Summary of Key Points Core Viewpoint - The company has issued convertible bonds named "HuaTe Convertible Bonds," which have been partially converted into shares, with a significant portion remaining unconverted as of the end of 2025. Group 1: Convertible Bond Issuance Overview - The company issued 6,460,000 convertible bonds with a face value of RMB 100 each, raising a total of RMB 646,000,000, with a net amount of RMB 638,178,132.08 after expenses [2] - The bonds are set to mature six years from the issuance date, specifically from March 21, 2023, to March 20, 2029 [2] - The bonds began trading on the Shanghai Stock Exchange on April 14, 2023, under the name "HuaTe Convertible Bonds" and code "118033" [2] Group 2: Conversion Status - As of December 31, 2025, a total of RMB 107,000 has been converted into shares, resulting in 1,273 shares, which is 0.00106% of the total shares before conversion [1][6] - The amount of unconverted bonds as of December 31, 2025, stands at RMB 645,853,000, accounting for 99.97724% of the total issuance [1][6] - During the quarter from October 1, 2025, to December 31, 2025, RMB 1,000 was converted into 12 shares, representing 0.00001% of the total shares before conversion [1][6] Group 3: Conversion Price Adjustments - The initial conversion price was set at RMB 84.22 per share, which was adjusted to RMB 83.81 on July 6, 2023, due to the completion of a stock incentive plan [2] - Further adjustments were made to the conversion price, with the latest being RMB 82.72 on July 3, 2025, following the repurchase and cancellation of certain restricted stocks [5]

Core Insights - The report emphasizes the growth opportunities in the electronic materials sector driven by rapid downstream development, technological advancements, and domestic substitution [3][5] - The semiconductor materials market is projected to grow significantly, with a forecasted sales revenue of USD 67.5 billion in 2024, reflecting a year-on-year increase of 3.8% [7][34] - The report maintains a "stronger than market" rating for the industry, indicating a positive outlook for investments in electronic materials [3][5] Semiconductor Materials - The global semiconductor materials market is expected to exceed USD 87 billion by 2029, with a compound annual growth rate (CAGR) of 4.5% from 2024 to 2029 [7][34] - China's semiconductor materials domestic substitution rate is currently around 15%, with significant reliance on imports for high-end materials [38][42] - Key materials such as CMP polishing materials, photoresists, and electronic specialty gases are seeing increased domestic production efforts, which are expected to enhance the domestic substitution rate [38][42] PCB Materials - The PCB industry is evolving towards high-frequency and high-speed applications, with increasing demand for electronic resins and fabrics [7][34] - The global market for electronic resins and fabrics used in PCB production is estimated at approximately USD 33.02 billion and USD 24.13 billion, respectively, in 2023 [7][34] - The transition to high-frequency and high-speed PCBs is driven by advancements in 5G technology and the rapid growth of data centers and cloud computing [7][34] OLED Materials - The demand for OLED materials is expected to grow rapidly due to increasing terminal application needs and the acceleration of high-generation line capacity release [7][34] - The global OLED display materials market is projected to reach USD 2.44 billion in 2024, with a CAGR of 19.8% expected from 2025 to 2031 [7][34] - Domestic OLED organic materials currently have a low substitution rate of around 12%, indicating significant growth potential as local manufacturers expand their capabilities [7][34] Investment Recommendations - The report recommends investing in companies benefiting from the semiconductor market recovery, such as Anji Technology, Yake Technology, and Jiangfeng Electronics, among others [5][34] - For AI server demand, companies like Shengquan Group and Dongcai Technology are highlighted as key players in the electronic resin market [5][34] - In the OLED sector, companies like Lite-On Optoelectronics and Wanrun Co., Ltd. are recommended due to their strong market positions [5][34] Industry Performance - The semiconductor materials index has shown a cumulative increase of 37.87% in 2025, outperforming the CSI 300 index by 18.72 percentage points [26] - The electronic chemicals index has increased by 54.98% in the same period, surpassing the CSI 300 index by 35.83 percentage points [26] - Overall, the electronic materials industry is experiencing stable growth, with significant improvements in revenue and profitability metrics [16][26]

| 证券代码：688268 | 证券简称：华特气体 | 公告编号：2026-001 | | --- | --- | --- | | 转债代码：118033 | 转债简称：华特转债 | | 广东华特气体股份有限公司 关于可转债转股结果暨股份变动的公告 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：广东华特气体股份有限公司（以下简称"公司"）向不 特定对象发行可转换公司债券"华特转债"自 2023 年 9 月 27 日起可转换为公司 股份。截至 2025 年 12 月 31 日，"华特转债"累计有人民币 107,000.00 元已转 换为公司股票，转股数量为 1,273 股，占"华特转债"转股前公司已发行股份总 额的 0.00106%。 未转股可转债情况：截至 2025 年 12 月 31 日，"华特转债"尚未转股的 可转债金额为 645,853,000.00 元，占"华特转债"发行总量的 99.97724%。 本季度转股情况：自 2025 年 10 月 1 日至 2025 年 12 月 31 ...

Industry Overview - The chemical sector's overall performance ranked 7th this week (2025/12/22-2025/12/26) with a fluctuation of 4.23%, outperforming the Shanghai Composite Index by 2.35 percentage points and the ChiNext Index by 0.34 percentage points [1] - The chemical industry is expected to continue its differentiated trend in 2025, with a focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [1] Synthetic Biology - The arrival of a pivotal moment in synthetic biology is anticipated, driven by the adjustment of energy structures, which may disrupt fossil-based materials and favor low-energy products [1] - Traditional chemical companies are expected to compete based on energy consumption and carbon tax costs, with successful firms leveraging green energy alternatives and integrated advantages to reduce costs [1] - The demand for bio-based materials is projected to surge, leading to potential profitability and valuation increases for leading companies in the synthetic biology sector, such as Kasei Bio and Huaheng Bio [1] Refrigerants - The implementation of quota policies is expected to usher in a high-growth cycle for third-generation refrigerants, with supply entering a "quota + continuous reduction" phase starting in 2024 [2] - The demand for refrigerants is anticipated to grow steadily due to the development of heat pumps, cold chain markets, and the expansion of the air conditioning market in Southeast Asia [2] - Companies with a high quota share, such as Juhua Co., Sanmei Co., Haohua Technology, and Yonghe Co., are expected to benefit significantly from this trend [2] Electronic Specialty Gases - Electronic specialty gases are critical to the electronics industry and represent a core component of domestic industrial chain localization [2] - The domestic market faces a contradiction between rapid upgrades in wafer manufacturing and insufficient high-end electronic specialty gas capacity, presenting significant domestic substitution opportunities [2] - Key players like Jinhong Gas, Huate Gas, and China Shipbuilding Gas are positioned to capitalize on the growing demand driven by integrated circuits, panels, and photovoltaics [2] Light Hydrocarbon Chemicals - The trend towards light raw materials in the global olefin industry is becoming increasingly significant, with a shift from heavy naphtha to lighter low-carbon alkanes like ethane and propane [3] - Light hydrocarbon chemicals are characterized by low carbon emissions, low energy consumption, and low water usage, aligning with global carbon neutrality goals [3] - Companies in the light hydrocarbon sector, such as Satellite Chemical, are expected to see a revaluation of their value as this trend continues [3] COC Polymers - The industrialization process of COC/COP (cyclic olefin copolymer) is accelerating in China, driven by domestic companies achieving breakthroughs and the shift of downstream industries to domestic sources [4] - COC/COP materials are increasingly used in various applications, including mobile camera lenses and medical packaging, with a focus on high-end applications [4] - Companies like Acolyte are recommended for their potential in the COC polymer production segment [4] Potash Fertilizers - Potash fertilizer prices are expected to rebound as the industry enters a destocking cycle, with supply constraints due to Canpotex withdrawing new quotes and Nutrien announcing production cuts [5] - The demand for potash fertilizers is likely to increase as farmers respond to rising grain prices, leading to a potential reversal in potash prices [5] - Leading companies in the potash sector, such as Yara International, Salt Lake Potash, and Zangge Mining, are recommended for investment [5] MDI Market - The MDI market is characterized by oligopoly, with demand steadily improving due to the expansion of polyurethane applications [6] - The global MDI production capacity is concentrated among five major chemical giants, which control approximately 90.85% of the market [6] - Companies like Wanhua Chemical are expected to benefit from the favorable supply dynamics and demand recovery in the MDI sector [6] Chemical Price Tracking - The top five price increases this week included NYMEX natural gas (9.59%), PTA (8.95%), and butadiene (6.83%) [6] - The top five price decreases included pure MDI (-4.23%) and acrylic fiber (-3.45%) [6] - A total of 170 chemical companies reported production capacity impacts this week, with 6 new repairs and 10 restarts [6]

Core Viewpoint - The company has reached a settlement regarding ongoing litigation with Lai Minggui and Sichuan Zhongfu Energy New Materials Co., Ltd, which is expected to positively impact its market expansion and supply stability over the next five years [2][11]. Summary by Relevant Sections Litigation Status - The case has been accepted and is pending court hearing, with parties having signed a settlement agreement [2]. - The company is the plaintiff in two cases against Lai Minggui regarding equity transfer disputes and breach of contract, while also being a defendant in a contract dispute initiated by Lai Minggui [2][6]. Details of the Lawsuits - Lai Minggui filed a lawsuit claiming the company failed to provide packaging materials as per the "Southwest Electronic Gas Cooperation Agreement," seeking the return of a performance deposit of 20 million RMB [2][3]. - The company initiated a lawsuit to confirm the legality of the cooperation agreement and to enforce the transfer of 51% equity from Lai Minggui to the company, along with compensation for damages totaling 23 million RMB [3][4]. Settlement Agreement - A settlement agreement has been reached, allowing the company to purchase CF4, SF6, and NF3 gas products from Sichuan Zhongfu for a period until December 31, 2030 [7]. - The agreement stipulates the return of the 20 million RMB performance deposit and an additional compensation of 9 million RMB to cover costs incurred by the company [7][8]. - All previous agreements and related documents will be terminated upon the effectiveness of the settlement agreement [8][9]. Impact on the Company - The settlement is not expected to adversely affect the company's daily operations and is anticipated to enhance market expansion and supply stability [11]. - The company will withdraw its lawsuits as per the settlement terms, but if the agreement is not fulfilled, it retains the right to assert its legal claims [11].

| 转债代码：118033 | 转债简称：华特转债 | | | --- | --- | --- | | 证券代码：688268 | 证券简称：华特气体 | 公告编号：2025-071 | 广东华特气体股份有限公司 关于前期提起重大诉讼的进展公告 2025 年 3 月，公司收到雅安市名山区人民法院传票，赖明贵以公司未按照 《西南地区电子气体合作协议》（下称"《合作协议》"）约定，拒绝提供包装 物，拖延试生产进度，严重阻碍试生产的正常进行，导致其无法实现合同目的为 由，向雅安市名山区人民法院对公司提起诉讼，请求判令解除赖明贵和公司于 2022 年 4 月 6 日所签《合作协议》、2022 年 10 月 14 日所签《西南地区电子气 体合作协议之补充协议(一)》（下称"《补充协议（一）》"）；退还赖明贵已 依约支付的履约保证金 20,000,000 元(大写:人民币贰仟万元)；本案诉讼费由公 司负担（以下简称"赖明贵诉公司合同纠纷一案"）。 2025 年 4 月，公司就与赖明贵、四川中氟能新材料科技有限公司（以下简 称"中氟能公司"）之间股权转让纠纷向广东省佛山市中级人民法院提起诉讼， 请求判令确认 2022 年 ...

Core Viewpoint - The company has reached a settlement regarding three related lawsuits involving contract disputes and equity transfer with Lai Minggui, which will impact its future operations and financials [1] Group 1: Legal Settlement - The company announced that it has settled three lawsuits: "Lai Minggui vs. the company on contract disputes," "the company vs. Lai Minggui on equity transfer disputes," and "the company vs. Lai Minggui for breach of contract" [1] - The settlement agreement and the associated product procurement contract will take effect on December 16, with the company agreeing to withdraw its lawsuits and not appeal [1] Group 2: Financial Terms of Settlement - The agreement stipulates that the company will purchase gas products from Zhongfu Energy until the end of 2030, with conditions for early termination of the agreement [1] - The company will return a performance bond of 20 million yuan, while Lai Minggui will compensate the company 9 million yuan [1] - The company is required to withdraw its lawsuits and apply for the lifting of asset preservation within three days of the settlement taking effect [1] Group 3: Impact on Performance - The impact of the settlement on the company's performance remains to be determined [1]

Core Insights - The chemical industry report indicates a mixed performance in chemical product prices, with 42 products increasing in price, 37 decreasing, and 21 remaining stable during the week of December 8-14 [1][2] - The report suggests focusing on undervalued leading companies, the impact of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials and certain new energy materials amid price increases [1][6] Industry Dynamics - In the week of December 8-14, 47% of tracked chemical products saw a month-on-month price increase, while 44% experienced a decrease, and 9% remained unchanged [2] - The top price increases were noted in nitric acid, sulfuric acid, raw salt, bisphenol A, and TDI, while the largest declines were in PVA, LLDPE, trichloroethylene, and NYMEX natural gas [2] Oil Market Overview - International oil prices fell, with WTI crude oil futures closing at $57.44 per barrel (down 2.45%) and Brent crude at $61.12 per barrel (down 2.19%) [3] - The U.S. oil production averaged 13.853 million barrels per day, an increase of 38,000 barrels from the previous week and 222,000 barrels from the same period last year [3] - U.S. oil demand rose to an average of 21.082 million barrels per day, with gasoline demand increasing to 8.456 million barrels per day [3] TDI Market Analysis - TDI prices increased to an average of 14,713 yuan/ton, up 2.49% week-on-week and 5.51% month-on-month [4] - TDI production decreased, with an overall operating rate of approximately 58.55%, and various factories experiencing operational issues [4] - Average costs for TDI were 11,819 yuan/ton, down 0.92% week-on-week, while average gross profit rose by 31.79% week-on-week [4] Methionine Market Analysis - Methionine prices decreased to an average of 17,900 yuan/ton, down 2.45% week-on-week and 9.14% month-on-month [5] - The production remained stable at 18,350 tons, with an operating rate of 89.42% [5] - The cost of methionine was 13,853.73 yuan/ton, with a gross profit margin of 23.67% [5] Valuation Metrics - As of December 12, the TTM price-to-earnings ratio for the SW basic chemical sector was 24.14, and the price-to-book ratio was 2.19 [6] - The SW oil and petrochemical sector had a TTM price-to-earnings ratio of 12.85 and a price-to-book ratio of 1.24 [6] Investment Recommendations - The report recommends focusing on undervalued leading companies, sectors benefiting from policy support, and emerging fields such as semiconductor materials and new energy materials [6] - Specific companies highlighted for investment include Wanhua Chemical, Hualu Hengsheng, and others [6][7]

Core Viewpoint - The company, Huate Gas, acknowledges the significant impact of Sino-Japanese relations on the self-sufficiency of China's industrial chain, particularly in the specialty gas sector, and outlines its strategy to enhance domestic production capabilities and market share in high-end electronic specialty gases [1] Group 1: Company Strategy and Market Position - Huate Gas has developed 55 electronic specialty gas products that can replace imports [1] - Despite the growth of domestic companies, foreign gas giants still dominate the specialty gas market in China, with Huate Gas holding less than 5% market share as of 2024 [1] - The company plans to focus on key gas products for integrated circuits, new energy, and healthcare sectors, aiming to accelerate the conversion and certification of high-end electronic specialty gas products to improve market competitiveness and share [1] Group 2: Market Development and Customer Relations - Huate Gas intends to explore more niche markets by deeply understanding market demands and accurately targeting customer groups [1] - The company aims to establish long-term, stable, and mutually beneficial supply partnerships with its customers [1]

是否会对上市公司损益产生负面影响：前期相关诉讼"赖明贵诉公司合 同纠纷一案"已作出一审判决，本次诉讼尚未开庭审理，最终的判决结果尚不确 定，目前无法预计对公司本期利润或期后利润的影响，亦无法预计对相关诉讼后 续判决结果的影响，最终实际影响需以法院生效判决结果或双方最终达成的和解 协议为准。公司将根据相关诉讼进展情况及时履行信息披露义务，敬请投资者注 意投资风险。 | 转债代码：118033 | 转债简称：华特转债 | | | --- | --- | --- | | 证券代码：688268 | 证券简称：华特气体 | 公告编号：2025-070 | 广东华特气体股份有限公司 关于前期提起重大诉讼的进展公告 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： 案件所处的诉讼阶段：已立案受理，尚未开庭审理（前期相关诉讼"赖 明贵诉公司合同纠纷一案"作出一审判决） 上市公司所处的当事人地位：广东华特气体股份有限公司（以下简称"公 司"）为原告（前期相关诉讼"赖明贵诉公司合同纠纷一案"公司为被告） 截至目前，"赖明贵诉公 ...