Huate Gas(SH:688268) Mei Ri Jing Ji Xin Wen·2026-01-13 07:57Core Viewpoint - The recent share reduction plan by the controlling shareholders of Huate Gas raises questions about the motivations behind the sell-off and the changes in the funding allocation for projects, particularly the semiconductor materials project which has seen significant budget adjustments [2][8]. Group 1: Share Reduction Plan - The shareholders, including Xiamen Huahong Duofu Investment Partnership, Xiamen Huahuo Duofu Investment Partnership, and Xiamen Huajin Duofu Investment Partnership, plan to reduce their holdings by up to 2% of the total shares, amounting to a maximum of 2.4 million shares between February 4, 2026, and April 30, 2026 [2][3]. - These shareholders collectively hold 12.98% of Huate Gas, making them the third, sixth, and seventh largest shareholders, and they have previously executed two share reduction plans in 2025, totaling 4.34% of shares and raising at least 246 million yuan [3][4]. Group 2: Project Funding Changes - Huate Gas announced the completion of the "Annual Production of 1,764 Tons of Semiconductor Materials" project, which initially had a planned investment of 383 million yuan, later reduced to 224.5 million yuan, with actual expenditure only around 130 million yuan [8][9]. - The company plans to use the surplus funds of approximately 112.6 million yuan from this project to supplement its working capital permanently, pending shareholder approval [8][10]. - The project faced delays and adjustments due to market conditions affecting product demand, leading to the decision to halt further investments in certain products while completing others [15]. Group 3: Financial Performance - For the first three quarters of 2025, Huate Gas reported revenues of 1.044 billion yuan, a year-on-year decrease of 1.36%, and a net profit of 119 million yuan, down 10.32% [6]. - However, there was a notable improvement in the third quarter, with revenue increasing by 7.96% and net profit by 12.45% compared to the same period last year [6]. Group 4: Company Outlook - The controlling shareholders expressed confidence in the long-term development of Huate Gas, emphasizing a focus on core business areas such as specialty gases and ongoing market expansion in high-end applications like semiconductors and renewable energy [7][15].