HANGYANG LIMITED(SZ:002430)2025-10-30 08:00Group 1: Order and Market Overview - The number of new domestic projects is generally low, primarily focused on coal chemical projects in the western region, which partially compensates for the decline in traditional sector orders. Overall, the total order volume has decreased compared to previous years [3] - In the third quarter, there were new overseas contracts signed, and the foreign trade business has shown overall progress, with personnel configuration strengthened and business conditions gradually improving [3] - The company plans to establish new overseas subsidiaries in Singapore and Malaysia, aiming for a broader international market expansion beyond just equipment exports [3] Group 2: Strategic Focus and Product Development - The company focuses on deep low-temperature technology, with rich experience in low-temperature separation, purification, and gas supply throughout the entire cycle, providing comprehensive solutions including nitrogen and helium cooling systems [3] - Controlled nuclear fusion is a key strategic direction for the company, with plans to enhance product research and development to offer complete low-temperature system solutions [3] Group 3: Financial Performance and Cost Management - The gross profit margin for new orders is expected to improve due to enhanced project management and cost control measures implemented since the Siemens management consulting reform [4] - The third quarter saw a stabilization and recovery in liquid prices, with liquid oxygen and liquid argon prices increasing quarter-on-quarter, although year-on-year prices still show a decline [4] - The recovery of gross profit margins is primarily dependent on the rebound of liquid prices, which are closely related to economic recovery and growth [4]