Group 1 - The company has fluorite resources, including three mining rights and two exploration rights, with proven fluorite reserves of 4.8527 million tons [2] - Currently, the company has not yet entered the lithium hexafluorophosphate business [2]

Group 1 - The stock of Shida Shenghua has hit the daily limit down, indicating significant market sell-off [1] - Lichong Group and Xinzhou Bang have both dropped over 8%, reflecting a broader decline in the sector [1] - Other companies such as Tianci Materials, Zhongxin Fluorine Materials, Wehua New Materials, Yongtai Technology, and Yonghe Co. have also experienced declines [1]

Group 1 - The fluorochemical sector experienced significant declines, with companies like Lichong Group and Xinzhou Bang dropping over 8% [1] - Other companies in the sector, including Tianci Materials, Zhongxin Fluorine Materials, Weihua New Materials, Yongtai Technology, and Yonghe Co., also saw declines [1]

Core Viewpoint - The fluorochemical sector has experienced a short-term decline, with multiple companies showing significant drops in stock prices, particularly Duofu Du, which fell over 5% [1] Company Performance - Duofu Du's stock price decreased by more than 5% [1] - Other companies in the sector, including Zhongxin Fluorine Materials, Weihua New Materials, Yongtai Technology, and Yonghe Co., also saw declines in their stock prices [1]

Core Viewpoint - Yonghe Co., Ltd. has shown significant growth in revenue and net profit, indicating strong operational performance and potential investment opportunities [2]. Financing and Trading Activity - On November 14, Yonghe Co., Ltd. experienced a 1.60% decline in stock price with a trading volume of 347 million yuan. The financing buy-in amounted to 46.24 million yuan, while financing repayment was 37.16 million yuan, resulting in a net financing buy of 9.08 million yuan. The total financing and securities balance reached 376 million yuan [1]. - The current financing balance of 376 million yuan represents 2.70% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1]. - In terms of securities lending, on November 14, 100 shares were repaid with no shares sold, resulting in a securities lending balance of 27,200 yuan, which is below the 10th percentile level over the past year, indicating low lending activity [1]. Financial Performance - For the period from January to September 2025, Yonghe Co., Ltd. reported a revenue of 3.786 billion yuan, reflecting a year-on-year growth of 12.04%. The net profit attributable to shareholders reached 469 million yuan, marking a substantial increase of 220.39% year-on-year [2]. - Since its A-share listing, Yonghe Co., Ltd. has distributed a total of 310 million yuan in dividends, with 242 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, Yonghe Co., Ltd. had 24,000 shareholders, an increase of 29.73% from the previous period. The average number of circulating shares per shareholder was 20,908, up by 2.23% [2]. - Among the top ten circulating shareholders, Xin'ao Cycle Power Mixed A (010963) ranked as the seventh largest shareholder with 6.2843 million shares, an increase of 3.1695 million shares from the previous period. Hong Kong Central Clearing Limited entered as the eighth largest shareholder with 6.2477 million shares [3].

Investment Rating - The investment rating for the chemical raw materials industry is optimistic (maintained) [1] Core Views - The report highlights that the price of R134a has exceeded expectations, indicating a significant value proposition in the refrigerant sector, and suggests that long-term positioning is timely [4] - The fluorochemical index has shown a strong performance, increasing by 7.71% and outperforming major indices such as the Shanghai Composite and CSI 300 [6][25] - The report emphasizes the ongoing upward trend in refrigerant prices, particularly for R134a, R32, and R125, while noting a structural differentiation in the market [22][23] Summary by Sections 1. Fluorochemical Industry Overview - The fluorochemical market is experiencing a positive trend, with R134a prices rising significantly due to concentrated purchasing demand, reaching 60,000 yuan/ton, an increase of 6,000 yuan/ton [9][22] - The overall market sentiment for fluorite is weak, with prices for 97% fluorite powder averaging 3,391 yuan/ton, down 0.96% from the previous week [19][33] 2. Refrigerant Market Trends - As of November 14, refrigerant prices are as follows: R32 at 63,000 yuan/ton, R125 at 45,500 yuan/ton, R134a at 55,000 yuan/ton, and R410a at 53,500 yuan/ton, with R134a showing a weekly increase of 1.85% [21][24] - The report notes that the refrigerant market is characterized by a strong upward trend for R32 and R134a, while R125 remains stable, and other products like R404 and R507 are experiencing downward pressure [22][23] 3. Beneficiary Companies - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [11][23]

Core Viewpoint - Yonghe Co., Ltd. has experienced a stock price decline of 2.02% on November 14, with a current price of 27.63 CNY per share and a total market capitalization of 14.112 billion CNY. The company has seen a year-to-date stock price increase of 37.60% [1] Financial Performance - For the period from January to September 2025, Yonghe Co., Ltd. achieved a revenue of 3.786 billion CNY, representing a year-on-year growth of 12.04%. The net profit attributable to shareholders reached 469 million CNY, showing a significant increase of 220.39% compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Yonghe Co., Ltd. increased to 24,000, a rise of 29.73% from the previous period. The average number of circulating shares per shareholder is 20,908, which is an increase of 2.23% [2] Dividend Distribution - Since its A-share listing, Yonghe Co., Ltd. has distributed a total of 310 million CNY in dividends, with 242 million CNY distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, among the top ten circulating shareholders, Xin'ao Cycle Power Mixed A (010963) is the seventh largest, holding 6.2843 million shares, an increase of 3.1695 million shares from the previous period. Hong Kong Central Clearing Limited is the eighth largest shareholder, holding 6.2477 million shares as a new shareholder [3]

证券代码：605020 证券简称：永和股份 公告编号：2025-091 浙江永和制冷股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 会议召开时间：2025 年 11 月 18 日（星期二）下午 14:00-15:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 11 日（星期二）至 11 月 17 日（星期一） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 yhzqsw@qhyh.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 浙江永和制冷股份有限公司（以下简称"公司"）已于 2025 年 10 月 21 日 披露了《2025 年第三季度报告》，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务 ...

Group 1 - The epoxy propylene concept continues to rise, with Shida Shenghua hitting the daily limit up [1] - Companies such as Wanhua Chemical, Hongbaoli, Binhua Co., Weiyuan Co., Satellite Chemical, and Yonghe Co. also experienced gains [1]

Core Insights - The fluorochemical sector in A-shares is experiencing a high prosperity cycle, driven by leading companies achieving significant performance and stock price increases [1] - Major companies like Duofluoride (多氟多) and Yonghe Co. (永和股份) reported net profit growth exceeding 190% in the first three quarters, with Duofluoride leading at a remarkable 407.74% increase [1] - The stock prices of top companies have surged, with Duofluoride's increase over 130% and others like Dongyangguang (东阳光) and Juhua Co. (巨化股份) achieving over 40% gains, indicating a "Davis Double Play" effect [1] Industry Performance - Juhua Co. achieved revenue surpassing 20 billion yuan, maintaining its position as the largest player in the sector [1] - The high prosperity in the industry is primarily attributed to the significant price increases of lithium hexafluorophosphate and refrigerants, with the former reaching a near two-year high of 107,500 yuan per ton since July [1] - Refrigerants are benefiting from supply contraction and rising demand, sustaining strong market conditions [1] Market Outlook - Industry insiders and listed companies express optimism about the sustainability of this high prosperity, although some caution that prices of the two key products may reach rational levels while continuing to rise [1] - There is a noted divergence within the sector, as companies like Jinshi Resources (金石资源) face profit declines due to insufficient capacity release from technical upgrades, while ST Lianchuang (ST联创) experiences stock price divergence despite significant profit increases due to disclosure violations [1]