Core Viewpoint - Zhejiang Jinhua New Materials Co., Ltd. is applying for listing on the Beijing Stock Exchange, focusing on the development, production, and sales of ketoxime products, establishing a green circular industry chain [1][3]. Group 1: Company Background - The company has developed a green circular industry chain consisting of ketoxime/aliphatic oxime, oxime silane, and hydroxylamine series products [1]. - The chairman, Lei Jun, previously held positions at Juhua Co., Ltd., including general manager and deputy general manager [1][3]. Group 2: Related Party Transactions - The company has significant related party transactions with Juhua Group, with procurement amounts of 32,965.04 million, 29,940.15 million, and 26,620.75 million yuan over the past three years, accounting for 38.28%, 35.65%, and 28.38% of total procurement respectively [3][4]. - In 2023 and 2024, the company plans to procure raw materials from Juhua Group amounting to 81,949,053.10 yuan and 65,417,991.14 yuan respectively [4]. Group 3: Raw Material Supply and Production Capacity - Juhua Group sold ketoxime materials to Jinhua New Materials for 16,276.9 million yuan and 13,365.89 million yuan in 2023 and 2024, respectively, which exceeds the procurement amounts disclosed by Jinhua [5]. - Jinhua New Materials is expanding its own production capacity for ketoxime, with a planned production start in June 2024, aiming to reduce reliance on external procurement [5]. Group 4: Market Conditions and Product Pricing - The utilization rate of the company's core product, silane crosslinking agent, decreased from 96.19% in 2023 to 76.15% in 2024, with no explanation provided in the prospectus [7]. - The company has been reducing the sales prices of silane crosslinking agents due to a downturn in downstream market demand, particularly in the construction and photovoltaic sectors [8].

Group 1 - The core index of the petrochemical industry, the China Securities Petrochemical Industry Index, rose by 0.37% to 1009.79 points with a trading volume of 11.339 billion yuan on July 1 [1] - Over the past month, the index has increased by 2.08%, but it has decreased by 2.96% over the last three months and by 4.36% year-to-date [1] - The index is designed to reflect the overall performance of listed companies in key industries such as steel, shipping, petrochemicals, textiles, light industry, equipment, and logistics, with a base date of December 31, 2008, set at 1000.0 points [1] Group 2 - The top ten holdings in the China Securities Petrochemical Industry Index include Wanhua Chemical (9.98%), China Petroleum (9.61%), China Petrochemical (8.1%), and others [1] - The index's market composition shows that 70.15% of holdings are from the Shanghai Stock Exchange, while 29.85% are from the Shenzhen Stock Exchange [1] - In terms of industry composition, raw materials account for 75.54% and energy for 24.46% of the index holdings [1] Group 3 - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Public funds tracking the petrochemical industry include various funds from Huaxia and E Fund, such as Huaxia China Securities Petrochemical Industry Link A and E Fund China Securities Petrochemical Industry ETF [2]

Investment Rating - The report maintains an "Outperform" rating for the fluorochemical industry [1][6][8] Core Views - The fluorochemical industry is expected to benefit from the implementation of long-term contracts for third-generation refrigerants, with a focus on supply-side constraints for certain products [1][6] - The demand for refrigerants is anticipated to grow due to national subsidy policies and increasing demand from emerging regions such as Southeast Asia, leading to significant growth in domestic air conditioning production and shipments [6][7] - The report highlights a potential supply-demand gap for second-generation refrigerants like R22 due to rapid supply contraction and support from the air conditioning repair market [6][7] Monthly Industry Performance - As of the end of June, the fluorochemical index rose by 6.23%, outperforming the Shenwan Chemical Index by 3.08 percentage points [2][15] - The Guosen Chemical Fluorochemical Price Index and Refrigerant Price Index reported increases of 0.17% and 1.90% respectively [2][17] Refrigerant Market Review - The prices of refrigerants are expected to continue rising in the third quarter, with R32 and R410A long-term contract prices set at 50,000 CNY/ton and 49,000 CNY/ton respectively, reflecting increases from the previous quarter [3][23] - The report forecasts stable price growth for mainstream products in the third quarter, with expected average prices for R32 at 53,000 CNY/ton and R134a at 49,000 CNY/ton [3][23] Domestic and Export Price Trends - Domestic prices for R22, R134a, R32, and R410A have shown upward trends, with R32 reaching 53,000 CNY/ton, an increase of 4,000 CNY/ton from the previous month [4][25] - Export prices for R32 and R134a are converging with domestic prices, indicating a tightening market [4][38] Production and Shipment Data - The overall production of air conditioners in the second quarter of 2025 showed a year-on-year increase, although July saw a slight decline due to demand being pulled forward [5][78] - The report indicates that air conditioning production is expected to maintain growth, supported by seasonal demand and policy incentives [5][78] Regulatory Environment - The report discusses China's compliance with the Montreal Protocol, with significant reductions in HCFCs and HFCs production and usage planned for 2025-2030 [68][69] - The tightening of refrigerant quotas is expected to create a long-term upward trend in prices for second and third-generation refrigerants [7][69] Key Company Profit Forecasts and Investment Ratings - Key companies such as Juhua Co., Dongyue Group, and Sanmei Co. are rated as "Outperform" with projected earnings per share (EPS) growth for 2025 and 2026 [8]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][5][13] Core Viewpoints - The controlling shareholder has increased its stake in the company, acquiring 4.0665 million shares for a total of approximately RMB 99.97 million, reflecting confidence in the company's long-term development [2][3][4] - The long-term contract prices for refrigerants have been established in Q3, with expectations for continued retail price growth [3][4][6] - The main refrigerant varieties have seen price increases over the past two years, supported by supply-side constraints, indicating a sustained boom cycle in the refrigerant market [3][6][7] - The company, as a leader in fluorochemical products, benefits from a comprehensive industrial chain layout and significant cost advantages, with the highest refrigerant quota in China, positioning it well for the long-term growth of the refrigerant market [3][13] Financial Forecasts - The forecasted net profits for 2025-2027 are RMB 4.114 billion, RMB 4.823 billion, and RMB 5.170 billion, respectively, with corresponding EPS of RMB 1.52, RMB 1.79, and RMB 1.92 [3][13] - The current price-to-earnings (PE) ratios are projected to be 18.9, 16.0, and 14.9 for the years 2025, 2026, and 2027, respectively [3][13] - The company has been enhancing its core competitiveness and optimizing its industrial and product structure through continuous investment in advanced fluorinated chemical materials [3][13]

证券代码：600160 证券简称：巨化股份 公告编号：2025-34 ● 增持计划的实施结果：截至 2025 年 6 月 30 日，巨化投资通过上海证券 交易所交易系统以集中竞价方式累计增持公司股份 406.65 万股，占公司已发行 股份的 0.1506%，合计增持金额为 9,996.86 万元，本次增持计划实施完毕。 持浙江巨化股份有限公司股份计划实施完毕暨增持结果的通知》，其增持计划已 实施完毕。 一、增持主体的基本情况 | 增持主体名称 | 浙江巨化投资有限公司 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 控股股东或实控人 | | | ?是 | ?否 | | | | | 控股股东或实控人的一致行动人 | | | | | ?是 | ?否 | | | 增持主体身份 | | | | | | | | | 直接持股 | 5%以上股东 | | ?是 | ?否 | | | | | 董事、监事和高级管理人员 | | | | ?是 | ?否 | | | | ?其他：__________ | | | | | | | | | 增持前持股数 ...

国浩律师（杭州）事务所 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师 楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 关于浙江巨化股份有限公司 控股股东一致行动人增持公司股份 之 法律意见书 网址/Website：http://www.grandall.com.cn 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关于浙江巨化股份有限公司 控股股东一致行动人增持公司股份 之 法律意见书 致：浙江巨化股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受浙江巨化股份有限公司 （以下简称"巨化股份""公司"）的委托，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称" ...

● 已披露增持计划情况：2025 年 4 月 8 日，公司披露了《巨化股份关于控 股股东首次增持股份情况及增持计划的公告》（临 2025-13），公司控股股东巨 化集团有限公司（以下简称"巨化集团"）基于对公司未来经营业绩和发展的信 心，通过其一致行动人浙江巨化投资有限公司（以下简称"巨化投资"）自 2025 年 4 月 8 日起 3 个月内，通过上海证券交易所交易系统以集中竞价方式增持公司 股份，金额累计不少于人民币 5,000 万元，不超过人民币 10,000 万元。 ● 增持计划的实施结果：截至 2025 年 6 月 30 日，巨化投资通过上海证券 交易所交易系统以集中竞价方式累计增持公司股份 406.65 万股，占公司已发行 股份的 0.1506%，合计增持金额为 9,996.86 万元，本次增持计划实施完毕。 2025 年 6 月 30 日，公司接到控股股东巨化集团发来的《关于一致行动人增 持浙江巨化股份有限公司股份计划实施完毕暨增持结果的通知》，其增持计划已 实施完毕。 | 增持主体名称 | 浙江巨化投资有限公司 | | | | --- | --- | --- | --- | | 增持主体身份 | ...

国浩律师（杭州）事务所 关于浙江巨化股份有限公司 控股股东一致行动人增持公司股份 之 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关于浙江巨化股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受浙江巨化股份有限公司 （以下简称"巨化股份""公司"）的委托，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司收购管理办法》（以下简称"《管理办法》"）、上海 ...

Core Viewpoint - The article highlights the successful establishment of Quzhou Intelligent Manufacturing New City as a national-level green industrial park, focusing on its green circular development model and the integration of advanced industries to promote sustainable economic growth [1][9]. Group 1: Green Development Initiatives - Quzhou Intelligent Manufacturing New City has been recognized for its commitment to green development, focusing on industries such as new materials, renewable energy, integrated circuits, high-end equipment, and health [1]. - The city has implemented a comprehensive upgrade of production processes to reduce energy consumption and environmental pollution, exemplified by Yuanli Metal Products Co., which has invested over 2 billion yuan in technology upgrades and achieved a 42.3% reduction in major pollutant emissions by 2024 [2][6]. - The city has established a robust support system for enterprises undergoing green transformation, providing policy incentives and funding opportunities to encourage energy-saving and carbon-reduction projects [6][7]. Group 2: Economic Performance - In 2024, Quzhou Intelligent Manufacturing New City achieved an industrial output value of 162.88 billion yuan, with an industrial added value of 36.82 billion yuan, reflecting a growth of 12.1% [9]. - The city attracted 100 projects with a total investment of 89.91 billion yuan, showcasing its growing investment appeal and economic vitality [9]. Group 3: Circular Economy and Resource Utilization - The city has developed a circular economy model, where waste from upstream enterprises is repurposed as raw materials for downstream companies, enhancing resource efficiency [12][13]. - Quzhou Intelligent Manufacturing New City has constructed over 40 kilometers of pipelines connecting more than 100 enterprises, achieving a high degree of interconnectivity and resource sharing within the industrial ecosystem [13][14]. - The industrial solid waste utilization rate in the high-tech zone has reached 99%, demonstrating the effectiveness of the circular economy initiatives [13]. Group 4: Infrastructure and Environmental Safety - The city has invested over 20 million yuan in a water pollution emergency response system, enhancing environmental safety measures within the industrial park [16]. - Quzhou Intelligent Manufacturing New City has achieved a 100% coverage rate for industrial wastewater management, ensuring that all enterprises comply with environmental standards [16][17]. - The establishment of a comprehensive ecological safety network, including green belts and river management, contributes to the overall sustainability of the industrial park [17][18].

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [2] Core Views - The report highlights significant performance improvement for the company, driven by the rising demand in the refrigerant industry and optimized layout in the fluorochemical sector, leading to expected growth in earnings [6][10] Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of RMB 24.46 billion, representing a year-on-year increase of 18.43%, and a net profit attributable to shareholders of RMB 1.96 billion, up 107.69% year-on-year [6][11] - For Q4 2024, the company reported revenue of RMB 6.56 billion, a 41.21% increase year-on-year, and a net profit of RMB 701.97 million, reflecting a 256.83% year-on-year growth [12] - In Q1 2025, the company recorded revenue of RMB 5.80 billion, a 6.05% increase year-on-year, and a net profit of RMB 808.79 million, up 160.64% year-on-year [13] Industry Outlook - The refrigerant industry is experiencing a continuous increase in prices, with the average price of refrigerants rising by 32.69% year-on-year in 2024 [10] - The company holds a leading position in production quotas for refrigerants, with a 26.10% share of the national R22 production quota and a 39.6% share of HFCs production quotas [10] Earnings Forecast - The report projects net profits for 2025, 2026, and 2027 to be RMB 4.18 billion, RMB 5.07 billion, and RMB 5.81 billion respectively, with corresponding earnings per share of RMB 1.55, RMB 1.88, and RMB 2.15 [8][17]