Keyi Gas (832511): Applying for listing on the Beijing Stock Exchange. The underwriter, Shenwan Hongyuan, has submitted the progress report of the listing counseling work (12th issue).

Henan Keyi Gas Co., Ltd. released an announcement on April 7. The announcement said that the company’s tutoring work is progressing normally. The company’s tutoring institution, Shenwan Hongyuan Securities Co., Ltd. (Shenwan Hongyuan Securities Underwriting and Sponsorship Company), has submitted to the Henan CSRC on April 7, 2026, the “Report on the Progress of Tutoring Work for Henan Keyi Gas Co., Ltd. (Twelfth Period).”

Tongbi Finance learned that the company’s main business is the production, filling, transportation, and sales of industrial gases, as well as technical consulting, equipment inspection, and gas-usage solution planning and design, which enable it to provide customers with one-stop solutions for industrial gas.

According to relevant data, the global industrial gas market size reached $115.47 billion in 2025. It is expected to grow from 2026 to 2034 at a CAGR of 5.95%, and in 2034 it will exceed $193.72 billion. China, as the world’s largest single market, is growing significantly faster than the global average. In addition, according to industry statistics, in 2024 the Chinese market size was about 226 billion yuan, and in 2025 it is expected to increase to 248 billion yuan, maintaining a stable growth rate of 8% to 10%. The continued expansion of both the global and Chinese markets provides broad growth room for full-industry-chain businesses.

Replacement in existing markets and service demand provide stable support for the industry, ensuring long-term steady and sound development. As of 2025, in China the total inventory of equipment related to industrial gases continues to grow. Air separation units, storage and transportation storage tanks, purification equipment, and other assets have entered a concentrated renewal cycle, driving stable release of demand for equipment replacement, repair and maintenance, and supporting inspection services. At the same time, upgrades to existing gas-using systems driven by the smart and green transformation of the manufacturing industry are replacing aging gas-supply equipment with new, efficient, low-consumption, and intelligent systems, and demand for supporting technical retrofits and solution optimization is increasing. In addition, the service radius of industrial gas keeps expanding. Energy needs of small and micro enterprises are met through models such as centralized gas supply and bottled gas delivery, and market penetration continues to rise.

In terms of performance, according to the company’s already disclosed 2025 interim report, the company achieved operating revenue of 95.66 million yuan, a year-on-year increase of 5.21%, and net profit of 10.20 million yuan, a year-on-year increase of 28.47%.

(Editor: Liu Chang)

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