[Zhongchuan Specialty Gas] Core Supplier to CXMT, Tungsten Hexafluoride in Short Supply, Key Attention!

English summary

# Company is core supplier to CXMT. CXMT listed and stock price strong, company is CXMT core tungsten hexafluoride supplier, expected to fully benefit from CXMT expansion. # Tungsten hexafluoride supply-demand gap expected to widen. Supply side, Japan production has declined, May export volume of tungsten hexafluoride fell nearly half MoM. Demand side, despite memory stock price volatility, expansion willingness remains strong, tungsten hexafluoride demand will grow rapidly over next 3-5 years, we expect supply-demand gap to continue widening in 26-28. # Company will reach 4,000 tons capacity by end of 2027. Current 2,000 tons capacity fully utilized, Handan 1,000 tons expected Q2 2027, Shanghai 1,000 tons expected end of 2027. Orders full, new capacity after expansion expected to effectively support earnings release.