瑞财经 严明会 今年3月中旬，山东东岳未来氢能材料股份有限公司（简称：未来材料）重启上市辅导，6月底上交所受理了其IPO申请。 这是未来材料第三次IPO之旅，前两次因控股股东破产重整、实控人变更、项目手续不全等因素，均未完成上市辅导，此次仅用3个月多月时间就走到递 表受理环节，公司简称从"未来氢能"改为"未来材料"之后，能顺利完成上市吗？ 未来材料前身为山东东岳未来氢能材料有限公司（简称：氢能有限），由华夏神舟、新华联控股、北京旭日兴隆，于2017年12月同出资设立，注册资本 10,000万元，分别持股40%、30%、30%。华夏神舟和北京旭日兴隆的背后为东岳集团创始人张建宏，彼时新华联控股的实控人为傅军。 而新华联与东岳集团背后有一段渊源。新华联旗下新华联国际曾一度成为东岳集团最大股东，2007年，东岳集团上市后实控人变更为傅军。 2020年9月，氢能有限整体变更为股份有限公司，并于10月启动了首次IPO辅导，拟冲刺科创板。此时，未来材料股权结构已经发生较大变化。16名股东 中，东岳氟硅科技集团作为单一最大股东持股31.21%，北京旭日兴隆作为第二大股东持股23.41%，其他持股5%以上股东还包括彼岸时代、 ...

[Supplemental Announcement and Change in Use of Proceeds](index=1&type=section&id=Supplemental%20Announcement%20and%20Change%20in%20Use%20of%20Proceeds) This section outlines the updated use of placement proceeds and the reallocation of unutilized funds [Update on Use of Proceeds from Placement](index=1&type=section&id=Update%20on%20Use%20of%20Proceeds%20from%20Placement) The company details the utilization of HKD 3.31 billion net proceeds from the placement, with HKD 249 million unutilized as of December 31, 2024 - The net proceeds from the placement (after deducting related expenses and fees) totaled approximately **HKD 3.31 billion**[4](index=4&type=chunk) Details of Proceeds Utilization as of December 31, 2024 | Purpose | Net Proceeds Allocated (Thousand HKD) | Net Proceeds Utilized as of December 31, 2024 (Thousand HKD) | Unutilized Net Proceeds Balance (Thousand HKD) | | :--- | :--- | :--- | :--- | | Increasing PVDF and Raw Material Production Capacity | 2,000,000 | 1,895,760 | 104,240 | | Increasing PTFE and Raw Material Production Capacity | 800,000 | 655,520 | 144,480 | | Supplementing General Working Capital | 510,000 | 510,000 | 0 | | **Total** | **3,310,000** | **3,061,280** | **248,720** | [Change in Use of Unutilized Proceeds](index=2&type=section&id=Change%20in%20Use%20of%20Proceeds) The Board reallocates HKD 192 million of unutilized proceeds to high-end PTFE, green transformation, and new refrigerant projects - Reason for change: Severe supply-demand imbalance in the PVDF and PTFE product markets led to changes in product unit prices and lower-than-expected prior investment returns[6](index=6&type=chunk) - As of the announcement date, the unutilized net proceeds amounted to approximately **HKD 191.9 million**, and the Board has resolved to change their use[6](index=6&type=chunk) New Allocation Plan for Unutilized Net Proceeds | New Purpose | Allocated Amount (Thousand HKD) | Proposed Utilization Timeline | | :--- | :--- | :--- | | PTFE Ultra-High Purity Quality Improvement (High-End PTFE) | 89,558 | December 2026 | | Green and Intelligent Transformation of Tetrafluoroethylene Production Line | 68,234 | December 2026 | | Pilot Project for Tetrafluoropropylene (New Refrigerant) Production | 34,117 | December 2025 | | **Total** | **191,909** | — | - The Board believes that changing the use allows the company to more effectively allocate financial resources, enhancing the Group's operating performance in the long term and aligning with the overall interests of the Group and its shareholders[7](index=7&type=chunk)

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: 2025年8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 ...

Group 1: Market Performance - Dongyue Group (00189) saw a rise of over 1%, with expectations for increased refrigerant demand as the new cooling season begins, despite a seasonal decline in August [1] - Hong Kong's banking stocks experienced a rally, with Agricultural Bank (01288) up over 2%, and other banks like ICBC (01398) and China Merchants Bank (03968) also gaining over 1%. The overall asset quality of listed banks remains stable, and profit growth is expected to continue [1] - In the gold sector, Lingbao Gold (03330) rose over 3%, with other companies like Chifeng Jilong Gold (06693) and Shandong Gold (01787) also seeing significant gains, driven by lower-than-expected U.S. job growth data which increased interest in gold [3] Group 2: Company Announcements - InnoCare (02577) surged over 8% after being named the only Chinese chip company in NVIDIA's 800VDC power architecture collaboration, indicating a significant partnership in AI data centers [2] - Derun Shipping (02510) announced a profit forecast of approximately $180 million to $200 million for the six months ending June 30, 2025, representing a 220% to 255% increase compared to the previous year [2] - China Eastern Education (00667) reported an expected profit increase of no less than 45% for the first half of the year, driven by a 7% increase in new student registrations and effective cost control [3] Group 3: Financial Results - Amazon (AMZN.US) reported second-quarter earnings that exceeded expectations, with AWS revenue growing 17% year-over-year, but the third-quarter profit guidance fell short of market expectations [5] - Coinbase (COIN.US) saw a 16.7% drop after reporting second-quarter revenue of $1.5 billion, which was below analyst expectations, despite a significant profit increase due to investments [5] - Moderna (MRNA.US) experienced a decline of over 10% due to delays in vaccine shipments, leading to a downward revision of its revenue forecast for 2025 [7]

东岳集团近期发布业绩盈喜公告，预计该集团截至2025年6月30日止年度的公司拥有人应占净溢利同比 可能大幅增长约150%。根据现有资料，董事会认为上述增长的主要原因为部分制冷剂产品价格较去年 同期大幅上涨所致。 来源：新浪港股 东岳集团（00189）早盘股价上涨2.66%，现报10.81港元，成交额5195.12万港元。 国信证券指出，据卓创资讯预计，主流制冷剂产品价格稳定增长：8-10月R32均价分别在5.6/5.7/5.8万 元；R134a分别在5.0/5.1/5.2万元。R227ea在消防打假补库，开工不足的影响下，报价上涨至7.3万元/ 吨。 国信证券认为，8月份为空调厂生产淡季，对应制冷剂需求有减少，但随着金九银十的到来，同时伴随 着新冷年的开启，对应冷媒需求多有增量预期，且年度有限供应情况下，挺价心态明显，未来三个月制 冷剂R32价格或延续高位偏强运行。随着R134a年度配额的持续消化，挺价心态持续增强，高价报盘陆 续落实，同时随着9-10月份出口需求的逐步增量，市场或有进一步冲高预期。 ...

Group 1 - Dongyue Group (00189) shares increased by over 3%, currently up 2.66% at HKD 10.81, with a trading volume of HKD 51.95 million [1] - The company recently announced a positive earnings forecast, expecting a significant year-on-year net profit increase of approximately 150% for the fiscal year ending June 30, 2025 [1] - The primary reason for this expected growth is attributed to a substantial rise in the prices of certain refrigerant products compared to the same period last year [1] Group 2 - According to Guosen Securities, mainstream refrigerant product prices are expected to show stable growth, with average prices for R32 in August to October projected at 56,000, 57,000, and 58,000 CNY respectively, and R134a at 50,000, 51,000, and 52,000 CNY [1] - The price of R227ea has increased to 73,000 CNY/ton due to impacts from fire-fighting stockpiling and insufficient production [1] - August is typically a low season for air conditioning production, leading to reduced refrigerant demand; however, with the arrival of the peak season in September and October, an increase in refrigerant demand is anticipated [1]

东岳集团(00189)涨超3%，截至发稿，涨2.66%，报10.81港元，成交额5195.12万港元。 国信证券认为，8月份为空调厂生产淡季，对应制冷剂需求有减少，但随着金九银十的到来，同时伴随 着新冷年的开启，对应冷媒需求多有增量预期，且年度有限供应情况下，挺价心态明显，未来三个月制 冷剂R32价格或延续高位偏强运行。随着R134a年度配额的持续消化，挺价心态持续增强，高价报盘陆 续落实，同时随着9-10月份出口需求的逐步增量，市场或有进一步冲高预期。 消息面上，东岳集团近期发布业绩盈喜公告，预计该集团截至2025年6月30日止年度的公司拥有人应占 净溢利同比可能大幅增长约150%。根据现有资料，董事会认为上述增长的主要原因为部分制冷剂产品 价格较去年同期大幅上涨所致。国信证券指出，据卓创资讯（301299）预计，主流制冷剂产品价格稳定 增长：8-10月R32均价分别在5.6/5.7/5.8万元；R134a分别在5.0/5.1/5.2万元。R227ea在消防打假补库，开 工不足的影响下，报价上涨至7.3万元/吨。 ...

从中证香港300原材料指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港300原材料指数持仓样本的行业来看，有色金属占比79.26%、非金属材料占比14.63%、化工 占比4.42%、造纸与包装占比1.70%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证香港300指数调整样本时，其下属的行业指 数样本随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对中证香港 300行业指数系列样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合 并、分拆等情形的处理，参照计算与维护细则处理。 金融界8月1日消息，上证指数下跌0.37%，中证香港300原材料指数 (H300材料，L11221)报2376.75点。 数据统计显示，中证香港300原材料指数近一个月上涨6.23%，近三个月上涨26.52%，年至今上涨 45.40%。 据了解，中证香港300行业指数系列在中证香 ...

Group 1: Market Performance - The fluorochemical sector showed steady performance in July, with the fluorochemical index rising by 6.29%, outperforming the CSI 300 index by 1.32 percentage points [1] - As of the end of July, the fluorochemical index was at 1471.59 points, which is an increase of 6.29% compared to the end of June [1] - The chemical price indices reported by Guosen Securities indicated a slight decrease in the fluorochemical price index by 2.76% and an increase in the refrigerant price index by 2.24% as of July 30, 2025 [1] Group 2: Refrigerant Prices - Retail prices for the main refrigerant R32 continued to rise, with R227ea prices increasing rapidly to 73,000 yuan/ton due to demand from the firefighting sector [2] - Price forecasts for R32 are expected to stabilize with average prices projected at 56,000 yuan in August, 57,000 yuan in September, and 58,000 yuan in October [2] - The market anticipates an increase in refrigerant demand with the approach of the "Golden September and Silver October" period and the new cooling year [2] Group 3: Air Conditioning Production - Air conditioning production has been adjusted upwards due to high summer temperatures, with the total production for August expected to be 6.735 million units, a year-on-year decrease of 11.9% [5] - The cumulative export of air conditioners from January to June reached 41.08 million units, reflecting a year-on-year increase of 6.9% [5] - The third batch of 69 billion yuan for the old-for-new program has been allocated, providing support for the industry [4] Group 4: Company Developments - Companies such as Dongyangguang, Wengfu Group, and others have reported profit growth in their mid-year financial announcements [6] - The fluorine polymer and supporting projects by Dongyangguang have completed acceptance public announcements, indicating ongoing expansion in the sector [6]

Investment Rating - The report maintains a "Positive" investment rating for the refrigerant industry [13]. Core Insights - The refrigerant industry is experiencing a price increase under quota control since 2024, with significant price rises observed for various refrigerants. The sustainability and potential for further price increases are areas of market concern, which the report aims to explore [5][8]. - The report emphasizes that the price increase is not driven by traditional supply-demand mismatches but rather reflects a new operational model in the industry. The supply side is characterized by high concentration and limited capacity for new entrants, particularly in China, which holds a dominant position in production and market share [8][40]. Summary by Sections Price Sustainability - The sustainability of price increases is linked to the current position of products within their cycles. The report suggests that refrigerants have moved beyond traditional cyclical logic, indicating a potential for long-term price increases [8][36]. - The supply side is constrained, with a high concentration of market players and limited ability to increase supply globally. This is further supported by the fact that the domestic market has significant production power [8][40]. Price Potential - The report discusses the potential for price increases, noting that the historical price elasticity of refrigerants allows for significant price tolerance. For instance, R32's price has risen from 1.70 million yuan/ton to 5.40 million yuan/ton, reflecting a 217.6% increase [23]. - The report argues that the long-term production costs of alternative refrigerants (like R1234yf) do not set a ceiling for the prices of existing refrigerants, suggesting that the price of third-generation refrigerants could continue to rise [9][69]. Long-term Investment Value - The report concludes that the refrigerant industry holds substantial long-term investment value, with companies increasingly approaching traditional chemical product valuation peaks. The ongoing price increases and the unique market dynamics suggest that related companies may be undervalued [10][11]. - Specific companies such as Juhua Co., Sanmei Co., Dongyue Group, Yonghe Co., and Haohua Technology are recommended for continued investment due to their strong market positions and growth potential [11].