（原标题：伊拉克对氮气和氧气进口加征关税） 伊拉克商业新闻2025年12月31日报道，内阁批准对进口医用和工业用氧气 （包括气态和液态）加征40%的关税。该措施将适用于所有产地的进口产品， 有效期为四年。 12月27日内阁会议还批准对从所有国家进口的氮气加征40%的关税。此举 旨在规范工业气体进口，保护国内生产。该决定依据《伊拉克产品保护法》 （2010 年第 11 号），自发布之日起 120 天后开始实施，有效期为四年。 ...

智通财经APP讯，九丰能源(605090.SH)发布公告，为进一步保障海南商业航天发射场新增工位(三号、 四号工位)和中长期航天发射规划，并匹配后续常态化、高密度发射的潜在需求，同时满足海南文昌星 箭产业园(卫星超级工厂)的新增需求，公司积极实施海南商业航天发射场特燃特气配套项目扩能计划(本 项目二期)。公司已与文昌国际航天城管理局、文昌市人民政府签署《海南商业航天发射场特燃特气配 套项目(二期)产业投资协议书》，预计总投资约3亿元。根据相关需求情况，扩能计划拟包括液氮、液 氧、绿氢、氦气、氪气、氙气、轻烃、航天煤油等相关特燃特气生产及储运装置，进一步提高本项目特 燃特气配套供应能力，以满足快速增长的潜在市场需求。截至目前，公司正积极推进本项目(二期)所涉 及的项目用地规划与选址工作，其他相关工作同步筹备。 截至目前，公司多次与上海航天设备制造总厂有限公司(隶属中国航天科技集团有限公司第八研究院)签 署相关协议，双方在液态甲烷、液氧、液氮、氦气、氮气等产品方面达成合作，服务实施地为山东海阳 东方航天港;公司多次与中国航天科技集团商业火箭有限公司(隶属中国航天科技集团有限公司)签署相关 协议，双方在液氧、液氮、 ...

每经AI快讯，侨源股份（SZ 301286，收盘价：47.11元）12月23日晚间发布公告称，公司第五届第十九 次董事会会议于2025年12月23日以通讯方式召开。会议审议了《关于部分募集资金投资项目延期的议 案》等文件。 2025年1至6月份，侨源股份的营业收入构成为：氧气占比42.3%，氮气占比38.4%，其他业务占比 13.86%，氩气占比5.45%。 截至发稿，侨源股份市值为188亿元。 每经头条（nbdtoutiao）——地产"优等生"受困20亿元到期债务，首次债务展期仍在博弈，明年还有超 百亿元公开债到期 （记者 王晓波） ...

Summary of Air Products and Chemicals Conference Call Company Overview - **Company**: Air Products and Chemicals (NYSE: APD) - **Industry**: Industrial gases - **History**: 85 years of operation, active in approximately 50 countries - **Core Business**: Supplies industrial gases, equipment, and expertise to various sectors including refining, chemicals, metals, electronics, manufacturing, medical, and food - **Leadership**: CEO Eduardo Menezes and CFO Melissa Schaeffer, with Menezes having over 30 years of industry experience since joining in February 2025 [1][2] Key Projects Louisiana Project - **Scale**: Producing 750 million cubic feet of hydrogen daily, with 80% intended for ammonia production and 20% for hydrogen pipeline [4] - **Status**: Seeking agreements with ammonia producers to manage the ammonia facility; project is larger than similar projects in the Gulf Coast [5] - **Timeline**: Expecting to provide updates within two weeks regarding project direction [5] Neom Project - **Construction Progress**: On track for completion by 2027; plans to sell ammonia as an interim product until green hydrogen offtake begins later in the decade [8] - **Market Strategy**: Focus on arbitrage between power and capital costs between Saudi Arabia and Europe; potential to produce competitive green hydrogen in Europe [9][10] - **Regulatory Environment**: EU regulations on renewable fuel usage are evolving, with expectations for implementation by 2030 [11] Financial Outlook - **CapEx**: Projected at $4 billion for 2026, including investments in Louisiana and Neom; cash flow neutrality expected by 2026 [15][16] - **Deconsolidation**: Neom's debt will be removed from financials in 2027, improving balance sheet metrics [17] - **Cost Savings**: Aiming for $100 million in additional cost savings through efficiency measures [38] Market Conditions - **U.S. Market**: Low growth environment; challenges include tariffs and labor issues affecting new investments [31][32] - **Asia Market**: Strong growth in Korea and Taiwan driven by electronics; China remains competitive but with limited growth [33] - **Europe Market**: Affected by product influx from China; local manufacturers facing challenges due to regulatory complexities [34] Helium Market - **Current Status**: Helium market is long, affecting pricing; Air Products has a significant exposure due to its historical position as a leading supplier [37] Operational Efficiency - **AI Integration**: Air Products is exploring AI applications for operational efficiency, with initiatives in power management and vendor engagement [43][44][45] Conclusion - **Strategic Focus**: Air Products is refocusing on core industrial gas strengths while managing large-scale projects like Neom and Louisiana; the company aims to balance growth with operational efficiency amidst challenging market conditions [29][30]

Core Viewpoint - The article highlights the participation of Air Liquide at the China International Import Expo, showcasing its commitment to driving transformation and green development in the global chemical industry through innovative technologies and solutions [1] Group 1: Technology and Innovation - Air Liquide presented key materials essential for chip manufacturing, including high-purity oxygen, nitrogen, hydrogen, and complex molecules [1] - The company demonstrated over 60 years of expertise in the hydrogen sector, covering the entire industry chain with technologies such as ammonia cracking and autothermal reforming for hydrogen production [1] Group 2: Environmental Initiatives - The Cryocap carbon capture technology was showcased, which captures up to 100,000 tons of CO2 annually during hydrogen production, while increasing hydrogen output by 10%-20% and reducing costs by approximately 30% compared to other technologies [1] - The company’s facility in Le Havre is noted as one of the largest SMR plants in France and one of the few in Europe qualified for low-carbon hydrogen production [1] Group 3: Engagement and Experience - Attendees utilized VR technology to virtually tour Air Liquide's Le Havre plant, exploring the workings of the steam methane reforming (SMR) unit and the Cryocap technology [1]

Core Viewpoint - Air Products (NYSE: APD) is a leading industrial gas company with over 80 years of history, focusing on providing essential industrial gases and related technologies to various industries, contributing to a cleaner future [6]. Group 1: Company Overview - Air Products operates in 50 countries with projected sales of $12.1 billion for the fiscal year 2024 and a current market capitalization of approximately $60 billion [6]. - The company offers high-quality industrial gases, including oxygen, nitrogen, argon, hydrogen, carbon dioxide, acetylene, ethylene, methane, and carbon monoxide, to advanced materials manufacturers [6]. Group 2: Product and Service Offerings - Air Products provides comprehensive gas application solutions for anode materials and solid-state battery materials, aimed at improving product quality, reducing operational costs, and enhancing output [6]. - The company features an intelligent multi-atmosphere monitoring system that efficiently detects various gas compositions in different atmospheric scenarios, saving customers time and costs [9]. Group 3: Event and Sponsorship - The 2026 Silicon-based Anode and Solid-State Battery Summit is highlighted, with various companies sponsoring the event, including Weifang Fumei New Energy Co., Ltd. and others [15]. - The event schedule includes registration on November 12 and a full-day conference on November 13 [15].

Group 1 - The company plans to provide guarantees for its subsidiaries, Jin Hong Jie Meng and Huai'an Sheng Ma, to support their financing needs totaling RMB 4,570 million [2][22] - The company will provide an irrevocable joint liability guarantee of up to RMB 2,115 million for Jin Hong Jie Meng and up to RMB 1,312.5 million for Huai'an Sheng Ma [2][9] - The board of directors approved the guarantee proposal on November 7, 2025, and it falls within the board's authority, thus not requiring shareholder approval [3][10] Group 2 - The company has a total of RMB 66,238 million in external guarantees, which represents 19.77% of its latest audited net assets [11] - There are no overdue guarantees or guarantees involved in litigation as of the announcement date [11] Group 3 - The company has completed the acquisition of Jin Hong Jie Meng and Huai'an Sheng Ma, with their financial data included in the consolidated financial statements since May and July 2025, respectively [8][9] - Both subsidiaries are not classified as dishonest executors [8] Group 4 - The company is changing the investment scale of its fundraising project, "New High-end Electronic Special Materials Project," and will use the surplus funds of RMB 24,123.18 million for the "Shandong Ruilin Polymer Air Separation Gas Supply Project" [34][35] - The new project involves building a 50,000 Nm3/h air separation unit to supply industrial gases, with a total investment of RMB 35,000 million [38][39] Group 5 - The company has signed a gas supply contract with Shandong Ruilin Polymer Materials Co., Ltd., with a contract value of approximately RMB 4 billion [40] - The project is expected to be fully operational by March 2027, generating stable revenue and cash flow for the company [40][41] Group 6 - The company will hold a bondholders meeting on November 24, 2025, to discuss the proposed changes to the fundraising project and other related matters [55][56] - The company has issued 10,160,000 convertible bonds, raising a total of RMB 1,016 million, with a net amount of RMB 1,004 million after deducting issuance costs [31][32]

Financial Data and Key Metrics Changes - The company reported earnings per share (EPS) of $12.03, which is above the midpoint of the full-year fiscal guidance range [5] - Operating income margin was 23.7%, and return on capital (ROC) was 10.1%, both in line with commitments [5] - The EPS decreased by $0.40 or 3% from the prior year, primarily due to a 4% headwind from LNG divestiture and a 2% headwind from project exits [16][19] Business Line Data and Key Metrics Changes - The Americas segment saw a 3% decline, impacted by a one-time asset sale and project exits [17] - Asia's results were relatively flat, with lower helium offset by favorable on-site contributions [18] - Europe's fiscal year results improved by 4%, driven by non-helium merchant pricing and productivity [18] Market Data and Key Metrics Changes - The company faced headwinds from reduced global helium demand, which affected volume and pricing across regions [15][19] - The market for green ammonia is developing, with expectations for significant demand growth as regulations evolve [11][12] Company Strategy and Development Direction - The company aims for high single-digit annual EPS growth and plans to optimize its large projects portfolio [6] - Capital expenditures are expected to be reduced to approximately $2.5 billion per year after completing several large projects [7] - The focus remains on balancing capital allocation while improving the balance sheet and returning cash to shareholders [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from helium headwinds and a sluggish macroeconomic environment but remains optimistic about productivity and pricing actions [6][19] - The company expects to be modestly cash flow positive in fiscal year 2026 and aims to stay cash flow neutral through 2028 [21] Other Important Information - The company returned $1.6 billion to shareholders in fiscal 2025, marking the 43rd consecutive year of increasing dividends [5] - A total of 3,600 headcount reductions have been identified, expected to contribute approximately $250 million in annual cost savings [8] Q&A Session Summary Question: Evaluation of carbon capture piece of the Louisiana project - Management explained that they are evaluating proposals to divest the carbon capture piece while still considering the project's future [24][25] Question: Cost overruns on the Alberta project - Management confirmed a long-term commitment to supply hydrogen to a major customer, necessitating the project's completion despite cost overruns [26][27] Question: Headcount and cost savings - Management indicated that the targeted headcount of 20,000 is expected to be a new base, with ongoing efforts to optimize the workforce [31] Question: CapEx forecast changes - Management clarified that the CapEx forecast for fiscal 2026 has been adjusted to around $4 billion based on a bottom-up review of capital spending [59] Question: Helium headwind projections - Management confirmed a projected 4% headwind from helium for FY2026, with confidence in managing volume and pricing despite market challenges [93] Question: Decision on Louisiana project - Management indicated that a decision on the Louisiana project will be communicated by the end of the year, with ongoing negotiations progressing [50][54] Question: Growth in the electronics segment - Management highlighted that electronics represent about 17% of total sales and is a rapidly expanding market, with ongoing investments in new plants [66][68]

Summary of Jin Hong Gas Conference Call Company Overview - **Company**: Jin Hong Gas - **Industry**: Gas and Energy Key Financial Performance - **Revenue**: In the first three quarters of 2025, revenue reached 1.939 billion RMB, a year-on-year increase of 9.33% [2][3] - **Net Profit**: Net profit attributable to shareholders decreased by 44.19% to 116 million RMB, primarily due to intensified market competition and increased depreciation costs [2][3] - **Gross Margin**: Gross margin slightly declined to 30.44% in Q3 2025 [2][3] Revenue Breakdown by Segment - **Bulk Gas Sales**: 444.4 million RMB, accounting for 44.44% of total sales, with a gross margin of 30.40% [2][5] - **Specialty Gas Sales**: 640 million RMB, accounting for 33% of total sales, with a gross margin of 22.16% [2][5] - **Energy Gas Sales**: 170 million RMB, accounting for 9% of total sales, with a gross margin of 17.08% [2][5] - **On-site Gas Production and Rental**: 260 million RMB, accounting for 13% of total sales, with a gross margin of 55.2% [2][5] Specialty Gas Performance - **Ammonia**: Sales volume decreased by 60 million RMB year-on-year, with a gross margin decline of 26% due to the photovoltaic industry impact [2][6] - **Nitrous Oxide**: Sales volume remained stable, with a gross margin increase of 2% [2][6] - **Hydrogen**: Sales volume increased by 20 million RMB, but gross margin decreased by 3% [2][6] Project Developments - **Shandong Ruilin Project**: Expansion initiated with an estimated total investment of 300-340 million RMB, expected to start production by the end of 2026 [2][7] - **Spain Project**: Investment between 80-90 million RMB, expected revenue of 20-30 million RMB, with good profit expectations [4][11] Competitive Advantages - **Flexibility and Customization**: The company maintains an advantage in a competitive gas market through flexible cooperation, customized services, and a comprehensive lifecycle team [2][8] - **Equipment Supplier Selection**: Ability to choose optimal equipment suppliers based on project needs, enhancing competitiveness [2][8] Financial Pressures - **Depreciation Costs**: Increased by 72 million RMB due to project transitions, impacting overall financial performance [4][9] - **Sales and Margin Trends**: Despite revenue growth, gross margins have been under pressure due to project transitions and market conditions [3][9] Market Conditions - **Stability in Retail Business**: The retail business remains stable, particularly in the Yangtze River Delta region [14] - **Impact of Industry Cycles**: The Hunan subsidiary showed significant profit growth despite industry cycles affecting performance [14] Future Outlook - **No Immediate Funding Pressure**: The company does not face funding pressure due to support from partner banks [15] - **Continued Overseas Expansion**: Plans for further overseas projects in Southeast Asia, with details to be announced later [11]

Financial Data and Key Metrics Changes - EPS for the third quarter was $4.21, representing a 7% increase year-over-year [4] - Operating cash flow grew by 8% to $2.9 billion, with free cash flow generation of $1.7 billion [4][14] - Sales reached $8.6 billion, up 3% year-over-year and 1% sequentially, with underlying sales increasing by 2% [12][14] - The backlog remains strong at $10 billion, securing long-term EPS growth [4] Business Line Data and Key Metrics Changes - Consumer-related end markets, accounting for about one-third of global sales, showed stable growth, particularly in healthcare and food and beverage [5] - Electronics, representing 9% of sales, was the fastest-growing segment with 6% growth driven by high-end chip production [6] - Industrial end markets, which make up about two-thirds of sales, faced challenges, with metals and mining slightly up due to inflation but overall base volumes down [7][8] - Manufacturing grew by 3% year-on-year, particularly in the U.S., while Europe continued to face softness [9] Market Data and Key Metrics Changes - The U.S. market showed resilience with mid-single-digit growth in the packaged gas business, while Europe remained weak with declining volumes [10][56] - In APAC, pricing was positive excluding helium and rare gases, but overall demand faced challenges due to deflation in China [66] - The chemical sector is currently under pressure, particularly in Europe, but there are expectations for a rebound as capacity rationalization occurs [72] Company Strategy and Development Direction - The company is focused on maintaining a recession-resistant model, emphasizing productivity and efficiency while targeting high-quality growth [10] - There is a strong emphasis on capital management, with $4.2 billion invested in the business and $5.3 billion returned to shareholders [14] - The company anticipates continued growth in electronics and is exploring opportunities in steel and metals due to recent tariffs [23][44] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the macroeconomic environment, noting that identifying near-term catalysts for improvement in industrial activity is challenging [15] - The company has been navigating an industrial recession for over two years and is prepared to take mitigating actions if conditions worsen [16] - There is optimism about the potential for recovery in the chemical sector, driven by rationalization actions in Europe [72] Other Important Information - The company expects fourth-quarter EPS guidance to be between $4.10 and $4.20, reflecting a cautious outlook [15] - The tax rate for the fourth quarter is anticipated to be higher than the current run rate due to timing effects [15] Q&A Session Summary Question: Backlog expectations for Q4 - Management confirmed that the backlog is expected to remain at a record level of $7 billion by year-end despite project startups [19] Question: Opportunities in U.S. steel projects - Management indicated that there are potential expansion opportunities in the U.S. steel sector due to tariffs, positioning the company favorably [23] Question: Outlook for 2026 - Management stated that a rigorous planning process will provide visibility for next year, with expectations for continued EPS growth driven by the project backlog [28] Question: Pricing trends and macroeconomic impact - Management noted that pricing is aligned with global inflation, and while helium pricing is a drag, overall pricing remains stable [33][34] Question: Chemical industry recovery - Management acknowledged structural challenges in the chemical sector but expressed confidence in a future rebound due to capacity rationalization [72] Question: European market conditions - Management indicated that the European market remains soft, with no immediate catalysts for change, but there is hope for future infrastructure spending to spur activity [50][51] Question: Manufacturing growth in the U.S. vs. Europe - Management highlighted that U.S. manufacturing is rebounding while Europe continues to struggle, with expectations for future growth tied to infrastructure investments [86][88]