公司披露2025 中报，25H1 公司实现营业总收入67.29 亿元，同比+6.05%，归母净利5.35 亿元，同比 +12.94%，扣非后归母净利同比+11.04%。25Q2营收/归母净利/扣非后分别同 比-0.31%/+19.69%/+15.24%。国内空调以旧换新政策推动需求释放，制冷配件业务表现稳健；净利润增 速高于营收主因信用减值损失减少。一方面，公司维持家用空调配件龙头地位，并拓展商用及海外芬 恩，另一方面，公司维持研发高投入，持续以创新驱动新能源汽零新品类、储能温控、冷链等新赛道， 以期稳步推进新兴业务发展。 公司25H1 毛利率为17.32%，同比-0.54pct。其中，25Q2 毛利率同比+0.09pct。下游竞争加剧，且原材料 价格仍处于高位，公司制冷配件、制冷设备GPM 均同比下降。25H1 公司整体期间费用率同比-0.3pct。 其中，销售/管理费用率分别同比-0.03pct/-0.69pct（受经营杠杆优化及股份支付等减少影响）。研发费 用率同比+0.24pct（继续重点投入高能效、新能源汽零品类及储能温控技术，巩固技术优势）。财务费 用率同比+0.19pct（主要受汇兑损益影响）。 ...

Core Viewpoint - The stock of Kaimeite Gas experienced a dramatic turnaround from a limit down to a limit up, showcasing significant volatility and attracting speculative investments [1][3]. Group 1: Stock Performance - On April 7, Kaimeite Gas opened with a rapid limit down but quickly rebounded, reaching a limit up by 9:48 AM, marking a total of seven limit ups in six trading days, with the stock price at 11.12 yuan and a total market capitalization of 7.732 billion yuan [1][2]. - The stock saw a peak trading volume of over 540,000 hands, allowing investors who bought at the limit down to realize a floating profit of 22.2% [2]. Group 2: Market Sentiment and Trends - Since March 27, the stock has surged by 77.35%, with five appearances on the daily trading leaderboard, indicating strong market interest [3]. - The stock's volatility was highlighted by a failed attempt to achieve six consecutive limit ups on April 3, resulting in a significant trading volume of 2.38 billion yuan and a loss for many investors who bought at the peak [5]. Group 3: Business Fundamentals - Kaimeite Gas specializes in the research and sales of high-purity gases, including carbon dioxide and hydrogen, with applications across various industries such as electronics and food [5][6]. - Despite recent stock performance, the company's fundamentals are concerning, with projected losses of 43.8 million to 54 million yuan for 2024, attributed to declining raw material prices and increased costs [6][7]. Group 4: Strategic Developments - The company achieved a significant milestone by obtaining certification from ASML's core component supplier, Cymer, for its photolithography gases, which has fueled market speculation [5][6]. - Kaimeite Gas has also entered the supply chains of major domestic wafer manufacturers, covering 85% of the 12-inch wafer market, positioning itself favorably amid domestic substitution trends [6]. Group 5: Capital Movements - The company's major shareholders have cashed out approximately 320 million yuan over the past three years, with a high pledge ratio of 67% of shares, raising concerns about insider selling [7][8]. - On the same day as the stock's limit up, a mysterious institution sold 230 million yuan worth of shares at a 10% discount, indicating potential profit-taking amidst the stock's rise [7]. Group 6: Market Outlook - Analysts express divided opinions on the stock's future, with some suggesting it is a speculative play given its dynamic P/E ratio of -177, while others maintain a bullish outlook with a target price of 15 yuan [10].