Huate Gas

Business

Huate Gas (广东华特气体股份有限公司), based in Foshan, builds its business on the research, production and sale of specialty gases, with ordinary industrial gases and gas equipment and engineering alongside (2026 interim report, p. 8). Its electronic specialty gases go into integrated circuits, displays, photovoltaics and fibre optics, and the company says they are the second largest front-end semiconductor material after silicon wafers (p. 13). Gases are sold mostly direct to end customers, with some volumes routed through international gas majors to overseas fabs, and the company runs its own warehousing and technical service in Singapore after acquiring AIG (p. 11).

Electronic specialty gas product line

The electronic gas catalogue covers the etch, deposition, lithography and cleaning steps of chipmaking: high-purity carbon tetrafluoride, hexafluoroethane, lithography electronic mixed gases, carbon dioxide, carbon monoxide, ammonia, nitric oxide, trifluoromethane, octafluoropropane, germane, ethylene, methane, hexafluorobutadiene, hydrogen bromide and boron trichloride, among others (p. 9). The company says 57 electronic specialty gas products have achieved import substitution, covering the core categories, and that more than 20 products are already used on 14nm and 7nm production lines, with some fluorocarbon and hydride products introduced into 5nm processes (p. 16). New products moving to market in the half included hydrogen bromide, boron trichloride and sulfur tetrafluoride, which have passed certification at some semiconductor makers (p. 26).

Scale and mix

• Revenue rose 28.95% to ¥872.39m in the first half of 2026, and net profit attributable to shareholders rose 19.16% to ¥92.83m (p. 7). Revenue of ¥872.39m against cost of sales of ¥609.91m implies a gross margin of about 30.1% (our calculation from p. 84).
• Semiconductor-field revenue was ¥342.89m, up 28.22%, and the company says its products now serve more than 90% of domestic 8-inch and 12-inch chip makers (pp. 16, 24). Helium and related products were about 20% of total revenue and grew 133% in the half, as geopolitical disruption pushed up helium prices (p. 24).
• On capacity, part of its convertible-bond project for 1,764 tonnes per year of semiconductor materials was completed in December 2025, and a 1,936.2 tonne per year electronic specialty gas project was completed in August 2026 (p. 25). It also bought Derui Technology to add chlorine trifluoride, diborane and sulfur tetrafluoride, all high-value fluorinated gases for chipmaking (p. 26).
• Overseas, the Singapore unit now sells direct to 5 local semiconductor fabs (p. 11). Its receivables list names YMTC as a top customer, and it won supplier awards from SMIC Ningbo and Silan in the period (pp. 31, 140).

Caveats

The company's own risk section is blunt about the gap that remains: the high-end specialty gas market is still dominated by foreign giants, and it names TSMC and SMIC among the core customers whose high-end demand it must keep meeting as nodes move to 7nm, 3nm and 2nm (p. 41). Certification at a fab takes 1 to 3 years, so a new product earns nothing until it passes (p. 46). Helium is a second risk: supply depends on Russian export permits that must be applied for monthly, and the company says approval outcomes remain uncertain (p. 43). The helium windfall that lifted the half's growth is therefore not a stable base, and the filing warns that domestic rivals are expanding at the same time, which pressures prices and margins (p. 43).