Core Insights - The article discusses the recent research conducted by QuanGuo Fund on JinHong Gas, highlighting the company's growth and strategic initiatives in the gas service industry [1][3]. Company Overview - JinHong Gas Co., Ltd. was established in 1999 and went public on the Sci-Tech Innovation Board in 2020, with stock code 688106. The company specializes in the research, production, sales, and integrated solutions of gases, positioning itself as an environmentally friendly and comprehensive gas service provider [2][3]. Recent Performance - For the first three quarters of 2025, JinHong Gas reported revenue of 2.031 billion yuan, a year-on-year increase of 9.33%. The net profit attributable to shareholders was 116 million yuan, and cash flow from operating activities amounted to 290 million yuan. As of September 30, 2025, total assets reached 7.858 billion yuan, reflecting a growth of 16.12% compared to the end of the previous year [3]. Strategic Development - The company adheres to a vertical and horizontal development strategy, focusing on technological leadership and aiming to become a leader in the gas industry by providing innovative and sustainable gas solutions [3]. Project Updates - The Shandong RuiLin high polymer air separation project has been modified due to increased gas demand from a new production line, with an investment of approximately 350 million yuan and expected to be fully operational by Q1 2027 [4]. - The Yingkou Jianfa air separation project has a total contract revenue of about 2.4 billion yuan, with plans for surplus liquid capacity and rare gas resources to enhance revenue generation [5]. - Current large-scale on-site gas production projects include the completed Jishan Mingfu and Yunnan Chenggang projects, which are in stable operation, while the Zhanjiang Zhongji green methanol project is in trial production [6]. Business Model and Cost Structure - The on-site gas production projects typically have a monthly billing structure, consisting of fixed fees and variable gas fees based on customer consumption. The main costs include electricity, labor, and equipment depreciation [7]. Competitive Advantage - The company has established a professional and mature operational team in its on-site gas production business, creating core competitive barriers through stable supply assurance, a diverse product matrix, and efficient service response [8]. Market Outlook - The on-site gas production business has significant growth potential, with the outsourcing rate in developed countries reaching 80%, while domestic market rates have room for improvement. This business is expected to provide stable and continuous cash flow, with plans to expand new projects and explore existing customer needs [8]. Product Application - The downstream application structure of the company's ultra-pure ammonia products has shifted focus from the photovoltaic sector to the semiconductor industry, with revenue from the semiconductor sector becoming the primary source. The gross margin for ultra-pure ammonia improved in Q3 2025, and the company is actively seeking partnerships to strengthen its market position [8].

Core Viewpoint - The company reported a revenue increase of 9.3% year-on-year for Q1-Q3 2025, but net profit decreased by 44.9%, indicating challenges in the gas industry due to intensified competition and rising costs [1][2] Financial Performance - For Q1-Q3 2025, the company achieved a revenue of 2.03 billion yuan, with a net profit of 120 million yuan and a non-GAAP net profit of 100 million yuan [1] - In Q3 2025, the company recorded a revenue of 720 million yuan, a year-on-year increase of 14.6% and a quarter-on-quarter increase of 3.7% [1] - The overall gross margin for Q1-Q3 2025 was 30.0%, down 3.1 percentage points from the previous year, while Q3 2025 gross margin was 30.4%, showing a slight decline [2] Industry Context - The gas industry is experiencing pressure due to macroeconomic fluctuations and increased supply in certain product segments, leading to intensified competition [2] - The company is a comprehensive gas supplier actively expanding its market presence despite the competitive landscape [2] Project Developments - The company signed a revised gas supply contract with Shandong Ruilin, increasing the scale of the air separation project from 23,000 Nm3/h to 50,000 Nm3/h, raising the total contract value from 1.86 billion yuan to 4 billion yuan [3] - New electronic gas projects have been secured, including contracts with several semiconductor and display companies, which are expected to contribute significantly to future revenue [3] Strategic Initiatives - The company is advancing its integrated strategy for industrial gases, focusing on expanding retail networks and improving operational efficiency in new regions [4] - The acquisition of CHEM-GAS and other projects has strengthened the company's position in the Southeast Asian retail market [4] - The company anticipates a recovery in profitability as on-site gas projects come online and retail gas prices stabilize, projecting net profits of 160 million, 270 million, and 340 million yuan for 2025-2027 [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 2.03 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 9.3%, while the net profit attributable to shareholders was 120 million yuan, down 44.9% year-on-year [2][6]. - In Q3 alone, the company achieved a revenue of 720 million yuan, which is a 14.6% increase year-on-year and a 3.7% increase quarter-on-quarter. However, the net profit for Q3 was 30 million yuan, down 33.0% year-on-year and 11.6% quarter-on-quarter [2][6]. - The company is facing pressure from a competitive market environment, with a decrease in product prices and overall gross margin. The gross margin for Q1-Q3 2025 was 30.0%, a decrease of 3.1 percentage points year-on-year [10]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a total revenue of 2.03 billion yuan, with a net profit of 120 million yuan and a net profit excluding non-recurring items of 100 million yuan [2][6]. - The gross margin for Q1-Q3 2025 was 30.0%, with Q3 gross margin at 30.4%, showing slight changes year-on-year and quarter-on-quarter [10]. Project Developments - The company has signed a revised gas supply contract with Shandong Ruilin, increasing the scale of the air separation project from 23,000 Nm3/h to 50,000 Nm3/h, raising the total contract value from 1.86 billion yuan to 4 billion yuan [10]. - The company has expanded its electronic bulk gas service capabilities, securing multiple new projects in the semiconductor and display sectors [10]. Strategic Initiatives - The company is advancing its integrated strategy for industrial gases, focusing on expanding retail networks and improving operational efficiency in key regions [10]. - The company has completed the acquisition of CHEM-GAS to enhance its market presence in Southeast Asia [10]. Future Outlook - Despite facing short-term challenges in profitability, the company is expected to return to a growth trajectory as its onsite gas projects come online and retail gas prices recover. Projected net profits for 2025-2027 are 160 million, 270 million, and 340 million yuan respectively [10].

Group 1 - The company plans to provide guarantees for its subsidiaries, Jin Hong Jie Meng and Huai'an Sheng Ma, to support their financing needs totaling RMB 4,570 million [2][22] - The company will provide an irrevocable joint liability guarantee of up to RMB 2,115 million for Jin Hong Jie Meng and up to RMB 1,312.5 million for Huai'an Sheng Ma [2][9] - The board of directors approved the guarantee proposal on November 7, 2025, and it falls within the board's authority, thus not requiring shareholder approval [3][10] Group 2 - The company has a total of RMB 66,238 million in external guarantees, which represents 19.77% of its latest audited net assets [11] - There are no overdue guarantees or guarantees involved in litigation as of the announcement date [11] Group 3 - The company has completed the acquisition of Jin Hong Jie Meng and Huai'an Sheng Ma, with their financial data included in the consolidated financial statements since May and July 2025, respectively [8][9] - Both subsidiaries are not classified as dishonest executors [8] Group 4 - The company is changing the investment scale of its fundraising project, "New High-end Electronic Special Materials Project," and will use the surplus funds of RMB 24,123.18 million for the "Shandong Ruilin Polymer Air Separation Gas Supply Project" [34][35] - The new project involves building a 50,000 Nm3/h air separation unit to supply industrial gases, with a total investment of RMB 35,000 million [38][39] Group 5 - The company has signed a gas supply contract with Shandong Ruilin Polymer Materials Co., Ltd., with a contract value of approximately RMB 4 billion [40] - The project is expected to be fully operational by March 2027, generating stable revenue and cash flow for the company [40][41] Group 6 - The company will hold a bondholders meeting on November 24, 2025, to discuss the proposed changes to the fundraising project and other related matters [55][56] - The company has issued 10,160,000 convertible bonds, raising a total of RMB 1,016 million, with a net amount of RMB 1,004 million after deducting issuance costs [31][32]

Core Viewpoint - Jin Hong Gas announced that as of the date of the announcement, the company has no overdue guarantees or guarantees related to litigation [2] Summary by Category - **Company Status** - Jin Hong Gas confirmed the absence of overdue guarantees [2] - The company is not involved in any litigation related to guarantees [2]

Group 1 - Jin Hong Gas (SH 688106) announced on November 7 that its sixth board meeting was held via telecommunication, discussing the adjustment of fundraising project investment scale and the use of surplus funds for loans to its controlling subsidiary for ongoing projects [1] - As of the announcement, Jin Hong Gas has a market capitalization of 10.2 billion yuan [1]

Core Viewpoint - The company plans to apply for a financing facility totaling RMB 28.20 million from CITIC Bank Shanghai Branch, with an irrevocable joint liability guarantee of up to RMB 21.15 million provided by the company [1] Group 1 - The financing is intended to meet the operational needs and overall development plan of the company's subsidiary, Jinhong Jiemeng Gas (Shanghai) Co., Ltd. [1] - The guarantee will not have any counter-guarantee, and other minority shareholders will provide guarantees in proportion to their shareholdings [1] - This matter has been approved by the company's sixth board of directors at its fourteenth meeting and does not require submission to the shareholders' meeting for approval [1]

关于召开"金宏转债"2025 年第一次 | 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2025-061 | | --- | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | | 金宏气体股份有限公司 债券持有人会议的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 根据中国证券监督管理委员会出具的《关于同意金宏气体股份有限公司向不特 定对象发行可转换公司债券注册的批复》（证监许可〔2023〕1319 号），金宏气体 股份有限公司（以下简称"公司"）于 2023 年 7 月 17 日在上海证券交易所向不特 定对象发行了 10,160,000 张可转换公司债券，每张债券面值为人民币 100 元，募集 资金总额为 1,016,000,000.00 元，债券期限为自发行之日起六年，即自 2023 年 7 月 17 日至 2029 年 7 月 16 日。 经上海证券交易所自律监管决定书〔2023〕171 号文同意，公司 101,600 万元 可转换公司债券于 20 ...

东吴证券股份有限公司（以下简称"东吴证券"、"保荐机构"）作为金宏气 体股份有限公司（以下简称"金宏气体"、"公司"）的持续督导机构，根据《证 券发行上市保荐业务管理办法》《上市公司募集资金监管规则》《上海证券交易所 科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号— —规范运作》等有关规定，对金宏气体变更募集资金投资项目投资规模并结项暨 新增募集资金投资项目的事项进行了审慎核查，核查情况及核查意见如下： 东吴证券股份有限公司 关于金宏气体股份有限公司 变更募集资金投资项目投资规模并结项暨新增募集资金投 资项目的核查意见 为规范公司募集资金管理和使用，保护投资者权益，公司对募集资金实施专 户存储管理，并与保荐机构、存放募集资金的商业银行签署了《募集资金三方监 管协议》及《募集资金四方监管协议》。 公司募集资金投资项目的基本情况表如下： 单位：万元 币种：人民币 | 发行名称 | 2023 年向不特定对象公开发行可转换公司债券 | | | --- | --- | --- | | 募集资金总额 | | 101,600.00 | | 募集资金净额 | | 100,415.96 | | 募集资 ...

东吴证券股份有限公司（以下简称"东吴证券"、"保荐机构"）作为金宏 气体股份有限公司（以下简称"金宏气体"、"公司"）的持续督导机构，根据 《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》《上 海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等有关规定， 对金宏气体为控股子公司提供担保事项进行了审慎核查，核查情况及核查意见如 下： 一、担保情况概述 （一）基本情况 东吴证券股份有限公司 关于金宏气体股份有限公司 为控股子公司提供担保的核查意见 根据金宏气体控股子公司金宏皆盟气体（上海）有限公司（以下简称"金宏 皆盟"）、淮安圣马气体有限公司（以下简称"淮安圣马"）的实际生产经营需 要和总体发展规划，金宏皆盟计划向中信银行股份有限公司上海分行申请总计人 民币 2,820.00 万元的融资业务、淮安圣马计划向中信银行股份有限公司上海分行 申请总计人民币 1,750.00 万元的融资业务。公司拟为金宏皆盟提供担保总额度不 超过 2,115.00 万元的不可撤销连带责任担保、拟为淮安圣马提供担保总额度不超 过 1,312.50 万元的不可撤销连带责任担保，具体条款以届时签订的合同为准 ...