Core Viewpoint - The company, China Shipbuilding Special Gas (中船特气), reported steady operational growth in the first half of 2025, with a revenue of 1.04 billion yuan, a year-on-year increase of 12.60%, and a net profit of 178 million yuan, a slight decrease of 0.55% [1] Financial Performance - The company achieved a revenue of 1.04 billion yuan in the first half of 2025, reflecting a 12.60% year-on-year growth [1] - The net profit attributable to shareholders was 178 million yuan, down 0.55% year-on-year [1] - The non-recurring net profit was 150 million yuan, up 13.84% year-on-year, with basic earnings per share at 0.34 yuan [1] Research and Development - R&D investment reached 55.4 million yuan, accounting for 5.33% of total revenue [2] - The company applied for 61 new patents and obtained 20 patents, including 12 invention patents and 8 utility model patents [2] - The company has 138 dedicated R&D personnel, making up over 16% of the workforce [2] Project Development - The company accelerated key project progress, optimizing capacity layout [2] - The production license for a 150-ton high-purity electronic gas project was obtained, and a 170-ton project received trial production approval [2] - The construction of a 250-ton trifluoromethanesulfonic acid expansion project was completed, with 30% of equipment installation finished [2] Market Expansion - The company made significant strides in both domestic and international markets, with a notable increase in product delivery volumes [3] - Revenue from trifluoromethanesulfonic acid series reached 144 million yuan, a year-on-year increase of 49.19%, with new order amounts rising by 110.9% [3] - The overseas revenue proportion increased from 24.68% in 2024 to nearly 27% [3] Certifications and Brand Development - The company's argon-xenon-neon lithography gas received certification from ASML's subsidiary Cymer and was included in their supplier list [3] - The company aims to enhance service capabilities and customer loyalty while building the "Peric" brand into an internationally influential name [3]

Core Viewpoint - The company is expanding its production capacity and optimizing its market strategy to enhance competitiveness in the electronic specialty gas market while addressing challenges related to pricing and profitability [2][3]. Group 1: Production Capacity Expansion - In February 2024, the company established a new subsidiary, China Shipbuilding Precision Gas (Hohhot) Co., Ltd., which will invest in a high-purity electronic gas project with an annual production capacity of 7,500 tons of nitrogen trifluoride, 10,000 tons of ultra-pure ammonia, and 75,000 tons of liquid nitrogen [2]. - The Hohhot facility is expected to begin trial production in January 2025, with capacity gradually released based on market demand [2]. - The Hohhot subsidiary has advantages in land and electricity resources compared to the Handan production base, which will positively impact production costs as capacity is released [2]. Group 2: Market Strategy and Customer Focus - The company emphasizes that product pricing is not the only priority in transactions; customers are more concerned with quality stability, supply capability, and service response speed [2]. - A specialized division has been established to enhance competitiveness in the electronic bulk gas market through differentiated competition and resource integration [2]. Group 3: International Market Expansion - By 2024, the company aims for overseas revenue to account for 25% of total income, leveraging service centers in Japan and South Korea and an innovative "equipment sales + revenue sharing" model to expand its international market share [2]. - The company plans to continue diversifying its operations to enhance its presence in international markets [2]. Group 4: Financial Performance and Product Development - The company reported revenue growth for 2024 but a decline in profits, primarily due to falling prices of nitrogen trifluoride and other products, which are currently at low levels [3]. - The company anticipates a stabilization of prices in the second half of the year or next year, with a potential recovery in gross margin by 2025 as production capacity from the Hohhot base is released and production processes are optimized [3]. - The new product line, trifluoromethanesulfonic acid series, is expected to achieve sales revenue exceeding 200 million yuan in 2024, representing a year-on-year growth of 106.3%, driven by demand in the new energy and energy storage markets [3].