Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Views - The company reported a revenue of 14.36 billion RMB for 2025, representing a year-on-year growth of 1.2%. The net profit attributable to shareholders was 1.64 billion RMB, showing a significant increase of 102.5%. The gross profit margin reached 30.8%, up by 9.2 percentage points, while the operating profit margin was 17.9%, an increase of 7.9 percentage points. A dividend of 0.3 HKD per share was declared [2][6]. Summary by Relevant Sections - **Refrigerant Business Performance**: The refrigerant segment was the best-performing division, with external sales reaching 4.94 billion RMB, a growth of 52.1% year-on-year, accounting for 34.4% of total external sales. The segment's tax profit was 2.29 billion RMB, up by 183.7% compared to the previous year. Prices for refrigerants R22, R32, R125, and R134a increased by 11.4%, 63.0%, 22.5%, and 50.7% respectively [6][8]. - **Fluoropolymer Materials**: The fluoropolymer materials segment had external sales of approximately 3.93 billion RMB, a slight increase of 2.8% year-on-year, making up 27.4% of total external sales. However, the segment's tax profit decreased by 29.8% due to intense market competition and increased R&D expenses [8]. - **Silicone Business**: The silicone segment reported external sales of about 3.82 billion RMB, a decline of 26.6% year-on-year, representing 26.6% of total external sales. The segment incurred a tax loss of 0.5 billion RMB, compared to a profit of 1.0 billion RMB in the previous year, primarily due to a drop in prices and production disruptions [8]. - **Other Business Segments**: Other business segments generated external sales of 0.44 billion RMB, with a tax loss of 3.8 billion RMB. This segment includes various by-products and thermal power business, which faced significant losses due to impairment from the planned shutdown of old power plants [8]. - **Future Outlook**: For 2025, the refrigerant segment is expected to continue its upward trend, while the silicone and polymer segments may see a bottom reversal. The company holds significant quotas for refrigerants, which positions it well to benefit from future price increases. The expected net profits for 2026-2028 are projected to be 2.58 billion, 3.04 billion, and 3.50 billion RMB respectively [8].

Summary of Dongyue Group Conference Call Industry and Company Overview - **Company**: Dongyue Group - **Industry**: Refrigerants and Fluoropolymers Key Points and Arguments Refrigerants Market - R32 prices remain high and are better than in 2025, while R22 is recovering with the peak season. The conversion of quotas will depend on market conditions in July-August [2][3] - The overall market environment for refrigerants is good, currently in a price increase cycle, with R22 prices expected to rise due to seasonal demand [3][6] - Export business has faced minor impacts due to war-related disruptions, but order volumes remain substantial [3][6] Fluoropolymers and High-end Materials - Prices for fluoropolymers (e.g., PTFE) are in an upward trend, with stable demand and full order books, leading to expected profit improvements in 2026 compared to 2025 [2][4] - High-end fluoropolymer sales are limited due to long verification cycles for downstream imports and small demand, but breakthroughs have been made in PCB materials [2][5] Financial Performance and Projections - A loss of 380 million in 2025 was primarily due to impairment of old power plants and goodwill. Some impairment will continue in the first half of 2026, but new plants will achieve 100% self-supply of steam and partial external sales [2][5] - Capital expenditures in 2026 will remain high, focusing on power plant project settlements, R32 expansion, and smaller projects, with 5 billion in cash reserves to navigate international uncertainties [2][7][8] Cost Management and Profitability - The price increase of upstream raw materials like methanol and sulfuric acid has limited impact on profitability due to order reserves and the ability to pass on costs to product prices [3][6] - The company maintains a 15% preferential tax rate as a high-tech enterprise, which is expected to remain stable as long as the qualification is upheld [14] Future Outlook - The company is optimistic about 2026, with expectations of improved performance across all major business segments, including refrigerants and fluoropolymers [17] - The new power plant is expected to lower costs in the long term and may allow for external sales of steam, contributing to new revenue streams [5][6] Other Considerations - The company has made preparations for fourth-generation refrigerants, with production capacity expected to expand once market demand increases [10] - The overall loss in other business segments is attributed to multiple factors, including goodwill impairment and increased administrative expenses [6][16] Additional Important Information - The company plans to maintain a stable dividend policy, aiming to provide better returns to investors [9] - The 2025 financial results showed a significant decrease in operating costs due to enhanced internal controls, despite a decline in organic silicon business revenue caused by a fire incident [15]

Dividend Distribution - The proposed final dividend distribution date is clarified to be July 13, 2026, instead of July 14, 2026, due to a typographical error[4] Annual Performance Announcement - The announcement serves as a supplement to the annual performance announcement for the year ending December 31, 2025[4] - All other information in the performance announcement remains unchanged[4]

EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 執行董事張建宏先生、王維東先生、張哲峰先生及鍾德麗女士，獨立非執行董事丁良輝先生、楊曉勇先生及 馬志忠先生 第 2 頁 共 2 頁 v 1.1.1 第 1 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 東岳集團有限公司 | | 股份代號 | 00189 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度之末期股息 | | 公告日期 | 2026年3月25日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | ...

Financial Performance - Total revenue for the year ending December 31, 2024, is projected to be HKD 14,181 million, with an increase to HKD 14,355 million for 2025[4] - Gross profit for 2024 is expected to be HKD 4,423 million, with a gross profit margin of 21.62%, increasing to HKD 3,067 million and a gross profit margin of 30.81% for 2025[4] - Profit before tax for 2024 is projected at HKD 2,577 million, with a decrease to HKD 1,423 million for 2025[4] - Net profit for 2024 is estimated at HKD 987 million, with a rise to HKD 2,184 million for 2025[4] - Earnings per share for 2024 is expected to be HKD 0.46, increasing to HKD 0.98 for 2025[4] - Total revenue for the year ended December 31, 2025, reached RMB 14,355,381, an increase from RMB 14,181,087 in 2024, representing a growth of approximately 1.23%[5] - Gross profit for 2025 was RMB 4,422,707, compared to RMB 3,066,581 in 2024, indicating a significant increase of approximately 44.2%[5] - Net profit for the year was RMB 2,183,593, up from RMB 987,497 in 2024, reflecting a growth of approximately 120.9%[5] - Basic earnings per share for 2025 was RMB 0.98, compared to RMB 0.46 in 2024, marking an increase of approximately 113%[5] - The total comprehensive income for the year was RMB 2,290,061, compared to RMB 1,008,763 in 2024, indicating a growth of approximately 127.3%[5] Equity and Assets - Total equity is projected to be HKD 17,472 million for 2024, increasing to HKD 20,165 million for 2025[4] - Total assets increased to RMB 17,997,192 thousand in 2025 from RMB 20,687,636 thousand in 2024, reflecting a decrease of approximately 8.2%[6] - Non-current assets, including property, plant, and equipment, decreased to RMB 11,915,717 thousand in 2025 from RMB 12,279,823 thousand in 2024, a decline of about 3%[6] - Current assets, including cash and cash equivalents, rose to RMB 5,005,398 thousand in 2025 compared to RMB 2,470,496 thousand in 2024, an increase of approximately 102%[6] - Shareholders' equity increased to RMB 17,471,837 thousand in 2025 from RMB 20,164,632 thousand in 2024, a decrease of approximately 13.4%[7] - The company’s total equity attributable to owners of the parent decreased to RMB 12,107,060 thousand in 2025 from RMB 14,376,984 thousand in 2024, a decline of approximately 15.8%[7] Expenses and Costs - Research and development expenses for 2025 were RMB 784,419, compared to RMB 707,132 in 2024, indicating an increase of approximately 10.9%[5] - Selling and distribution expenses decreased to RMB 415,657 in 2025 from RMB 437,188 in 2024, showing a reduction of approximately 4.9%[5] - Administrative expenses increased to RMB 955,685 in 2025 from RMB 734,857 in 2024, reflecting a rise of approximately 30%[5] - The company’s total employee costs for 2025 amounted to RMB 1,284,681,000, up from RMB 1,054,873,000 in 2024, representing an increase of about 21.7%[30] - The company incurred a total of RMB 1,326,151,000 in depreciation and amortization expenses in 2025, compared to RMB 1,161,308,000 in 2024, reflecting an increase of approximately 14.2%[30] Investments and Acquisitions - The company has not made any significant investments, acquisitions, or disposals of subsidiaries or joint ventures during the fiscal year 2025[87] - The fair value of the investment in Taihe Asset Management is estimated at RMB 87,063,000 as of December 31, 2025, up from RMB 73,443,000 in 2024, with a recognized fair value gain of RMB 13,620,000 for the year[37] - The investment in Hainan Gugi has decreased to RMB 897,000, with a fair value of RMB 1,281,000 as of December 31, 2025, down from RMB 3,218,000 in 2024, resulting in a fair value loss of RMB 1,937,000[38] - The group has made a total capital contribution of RMB 120,000,000 to Taihe, representing 6% of its registered capital[37] - The group has invested RMB 278,500,000 in Hainan Gugi, holding 89.73% of its equity[38] Market and Sales Performance - Revenue from high polymer materials was RMB 3,930,086,000, while refrigerants generated RMB 4,940,752,000, showing significant contributions to overall sales[14] - The refrigerant segment's external sales reached RMB 4,940,752,000, a 52.13% increase from RMB 3,247,702,000 last year, accounting for 34.42% of total external sales[65] - The organic silicon segment reported a loss of RMB 51,711,000, compared to a profit of RMB 101,668,000 in 2024, indicating significant challenges in this business area[64] - Revenue from overseas customers was RMB 2,069,856,000 in 2025, compared to RMB 2,309,044,000 in 2024, indicating a decline in international sales[23] Corporate Governance - The group has maintained a consistent corporate governance framework, adhering to the relevant rules and guidelines throughout 2025[90] - The audit committee reviewed the group's accounting policies and internal controls, ensuring compliance with financial reporting standards[94] - The company has established a Compensation Committee to consider the remuneration of directors and senior management[95] - A Nomination Committee has been formed to oversee the appointment of new directors and related matters[96] - The company has set up a Corporate Governance Committee to review governance policies and compliance with governance codes[97] - A Risk Management Committee has been established to examine risk management and internal controls[98] Future Outlook and Strategy - The group anticipates significant growth in the current year, but acknowledges uncertainties in the fluorosilicone industry market, necessitating a cautious approach to future opportunities and challenges[55] - The group plans to strengthen safety and environmental measures to ensure stable production operations, adhering to the latest safety and environmental regulations[56] - The marketing model will be upgraded to adapt to changing market dynamics, focusing on long-term value partnerships and expanding into international markets[58] - The group aims to shift cost control from "point reduction" to "systematic reduction," optimizing costs across the entire supply chain[59] - The energy center project, initiated in 2025, is progressing steadily and is expected to enhance cost control capabilities and fulfill social responsibilities upon completion in 2026[60]

Investment Rating - The report maintains a "Buy" rating for the refrigerant industry, specifically for HFCs [5] Core Insights - The refrigerant industry is expected to maintain high prosperity due to supply quota constraints and steadily increasing demand. The transition to quota production for HFCs in China is a significant factor driving this outlook [1][4] Supply Side Analysis - Environmental policies are driving the iteration of refrigerants, with HFCs entering a quota production phase starting in 2024. The production quotas for HFCs from 2024 to 2026 are set at approximately 748,500 tons, 791,900 tons, and 797,800 tons respectively, indicating a stable supply environment [1][19] - The supply of HFCs is expected to remain constrained due to the quota system, which is likely to continue until 2029 when reductions in HFC usage will begin [1][21] Demand Side Analysis - The demand for HFCs is projected to grow steadily, supported by ongoing government subsidies and policies aimed at boosting consumption in sectors such as air conditioning and automotive. By 2025, the demand for R32, R125, and R134a is expected to reach 100%, 70%, and 72% respectively in their respective applications [3][43] - The exit of second-generation refrigerants is anticipated to create additional demand for third-generation refrigerants, particularly HFCs, as they become the primary choice in new appliances [3][4] Price Trends - Since the implementation of the HFC quota in 2024, prices for HFCs have risen significantly, with R32, R125, and R134a experiencing price increases of 153%, 53%, and 55% respectively compared to the end of 2023. The price differences among these products are at historical highs [2][26] - The report forecasts that the low inventory levels will continue to support high prices for HFCs, with expectations of sustained high demand for R32 and other mainstream HFC products [2][32] Investment Recommendations - The report suggests focusing on key players in the HFCs market, including Juhua Co., Sanmei Co., Yonghe Co., Dongyue Group, and Haohua Technology, as they are well-positioned to benefit from the favorable market conditions [4][22]

Macro and Strategy - The 2026 government work report emphasizes the priority of "high-quality development" over "stability" with a GDP growth target adjusted to 4.5%-5.0%, aiming to balance growth and quality during a transitional period [7][8] - Fiscal policy remains "more proactive," with a total broad deficit of 11.89 trillion yuan and a deficit rate of approximately 8.1%, reflecting a slight decrease from the previous year [8] - Monetary policy is expected to remain "moderately loose," with anticipated adjustments including one rate cut and one reserve requirement ratio reduction in 2026 [8] Petrochemical Industry - The petrochemical industry investment strategy for March 2026 recommends focusing on rising crude oil and natural gas prices driven by geopolitical factors, particularly following military actions in the Middle East that disrupted energy supplies [9][10] - The conflict has led to significant price increases in European natural gas, with prices surging over 50% due to supply disruptions from Iran and Qatar [9] - The supply side is experiencing a downturn in fixed asset investment, indicating the end of the expansion cycle, while policies are aimed at eliminating low-priced, disordered competition [10] - Demand is expected to recover moderately due to global central banks entering a rate-cutting cycle, alongside growth in new energy and AI sectors driving demand for key chemicals [11] - The report forecasts Brent crude oil prices stabilizing between $70-$75 per barrel and WTI prices between $65-$70 per barrel in 2026, with specific investment recommendations for companies like China National Offshore Oil Corporation and China Petroleum [12] Retail Industry - The retail investment strategy for March 2026 highlights the proactive positioning of leading beauty brands for the upcoming International Women's Day promotions, with expectations for improved performance due to new product launches [17] - Gold prices have seen significant fluctuations, with a year-to-date increase of 22.34%, impacting consumer sentiment and sales in the jewelry sector [18] - The report maintains an "outperform" rating for the retail sector, suggesting that leading companies in gold and beauty will continue to grow despite short-term market volatility [19] Ctrip Group - Ctrip's Q4 2025 revenue grew by 20.8% year-on-year, outperforming expectations, with a total revenue of 15.4 billion yuan [20][21] - The company is focusing on enhancing user experience and optimizing traffic monetization, with significant growth in overseas bookings through its Trip.com platform [21] - Regulatory scrutiny regarding antitrust issues is a key concern, but the company's strong operational capabilities and supply chain integration are expected to support steady growth [22][23]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 東岳集團有限公司 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00189 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | 本月底法定/註冊股本總額： HKD 400,000,000 第 ...

（股份代號：189） 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 DONGYUE GROUP LIMITED 東 岳 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） 主席 張建宏 中華人民共和國，2026年3月4日 於本公告日期，本公司董事為執行董事張建宏先生、王維東先生、張哲峰先生及 鍾德麗女士，以及獨立非執行董事丁良輝先生、楊曉勇先生及馬志忠先生。 董事會會議召開日期 東岳集團有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，本公司將於2026年 3月25日（ 星期三 ）舉行董事會會議，藉以（ 其中包括 ）批准本公司及其附屬公司截 至2025年12月31日止年度之經審核全年業績、宣派末期股息（ 如有 ）及任何其他事 項。 承董事會命 東岳集團有限公司 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The geopolitical situation in Iran is escalating, which may impact the supply expectations and fundamentals of related chemical products. Methanol and urea may face supply disruptions, as Iran's methanol production capacity is significant, accounting for 59.78% of the Middle East's total capacity and 22.86% of international capacity (excluding China) as of February 2026. Urea exports from Iran are projected to be around 4.5 million tons in 2024, making it the third-largest exporter globally [3][4] - Major chemical companies are raising prices for MDI and TDI products, indicating potential price increases in traditional peak seasons. For instance, Hunstman announced a price increase of $260 per ton for MDI in the U.S. market, effective immediately [3][4] - The U.S. government has signed an executive order to protect the supply of phosphorus and glyphosate, which may lead to a revaluation of phosphate resources. This strategic resource is expected to maintain high demand and price stability [3][4] - The chemical industry is anticipated to experience a cyclical recovery and industrial upgrade in 2026, driven by domestic growth policies and a potential easing of monetary policy by the Federal Reserve. This may lead to a moderate recovery in traditional chemical demand [5][6] Summary by Sections Geopolitical Impact - The Iranian geopolitical situation is causing concerns over supply disruptions for chemical products like methanol and urea, with significant production capacities in Iran [3] - Sulfur and aluminum carbonate, which have high import dependencies, may also be affected by geopolitical factors, leading to potential price increases [3] Price Trends - The price of TMP has continued to rise due to tight supply conditions, with a reported price of 12,750 RMB per ton as of February 27, 2026, reflecting a 6.3% increase week-on-week [8] - Prices for refrigerants are expected to rise due to supply constraints and increased demand post-holiday, with notable price increases reported for various refrigerants [4][8] Long-term Investment Recommendations - The chemical industry is expected to benefit from a cyclical recovery and industrial upgrades in 2026, with a focus on sectors like pesticides and tire manufacturing, which may see increased pricing opportunities due to trade barriers [5] - Emerging industries such as sustainable aviation fuel (SAF) and lithium battery materials are projected to grow significantly, driven by global decarbonization policies [5][6]