（编辑 袁冠琳） 证券日报网讯 凯美特气8月26日在互动平台回答投资者提问时表示，公司持续推进电子特气国内外客户 认证与市场拓展，凭借产品质量及服务等优势，与多家头部客户保持良好合作关系。具体经营数据，请 关注公司定期报告的披露。 ...

丨证券研究报告丨 分析师及联系人 [Table_Author] 马太 徐科 李禹默 SAC：S0490516100002 SAC：S0490517090001 SAC：S0490525060002 SFC：BUT911 SFC：BUV415 请阅读最后评级说明和重要声明 联合研究丨公司点评丨金宏气体（688106.SH） [Table_Title] 工业气体景气阶段性承压，现场制气及租金收入 提升明显 报告要点 [Table_Summary] 公司发布 2025 年半年报，实现收入 13.1 亿元（同比+6.7%），实现归属净利润 0.8 亿元（同比 -48.6%），实现归属扣非净利润 0.7 亿元（同比-45.1%）。其中 Q2 单季度实现收入 6.9 亿元（同 比+7.6%，环比+11.1%），归属净利润 0.4 亿元（同比-54.3%，环比-13.2%），实现归属扣非净 利润 0.4 亿元（同比-47.5%，环比+29.8%）。 %% %% %% %% research.95579.com 1 金宏气体（688106.SH） cjzqdt11111 [Table_Title 工业气体景气阶段性承压，现场 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 三、备查文件 1、《登记通知书》。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 湖南凯美特气体股份有限公司（以下简称"公司"）2025年4月23日召开第六届董事会第十三次会议、第 六届监事会第十三次会议，审议通过了《关于注销湖南凯美特气体股份有限公司特气分公司的议案》。 根据整体经营规划，为进一步优化公司管理架构，提高运营效率，降低管理成本，公司决定注销湖南凯 美特气体股份有限公司特气分公司（以下简称"湖南凯美特特气分公司"），并授权经营管理层依法办理 清算和注销等相关工作。具体内容详见2025年4月25日披露的《关于注销湖南凯美特气体股份有限公司 特气分公司的公告》（公告编号：2025-025）。 一、注销完成情况概述 2025年8月8日，公司收到岳阳市市场监督管理局出具的《登记通知书》（湘岳）登字【2025】第165 号，湖南凯美特特气分公司已按照相关程序完成了注销登记手续。 二、注销分公司的影响 本次注销湖南凯美特特气分公司是基于公司整体经营规划的考虑，符合公司业务及经营发展的需要，有 利于公司降低管 ...

Core Viewpoint - A number of companies have announced shareholder reduction plans following significant stock price increases, particularly among popular concept stocks, indicating a potential shift in market sentiment and investor behavior [1][4]. Group 1: Shareholder Reduction Plans - On May 13, over ten companies, including Gaozheng Mingbao, Haichuang Pharmaceutical, and Cambridge Technology, disclosed shareholder reduction plans, with many shareholders planning to reduce their stakes by over 2% [1][2]. - Cambridge Technology's shareholders plan to reduce a total of 804.12 million shares and 186.27 million shares, representing 3% of the company's shares, with a total reduction amounting to approximately 3.95 billion yuan based on the latest closing price [2]. - Other companies like Gaozheng Mingbao and New Strong Link also reported significant planned reductions, with amounts exceeding 2 billion yuan [2][3]. Group 2: Stock Performance - Since April 8, the Shanghai and Shenzhen markets have experienced a significant rally, with the Shanghai Composite Index rebounding by 9.93% and the Shenzhen Component Index rising by 15.27% [4]. - Companies like Haichuang Pharmaceutical, Cambridge Technology, and Gaozheng Mingbao have seen stock price increases of over 19% in May, reaching new highs for the year [4][5]. - Despite substantial stock price increases, some companies, such as Haichuang Pharmaceutical, continue to report poor financial performance, with ongoing losses and no revenue generation [5][6]. Group 3: Historical Context of Reductions - Several companies have experienced multiple rounds of shareholder reductions prior to the recent announcements, indicating a trend of ongoing divestment by major shareholders [6]. - For instance, Haichuang Pharmaceutical's second-largest shareholder recently completed a reduction of 334.42 million shares, while Cambridge Technology has faced frequent reductions from its shareholders since last year [6][7]. - If the current reduction plans are fully executed, some shareholders will fall below the 5% threshold, eliminating the need for future disclosure of further reductions [7].

Group 1 - Kaimete Gas (002549) announced that its subsidiary, Yueyang Kaimete Electronic Special Rare Gas Co., Ltd., has received supplier certification from Japan's GIGAPHOTON for its photolithography gas products (Kr/Ne, Ar/Ne/Xe), valid until April 24, 2030 [1] - GIGAPHOTON is a developer and manufacturer of excimer lasers for semiconductor photolithography and other applications, as well as extreme ultraviolet lithography (EUV) [1] - This certification reflects GIGAPHOTON's recognition of the company's production capabilities and product quality in photolithography gases, positively impacting the company's sales expansion in this sector [1] Group 2 - Sanlian Forging (001282) announced the completion of construction and acceptance procedures for its subsidiary's "Automotive Lightweight Forging Precision Processing Project" [1] - The total planned investment for this project is 500 million yuan, and obtaining the property rights certificate provides necessary assurance for the project's development [1]

Core Viewpoint - The legal opinion issued by Guangdong Xinda Law Firm confirms the legality of the 2024 annual general meeting of Guangdong Huate Gas Co., Ltd, including the procedures for convening and holding the meeting, the qualifications of attendees, and the voting process and results [2][12]. Group 1: Meeting Procedures - The 2024 annual general meeting is scheduled for May 13, 2025, and will be held in a combination of on-site and online voting [3][4]. - The meeting will take place at the Baiyue Hotel in Heshun Village, and voting will occur during the trading hours of the meeting day [3][4]. Group 2: Attendee Qualifications - A total of 13 shareholders attended the meeting, holding 63,869,734 shares, which represents 53.3624% of the total voting shares [4]. - An additional 76 shareholders participated via online voting, holding 500,925 shares, accounting for 0.4185% of the total voting shares [4]. Group 3: Voting Process and Results - The meeting did not introduce new proposals, and voting was conducted through a registered ballot system [5]. - The results showed that 64,227,085 shares (99.7770%) voted in favor of the proposals, while 137,984 shares (0.2144%) opposed, and 5,590 shares (0.0087%) abstained [5][6]. - Subsequent votes confirmed similar trends, with the majority consistently supporting the proposals, indicating strong shareholder approval [6][7][11]. Group 4: Legal Conclusion - The legal opinion concludes that all procedures, qualifications, and voting results of the meeting comply with relevant laws and regulations, affirming their legality and validity [12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][22]. Core Views - The company achieved a revenue of 2.53 billion yuan in 2024, representing a year-on-year growth of 4.0%. However, the net profit attributable to shareholders was 200 million yuan, down 36.1% year-on-year [5][15]. - The report highlights that the company's specialty gas business faced pressure due to price declines and goodwill impairment, while the bulk gas business showed steady growth [6][7]. - The company is positioned as a leading private industrial gas supplier in China, focusing on both bulk and specialty gases to drive growth [6][7]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 2.53 billion yuan, with a year-on-year growth rate of 4% [5]. - The net profit attributable to shareholders was 200 million yuan, reflecting a significant decline of 36% compared to the previous year [5][15]. - The fourth quarter of 2024 saw a revenue of 670 million yuan, which is a 3.1% increase year-on-year and a 6.7% increase quarter-on-quarter [11]. Business Segments - The specialty gas segment's gross margin was 27.7% in 2024, down 12.7 percentage points year-on-year, primarily due to price declines in key products like ultra-pure ammonia and helium [6]. - The bulk gas segment achieved a sales volume of 956,000 tons in 2024, up 54.3% year-on-year, with revenue of 970 million yuan, a 14.2% increase [6]. - The company is expanding its market presence through acquisitions and new retail points, particularly in the East China region [6][7]. Future Outlook - The company expects to maintain strong growth in its bulk gas business, supported by a robust order book and ongoing projects [7]. - The specialty gas business is anticipated to recover as prices stabilize, with a focus on increasing sales volume and product variety [6][7]. - The company aims to enhance its cash flow stability through the development of on-site gas production and electronic bulk gas projects, which have significant market potential [7].