Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Report Core View - The report presents the Q&A session from the analyst meeting of Heyuan Gas, covering various aspects such as product production, project progress, and corporate finance [24][25][26]. 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is Heyuan Gas, belonging to the chemical products industry. The reception time was on June 12, 2025. The company's reception staff included the board secretary Li Jipeng, financial director Zhao Xiaofeng, independent director Wang Xiaoning, and securities affairs representative Cui Ruoqing [17]. 3.2 Detailed Research Institutions - The reception object types included network investors and others [20]. 3.3 Research Institution Proportion - No information provided in the given content. 3.4 Main Content Data - **Product Production**: The company does not produce ethane and butane. It mainly produces silicon - based, fluorine - based, and hydrocarbon - series electronic specialty gases. In the Yichang Industrial Park, high - purity nitrogen trifluoride, tungsten hexafluoride, and hexafluorobutadiene are planned, with nitrogen trifluoride and tungsten hexafluoride in trial production and set to start verification and import work in Q3 [24]. - **Production Capacity and Output Value**: Based on planned and built product capacities and current market prices, the output value of the built - in capacity of the Qianjiang Industrial Park is about 1.2 - 1.5 billion yuan, and that of the first - phase built - in capacity of the Yichang Industrial Park is about 2.5 - 4 billion yuan [25]. - **Fixed - Increase Progress**: The fixed - increase matter is progressing normally, and the company is currently implementing the capital plan as required [25]. - **Dividend Plan**: The company will comprehensively consider based on securities laws and regulations, the 2024 - 2026 shareholder return plan, and current operating conditions, with details subject to public disclosure [25]. - **Product Supply**: The company has good communication with many silicon - carbon anode enterprises. The second - phase silane project will adjust the construction progress according to market demand and is planned to be put into production next year. Fluorine - based electronic specialty gases are mainly used in semiconductor and panel enterprises [25]. - **Second - Phase Project**: The Yichang Industrial Park's second - phase project has planned 15,000 tons of electronic - grade silane, silane storage and filling facilities, and electronic specialty gas precursor projects. The silane storage and filling facilities have been completed, and the progress of the second - phase project will be adjusted according to the stable production progress of the first - phase products and market demand [26].

Group 1: Company Overview and Production Capacity - The company has established production capacity values of approximately 1.2-1.5 billion CNY for the Qianjiang Industrial Park and 2.5-4 billion CNY for the Yichang Industrial Park [3] - The Yichang Industrial Park's first phase is currently undergoing trial production for high-purity nitrogen trifluoride and tungsten hexafluoride, with validation expected to begin in Q3 [2] Group 2: Product Development and Market Strategy - The company primarily produces silicon-based, fluorine-based, and hydrocarbon series electronic specialty gases, with no involvement in the production of ethane and butane [2] - The second phase of the Yichang Industrial Park is planned to include 15,000 tons of electronic-grade silane and related storage and filling facilities, with adjustments to the project timeline based on market demand [4] Group 3: Financial and Investment Insights - The company is in the normal process of advancing its private placement, with ongoing efforts to meet funding requirements [3] - Dividend plans will be considered based on securities laws, shareholder return planning for 2024-2026, and current operational conditions [3] Group 4: Risk Management and Investor Communication - Investors are advised to refer to official disclosures for specific project progress and performance forecasts, emphasizing the importance of rational judgment and awareness of investment risks [4]

Economic Growth and Development Goals - The government of Benxi City aims for a GDP growth of 6% year-on-year and has outlined a "1+10 track" strategy to enhance economic and social development [1] - Key focus areas include the establishment of a modern industrial system, emphasizing innovation, culture, green initiatives, and digital empowerment [1] Industrial and Economic Performance - In the first four months of the year, the mining and manufacturing sectors saw value-added growth of 12.3% and 4.5% respectively, contributing to an overall industrial value-added growth of 12.1 percentage points [1] - The city is developing eight industrial clusters and strengthening 16 industrial chains, including metallurgy, biomedicine, and modern agriculture [1] Technological Innovation and Collaboration - Benxi City has signed cooperation agreements with several provincial universities to establish R&D centers and innovation labs, focusing on key industries like steel and traditional Chinese medicine [2] - A total of 54 technology contracts were registered in the first four months, with a registration amount of 450 million yuan, marking a 13.3% increase year-on-year [2] Investment and Business Environment - The city plans to add 300 new investment projects and aims to attract 60 billion yuan in domestic investment, reflecting a 10% increase from the previous year [2] - The government is committed to creating a favorable business environment and has implemented a service brand called "Xixinban" to streamline administrative processes [2] Tourism and Cultural Development - Benxi City has made strides in promoting its cultural tourism brand, ranking among the top 20 autumn destinations in 2025 according to Ctrip [3] - In the first quarter, tourism numbers and revenue increased by 21.1% and 20% respectively, indicating a strong recovery in the tourism sector [3] Employment and Social Services - The city has achieved over 10,000 new urban jobs and improved its social security system, with over 1 million people participating in basic pension insurance [3] - The coverage rate of elderly care service complexes in towns and streets has reached 50% and 80% respectively, enhancing the quality of life for residents [3]