Walt Gas: First-half revenue expected to increase by 28.95% year-on-year, net profit attributable to shareholders up 19.36% | Financial Report News

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A-share specialty gas leader Huate Gas releases performance forecast: It expects to achieve operating income of about 872 million yuan in the first half of the year, a year-on-year increase of nearly 29%.

On the profit side, the company expects net profit attributable to the parent of about 92.99 million yuan, up about 19.36% year-on-year; net profit attributable to the parent after deducting non-recurring items is about 90.09 million yuan, up about 19.48% year-on-year.

From the core driving logic, the biggest contributor to this performance improvement is the volume surge and gross profit increase of core specialty gas products such as lithography, mixed gases, and fluorocarbon gases. These two types of products are deeply tied to high-prosperity segments like semiconductor manufacturing and advanced packaging, with high visibility of demand, and also demonstrate that the company’s sustained investment in specialty gas supply assurance is accelerating the realization of its efforts.

Revenue growth approaches 30%, scale effects are emerging

In the first half of 2026, Huate Gas expects operating income of 872.3891 million yuan, an increase of about 196 million yuan compared to 676.5288 million yuan in the same period last year, with a year-on-year increase of 28.95%. This growth rate not only reflects the company's steady expansion in market share, but also indicates the continued recovery of upstream gas demand in the domestic semiconductor and pan-electronics industrial chains.

Notably, the nearly 30% revenue growth is significantly faster than the approximately 19% profit growth, which means the company is still in the investment phase of ramping up capacity and market expansion, somewhat diluting profit flexibility during scaling up. But in absolute terms, net profit attributable to the parent is approaching the 100 million yuan mark, profit volume continues to grow, and fundamentals are clearly improving.

Core specialty gas products drive performance growth as strongest engines

The company explicitly names two main growth sources in its announcement: lithography and other mixed gases, and fluorocarbon gases.

Lithography gases, as indispensable consumables in chip manufacturing, have seen strong demand for domestic alternatives as wafer fab capacity has continued to expand in China in recent years. Huate Gas has leveraged its "stable and reliable supply assurance capability" to penetrate and deepen client stickiness, continuously increasing its share in this niche. Fluorocarbon gases are widely used in etching, cleaning, and other process stages, also benefiting from increased usage brought by downstream process upgrading.

Sales growth and gross profit improvement in these two product categories have constituted the core driving force of this period’s performance growth, validating the company’s strategic direction in optimizing high-value-added specialty gas product structure and its substantial financial returns.

High consistency between net profit after non-recurring items and net profit attributable to parent, profit quality is excellent

In the first half of 2026, Huate Gas expects net profit attributable to the parent of 92.99 million yuan, with net profit after non-recurring items at 90.08 million yuan, and the difference only about 2.9 million yuan. Net profit after non-recurring items accounts for about 96.9% of net profit attributable to the parent.

In comparison, in the first half of 2025, net profit attributable to the parent was 77.91 million yuan and net profit after non-recurring items was 75.40 million yuan, with a difference of about 2.5 million yuan and a similar ratio structure. In two consecutive reporting periods, the impact of non-recurring gains and losses on net profit has been extremely limited, indicating the company’s profit sources rely highly on main business, profit quality is robust, and there is no "watering-down" from government subsidies or investment income, supporting strong sustainability.

Re-examining the year-on-year base and growth pace

From a vertical comparison, in the first half of 2025 the company achieved a total profit of 94.70 million yuan, net profit attributable to parent of 77.91 million yuan. In the first half of 2026, net profit attributable to parent is expected to reach 92.99 million yuan, already exceeding last year's total profit for the period, which means the overall profit structure is further shifting towards parent shareholders in terms of tax burden and minority interest factors.

Additionally, first-half earnings per share in 2025 were 0.65 yuan. Based on this, EPS in the first half of 2026 is expected to reach about 0.77 yuan, which may bring about a re-examination of valuation at the current market cap.

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