ETIF 202 ll 0 0 场大规模、国际化 2026. Qualqualques rel And the 上海新| XXXXX 2026中国国际化工装备展览会（上海化工展） 展会时间：2026年6月9日至11日 展会地点：上海新国际博览中心 主办单位：中国化工装备协会、振威国际会展集团 展会概况 中国化工装备展览会（简称上海化工展）是亚洲领先的化工装备行业盛会，聚焦石油化工、精细化工、环保设备等领域的前沿技术与创新成果。本届展会 以"数字化、绿色化、智能化"为核心主题，预计吸引全球12个国家与地区的1000+家企业参展，覆盖70,000平方米展示面积，专业观众超10万人次。 展区亮点 展品范围 1. 石化装备：石油化工成套装置和设备、石油炼制技术与设备、石化工艺与技术等； 2. 化工单元设备：粉碎、搅拌、混合、反应、传质、分离过滤、浓缩干燥、蒸发结晶、换热传热、制冷、输送、储存、包装等化工生产设备； 3. 化工环保设备：污水/废水处理、废气回收与治理、固废物处理、环境监测、土壤修复等技术与设备； 4. 泵阀管道：泵、阀门、阀门配件、管道、管件、管材、风机、压缩机、真空设备、减速机等； 5. 自动化及仪器 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Views - The company has shown steady performance in Q2 2025, with revenue reaching 3.763 billion yuan, a year-on-year increase of 9.95%, and a net profit of 253 million yuan, up 8.55% year-on-year [2]. - The industrial gas segment is expected to experience a bottom reversal, with revenue from this segment in H1 2025 at 4.59 billion yuan, a 14% increase year-on-year, and a gross margin of 21.18%, up 2.76 percentage points [3]. - The equipment segment, particularly in petrochemical equipment, has performed well, with revenue from petrochemical equipment increasing by 50.28% year-on-year [4]. Financial Performance Summary - In H1 2025, the company achieved revenue of 7.327 billion yuan, a year-on-year increase of 8.92%, and a net profit attributable to shareholders of 479 million yuan, up 9.61% year-on-year [1]. - The gross margin for H1 2025 was 20.73%, with a net profit margin of 6.54% [1]. - The company’s operating expenses ratio decreased to 10.07%, down 1.36 percentage points year-on-year, indicating improved cost management [1]. Segment Performance Summary - The gas business is on an upward trajectory, with significant advancements in digitalization and customer engagement, including a notable increase in helium sales [3]. - The equipment business has secured multiple key projects, including a record-setting air separation project in Ningxia and a breakthrough in overseas markets with a large air separation project in Africa [4].