8 月 25 日，公司发布 25 年中报。25Q2 公司实现收入 37.6 亿元， 同比+9.9%，环比+5.6%；归母净利润 2.5 亿元，同比+8.6%，环比 +12.0%。分业务来看，25H1 气体销售业务实现收入 45.9 亿元，同 比+14.1%，毛利率 21.2%，同比+2.8pct；空分设备业务实现收入 23.2 亿元，同比持平，毛利率 20.4%，同比-5.0pct。 经营分析 业绩符合预期，主要由于气体业务毛利率超预期提升对设备业务 盈利能力的下滑形成了对冲。公司气体业务毛利率改善，或因在需 求良好地区产能集中释放、多元化气体业务拓展良好、直销占比持 续提升。空分设备业务毛利率承压，根据化工在线，25H1 中国化 工产品价格指数同比-9.7%；根据 Wind，25H1 上海螺纹钢价格 （HRB400E，20mm)同比-12.6%。钢铁化工产品价格下滑或带来了资 本开支需求走弱与竞争加剧。 看好实物消耗回升带动气价上涨与空分负荷提升。根据卓创资讯 工业气体，自 6 月底以来液氧价格同比转正，近几周同比涨幅持 续扩大，250821 液氧价格同比+13.6%，此外液氩跌幅明显缩窄， 液氮价格平稳。 ...

Core Viewpoint - The establishment of a joint venture, Luoyang Hangyang Longze Hydrogen Energy Co., Ltd., aims to build a complete hydrogen energy industry chain, enhancing the company's capabilities in the hydrogen sector and contributing to the national "dual carbon" strategy [1][2]. Group 1: Joint Venture and Investment - Hangyang Co., Ltd. plans to invest in a joint venture with Longze Energy and Shanghai Qinfeng, with a registered capital of 15 million yuan, where Hangyang will contribute 7.65 million yuan, holding a 51% stake [1]. - The joint venture will invest in a hydrogen production and filling facility with a capacity of 2825 Nm3/h, with a total project investment of approximately 45.5 million yuan [1]. Group 2: Industry Context and Strategic Importance - The hydrogen energy sector is becoming a crucial part of global energy transition, supporting deep decarbonization in industries and aligning with China's energy production and consumption revolution [2]. - The National Energy Administration's report indicates that China's hydrogen production and consumption scale will exceed 36.5 million tons by 2024, positioning the country as a leader in renewable energy hydrogen production [2]. Group 3: Technological Advancements and Achievements - Hangyang Co., Ltd. has a strong foundation in technology innovation and R&D in the hydrogen sector, with successful product certifications and the establishment of a hydrogen refueling station [3]. - The company has achieved significant milestones, including the largest daily hydrogen refueling capacity in the country at 9000 kg/day, showcasing its leadership in the hydrogen industry [3]. Group 4: Long-term Goals and Market Position - The establishment of the joint venture is a strategic move to deepen the company's presence in the hydrogen energy market and enhance its competitive advantage [5]. - Hangyang Co., Ltd. aims to become a world-class enterprise in the gas industry, leveraging its strong position in air separation equipment and a diversified gas product matrix to drive innovation and contribute to the green upgrade of the global gas industry [5].

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index down 0.30%, the Shenzhen Component Index up 0.05%, and the ChiNext Index up 0.65% [1] - CPO and PCB sectors showed strong performance, while military and non-ferrous metals sectors faced declines [1] Index Performance - Shanghai Composite Index: 3604.70, down 0.30%, with 496 gainers and 1485 losers, trading volume of 61.38 billion [2] - Shenzhen Component Index: 11208.46, up 0.05%, with 576 gainers and 1931 losers, trading volume of 81.28 billion [2] - ChiNext Index: 2382.97, up 0.65%, with 303 gainers and 924 losers, trading volume of 39.09 billion [2] External Market Influences - U.S. Federal Reserve Chairman Jerome Powell's remarks dampened interest rate cut expectations, leading to mixed performance in U.S. markets [3] - Dow Jones Index fell 0.38% to 44,461.28 points, S&P 500 Index fell 0.12% to 6,362.90 points, while Nasdaq Index rose 0.15% to 21,129.67 points [3] - Notable declines in popular Chinese concept stocks, with the Nasdaq Golden Dragon China Index down 1.82% [3] Industry Insights - Citic Securities predicts a recovery in the photovoltaic industry chain, driven by market normalization and potential supply-side reforms [4] - Huatai Securities identifies a new phase for AI, with significant growth in server and robotics industries, emphasizing application opportunities in various sectors [5] - Tianfeng Securities highlights potential in the chemical sub-industry, focusing on sectors like soda ash and coal chemicals for "anti-involution" strategies [6] - Zhongxin Jian Investment notes that process industrial equipment may benefit from equipment updates and coal chemical construction, with a focus on market resilience [7][8]

Summary of the Conference Call for 福斯达 Company Overview - 福斯达 reported significant revenue growth in the first half of 2025, with a year-on-year increase of 154%-190% due to the operational launch of the海盐 production base, enhancing delivery capabilities for large equipment, especially in overseas projects [2][3][4]. Key Financial Metrics - Total revenue for the first half of 2025 was approximately 15 billion RMB, with cumulative orders exceeding 11 billion RMB [2][3]. - Net profit reached between 225 million to 260 million RMB, reflecting a year-on-year growth of 115% to 148% [3]. - The average gross margin for overseas projects exceeded 30%, while domestic projects maintained around 15%, leading to an overall increase in gross margin [4]. Market Performance - Overseas market revenue accounted for 70% of total revenue, with expectations for continued strong performance in the chemical and oil & gas sectors [2][6]. - New orders in the first half of 2025 totaled approximately 1.2 billion RMB, with 70% from air separation equipment and 20% from liquefied natural gas-related equipment [5]. Competitive Landscape - The domestic market remains highly competitive, with 福斯达 unable to secure large orders compared to the previous year, primarily obtaining smaller orders [6]. - 福斯达's early entry into overseas markets has provided a competitive edge, particularly in the chemical and oil & gas sectors [7][8]. Project Delivery and Future Outlook - In the first half of 2025, 70% of project deliveries were from overseas, with expectations for increased domestic deliveries in the second half, although overseas deliveries will still dominate [11][12]. - The company anticipates a total delivery amount of approximately 3 billion RMB for the entire year [12]. Profitability and Margin Trends - The profit margin for the first quarter of 2025 was close to 20%, with an overall margin above 10% for the first half, indicating an upward trend in gross margins [13]. - The increase in domestic project share in the second half is expected to support profit margins [13]. Order Backlog and Future Revenue - 福斯达 currently holds an order backlog of approximately 6 billion RMB, with over half from overseas, ensuring optimistic revenue expectations for 2026 [15]. - Most revenue in 2026 is expected to come from orders signed in 2023, 2024, and 2025, with a significant portion still derived from international markets [14]. Strategic Initiatives - 福斯达 is implementing a "three new engineering" strategy to expand into natural gas processing, hydrogen synthesis, and industrial gas sectors as a second growth curve [4][19]. - The company aims to establish a presence in the industrial gas sector, with plans to develop new projects rather than acquiring existing ones [20][22]. Market Demand and Challenges - The domestic market for industrial gases is currently sluggish, with major competitors also struggling to secure large orders [24]. - 福斯达 is adapting its strategic goals based on market demand and is committed to advancing its industrial gas initiatives despite slow progress [24]. Conclusion 福斯达's strong performance in the first half of 2025, particularly in overseas markets, positions the company favorably for future growth. The strategic focus on expanding into new sectors and maintaining a robust order backlog will be crucial for sustaining profitability and market competitiveness.

Summary of Key Points from Conference Call Records Company: Hangzhou Oxygen Plant Group Co., Ltd. (杭氧股份) Core Insights and Arguments - **Long-term Demand and Price Recovery**: Hangzhou Oxygen is expected to benefit from the long-term healthy development of gas demand and the rise in liquid gas prices, particularly liquid oxygen and liquid nitrogen, which is anticipated to support profit growth. The demand side has not deteriorated further, indicating signs of recovery in supply-demand relationships [2][4][8]. - **Performance in Coal Chemical Sector**: The company has performed well in the coal chemical sector, securing multiple projects in the northwest region in the first half of 2025, ensuring equipment orders. Despite a cold gas market and the absence of large project investment announcements, the company maintains stability and potential price elasticity from a cyclical and domestic demand perspective [2][6][8]. - **Market Expectations for 2025**: The market anticipates Hangzhou Oxygen's profit to be around 1.1 billion yuan in 2025, with a price-to-earnings ratio of approximately 20 times, which is considered reasonable. The company is viewed as a good investment target if investors are optimistic about cyclical and domestic demand trends [2][8]. - **Stock Price Volatility Factors**: Recent stock price fluctuations are attributed to two main catalysts: the steel industry's internal competition affecting gas demand and the rise in liquid gas prices, particularly since the third quarter of 2025, which supports profit margins [4][9]. Additional Important Content - **Air Separation Equipment Market**: The air separation equipment market is showing strong demand, particularly from coal chemical projects. Companies like Fostar are expanding their business through domestic and international strategies, with overseas orders increasing. The first quarter of 2025 saw unexpected performance, with profits in the second quarter growing significantly year-on-year [7]. - **Investment in Engineering Machinery**: The Yarlung Tsangpo River project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly benefit the engineering machinery sector, with equipment investments projected to be between 240 billion to 360 billion yuan. This will likely enhance revenues for leading companies like Sany Heavy Industry and XCMG [2][12][14]. Industry Insights Wind Power Equipment Market - **Performance Exceeding Expectations**: The wind power equipment components market has shown exceptional performance, with a 134% year-on-year increase in new wind power installations from January to May 2025. The company Zhongji United is expected to see profits rise by 84% to 146% year-on-year, prompting an increase in company valuation [5][17]. Humanoid Robot Sector - **Catalysts for Growth**: The humanoid robot sector is experiencing multiple catalysts, including significant orders for companies like UBTECH and the upcoming IPO of Yushutech. The opening of Tesla's Optimus restaurant is also a notable milestone. The sector is expected to benefit from AI applications and various industry events [10][11]. Engineering Machinery Impact - **Yarlung Tsangpo Project's Influence**: The Yarlung Tsangpo project is anticipated to create substantial demand for high-end machinery and technology, positively impacting the engineering machinery sector. The project will likely require significant investments in excavation and lifting machinery, enhancing the overall market performance [12][14][13]. Automation Trends - **Forklift Automation**: The trend towards forklift automation is optimistic, with potential rapid growth in logistics applications. Companies like Anhui Heli and Hangcha Group are well-positioned in this area, which is expected to enhance logistics efficiency and drive the development of the smart logistics industry [15][16].

Summary of Hangyang Co., Ltd. Conference Call Industry Overview - The gas industry is closely related to the manufacturing sector, with China's manufacturing value added accounting for over 30% of the global total, while China's gas market share is only about 2%, indicating significant future growth potential [3][4] - The international industrial gas giants have market capitalizations far exceeding that of Chinese leaders, highlighting the vast potential of the Chinese industrial gas market and the growth space for domestic leaders like Hangyang [2][6] Company Insights - Hangyang's business structure includes equipment and gas segments, with gas business divided into pipeline gas and retail gas. Pipeline gas has a defensive attribute due to long-term contracts and guaranteed capacity utilization, while retail gas has an offensive attribute due to price fluctuations [2][7] - The current investment climate for Hangyang is favorable as the company is at a cyclical bottom, with a price-to-book (PB) ratio of approximately 2 and a price-to-earnings (PE) ratio of about 20, indicating a significant valuation gap compared to international leaders [2][8] - In 2024, Hangyang's revenue structure is expected to consist of approximately one-third from equipment and two-thirds from gas, with pipeline gas accounting for about 80% and retail gas for about 20% of the gas business [2][10] Financial Performance - Recent price increases in gases such as oxygen and nitrogen have positively impacted Hangyang's stock price, with a 15%-16% quarter-over-quarter increase in comprehensive gas prices in Q2 [4][11] - The company is projected to achieve a net profit of around 1 billion RMB this year, corresponding to a PE ratio of about 20 [4][13] - The company reported a 10% year-over-year growth in Q1, with expectations for continued steady growth in Q2 despite economic challenges [5][14] Market Dynamics - The recovery of gas prices is a positive signal for Hangyang's stock, with recent trends indicating a reversal from the cyclical bottom. If market demand improves or the competitive landscape optimizes, gas prices may further recover [4][11] - Supply-side reforms could lead to a rapid increase in the Producer Price Index (PPI), which would subsequently drive up the prices of upstream raw materials, including industrial gases [12] Valuation Perspective - Compared to international industrial gas leaders, which have PE ratios between 25 and 30, Hangyang's valuation has been relatively low at 15 to 20 times, primarily due to domestic macroeconomic factors [13] - If the economic outlook improves, Hangyang's valuation could see significant upward movement, with potential for market share to increase from 12%-13% to 23%-30% in the future [8][9] Conclusion - Hangyang Co., Ltd. is positioned for potential growth in a recovering gas market, with a favorable investment opportunity due to its current valuation and market dynamics. The company’s defensive and offensive business attributes, along with the anticipated recovery in gas prices, suggest a positive outlook for future performance [2][4][8]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][16]. Core Views - The company is projected to achieve a net profit attributable to shareholders of 225 to 260 million yuan for the first half of 2025, representing a year-on-year increase of 115.36% to 148.86%. The net profit after deducting non-recurring items is expected to be between 223 to 258 million yuan, reflecting a year-on-year growth of 154.59% to 194.64% [1]. - The company has successfully optimized its delivery capacity through the production of fundraising projects, leading to significant improvements in profitability. The overseas projects are progressing smoothly, contributing to a robust revenue growth [7]. - The company has maintained a high level of new orders, with the total new signed orders for 2022, 2023, and 2024 being approximately 3.775 billion, 4.1 billion, and 4 billion yuan respectively, indicating strong future revenue and profit support [7]. Financial Summary - Total revenue is projected to grow from 2,419 million yuan in 2024 to 2,937 million yuan in 2025, reflecting a year-on-year growth rate of 21.4% [3]. - The net profit attributable to shareholders is expected to increase from 261 million yuan in 2024 to 389 million yuan in 2025, with a growth rate of 48.9% [3]. - Earnings per share (EPS) are forecasted to rise from 1.63 yuan in 2024 to 2.43 yuan in 2025 [3]. Market Position and Competitive Advantage - The company has made significant breakthroughs in the petrochemical industry, securing several large-scale air separation unit orders, which enhances its competitive edge in high-end product markets [7]. - The company has strategically expanded into overseas markets, with overseas revenue accounting for 42.4% and 39.1% in 2023 and 2024 respectively, significantly higher than the industry average [7]. - The company is positioned as a leading enterprise in the air separation equipment industry, combining high-quality German standards with local business practices, which is expected to drive future growth [7].

Group 1 - The report highlights optimism for the export of air separation equipment and the development of smart fire safety systems under urban renewal policies, indicating a market space exceeding 100 billion yuan for air separation equipment [3][13][14] - Air separation equipment is crucial for producing industrial gases and is widely used in various industries such as coal chemical, petrochemical, metallurgy, and nuclear power [3][13] - The company Fostar has established a strong brand presence in overseas markets due to its quality certifications, customer resources, project experience, and competitive pricing [14][15][16] Group 2 - Urban renewal policies have been continuously introduced since 2025, focusing on creating livable, resilient, and smart cities, which has led to a significant demand for upgrading fire safety systems in older residential areas [3][17][18] - The report mentions that as of the end of 2024, contracts for urban renewal projects in Beijing have exceeded 50%, indicating a robust market for fire safety equipment upgrades [19] - Qingniao Fire Safety, a leading company in fire alarm systems, is actively exploring the market for upgrading fire safety equipment in existing buildings, focusing on intelligent upgrades and integrated safety solutions [19] Group 3 - The probe station market, a key testing equipment in semiconductor manufacturing, has shown strong growth potential, with a compound annual growth rate (CAGR) of 22.28% from 2013 to 2023 in mainland China [5][14] - The demand for probe stations is closely linked to advancements in semiconductor manufacturing processes and increased production volumes, with domestic leaders like Xidian accelerating the pace of domestic substitution [5][14] - The report indicates that Xidian's market share in China reached 25.7% in 2023, reflecting a strengthening trend towards domestic replacement of imported equipment [5][14]

Investment Rating - The report suggests a focus on undervalued leaders in the shipbuilding sector, particularly China Shipbuilding, and highlights potential investment opportunities in industrial gases and engineering machinery [3][9]. Core Insights - The global new ship price index showed a slight increase of 0.22% in June 2025, indicating a marginal improvement in industry sentiment [3][22]. - China Shipbuilding's H1 2025 net profit is projected to be between 2.8 billion to 3.1 billion yuan, reflecting a year-on-year growth of 98.25% to 119.49%, showcasing strong performance and capacity for profit release [3][22]. - Industrial gas prices have returned to positive year-on-year growth, driven by structural demand improvements and low inventory levels, with a significant increase in pipeline gas revenue expected for Hangzhou Oxygen [3][22]. - The engineering machinery sector is experiencing a robust upward trend, with excavator sales in June 2025 reaching 18,804 units, a year-on-year increase of 13.3% [3][36]. Summary by Sections General Machinery - The general machinery sector continues to face pressure, with the manufacturing PMI at 49.7%, indicating contraction [24]. Engineering Machinery - The engineering machinery sector shows resilience, with domestic excavator sales increasing by 6.2% and exports by 19.3% in June 2025 [3][36]. Shipbuilding - The shipbuilding sector is witnessing a slowdown in decline, with the new ship price index indicating a recovery trend [3][44]. Oilfield Equipment - The oilfield equipment sector is stabilizing at the bottom, with global rig counts rising to over 1,600 units, reflecting a recovery in demand [3][47]. Industrial Gases - The industrial gases sector is expected to perform well in Q3 2025, benefiting from previous maintenance and low base effects [3][55]. Gas Turbines - The gas turbine industry is on a steady upward trajectory, with significant order growth reported for leading companies [3][57].

Summary of Hangyang Co., Ltd. Conference Call Industry and Company Overview - The conference call focuses on Hangyang Co., Ltd., a company operating in the industrial gas sector, particularly in the production of air separation equipment and retail gas business. Key Points and Arguments 1. **Revenue Growth Projections**: Hangyang expects significant growth in gas revenue in 2025, driven by the commissioning of a new 650,000 cubic meter project in 2024, with fixed equipment volume growth approaching 30% and strong steel demand supported by national subsidies in automotive and home appliance sectors [2][4][10]. 2. **Retail Gas Business Expansion**: The company anticipates a 30% increase in liquid gas capacity in 2025, with nitrogen, oxygen, and argon prices expected to rise year-on-year due to increased maintenance on the supply side and low storage capacity [2][4][6]. 3. **Air Separation Equipment Profitability**: The gross margin for the air separation equipment industry exceeded expectations in 2024, reaching 29.9%, with overseas markets contributing approximately 750 million yuan in revenue and a gross margin of 31.6% [2][8][9]. 4. **Market Share and Pricing Power**: Hangyang holds a 90% market share in large air separation projects over 60,000 cubic meters, allowing for strong pricing power [2][9]. 5. **Future Performance Outlook**: The company expects stable growth over the next two years, benefiting from new project contributions, existing capacity, and pipeline project processing capabilities, with an estimated gross margin elasticity of 20% annually [2][10]. 6. **Impact of Steel Anti-Dumping Policies**: The steel anti-dumping policies are expected to improve the profitability of the steel industry, indirectly promoting the demand for industrial gases and related equipment updates [2][11]. 7. **Strategic Response to Market Conditions**: Hangyang maintains high market share, optimizes pricing power, focuses on large coal chemical projects, and ensures new clients are profitable to navigate market fluctuations [3][12]. Additional Important Insights 1. **Supply Chain Dynamics**: The company noted that the nitrogen storage capacity was around 32% at the end of May 2025, which is 10 percentage points lower year-on-year, leading to increased external nitrogen purchases and higher local prices [4][6]. 2. **Sector-Specific Demand**: The demand for liquid nitrogen has surged due to the booming processing needs in the crayfish industry, which has seen a doubling in export volume compared to the previous year [5][6]. 3. **Investment in Large Projects**: The investment in the Meihua Palace project and the contribution from the Inner Mongolia Baofeng's six 110,000 cubic meter large air separation projects, which generated approximately 2 billion yuan in revenue, are critical to maintaining growth [9][10]. This summary encapsulates the essential insights from the conference call, highlighting the company's strategic positioning and market dynamics within the industrial gas sector.