调研速递|杭州中泰深冷技术股份有限公司接受25家机构调研，透露重要财务数据与业务要点

Core Viewpoint - The company held a specific audience research event with 25 institutions participating, discussing its semi-annual financial performance, business segments, and future plans [1] Financial and Business Segment Overview - In the first half of 2025, the company achieved revenue of 1.302 billion yuan, a year-on-year decline of 4.79%, primarily due to a significant drop in the urban gas segment [2] - Equipment sales accounted for 583 million yuan, representing 44.74% of total revenue, with a year-on-year growth of 7.52% [2] - The urban gas segment generated 644 million yuan, making up 49.43% of total revenue, with a year-on-year decline of 18.64% [2] - The gas operation segment reported revenue of 76.03 million yuan, contributing 5.84% to total revenue, down 8.37% year-on-year [2] - The company recorded a net profit of 135 million yuan, a year-on-year increase of 9.14% [2] - The equipment sales segment contributed significantly to profits, generating 120 million yuan, accounting for over 90% of total profits [2] - The urban gas segment's profit was approximately 22.8 million yuan, down over 50% compared to the previous year [2] - The comprehensive gross margin for the equipment segment was 42.28%, an increase of 12.83 percentage points year-on-year, while the urban gas gross margin was 5.06%, a decrease of 4.53 percentage points [2] - The company had an order backlog of 2.442 billion yuan, with new orders remaining flat year-on-year, and overseas orders accounting for over 50% of new orders [2] Future Plans and Business Layout - The equipment sales segment will remain a key focus, with ongoing efforts to expand overseas, targeting major global competitors in Europe and the U.S. [3] - The company plans to enhance sales efforts in the domestic market to maintain market share amid cautious downstream sentiment [3] - The urban gas segment will actively communicate with local governments regarding pricing and debt recovery, aiming to reduce costs by expanding user base and gas purchasing channels [3] - The company is open to new technologies and will pursue investments, independent research, and external collaborations for technological advancements [3] Key Points from Institutional Q&A - The company is confident in achieving its annual sales target of 2.3 billion yuan, with expectations of increased overseas market share in the next 2-3 years [4] - Focus areas for overseas expansion include the Middle East, Central Asia, and Europe, with cold boxes as the main export product [4] - The company has strengthened its overseas sales team and improved sales channels, benefiting from a favorable competitive landscape [4] - Increased sales expenses are attributed to high commission costs for certain overseas projects [4] - The company has secured its first coal-to-gas project in Xinjiang and plans to intensify efforts in that region [4] - The company has experience in the controllable nuclear fusion field but does not expect significant profit contributions from it; robotics technology is related but not a primary focus [4] - There has been little change in bulk gas prices, and electronic gas prices have not significantly recovered; the destruction of a helium plant in Russia has not impacted the company's business [4] - The urban gas segment is not expected to trigger goodwill impairment this year [4]