格隆汇12月29日丨杭氧股份(002430.SZ)在互动平台表示，公司已为朱雀系列提供液氧推进剂及宇航级 氪氙。 ...

每经AI快讯，有投资者在投资者互动平台提问：贵公司生产的产品用于火箭助推器，是否属实？相关 收入占总收入比例是多少？ 杭氧股份（002430.SZ）12月29日在投资者互动平台表示，公司已为国内多个航天发射场提供液体空分 设备及液体产品，相关收入占比较小。 （记者 王晓波） ...

每经AI快讯，12月11日，中泰股份（300435）在互动平台表示，公司生产的液氧过冷器有助于提升火 箭运载能力，公司独立运营的特种气体已进入我国航空航天体系，可应用于航空航天领域的燃料系统、 推进系统等方面。公司目前产能处于爬坡阶段，可以满足当前市场需求。公司将积极参与商业航天领 域，助力建设航天强国。 ...

（文章来源：证券日报） 证券日报网讯 12月8日，蜀道装备在互动平台回答投资者提问时表示，公司长期致力于气体低温液化与 分离技术的研究与应用，深耕天然气液化、空气分离、电子特气及稀有气体深冷分离等领域。在相关业 务中，公司生产的空分装置可实现液氧及高纯度液氧的生产，LNG装置可实现液态甲烷的生产。此 外，公司还具备推进剂级别高纯度液态甲烷装置的设计与制造能力。 ...

Core Viewpoint - The company has shown steady growth in performance and profitability, with significant expansion in overseas business and strategic moves into the nuclear fusion sector [4][5][6]. Group 1: Financial Performance - In Q1-Q3 2025, the company achieved operating revenue of 11.43 billion, a year-on-year increase of 10.4%, and a net profit attributable to shareholders of 760 million, up 12.1% [4]. - In Q3 2025, the company reported operating revenue of 4.1 billion, reflecting a 13.1% year-on-year growth, with a net profit of 280 million, increasing by 16.8% [4]. - The gross margin stood at 20.6%, up 0.2 percentage points year-on-year, while the net margin was 7.4%, an increase of 0.3 percentage points [4]. Group 2: Overseas Business Expansion - In H1 2025, the company generated overseas revenue of 290 million, marking a substantial growth of 78.9% [5]. - The company successfully signed a contract for a 22,000 air separation project in Africa, marking a significant breakthrough in the region [5]. - The establishment of new subsidiaries in Singapore and Malaysia is underway, with plans to expand beyond equipment exports to include gas investments [5]. Group 3: Nuclear Fusion Sector Engagement - The company’s subsidiary won a bid for the low-temperature nitrogen system project for the nuclear fusion company, which is crucial for maintaining superconducting magnetic field stability [6]. - This project is part of the BEST (Compact Fusion Energy Experimental Device) low-temperature system, indicating the company's growing recognition and capability in the nuclear fusion field [6]. - The recent acceleration in bidding for the BEST project suggests ongoing opportunities for the company in this sector [6].

Core Viewpoint - The company is actively supplying rare gases and electronic gases to semiconductor and new energy manufacturers, while also focusing on the development of low-temperature systems for controlled nuclear fusion applications [1] Group 1 - The company has corresponding orders for rare gases, electronic bulk gases, and electronic specialty gases to supply semiconductor and new energy manufacturers [1] - The company's deep low-temperature technology can provide nitrogen and helium cooling systems for controlled nuclear fusion, along with key core equipment such as expanders, compressors, valves, and storage tanks [1] - The company plans to enhance product research and development to offer complete low-temperature system solutions [1] Group 2 - The company will closely monitor the market connections and feasibility of existing technologies with emerging industries [1] - The company commits to timely information disclosure if there are relevant plans [1]

Core Viewpoint - Hangzhou Oxygen Plant Co., Ltd. (002430.SZ) announced its plan to establish a venture capital partnership with several companies, focusing on investment opportunities in industrial gases, cryogenic technology, controlled nuclear fusion, and innovative energy equipment [1] Group 1: Investment Details - The total committed capital for the new fund is 1 billion yuan, with the company contributing 200 million yuan, representing 20% of the total commitment [1] - The partnership includes Hangzhou Guoyou Huitong Enterprise Management Co., Ltd. and Hangzhou Lingshangzhiguang Sci-Tech Development Co., Ltd. [1] Group 2: Focus Areas - The partnership will primarily target investments in the fields of industrial gases, low-temperature cryogenic technology, controllable nuclear fusion, and innovative energy power equipment [1]

Core Viewpoint - The company has gradually mastered the production technology for rare gases, including He, Ne, Kr, and Xe, and has already implemented successful application projects [1] Group 1 - The company has developed both crude and refined production technologies for rare gases [1] - Successful application projects have been reported, indicating practical implementation of the technology [1]

Core Insights - The company demonstrated robust performance in Q3 2025, with significant improvements in gross margin and cash flow, while accelerating its overseas expansion and exploring new production fields such as controllable nuclear fusion [1][3][4]. Financial Performance - In Q1-Q3 2025, the company achieved revenue of 11.428 billion yuan, a year-on-year increase of 10.39%, and a net profit attributable to shareholders of 757 million yuan, up 12.14%. In Q3 2025, revenue reached 4.101 billion yuan, growing 13.12% year-on-year, with a net profit of 278 million yuan, reflecting a 16.79% increase [3]. - The company's gross margin and net margin for Q1-Q3 2025 were 20.64% and 7.44%, respectively, showing year-on-year improvements of 0.24 percentage points and 0.32 percentage points. For Q3 2025, the gross margin was 20.49% and the net margin was 7.70%, with year-on-year increases of 0.63 percentage points and 0.48 percentage points, and quarter-on-quarter increases of 0.44 percentage points and 0.12 percentage points [3]. - The company effectively managed its expense ratio, with a comprehensive expense ratio of 10.16% for Q1-Q3 2025 and 10.30% for Q3 2025, down 0.99 percentage points and 0.30 percentage points year-on-year, respectively. Operating cash flow significantly improved, with a net cash flow from operating activities of 1.947 billion yuan for Q1-Q3 2025, up 140.03%, and 732 million yuan for Q3 2025, up 271.44% year-on-year [3]. Strategic Initiatives - The company is accelerating its overseas strategy by planning to establish subsidiaries in Singapore and Malaysia, aiming to enhance its market information acquisition and response efficiency, and to boost its marketing and customer development capabilities for significant growth in overseas business [4]. - The company is also focusing on cultivating new production capabilities, particularly in strategic emerging industries like controllable nuclear fusion, which will provide high-quality low-temperature equipment for fusion reactor construction, including refrigeration machines, expanders, heat exchangers, low-temperature valves, and storage tanks, as well as high-purity specialty gases [4].

Summary of Hangyang Co., Ltd. Conference Call Company Overview - **Company**: Hangyang Co., Ltd. - **Industry**: Gas and Equipment Manufacturing Key Financial Performance - **Revenue**: 114.28 billion CNY for the first three quarters, a year-on-year increase of 10.39% [2][3] - **Net Profit**: 7.57 billion CNY, up 12.14% year-on-year [2][3] - **Operating Cash Flow**: 19.47 billion CNY, a significant increase of 140.03% year-on-year, indicating strong profitability and cash flow [2][3] Margin Analysis - **Manufacturing Gross Margin**: Decreased by 0.9 percentage points in Q3 2025 [4] - **Gas Business Gross Margin**: Increased by 2.5 percentage points year-on-year, with an overall average gross margin increase of 1.64 percentage points [4] - **Liquid Nitrogen and Liquid Argon Prices**: Prices increased year-on-year but showed a cumulative decline, contributing to the gas business margin improvement [7] Strategic Developments - **Helium Business**: Collaboration with the Amur project in Russia is expected to yield an annual helium output of 1.5 to 2 million cubic meters, with further cooperation being sought [2][8] - **Nuclear Fusion Sector**: Hangyang is providing key equipment such as turbines and valves, having won multiple bids and established a public relations team to promote development [2][9][10] - **New Orders**: As of September 2025, new orders reached 80% of last year's total, primarily from coal chemical projects in the western region [2][12] Market Expansion - **Overseas Market**: Revenue from overseas markets was approximately 300 million CNY in Q3, with a focus on expanding into Southeast Asia [6][23] - **Future Order Goals**: Targeting 60 billion CNY in new orders for 2026, with an increased focus on international markets [4][24] Challenges and Opportunities - **Domestic Market**: Limited new projects in steel and chemical industries may impact growth; however, low-carbon and underground pipeline renovation opportunities are being explored [22][24] - **Retail Gas Pricing**: Retail gas prices are stabilizing but face downward pressure, particularly on argon and oxygen prices [25] Conclusion Hangyang Co., Ltd. is demonstrating solid financial performance with growth in revenue and net profit, while strategically expanding its gas and equipment offerings in both domestic and international markets. The company is focusing on enhancing its product development in the nuclear fusion sector and exploring new opportunities in the helium market. However, challenges in the domestic market and pricing pressures in retail gas remain areas to monitor.