Core Viewpoint - Puyang Huicheng (300481.SZ) does not produce hydrogen electronic special gases or fluorine-containing electronic special gases [1] Company Summary - The company has clarified its product offerings on the interactive platform, specifically stating the absence of hydrogen electronic special gases in its production line [1] - Additionally, the company confirmed that it does not manufacture fluorine-containing electronic special gases [1]

Core Viewpoint - The report from Zhongyin Securities indicates that Yake Technology achieved a net profit attributable to shareholders of 523 million yuan in the first half of the year, reflecting a year-on-year increase of 0.63% [1] Financial Performance - In Q2 2025, the company reported a net profit attributable to shareholders of 263 million yuan, showing a year-on-year decrease of 4.06% but a quarter-on-quarter increase of 0.86% [1] Business Development - Yake Technology is a leading supplier in the domestic display photoresist industry, offering products such as RGB color photoresists, TFT-PR photoresists, and OC/PS packaging transparent photoresists [1] - The company is actively developing key raw materials for color photoresists, including pigments and resins, and is progressing with verification tests [1] - Major clients include BOE, LG Display, Huaxing Optoelectronics, Huike, and Shentianma [1] Product Innovation - The company has begun small-scale verification testing of its printed OLED color printing inks with mainstream display manufacturers [1] Market Trends - There is a continuous growth in demand for fluorinated electronic specialty gases in high-voltage and semiconductor fields [1] - The Chengdu silicon micro-powder production line has commenced operations, contributing to the company's growth [1] Future Outlook - The company is focused on expanding its electronic materials and LNG insulation board business, with a positive outlook on the continuous development of its electronic materials segment [1] - The investment rating for the company is maintained at "Buy" [1]

Core Viewpoint - The company's 1H25 performance met expectations, with significant revenue growth driven by electronic materials and LNG business segments [1][3]. Financial Performance - In 1H25, the company achieved revenue of 4.293 billion yuan, a year-on-year increase of 31.82%, and a net profit attributable to shareholders of 523 million yuan, a year-on-year increase of 0.63% [1]. - For Q2 2025, revenue reached 2.175 billion yuan, up 32.76% year-on-year and 2.71% quarter-on-quarter, while net profit was 263 million yuan, down 4.06% year-on-year but up 0.86% quarter-on-quarter [1]. - The increase in operating expenses led to profit growth lagging behind revenue growth, with sales, management, and R&D expenses rising by 19.82%, 27.96%, and 46.88% respectively [1]. - The net cash flow from operating activities surged by 1,458.82% year-on-year to 290 million yuan, attributed to improved sales collection efficiency and inventory management [1]. Business Segments - The electronic materials segment showed steady growth, with semiconductor chemical materials and photoresists revenue increasing by 19%, accounting for 49% of total revenue [2]. - The LNG business segment experienced substantial growth, with revenue from LNG insulation composite materials and engineering installation accounting for 35% of total revenue, driven by strong demand for LNG transport vessels [3]. - Revenue from LNG insulation materials and engineering installation grew by 689% and 193% respectively, with a notable increase in gross margin for engineering installation [3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged at 1.164 billion yuan and 1.504 billion yuan respectively, with the current stock price corresponding to 24.3 times the 2025 earnings and 18.8 times the 2026 earnings [4]. - The target price is maintained at 81.3 yuan, reflecting a potential upside of 37% based on 33.3 times and 25.7 times the earnings for 2025 and 2026 respectively [4].