Group 1: Company Overview and Market Position - Hangzhou Oxygen Plant Group Co., Ltd. is the first domestic company to independently develop large liquid helium storage and transportation equipment, directly import liquid helium, and establish a stable helium supply chain [2][4] - In the first half of 2025, helium sales exceeded the total sales of the previous year, indicating a strong growth trajectory in the helium market [2] Group 2: Financial Performance and Cost Management - The gross profit margin for equipment decreased due to a shift in product structure and increased external design and support costs, particularly in large air separation projects [3] - The overall expense ratio has significantly decreased, attributed to stringent cost control measures implemented since last year [3] Group 3: Market Expansion and International Strategy - The company is actively expanding its international business, particularly in Southeast Asia, by establishing subsidiaries in Singapore and Malaysia to enhance service efficiency and market presence [4] - Despite a weak domestic market, the company is focusing on overseas orders, which generally have higher profit margins due to competitive pricing and tax rebate policies [3][4] Group 4: Customer Impact and Market Trends - Approximately 10%-20% of customers have raised concerns regarding capacity impacts due to internal competition, but this has not yet significantly affected the company's gas supply contracts [4]

Core Viewpoint - Hangyang Co., Ltd. has established itself as the first domestic company capable of independently developing large-scale liquid helium storage and transportation equipment, directly importing liquid helium, and ensuring a stable helium supply chain [1] Group 1: Company Developments - Hangyang has independently developed and mass-produced liquid helium storage tanks that meet international standards [1] - The company has built a self-controlled and stable helium supply chain [1] Group 2: Sales Projections - In 2024, Hangyang is projected to sell 480,000 cubic meters of helium [1] - By the first half of 2025, sales are expected to exceed the total sales of the previous year [1]