行业报告 | 行业研究周报 基础化工 证券研究报告 7 月化学原料和化学制品制造业工业增加值同比增长 7.2%，硝酸、PTA 价格上涨 上周指 25 年 8 月 11-17 日（下同），本周指 25 年 8 月 18-24 日（下同）。 本周重点新闻跟踪 2025 年 8 月 15 日，国家统计局发布数据显示，7 月份，规模以上工业增加值同比 实际增长 5.7%。 其中，石油和天然气开采业同比增长 4.1%，化学原料和化学制品 制造业同比增长 7.2%。1-7 月份，规模以上工业增加值同比增长 6.3%。其中，石油 和天然气开采业同比增长 3.7%，化学原料和化学制品制造业同比增长 8.0%。 本周重点产品价格跟踪点评 本周 WTI 油价上涨 1.4%，为 63.66 美元/桶。 重点关注子行业：本周尿素/DMF/乙二醇/烧碱/醋酸价格分别上涨 3%/2.5%/1.2%/0.8%/0.6%；有机硅/TDI/电石法 PVC/乙烯法 PVC/轻质纯碱/聚合 MDI/ 固体蛋氨酸价格分别下跌 4.3%/3.5%/2.2%/1%/0.8%/0.6%/0.2%；液体蛋氨酸/氨纶/粘胶 长丝/VA/粘胶短纤/重质纯碱/V ...

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登录新浪财经APP 搜索【信披】查看更多考评等级 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 第二节公司基本情况 公司代码：600955 公司简称：维远股份 第一节重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.1公司简介 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 √不适用 2.5控股股东或实际控制人变更情况 □适用 √不适用 2.6在半年度报告批准报出日存续的债券情况 □适用 √不适用 第三节重要事项 公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报告期内发生的对公司经营情 况有重 ...

Core Insights - The company reported a revenue of 7.327 billion yuan, an increase of 8.92% year-on-year, and a net profit of 479 million yuan, up 9.61% year-on-year for the first half of 2025 [1] - The gas industry revenue reached 4.593 billion yuan, growing by 14.12%, while manufacturing revenue was 2.635 billion yuan, with a more moderate growth of 4.23% [1] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, reflecting a strong financial position and commitment to shareholder returns [1] Gas Business Expansion - The gas business primarily relies on pipeline gas supply, supported by long-term contracts, with rapid growth in demand for hydrogen and specialty gases driving overall business expansion [2] - Six new on-site gas production projects were added in the first half of the year, with a total of 36 projects won, indicating steady progress in gas operations [2] - The company is well-positioned to benefit from the rise of strategic emerging industries such as semiconductors, photovoltaics, and biomedicine, which are increasing the demand for high-value-added gas products [2] Product and Technology Development - The company produces a wide range of gases including oxygen, nitrogen, hydrogen, and various specialty gases, which are used across multiple sectors such as energy, metallurgy, and healthcare [3] - The company is actively expanding into hydrogen energy and carbon capture, utilization, and storage (CCUS), with a focus on integrated hydrogen production and storage projects [3] International Market Expansion - The company has made significant strides in international markets, achieving overseas revenue of 294.56 million yuan, a year-on-year increase of 78.89% [5] - The company signed a contract for a 22,000 cubic meter air separation project overseas, marking a breakthrough in the African market [5] - The establishment of overseas subsidiaries in Singapore and Malaysia aims to enhance the company's international presence and market responsiveness [6] Joint Ventures and Innovation - A joint venture with the controlling shareholder aims to foster innovation and develop core technologies in the gas sector, focusing on high-value-added business expansion [7] - The joint venture will leverage resources from both parties to enhance competitiveness and support the development of new applications and quality projects [7]

Financial Data and Key Metrics Changes - Revenue for the second quarter of 2025 was approximately $2 million, down from $6 million in the same quarter last year, reflecting the impact of divestitures in 2024 [15] - Lease operating expense for the quarter was $1.6 million or $32.14 per BOE, compared to $3.1 million or $27.69 per BOE in the same quarter last year, indicating a decrease due to divestitures [16] - Cash, general, and administrative expenses were $1.7 million for 2025, aligning with quarterly run rate expectations [16] - As of June 30, 2025, the company had no debt outstanding on its $20 million revolving credit facility and a cash position of over $6.7 million [17] Business Line Data and Key Metrics Changes - The company drilled its second and third industrial gas wells targeting the helium and CO2 rich Dupro formation, achieving peak rates of approximately 12.2 million cubic feet per day with a gas composition of 85% CO2, 5% natural gas, and 0.4% helium [6][7] - The independent resource report confirmed net contingent resources of 444 billion cubic feet of CO2 and 1.3 billion cubic feet of helium, among the largest known deposits of its kind [7] Market Data and Key Metrics Changes - The company emphasized its unique competitive positioning in the helium market, as most US helium production is tied to heavy hydrocarbon gas streams, while its project is sourced from a limited hydrocarbon stream, resulting in a lower environmental footprint [8] Company Strategy and Development Direction - The primary focus is on the development of the Montana-based industrial gas project, which is expected to meet growing demand and deliver strong economics [5] - The company aims to build a full cycle platform that spans upstream production, midstream processing, and long-term carbon management while maintaining strict capital discipline [12] - The strategy includes investing in the core Montana industrial gas project, monetizing non-core legacy assets, and maintaining capital discipline to position 2026 as a breakout year [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the Kievan Dome as a first mover opportunity in the industrial gas sector that cannot be replicated [11] - The company is set up for 2026 to be a stellar year as it advances its projects [54] Other Important Information - The company has initiated its EPA monitoring reporting and verification plan, targeting submission in September and approval by spring 2026, which may allow access to federal carbon credits under section 45Q [11] - Construction costs for the processing plant are expected to be under $10 million, funded by the existing balance sheet and modest strategic use of debt [9] Q&A Session Summary Question: Details on the resource report - Management was pleased with the resource report, confirming previously held beliefs about the large resource potential, with no surprises in the final numbers [24][25] Question: Goals for different offtake streams - Management aims to control offtakes for CO2 and helium, with expectations to enter into helium offtake agreements by the end of the year [31][32] Question: Helium concentration on drilled wells - Management acknowledged variations in helium concentration, stating that while current levels are slightly lower than expected, they remain economically viable [38][40] Question: Processing plant development changes - Management indicated that the development of the processing plant is being fine-tuned to optimize costs and economics, with no significant complications reported [46][47] Question: Future SG&A expenses - Management expects SG&A expenses to decrease in the near term as one-time costs associated with project development lessen [50]

Core Viewpoint - Hunan Kaimete Gas Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, indicating a strong operational recovery and potential for continued growth in various gas products [1][2]. Financial Performance - The company achieved approximately 310 million yuan in revenue, a year-on-year increase of 10.52% [1]. - Net profit attributable to shareholders reached about 55.85 million yuan, marking a substantial increase of 199.82% compared to the same period last year [1]. Product Performance - Sales revenue for carbon dioxide products grew by 6.53%, with a gross margin of 38.52%. The upcoming consumption peak in the food and beverage sectors is expected to drive further demand [1]. - Hydrogen product sales increased by 7.30%, with a gross margin of 35.21%. Anticipated growth in domestic hydrogen demand due to favorable policies is expected to benefit the company's hydrogen business [1]. - Fuel products saw a sales revenue increase of 14.69%, with a decrease in operating costs by 6.51%, leading to a gross margin of 38.79%, up by 13.89 percentage points year-on-year [2]. Strategic Developments - The electronic specialty gas segment has made positive strides, with excimer laser gas products receiving certification from Coherent, and photolithography gases gaining international recognition. This enhances the company's credibility and market presence in the electronic specialty gas sector [2]. - The company is positioned to capitalize on the rapid growth of domestic semiconductor and photovoltaic industries, potentially leading to a new phase of rapid growth in its electronic specialty gas and mixed gas production capabilities [2].

Group 1 - The company achieved profitability in H1 2023, with a revenue of 310 million yuan, a year-on-year increase of 10.52%, and a net profit attributable to shareholders of 55.8461 million yuan, marking a turnaround from losses [1] - The improvement in performance is attributed to increased sales of main products and a significant reduction in stock incentive expenses, which were 87.4036 million yuan in the same period last year due to the termination of the 2022 restricted stock incentive plan [1] - The gross profit margin for H1 2023 was 36.11%, an increase of 13.7 percentage points year-on-year, with notable growth in the gross profit margins of hydrogen, carbon dioxide, and fuel products [1] Group 2 - The company is focusing on its competitive advantage in the electronic specialty gas sector, having received supplier certification from GIGAPHOTON for its photolithography gas products [2] - The company plans to gradually expand production capacity based on market demand, targeting high-tech fields such as semiconductor, aerospace, and medical aesthetics [2] - In H1 2023, revenue from specialty gases was 6.021 million yuan, an increase of 8.74% year-on-year, accounting for 1.94% of total revenue [3] Group 3 - The Yizhang Kaimeite specialty gas project, which produces electronic-grade hydrogen bromide and iodine, has faced delays, with the expected operational status now pushed to April 30, 2026, due to land transfer delays [3] - As of June 30, 2023, the investment progress for this project was 67.07% [3]

Core Viewpoint - Hubei Heyuan Gas Co., Ltd. is preparing to issue A-shares to specific investors in 2024, with legal opinions provided by Taihe Tai (Wuhan) Law Firm regarding compliance with relevant laws and regulations [1][2][3]. Group 1: Legal Opinions and Compliance - The law firm has issued a supplementary legal opinion based on the inquiry from the Shenzhen Stock Exchange regarding the company's A-share issuance [2]. - The supplementary legal opinion is an integral part of the previous legal opinion and lawyer's work report, clarifying that any discrepancies will be governed by the latest document [2][3]. Group 2: Financial and Administrative Penalties - In 2023, the company incurred a total of 693,600 yuan in administrative penalties, primarily due to late payment of taxes such as stamp duty and property tax [4]. - The company has faced two administrative penalties during the reporting period, with specific incidents involving safety violations and tax issues [4][5]. Group 3: Internal Control Measures - The company has established a comprehensive tax management system to mitigate tax risks and ensure compliance with tax laws, including regular self-inspections and training for financial personnel [6][7]. - Following the administrative penalties, the company has implemented corrective measures, including financial audits and enhanced training for staff to prevent future violations [11][12]. Group 4: Assessment of Violations - The administrative penalties faced by the company are classified as minor violations, not constituting major legal infractions under relevant regulations [12][13]. - The company has taken steps to rectify the issues leading to penalties, ensuring compliance with safety and operational standards [11][12].

Investment Rating - Industry Rating: Neutral (maintained rating) [6] Core Viewpoints - The Shanghai Marine Bureau has announced plans to develop a marine hydrogen energy industry base and promote offshore wind power, focusing on the research and application of new energy vessels and the low-carbon transformation of traditional ships [1][13] - The basic chemical sector has shown a week-on-week increase of 4.28%, outperforming the CSI 300 index by 2.32 percentage points, ranking 12th among all sectors [4][16] - Key chemical products have experienced price fluctuations, with notable increases in natural gas (+20.7%), hydrogen peroxide (+19.9%), and urea (+13.2%) [2][30] Summary by Sections Key News Tracking - The Shanghai Marine Bureau's announcement emphasizes support for new energy vessels and the development of marine renewable energy sources [1][13] - The European Parliament has reached an agreement on modifying the carbon border adjustment mechanism, impacting carbon-intensive industries [13] Product Price Tracking - WTI oil price decreased by 11.3% to $65.52 per barrel, while several chemical products saw price increases and decreases [2][30] - Urea prices fluctuated due to market dynamics, with a rebound following export policy rumors [2] Sector Performance - The basic chemical sector's performance was highlighted, with significant weekly gains in sub-sectors such as membrane materials (+12.82%) and other plastic products (+8.35%) [4][19] - The sector's PB ratio stands at 2.04, while the overall A-share market PB is at 1.51 [25] Key Industry Insights - The report identifies potential investment opportunities in stable demand sectors such as refrigerants and phosphates, as well as sectors with improving supply-demand dynamics like organic silicon [5] - Recommendations include focusing on companies like Juhua Co., Yuntianhua, and Wanhu Chemical for their respective sectors [5]

Group 1 - The core viewpoint of the news highlights the significant stock performance of Green Leader Holdings, with a recent increase of 17.65% and a year-to-date rise of 34.92%, outperforming the Hang Seng Index by 20.45% [1] - Financial data shows that Green Leader Holdings achieved total revenue of 111 million yuan, a year-on-year increase of 25.66%, and a net profit attributable to shareholders of 1.461 billion yuan, reflecting a substantial growth of 187.48% [1] - The company's gross profit margin stands at 13.61%, while its debt-to-asset ratio is notably high at 1758.45% [1] Group 2 - Green Leader Holdings operates five coking coal mines in Shanxi, China, with an annual production capacity of 4 million tons [2] - Since 2015, the company has shifted its investment focus towards sustainable industries, including the establishment of an ecological circular economy chain in Cambodia, utilizing cassava as a raw material [2] - The company has acquired a total of 43,000 hectares of land in Cambodia, with a business model based on 20,000 hectares as an open module for modern industrial planting and standardized factory management [2] Group 3 - The coal industry has an average price-to-earnings (P/E) ratio of 3.05 times, with a median of 2.68 times, while Green Leader Holdings boasts a remarkably low P/E ratio of 0.03 times, ranking first in the industry [1] - Other companies in the coal sector have higher P/E ratios, such as Other Mongolia Energy at 0.05 times and Nengobi at 1.43 times [1]