Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Views - The company achieved a breakthrough in its specialty gas business and shows growth potential in its clean energy sector [2][3] - The company plans to distribute a mid-year cash dividend of 266 million yuan for 2025, continuing its high dividend commitment [3] - The projected net profit for the company from 2025 to 2027 is estimated at 1.75 billion, 1.98 billion, and 2.14 billion yuan, corresponding to P/E ratios of 11.5X, 10.2X, and 9.4X respectively [3] Financial Performance Summary - In the first half of 2025, the company reported revenue of 10.428 billion yuan, a year-on-year decrease of 7.45%, and a net profit of 861 million yuan, down 22.17% year-on-year [1] - The second quarter of 2025 saw revenue of 4.944 billion yuan, a slight increase of 0.2% year-on-year, but a decrease of 9.8% quarter-on-quarter [1] - The company’s net profit for Q2 2025 was 355 million yuan, reflecting a year-on-year decline of 43.1% and a quarter-on-quarter decline of 29.9% [1] Business Development Summary - The clean energy business is steadily expanding, with significant developments in the specialty gas sector, particularly in commercial aerospace [2][3] - The company has successfully established a dual resource pool for LNG, enhancing its resource security and cost competitiveness [3] - The company is actively developing its LPG business and has plans for a liquefied hydrocarbon terminal project to enhance its service capabilities in Southern China [3]

Core Viewpoint - Sichuan Qiaoyuan Gas Co., Ltd. has signed an investment cooperation agreement to establish a special gas production base in Chengdu, with a total planned investment of 302 million yuan [2] Company Summary - The project will be implemented in two phases, with the first phase involving an investment of approximately 152 million yuan to build production facilities for electronic-grade and medical-grade carbon dioxide, industrial-grade carbon dioxide, and hydrogen recovery and purification [2] - The second phase will invest about 150 million yuan to establish production lines for electronic-grade medical carbon dioxide and ultra-pure ammonia, along with storage and operational facilities for high-end electronic chemicals and special gases [2] - The company specializes in the research, production, sales, and service of high-purity gases, with a comprehensive product range that includes high-purity oxygen, nitrogen, argon, medical oxygen, food nitrogen, industrial oxygen, carbon dioxide, hydrogen, and various electronic gases [2][3] Industry Summary - The demand for special gases is expected to continue rising due to increasing healthcare needs and advancements in biotechnology, as well as the growing demand for high-performance semiconductor devices driven by emerging technologies like 5G and artificial intelligence [3] - The company is well-positioned to benefit from the strong growth in demand for high-quality, high-purity special gases as the industry undergoes technological innovation and upgrades [3] - Financial data indicates that the company achieved a revenue of 256 million yuan in Q1 2025, a year-on-year increase of 10.24%, and a net profit of approximately 55.43 million yuan, a significant increase of 103.62% [3]