Heye Gas reported first-half revenue of 855 million yuan, up 6.12% year on year, while net profit attributable to shareholders fell 26.82% to 35.99 million yuan, according to Jiemian News. Excluding non-recurring items, net profit slipped 1.26% to 33.33 million yuan, as government subsidies dropped sharply from a year earlier and other income fell 66.3% to 8.9 million yuan.

The company said its traditional bulk-gas business remained the main revenue contributor, with first-half sales of 400 million yuan, while electronic specialty gases and materials revenue rose 110.10% to 56.18 million yuan but still accounted for only 6.57% of total revenue. Heye Gas said its planned 500-ton-a-year electronic-grade tungsten hexafluoride product is still in trial production, has not yet obtained formal certification from major domestic or overseas semiconductor customers, has not signed orders, and has generated no revenue.

The article said tungsten hexafluoride prices surged in 2025 and 2026 as AI demand rose and supply tightened, with export prices reaching $231 per kilogram in June, up 239% from January. It also noted that Japan's Kanto Denka and Central Glass said they would permanently stop tungsten hexafluoride production from July 2026, which is expected to cut global supply by about one quarter. Heye Gas also faces financial pressure: short-term borrowings stood at 989 million yuan, long-term borrowings at 434 million yuan, and debt due within one year at 1.038 billion yuan, while cash and cash equivalents fell to 386 million yuan from 479 million yuan a year earlier.