用公司资源的制度、募集 | 是 | | 资金管理制度、内控制度、内部审计制度、关 | | | 联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月一次 | | （2）公司募集资金项目进展是否与信息披露文 | 是 | | ...

Group 1 - The company focuses on the research and production of high-purity and high-reliability special gases in the military industry, aligning closely with national strategies [1] - The company's products are currently applied in key units within the aviation, aerospace, and nuclear industries, including the China Academy of Engineering Physics, Aviation Industry Corporation of China, and Chengdu Aircraft Industry Group [1] - The company will continue to advance technology research and product optimization, actively supporting national high-end manufacturing and supply chain development [1]

Financial Performance - The company's net profit attributable to shareholders increased by 57.79% year-on-year in the first half of 2025, driven by improved product sales and effective cost control [2][3] - The net cash flow from operating activities grew by 114.47% year-on-year, significantly outpacing profit growth, primarily due to increased sales revenue [3] Market Strategy and Opportunities - The company is closely monitoring the Yarlung Tsangpo River Hydropower Station project, assessing gas supply needs and potential collaboration opportunities [3][4] - The company has established long-term partnerships with key clients across various industries, including metallurgy, chemicals, military, medical, and emerging sectors like photovoltaics and semiconductors [4] Product and Service Development - The company is expanding its production capacity and focusing on high-purity electronic specialty gases, medical gases, and rare gases to meet the growing demand in high-end markets [4] - The company has a strong presence in the military and medical sectors, with established relationships with major institutions and hospitals [4] Shareholder Communication and Market Perception - The company aims to enhance market understanding and recognition through regular reports, performance briefings, and investor surveys [5] - The management acknowledges the impact of macroeconomic factors and market sentiment on stock price fluctuations and is committed to improving operational performance to benefit investors [9][11] Competitive Positioning - The company identifies its core competitive advantages as location, customer relationships, cost efficiency, supply assurance, and diverse business models [10] - Continuous technological innovation and optimization of industry layout are key strategies to enhance product and service quality [10] Future Outlook - The company is open to extending its industrial chain and exploring new business opportunities while maintaining focus on its core operations [10] - The management is optimistic about future growth and is committed to creating greater value for shareholders [10]

Group 1 - The rare earth permanent magnet index fell by 2.16% at the beginning of trading, indicating a downward trend in the sector [1] - Component stocks generally declined, with notable drops including Beikong Technology down by 4.46%, Tianhe Magnetic Materials down by 4.17%, Ningbo Yunsheng down by 3.91%, Shenghe Resources down by 3.56%, and Zhonggang Tianyuan down by 3.56% [1]

Group 1 - The core viewpoint of the news is that Qiaoyuan Co., Ltd. has shown significant financial performance and trading activity, with a notable increase in revenue and net profit year-on-year [2][3] - As of August 28, Qiaoyuan's stock price increased by 0.07%, with a trading volume of 90.56 million yuan, and a net financing purchase of 2.69 million yuan [1] - The company has a financing balance of 107 million yuan, which accounts for 1.00% of its circulating market value, indicating a high level of financing activity compared to the past year [1] Group 2 - For the first half of 2025, Qiaoyuan achieved an operating income of 529 million yuan, representing a year-on-year growth of 10.43%, and a net profit attributable to shareholders of 117 million yuan, reflecting a significant increase of 57.79% [2] - The company has distributed a total of 91.63 million yuan in dividends since its A-share listing [3] - As of June 30, 2025, the number of shareholders increased to 7,956, with an average of 20,271 circulating shares per person, indicating a growing interest in the company's stock [2]

Group 1 - The core viewpoint of the articles highlights that Qiaoyuan Gas achieved significant growth in both revenue and net profit in the first half of 2025, with a revenue of 529 million yuan, representing a year-on-year increase of 10.43%, and a net profit of 117 million yuan, reflecting a year-on-year growth of 57.79% [1][2] - Qiaoyuan Gas has established a comprehensive and reliable gas supply and service network, providing a wide range of products including high-purity oxygen, nitrogen, argon, medical oxygen, and various electronic gases, catering to both traditional industries and emerging sectors such as renewable energy and semiconductors [1] - The growth in Qiaoyuan Gas's net profit is particularly notable within the industrial gas sector, attributed to the surge in demand from the renewable energy and semiconductor industries, which has driven sales of high-purity gases [1][2] Group 2 - Among the six A-share listed companies in the industrial gas sector, five have reported positive revenue growth in the first half of 2025, with three companies achieving revenue growth exceeding 10% [1] - The industrial gas industry is experiencing a mixed performance in profitability, with Qiaoyuan Gas and Guangzhou Guanggang Gas Energy both reporting net profits exceeding 100 million yuan, while other companies like Jin Hong Gas have seen significant declines in net profit [2] - The industrial gas sector faces challenges such as intensified market competition, fluctuating raw material prices, and increasing environmental regulations, but the rapid development of emerging industries presents new market opportunities [2]

Group 1 - The core viewpoint of the article is that Qiaoyuan Co., Ltd. (301286.SZ) reported a decline in institutional investor holdings in its A-shares, with a total of 9 institutions holding 7.676 million shares, representing 1.92% of the total share capital, a decrease of 2.00 percentage points from the previous quarter [1] Group 2 - As of August 26, 2025, the institutional investors include Shanghai Fengying Investment Center, Shanghai Panyao Asset Management, and others, with a total institutional holding ratio of 1.92% [1] - Three new public funds were disclosed this period compared to the previous quarter, including Huaxia Zhisheng Value Growth Stock A, Huaxia Growth Enterprise Index Enhanced A, and Huaxia CSI 800 Index Enhanced A [1] - One new foreign institution was disclosed this period, namely Hong Kong Central Clearing Limited [1]

Group 1 - The company reported a revenue of 529 million yuan for the first half of 2025, representing a year-on-year growth of 10.43% [1] - The net profit attributable to shareholders of the listed company was 117 million yuan, showing a year-on-year increase of 57.79% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 109 million yuan, with a year-on-year growth of 57.99% [1] - The basic earnings per share were 0.2961 yuan [1]

Core Viewpoint - Qiaoyuan Co., Ltd. reported a strong performance in the first half of 2025, with significant growth in both revenue and net profit [1] Financial Performance - The company achieved an operating revenue of 529 million yuan, representing a year-on-year increase of 10.43% [1] - The net profit attributable to shareholders reached 117 million yuan, showing a year-on-year growth of 57.79% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 109 million yuan, with a year-on-year increase of 57.97% [1] - Basic earnings per share were reported at 0.2961 yuan [1]

证券代码：301286 证券简称：侨源股份 公告编号：2025-047 四川侨源气体股份有限公司 特此公告。 四川侨源气体股份有限公司董事会 2025 年 8 月 27 日 2025 年半年度报告披露提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 四川侨源气体股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日 召开第五届董事会第十七次会议，审议通过《关于公司<2025 年半年度报 告>全文及其摘要的议案》。 为使投资者全面了解公司 2025 年半年度的经营成果和财务状况，公 司《2025 年半年度报告》及《2025 年半年度报告摘要》于 2025 年 8 月 27 日 在 中 国 证 监 会 指 定 的 创 业 板 信 息 披 露 网 站 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上进行披露，敬请广大投资者注意查阅。 ...