Summary of Hangyang Co., Ltd. Conference Call Company Overview - **Company**: Hangyang Co., Ltd. - **Industry**: Gas and Equipment Manufacturing Key Financial Performance - **Revenue**: 114.28 billion CNY for the first three quarters, a year-on-year increase of 10.39% [2][3] - **Net Profit**: 7.57 billion CNY, up 12.14% year-on-year [2][3] - **Operating Cash Flow**: 19.47 billion CNY, a significant increase of 140.03% year-on-year, indicating strong profitability and cash flow [2][3] Margin Analysis - **Manufacturing Gross Margin**: Decreased by 0.9 percentage points in Q3 2025 [4] - **Gas Business Gross Margin**: Increased by 2.5 percentage points year-on-year, with an overall average gross margin increase of 1.64 percentage points [4] - **Liquid Nitrogen and Liquid Argon Prices**: Prices increased year-on-year but showed a cumulative decline, contributing to the gas business margin improvement [7] Strategic Developments - **Helium Business**: Collaboration with the Amur project in Russia is expected to yield an annual helium output of 1.5 to 2 million cubic meters, with further cooperation being sought [2][8] - **Nuclear Fusion Sector**: Hangyang is providing key equipment such as turbines and valves, having won multiple bids and established a public relations team to promote development [2][9][10] - **New Orders**: As of September 2025, new orders reached 80% of last year's total, primarily from coal chemical projects in the western region [2][12] Market Expansion - **Overseas Market**: Revenue from overseas markets was approximately 300 million CNY in Q3, with a focus on expanding into Southeast Asia [6][23] - **Future Order Goals**: Targeting 60 billion CNY in new orders for 2026, with an increased focus on international markets [4][24] Challenges and Opportunities - **Domestic Market**: Limited new projects in steel and chemical industries may impact growth; however, low-carbon and underground pipeline renovation opportunities are being explored [22][24] - **Retail Gas Pricing**: Retail gas prices are stabilizing but face downward pressure, particularly on argon and oxygen prices [25] Conclusion Hangyang Co., Ltd. is demonstrating solid financial performance with growth in revenue and net profit, while strategically expanding its gas and equipment offerings in both domestic and international markets. The company is focusing on enhancing its product development in the nuclear fusion sector and exploring new opportunities in the helium market. However, challenges in the domestic market and pricing pressures in retail gas remain areas to monitor.

Core Viewpoint - The establishment of the national standard verification point for ShenGu Group marks a significant advancement in the energy chemical and metallurgical power equipment sector in China, enhancing the standardization and quality of related products [1] Group 1: National Standard Verification Point - ShenGu Group has been approved as the only national standard verification point in the energy chemical and metallurgical power equipment field in China [1] - The national standard verification point aims to validate technical requirements, core indicators, testing, and inspection methods to improve the scientificity, rationality, and applicability of standards [1] Group 2: Capabilities and Impact - The verification point will have the capability to test and validate standards for various products, including industrial fans, blowers, rotary blowers, compressors, turbines, industrial pumps, and hydraulic recovery turbines [1] - The establishment of this verification point is expected to promote the industry's advancement towards high-end, intelligent, and green development, optimize the standard verification technical system, and enhance the quality of various standards [1]

Core Viewpoint - The SEPP Sino-European Procurement Platform has signed procurement contracts worth 1.4 billion yuan with six companies in Jianyang, facilitating their integration into the European supply chain [1][10]. Group 1: Company Overview - Sichuan Jianyang Ruiter Machinery Equipment Co., Ltd. specializes in the production of turbine expanders and has been recognized as the leading domestic producer in terms of output and value [5]. - The company has achieved CE certification and EAC certification for the Russian market, indicating its products' high efficiency and stability, comparable to imported alternatives [5][8]. - Ruiter Machinery has an annual production capacity of over 100 turbine expanders, generating nearly 60 million yuan in annual output value, with products exported to over ten countries and regions [8]. Group 2: Market Expansion and Opportunities - The SEPP platform's visit to Ruiter Machinery and other local companies has provided insights into the demand for European market integration, enhancing the companies' confidence in expanding internationally [10][16]. - Ruiter Machinery's export volume and value have exceeded 50%, with rapid growth in foreign markets, particularly in Germany, which presents a significant opportunity for the company [11]. - The SEPP platform aims to facilitate connections between Chinese companies and European procurement needs, offering integrated services such as supply-demand matching and logistics support [15][16]. Group 3: Strategic Partnerships - The SEPP platform is a collaboration between the German Federal Procurement Logistics Association (BME) and the Institute for Advanced Industrial Technology (IAIT), leveraging a network of over 20,000 European enterprise members [15]. - The platform has committed to releasing procurement demand lists worth 50 billion yuan across various sectors, including intelligent manufacturing and biomedicine, to stimulate local companies' engagement with European markets [14][16]. - The partnership with SEPP is expected to accelerate the internationalization of Jianyang's manufacturing sector, enhancing its competitiveness and market reach [16].