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 - Linde reported strong Q2 2025 earnings, with non-GAAP EPS of $4.09, exceeding analyst expectations of $4.03, and operating profit margins improved despite softness in key industrial markets [1][4] - The company continues to focus on technological leadership, energy cost management, and building a resilient revenue stream through long-term contracts [3][7] Financial Performance - Q2 2025 GAAP revenue increased by 3.0% year over year to $8.49 billion, surpassing expectations, while adjusted non-GAAP EPS rose by 6.0% [4] - Operating profit margin improved to 30.1%, up 0.8 percentage points from the previous year, reflecting effective pricing and productivity strategies [4][6] - Operating cash flow increased by 15% year over year to $2.21 billion, with free cash flow at $954 million after capital expenditures of $1.26 billion [8] Segment Performance - The Americas region generated $3.81 billion in sales, up 4% year over year, supported by a 3% price increase [5] - EMEA revenue reached $2.16 billion, up 3%, with a 4% decline in volumes offset by higher pricing [5] - Asia-Pacific sales remained flat at $1.66 billion, with manufacturing volume weakness partially balanced by steady pricing [5] Strategic Initiatives - Linde's pricing strategy led to global price increases averaging 2% in Q2 2025, contributing to improved operating margins across all regions [6] - The company has a sale-of-gas backlog of $7.1 billion and a $3.2 billion equipment backlog in its engineering division [6] - Linde is advancing its clean energy initiatives, with significant investments in hydrogen and carbon capture projects, estimating $8–10 billion in clean energy projects over the next few years [7] Shareholder Returns - The company returned $1.81 billion to shareholders through dividends and buybacks in Q2 2025, with an 8% increase in the quarterly dividend, marking 32 consecutive years of increases [8] Future Outlook - Linde provided Q3 2025 adjusted EPS guidance of $4.10 to $4.20, indicating 4% to 7% year-over-year growth, and FY2025 adjusted EPS guidance of $16.30 to $16.50, representing 5% to 6% annual growth [9] - Management remains cautious about macroeconomic conditions, particularly in manufacturing and industrial sectors, with no near-term recovery expected in China or Europe [10]

Group 1 - The core point of the article is that Qiaoyuan Co., Ltd. announced a board meeting to discuss an investment cooperation agreement for a special gas production base [2] - The company reported its revenue composition for the year 2024, with oxygen accounting for 41.95%, nitrogen for 39.95%, argon for 8.12%, other businesses for 7.17%, and other gases for 2.81% [2]

Summary of Hangyang Co., Ltd. Conference Call Industry Overview - The gas industry is closely related to the manufacturing sector, with China's manufacturing value added accounting for over 30% of the global total, while China's gas market share is only about 2%, indicating significant future growth potential [3][4] - The international industrial gas giants have market capitalizations far exceeding that of Chinese leaders, highlighting the vast potential of the Chinese industrial gas market and the growth space for domestic leaders like Hangyang [2][6] Company Insights - Hangyang's business structure includes equipment and gas segments, with gas business divided into pipeline gas and retail gas. Pipeline gas has a defensive attribute due to long-term contracts and guaranteed capacity utilization, while retail gas has an offensive attribute due to price fluctuations [2][7] - The current investment climate for Hangyang is favorable as the company is at a cyclical bottom, with a price-to-book (PB) ratio of approximately 2 and a price-to-earnings (PE) ratio of about 20, indicating a significant valuation gap compared to international leaders [2][8] - In 2024, Hangyang's revenue structure is expected to consist of approximately one-third from equipment and two-thirds from gas, with pipeline gas accounting for about 80% and retail gas for about 20% of the gas business [2][10] Financial Performance - Recent price increases in gases such as oxygen and nitrogen have positively impacted Hangyang's stock price, with a 15%-16% quarter-over-quarter increase in comprehensive gas prices in Q2 [4][11] - The company is projected to achieve a net profit of around 1 billion RMB this year, corresponding to a PE ratio of about 20 [4][13] - The company reported a 10% year-over-year growth in Q1, with expectations for continued steady growth in Q2 despite economic challenges [5][14] Market Dynamics - The recovery of gas prices is a positive signal for Hangyang's stock, with recent trends indicating a reversal from the cyclical bottom. If market demand improves or the competitive landscape optimizes, gas prices may further recover [4][11] - Supply-side reforms could lead to a rapid increase in the Producer Price Index (PPI), which would subsequently drive up the prices of upstream raw materials, including industrial gases [12] Valuation Perspective - Compared to international industrial gas leaders, which have PE ratios between 25 and 30, Hangyang's valuation has been relatively low at 15 to 20 times, primarily due to domestic macroeconomic factors [13] - If the economic outlook improves, Hangyang's valuation could see significant upward movement, with potential for market share to increase from 12%-13% to 23%-30% in the future [8][9] Conclusion - Hangyang Co., Ltd. is positioned for potential growth in a recovering gas market, with a favorable investment opportunity due to its current valuation and market dynamics. The company’s defensive and offensive business attributes, along with the anticipated recovery in gas prices, suggest a positive outlook for future performance [2][4][8]

Summary of Hangyang Co., Ltd. Conference Call Industry and Company Overview - The conference call focuses on Hangyang Co., Ltd., a company operating in the industrial gas sector, particularly in the production of air separation equipment and retail gas business. Key Points and Arguments 1. **Revenue Growth Projections**: Hangyang expects significant growth in gas revenue in 2025, driven by the commissioning of a new 650,000 cubic meter project in 2024, with fixed equipment volume growth approaching 30% and strong steel demand supported by national subsidies in automotive and home appliance sectors [2][4][10]. 2. **Retail Gas Business Expansion**: The company anticipates a 30% increase in liquid gas capacity in 2025, with nitrogen, oxygen, and argon prices expected to rise year-on-year due to increased maintenance on the supply side and low storage capacity [2][4][6]. 3. **Air Separation Equipment Profitability**: The gross margin for the air separation equipment industry exceeded expectations in 2024, reaching 29.9%, with overseas markets contributing approximately 750 million yuan in revenue and a gross margin of 31.6% [2][8][9]. 4. **Market Share and Pricing Power**: Hangyang holds a 90% market share in large air separation projects over 60,000 cubic meters, allowing for strong pricing power [2][9]. 5. **Future Performance Outlook**: The company expects stable growth over the next two years, benefiting from new project contributions, existing capacity, and pipeline project processing capabilities, with an estimated gross margin elasticity of 20% annually [2][10]. 6. **Impact of Steel Anti-Dumping Policies**: The steel anti-dumping policies are expected to improve the profitability of the steel industry, indirectly promoting the demand for industrial gases and related equipment updates [2][11]. 7. **Strategic Response to Market Conditions**: Hangyang maintains high market share, optimizes pricing power, focuses on large coal chemical projects, and ensures new clients are profitable to navigate market fluctuations [3][12]. Additional Important Insights 1. **Supply Chain Dynamics**: The company noted that the nitrogen storage capacity was around 32% at the end of May 2025, which is 10 percentage points lower year-on-year, leading to increased external nitrogen purchases and higher local prices [4][6]. 2. **Sector-Specific Demand**: The demand for liquid nitrogen has surged due to the booming processing needs in the crayfish industry, which has seen a doubling in export volume compared to the previous year [5][6]. 3. **Investment in Large Projects**: The investment in the Meihua Palace project and the contribution from the Inner Mongolia Baofeng's six 110,000 cubic meter large air separation projects, which generated approximately 2 billion yuan in revenue, are critical to maintaining growth [9][10]. This summary encapsulates the essential insights from the conference call, highlighting the company's strategic positioning and market dynamics within the industrial gas sector.

Investment Rating - The report maintains a recommendation for the chemical industry, particularly focusing on new materials, indicating a positive outlook for investment opportunities in this sector [1]. Core Insights - The report highlights a recovery in prices for chemical products, driven by a recent easing of tariffs in the US-China trade war, which has led to increased foreign trade inquiries and shipping prices [8]. - The chemical industry is currently experiencing a dual bottom in profitability and valuation, with a projected ROE-PB of 6.19% and 1.77 for 2024, and a recovery to 7.55% and 1.85 in Q1 2025 [8]. - The report emphasizes the importance of domestic production capabilities in new materials, particularly in light of the ongoing trade tensions and the need for self-sufficiency [9]. - The new materials sector has shown strong performance, outpacing the broader market indices, with a weekly change of 1.98% compared to a decline in major indices [10]. Industry Updates - The report notes that the new materials sector is expected to benefit from a shift towards domestic production and the reduction of import dependencies, particularly in critical areas [9]. - The report identifies specific new materials with high growth potential, including ETO, nucleating agents, aramid paper, PI films, industrial coatings, and ion exchange resins [9]. - The report also mentions the investigation into DuPont China by the National Market Supervision Administration, which could create opportunities for domestic companies in the same sector [11]. Trading Data - The Huachuang Chemical Industry Index stands at 75.23, reflecting a decrease of 1.08% week-on-week and a year-on-year decline of 24.76% [18]. - The report provides detailed statistics on price changes for various materials, indicating a mixed performance with some materials like SAF Europe FOB prices increasing by 3.00% while high-purity hydrogen saw a decrease of 10.00% [19][22]. New Materials Subsector Tracking - The report tracks various subsectors within new materials, including advancements in battery safety standards, which are set to be enforced in 2026, potentially impacting the materials used in electric vehicle batteries [12]. - The report highlights the growth in the smartphone market, with a 3.3% year-on-year increase in shipments, benefiting the consumer electronics materials sector [13]. - The report discusses funding initiatives in Shenzhen aimed at supporting AI terminal technology, which may influence the materials used in smart devices [14].

Core Viewpoint - The credit rating of Jinhong Gas Co., Ltd. is maintained at AA- with a stable outlook, reflecting its comprehensive service capabilities and leading technology in the domestic gas industry, despite challenges such as insufficient downstream demand and intense industry competition [2][4][5]. Company Overview - Jinhong Gas has a complete range of products and maintains a competitive edge in the regional market, with its technology at the leading level among domestic gas companies [2][5][12]. - The company is actively expanding its onsite gas production business through new projects and acquisitions, with a focus on enhancing its market share and product offerings [13][17]. Financial Performance - Total assets increased from 47.35 billion in 2022 to 70.51 billion in 2025, while total liabilities rose from 17.26 billion to 37.04 billion during the same period [6][30]. - Operating revenue grew from 19.67 billion in 2022 to 25.25 billion in 2025, but net profit decreased from 2.41 billion to 2.10 billion, indicating pressure on profitability due to competitive pricing [6][24]. - The company's EBITDA showed fluctuations, with a notable decline in 2024, reflecting the impact of market conditions on operational efficiency [6][30]. Market Dynamics - The industrial gas market is experiencing structural changes, with traditional sectors like steel and chemicals facing demand challenges, while emerging industries such as photovoltaics and semiconductors are driving growth in gas demand [11][12]. - Jinhong Gas faces intense competition from international giants who dominate the high-end gas market, holding approximately 65% market share [11][12]. Investment and R&D - The company has been increasing its R&D investment, with a focus on developing high-purity gases and expanding its product portfolio, holding 366 patents as of 2024 [21][23]. - Significant capital expenditures are planned for ongoing projects, with a total planned investment of 33.70 billion, necessitating careful management of funding and expected returns [23][24]. Risk Factors - The company is exposed to risks from fluctuating raw material prices and competitive pricing pressures, which could impact profit margins and overall financial health [11][24]. - The ongoing expansion and investment in new projects may lead to increased debt levels, necessitating close monitoring of liquidity and financial stability [7][29].

股票简称：广钢气体 股票代码：688548 广州广钢气体能源股份有限公司 Guangzhou Guanggang Gases&Energy Co.,Ltd. 广州市南沙区万顷沙镇红钢路 5 号(钢铁基地内) 首次公开发行股票 科创板上市公告书 保荐人（联席主承销商） 上海市广东路 689 号 联席主承销商 广州市天河区珠江东路 11 号 18、19 楼全层 2023 年 8 月 14 日 特别提示 广州广钢气体能源股份有限公司（以下简称"广钢气体"、"发行人"、"公司"、 "本公司"）股票将于 2023 年 8 月 15 日在上海证券交易所科创板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 1 第一节 重要声明与提示 一、重要声明 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并依法 承担法律责任。 本 公 司 提 醒 广 大 投 资 者 认 真 阅 读 刊 载 于 上 海 证 券 交 易 所 网 站 （http://www.sse.c ...

退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解科创板的投资风险及 本公司所披露的风险因素，审慎作出投资决定。 广州广钢气体能源股份有限公司 Guangzhou Guanggang Gases&Energy Co.,Ltd. 广州市南沙区万顷沙镇红钢路 5 号(钢铁基地内) 首次公开发行股票并在科创板上市 招股说明书 保荐人（联席主承销商） 上海市广东路 689 号 联席主承销商 广州市天河区珠江东路 11 号 18、19 楼全层 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业绩不稳定、 广州广钢气体能源股份有限公司 招股说明书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动 ...

广州广钢气体能源股份有限公司 Guangzhou Guanggang Gases&Energy Co.,Ltd. 广州市南沙区万顷沙镇红钢路 5 号(钢铁基地内) 退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解科创板的投资风险及 本公司所披露的风险因素，审慎作出投资决定。 首次公开发行股票并在科创板上市 招股意向书 保荐人（联席主承销商） 上海市广东路 689 号 联席主承销商 广州市天河区珠江东路 11 号 18、19 楼全层 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业绩不稳定、 广州广钢气体能源股份有限公司 招股意向书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动 ...