2025.09. 02 本文字数：1678，阅读时长大约3分钟 作者 | 第一 财经 章轲 同时，持续开展源头和过程控制、资源化利用、监测和减排等关键技术的研发创新，开展氧化亚氮排 放控制技术示范工程建设，支持工业领域氧化亚氮排放控制相关技术申报国家重点推广的低碳技术目 录。加强工业领域氧化亚氮与氮氧化物、挥发性有机物（VOCs）等的协同控制，研究探索建立协同 控制制度。建立重点企业氧化亚氮排放报告制度，研究制定工业领域氧化亚氮监测标准和排放相关标 准，在工业领域探索开展氧化亚氮排放源自动监测。 生态环境部、国家发展改革委、工业和信息化部共同研究制定的《工业领域氧化亚氮排放控制行动方 案》（下称《行动方案》）日前公布。《行动方案》提出，到2030年，工业领域氧化亚氮排放控制 政策进一步完善，减排技术创新能力显著提高，排放管理能力明显加强，氧化亚氮回收利用和排放控 制水平有效提高。己二酸行业、硝酸行业、己内酰胺行业单位产品氧化亚氮排放量持续下降，达到国 际领先水平。此后，逐步加强工业领域氧化亚氮管控力度。 氧化亚氮（N2O）是仅次于二氧化碳和甲烷的第三大温室气体、重要的非二氧化碳温室气体，其增 温潜势约为二氧化 ...

中化新网讯 8月27日，生态环境部、国家发改委、工业和信息化部联合印发《工业领域氧化亚氮排放控 制行动方案》，提出六项重点工作任务，控制工业领域氧化亚氮排放。 一是推动氧化亚氮减排。推动相关工业产品生产企业通过使用治理设备、加装催化剂等方式有效减少氧 化亚氮排放。鼓励己二酸生产企业对氧化亚氮尾气进行回收提纯再利用。 二是完善氧化亚氮控排配套政策。研究利用相关资金渠道支持相关企业建设氧化亚氮回收提纯装置和减 排装置，加快推进利用市场机制鼓励工业领域氧化亚氮减排。 三是加强技术创新。持续开展关键技术的研发创新，开展技术示范工程建设，支持控排相关技术申报国 家重点推广的低碳技术目录，推动成立工业领域氧化亚氮控排产学研联盟。 四是强化工业领域氧化亚氮协同管控。针对与氧化亚氮同源的氮氧化物等，研究探索建立协同控制制 度，研究在己二酸、硝酸和己内酰胺等重点行业建设项目环境影响评价中开展氧化亚氮排放评价，提出 减污降碳协同控制措施。 五是加强工业领域氧化亚氮监测、报告和核查体系建设。推进建立重点企业氧化亚氮排放报告制度，研 究制定监测标准和排放相关标准，在工业领域探索开展氧化亚氮排放源自动监测。 六是加强国际交流与合作。积 ...

鼓励开展气候投融资，推荐具有氧化亚氮减排效益的项目纳入生态环保金融支持项目库和气候投融资试 点项目库。 生态环境部等部门将开展工业领域氧化亚氮排放控制行动，完善配套政策，加强技术创新，以有效提高 工业领域氧化亚氮回收利用和排放控制水平，推进工业绿色低碳转型。 生态环境部、国家发展改革委、工业和信息化部共同研究制定的《工业领域氧化亚氮排放控制行动方 案》（下称《行动方案》）日前公布。《行动方案》提出，到2030年，工业领域氧化亚氮排放控制政策 进一步完善，减排技术创新能力显著提高，排放管理能力明显加强，氧化亚氮回收利用和排放控制水平 有效提高。己二酸行业、硝酸行业、己内酰胺行业单位产品氧化亚氮排放量持续下降，达到国际领先水 平。此后，逐步加强工业领域氧化亚氮管控力度。 氧化亚氮（N2O）是仅次于二氧化碳和甲烷的第三大温室气体、重要的非二氧化碳温室气体，其增温潜 势约为二氧化碳的300倍，化学性质较为稳定，大气寿命在百年以上。根据最新的国家温室气体清单数 据，2021年我国氧化亚氮排放总量为210.2万吨，约占我国温室气体排放总量的4.3%，其中工业生产过 程58.0万吨，占27.6%。 生态环境部应对气候变化司 ...

摘要 金宏气体 2025 年上半年收入虽增长，但利润受市场竞争和成本上升影 响下滑。二季度业绩显著回升，收入环比增 11.1%创新高，毛利率升至 30.77%，扣非净利润环比增 30%，显示复苏势头。 电子大宗载气业务获星辰焊锡等 6 个项目，汕尾项目实现存量替换。现 场制气业务通过收购汉兴气体扩张，优化区域布局。电子特气巩固超纯 氨、氧化亚氮优势，拓展高纯二氧化碳等新品，新增 18 家半导体客户。 大宗气体占总营收 43%，毛利率 30%；特种气体营收占比 33%，毛利 率约 22%；现场制气租金营收占比 13.6%，毛利率 57.8%；燃气板块 利润近 1 亿元，毛利率 19%。现场制气租金收入增加主要来自武汉长飞 等项目。 多个新项目预计下半年投产，如 3D 电子大征项目（10 月）、东莞汉城 项目（11 月）、湖州兰宝项目（明年春节前后）等，将通过收取租金增 加营收和利润，投资回报率均超 10%。 二季度毛利率提升主要因大宗气体（氮气毛利率增至 37.19%）和特种 气体（氢气毛利率增至 20%）毛利率上升，以及销售额增长。氮气、药 企、二氧化碳、氨气、氢气、氧化亚氮等销量均较一季度增加。 Q&A 金 ...

Core Viewpoint - The financial performance of Jin Hong Gas Co., Ltd. has been impacted by a significant decline in gross profit margins, particularly in the specialty gas segment, despite an increase in revenue [2][3]. Financial Performance - The company's overall gross profit margin decreased by 36.12% year-on-year, primarily due to a drop in gross margins for both bulk and specialty gas businesses [2]. - In 2024, the gross margin for bulk gas was 31.26%, down by 2.94 percentage points, while the specialty gas gross margin was 27.69%, down by 12.67 percentage points [2]. Sales and Revenue Breakdown - The sales volume and revenue for major products in 2024 were as follows: - Bulk gas: 956,037.01 tons, with a revenue of 97,293.39 million yuan and a gross margin of 31.26% [3]. - Specialty gas: 261,898.03 tons, with a revenue of 96,261.97 million yuan and a gross margin of 27.69% [3]. Specialty Gas Segment Analysis - The decline in specialty gas gross margins was attributed to various factors, including increased production costs and decreased sales prices due to market conditions [6][10]. - Specific products such as ultra-pure ammonia, hydrogen, and nitrous oxide experienced significant gross margin declines, with ultra-pure ammonia's margin dropping by 12.77 percentage points [7][9]. Market Trends and Risks - The specialty gas market is influenced by the semiconductor and photovoltaic industries, which are currently facing challenges such as overcapacity and price declines [11][12]. - Despite the current challenges, the semiconductor market is projected to grow, with a compound annual growth rate (CAGR) of 5.6% expected from 2023 to 2028 [10]. Customer Base and Strategic Initiatives - The company has expanded its customer base, adding 21 new semiconductor clients in 2024 and 16 in the first quarter of 2025 [12]. - Jin Hong Gas is focusing on enhancing its service capabilities and product offerings to meet the evolving needs of its clients in the semiconductor and photovoltaic sectors [14][15].

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on the significant decline in profit margins despite revenue growth, primarily due to a drop in gross margins in both bulk and specialty gas segments [1][2]. Summary by Sections Gross Margin Analysis - The company's gross margin for bulk gas business in 2024 was 31.26%, down by 2.94 percentage points, while the specialty gas business gross margin was 27.69%, down by 12.67 percentage points [2][3]. - The inquiry requested detailed sales data for 2022, 2023, and 2024, including sales revenue, sales volume, average selling price, and gross margin for both bulk and specialty gases [2]. Specialty Gas Business Challenges - The decline in specialty gas gross margin was attributed to various factors, including increased production costs and market competition, particularly in the photovoltaic sector, which affected demand and pricing [4][5]. - Specific products like ultra-pure ammonia and hydrogen saw significant gross margin declines of 12.77 and 11.00 percentage points, respectively, due to lower selling prices and increased costs [6][7]. Market Trends and Customer Base - The specialty gas market is influenced by the semiconductor and photovoltaic industries, with expected growth in semiconductor materials driven by AI demand, while the photovoltaic sector faces challenges due to overcapacity and price declines [9][10]. - The company has established relationships with major clients in the semiconductor and photovoltaic sectors, including significant new customer acquisitions in 2024 [10][11]. Customer Dynamics - The company’s top five customers have changed significantly over the past three years, with new entrants like Northern Integrated Circuit and Peak View International, reflecting shifts in market demand and customer needs [14][18]. - The sales model primarily involves direct sales to end-users and gas companies, with no significant related party transactions noted [17]. Acquisition Strategy - The company has engaged in multiple equity acquisitions from 2022 to 2024, with a total goodwill of 334 million yuan, indicating a strategic focus on expanding market share and enhancing operational capabilities [20][21].