正派科技隶属于国内第三代半导体功率器件领域的领军企业派恩杰半导体公司，产品覆盖碳化硅 MOSFET、碳化硅SBD和氮化镓HEMT等，具备全系列车规级碳化硅功率器件供应能力。杭氧将为其宁 波8英寸碳化硅功率器件制造项目，专项建设电子大宗气站，稳定供应高纯氮气、氢气、氧气、氩气、 氦气等关键气体，有力赋能其高端半导体产线。此次气体龙头与功率新贵的强强耦合，不仅锁定杭氧在 高端半导体电子大宗气体领域的示范级订单，更将形成滚动复制的灯塔效应，为公司打开碳化硅扩产浪 潮下的气体市场蓝海。 10月10日，杭氧股份（002430）发布公告，为拓展气体供应业务范围，公司全资子公司建德杭氧与正派 科技签订《大宗气体供应合同》，拟由建德杭氧为主体负责为正派科技供应电子大宗气体及提供运维服 务。本次项目预计总投资不超过4500万元，为确保项目建设顺利实施，杭氧股份将以自有资金对建德杭 氧增资3100万元，其他资金由建德杭氧以融资方式解决。 杭氧股份以空分装备为底层技术平台，气体运营为现金流核心，贯通设备研发、气体生产及EPC总包全 链条，形成"设备锁定初始订单、气体贡献持续收入"的协同模型。随着新兴产业崛起，杭氧股份已将产 品半径 ...

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].