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.

Core Viewpoint - The event titled "Ensuring Safety and Benefiting People's Livelihood" highlights the high-quality development of China National Petroleum Corporation (CNPC) in Inner Mongolia, focusing on safety measures and community engagement in natural gas sales and distribution [1][3]. Group 1: Company Overview - China National Petroleum Corporation's Inner Mongolia Sales Company was established in December 2018 and operates under CNPC's natural gas sales division, Kunlun Energy Co., Ltd. [4] - The company specializes in wholesale and retail of natural gas, project investment, and technical consulting, covering major cities in Inner Mongolia and accounting for approximately 85% of the gas supply in the region [4]. Group 2: Safety Initiatives - The company promotes a culture of safety through various activities such as safety inspections, emergency drills, and knowledge competitions, emphasizing the principles of "people-oriented, quality first, safety first, and environmental protection priority" [4]. - The event included visits to the company's facilities, showcasing advanced safety measures and exemplary personnel involved in identifying safety hazards [3][4]. Group 3: Infrastructure and Capacity - The Ulanqab CNPC Kunlun Gas Company, established in March 2015, focuses on natural gas transportation, LNG peak-shaving storage, and CNG production and sales, with a significant infrastructure project that began operations in September 2018 [6]. - The company has an annual gas transmission capacity of 1.8 billion cubic meters, marking a significant development in the region's natural gas supply capabilities [6].

Group 1 - The core viewpoint of the news is that Kefa Investment has conducted research on Hangyang Co., which is expected to have significant production capacity and strategic developments in the helium market by 2025 [1] - Hangyang Co. plans to produce 500,000 cubic meters of air separation units by 2025, involving multiple projects [1] - The company has made progress in the helium sector, achieving domestic substitution for liquid helium tanks and establishing a joint venture for helium sales [1] Group 2 - In 2024, Hangyang Co. will reduce its dividends to maintain financial stability [1] - The company is focusing on expanding its retail gas terminal rate and increasing the number of bottled gas filling stations [1] - The overseas equipment orders are expected to have a higher gross margin due to price advantages and tax rebate policies [1] Group 3 - The company is actively exploring opportunities in emerging markets such as the Belt and Road Initiative, Southeast Asia, Africa, and India [1] - Retail gas prices were low in the first quarter, but the company maintains stable earnings due to the cost advantages of liquid sales from pipeline gas [1] - The future price recovery of argon gas in 2024 will depend on economic recovery, the development of the photovoltaic industry, and market supply-demand conditions [1]

Core Viewpoint - China Gas's major shareholder is Beijing Enterprises Group, and the company has transformed its business model from engineering connections to a dual-driven approach of pipeline gas sales and value-added services. The pipeline gas sales business is expected to benefit from the continuous growth of domestic gas consumption and the ongoing improvement of pricing mechanisms for residential users, enhancing gas sales margins. The value-added services have upgraded from kitchen scenarios to family scenarios, indicating long-term growth potential. The company's current PE/PB valuations are at the 29% and 6% percentiles of the past decade, respectively, with dividend yields for fiscal years 2022, 2023, and 2024 at 5.48%, 4.52%, and 7.08%, showcasing a clear advantage of high dividends and low valuations. The company forecasts net profits attributable to shareholders for fiscal years 2025, 2026, and 2027 to be HKD 3.921 billion, HKD 4.316 billion, and HKD 4.755 billion, respectively, initiating coverage with a "Buy" rating [1][6]. Company Background - The major shareholder of the company is Beijing Enterprises Group, holding approximately 23.5% of the shares. The company has rapidly expanded its urban gas business operations across 27 provinces, municipalities, and autonomous regions in China through both organic growth and acquisitions. Additionally, the company is actively developing value-added services to create new performance growth points [1]. Business Transition - The company's main business has shifted from engineering connections to pipeline gas sales, with a noticeable slowdown in performance decline. In the first half of 2025, the company achieved revenue of HKD 35.11 billion, a year-on-year decrease of 2.62%, and a net profit attributable to shareholders of HKD 1.761 billion, down 3.81% year-on-year. The segment profit from pipeline gas sales reached HKD 1.658 billion, accounting for 42.99% of total profits, while value-added services contributed 25.99% [2]. Residential User Impact - The company has a high proportion of residential users, which enhances its revenue elasticity. The trend of natural gas consumption in China has shown consistent growth over the past decade, with a return to growth in 2022. The company expects steady growth in gas consumption in the future. With the gradual decline in overseas natural gas prices, the company anticipates a moderate decrease in contract gas prices, which will strengthen its pricing advantage [3]. Connection Business Decline - The company's connection business has seen a rapid decline due to the post-real estate cycle downturn and slow progress in coal-to-gas conversions. The contribution of connection business to overall profits has decreased significantly, with operating profit from this segment accounting for only 19.43% in fiscal year 2024. Despite the decline, the company has connected 48.37 million pipeline gas users, with a residential user penetration rate of 70.9% [4]. Value-Added Services Growth - The company focuses on value-added services through its subsidiary, Yipinhui, which operates in the family living technology sector. As of March 2024, Yipinhui's business has expanded to 27 provinces and municipalities, covering over 600 cities. The revenue from value-added services reached HKD 3.655 billion in fiscal year 2024, a year-on-year increase of 5.78%, indicating a successful strategic upgrade from kitchen to family scenarios [5]. Profit Forecast and Investment Rating - The company is expected to see steady growth in pipeline gas sales, contributing to long-term profit increases. The residential pricing mechanism is anticipated to help restore gas sales margins, while the rapid development of value-added services is expected to create a second growth curve. The company forecasts revenues of HKD 82.293 billion, HKD 85.958 billion, and HKD 89.909 billion for fiscal years 2025, 2026, and 2027, with net profits of HKD 3.921 billion, HKD 4.316 billion, and HKD 4.755 billion, respectively, initiating coverage with a "Buy" rating [6].

本次发行股份购买资产的发行价格为5.30元/股，贵州燃气停牌前股价（即3月28日收盘价）为6.68元/股。 每经记者 胥帅 每经编辑 文多 停牌一周多的贵州燃气披露了重组方案。 4月8日晚间，贵州燃气（SH600903）公告称，拟通过发行股份的方式，购买贵州乌江能源投资有限公司（以下简称乌江能投）、贵州省新动能产业发展基 金合伙企业（有限合伙）、贵州省新型工业化发展股权投资基金合伙企业（有限合伙）持有的贵州页岩气勘探开发有限责任公司（以下简称贵州页岩气） 100%股权，并向不超过35名特定投资者发行股份募集配套资金。 图片来源：网页截图 天眼查等三方平台则显示了上述案号对应案件的原告和被告：原告是中电环保（SZ300172），被告则是贵州页岩气。 由于交易标的资产的审计、评估工作尚未完成，交易作价等更详细信息并未揭晓。 《每日经济新闻》记者还注意到，标的公司本月下旬有一起承揽合同纠纷案的庭审。 构成关联交易 2023年7月，上市公司控股股东由北京东嘉投资有限公司（以下简称东嘉投资）变更为乌江能投，实际控制人由刘江变更为贵州省国资委，贵州燃气此次收 购因此构成了关联交易。 标的公司是贵州省内具备页岩气规模化生产 ...