（文章来源：证券日报） 证券日报网讯安利股份11月20日在互动平台回答投资者提问时表示，安徽企业100强排序活动是根据企 业自愿申报，有关机构确认，按照国际通行和全国500强排序的做法，以2024年企业营业收入为入围标 准，确定安徽企业综合100强和制造业、服务业企业100强、战新企业30强。公司保持高强度研发投入， 近两年研发费用占营收比重均超过5%，研发方向主要集中在生态与功能两大领域，功能方面专注于高 性能和多功能材料的开发，目前正在积极开发经营高性能、水性、无溶剂、硅基、生物基及回收再生等 新材料和新工艺。 ...

Summary of Key Points Core Viewpoint - This week, three new stocks are available for subscription in the A-share market, including Beikang Testing, Hengkang New Materials, and Nanguang Digital, each representing different sectors of the economy [1]. Group 1: Beikang Testing - Beikang Testing's issue price is 6.7 yuan per share, with a single account subscription limit of 1.2744 million shares [2]. - The company is a leading domestic service provider in the field of non-ferrous metal inspection and testing, involved in various areas such as mineral resource testing, technical services, and high-end analytical instrument development [2]. - Projected revenues for Beikang Testing from 2022 to 2024 are 92 million yuan, 110 million yuan, and 148 million yuan, with net profits of 32 million yuan, 46 million yuan, and 55 million yuan respectively [3]. Group 2: Hengkang New Materials - Hengkang New Materials has a single account subscription limit of 10,500 shares, requiring a minimum market value of 105,000 yuan in the Shanghai market for maximum subscription [5]. - The company focuses on the research and industrial application of key materials for integrated circuits, being one of the few domestic firms capable of developing and mass-producing critical materials for 12-inch integrated circuit wafers [5]. - Revenue projections for Hengkang New Materials from 2022 to 2024 are 322 million yuan, 368 million yuan, and 548 million yuan, with net profits of 101 million yuan, 90 million yuan, and 97 million yuan respectively [7]. Group 3: Nanguang Digital - Nanguang Digital has a single account subscription limit of 47,500 shares, with a top subscription requiring a market value of 475,000 yuan in the Shenzhen market [9]. - The company provides comprehensive digital construction solutions for the power energy sector, aiming to build a world-class digital and intelligent innovation platform for power grids [9]. - Revenue forecasts for Nanguang Digital from 2022 to 2024 are 5.686 billion yuan, 4.234 billion yuan, and 6.09 billion yuan, with net profits of 653 million yuan, 377 million yuan, and 570 million yuan respectively [10].

Core Viewpoint - Hengkun New Materials has shown steady growth in performance, with significant increases in revenue and profit projected from 2022 to 2024, indicating a strong market position and operational efficiency [1][2][3] Financial Performance - Revenue is expected to rise from 322 million yuan in 2022 to 548 million yuan in 2024 - Net profit is projected to recover from 89.76 million yuan in 2023 to 96.91 million yuan in 2024, after a dip in 2023 from 99.73 million yuan in 2022 - Non-recurring net profit is forecasted to increase from 81.53 million yuan in 2023 to 94.30 million yuan in 2024, following a decline in 2023 from 91.04 million yuan in 2022 [1] Product Revenue Composition - The revenue from self-produced products is increasing, with the proportion of self-produced product sales in total revenue rising from 38.94% in 2022 to 52.72% in 2024, and expected to reach 63.77% in 2024 - The revenue from photolithography materials is also growing, with significant contributions from both self-produced and introduced products [2] Market Position and Strategy - In the context of ongoing US-China trade tensions, the localization of key materials for integrated circuits has become a national strategic focus - Hengkun New Materials has achieved performance standards comparable to similar products from the US and Japan, providing strong support for the domestic integrated circuit supply chain [3] Customer Relationships and Market Expansion - The company has successfully entered the supply chains of several top ten domestic wafer fabs and established stable, ongoing partnerships with leading clients - Due to high quality and supply stability requirements from wafer fabs, Hengkun has gained a first-mover advantage in new product introduction and customer validation [3] Technological Innovation - Hengkun New Materials is increasing R&D investment to advance new products and processes, with several high-end photolithography materials and precursor materials currently in the customer validation stage - The ArF photolithography resin has passed validation and is in small-scale sales, while the company is also working on breakthroughs in the synthesis process of core raw materials for photolithography [3]

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]