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].