Group 1: New Projects and Production - In 2025, several new air separation projects are expected to be launched, including Xuzhou Hangyang (50,600 m³), Shandong Hangyang (105,000 m³), Yunfu Hangyang (40,000 m³), and Zezhou Hangyang (80,000 m³) [1] - The company aims to maintain financial stability and may adjust its dividend policy to ensure a stable capital structure and sustainable future development [1] Group 2: Market and Pricing Insights - The first quarter liquid gas prices are at a relative low point, but the company benefits from cost advantages in liquid sales due to pipeline gas configuration, leading to stable earnings [2] - The company has established a helium sales joint venture to enhance market supply and meet electronic gas demand [2] Group 3: Equipment Orders and Overseas Expansion - The company anticipates increased investment in overseas business units and expansion opportunities in equipment exports, particularly in the western coal chemical sector [2] - Key overseas export regions for 2024 include the Belt and Road area, Southeast Asia, and emerging markets like Africa and India [2] Group 4: Retail Gas and Bottled Gas Development - The company expects fluctuations in terminal rates as liquid gas volumes increase, with terminal rate improvement being a long-term process [2] - In 2024, the company sold a total of 320,000 bottled gas units and plans to continue expanding its filling station network [3] Group 5: Profitability and Risk Management - The gross margin for overseas orders is generally higher due to competitive pricing and export tax rebate policies, although actual margins may vary by contract [3] - The company collaborates primarily with leading private enterprises, maintaining controllable risk and stable profitability [3] Group 6: Future Outlook - The company is focused on acquiring existing projects rather than new capital expenditures for air separation capacity, given the limited market growth [2] - Future pricing trends for retail gases, particularly argon, will depend on economic recovery, photovoltaic industry developments, and market supply-demand dynamics [3]