丨证券研究报告丨 分析师及联系人 [Table_Author] 马太 徐科 李禹默 SAC：S0490516100002 SAC：S0490517090001 SAC：S0490525060002 SFC：BUT911 SFC：BUV415 请阅读最后评级说明和重要声明 联合研究丨公司点评丨金宏气体（688106.SH） [Table_Title] 工业气体景气阶段性承压，现场制气及租金收入 提升明显 报告要点 [Table_Summary] 公司发布 2025 年半年报，实现收入 13.1 亿元（同比+6.7%），实现归属净利润 0.8 亿元（同比 -48.6%），实现归属扣非净利润 0.7 亿元（同比-45.1%）。其中 Q2 单季度实现收入 6.9 亿元（同 比+7.6%，环比+11.1%），归属净利润 0.4 亿元（同比-54.3%，环比-13.2%），实现归属扣非净 利润 0.4 亿元（同比-47.5%，环比+29.8%）。 %% %% %% %% research.95579.com 1 金宏气体（688106.SH） cjzqdt11111 [Table_Title 工业气体景气阶段性承压，现场 ...

Summary of Jin Hong Gas Conference Call Company Overview - Jin Hong Gas operates in the specialty gas industry, focusing on products such as ammonia and nitrous oxide (laughing gas) [2][3]. Key Financial Highlights - In Q1 2025, Jin Hong Gas reported revenue of 623 million yuan, a year-on-year increase of 5.62% [3]. - The net profit attributable to shareholders was 40.004 million yuan, showing a decline compared to the previous year [3]. - The overall gross margin decreased to approximately 28%-29% due to lower sales prices in the manufacturing sector and significant declines in specialty gas sales and prices influenced by the photovoltaic industry [2][25]. - Operating cash flow increased by 21.82% year-on-year to 96 million yuan, with capital expenditures and R&D investments rising [2][3]. Specialty Gas Performance - Ammonia sales volume and gross margin significantly decreased, with the gross margin dropping from 60% in the same period last year to 30% [2][5]. - Nitrous oxide sales volume also saw a slight decline, with the gross margin decreasing from 42% to 40% [5]. - The capacity utilization rate for ammonia is around 50%, while nitrous oxide is at full production capacity [6]. Business Strategy and Future Outlook - The company plans to focus on three main business areas: specialty gases, bulk retail, and on-site gas production, with expected annual growth in specialty gas varieties [2][8]. - The bulk retail segment is anticipated to benefit from accelerated growth in large-scale oxygen generator projects [2][8]. - New product launches are planned, and the company aims to expand its product line through collaboration with peers [8]. Market Conditions and Competitive Landscape - The company faces competition in the electronic bulk gas market from Jin Hong and Guanggang, but maintains an investment return rate of approximately 11% due to its young professional team and efficient decision-making [2][17]. - The photovoltaic industry's downturn has led to price and sales pressure, but the company expects a gradual recovery as it has reached a bottom position [8]. M&A and Financing Strategy - Jin Hong Gas is considering acquisitions in various segments, including bulk retail filling stations and specialty gases, with a focus on economically developed regions [7][21]. - The company prefers debt financing for large capital expenditures or acquisitions due to low borrowing costs [25]. Regional Expansion and International Operations - The company has acquired Singapore's Victory Gas, focusing on bulk retail, and is optimistic about expanding its market share in Singapore and surrounding areas [13]. - The helium supply is stable, with approximately 50% sourced from Russia, and the company is prepared to adapt to potential tariff impacts on imports [4][22]. Challenges and Opportunities - The current low gas price cycle may impact overall industry profitability but also presents opportunities for low-cost expansion and acquisitions [23]. - The company is actively working on increasing its self-produced liquid gas ratio to mitigate performance volatility [28]. Conclusion - Jin Hong Gas is navigating a challenging market environment with strategic plans for growth in specialty gases and bulk retail, while also preparing for potential recovery in the photovoltaic sector and exploring acquisition opportunities to enhance its market position [20][21].

Core Viewpoint - The company, Jin Hong Gas, has released its quarterly financial report for the first quarter of 2025, ensuring the accuracy and completeness of the information provided [1][2]. Financial Data Summary - The financial report is unaudited, and the company has confirmed that there are no significant changes in the financial data compared to previous periods [3][7]. - The revenue breakdown for the company's main business segments is as follows: bulk gases account for 41.98%, specialty gases for 34.27%, on-site gas production and rental for 12.89%, and gas for 10.87% [4]. Shareholder Information - The report includes details about the total number of ordinary shareholders and the shareholding status of the top ten shareholders [5][6]. Audit Opinion - The financial statements for the first quarter of 2025 are not subject to an audit, as indicated in the report [6][7].