证券研究报告 | 2025年08月28日 巨化股份（600160.SH） 优于大市 制冷剂价格持续提升，液冷业务打开成长空间 公司 2025 年上半年归母净利润 20.51 亿元，同比提升 146.97%。2025 年 8 月 27 日，公司发布《2025 年半年度报告》。根据公司公告，2025 年上半年 公司实现营业收入 133.31 亿元，同比增长 10.36%；实现归母净利润 20.51 亿元，同比增长 146.97%；扣非后归母净利润为 20.26 亿元，同比增长 155.23%。其中二季度实现营收 75.31 亿元，同比+13.93%，环比+29.84%； 实现归母净利润 12.42 亿元，同比+137.07%，环比+53.56%。公司业绩大幅 增长的核心驱动力源于制冷剂业务的强劲表现。在第三代制冷剂（HFCs）配 额制度下，行业供给格局发生根本性变革，从过剩竞争转向供给受限，公司 凭借全球领先的生产配额优势，充分享受行业景气上行红利。2025 年上半年， 公司制冷剂产品均价同比大幅上涨 61.88%至 3.94 万元/吨，推动制冷剂板块 营业收入同比增长 55.09%。根据公司增减利因素分析，主要 ...

Core Viewpoint - The stock price of Juhua Co., Ltd. has shown significant growth this year, with a 47.01% increase, and the company has reported strong financial performance in the first half of 2025 [2][3]. Financial Performance - For the first half of 2025, Juhua Co. achieved a revenue of 13.33 billion yuan, representing a year-on-year growth of 10.36%. The net profit attributable to shareholders was 2.05 billion yuan, marking a substantial increase of 145.84% [2]. - Cumulatively, Juhua Co. has distributed a total of 5.973 billion yuan in dividends since its A-share listing, with 1.647 billion yuan distributed over the past three years [3]. Stock Market Activity - On August 28, Juhua Co.'s stock price fell by 2.01%, trading at 35.12 yuan per share, with a total market capitalization of 94.815 billion yuan [1]. - The stock has seen a trading volume of 8.85 billion yuan, with a turnover rate of 0.92% [1]. - The net outflow of main funds was 110 million yuan, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Juhua Co. was 51,500, a decrease of 2.96% from the previous period. The average number of circulating shares per person increased by 3.05% to 52,443 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 84.92 million shares, an increase of 25.28 million shares from the previous period [3].

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3800 | -1.76 | 5.75 | 0.91 | | 深证综指 | 2394 | -1.91 | 8.79 | 1.33 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | -1.49 | 6.7 | 11.1 | | 中盘指数 | -1.49 | 9.23 | 11.99 | | 小盘指数 | -1.59 | 9.17 | 13.04 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 通信设备 | 2.63 | 42.49 | 69.44 | | 小金属Ⅱ | 1.78 | 14.22 | 64 | | 其他电源设 | 0.91 | 20.56 | 23.34 | | 备Ⅱ 金属新材料 | 0.68 | 16.89 | 36.78 | ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：600160 公司简称：巨化股份 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到http://www.sse.com.cn网站仔细阅读半年度报告全文。 1.2本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期不进行利润分配或公积金转增股本。 第二节 公司基本情况 2.1公司简介 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 √不适用 2.5控股股东或实际控制人变更情况 □适用 √不适用 2.6在半年度报告批准报出日存续的债券情况 □适用 √不适用 第三节 重要事项 公司应当根据重要性原则，说明报告期内公司经营 ...

Core Viewpoint - The article highlights the significant growth of Juhua Co., Ltd. in the refrigerant industry, driven by rising product prices and stable sales volumes, positioning the company as a leader in the domestic and global markets for refrigerants and cooling liquids [2][3]. Group 1: Company Performance - Juhua Co., Ltd. reported a revenue of 13.33 billion yuan in the first half of 2025, marking a year-on-year increase of 10.36% [2]. - The net profit attributable to shareholders reached 2.05 billion yuan, reflecting a substantial year-on-year growth of 146.97% [2]. - Key performance drivers included the recovery in prices of core products, particularly fluorinated refrigerants, and stable growth in production and sales volumes, leading to increased gross margins and profits [2]. Group 2: Industry Context - Refrigerants are essential materials for air conditioning, refrigeration, and cold chain logistics, and are increasingly important in emerging applications such as data center liquid cooling and battery cooling [3]. - China has become a core production base for refrigerants, with Juhua Co., Ltd. recognized as an industry benchmark and a key player in the global fluorinated refrigerant supply chain [3]. Group 3: Product Development and Innovation - Juhua Co., Ltd. has developed a complete product matrix in the cooling liquid sector, including JHT (high boiling point), JHLO (low viscosity), and JX (immersion type) cooling liquids [4]. - The JX series immersion cooling liquid has successfully entered the supply chains of major tech companies like Alibaba and Tencent, demonstrating Juhua's technological and market breakthroughs [4]. - The company has achieved a significant technological breakthrough with the JX series perfluoropolyether-based cooling liquids, overcoming previous foreign monopolies and filling a domestic gap in high-end thermal management materials [5]. Group 4: Future Outlook - Juhua Co., Ltd. is expanding its refrigerant products into new fields such as data center liquid cooling and battery cooling, while also accelerating the development of low GWP refrigerants [5]. - The upcoming Sixth Thermal Management Industry Conference and Expo in December will focus on diverse thermal management materials and solutions, providing a platform for industry collaboration [5].

（编辑 何成浩） 证券日报网讯 8月27日晚间，巨化股份发布公告称，2025年半年度公司实现营业收入13，331，461， 429.24元，同比增长10.36%；归属于上市公司股东的净利润为2，050，820，025.28元，同比增长 146.97%。 ...

Financial Performance - Shandong Gold reported a net profit of 2.808 billion yuan for the first half of 2025, a year-on-year increase of 102.98%, with operating revenue of 56.766 billion yuan, up 24.01% [1] - Juhua Co. achieved a net profit of 2.051 billion yuan, marking a 146.97% increase, with operating revenue of 13.331 billion yuan, up 10.36% [2] - China Aluminum's net profit was 7.071 billion yuan, a slight increase of 0.81%, with operating revenue of 116.392 billion yuan, up 5.12% [5] - Huajin Technology reported a net profit of 1.889 billion yuan, a 46.3% increase, with operating revenue of 83.939 billion yuan, up 113.06% [8] - Transsion Holdings experienced a net profit decline of 57.48%, totaling 1.213 billion yuan, with operating revenue of 29.077 billion yuan, down 15.86% [9] - China Satellite Communications reported a net profit of 181 million yuan, a decrease of 55.59%, with operating revenue of 1.221 billion yuan, up 6.33% [7] - Honghe Technology's net profit surged to 87.375 million yuan, a staggering increase of 10587.74%, with operating revenue of 550 million yuan, up 35% [12] - China Life Insurance reported a net profit of 40.931 billion yuan, a 6.9% increase, with operating revenue of 239.235 billion yuan, up 2.1% [15] - China Pacific Insurance reported a net profit of 26.53 billion yuan, a 16.9% increase, with total operating revenue of 324.014 billion yuan, up 10.8% [14] Corporate Actions - Huayu Automotive plans to acquire a 49% stake in SAIC Qingtao for 206 million yuan, marking its entry into the solid-state battery sector [4] - Debang Lighting intends to acquire at least 51% of Jiali Co. through cash transactions, which is expected to constitute a major asset restructuring [6] - Xinjie Electric plans to invest 800 million yuan in a new robot intelligent control system production project [13] - Hehui Optoelectronics announced a plan to reduce its shareholding by up to 2% through block trading [10][16]

巨化股份是全球氟化工龙头企业，是国内唯一拥有第一至四代含氟制冷剂系列产品，同时拥有新型含氟 冷媒(氢氟醚D系列、全氟聚醚JHT系列)、碳氢制冷剂产品(3.5万吨/年产能)以及系列混配制冷剂的生产 企业。 目前，巨化股份核心产品第二、三代氟制冷剂(HCFCs、HFCs)，按照国家核定的生产配额、国家相关 配额管理规定组织生产销售。2025年，国家核定巨化股份(含控股子公司)HCFC-22生产配额3.89万吨， 占全国26.10%，其中内用配额占全国31.28%，为国内第一；HFCs生产配额29.78万吨，占全国同类品种 合计份额的39.33%。 8月27日晚，氟化工龙头巨化股份（600160）披露2025年半年报。报告期，公司实现营业收入133.31亿 元，同比增长10.36%；实现利润总额26.07亿元，同比增长48.27%；实现归母净利润20.51亿元，同比增 长146.97%。 巨化股份业绩的大幅增长，与制冷剂正在实施的配额制关系密切。由于我国第二代氟制冷剂处于快速淘 汰期(2030年削减至基线的2.5%以内)、三代氟制冷剂处于基线生产消费冻结期(将于2029年开始削减基 线的10%、2035年削减基线的 ...

华域汽车：拟2.06亿元收购上汽清陶49%股权 华域汽车公告，公司拟以2.06亿元收购公司控股股东上海汽车集团股份有限公司持有的上海上汽清陶能 源科技有限公司（简称"上汽清陶"）49%股权。本次交易完成后，公司将持有上汽清陶49%的股权。 得邦照明：拟收购嘉利股份控制权 预计构成重大资产重组 得邦照明公告，公司拟以现金方式通过受让股份及增资的方式，取得浙江嘉利（丽水）工业股份有限公 司不少于51%股份并取得目标公司的控制权。本次交易预计构成重大资产重组，公司股票不停牌。 【观业绩】 宏和科技：上半年净利润8737.51万元，同比增长10587.74% 宏和科技公告，2025年上半年营业收入5.5亿元，同比增长35.00%；归属于上市公司股东的净利润 8737.51万元，同比增长10587.74%。公司2025年上半年度不进行利润分配、公积金转增股本。 中国人保：上半年归母净利润265.3亿元，同比增长16.9% 以下是第一财经对一些重要公告的汇总，供投资者参考。 【品大事】 中国人保公告，2025年上半年营业总收入3240.14亿元，同比增长10.8%；归属于母公司股东的净利润 265.3亿元，同比增长16. ...

智通财经APP讯，巨化股份(600160.SH)披露2025年半年度报告，报告期公司实现营收133.31亿元，同比 增长10.36%;归母净利润20.51亿元，同比增长146.97%;扣非净利润20.26亿元，同比增长155.23%;基本每 股收益0.760元。 ...