Investment Rating - The report assigns an "Increase" rating for the industry [4]. Core Viewpoints - The second-generation refrigerant quota is set to be reduced as scheduled, while the third-generation refrigerant policy will continue, leading to an optimized supply-demand structure under quota constraints. Prices for second and third-generation refrigerants are expected to maintain an upward trend in 2025, indicating a favorable refrigerant market cycle. Domestic companies with strong comprehensive capabilities, complete product matrices, and advanced technology reserves will benefit from the refrigerant quotas [2][17]. Summary by Sections Market Review & Key Announcements - During the week of July 14-18, 2025, the fluorochemical sector saw significant stock price increases, with Zhongxin Fluorine Materials rising by 14.34%, Dongyue Group by 4.25%, and Yonghe Co. by 3.26% [7]. - Key announcements include Haohua Technology expecting a net profit of 590 million to 650 million yuan for H1 2025, a year-on-year increase of 10% to 21.18%. Juhua Co. anticipates a revenue of 11.712 billion yuan, a 27.29% increase year-on-year, with net profit projections of 1.970 billion to 2.130 billion yuan, reflecting a year-on-year growth of 136% to 155% [7][8]. Industry Dynamics: Refrigerant Price Trends - Refrigerant prices continue to rise, with R22 priced at 36,000 yuan/ton, R32 at 53,500 yuan/ton, R134A at 50,000 yuan/ton, and others showing varying weekly and monthly increases. The cost side shows stability with prices for raw materials like fluorite and sulfuric acid remaining relatively unchanged [10][11]. Inventory Levels and Operating Rates - Inventory levels are normal, with R22, R32, R134A, and R125 stocks at 4,165 tons, 3,843 tons, 3,305 tons, and 2,697 tons respectively, indicating a healthy supply situation. Operating rates for refrigerants have increased, with R22 at 55.42% and R32 at 66.20% as of June 2025 [12]. Demand Side: Production and Export Growth - The production of air conditioners reached 163.296 million units in the first half of 2025, a year-on-year increase of 3.97%, while exports totaled 41.05 million units, up 6.85% year-on-year [14]. Investment Recommendations - The report recommends investing in Juhua Co. and Dongyue Group, with related stocks including Sanmei Co., Haohua Technology, and Yonghe Co. These companies are expected to benefit from the favorable market conditions and strong domestic capabilities [17][18].

证券代码：603310 证券简称：巍华新材 公告编号：2025-039 备案编码：SBAQ74 管理人名称：嘉兴长沛私募基金管理合伙企业（有限合伙） 托管人名称：上海浦东发展银行股份有限公司 备案日期：2025 年 7 月 10 日 浙江巍华新材料股份有限公司 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法律责任。 一、对外投资基本情况 标的基金嘉兴长沛昕泉股权投资合伙企业（有限合伙）原合伙人张泽平退出， 浙江巍华新材料股份有限公司（以下简称"公司"）与陈科、方国宝、罗玉芳、 王洪利、谢丹、嘉兴长沛私募基金管理合伙企业（有限合伙）（以下简称"嘉兴 长沛"）等合伙人合计认缴出资 6,205 万元。公司以自有资金认缴出资 5,000 万 元，占总份额的比例为 80.5802%。标的基金的普通合伙人、执行事务合伙人及 基金管理人为嘉兴长沛，标的基金主要投资于未上市企业股权。具体内容详见公 司于 2025 年 6 月 25 日刊登于上海证券交易所网站（www.sse.com.cn）上的相关 公告《关于参与认购股权投资基金份额暨对外投资的公告》 ...

证券代码：603310 证券简称：巍华新材 公告编号：2025-039 浙江巍华新材料股份有限公司 关于参与认购股权投资基金份额暨对外投资的进展公告 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法律责任。 一、对外投资基本情况 标的基金嘉兴长沛昕泉股权投资合伙企业（有限合伙）原合伙人张泽平退出， 浙江巍华新材料股份有限公司（以下简称"公司"）与陈科、方国宝、罗玉芳、 王洪利、谢丹、嘉兴长沛私募基金管理合伙企业（有限合伙）（以下简称"嘉兴 长沛"）等合伙人合计认缴出资 6,205 万元。公司以自有资金认缴出资 5,000 万 元，占总份额的比例为 80.5802%。标的基金的普通合伙人、执行事务合伙人及 基金管理人为嘉兴长沛，标的基金主要投资于未上市企业股权。具体内容详见公 司于 2025 年 6 月 25 日刊登于上海证券交易所网站（www.sse.com.cn）上的相关 公告《关于参与认购股权投资基金份额暨对外投资的公告》。 二、对外投资进展情况 近日，公司收到基金管理人通知，该合伙企业已在中国证券投资基金业协会 完成备案手续并取得 ...

证券代码：603310 证券简称：巍华新材 公告编号：2025-038 浙江巍华新材料股份有限公司 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法律责任。 重要内容提示： ? 业绩预告的具体适用情形：实现盈利，且净利润与上年同期相比下降 50% 以上。 ? 经财务部门初步测算，浙江巍华新材料股份有限公司（以下简称"公司"） 预计 2025 年半年度实现归属于母公司所有者的净利润 7,500.00 万元到 9,000.00 万元，与上年同期（法定披露数据）相比，将减少 8,659.36 万元到 10,159.36 万 元，同比减少 49.04%到 57.53%。预计 2025 年半年度实现归属于母公司所有者 的扣除非经常性损益的净利润 6,650.00 万元到 8,150.00 万元，与上年同期（法定 披露数据）相比，将减少 9,356.27 万元到 10,856.27 万元，同比减少 53.45%到 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 经财务部门初步测算，预计 2025 年半年度实现归属于母公司所有者的净利 ...

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 证券代码：603310 证券简称：巍华新材 公告编号：2025-038 浙江巍华新材料股份有限公司 2025 年半年度业绩预告 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法律责任。 重要内容提示： 业绩预告的具体适用情形：实现盈利，且净利润与上年同期相比下降 50% 以上。 经财务部门初步测算，浙江巍华新材料股份有限公司（以下简称"公司"） 预计 2025 年半年度实现归属于母公司所有者的净利润 7,500.00 万元到 9,000.00 万元，与上年同期（法定披露数据）相比，将减少 8,659.36 万元到 10,159.36 万 元，同比减少 49.04%到 57.53%。预计 2025 年半年度实现归属于母公司所有者 的扣除非经常性损益的净利润 6,650.00 万元到 8,150.00 万元，与上年同期（法定 披露数据）相比，将减少 9,356.27 万元到 10,856.27 万元，同比减少 53 ...

巍华新材（603310）公告，预计2025年半年度实现归属于母公司所有者的净利润7500万元到9000万元， 与上年同期相比，将减少8659.36万元到1.02亿元，同比减少49.04%到57.53%。预计2025年半年度实现 归属于母公司所有者的扣除非经常性损益的净利润6650万元到8150万元，与上年同期相比，将减少 9356.27万元到1.09亿元，同比减少53.45%到62.01%。 ...

Core Viewpoint - The company, Zhejiang Wihua New Materials Co., Ltd., is experiencing a decline in revenue and net profit in the first quarter of 2025, reflecting broader challenges in the chemical raw materials industry [1][2]. Company Overview - Zhejiang Wihua New Materials specializes in the research, development, and production of chlorotoluene and trifluoromethylbenzene series products [1]. - The company has received multiple honors, including recognition as a national high-tech enterprise and a green factory by the China Petroleum and Chemical Industry Federation [1]. Financial Performance - In Q1 2025, the company reported revenue of 191 million yuan, a year-on-year decrease of 38.45%, and a net profit of 33.49 million yuan, down 63.17% [2]. - The sales gross margin for the same period was 27.74% [2]. Market Position - The company's current rolling price-to-earnings (PE) ratio is 32.53, compared to the industry average of 34.39 and the industry median of 36.31 [1][2]. - Wihua New Materials ranks 46th in terms of PE ratio within its industry [1]. Shareholder Information - As of March 31, 2025, the number of shareholders for Wihua New Materials is 18,935, a decrease of 11,141 from the previous count, with an average holding value of 352,800 yuan per shareholder [1].

Company Overview - Zhejiang Wihua New Materials Co., Ltd. specializes in the research, development, and production of chlorotoluene and trifluoromethylbenzene series products [1] - The main products include chlorotoluene series, trifluoromethylbenzene series, and others [1] - The company has received multiple honors, including being recognized as a national high-tech enterprise and a "green factory" by the China Petroleum and Chemical Industry Federation [1] Financial Performance - For Q1 2025, the company reported revenue of 191 million yuan, a year-on-year decrease of 38.45% [2] - The net profit for the same period was 33.486 million yuan, down 63.17% year-on-year [2] - The sales gross margin stood at 27.74% [2] Market Position - As of July 4, the company's stock closed at 18.72 yuan, down 1.89%, with a rolling PE ratio of 32.96 times [1] - The total market capitalization is 6.465 billion yuan [1] - In terms of industry PE ratios, the average is 33.92 times, and the median is 35.57 times, placing Wihua New Materials at 48th in the industry ranking [1][2] Institutional Holdings - As of Q1 2025, there are 2 institutions holding shares in Wihua New Materials, with a total holding of 6.257 million shares valued at 115 million yuan [1]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Zhejiang Wihua New Materials Co., Ltd, indicating a decline in revenue and profit in the first quarter of 2025 [1][2] - As of July 2, the company's stock price closed at 19.0 yuan, down 1.04%, with a rolling PE ratio of 33.45 times and a total market capitalization of 6.561 billion yuan [1] - The average PE ratio in the chemical raw materials industry is 34.83 times, with a median of 33.45 times, placing Wihua New Materials at the 49th position in the industry ranking [1][2] Group 2 - For the first quarter of 2025, the company reported an operating income of 191 million yuan, a year-on-year decrease of 38.45%, and a net profit of 33.486 million yuan, down 63.17% [2] - The company's sales gross margin stands at 27.74% [2] - The company specializes in the research and production of chlorotoluene and trifluoromethylbenzene series products, and has received multiple industry recognitions, including being named a "Green Factory" by the China Petroleum and Chemical Industry Federation [1]

Core Viewpoint - Wihua New Materials Co., Ltd. has shown a significant decline in revenue and net profit in the first quarter of 2025, indicating potential challenges in the chemical raw materials industry [1][2]. Company Overview - Wihua New Materials specializes in the research and production of chlorotoluene and trifluoromethylbenzene series products, with major products including chlorotoluene series and trifluoromethylbenzene series [1]. - The company has received multiple honors, including recognition as a national high-tech enterprise and a green factory by the China Petroleum and Chemical Industry Federation [1]. Financial Performance - In Q1 2025, the company reported revenue of 191 million yuan, a year-on-year decrease of 38.45%, and a net profit of 33.49 million yuan, down 63.17% [2]. - The sales gross margin for the same period was 27.74% [2]. Market Position - As of June 27, 2023, Wihua New Materials' stock price closed at 19.31 yuan, with a rolling PE ratio of 34.00 times and a total market capitalization of 6.669 billion yuan [1]. - The average PE ratio for the chemical raw materials industry is 34.02 times, with Wihua New Materials ranking 49th in the industry [1]. Shareholder Information - As of March 31, 2025, the number of shareholders for Wihua New Materials was 18,935, a decrease of 11,141 from the previous count, with an average holding value of 352,800 yuan per shareholder [1].