Core Viewpoint - The company, Zhejiang Juhua Co., Ltd., is forecasting a significant increase in net profit for the first half of 2025, driven by rising prices of its core product, fluorinated refrigerants, and stable growth in production and sales [1][2]. Group 1: Performance Forecast - The net profit attributable to shareholders is expected to be between 1.97 billion to 2.13 billion yuan, an increase of 1.136 billion to 1.296 billion yuan compared to the same period last year, representing a year-on-year growth of 136% to 155% [1]. - The net profit is projected to be between 1.95 billion to 2.11 billion yuan, with an increase of 1.156 billion to 1.316 billion yuan compared to the previous year, indicating a year-on-year growth of 146% to 166% [1][2]. - The previous year's net profit attributable to shareholders was 834.216 million yuan, with a net profit of 793.8249 million yuan after deducting non-recurring gains and losses [1]. Group 2: Reasons for Performance Increase - The primary reason for the significant growth in performance is the continuous recovery in the prices of core products, particularly fluorinated refrigerants, alongside stable growth in production and sales, leading to increased gross margins and profits [2]. - The implementation of production quotas for HFCs starting in 2024 has led to sufficient inventory digestion and strong downstream demand, contributing to the price recovery and improved industry dynamics [2]. - The company has actively adapted to seasonal production and market structure challenges, focusing on management, market expansion, and optimizing product structure to enhance production efficiency [2].

Core Viewpoint - Zhejiang Juhua Co., Ltd. reported its major operating data for the first half of 2025, highlighting production, sales, and revenue performance across various product categories, with overall growth in most products except refrigerants and food packaging materials [1][2]. Group 1: Production and Sales Performance - The total production volume for major products reached 2,956,023.26 tons, reflecting a year-on-year increase of 5.12% [1]. - The total sales volume was 1,648,128.37 tons, showing a significant year-on-year increase of 27.29% [1]. - Key products such as fluorochemical raw materials and fluorine fine chemicals saw production increases of 11.44% and 20.41%, respectively [1]. Group 2: Revenue Performance - The revenue from major products amounted to 1,164,810.72 million yuan, with a notable increase of 10.24% year-on-year [1]. - Refrigerants generated revenue of 608,652.07 million yuan, marking a substantial increase of 55.09% compared to the previous year [1]. - The revenue from fluoropolymer materials was 87,798.87 million yuan, reflecting a year-on-year increase of 4.44% [1]. Group 3: Price Fluctuations - The average price of fluorochemical raw materials in the first half of 2025 was 3,629.31 yuan/ton, up from 3,292.12 yuan/ton in 2024 [1]. - The price of fluorine fine chemicals increased by 20.87% year-on-year, reaching 63,064.02 yuan/ton [1]. - In contrast, the average price of refrigerants was 39,372.45 yuan/ton, significantly higher than the previous year's average of 24,322.70 yuan/ton [1]. Group 4: Raw Material Price Changes - The average price of key raw materials such as fluorite and industrial salt showed mixed trends, with fluorite priced at 3,169.69 yuan/ton, up from 3,033.56 yuan/ton in 2024 [2]. - The price of acetylene was 2,869.40 yuan/ton, down from 3,109.08 yuan/ton in the previous year [2]. - The price of anhydrous hydrofluoric acid increased to 9,918.71 yuan/ton, compared to 9,056.69 yuan/ton in 2024 [2]. Group 5: Operational Insights - The company successfully managed to increase production and sales for most major products, overcoming seasonal and structural market challenges [2]. - The market for major products remains competitive, with price increases observed in fluorochemical raw materials and fluorine fine chemicals, while other products experienced slight declines [2][4].

浙江巨化股份有限公司 股票简称：巨化股份 股票代码：600160 公告编号：临 2025－35 2025 年上半年主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 浙江巨化股份有限公司（以下简称"公司"）根据《上海证券交易所上市公司 自律监管指引第 3 号——行业信息披露（第十三号化工）》有关规定，将公司 2025 年上半年主要经营数据披露如下： | 主要产品 | 产量 | 同比 | 外销量 | 同比 | 营业收入 | 同比 | | --- | --- | --- | --- | --- | --- | --- | | | 吨 | % | 吨 | % | 万元 | % | | 氟化工原料 | 602145.62 | 11.44 | 187526.53 | 11.72 | 68059.20 | 23.16 | | 制冷剂 | 285057.83 | -5.12 | 154588.31 | -4.19 | 608652.07 | 55.09 | | 含氟聚合物材料 | 69098.79 | 8.49 | 22 ...

股票简称：巨化股份 股票代码：600160 公告编号：临 2025-36 浙江巨化股份有限公司 2025 年半年度业绩预增公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 1、本期业绩预告适用于实现盈利，且净利润与上年同期相比上升50%以上的 情形。 2、浙江巨化股份有限公司（以下简称"公司"）预计2025年半年度归属于 上市公司股东的净利润为19.7亿元到21.3亿元，与上年同期相比增加11.36亿元 到12.96亿元，同比增长136%到155%。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年6月30日。 （二）业绩预告情况 1、经财务部门初步测算，预计2025年半年度公司实现归属于上市公司股东 的净利润为19.7亿元到21.3亿元，与上年同期相比增加11.36亿元到12.96亿元， 同比增长136%到155%。 2、预计2025年半年度公司实现归属于上市公司股东的扣除非经常性损益的 净利润为19.5亿元到21.1亿元，与上年同期相比增加11.56亿元到13.16亿元， ...

巨化股份（600160）公告，公司2025年上半年主要产品产量295.6万吨，同比增长5.12%；外销量164.81 万吨，同比增长6.81%；营业收入117.12亿元，同比增长27.29%。 ...

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The industry has been significantly impacted by tariff-related policies and fluctuations in crude oil prices this year. Key areas to focus on in July include safety regulations, supply changes in the pesticide and intermediate sectors, performance fluctuations due to "export rush," the importance of self-sufficiency in electronic materials, and stable dividend policies in energy companies [2][12] Summary by Sections Industry Dynamics - In the week of June 30 to July 6, among 100 tracked chemical products, 25 saw price increases, 56 saw declines, and 19 remained stable. The average price of TDI increased by 7.02% week-on-week, while the average price of acrylic acid rose by 3.65% [11][36] Investment Recommendations - The report suggests focusing on safety regulations and supply changes affecting the pesticide and intermediate sectors, performance fluctuations from the first half of the year, the growing importance of self-sufficiency in electronic materials, and stable dividend policies in energy companies. Long-term investment themes include sustained high crude oil prices benefiting the oil and gas extraction sector, rapid development in downstream industries, and policy support for demand recovery [12][19] Key Products and Price Changes - TDI prices increased to 12,013 CNY/ton, while acrylic acid prices reached 7,100 CNY/ton, reflecting a 14.52% year-on-year increase. The average price of crude oil also saw slight increases, with WTI at 66.50 USD/barrel and Brent at 68.30 USD/barrel [11][35][36] Company Highlights - Satellite Chemical and Anji Technology are highlighted as "gold stocks" for July, with both companies showing strong revenue and profit growth in 2024. Satellite Chemical reported a revenue of 45.648 billion CNY, a 10.03% increase year-on-year, while Anji Technology achieved a revenue of 1.835 billion CNY, a 48.24% increase year-on-year [13][19]

Investment Rating - The investment rating for the chemical raw materials industry is optimistic (maintained) [1] Core Viewpoints - The refrigerant market continues its upward trend, with firm pricing observed [4][22] - The fluorochemical industry chain is entering a long-term prosperity cycle, with significant growth potential across various segments [22][23] Summary by Sections 1. Fluorochemical Industry Overview - The fluorochemical index increased by 1.4% during the week of June 30 to July 4, underperforming the Shanghai Composite Index by 0.002% and the CSI 300 Index by 0.14% [6][26] - The index closed at 4161.71 points, outperforming the basic chemical index by 0.73% and the new materials index by 0.12% [6][26] 2. Fluorspar Market - As of July 4, the average market price for 97% wet fluorite powder was 3,200 CNY/ton, down 2.88% from the previous week and down 13.61% year-on-year [7][33] - The market is experiencing a stalemate due to high inventory levels and weak demand, leading to a subdued trading atmosphere [19][34] 3. Refrigerant Market - As of July 4, refrigerant prices showed an upward trend: R32 at 53,000 CNY/ton (+0.95%), R125 at 45,500 CNY/ton (unchanged), R134a at 49,500 CNY/ton (+1.02%), R410a at 49,500 CNY/ton (+1.02%), and R22 at 35,000 CNY/ton (unchanged) [8][20][47] - The market for refrigerants remains stable, with companies raising prices to boost confidence despite seasonal demand challenges [21] 4. Beneficiary Companies - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhou Bang [10][22][23]

Core Viewpoint - The article discusses the current state and future prospects of China's chemical new materials industry, highlighting the continuous expansion of production capacity, technological innovations, and the emergence of specialized chemical parks, while also addressing structural challenges and the need for high-quality development. Group 1: Industry Overview - In 2023, China's chemical new materials capacity reached approximately 49 million tons per year, with an output exceeding 36 million tons and a production value of over 1.37 trillion yuan, remaining stable compared to 2022, although lithium battery materials saw a decline from 540 billion yuan to 480 billion yuan [5][20]. - The chemical industry is experiencing a transition from high-speed growth to high-quality development, with total revenue of 15.95 trillion yuan in 2023, a decrease of 1.1% year-on-year, and total profits of 873.4 billion yuan, down 20.7% [20][21]. Group 2: Technological Innovations - Since the 13th Five-Year Plan, the chemical new materials sector has seen significant technological advancements, with breakthroughs in key technologies such as photovoltaic-grade EVA, optical-grade PMMA, and high-strength carbon fibers [7][8]. - A number of critical products have broken foreign monopolies and achieved industrialization, including HDI, PC, PPS, and electronic-grade chemicals [8][10]. Group 3: Key Players and Market Dynamics - Major companies in the sector include Sinopec, PetroChina, and China National Chemical Corporation, focusing on high-end polyolefins, synthetic rubber, and carbon fibers [11]. - Private enterprises are also making strides in specialized fields such as EVA, fluorinated chemicals, and nylon, contributing to the development of China's new materials industry [11]. Group 4: Specialized Chemical Parks - Several specialized chemical parks have emerged, such as the Shanghai Chemical Park and Ningbo Petrochemical Economic Development Zone, which are becoming core drivers for the development of new materials [11][12]. Group 5: Investment Trends and Policy Guidance - Under the guidance of industrial policies, there is a high investment enthusiasm in the chemical new materials sector, focusing on high-end polyolefins, engineering plastics, and functional films [17][23]. - The industry is urged to prioritize the import of high-potential products to address supply shortages and enhance domestic production capabilities [23][24]. Group 6: Challenges and Future Directions - The industry faces structural contradictions, including insufficient high-end supply and bottlenecks in key raw materials and technologies [18][20]. - The focus is shifting towards high-quality development, with an emphasis on enhancing product quality and meeting the growing domestic demand for high-performance materials [21][22].

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]