Core Viewpoint - Qiaoyuan Co., Ltd. (301286.SZ) is enhancing its core business competitiveness by investing 302 million yuan to establish a special gas production base, aiming to upgrade medical gas capacity and enter strategic emerging fields such as semiconductor manufacturing and new displays [1][2][3]. Investment and Project Details - The company signed an investment cooperation agreement with the Chengdu New Materials Industry Functional Zone Management Committee to invest 302 million yuan in a special gas production base [2]. - The project will be implemented in two phases: Phase 1 involves an investment of approximately 152 million yuan to build facilities for producing 20,000 tons/year of electronic-grade and medical-grade carbon dioxide, along with hydrogen recovery and purification [2]. - Phase 2 will require about 150 million yuan to establish additional production lines for electronic-grade medical carbon dioxide and ultra-pure ammonia, pending further agreements [2][3]. Market Position and Business Expansion - Qiaoyuan Co., Ltd. is the largest liquid air separation gas supplier in Southwest China, focusing on the production and sales of industrial gas products [1][6]. - The company aims to enhance its market advantage by increasing its medical gas production capacity to meet the growing demand in biopharmaceuticals and high-end medical devices [2][3]. Financial Performance and Projections - The company forecasts a net profit of 100 million to 120 million yuan for the first half of 2025, representing a year-on-year growth of 34.38% to 61.26% [1][7]. - The expected non-recurring gains will impact net profit by approximately 8.7 million yuan [8]. - The growth in performance is attributed to expanded gas business scale, increased production and sales volume, revenue growth, and improved gross margins [8]. Strategic Acquisitions - In January, the company announced plans to acquire a controlling stake in Deyang Hongchen Chemical Co., Ltd. for no more than 200 million yuan, aiming to expand its product offerings in the carbon dioxide sector [3][4]. - However, the acquisition was terminated due to a lack of consensus among the parties involved, with no party bearing liability for the termination [4].

Core Viewpoint - Huada Gas Manufacturing Co., Ltd. (Huada Gas) has successfully submitted its IPO application to the Beijing Stock Exchange after a previous attempt on the ChiNext board was terminated in 2022, indicating the company's renewed commitment to entering the capital market [1] Group 1: Company Overview - Huada Gas specializes in the research, production, and sales of liquid carbon dioxide, dry ice, ammonia water, and high-purity hydrogen, as well as the sale of liquid ammonia [1] - The company's revenue for the years 2022 to 2024 is projected to be CNY 277 million, CNY 292 million, and CNY 342 million, reflecting year-on-year growth rates of 5.30% and 17.01% respectively [1] - Net profit for the same period is expected to be CNY 61.68 million, CNY 62.41 million, and CNY 67.41 million, with year-on-year growth rates of 1.18% and 8.00% respectively [1] Group 2: Market Presence - The majority of Huada Gas's sales are concentrated in Guangdong Province, with sales revenue from this region accounting for approximately 91.16%, 89.16%, and 89.85% of its main business income during the reporting period [2] - As of the signing date of the prospectus, the controlling shareholders of Huada Gas hold a combined 82.10% of the company's shares, indicating a highly concentrated family ownership structure [2] Group 3: Workforce Composition - As of 2024, Huada Gas employs 213 people, with only 1.41% holding a master's degree, 31.46% holding a bachelor's degree, 37.56% holding a college diploma, and 29.58% having a technical secondary school education or lower [2]

Group 1 - Huada Gas has been accepted for IPO on the Beijing Stock Exchange, with Guangfa Securities as the sponsor [2] - The company previously applied for an IPO on the ChiNext board in 2021 but terminated the process in February 2022 [2] - Huada Gas focuses on petrochemical tail gas recycling, resource utilization, and environmental treatment, producing products like liquid carbon dioxide, dry ice, ammonia water, and high-purity hydrogen [2] Group 2 - The company's total assets are projected to increase from 460.44 million yuan in 2023 to 561.36 million yuan in 2024, representing a growth of approximately 21.9% [3] - Shareholder equity is expected to rise from 298.63 million yuan in 2023 to 366.05 million yuan in 2024, indicating a growth of about 22.6% [3] - Revenue is forecasted to grow from 292.17 million yuan in 2023 to 341.86 million yuan in 2024, reflecting an increase of around 17% [3] Group 3 - The controlling shareholders of Huada Gas are Chen Huanzhong, Xu Ming, Xu Yixiong, Chen Peiyuan, and Chen Peizi, holding a combined 82.10% of the shares [5] - Xu Ming holds 24.04% of the shares, while Chen Huanzhong holds 24.37%, indicating significant family control over the company [5][6] - The shareholders have signed a "unanimous action agreement," confirming their collective control over the company [5] Group 4 - Chen Huanzhong serves as the Chairman and President, while Xu Ming is the Vice Chairman [7] - The management team includes Xu Yixiong as Vice President, Chen Peiyuan as Asset Management Department Manager, and Chen Peizi as Vice President [7] - The management has extensive experience in the petrochemical industry, with Chen Huanzhong recognized as an influential figure in the gas industry [8]

Core Viewpoint - Huada Gas Manufacturing Co., Ltd. (Huada Gas) has received acceptance for its IPO application on the Beijing Stock Exchange, with a focus on the circular economy of petrochemical tail gas and resource utilization [2] Group 1: Company Overview - Huada Gas is recognized as a national-level specialized and innovative "little giant" enterprise and a high-tech enterprise, primarily engaged in the R&D, production, and sales of liquid carbon dioxide, dry ice, ammonia water, and high-purity hydrogen, as well as the sale of liquid ammonia [2] - The company previously applied for an IPO on the ChiNext board in 2021 but terminated the application in February 2022 [2] Group 2: Financial Performance - The total assets of Huada Gas are projected to reach approximately 561.36 million yuan by December 31, 2024, up from 460.44 million yuan in 2023 and 354.37 million yuan in 2022 [3] - Shareholder equity is expected to increase to about 366.05 million yuan in 2024, compared to 298.63 million yuan in 2023 and 235.82 million yuan in 2022 [3] - The company’s revenue is forecasted to grow from 277.46 million yuan in 2022 to 341.86 million yuan in 2023, and further to 366.00 million yuan in 2024, indicating a positive growth trend [3] - Net profit is anticipated to rise from 61.68 million yuan in 2022 to 67.41 million yuan in 2024, reflecting a consistent increase in profitability [3] Group 3: Shareholding Structure - The controlling shareholders of Huada Gas are Chen Huanzhong, Xu Ming, Xu Yixiong, Chen Peiyuan, and Chen Peizi, collectively holding 82.10% of the shares [4] - Xu Ming holds 24.04% of the shares, while Chen Huanzhong holds 24.37%, indicating significant family ownership and control [4][5] - The major shareholders have signed a "unanimous action agreement," confirming their joint control over the company [5]