天眼查App显示，近日，诺勒（河北）空分设备有限公司成立，法定代表人为邢恬雅，注册资本100万 人民币，经营范围为一般项目：气体、液体分离及纯净设备制造;气体、液体分离及纯净设备销售;机械 设备研发;通用设备制造（不含特种设备制造）;五金产品批发;电子产品销售;金属制品销售;建筑材料销 售;机械设备销售;机械设备租赁;普通机械设备安装服务;通用设备修理;货物进出口;技术进出口;进出口代 理;技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广（除依法须经批准的项目外，凭 营业执照依法自主开展经营活动）。 ...

Group 1 - The establishment of Huangshan Deep Air Separation Equipment Co., Ltd. has been officially registered with a legal representative named Zhou Qunfeng and a registered capital of 30 million RMB [1] - The company’s business scope includes manufacturing and sales of gas and liquid separation and purification equipment, as well as technology research and development related to energy recovery and utilization [1] - The company is also involved in the sales and rental of various medical devices and equipment, including first and second-class medical devices, and offers technical services and consulting [1] Group 2 - The company is permitted to engage in special equipment manufacturing and installation, as well as construction engineering activities, subject to relevant approvals [1] - The business activities encompass a wide range of sectors, including general machinery installation services, metal structure manufacturing, and import-export of goods [1] - The company aims to operate in compliance with legal regulations and has a diverse portfolio of services and products [1]

Core Viewpoint - Hangyang Co., Ltd. has demonstrated strong financial performance in the first three quarters of 2025, with revenue and net profit growth, while also expanding its market presence in the industrial gas sector, particularly in Xinjiang [1][2][3]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 11.428 billion yuan, a year-on-year increase of 10.39% [1] - The net profit attributable to shareholders, excluding non-recurring items, was 728 million yuan, up 16.27% year-on-year [1] - The net cash flow from operating activities reached 1.947 billion yuan, reflecting a significant increase of 140.03% year-on-year [1] - In Q3 2025, revenue was 4.101 billion yuan, representing a 13.12% year-on-year growth, while the net profit was 267 million yuan, up 21.60% year-on-year [1] Market Position and Strategy - Hangyang Co., Ltd. is a pioneer and leader in China's air separation equipment manufacturing industry, maintaining the largest market share domestically [1] - The company has successfully transitioned from a single equipment supplier to a comprehensive service provider by expanding its gas business, adopting a "equipment + gas" dual-driven development model [1][2] - The company has established a strong competitive position in the Xinjiang region, signing contracts with multiple local companies and achieving a total oxygen production capacity exceeding one million cubic meters [2] Industry Trends - The industrial gas sector is experiencing increased demand due to the rise of strategic emerging industries such as semiconductors, photovoltaics, and biomedicine, leading to a surge in the need for high-value-added industrial gases [3] - The electronic specialty gas market in China is projected to exceed 45 billion yuan in 2024, with a compound annual growth rate of 12.3% [3] - Global high-purity gas markets are expected to grow at a rate of over 6% from 2024 to 2029, with the Asia-Pacific region being the fastest-growing market [3] Technological Advancements - The company has established a comprehensive industrial chain capability covering helium sales, equipment manufacturing, and application scenarios, ensuring stable supply for the helium market [4] - Hangyang Co., Ltd. has strengthened its gas industry layout through acquisitions, enhancing its product matrix and accelerating the localization of key electronic specialty gases [3][4] - The company has implemented a four-in-one R&D system to enhance technological innovation and collaboration with research institutions, resulting in significant patent achievements [5][6] Future Outlook - With the ongoing expansion of its air separation equipment business and the high-end development of its gas business, Hangyang Co., Ltd. is expected to further solidify its leading position in the industry and drive sustainable growth [6]

Core Viewpoint - Hangyang Co., Ltd. is expanding its gas supply business by signing a contract with Zhengpai Technology to supply electronic bulk gases and provide operational services, with a total investment of up to 45 million yuan [1] Group 1: Business Expansion - Hangyang's subsidiary, Jiande Hangyang, will be responsible for supplying high-purity gases such as nitrogen, hydrogen, oxygen, argon, and helium to Zhengpai Technology's 8-inch silicon carbide power device manufacturing project [1] - The investment of 31 million yuan into Jiande Hangyang aims to ensure the smooth implementation of the project, while additional funding will be secured through financing [1] Group 2: Market Positioning - Zhengpai Technology is a leading company in the third-generation semiconductor power device sector, which enhances Hangyang's position in the high-end semiconductor electronic bulk gas market [1] - The collaboration is expected to create a lighthouse effect, enabling Hangyang to replicate its success in the expanding silicon carbide gas market [1] Group 3: Industry Trends - The global semiconductor gas market is projected to grow from approximately 10.83 billion USD in 2024 to 19.34 billion USD by 2032, with a CAGR of 7.5% [2] - The demand for electronic bulk gases and high-purity specialty gases is increasing due to advancements in quantum computing, AI, and 5G technologies [2] Group 4: Technological Advancements - Hangyang is leveraging its strong technical background in air separation equipment manufacturing to drive innovation in the gas business, establishing a dual-driven development model [2] - The company has made significant breakthroughs in deep cold separation and high-end equipment, showcasing its technological leadership in large air separation equipment [4] Group 5: Strategic Development - Hangyang is expanding its product range to include industrial gases, electronic specialty gases, hydrogen energy, healthcare, and clean energy sectors [3] - The company is committed to strengthening the gas foundation of China's semiconductor industry, enhancing its research and development capabilities through a comprehensive four-in-one system [3]

Summary of Hangyang Co., Ltd. Conference Call Company Overview - Hangyang Co., Ltd. has become the largest manufacturer of ventilation equipment globally, with revenue exceeding 13 billion yuan [2][3] - The company is optimistic about the application of cryogenic technology in emerging strategic industries, particularly in the field of controlled nuclear fusion [2][3] Key Points on Controlled Nuclear Fusion - Hangyang Co., Ltd. is focusing on the controlled nuclear fusion market, which has significant growth potential, especially as the industry transitions from experimental to commercial phases [6][7] - The company aims to provide a complete solution, including core equipment and subsystem services, to establish a foundation for future commercialization [6][7] - The total investment for the Hefei nuclear fusion project is approximately 10 billion yuan, with the cryogenic system accounting for 1 billion yuan [12] Competitive Landscape - Hangyang faces competition from foreign players like Air Liquide and some domestic integrators in the controlled nuclear fusion sector [2][5] - The company is currently participating in tenders for auxiliary equipment to establish a foothold in the market, preparing for future commercialization [5][6] Strategic Initiatives - A dedicated team for controlled nuclear fusion projects was established in May to facilitate communication with key customers in Hefei and Chengdu [19][20] - The company is leveraging its existing technology and project experience to compete effectively, focusing on integrated solutions rather than individual components [13][17] Market Dynamics - The controlled nuclear fusion market is still in the experimental stage, but as commercialization progresses, there will be a surge in application demand [6][10] - Domestic manufacturers are primarily involved in supplying auxiliary cryogenic equipment, while core systems are still dominated by foreign suppliers [9][10] Financial Insights - The profitability of the cryogenic system is expected to improve as domestic production increases, although current profitability is limited due to intense competition [12][14] - The company is preparing for potential orders in the second half of the year, having already begun production of prototypes for nuclear fusion applications [23][25] Industry Trends - The nuclear fusion industry is anticipated to experience rapid commercialization within the next five years, providing opportunities for companies like Hangyang to benefit from market growth [10][11] - The steel industry has shown low capital expenditure willingness in the first half of 2025, but there are signs of improvement in the second half due to recent policy changes [29] Conclusion - Hangyang Co., Ltd. is strategically positioned to capitalize on the growing controlled nuclear fusion market through its technological expertise and established relationships with key customers, while also navigating competitive challenges and market dynamics effectively [2][6][7]

Core Viewpoint - The company has shown steady growth in revenue and profit in the first half of 2025, with a notable increase in non-recurring net profit, driven by a recovery in gas prices and resilient equipment orders [1][3]. Financial Performance - In H1 2025, the company achieved operating revenue of 7.327 billion, a year-on-year increase of 8.92%, and a net profit attributable to shareholders of 479 million, up 9.61% year-on-year [1]. - For Q2 2025, the company reported operating revenue of 3.763 billion, a year-on-year increase of 10%, and a net profit attributable to shareholders of 253 million, up 8.55% year-on-year [1]. - The non-recurring net profit for H1 2025 was 461 million, reflecting a year-on-year growth of 13.40% [1]. Business Segments - The gas business experienced a "volume and price increase" trend, with revenue up 14% and gross margin up 2.8 percentage points, benefiting from rising prices of liquid oxygen and other gases [1]. - The equipment business showed relatively weak performance, with revenue growth of 4.2% but a decline in gross margin by 4.1 percentage points [1]. Market Trends - The price of liquid oxygen has shown signs of recovery, with an average price of 481 yuan/ton as of August 21, 2025, reflecting a year-on-year increase of 18.77% [2]. - The overseas demand for liquid oxygen surged, with exports totaling 6,821.53 tons in the first half of 2025, a year-on-year increase of 129% [2]. - The industrial gas market remains under pressure, with prices for liquid oxygen and nitrogen fluctuating at low levels, but there are expectations for marginal improvements in supply-demand dynamics due to the growth in high-value applications [2]. Equipment Business Expansion - The equipment business achieved record growth in H1 2025, signing significant orders including two sets of 120,000 cubic meter air separation units for a major project, marking a technological breakthrough in domestic large-scale equipment [3]. - The company made significant strides in overseas markets, including the first large air separation unit project in Africa and multiple orders in Europe and Southeast Asia [3]. Future Outlook - The company maintains a "strongly recommended" rating, anticipating stable growth in gas business and improved profitability from ongoing projects as depreciation costs decrease over the coming years [3]. - Projected net profits for 2025-2027 are estimated at 1.039 billion, 1.297 billion, and 1.409 billion respectively [3].