（文章来源：证券日报） 证券日报网讯 12月23日，宝光股份在互动平台回答投资者提问时表示，公司子公司宝光联悦主要以氢 气的生产销售为主，兼营高纯氮气、医用氧气、氦气，氖气等特种气体业务。 ...

侨源股份生产区域一角 ◎记者 李少鹏 "工业气体被誉为'工业的血液'，下游企业生产线一旦启动，就离不开稳定的高纯气体供应，容不得半 点马虎。"近日，侨源股份主要负责人告诉上海证券报记者，在气体行业打拼，技术实力是立身之本， 客户口碑是发展之魂，唯有以诚信筑牢根基、以创新驱动升级，才能在激烈竞争中实现长远发展。 宁德时代、通威股份、东方电气……一连串的客户名单，彰显出侨源股份在工业气体领域奋斗二十余载 的"硬实力"。公司不仅稳居川渝地区行业标杆地位，更以"区域深耕+全国布局"的战略步伐，向全国乃 至国际市场稳步迈进。 诚信立本 夯实川渝核心市场优势 川渝地区作为西部产业高地，新能源、半导体、生物医药等新兴产业集群蓬勃发展，带动工业气体需求 年均稳步增长，成为行业竞争的核心区域之一。 面对制造业转型升级与特种气体需求激增的行业机遇，侨源股份在巩固川渝优势的同时，以"稳健布局 +精准转型"激活高质量发展新动能。 全国化布局的首站，公司精准落子福建。两套分别达25000Nm3/h和40000Nm3/h的空分生产线相继投 产，以现场制气模式满足闽光钢铁、宝钢德盛等核心客户需求，同时依托富余液态气产能辐射周边市 场，成功 ...

Core Viewpoint - The company, Qiaoyuan Co., Ltd. (301286.SZ), is not directly involved in rocket fuel business but is a leading supplier of industrial gases in China, which are essential for high-end precision manufacturing, including aerospace manufacturing [1] Group 1: Company Overview - Qiaoyuan Co., Ltd. offers a range of products including high-purity oxygen, high-purity nitrogen, high-purity argon, and specialty gases [1] - The company positions itself as a crucial provider of "industrial blood" for high-end manufacturing sectors [1] Group 2: Industry Insights - The booming commercial aerospace industry is expected to create stable demand for ultra-high purity gases [1] - This demand will help the company strengthen its product certification and brand advantages in the high-end market [1] - The company aims to continuously monitor and actively seize opportunities in strategic emerging industries, including commercial aerospace [1]

Core Viewpoint - Hangyang Co., Ltd. has demonstrated strong financial performance in the first three quarters of 2025, with revenue and net profit growth, while also expanding its market presence in the industrial gas sector, particularly in Xinjiang [1][2][3]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 11.428 billion yuan, a year-on-year increase of 10.39% [1] - The net profit attributable to shareholders, excluding non-recurring items, was 728 million yuan, up 16.27% year-on-year [1] - The net cash flow from operating activities reached 1.947 billion yuan, reflecting a significant increase of 140.03% year-on-year [1] - In Q3 2025, revenue was 4.101 billion yuan, representing a 13.12% year-on-year growth, while the net profit was 267 million yuan, up 21.60% year-on-year [1] Market Position and Strategy - Hangyang Co., Ltd. is a pioneer and leader in China's air separation equipment manufacturing industry, maintaining the largest market share domestically [1] - The company has successfully transitioned from a single equipment supplier to a comprehensive service provider by expanding its gas business, adopting a "equipment + gas" dual-driven development model [1][2] - The company has established a strong competitive position in the Xinjiang region, signing contracts with multiple local companies and achieving a total oxygen production capacity exceeding one million cubic meters [2] Industry Trends - The industrial gas sector is experiencing increased demand due to the rise of strategic emerging industries such as semiconductors, photovoltaics, and biomedicine, leading to a surge in the need for high-value-added industrial gases [3] - The electronic specialty gas market in China is projected to exceed 45 billion yuan in 2024, with a compound annual growth rate of 12.3% [3] - Global high-purity gas markets are expected to grow at a rate of over 6% from 2024 to 2029, with the Asia-Pacific region being the fastest-growing market [3] Technological Advancements - The company has established a comprehensive industrial chain capability covering helium sales, equipment manufacturing, and application scenarios, ensuring stable supply for the helium market [4] - Hangyang Co., Ltd. has strengthened its gas industry layout through acquisitions, enhancing its product matrix and accelerating the localization of key electronic specialty gases [3][4] - The company has implemented a four-in-one R&D system to enhance technological innovation and collaboration with research institutions, resulting in significant patent achievements [5][6] Future Outlook - With the ongoing expansion of its air separation equipment business and the high-end development of its gas business, Hangyang Co., Ltd. is expected to further solidify its leading position in the industry and drive sustainable growth [6]

Core Insights - Q3 2025 report shows company achieved operating revenue of 267.24 million yuan, a year-on-year increase of 5.57% [2][3] - Net profit for Q3 reached 63.44 million yuan, up 16.88% year-on-year [2][3] - For the first three quarters of 2025, operating revenue totaled 797.56 million yuan, reflecting an 8.75% increase [2][3] Financial Performance - Q3 net profit attributable to shareholders was 63.44 million yuan, with a 16.88% increase compared to the same period last year [2][3] - The net profit excluding non-recurring gains and losses for Q3 was 62.88 million yuan, up 15.42% year-on-year [2][3] - For the first three quarters, net profit attributable to shareholders was 181.86 million yuan, a significant increase of 40.54% [2][3] Operational Highlights - Company specializes in the research, production, sales, and service of high-purity gases, including high-purity oxygen, nitrogen, argon, and medical oxygen [2][3] - The company has the largest full liquid air separation gas production line in Southwest China, with production bases in Dujiangyan and Wenchuan, and additional bases in Meishan, Jintang, and Deyang [4] Strategic Initiatives - Company is actively expanding production capacity in Jintang and Pengzhou, focusing on high-purity electronic specialty gases, medical gases, and rare gases like krypton and xenon [5] - The strategic focus aims to meet the growing demand in high-end markets such as semiconductors, biomedicine, and new materials [5]

Core Viewpoint - Q3 2025 financial report of Qiaoyuan Co., Ltd. shows significant growth in revenue and net profit, indicating strong operational performance and market demand for high-purity gases [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 797 million yuan, a year-on-year increase of 8.75% - The net profit attributable to shareholders reached 181 million yuan, up 40.54% year-on-year - The net cash flow from operating activities was 152 million yuan, reflecting a growth of 16.01% - In Q3 alone, the company reported a revenue of 267 million yuan, a 5.57% increase year-on-year, and a net profit of 63 million yuan, which is a 16.88% increase year-on-year [1]. Business Operations - Qiaoyuan Co., Ltd. specializes in the research, production, sales, and service of high-purity gases, with a comprehensive supply and service network established over 20 years - The product range includes high-purity oxygen, nitrogen, argon, medical oxygen, food nitrogen, industrial oxygen, carbon dioxide, hydrogen, various electronic gases, and mixed gases, catering to traditional industries like metallurgy and emerging sectors such as new energy and biomedicine [1][2]. Production Capacity and Expansion - In Sichuan, the company operates the largest liquid air separation gas production line in Southwest China, with multiple production bases including Dujiangyan, Wenchuan, Meishan, Jintang, and Deyang - In Fujian, the company has two air separation gas production lines with capacities of 25,000 Nm³/h and 40,000 Nm³/h respectively - The company is actively expanding production capacity in Jintang and Pengzhou, focusing on high-purity electronic gases, medical gases, and rare gases to meet the growing demand in high-end markets [2]. Strategic Investments - In August 2025, Qiaoyuan Co., Ltd. signed an investment cooperation agreement to invest 302 million yuan in building a specialty gas production base in Chengdu's new materials industrial park - This project is expected to add over 80,000 tons of specialty gas production capacity annually, including electronic-grade and medical-grade carbon dioxide [2].

Core Insights - Sichuan Qiaoyuan Gas Co., Ltd. reported a revenue of 797 million yuan for the first three quarters of 2025, representing an 8.75% year-on-year increase, and a net profit of 181 million yuan, up 40.54% year-on-year [1] - In Q3 alone, the company achieved a revenue of 267 million yuan, a 5.57% increase year-on-year, and a net profit of approximately 63.44 million yuan, reflecting a 16.88% growth year-on-year [1] Group 1: Company Overview - Established in 2002, the company specializes in the production and sales of industrial gases, with a comprehensive supply and service network covering various gas types including high-purity oxygen, nitrogen, argon, medical oxygen, and carbon dioxide [1] - The company serves traditional industries such as metallurgy and chemicals, as well as emerging sectors like new energy, semiconductors, and biomedicine [1] Group 2: Market Position and Strategy - The diverse range of gas products allows the company to serve multiple industries, helping to mitigate market risks and providing stable revenue sources [2] - The company has the largest liquid air separation gas production line in Southwest China and is expanding its production capacity with new bases in Meishan, Jintang, and Deyang [2] - A recent investment of 302 million yuan will establish a special gas production base in Chengdu, expected to add over 80,000 tons of specialty gas capacity annually [2] Group 3: Industry Trends and Future Prospects - The company is strategically positioned to serve both traditional and emerging industries, creating a dual-driven development model [3] - In the military sector, the company focuses on the research and production of high-purity, high-reliability specialty gases, supporting national high-end manufacturing and supply chain initiatives [3] - The company has already supplied products to key units in aerospace, nuclear industry, and other critical sectors [3]

Core Viewpoint - Qiaoyuan Co., Ltd. is a comprehensive gas supplier focused on the research, production, sales, and service of high-purity gases, with a fully controlled production capability from air separation to product delivery [1] Group 1: Company Overview - The company specializes in high-purity gases, including high-purity oxygen, high-purity nitrogen, high-purity argon, medical oxygen, food nitrogen, and industrial oxygen [1] - The core products and technologies of the company are independently controllable and do not rely on external manufacturers [1]

Core Viewpoint - The company, Qiaoyuan Co., Ltd. (301286.SZ), is a comprehensive gas supplier focused on the research, production, sales, and service of high-purity gases, including high-purity oxygen, nitrogen, argon, medical oxygen, food nitrogen, industrial oxygen, and various electronic gases [1] Company Overview - The company specializes in high-purity gas development and has initiated trade activities related to helium [1]

Core Viewpoint - The company, Qiaoyuan Co., Ltd. (301286.SZ), is a comprehensive gas supplier focused on the research, production, sales, and service of high-purity gases, and has initiated trade activities related to helium gas [1]. Company Overview - Qiaoyuan Co., Ltd. specializes in high-purity gas development and production, offering products such as high-purity oxygen, high-purity nitrogen, high-purity argon, medical oxygen, food nitrogen, industrial oxygen, and various electronic gases [1]. - The company has confirmed that it has started relevant trading activities concerning helium gas [1].