本报讯(记者向炎涛)8月30日，京能置业（600791）股份有限公司(以下简称"京能置业")发布2025年半年 度报告。上半年，公司实现营业收入7.18亿元。 京能置业主要从事北京、天津的房地产开发业务，公司开发的房地产项目主要包括京能.龙湖.熙上、京 能.西山印、北京城建京能.樾园、京能丨电建.洺悦湾、京能.丽墅、京能.天下川、金泰丽富嘉园、京能. 雍清丽苑、京能.海语城、京能.西贤府等。 报告期内，公司聚焦优质地块投拓、资产盘活与库存去化工作，推动上下游业务拓展和历史遗留问题化 解，实现经营管理水平的持续提升。公司资金管理成效显著，通过权益融资、ABS等创新融资方式置换 高息债务，截至2025年6月末，综合融资成本降至3.1%，较去年同期下降50个基点，有效降低了财务风 险。 公司立足服务首都发展，通过土地市场择优投资储备项目，优化项目梯次储备，为公司稳步发展奠定基 础。积极投入商品房、保障房、共有产权房建设，打造多元化住宅供应体系，已在北京、天津等重点区 域形成一定的房地产开发规模，积累了良好的品牌价值和社会效应，具备区域深耕潜力。充分发挥京能 集团内部协同优势，集中资源优势，打造技术和生态相融合、居住 ...

Summary of the Conference Call for Hangyang Co., Ltd. Industry Overview - The steel industry's capacity reduction is expected to shrink the supply of liquid gases, supporting retail gas prices, similar to the significant price increases of liquid oxygen and nitrogen observed from 2016 to 2018 due to steel capacity replacement [2][3] - The retail gas price is anticipated to face less pressure in the second half of the year, with year-on-year risks alleviated by August, although demand-side support remains unclear [2][3] - The industrial gas sector is currently experiencing low gas prices, with no clear short-term expectations for price increases [2][7] Company Performance and Projections - Hangyang Co., Ltd. is expected to see a significant increase in volume from 2025 to 2026, with a projected liquid gas sales volume of 3.3 to 3.5 million tons, up from 2.82 million tons last year [2][8] - The company’s performance in 2025 is forecasted at 1.05 billion yuan, increasing to 1.15 to 1.2 billion yuan in 2026, with a growth expectation of 15% to 20% this year [3][17][18] - The company has a leading position in equipment preparation capabilities, particularly in producing high-purity nitrogen equipment [11] Market Dynamics - The market for new pipeline gas projects is weak due to reduced investment willingness in major industries like steel and chemicals, leading to fewer new projects compared to previous years [5][6] - The company is diversifying its downstream applications into sectors such as medical and electronic gases, with emerging fields now accounting for 15% to 20% of its business [9][12] - The company has secured new projects in electronic bulk gases, indicating a positive outlook for future growth [9] Pricing and Profitability - Retail gas prices significantly impact Hangyang's profitability, with last year's low prices suppressing profits by over 200 million yuan [15] - The company anticipates a 30% decrease in argon prices this year, while oxygen and nitrogen prices are expected to remain stable or slightly increase [17] - The existing gas contracts are projected to generate approximately 2 billion yuan in potential net profit [13][15] Risks and Challenges - The core long-term challenge for the company lies in the recovery of liquid gas prices and the elasticity of demand, with ongoing observations needed regarding supply constraints and excess capacity [19] - The equipment sector is expected to remain stable, but the potential for large-scale growth is uncertain due to low investment willingness in the steel sector [16] Conclusion - Hangyang Co., Ltd. is positioned for growth in the coming years, with a focus on volume increase and diversification into new markets, despite facing challenges in pricing and market conditions [2][8][19]