股票代码：600160 股票简称：巨化股份 公告编号：临 2025-15 浙江巨化股份有限公司 董事会九届十五次会议决议公告 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"）董事会于 2025 年 4 月 13 日以 电子邮件、书面送达等方式向公司董事发出召开董事会九届十五次会议（以下简 称"会议"）的通知。会议于 2025 年 4 月 23 日在公司二楼视频会议室以现场结 合通讯方式召开。会议由公司董事长周黎旸先生主持。会议应出席董事 12 人， 实际出席 12 人（其中出席现场会议董事 7 名，独立董事张子学、刘力、鲁桂华、 王玉涛、董事童继红以通讯（视频）方式参加会议）。公司监事列席了本次会议。 会议的召集召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》 的规定。与会董事经认真审议后，做出如下决议： 一、以 12 票同意、0 票反对、0 票弃权，通过《公司总经理关于公司生产 经营工作的报告》。 二、以 12 票同意、0 票反对、0 票弃权，通过《公司董事会 20 ...

巨化股份（600160）公告，2024年营业收入为244.62亿元，同比增长18.43%。归属于上市公司股东的净 利润19.6亿元，同比增长107.69%。基本每股收益0.73元／股，同比增长108.57%。公司拟以2024年末公 司总股份数27亿股为基数，向全体股东按每10股派发现金红利2.3元(含税)，本年度不采用股票股利分配 方式，亦不进行资本公积转增股本。 ...

Group 1 - The Shanghai Composite Index opened lower but rose later, with the CSI 300 Chemical Index reported at 2022.67 points [1] - The CSI 300 Chemical Index has decreased by 11.64% over the past month, 9.12% over the past three months, and 8.64% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Chemical Index are: Wanhua Chemical (23.47%), Salt Lake Industry (14.14%), Baofeng Energy (7.62%), Juhua Co. (7.3%), Hengli Petrochemical (7.28%), Hualu Hengsheng (6.99%), Longbai Group (6.23%), Zangge Mining (6.19%), Satellite Chemical (6.02%), and Rongsheng Petrochemical (5.53%) [1] - The market share of the CSI 300 Chemical Index is 57.05% from the Shanghai Stock Exchange and 42.95% from the Shenzhen Stock Exchange [1] Group 3 - In terms of industry composition, other chemical raw materials account for 38.28%, polyurethane for 23.47%, potassium fertilizer for 20.33%, fluorochemical for 7.30%, titanium dioxide for 6.23%, and organic silicon for 4.39% [2] - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [2]

Group 1 - The A-share market's three major indices closed mixed, with the CSI 300 Chemical Index reported at 2019.69 points [1] - The CSI 300 Chemical Index has decreased by 12.44% over the past month, 9.26% over the past three months, and 8.77% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Chemical Index are: Wanhua Chemical (23.46%), Salt Lake Industry (14.15%), Baofeng Energy (7.49%), Juhua Co. (7.38%), Hengli Petrochemical (7.29%), Hualu Hengsheng (7.0%), Longbai Group (6.23%), Cangge Mining (6.23%), Satellite Chemical (5.96%), and Rongsheng Petrochemical (5.51%) [1] - The market share of the CSI 300 Chemical Index is 57.10% from the Shanghai Stock Exchange and 42.90% from the Shenzhen Stock Exchange [1] Group 3 - In terms of industry composition, other chemical raw materials account for 38.08%, polyurethane for 23.46%, potassium fertilizer for 20.38%, fluorochemical for 7.38%, titanium dioxide for 6.23%, and organic silicon for 4.47% [2] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [2]

股票简称：巨化股份 股票代码：600160 公告编号：临 2025-14 浙江巨化股份有限公司 关于控股股东增持股份进展公告 本公司董事会、全体董事及相关股东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法律责任。 重要内容提示： 增持计划：公司控股股东巨化集团公司（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（以下简称"本次增持计划"）。 巨化投资已于2025年4月8日，通过上海证券交易所证券交易系统增持本公司 股份219.2万股，占公司已发行总股份的0.08%，增持金额为4,998.90万元（不含 交易费用）。详见公司临2025-13号《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》。 增持进展：巨化投资于2025年4月16日通过上海证券交易所交易系统以 集中竞价交易方式增持公司股份41.95万股，占公司总股本的0. ...

Investment Rating - The report maintains a positive outlook on the refrigerant industry, indicating a high level of industry prosperity and suggesting that related companies are likely to see significant profit increases [6][73]. Core Insights - In March 2025, refrigerant prices continued to rise, with R32, R125, and R134a prices reaching 47,000 CNY/ton, 45,000 CNY/ton, and 46,500 CNY/ton respectively, marking increases of 5.62%, 2.27%, and 3.33% compared to the end of February [6][14]. - The production of household air conditioners is expected to maintain a year-on-year growth trend, with production volumes projected at 24 million units in April, 23.9 million in May, and 21.3 million in June, reflecting year-on-year growth rates of 9.10%, 13.00%, and 15.90% respectively [6][38]. - The long-term contract prices for refrigerants R32 and R410a have significantly increased, with R32 rising to 46,600 CNY/ton and R410a to 47,600 CNY/ton, both reflecting increases of 6,000 CNY/ton from the first quarter [6][68]. Summary by Sections Refrigerant Tracking - As of March 31, 2025, the prices of R32, R125, and R134a were reported at 47,000 CNY/ton, 45,000 CNY/ton, and 46,500 CNY/ton, respectively, with significant month-on-month increases [6][14]. - The production of R32, R134a, and R125 in March 2025 saw a month-on-month increase of 38.09%, 46.39%, and 33.88% respectively, while R134a experienced a year-on-year decline of 12.10% [6][15]. - The total inventory of R32, R134a, and R125 increased by 10.34%, 15.86%, and 12.34% respectively as of March 28, 2025 [6][18]. Investment Recommendations - The report suggests focusing on leading companies in the refrigerant industry, such as Juhua Co., Ltd. and Sanmei Co., Ltd., as well as companies with a complete industrial chain like Jinshi Resources [6][73].

Investment Rating - The report maintains a positive outlook on the refrigerant industry, indicating a high level of industry prosperity and suggesting that related companies are likely to see significant profit increases [6][72]. Core Insights - In March 2025, refrigerant prices continued to rise, with R32, R125, and R134a prices reaching 47,000 CNY/ton, 45,000 CNY/ton, and 46,500 CNY/ton respectively, marking increases of 5.62%, 2.27%, and 3.33% compared to the end of February [6][14]. - The production of household air conditioners is expected to maintain a year-on-year growth trend, with production volumes projected at 24 million units in April, 23.9 million in May, and 21.3 million in June, reflecting year-on-year growth rates of 9.10%, 13.00%, and 15.90% respectively [6][38]. - The long-term contract prices for refrigerants R32 and R410a have significantly increased, with R32 rising to 46,600 CNY/ton and R410a to 47,600 CNY/ton, both reflecting increases of 6,000 CNY/ton from the first quarter [6][68]. Refrigerant Tracking - The production of R32, R134a, and R125 in March 2025 saw significant month-on-month increases, with R32 production up 38.09% and R134a up 46.39% [15]. - The total inventory of R32, R134a, and R125 has shown a month-on-month increase, indicating a recovery in supply levels [18]. Investment Recommendations - The report suggests focusing on leading companies in the refrigerant industry, such as Juhua Co. and Sanmei Co., which are expected to benefit from the ongoing high demand and rising prices [6][72].

Investment Rating - The report indicates a positive outlook for bromine prices and suggests attention to companies like Juhua Co., Sanmei Co., and Yonghe Co. in the refrigerant sector [5][23]. Core Insights - Bromine prices continue to rise significantly due to supply constraints, with a reported average market price of 38,000 RMB/ton, reflecting a week-on-week increase of 4,615 RMB/ton or 13.82% [3][11]. - The refrigerant sector is entering a peak demand season, with major refrigerant prices and margins showing an upward trend, particularly for R125 and R32 [4][28]. - The demand for ultra-high molecular weight polyethylene (UHMWPE) is steadily growing in military and technological applications, indicating potential for increased industry prosperity [5]. Summary by Sections 1. Key Chemical Product Price Tracking - Bromine, PVDF powder, and other products have seen significant price increases, while products like butadiene and PX have experienced notable declines [11][12]. 2. Polyurethane: MDI and TDI Price Declines - MDI prices have dropped significantly due to trade tensions and weak demand, with current prices for polymer MDI at 14,850 RMB/ton, down 1,100 RMB/ton from the previous week [13]. 3. Agricultural Chemicals: Slight Increase in Diammonium Phosphate Prices - Diammonium phosphate prices have seen a minor increase, supported by rising raw material costs, while glyphosate prices remain stable [15][17]. 4. Fluorochemical Industry: Stable Refrigerant Prices - Refrigerant prices have remained stable, with R22 and R134a prices holding steady at 36,000 RMB/ton and 46,500 RMB/ton respectively, while PVDF prices have shown an upward trend [23][29].

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Views - The refrigerant market is experiencing a sustained upward trend, with significant profit growth reported by major companies in Q1 2025, indicating a developing primary upward market [4][18] - The fluorochemical industry is entering a long-term prosperity cycle, with potential growth across various segments including refrigerants, fluorinated materials, and fine chemicals [28] Summary by Sections 1. Industry Overview - The fluorochemical index decreased by 6.06% in the week of April 7-11, 2025, underperforming the Shanghai Composite Index by 2.95% and the CSI 300 Index by 3.18% [6][30] - Major companies such as Juhua Co., Sanmei Co., Dongyangguang, and Yonghe Co. reported impressive Q1 2025 earnings, with net profit growth ranging from 139.41% to 227.05% year-on-year [7][18] 2. Pricing Trends - The average price of refrigerants has significantly increased, with Juhua Co. reporting an average price of 37,504 CNY/ton in Q1 2025, a year-on-year increase of 58.08% [19][21] - Long-term contract prices for R32 and R410a refrigerants are on the rise, indicating a strong market demand [21][29] 3. Market Dynamics - The market for refrigerants remains robust, with R32 prices reaching 48,000 CNY/ton and R410a at 47,500 CNY/ton as of April 11, 2025 [26][29] - The supply of fluorite is stable, with the average market price for 97% wet fluorite at 3,752 CNY/ton, reflecting a year-on-year increase of 7.90% [25][29] 4. Recommended Stocks - Recommended stocks include Juhua Co., Sanmei Co., Jinshi Resources, and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhou Bang [9][28]

Investment Rating - The report maintains an "Outperform" rating for the company [4][7]. Core Views - The company is expected to see significant growth in Q1 2025, with net profit attributable to shareholders projected to be between 0.76 billion RMB and 0.84 billion RMB, representing a year-on-year increase of 145% to 171% [4][7]. - The estimated EPS for 2024-2026 is projected to be 0.75 RMB, 1.31 RMB, and 1.57 RMB respectively, with a target price set at 32.75 RMB based on a 25x PE for 2025 [4][7]. - The refrigerant sector is experiencing strong demand, with the company holding a 34% share of the total HFC quota of 791,900 tonnes, benefiting from the ongoing growth in air conditioning production and sales [4][7]. Financial Summary - The company's revenue is expected to grow from 20,655 million RMB in 2023 to 25,244 million RMB in 2025, reflecting a compound annual growth rate (CAGR) of approximately 10.2% [3][6]. - Net profit (attributable to shareholders) is forecasted to increase significantly from 944 million RMB in 2023 to 3,525 million RMB in 2025, indicating a strong recovery and growth trajectory [3][6]. - The company's gross margin is expected to improve from 13.2% in 2023 to 23.8% in 2025, showcasing enhanced operational efficiency [6]. Sector Performance - The refrigerant segment's revenue rose by 64.63% year-on-year to 2.62 billion RMB, driven by a 9.56% increase in production and a 58.08% rise in prices [4][7]. - Other sectors, including fluorinated chemicals and petrochemical materials, also reported revenue growth, while packaging materials and fluorinated fine chemicals experienced declines [4][7]. - The company is strategically positioned to benefit from the ongoing demand for refrigerants, particularly in emerging markets, as well as from its investments in advanced fluoropolymers and next-generation refrigerants [4][7].