摘要 金宏气体 2025 年上半年收入虽增长，但利润受市场竞争和成本上升影 响下滑。二季度业绩显著回升，收入环比增 11.1%创新高，毛利率升至 30.77%，扣非净利润环比增 30%，显示复苏势头。 电子大宗载气业务获星辰焊锡等 6 个项目，汕尾项目实现存量替换。现 场制气业务通过收购汉兴气体扩张，优化区域布局。电子特气巩固超纯 氨、氧化亚氮优势，拓展高纯二氧化碳等新品，新增 18 家半导体客户。 大宗气体占总营收 43%，毛利率 30%；特种气体营收占比 33%，毛利 率约 22%；现场制气租金营收占比 13.6%，毛利率 57.8%；燃气板块 利润近 1 亿元，毛利率 19%。现场制气租金收入增加主要来自武汉长飞 等项目。 多个新项目预计下半年投产，如 3D 电子大征项目（10 月）、东莞汉城 项目（11 月）、湖州兰宝项目（明年春节前后）等，将通过收取租金增 加营收和利润，投资回报率均超 10%。 二季度毛利率提升主要因大宗气体（氮气毛利率增至 37.19%）和特种 气体（氢气毛利率增至 20%）毛利率上升，以及销售额增长。氮气、药 企、二氧化碳、氨气、氢气、氧化亚氮等销量均较一季度增加。 Q&A 金 ...

据证券之星公开数据整理，近期中船特气（688146）发布2025年中报。截至本报告期末，公司营业总收 入10.4亿元，同比上升12.6%，归母净利润1.78亿元，同比下降0.55%。按单季度数据看，第二季度营业 总收入5.24亿元，同比上升8.52%，第二季度归母净利润9116.35万元，同比上升4.68%。本报告期中船 特气公司应收账款体量较大，当期应收账款占最新年报归母净利润比达143.19%。 本次财报公布的各项数据指标表现一般。其中，毛利率30.35%，同比减6.7%，净利率17.1%，同比减 11.68%，销售费用、管理费用、财务费用总计9640.75万元，三费占营收比9.27%，同比增2.29%，每股 净资产10.59元，同比增3.96%，每股经营性现金流0.63元，同比减22.22%，每股收益0.34元 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 9.23亿 | 10.4亿 | 12.60% | | 归母净利润(元) | 1.79亿 | 1.78亿 | -0.55% | | 扣非净利润(元) | ...

中信建投证券股份有限公司 关于中船（邯郸）派瑞特种气体股份有限公司 上市公司名称：中船（邯郸）派瑞特种气体 保荐人名称：中信建投证券股份有限公司 股份有限公司 联系方式：010-56051437 保荐代表人姓名：曾琨杰 联系地址：北京市朝阳区景辉街 16 号院 1 号楼泰康集团大厦 11 层 联系方式：010-56052520 保荐代表人姓名：史记威 联系地址：北京市朝阳区景辉街 16 号院 1 公司所处的行业属于技术密集型、人才密集型行业，产品研发、生产制造过 程中涉及大量专利、非专利技术，知识产权数量众多。经过多年的研发投入和技 术积累，公司已拥有多项具有自主知识产权的发明、实用新型等授权专利，累积 了众多的实验数据、工艺参数、设计图纸等商业秘密。若公司知识产权战略和管 理体系未根据外部环境和公司发展战略与时俱进，出现海外专利布局不能满足公 司国际化发展需要，技术开发阶段未能及时做好知识产权的认定和保护，商业秘 密没有得到有效的保护或出现专利纠纷等情况，可能导致境外市场开发受阻或出 现诉讼、新产品产业化发展不能正常开展、自身权益被竞争对手侵害等情况，进 而对公司的品牌形象、竞争地位、盈利能力和正常生产经营 ...

Group 1 - The Bay Chip Award has attracted 86 outstanding companies and elites from various segments of the semiconductor industry as of July 16, highlighting the industry's enthusiasm for the event [1] - The award aims to recognize exceptional contributions in technology breakthroughs, product innovation, and ecosystem development within the semiconductor industry [1] - The selection process is currently ongoing, with a list of participating companies being updated continuously [2] Group 2 - Aifake China Group specializes in vacuum technology solutions, providing high-precision micro-manufacturing equipment and comprehensive solutions for the semiconductor, flat panel display, and lithium battery sectors [3] - Xinxin Financing Leasing Co., Ltd. focuses on integrated circuits and artificial intelligence, with a registered capital of 132.09 billion and a total asset target of over 68 billion by 2025 [5] - Jiangsu Weidao Nano Technology Co., Ltd. is a high-end micro-nano equipment manufacturer, successfully applying atomic layer deposition technology in integrated circuit manufacturing [8] - Rorze Corporation's subsidiary in China specializes in semiconductor wafer transport equipment, leveraging nearly 40 years of experience in the field [10] - Anji Microelectronics Technology Co., Ltd. focuses on high-end semiconductor materials, providing solutions for chip manufacturing processes and aiming to enhance its global market share [11] - SEMILAB, established in 1989, is a leading supplier of testing equipment with applications in photovoltaics, semiconductors, and scientific research [12] - Xi'an Yiswei Material Technology Co., Ltd. is a leading provider of 12-inch electronic-grade silicon wafers, with a production capacity expected to exceed one million wafers per month [14] - China Shipbuilding (Handan) Special Gas Co., Ltd. specializes in electronic specialty gases and is a state-owned enterprise listed on the Science and Technology Innovation Board [16] - Huafeng Technology focuses on advanced packaging equipment and has established branches in multiple locations, aiming to provide cutting-edge semiconductor packaging solutions [18] - Shenzhen Aichip Semiconductor Technology Co., Ltd. is dedicated to overcoming challenges in high-end measurement equipment for semiconductors, with products already in commercial use [20] - The Chinese Academy of Sciences Shenyang Scientific Instrument Co., Ltd. has a history of innovation and focuses on high-end scientific instruments and semiconductor applications [21] - Beijing ShuoKe ZhongKe Xin Electronic Equipment Co., Ltd. is the only domestic supplier of ion implantation machines in the integrated circuit field, covering various core technologies [22] - Guangdong Huate Gas Co., Ltd. is a major private supplier of specialty gases in China, with products exported to over 50 countries [24] - Hubei Xingfu Electronic Materials Co., Ltd. is a national high-tech enterprise focusing on electronic chemicals, receiving recognition from top government officials for its development [27] - Shenzhen Qingyi Microelectronics Co., Ltd. produces semiconductor masks and has adapted its processes to meet the evolving needs of the semiconductor industry [28]

Report Summary 1. Report Industry Investment Rating No investment rating information was provided in the report. 2. Core Viewpoints - The silicon market is experiencing a situation of weak supply and demand, with high inventory pressure in the industry. Silicon prices are expected to remain under pressure at low levels in the short term, but the downward space may be limited due to the current low prices. [1] - For polysilicon, the fundamentals are weak, and the transaction price is moving downward. Considering the high uncertainty of terminal installation and the difficulty in resolving over - capacity issues in the short term, polysilicon prices are unlikely to show an upward trend in the short term. The recommended strategy is to short on rebounds. [1] 3. Summary by Relevant Catalogs Price Data - **Industrial Silicon**: The average price of industrial silicon's non - oxygenated 553 (East China) remained flat at 8,100 yuan/ton, and the 421 (East China) remained flat at 8,700 yuan/ton. The closing price of the futures main contract rose 1.96% to 7,560 yuan/ton. [1] - **Polysilicon**: N - type dense material remained flat at 35.5 yuan/kg; polysilicon re - feedstock remained flat at 33.5 yuan/kg; polysilicon dense material remained flat at 32 yuan/kg; polysilicon cauliflower material remained flat at 30 yuan/kg. The closing price of the futures main contract rose 0.88% to 34,255 yuan/ton. [1] - **Silicon Wafer**: Most photovoltaic companies' silicon wafer prices followed the market downward, with small and medium - sized enterprises having a larger decline of about 0.03 yuan/piece. In June, the operating rate of silicon wafer enterprises was generally lower than that in May, mostly between 40% - 60%, a month - on - month decrease of about 3% - 13%. [1] - **Others**: The prices of battery chips, components, and most organic silicon products remained stable, while the price of silicone oil decreased by 0.36% to 13,750 yuan/ton. [1] Industry News - In May, automobile production and sales reached 2.649 million and 2.686 million units respectively, with a month - on - month increase of 1.1% and 3.7%, and a year - on - year increase of 11.6% and 11.2%. From January to May, automobile production and sales reached 12.826 million and 12.748 million units respectively, with a year - on - year increase of 12.7% and 10.9%. [1] - Cangzhou Huayu Special Gas Technology Co., Ltd.'s annual 5,000 - ton electronic special gas project was officially put into production, with a 95% domestic - made silane gas production device and the largest single - set production capacity in the country. [1] Fundamental Analysis - **Supply Side**: Some silicon enterprises in the north reduced production due to cost inversion. In the southwest production area, although the wet season was approaching, there was a lack of confidence in the future market, with strong wait - and - see sentiment and low willingness to resume production. For polysilicon, enterprises maintained a production - reduction trend, and some may have new capacity put into production, with an expected output of less than 100,000 tons. [1] - **Demand Side**: Polysilicon enterprises maintained production reduction, and the resumption of production might be postponed. The organic silicon industry had a strong willingness to reduce production to support prices, but demand was weak, and the actual transaction price declined. Silicon - aluminum alloy enterprises purchased on demand, and the downstream had low willingness to stock up at low prices. The photovoltaic market was weak, with rising inventories of silicon wafers and polysilicon, and falling prices of silicon wafers, battery chips, and components. [1]

Core Viewpoint - The company, China Shipbuilding Special Gas Co., Ltd. (中船特气), reported significant revenue growth for the fiscal year 2024, driven by increased demand in the semiconductor and LCD industries, product diversification, and expansion into domestic and international markets [1][2]. Financial Performance - In 2024, the company achieved a revenue of 1.929 billion yuan, a year-on-year increase of 19.33%, with electronic specialty gases revenue growing by 14.07% and trifluoromethanesulfonic acid series products revenue surging by 106.30% [1][2]. - For the first quarter of 2025, the company reported a revenue of 516 million yuan, reflecting a year-on-year growth of 17.08% [1]. Growth Drivers - Revenue growth in 2024 was attributed to three main factors: recovery in the semiconductor and LCD sectors leading to increased sales volume, expansion of product categories with over 90 products now available, and enhanced market outreach with a significant increase in delivery volumes for 25 products [2]. - The trifluoromethanesulfonic acid series products achieved sales revenue exceeding 200 million yuan, marking a doubling in sales [2]. Technological Innovation - The company made notable advancements in technology, overcoming challenges in six key areas, including electronic specialty gas adsorption distillation technology and isotopic analysis technology, resulting in the development of 27 new products [2][3]. - The company has been actively involved in national technology innovation tasks and has collaborated with various institutions to enhance the electronic specialty gas innovation ecosystem [3]. Research and Development - Research and development (R&D) investment reached 168 million yuan in 2024, an increase of 4.64% from the previous year, representing 8.72% of total revenue [3]. - The company has accumulated 318 authorized patents by the end of 2024, reflecting its commitment to innovation [3].

Core Viewpoint - The article discusses the advancements in gas separation materials and technologies, highlighting the upcoming 2025 China International Gas Separation Industry Conference, which aims to address global energy and environmental challenges through collaboration among government, industry, academia, and finance [1]. Group 1: Conference Overview - The 2025 China International Gas Separation Industry Conference will take place from May 11-12 in Yangzhou, Jiangsu, focusing on the latest trends and developments in the gas separation industry [1]. - The conference will feature a main forum discussing macro analysis of gas separation, new high-performance materials, and future trends in the industry [2][3]. - Specialized sessions will cover topics such as membrane separation processes, adsorption separation techniques, and chemical absorption applications [2][3]. Group 2: Key Participants and Contributions - The conference will gather top scientists, industry leaders, and EPC (Engineering, Procurement, and Construction) companies to discuss the latest research and industrial applications in gas separation technologies [1][2]. - Notable speakers include experts from various prestigious institutions, such as Zhang Long from the China 21st Century Agenda Management Center and Li Jinping from Taiyuan University of Technology, who will present on topics like CCUS technology trends and porous materials [2][3]. Group 3: Industry Challenges and Opportunities - The article emphasizes the need for innovative materials and processes to meet the challenges posed by global energy and environmental issues, particularly in the context of carbon capture and utilization (CCUS) [1][2]. - The conference aims to facilitate collaboration and knowledge exchange among stakeholders to identify and develop the next breakthroughs in gas separation technologies [1][2].

Core Insights - The article discusses the breakthroughs in the mass production of new separation materials such as MOF and COF, highlighting the upcoming global carbon market as per the Paris Agreement [1] - It emphasizes the need for collaboration among government, industry, academia, and finance to identify the next material and application breakthroughs in response to global energy and environmental challenges [1] Event Overview - The 2025 China International Gas Separation Industry Conference will take place in Yangzhou, Jiangsu, from May 11-12, featuring various forums and application topics focused on the latest industry trends and technological advancements [1][2] - The conference will include a "Youth Scientist Forum" on May 10, aimed at gathering global young talents to discuss current challenges and innovations in gas separation technologies [1][2] Conference Agenda - The main forum on May 11 will cover macro analysis of gas separation, new high-performance materials, and current industry development trends [2] - Specialized application topics will include membrane separation processes, adsorption separation techniques, and chemical absorption and CCUS technology applications [2][4] Keynote Speakers and Topics - Notable speakers include experts from various institutions discussing topics such as CCUS technology trends, porous material creation under carbon neutrality goals, and advancements in fluorinated gas adsorption [2][3][4] - The agenda features discussions on the latest research in CO2 capture technologies and their industrial applications, showcasing significant advancements in the field [4][5] Industry Collaboration - The event aims to facilitate connections between EPC companies, industry leaders, and research institutions to address the needs and challenges in the gas separation industry [1][45] - It highlights the importance of user-driven demand in shaping the future of gas separation technologies and applications [45]

Core Insights - The article discusses the breakthroughs in the mass production of new separation materials such as MOF and COF, highlighting the upcoming global carbon market as per the Paris Agreement [1] - It emphasizes the need for collaboration among government, industry, academia, and finance to identify the next material and application breakthroughs in response to global energy and environmental challenges [1] Event Overview - The 2025 China International Gas Separation Industry Conference will take place in Yangzhou, Jiangsu from May 11-12, featuring a forum on industry trends and advancements, application topics, and a youth scientist forum [1][2] - The conference will include site visits to CO2 enhanced oil recovery projects and a large-scale CCUS demonstration project at Huadian Jurong Power Plant [1][2] Conference Agenda - The main forum will cover macro analysis of gas separation, new high-performance gas separation materials, and current industry development trends [2] - Specialized sessions will focus on membrane separation processes, adsorption separation processes, chemical absorption, and CCUS technology applications [2][4] Keynote Speakers and Topics - Notable speakers include Zhang Long discussing CCUS technology trends, Li Jinping on porous materials under carbon neutrality goals, and other experts presenting on various advancements in gas separation technologies [2][3][4] - The conference will feature discussions on the lifecycle matching of CCUS sources and sinks, and innovations in carbon capture technologies [4][5] Industry Collaboration - The event aims to gather top scientists, industry leaders, and EPC companies to discuss user needs, cooperation, and development in the gas separation industry [1][45] - It highlights the importance of industrialization and the need for practical applications of research breakthroughs in gas separation technologies [38][45]

MOF、COF等新型分离材料量产突破 《巴黎协定》6.4条款 全球碳市场即将启动 前沿材料突破、新兴应用场景层出不穷 面对全球性的能源与环境挑战 政策与局势的不断变化 如何发掘下一个材料、应用爆点？ 实现政产学研用金协同合作？ 2025（第四届）中国国际气体分离产业大会 全体论坛 阐述产业发展趋势及最新进展 应用专题 解读产业化现状及应用难题 10日签到当天 "青年科学家论坛" 集聚全球青年力量 江苏油田CO 2 驱油现场 、 华电句容电厂万吨级CCUS示范工程项目参观 了解工艺现状及生产难题 墙报展示、需求对接、学术成果交流······ 顶层设计者、大咖科学家、产业化先驱 EPC及业主单位、业界龙头企业汇聚 5月11-12日 江苏扬州 邀您共襄盛举！ GSIC 2025 排名不分先后，更新至 4 月 25 日 嘉宾和参会代表报到 5月10日 13:30-17:30 "青年科学家论坛" "学术成果墙报展示" 会议主论坛: 气体分离宏观分析;新型高性能气体分离材料 5月11日 宏观政策、当下产业发展情况及未来趋势 顶端科研进展及新型膜分离、吸附、吸收材料及工艺 应用专题: 气体分离与净化回收研究开发、工艺设计及 ...