Financial Performance - The company's operating revenue for Q3 2025 was ¥717,017,324.95, representing a year-on-year increase of 14.59%[6] - The total profit for the period was ¥46,486,484.26, a decrease of 30.22% compared to the same period last year[6] - The net profit attributable to shareholders was ¥33,766,764.51, down 33.00% year-on-year[6] - The company reported a year-to-date net profit attributable to shareholders of ¥115,968,057.38, down 44.90% year-on-year[6] - Net profit for the first three quarters of 2025 was ¥128,768,712.78, a decrease of 42.1% from ¥222,252,914.54 in the same period of 2024[26] - Basic earnings per share decreased to ¥0.24 from ¥0.44, reflecting a decline of 45.5% year-over-year[27] - Operating profit decreased to approximately ¥196.43 million in 2025 from ¥225.62 million in 2024, reflecting a decline of about 12.93%[40] - Net profit for the first three quarters of 2025 was approximately ¥180.13 million, down from ¥206.27 million in 2024, indicating a decrease of around 12.66%[40] Research and Development - Research and development expenses totaled ¥26,365,082.94, accounting for 3.68% of operating revenue, an increase of 0.09 percentage points[7] - Research and development expenses for the first three quarters of 2025 were ¥81,942,620.40, an increase of 17.5% from ¥69,538,300.27 in the same period of 2024[25] - Research and development expenses increased to approximately ¥70.44 million in 2025 from ¥63.52 million in 2024, reflecting a growth of about 10.25%[39] Assets and Liabilities - Total assets increased by 16.12% to ¥7,858,283,428.98 compared to the end of the previous year[7] - The company's total liabilities increased to ¥4,484,428,662.88, compared to ¥3,417,375,161.37 in the previous year, marking a growth of 31.2%[22] - The total equity attributable to shareholders reached ¥3,117,731,612.12, up from ¥3,063,745,351.88, indicating a growth of 1.8%[22] - The company's long-term borrowings rose to ¥1,183,694,724.47 from ¥977,889,002.64, an increase of 20.9%[22] - The total non-current liabilities amounted to ¥2,420,905,112.40, up from ¥2,141,134,007.80, reflecting a growth of 13.1%[22] Cash Flow - The net cash flow from operating activities was CNY 289,548,144.72, a decrease of 0.18% compared to CNY 298,089,718.77 in the previous period[31] - Total cash inflow from investment activities was CNY 2,322,870,093.26, down from CNY 3,903,841,511.23, indicating a decline of approximately 40.5%[32] - Cash outflow from investment activities totaled CNY 3,057,251,895.40, a decrease of 32.7% from CNY 4,548,554,113.72[32] - The net cash flow from financing activities was CNY 521,589,224.37, slightly up from CNY 515,586,113.36, reflecting a marginal increase of 1%[32] - The net cash flow from operating activities increased significantly to approximately ¥696.56 million in 2025, compared to ¥73.13 million in 2024, marking a substantial improvement[43] - Cash flow from investment activities showed a net outflow of approximately ¥1.13 billion in 2025, worsening from a net outflow of about ¥528.67 million in 2024[43] - Cash flow from financing activities generated a net inflow of approximately ¥391.19 million in 2025, down from ¥554.91 million in 2024[44] Shareholder Information - Total number of common shareholders at the end of the reporting period is 20,661[14] - The largest shareholder, Jin Xianghua, holds 25.85% of the shares, totaling 124,577,113 shares[14] - The company has a total of 8,915,164 shares held by Suzhou Xiangcheng Daixi Venture Capital, representing 1.85% of the total shares[16] - There were no changes in the number of shares lent through the securities lending program during the reporting period[16] Market and Competition - The company faced increased competition leading to a decline in product prices and overall gross margin[12] - The company has been actively expanding its market presence, resulting in increased operating revenue despite rising operational costs[12] Other Financial Metrics - Non-recurring gains and losses for the period amounted to ¥1,521,146.52, with government subsidies contributing significantly to this figure[9] - The company's cash and cash equivalents as of September 30, 2025, amount to ¥767,441,190.67, an increase from ¥692,637,878.19 as of December 31, 2024[19] - Total current assets increased to ¥2,302,908,776.37 from ¥2,261,724,042.07[20] - The company's fixed assets increased significantly to ¥3,240,592,539.26 from ¥2,165,865,798.98[20] - The goodwill reported as of September 30, 2025, is ¥356,736,979.24, compared to ¥297,717,876.94 at the end of 2024[20] - The company's total assets at the end of the reporting period were not disclosed, but the cash and cash equivalents decreased to approximately ¥194.92 million from ¥325.78 million in the previous year[44] - The company reported a significant increase in other income, which decreased to approximately ¥19.36 million in 2025 from ¥30.35 million in 2024, indicating a decline of about 36.25%[39] - The interest expenses rose to approximately ¥32.61 million in 2025 from ¥23.76 million in 2024, representing an increase of about 37.25%[39]

Market Overview - The electronic chemicals sector experienced a decline of 0.3% on October 28, with Siquan New Materials leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Notable gainers in the electronic chemicals sector included: - Huate Gas (688268) with a closing price of 68.52, up 5.42% on a trading volume of 44,800 shares and a turnover of 297 million [1] - Jingrui Electric Materials (300655) closed at 18.25, up 4.23% with a trading volume of 3.09 million shares and a turnover of 56.791 million [1] - Conversely, Siquan New Materials (301489) saw a significant decline of 16.98%, closing at 203.30 with a trading volume of 138,900 shares and a turnover of 298.5 million [2] Capital Flow - The electronic chemicals sector experienced a net outflow of 1.446 billion in main funds, while retail investors saw a net inflow of 1.253 billion [2] - The capital flow for specific stocks showed: - Dinglong Co. (300054) had a main fund net inflow of 37.85 million, but retail investors had a net outflow of 22.91 million [3] - Huate Gas (688268) experienced a main fund net inflow of 8.2143 million, with retail investors seeing a net outflow of 8.6272 million [3]

Core Viewpoint - Jin Hong Gas experienced a stock price decline of 2.04% on October 23, 2023, with a current price of 19.67 CNY per share and a market capitalization of 9.48 billion CNY [1] Financial Performance - For the first half of 2025, Jin Hong Gas reported revenue of 1.314 billion CNY, representing a year-on-year growth of 6.65%, while net profit attributable to shareholders decreased by 48.65% to 82.2013 million CNY [2] - The company has distributed a total of 649 million CNY in dividends since its A-share listing, with 408 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 3.64% to 17,000, while the average circulating shares per person decreased by 3.51% to 28,425 shares [2] - Among the top ten circulating shareholders, XINGQUAN Multi-Dimensional Value Mixed A (007449) is a new entrant with 3.3655 million shares, while the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF (588200) has exited the top ten list [3] Stock Performance - Jin Hong Gas's stock price has increased by 16.31% year-to-date, with a recent decline of 4.84% over the last five trading days, a 5.98% increase over the last 20 days, and a 10.63% increase over the last 60 days [1]

Core Viewpoint - Jin Hong Gas (688106) has shown a net financing inflow of 36.22 million yuan on October 16, 2025, indicating positive investor sentiment and activity in the stock [1]. Financing Activity - On October 16, 2025, the financing buy-in was 35.6568 million yuan, while financing repayment was 35.2946 million yuan, resulting in a net buy of 36.22 million yuan [1]. - The financing balance reached 489 million yuan, with a net buy of 27.9548 million yuan over the last three trading days and 11 out of the last 20 trading days showing net financing inflows [1][4]. Margin Trading - On October 16, 2025, there was a short selling of 400 shares, with no shares being repaid, leading to a net short sell of 400 shares and a remaining short selling volume of 85,700 shares [2][3]. - The margin trading balance was 1.7718 million yuan on October 16, 2025, with 11 out of the last 20 trading days showing net short selling activity [2][3]. Margin Trading Balance - The total margin trading balance was 489 million yuan on October 16, 2025, reflecting a slight increase of 0.07% from the previous day [4]. - The margin trading balance had previously increased by 2.76% on October 15, 2025, and 3.12% on October 14, 2025, indicating a trend of increasing investor engagement [4].

Group 1 - The company is actively monitoring opportunities in controlled nuclear fusion and has successfully integrated some products into relevant projects [2] - As of October 14, the company confirmed it has provided low-temperature products for a high-temperature superconducting tokamak device project, with other products also being integrated [2]

Market Overview - The electronic chemicals sector increased by 3.17% on October 13, with Huate Gas leading the gains [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Stock Performance - Huate Gas (688268) closed at 77.18, up 12.52% with a trading volume of 111,800 shares and a transaction value of 822 million [1] - Nanda Optoelectronics (300346) closed at 45.73, up 9.66% with a trading volume of 1,129,500 shares and a transaction value of 4.978 billion [1] - Jingrui Electric Materials (300655) closed at 16.49, up 8.13% with a trading volume of 1,487,100 shares and a transaction value of 2.366 billion [1] - Other notable performers include Qiangli New Materials (300429) up 7.54% and Dinglong Co. (300054) up 5.53% [1] Capital Flow - The electronic chemicals sector saw a net inflow of 241 million from institutional investors, while retail investors experienced a net outflow of 113 million [2][3] - Major stocks like Jingrui Electric Materials and Qiangli New Materials attracted significant institutional investment, with net inflows of 103 million and 101 million respectively [3]

Market Size and Growth Trends - The Chinese standard gas market is projected to reach 17.6 billion yuan in 2024, an increase of 1.44 billion yuan from 2022, with a compound annual growth rate (CAGR) of approximately 4.3% over two years, indicating stable growth momentum [1][5] - The global standard mixed gas market is expected to reach approximately 813 million USD in 2024, with a forecast to grow to 1.272 billion USD by 2031, reflecting a CAGR of 6.6% from 2025 to 2031 [1][5] - The calibration specialty gas segment is anticipated to achieve global sales of 651 million USD in 2024, increasing to 883 million USD by 2031, with a CAGR of 4.6% [1][5] Future Growth Potential - The Chinese market size reached 150 billion yuan in 2023 and is expected to exceed 300 billion yuan by 2030, with a CAGR of over 10% from 2023 to 2030, driven primarily by industrial gas demand [2] - Chemical processing and refining are projected to account for 20% of the industrial gas market share in 2024, while emerging sectors like food and beverage processing are expected to grow at a CAGR of 5.22% by 2030 [2] Market Competition Landscape - The Chinese standard gas market features a dual competitive landscape dominated by international oligopolies and the rapid rise of domestic companies [6] - Major international players include Linde, Air Liquide, Air Products, Messer Group, and Taiyo Nippon Sanso, which hold a significant market share due to their technological advantages and global networks [6] - Domestic companies leverage policy support and cost advantages to gain market share, with firms like Dalian Datong Gas and Huate Gas expanding their presence through innovation and local production [7] Product Structure and Market Segmentation - The standard gas industry exhibits a two-dimensional segmentation based on product type and application area, with standard mixed gases at its core [8] - High-purity gases and electronic specialty gases are in high demand in advanced manufacturing sectors due to stringent purity requirements [8] Regional Market Distribution - The Asia-Pacific region is identified as a key growth engine, accounting for 43% of the industrial gas market in 2024, with a projected CAGR of 5.14% from 2025 to 2030 [10] - China is expected to contribute significantly to the global market, with its share projected to reach 30% by 2030 [10][15] Policy and Industry Drivers - Policies significantly influence the standard gas market, particularly in the environmental and semiconductor sectors, with the "dual carbon" strategy driving demand for calibration gases at a growth rate of 12% [13] - The semiconductor sector is also seeing accelerated growth due to domestic policies aimed at technological breakthroughs and import substitution [13] Key Data Indicators - The global industrial gas market, including standard gases, is expected to reach nearly 500 billion USD by 2030, with China's market projected to exceed 300 billion yuan [18] - The core growth drivers include the domestic semiconductor industry and the increasing demand for environmental monitoring gases [18]

Core Insights - The company is actively exploring business opportunities related to controlled nuclear fusion and has successfully integrated some products into relevant projects [1] Company Summary - The company, Jin Hong Gas (688106.SH), has acknowledged inquiries from investors regarding its products related to controlled nuclear fusion and nuclear power [1] - The company has indicated that it is continuously monitoring developments in the controlled nuclear fusion sector [1]

| 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2025-052 | | --- | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | | 金宏气体股份有限公司 可转债转股结果暨股份变动公告 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： 累计转股情况：金宏气体股份有限公司（以下简称"公司"）向不特定 对象发行可转换公司债券"金宏转债"自 2024 年 1 月 21 日（非交易日顺延至下 一交易日，即 2024 年 1 月 22 日）起可转换为公司股份。截至 2025 年 9 月 30 日， "金宏转债"累计有人民币 113,000.00 元已转换为公司股票，转股数量为 5,587 股，占"金宏转债"转股前公司已发行股份总额 486,943,142 股的 0.0011%。 未转股可转债情况：截至 2025 年 9 月 30 日，"金宏转债"尚未转股的 可转债金额为 1,015,887,000.00 元，占"金宏转债"发行总量的 99.9889%。 本季度转股情 ...

Core Insights - The electronic chemicals sector experienced a rise of 1.36% on October 9, with Debang Technology leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance Summary - Debang Technology (688035) closed at 61.74, with a significant increase of 11.95%, and a trading volume of 123,300 shares, resulting in a transaction value of 745 million [1] - Guoci Materials (300285) also saw a notable rise of 11.56%, closing at 24.90, with a trading volume of 484,500 shares and a transaction value of 1.155 billion [1] - Other notable performers included Jin Hong Gas (688106) with an 8.20% increase, closing at 21.38, and Zhongju Chip (688549) with a 4.74% increase, closing at 10.39 [1] Fund Flow Analysis - The electronic chemicals sector saw a net outflow of 643 million from main funds, while retail investors contributed a net inflow of 367 million [2] - Speculative funds recorded a net inflow of 276 million into the sector [2]