Core Viewpoint - Yonghe Co. expects a significant increase in net profit attributable to shareholders for the first three quarters of 2025, projecting between 456 million to 476 million yuan, representing a year-on-year growth of 211.59% to 225.25% [1] Group 1: Financial Performance - The anticipated substantial growth in net profit is primarily driven by the high prosperity of the refrigerant industry [1] - The tightening of supply-side quotas, combined with increased downstream demand from air conditioning and cold chain sectors, has led to rising product prices and gross margins [1] - Yonghe Co. has optimized its product structure and enhanced the synergy within its industrial chain, contributing to improved operational efficiency [1] Group 2: Operational Efficiency - The Shaowu base has achieved a release of benefits, indicating a positive impact on the company's overall operational efficiency [1]

Group 1 - The core viewpoint of the news is that Yonghe Co., Ltd. expects significant profit growth in the upcoming quarters, driven by the high demand and favorable supply-side policies in the refrigerant industry [1] - For the first three quarters of 2025, the company anticipates a net profit attributable to shareholders of approximately 456 million to 476 million yuan, representing an increase of about 310 million to 330 million yuan year-on-year, which translates to a growth rate of 211.59% to 225.25% [1] - The expected net profit for the third quarter of 2025 is projected to be between 185 million and 205 million yuan, indicating a year-on-year growth of 447.64% to 506.85% and a quarter-on-quarter increase of 6.34% to 17.83% [1] Group 2 - The main reason for the performance change is the sustained high prosperity in the refrigerant industry, supported by supply-side quota policies and steady growth in downstream demand [1] - The second-generation fluorinated refrigerant production quotas continue to decrease, while the third-generation fluorinated refrigerants (HFCs) are still subject to production quota management, which strengthens supply-side constraints and optimizes the supply-demand structure [1] - Downstream demand in sectors such as air conditioning and cold chain logistics is steadily increasing, which supports continuous price increases and steady improvements in gross profit margins [1] Group 3 - In 2024, Yonghe Co., Ltd.'s revenue composition is expected to be 97.37% from the fluorochemical industry and 2.63% from other businesses [2] - As of the report date, the market capitalization of Yonghe Co., Ltd. is 14.4 billion yuan [2]

Core Viewpoint - Yonghe Co., Ltd. (605020) announced 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] Financial Performance - The estimated net profit attributable to shareholders for the first three quarters of 2025 is projected to be between 456 million to 476 million yuan [1] - For the third quarter of 2025 alone, the expected net profit is between 185 million to 205 million yuan, reflecting a year-on-year increase of 447.64% to 506.85% [1]

浙江永和制冷股份有限公司 2025 年前三季度业绩预增公告 | 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-082 | | --- | --- | --- | | 债券代码：111007 | 债券简称：永和转债 | | 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： 浙江永和制冷股份有限公司（以下简称"公司"）预计 2025 年前三季度实 现归属于上市公司股东的净利润为 45,636.40 万元到 47,636.40 万元，与上年同期相 比，将增加 30,990.17 万元到 32,990.17 万元，同比增长 211.59%到 225.25%。其中， 预计 2025 年第三季度单季实现归属于上市公司股东的净利润为 18,500.00 万元到 20,500.00 万元，同比增长 447.64%到 506.85%，环比增长 6.34%到 17.83%。 公司预计 2025 年前三季度实现归属于上市公司股东的扣除非经常性损益的 净利润为 44,171.18 万元到 46,171.18 万 ...

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-081 | | --- | --- | --- | | 债券代码：111007 | 债券简称：永和转债 | | 浙江永和制冷股份有限公司 关于实施"永和转债"赎回暨摘牌的 最后一次提示性公告 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： 自 2025 年 9 月 29 日起，"永和转债"停止交易。 最后转股日：2025 年 10 月 9 日 截至 2025 年 9 月 30 日收市后，距离 10 月 9 日（"永和转债"最后转股日） 仅剩 1 个交易日，10 月 9 日为"永和转债"最后一个转股日。 本次提前赎回完成后，"永和转债"将自 2025 年 10 月 10 日起在上海 证券交易所摘牌。 投资者所持"永和转债"除在规定时限内按照 19.68 元/股的转股价格 进行转股外，仅能选择以 100 元/张的票面价格加当期应计利息（即 100.9973 元 /张）被强制赎回。若被强制赎回，可能面临较大投资损失。 在本次发行的可转债转股期 ...

Investment Rating - The industry rating is maintained at Neutral, consistent with the previous rating [3]. Core Insights - The liquid cooling technology is driven by the increasing power density of data center cabinets, which necessitates more efficient heat dissipation methods. Liquid cooling offers advantages such as lower energy consumption, higher cooling efficiency, lower noise, and lower total cost of ownership (TCO) compared to traditional air cooling [4][12]. - The Chinese liquid cooling server market is projected to grow significantly, reaching a market size of $2.37 billion in 2024, with a compound annual growth rate (CAGR) of 46.8% from 2024 to 2029, ultimately reaching $16.2 billion by 2029 [4][33][57]. - The global data center cooling market is expected to grow from $7.67 billion in 2023 to approximately $16.87 billion by 2028, with liquid cooling technology's market share increasing from 13% to 33% during the same period [33][36]. Summary by Sections Section 1: Development of Liquid Cooling Technology - The shift towards high-density and energy-efficient data centers necessitates the adoption of liquid cooling solutions, especially when cabinet power density exceeds 20KW [11][12]. - The average power density of global data center cabinets has increased from 5.6KW in 2017 to 12.8KW in 2023, with supercomputing centers requiring over 30KW [11][12]. Section 2: Liquid Cooling Efficiency and Cost Advantages - Liquid cooling systems demonstrate superior cooling capabilities compared to air cooling, with a cost of approximately 11,818 RMB per KW, leading to annual savings of about 1.84 million RMB compared to air cooling [17][12]. - NVIDIA's liquid-cooled data centers can achieve a Power Usage Effectiveness (PUE) of 1.15, significantly lower than the 1.6 PUE typical of air-cooled systems [11][12]. Section 3: Types of Liquid Cooling Technologies - Liquid cooling technologies are categorized into contact and non-contact types, with single-phase cold plate liquid cooling being the most mature and widely adopted solution [52][32]. - Immersion cooling, which can be single-phase or two-phase, is gaining traction due to its energy efficiency and compact design, with the market for immersion cooling servers expected to grow from $1.2 million in 2024 to $48.6 million by 2029 [55][57]. Section 4: Market Growth Projections - The Chinese liquid cooling server market is expected to maintain rapid growth, with a projected market size of $2.37 billion in 2024, reflecting a 67% increase from 2023 [36][57]. - The global data center liquid cooling market is anticipated to grow from $1 billion in 2023 to approximately $5.6 billion by 2028, indicating a strong upward trend in adoption [33][36]. Section 5: Key Companies and Products - Companies such as Juhua Co., Yonghe Co., New Zobang, Huayi Group, and others are positioned to benefit from the growing demand for fluorinated liquids used in immersion cooling systems, especially following 3M's exit from the PFAS production market [66][67].

Group 1 - The company announced that "Yonghe Convertible Bonds" will stop trading from September 29, 2025 [2][4] - The last conversion date for the bonds is October 9, 2025, with only two trading days remaining until that date [3][16] - Following the early redemption, "Yonghe Convertible Bonds" will be delisted from the Shanghai Stock Exchange starting October 10, 2025 [4][17] Group 2 - The company triggered the conditional redemption clause for the bonds as the stock price was above 130% of the conversion price for 15 out of 30 trading days [5][8] - The redemption price is set at 100.9973 yuan per bond, which includes accrued interest [10][11] - Investors must convert their bonds at the conversion price of 19.68 yuan per share within the specified timeframe to avoid forced redemption [4][19] Group 3 - As of September 26, 2025, a total of 765,766,000 yuan worth of "Yonghe Convertible Bonds" has been converted into 38,781,541 shares, representing 10.2294% of the company's total shares before conversion [50] - The remaining unconverted bonds amount to 34,234,000 yuan, which is 4.2793% of the total issuance [50]

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-080 | | --- | --- | --- | | 债券代码：111007 | 债券简称：永和转债 | | 浙江永和制冷股份有限公司 关于"永和转债"转股数量累计达到转股前公司已发 行股份总额 10%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： 累计转股情况：截至 2025 年 9 月 26 日，累计共有人民币 765,766,000 元"永和转债"转换为公司普通股股票，累计转股数量为 38,781,541 股，占"永 和转债"转股前公司已发行股份总额的 10.2294%。 未转股可转债情况：截至 2025 年 9 月 26 日，尚未转股的"永和转债" 金额为人民币 34,234,000 元，占"永和转债"发行总量的 4.2793%。 一、"永和转债"发行上市概况 （一）"永和转债"发行情况 经中国证券监督管理委员会《关于核准浙江永和制冷股份有限公司公开发行 可转换公司债券的批复》（证监许可[2022]2048 ...

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-079 | | --- | --- | --- | | 债券代码：111007 | 债券简称：永和转债 | | 浙江永和制冷股份有限公司 关于实施"永和转债"赎回暨摘牌的 第四次提示性公告 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： 自 2025 年 9 月 29 日起，"永和转债"停止交易。 最后转股日：2025 年 10 月 9 日 截至 2025 年 9 月 29 日收市后，距离 10 月 9 日（"永和转债"最后转股日） 仅剩 2 个交易日，10 月 9 日为"永和转债"最后一个转股日。 本次提前赎回完成后，"永和转债"将自 2025 年 10 月 10 日起在上海 证券交易所摘牌。 投资者所持"永和转债"除在规定时限内按照 19.68 元/股的转股价格 进行转股外，仅能选择以 100 元/张的票面价格加当期应计利息（即 100.9973 元 /张）被强制赎回。若被强制赎回，可能面临较大投资损失。 "永和转债"已停止交易，公 ...

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-078 | | --- | --- | --- | | 债券代码：111007 | 债券简称：永和转债 | | 浙江永和制冷股份有限公司 关于对外提供财务资助展期的公告 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： 履行的审议程序：本次对外提供财务资助展期事项经公司第四届董事会 第二十三次会议审议通过，无需提交股东会审议。 特别风险提示：本次财务资助展期是在不影响公司正常经营的情况下实 施，且被资助对象属于地方政府机构，具有良好的履约能力，不会对公司未来的 财务状况和经营成果产生不利影响，本次财务资助展期的风险可控。 一、财务资助展期事项概述 （一）财务资助展期的基本情况 浙江永和制冷股份有限公司（以下简称"公司"）于 2023 年 1 月 18 日召开 第三届董事会第三十次会议审议通过了《关于全资子公司对外提供财务资助的议 案》，同意公司全资子公司内蒙古永和氟化工有限公司（以下简称"内蒙永和"） 向四子王旗政府提供借款 3,000 ...