Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of 11.428 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.39%, with a net profit attributable to shareholders of 757 million yuan, up 12.14% year-on-year. In Q3 2025, the revenue reached 4.101 billion yuan, a 13.12% increase year-on-year, and the net profit was 278 million yuan, reflecting a 16.79% year-on-year growth [2][6]. Summary by Sections Financial Performance - In Q3 2025, the company's gross margin was 20.5%, a slight increase of 0.44 percentage points from Q2 and a year-on-year increase of 0.63 percentage points. The net profit margin for Q3 was 7.70%, with a 0.12 percentage point increase from Q2 and a 0.48 percentage point increase year-on-year. The overall expense ratio was well-controlled at 10.30%, down 0.30 percentage points year-on-year [12]. Market Expansion - The company has been expanding its overseas market, with a 78.89% year-on-year growth in overseas sales in H1 2025. It achieved a breakthrough in large air separation equipment sales in Africa and has established subsidiaries in Southeast Asia to enhance service and support for equipment exports [12]. Future Outlook - The company expects continued growth in equipment sales, particularly in the coal chemical sector, and anticipates that retail gas prices will stabilize, contributing positively to performance. The average price of liquid oxygen in October was 412 yuan per ton, up 7.74% year-on-year, indicating a trend of price recovery [12]. The company is also leveraging its technology in the nuclear fusion industry, having joined the Anhui Province Fusion Industry Association [12]. Profit Forecast - The company is projected to achieve net profits of 1.055 billion yuan, 1.250 billion yuan, and 1.476 billion yuan for the years 2025, 2026, and 2027, respectively, corresponding to price-earnings ratios of 26, 22, and 19 times [12].

Core Viewpoint - The company has shown steady growth in revenue and profit in the first half of 2025, with a notable increase in non-recurring net profit, driven by a recovery in gas prices and resilient equipment orders [1][3]. Financial Performance - In H1 2025, the company achieved operating revenue of 7.327 billion, a year-on-year increase of 8.92%, and a net profit attributable to shareholders of 479 million, up 9.61% year-on-year [1]. - For Q2 2025, the company reported operating revenue of 3.763 billion, a year-on-year increase of 10%, and a net profit attributable to shareholders of 253 million, up 8.55% year-on-year [1]. - The non-recurring net profit for H1 2025 was 461 million, reflecting a year-on-year growth of 13.40% [1]. Business Segments - The gas business experienced a "volume and price increase" trend, with revenue up 14% and gross margin up 2.8 percentage points, benefiting from rising prices of liquid oxygen and other gases [1]. - The equipment business showed relatively weak performance, with revenue growth of 4.2% but a decline in gross margin by 4.1 percentage points [1]. Market Trends - The price of liquid oxygen has shown signs of recovery, with an average price of 481 yuan/ton as of August 21, 2025, reflecting a year-on-year increase of 18.77% [2]. - The overseas demand for liquid oxygen surged, with exports totaling 6,821.53 tons in the first half of 2025, a year-on-year increase of 129% [2]. - The industrial gas market remains under pressure, with prices for liquid oxygen and nitrogen fluctuating at low levels, but there are expectations for marginal improvements in supply-demand dynamics due to the growth in high-value applications [2]. Equipment Business Expansion - The equipment business achieved record growth in H1 2025, signing significant orders including two sets of 120,000 cubic meter air separation units for a major project, marking a technological breakthrough in domestic large-scale equipment [3]. - The company made significant strides in overseas markets, including the first large air separation unit project in Africa and multiple orders in Europe and Southeast Asia [3]. Future Outlook - The company maintains a "strongly recommended" rating, anticipating stable growth in gas business and improved profitability from ongoing projects as depreciation costs decrease over the coming years [3]. - Projected net profits for 2025-2027 are estimated at 1.039 billion, 1.297 billion, and 1.409 billion respectively [3].