Core Viewpoint - The company reported significant growth in revenue and net profit for the third quarter of 2025, indicating strong operational performance and improved cash flow management [2][5]. Financial Performance - In Q3 2025, the company achieved a revenue of 607 million yuan, representing a year-on-year increase of 15.4% [2][3]. - The net profit attributable to shareholders reached 83.07 million yuan, showing a substantial year-on-year growth of 82.47% [2][3]. - The net profit after deducting non-recurring gains and losses was 72.23 million yuan, reflecting a 90.01% increase compared to the same period last year [2][3]. Year-to-Date Performance - For the first three quarters of 2025, the total revenue amounted to 1.72 billion yuan, up 14.85% year-on-year [2][3]. - The net profit attributable to shareholders for the same period was 201 million yuan, marking a 10.64% increase [2][3]. - The net profit after excluding non-recurring items was 176 million yuan, which is a 3.86% increase year-on-year [2][3]. Cash Flow and Management - The net cash flow from operating activities reached 650 million yuan, showing a significant year-on-year increase of 71.99%, attributed to improved accounts receivable management and increased customer payments [5]. Earnings and Ratios - Basic and diluted earnings per share for the reporting period were both 0.06 yuan, a 100% increase compared to the previous year [4]. - The weighted average return on equity rose to 1.41%, an increase of 0.62 percentage points from the previous year [4]. - Research and development expenses totaled approximately 24.37 million yuan, accounting for 4.02% of revenue, a decrease from the previous year's 4.52% [4]. Company Overview - The company is a leading provider of electronic bulk gas services in China, focusing on the research, production, and sales of industrial gases, including nitrogen, helium, oxygen, hydrogen, argon, and carbon dioxide [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has achieved steady revenue growth in Q2 2025, with a year-on-year increase of 15% in revenue and a recovery in gross margin [3][8] - The company has successfully secured multiple electronic bulk gas projects in Shenzhen and Nantong, enhancing its market position [3][8] - The launch of the Super-N 30K Pro ultra-pure nitrogen machine marks a significant step towards achieving self-sufficiency in core equipment for ultra-pure electronic bulk gases [3][8] Financial Summary - The company’s projected revenue for 2025 is approximately RMB 2,598 million, reflecting a growth rate of 23.5% [7] - The estimated EPS for 2025 is RMB 0.26, with corresponding P/E ratios of 39.3, 30.0, and 23.4 for 2025, 2026, and 2027 respectively [5][7] - The company’s total market capitalization is around RMB 13.4 billion [2][5] Revenue and Profitability - The company’s revenue for H1 2025 reached RMB 1.114 billion, with a gross margin of 26.4% [8] - The net profit for H1 2025 was RMB 118 million, showing a year-on-year decrease of 13% [8] - The EBITDA for 2025 is projected to be RMB 727 million, with a growth rate of 37.2% [7][9] Market Position - The company holds approximately 15% market share in the Chinese electronic bulk gas market, which is projected to reach RMB 9.7 billion in 2024 [8] - The company is actively participating in the semiconductor industry development plan, further solidifying its market presence [8]