SSET(SZ:300540) Quan Jing Wang·2025-09-22 14:01Core Viewpoint - Shudao Equipment is establishing a gas industry equity investment fund with a total scale of 2 billion yuan, focusing on LNG, industrial gases, and hydrogen energy sectors, which will enhance its investment and strategic layout capabilities [1][2]. Group 1: Fund Establishment - The fund will be jointly established with Shudao Fund Management Co., Ltd. and Shudao Equity Investment Fund Co., Ltd. [1] - The fund's total scale is set at 2 billion yuan, with all contributors being entities controlled by Shudao Investment Group [1]. - The fund will invest in sub-funds or direct equity investments in LNG, industrial gases (including specialty gases and electronic gases), and hydrogen energy [1]. Group 2: Fund Structure and Returns - The fund will follow a principle of "priority guaranteed fixed income, subordinate enjoying excess returns" during its 8-year duration (4 years for investment and 4 years for exit) [1]. - The minimum return rate is set at a simple annualized rate of 6%, with 90% of excess returns allocated to limited partners (LPs), distributed in a 4:6 ratio between priority and subordinate LPs [1]. Group 3: Company Performance and Strategy - Shudao Equipment has a complete core technology system in gas liquefaction and separation, with applications in various fields such as nuclear reactors, semiconductor manufacturing, and clean energy [2]. - The company is enhancing its "1+3" industrial layout, focusing on deep-cooling technology manufacturing while developing transportation equipment, gas investment operations, and clean energy investment operations [2]. - In the first half of this year, the company's gross profit margin significantly increased to 27.76%, marking a three-year high, and the net profit attributable to the parent company reached its highest level since 2017, indicating improved profitability [2].