登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：688106 公司简称：金宏气体 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本报告"第三 节 管理层讨论与分析"之"四、风险因素"。敬请投资者注意投资风险。 1.3本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.4公司全体董事出席董事会会议。 1.5本半年度报告未经审计。 1.6董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司存托凭证简况 □适用 √不适用 联系人和联系方式 ■ 无 1.7是否存在公司治理特殊安排等重要事项 □适用 √不适用 第二节 公司基本情况 2.1公司简介 公司股票简况 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位：股 ■ ...

Core Points - The company announced the interest payment schedule for its convertible bonds, with the payment date set for July 17, 2025 [1][4] - The total amount of convertible bonds issued is 101,600 million yuan, with a maturity period of six years from July 17, 2023, to July 16, 2029 [2][4] - The coupon rates for the bonds increase progressively from 0.30% in the first year to 2.00% in the sixth year [2][4] Convertible Bond Issuance Overview - The company issued 10,160,000 convertible bonds at a face value of 100 yuan each, approved by the China Securities Regulatory Commission [2][4] - The bonds are listed on the Shanghai Stock Exchange under the name "金宏转债" and code "118038" since August 10, 2023 [2][4] Conversion and Pricing - The initial conversion price for the bonds was set at 27.48 yuan per share, adjusted to 27.46 yuan after the issuance of new shares [2][3] - The conversion price was further adjusted to 26.97 yuan due to the company's annual equity distribution and subsequently to 19.07 yuan following a price correction clause activation [3][4] Interest Payment Details - The interest payment for the second year will cover the period from July 17, 2024, to July 16, 2025, with a coupon rate of 0.50% [4][5] - The interest amount per bond will be 0.50 yuan (before tax), resulting in a net payment of 0.40 yuan after tax deductions [7][4] Payment Schedule - The bondholders will be registered as of July 16, 2025, with interest payments made within five trading days after the payment date [5][6] - The company has appointed China Securities Depository and Clearing Corporation Limited Shanghai Branch to handle the interest payments [6][8]

Core Points - The company has issued convertible bonds named "Jinhong Convertible Bonds" which can be converted into shares starting from January 21, 2024 [1][3] - As of June 30, 2025, a total of RMB 112,000 has been converted into 5,535 shares, representing 0.0011% of the total shares before conversion [1][6] - The remaining amount of unconverted convertible bonds is RMB 1,015,888,000, accounting for 99.9890% of the total issuance [1][6] Convertible Bond Issuance Overview - The company was approved to issue 10,160,000 convertible bonds at a face value of RMB 100 each, raising a total of RMB 1,016,000,000 [2] - After deducting issuance costs of RMB 11,840,377.36, the net proceeds amount to RMB 1,004,159,622.64 [2] - The bonds have a term of six years, from July 17, 2023, to July 16, 2029 [2] Conversion Price Adjustments - The initial conversion price was set at RMB 27.48 per share, which was adjusted to RMB 27.46 on April 30, 2024, and further adjusted to RMB 27.12 on May 23, 2024, due to annual equity distribution [3][4] - A significant downward adjustment occurred on October 16, 2024, reducing the conversion price to RMB 19.07 per share [5] - Following the 2024 annual equity distribution, the conversion price was adjusted to RMB 18.97 on May 16, 2025 [5] Share Capital Changes - As of June 30, 2025, the total number of shares increased from 481,977,391 to 481,977,496 due to the conversion of 105 shares [6] - The equity structure of the company remains unchanged, with no significant impact on shareholders' rights [6] Additional Information - For detailed information regarding the convertible bonds, investors are directed to the company's prospectus published on July 13, 2023 [7]

Core Points - The company has disclosed that its cumulative new borrowings for the year 2025 have exceeded 20% of its net assets as of the end of the previous year [1] - As of December 31, 2024, the company's audited net assets were 334,985.23 million, and the borrowing balance was 129,333.24 million [1] - As of May 31, 2025, the borrowing balance increased to 212,695.21 million, representing an increase of 83,361.97 million, which is 24.89% of the net assets as of the end of 2024 [1] Financial Data Overview - The company reported a net asset value of 334,985.23 million as of December 31, 2024, and a borrowing balance of 129,333.24 million [1] - The borrowing balance as of May 31, 2025, was 212,695.21 million, indicating a significant increase in borrowings [1] Types of New Borrowings - The company has added a total of 83,361.97 million in new bank borrowings as of May 31, 2025 [2] - There are no other types of borrowings reported [3] Impact on Debt Servicing Ability - The new borrowings are intended to meet the company's daily operational needs and fall within the scope of normal business activities [4] - The company's financial condition is stable, and all debts are being repaid on time, indicating that the new borrowings will not adversely affect its operational status or debt servicing ability [4] Additional Notes - The financial data provided is based on consolidated figures, with only the end-of-2024 data being audited [5]

Overview of the Convertible Bond Issuance - Jinhong Gas Co., Ltd. has issued 10,160,000 convertible bonds with a face value of RMB 100 each, raising a total of RMB 101,600 million, approved by the China Securities Regulatory Commission on July 17, 2023 [1][2][9] - The bonds have a maturity of six years, from July 17, 2023, to July 16, 2029, and will start converting into shares on January 21, 2024 [1][2][3] Financial Performance - For the fiscal year 2024, Jinhong Gas reported a revenue of RMB 252,527.77 million, a 4.03% increase from RMB 242,735.33 million in 2023 [21] - The net profit attributable to shareholders decreased by 36.12% to RMB 20,122.51 million compared to the previous year [21] - The total assets of the company increased by 8.46% to RMB 676,722.74 million as of the end of 2024 [21] Use of Proceeds - The proceeds from the bond issuance will be used for projects including the construction of electronic-grade nitrogen, liquid nitrogen, and liquid oxygen facilities, with a total project investment of RMB 124,093.66 million [10][22] - The net proceeds after deducting issuance costs amount to RMB 1,004,159,622.64 [22] Bondholder Rights and Obligations - Bondholders have rights to interest payments, conversion to shares, and the ability to sell back the bonds under certain conditions [11][12] - The company is obligated to adhere to the terms of the bond issuance and ensure timely payment of interest and principal [19][20] Credit Rating - The bonds have been rated AA- by China Chengxin International Credit Rating Co., Ltd., with a stable outlook [11]

Core Viewpoint - The credit rating of Jinhong Gas Co., Ltd. is maintained at AA- with a stable outlook, reflecting its comprehensive service capabilities and leading technology in the domestic gas industry, despite challenges such as insufficient downstream demand and intense industry competition [2][4][5]. Company Overview - Jinhong Gas has a complete range of products and maintains a competitive edge in the regional market, with its technology at the leading level among domestic gas companies [2][5][12]. - The company is actively expanding its onsite gas production business through new projects and acquisitions, with a focus on enhancing its market share and product offerings [13][17]. Financial Performance - Total assets increased from 47.35 billion in 2022 to 70.51 billion in 2025, while total liabilities rose from 17.26 billion to 37.04 billion during the same period [6][30]. - Operating revenue grew from 19.67 billion in 2022 to 25.25 billion in 2025, but net profit decreased from 2.41 billion to 2.10 billion, indicating pressure on profitability due to competitive pricing [6][24]. - The company's EBITDA showed fluctuations, with a notable decline in 2024, reflecting the impact of market conditions on operational efficiency [6][30]. Market Dynamics - The industrial gas market is experiencing structural changes, with traditional sectors like steel and chemicals facing demand challenges, while emerging industries such as photovoltaics and semiconductors are driving growth in gas demand [11][12]. - Jinhong Gas faces intense competition from international giants who dominate the high-end gas market, holding approximately 65% market share [11][12]. Investment and R&D - The company has been increasing its R&D investment, with a focus on developing high-purity gases and expanding its product portfolio, holding 366 patents as of 2024 [21][23]. - Significant capital expenditures are planned for ongoing projects, with a total planned investment of 33.70 billion, necessitating careful management of funding and expected returns [23][24]. Risk Factors - The company is exposed to risks from fluctuating raw material prices and competitive pricing pressures, which could impact profit margins and overall financial health [11][24]. - The ongoing expansion and investment in new projects may lead to increased debt levels, necessitating close monitoring of liquidity and financial stability [7][29].

Core Viewpoint - The credit rating for Jin Hong Gas Co., Ltd. and its convertible bond remains stable at "AA-" following a recent evaluation by China Chengxin International Credit Rating Co., Ltd. [1][2] Previous Rating Situation - The previous credit rating for the company was "AA-" with a stable outlook, and the same rating applied to the "Jin Hong Convertible Bond" as of May 23, 2024 [1]. Current Rating Situation - The current credit rating report, issued on May 23, 2025, confirms the company’s credit rating as "AA-" and maintains a stable outlook for both the company and the convertible bond [2]. - The rating results have not changed compared to the previous evaluation [2]. - The credit rating report has been disclosed on the Shanghai Stock Exchange website [2].

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds due to the implementation of the 2024 annual equity distribution, with the new conversion price set at 18.97 CNY per share, effective from May 16, 2025 [1][5]. Summary by Sections 1. Securities Suspension and Resumption - The company's convertible bonds will be suspended from conversion from May 9, 2025, until the equity distribution registration date on May 15, 2025, and will resume conversion on May 16, 2025 [1]. 2. Adjustment of Conversion Price - The conversion price before adjustment was 19.07 CNY per share, which will be adjusted to 18.97 CNY per share [1][5]. - The adjustment is based on regulations from the China Securities Regulatory Commission and the company's prospectus [2][4]. 3. Annual Profit Distribution Plan - The company plans to distribute a cash dividend of 1.00 CNY (including tax) for every 10 shares held, based on a total share capital of 481,977,235 shares as of December 31, 2024, resulting in a total cash dividend of approximately 47.73 million CNY [3][5]. - The actual participating share capital for the distribution is 477,147,395 shares after accounting for shares in the repurchase account [5]. 4. Conversion Price Adjustment Formula - The adjustment formula for the conversion price is provided, detailing how various factors such as stock dividends, capital increases, and cash dividends affect the conversion price [4]. - The specific adjustment for the cash dividend was calculated as follows: P1 = P0 - D = 19.07 - 0.0990 = 18.97 CNY per share [5]. 5. Additional Information - Investors seeking more details about the convertible bonds can refer to the company's prospectus published on July 13, 2023 [6].

Core Viewpoint - The company has adjusted its 2024 annual profit distribution plan, maintaining a cash dividend of 1.00 yuan per 10 shares while modifying the total share capital and corresponding distribution amount due to changes in share count from convertible bond conversions and share buybacks [1][4][5] Summary by Sections Profit Distribution Adjustment - The profit distribution for 2024 will be based on the total share capital after deducting shares held in the company's repurchase account, with a cash dividend of 1.00 yuan per 10 shares remaining unchanged [1][2] - The total share capital has been adjusted from 481,977,235 shares to 481,977,391 shares, resulting in a revised total cash dividend amount of 47,714,739.50 yuan (including tax) [1][4] Reasons for Adjustment - The adjustment is due to changes in the number of shares eligible for distribution caused by the conversion of convertible bonds and the implementation of a share buyback plan [1][3] Share Buyback and Convertible Bonds - The company completed a share buyback of 2,465,747 shares on February 12, 2025, with a total of 4,829,996 shares in the repurchase account as of the announcement date [3][4] - The convertible bonds entered the conversion period on January 21, 2024, with a total of 156 shares converted by May 8, 2025 [3]

Group 1 - The company announced a cash dividend distribution plan for the year 2024, where shareholders will receive a cash dividend of 1.00 yuan per 10 shares, with no stock bonus or additional shares issued [2][3] - The convertible bond "Jinhong Convertible Bond" will have its conversion price adjusted from 19.07 yuan per share to 18.97 yuan per share due to the cash dividend distribution [2][7] - The adjustment of the conversion price will take effect on the first trading day after the equity distribution registration date [4][7] Group 2 - The company will stop the conversion of "Jinhong Convertible Bond" from May 9, 2025, until the equity distribution registration date, with conversion resuming on the first trading day after the registration [4][6] - The adjusted cash dividend per share, calculated based on the total share capital after deducting shares in the repurchase account, is approximately 0.0990 yuan per share [6][7] - The total share capital as of April 28, 2025, is 481,977,391 shares, with 4,829,996 shares in the repurchase account, resulting in 477,147,395 shares participating in the distribution [6][7]