Core Viewpoint - Yonghe Co., Ltd. (SH605020) expects a significant increase in net profit for the first three quarters of 2025, projecting a year-on-year growth of 211.59% to 225.25% [1][2] Financial Performance - The company anticipates a net profit attributable to shareholders of 456 million to 476 million yuan for the first three quarters of 2025, an increase of 310 million to 330 million yuan compared to the same period last year [2] - For Q3 2025, the expected net profit is between 185 million to 205 million yuan, reflecting a year-on-year growth of 447.64% to 506.85% and a quarter-on-quarter increase of 6.34% to 17.83% [2] - The net profit excluding non-recurring gains and losses for the first three quarters of 2025 is projected to be between 442 million to 462 million yuan, a year-on-year increase of 212.93% to 227.10% [2] - The Q3 2025 net profit excluding non-recurring items is expected to be between 174 million to 194 million yuan, with a year-on-year growth of 396.82% to 453.92% and a quarter-on-quarter increase of 1.71% to 13.40% [2] Industry Context - The performance increase is attributed to the sustained high demand in the refrigerant industry, driven by supply-side quota policies and steady growth in downstream demand [3] - The reduction in production quotas for second-generation refrigerants (HCFCs) and the implementation of quota management for third-generation refrigerants (HFCs) have optimized the supply-demand structure [3] - The steady growth in demand from sectors such as air conditioning and cold chain logistics supports rising product prices and improved profit margins [3] Operational Efficiency - The company has optimized production efficiency at its Shaowu Yonghe base, enhancing the quality and sales scale of products like HFP, FEP, PTFE, and PFA [3] - The transition from "capacity construction" to "efficiency release" is expected to lead to continuous profitability starting from Q4 2024 [3] - The company aims to broaden its profit margins and improve operational efficiency through lean management, market share expansion, and cost control [3] Company Background - Yonghe Co., Ltd. specializes in the research, production, and sales of fluorochemical products, with a comprehensive industrial chain covering fluorite resources, hydrofluoric acid, fluorocarbon chemicals, and fluorinated polymers [7] - The company reported a revenue of 2.445 billion yuan for the first half of 2025, marking a year-on-year increase of 12.39% [7] - The net profit attributable to shareholders for the same period was 271 million yuan, reflecting a year-on-year growth of 140.82% [7]

Group 1 - The company has triggered the conditional redemption clause for its convertible bonds due to the stock price exceeding 130% of the conversion price for 15 trading days [2][3] - The board of directors approved the early redemption of the convertible bonds at a price of 100.9973 yuan per bond, including accrued interest [5][11] - The total amount for the redemption is 951,394.29 yuan, which will not significantly impact the company's cash flow [11] Group 2 - As of October 9, 2025, a total of 799,058,000 yuan of convertible bonds have been converted into 40,473,050 shares, representing 10.6755% of the company's total shares before conversion [7][9] - The company's total share capital will increase to 510,762,476 shares after the redemption, which may dilute earnings per share in the short term but strengthen capital structure in the long term [11] - The redemption and conversion activities will lead to a total of 401,963 shares being registered from the stock option incentive plan [26][32]

证券代码：605020 证券简称：永和股份 公告编号：2025-083 浙江永和制冷股份有限公司 关于"永和转债"赎回结果暨股份变动的公告 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。 重要内容提示: 一、本次可转债赎回的公告情况 （一）有条件赎回条款满足情况 自 2025 年 7 月 22 日至 2025 年 8 月 25 日,浙江永和制冷股份有限公司（以 下简称"公司"）股票已有十五个交易日收盘价格不低于"永和转债"当期转 股价格的 130%（即 25.584 元/股），根据《浙江永和制冷股份有限公司公开发 行可转换公司债券募集说明书》（以下简称"《募集说明书》"）中有条件赎 回条款的相关约定，已触发"永和转债"的有条件赎回条款。 （二）本次赎回事项公告披露情况 公司于 2025 年 8 月 25 日召开第四届董事会第二十二次会议，审议通过了 《关于提前赎回"永和转债"的议案》，公司董事会决定行使"永和转债"的 提前赎回权，对赎回登记日登记在册的"永和转债"按照债券面值加当期应计 利息的价格全部赎回。具体内容详见公司于 ...

证券代码：605020 证券简称：永和股份 公告编号：2025-084 浙江永和制冷股份有限公司 关于 2021 年股票期权与限制性股票激励计划 2025 年第三季度自主行权结果暨股份变动的公告 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。 重要内容提示： 2025 年第三季度，公司 2021 年限制性股票与股票期权激励计划（以下 简称"激励计划"）共行权且完成股份过户登记 401,963 股： 1.公司激励计划预留授予第二个行权期可行权数量为 129,030 份，实际可行 权期为 2024 年 10 月 16 日至 2025 年 9 月 1 日，2025 年第三季度累计行权并完 成股份过户登记 112,985 股，占该期可行权总量的 87.56%。截至 2025 年 9 月 30 日，累计行权并完成股份过户登记 112,985 股，占该期可行权总量的 87.56%。 2.公司激励计划首次授予第三个行权期可行权数量为 385,579 份，实际可行 权期为 2025 年 1 月 24 日至 2025 年 11 月 4 日，20 ...

证券代码：605020 证券简称：永和股份 公告编号：2025-085 浙江永和制冷股份有限公司 关于股票期权限制行权期间的提示性公告 1/1 一、公司首次授予的股票期权（期权代码：0000000868）已于 2025 年 1 月 24 日进入第三个行权期，行权有效期为 2025 年 1 月 24 日至 2025 年 11 月 4 日。 二、本次限制行权期为 2025 年 10 月 16 日至 2025 年 10 月 20 日，在此期间全 部激励对象将被限制行权。 三、公司将按照有关规定及时向中国证券登记结算有限责任公司上海分公司申 请办理限制行权相关事宜。 特此公告。 浙江永和制冷股份有限公司董事会 2025 年 10 月 11 日 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。 根据《上市公司股权激励管理办法》《上海证券交易所上市公司自律监管指南 第 2 号—业务办理》（第八号—股权激励计划股票期权自主行权）及中国证券登记 结算有限责任公司上海分公司关于股票期权自主行权等相关规定，并结合浙江永和 制冷股份有限公司（以下简称 ...

Core Viewpoint - Yonghe Co., Ltd. (605020.SH) is experiencing significant growth in its performance, with a projected net profit increase of 211.59% to 225.25% year-on-year for the first three quarters of 2025, driven by the high demand in the refrigerant industry [1][2] Financial Performance - The company expects a net profit of 4.56 billion to 4.76 billion yuan for the first three quarters of 2025, with the third quarter alone projected to yield a net profit of 1.85 billion to 2.05 billion yuan, marking a year-on-year increase of 447.64% to 506.85% [2][3] - In Q4 2024, Yonghe's revenue was 12.27 billion yuan, up 7.64% year-on-year, with a net profit of 1.05 billion yuan, reflecting a 384.97% increase [3] Industry Dynamics - The growth is attributed to the sustained high demand in the refrigerant industry, with production quotas for second-generation hydrofluorocarbons (HCFCs) being reduced and third-generation hydrofluorocarbons (HFCs) continuing to face quota management, leading to an optimized supply-demand structure [2][4] - The company has secured a total HFCs product quota of 58,200 tons, positioning it among the top in the industry to benefit from supply-side reforms [4][5] Product and Operational Efficiency - Yonghe has optimized its production lines, enhancing the quality and scale of products such as HFP, FEP, PTFE, and PFA, transitioning from capacity construction to efficiency release [2][4] - The fluorocarbon chemical business, which is the company's primary revenue driver, achieved 13.1 billion yuan in revenue in the first half of 2025, accounting for 53.58% of total revenue, with a gross margin increase to 32.43% [4][5] Cash Flow and Profitability - The company's cash flow from operating activities for the first half of 2025 reached 3.37 billion yuan, a year-on-year increase of 209.39%, indicating improved financial health [3]

Core Insights - Yonghe Co., Ltd. experienced a stock price increase of 6.20% on October 9, with a trading volume of 1.172 billion yuan [1] - The company reported a financing buy-in of 164 million yuan and a net financing buy-in of 74.29 million yuan on the same day [1] - As of October 9, the total financing and securities lending balance for Yonghe Co., Ltd. was 369 million yuan, indicating a high level of financing activity [1] Financing Overview - On October 9, Yonghe Co., Ltd. had a financing buy-in of 164 million yuan, with a current financing balance of 368 million yuan, representing 2.44% of the circulating market value [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of investor interest [1] - The company had no share repayments in securities lending on October 9, with a securities lending sell-out of 10,800 shares, amounting to 325,500 yuan [1] Company Performance - As of June 30, the number of shareholders for Yonghe Co., Ltd. was 18,500, a decrease of 0.44% from the previous period [2] - The company achieved a revenue of 2.445 billion yuan for the first half of 2025, reflecting a year-on-year growth of 12.39% [2] - The net profit attributable to shareholders was 271 million yuan, showing a significant year-on-year increase of 140.82% [2] Dividend and Shareholder Information - Yonghe Co., Ltd. has distributed a total of 310 million yuan in dividends since its A-share listing, with 242 million yuan distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders included a new entry, Xin'ao Cycle Power Mixed A, holding 3.1148 million shares [3] - The previous top shareholder, Harvest New Energy New Materials Stock A, has exited the top ten list [3]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 4.56 to 4.76 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 212% to 225%, with a median estimate of 4.66 billion yuan [8] - The increase in profits is primarily driven by rising refrigerant prices and improved product quality and sales scale at Shaowu Yonghe, which has been profitable since Q4 2024 [8] - The company has successfully launched new liquid cooling products and is expanding its product line into high-value fluorinated polymers and fine chemicals [8] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 5,875 million yuan, with a year-on-year growth rate of 27.6% [2] - Net profit attributable to shareholders is projected to be 646 million yuan for 2025, reflecting a year-on-year growth of 156.9% [2] - Earnings per share (EPS) is expected to be 1.27 yuan for 2025, with a projected PE ratio of 22 [2] Market Data - As of September 30, 2025, the closing price of the stock is 28.38 yuan, with a market capitalization of 14,223 million yuan [3] - The stock has a price-to-book ratio of 3.2 and a dividend yield of 0.88% [3] Performance Analysis - The company has shown a significant increase in net profit for Q3 2025, with estimates ranging from 1.85 to 2.05 billion yuan, indicating a year-on-year increase of 448% to 507% [8] - The prices of key refrigerants have risen, with R32, R125, and R134a showing significant price increases in Q3 2025 [8] - The operational efficiency and product quality at Shaowu Yonghe have improved, leading to a positive profit outlook for Q3 2025 [8]

Group 1 - The People's Bank of China reported that as of the end of September, the country's gold reserves reached 74.06 million ounces, marking the 11th consecutive month of increases, with a month-on-month increase of 40,000 ounces [1] - Spot gold prices have surpassed the $4,000 per ounce milestone, driven by concerns over the U.S. economy and government shutdown risks, with gold prices rising over 50% this year [2] - The People's Bank of China will conduct a 1.1 trillion yuan reverse repurchase operation on October 9 to maintain ample liquidity in the banking system [3] Group 2 - During the National Day holiday, over 2.4 billion people traveled across regions, setting a historical record, with box office revenue exceeding 1.8 billion yuan [4] - The China Securities Regulatory Commission held a meeting to discuss the "14th Five-Year" capital market planning, focusing on deepening reforms in issuance, refinancing, and mergers and acquisitions [5] - The National Development and Reform Commission has allocated 69 billion yuan in special bonds to support the consumption upgrade policy [6] Group 3 - Cambrian Technology announced a private placement to raise 3.985 billion yuan, with funds allocated for AI chip and software platform projects [6] - Chipone Technology expects to sign new orders worth 1.593 billion yuan in Q3, a year-on-year increase of 145.8%, with AI-related orders accounting for about 65% [6][14] - Zhangjiang Hi-Tech's controlling shareholder plans to reduce its stake by up to 1% [7] - Shenyang Chemical is facing penalties for alleged false disclosures in annual reports from 2018 to 2021, resulting in a fine of 7 million yuan [8] - Hainan Huatie's subsidiary terminated a 3.69 billion yuan computing power service agreement due to market changes [9] - Wintime Technology announced a temporary suspension of trading due to undisclosed important information [10] - Seres reported a 19.44% year-on-year increase in September sales of new energy vehicles [11] - Hainan Huatie's major shareholder plans to increase its stake by 30 to 50 million yuan [12] - Yonghe Holdings expects a significant increase in net profit for Q3, projecting a year-on-year growth of 448% to 507% [12] - Sichuan Gold acquired exploration rights for a gold mine in Xinjiang for 510 million yuan, indicating favorable geological conditions [13]

Group 1 - The stock price of Yonghe Co. has experienced significant movement, rising by 8.14% as of 9:32 AM today, with a trading volume of 8.4756 million shares and a transaction amount of 263 million yuan, resulting in a turnover rate of 1.69% [2] - The latest earnings forecast from Yonghe Co. indicates an expected net profit of 456 million to 476 million yuan for the first three quarters, representing a year-on-year growth of 211.59% to 225.25% [2] - Over the past five days, the main funds for Yonghe Co. have shown a net inflow, totaling 32.8044 million yuan, although there was a net outflow of 2.1245 million yuan on the previous trading day [2] Group 2 - As of September 30, the margin trading balance for Yonghe Co. is 294 million yuan, with the financing balance also at 294 million yuan, indicating an increase of 51.0206 million yuan over the past five days, which is a growth rate of 21.01% [2]