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]

Core Viewpoint - The company has terminated the acquisition of Henan Keyi Gas Co., Ltd., which will not adversely affect its operational performance or financial status [3]. Group 1: Acquisition Details - The company announced the termination of the share acquisition agreement, which releases both parties from any obligations under the previous intention agreement [2]. - The initial plan was to acquire 65.43% of Henan Keyi, a company specializing in industrial gas production and sales, with a registered capital of 91.6785 million yuan [3]. - Henan Keyi's 2023 revenue was 227 million yuan, with a net profit of 24.4581 million yuan, and for the first half of 2024, it reported revenue of 90.9285 million yuan and a net profit of 8.0745 million yuan [3]. Group 2: Strategic Implications - The acquisition was aligned with the company's "14th Five-Year" strategic development plan, aimed at expanding into the industrial gas investment and operation sector [4]. - The company has a strong focus on cryogenic equipment manufacturing and aims to leverage this to enhance its capabilities in industrial gas production [4]. - The termination of the acquisition was due to a failure to reach consensus on key terms after extensive negotiations and due diligence [4]. Group 3: Financial Performance - In 2024, the company reported a revenue increase and a net profit of 72.3668 million yuan, representing a year-on-year growth of 121.67% [5]. - The growth was attributed to a significant increase in both existing and new orders, as well as effective collection of accounts receivable [5]. - The company plans to continue focusing on long-term development, actively pursuing market opportunities, and expanding into clean energy and industrial gas investment operations [5].