Core Insights - Hangyang Co., Ltd. has transitioned from traditional equipment manufacturing to gas operation services over the past 15 years since its listing, but growth momentum has slowed in recent years [1][3] Business Overview - The main business of Hangyang includes the design and manufacturing of large and medium-sized air separation equipment, petrochemical equipment, and cryogenic related equipment, as well as industrial gas investment and operation, and engineering design and contracting [3] - The core product revenue structure shows that gas sales account for the highest proportion at 59.05%, followed by air separation equipment at 32.99% [3] Financial Performance - Since its listing in 2010, Hangyang's cumulative net profit has grown by 159.99%, from 355 million yuan in 2010 to 922 million yuan in the latest complete fiscal year of 2024 [3] - The company has experienced one year of loss, with net profit growth occurring in 9 out of 15 years, representing 60.0% of the years [3] - Revenue has steadily increased from 10.021 billion yuan in 2020 to 13.716 billion yuan in 2024, although the growth rate has been slowing down [4] - Net profit increased from 843 million yuan in 2020 to 922 million yuan in 2024, showing a pattern of high initial growth followed by a decline, with negative growth reported in 2024 [4] Market Capitalization - Hangyang's market capitalization peaked at 44.503 billion yuan on October 27, 2022, with a stock price of 45.25 yuan, but has since decreased to a market cap of 19.058 billion yuan and a stock price of 19.37 yuan as of June 9, resulting in a market value loss of 25.445 billion yuan, or 57.18% [6]