Group 1 - The third-generation refrigerant market is experiencing a strong price increase due to the combined effects of upstream raw material costs, industry capacity reduction, and growing downstream demand [1][3] - The main third-generation refrigerants are hydrofluorocarbons (HFCs) such as R32 and R134a, which are more environmentally friendly alternatives compared to second-generation refrigerants [1][2] - R32 and R134a prices have seen significant increases, with R32 rising by 21% to a price range of 52,000 to 53,000 yuan per ton, and R134a increasing by 18% to a range of 48,000 to 49,000 yuan per ton [1][2] Group 2 - Major companies in the third-generation refrigerant sector include Zhejiang Juhua Co., Ltd., Zhejiang Sanmei Chemical Co., Ltd., and others, which have reported substantial profit increases in Q1, with Juhua's net profit up by 160.64% [2] - The refrigerant sector is a significant part of the fluorochemical industry, with high product barriers and added value, and is expected to grow due to the development of new energy and electronic industries [2][3] - The current supply constraints, including the freezing of third-generation refrigerant quotas and the reduction of second-generation refrigerants, are expected to support ongoing price increases [3]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Viewpoints - The refrigerant market is experiencing an upward trend, with continuous validation of industrial logic, suggesting active investment opportunities [4] - The fluorochemical industry chain has entered a long-term prosperity cycle, with significant growth potential across various segments, including refrigerants and high-end fluorinated materials [20] Summary by Sections 1. Fluorochemical Market Overview - The fluorochemical index increased by 4.23% during the week of June 2 to June 6, outperforming the Shanghai Composite Index by 3.10% [5][22] - The average price of 97% wet fluorite was 3,387 CNY/ton, down 3.09% week-on-week, while the average for June was 3,416 CNY/ton, down 9.85% year-on-year [6][29] 2. Refrigerant Market Trends - As of June 6, 2025, the prices for various refrigerants are as follows: R32 at 51,000 CNY/ton, R125 at 45,500 CNY/ton, R134a at 48,500 CNY/ton, R410a at 48,500 CNY/ton, and R22 at 36,000 CNY/ton, with most prices stable compared to the previous week [7][18] - The market is seeing a significant increase in demand for refrigerants post-Duanwu Festival, with prices expected to rise further in June [19] 3. Recommended Stocks - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [9][20]

Group 1 - As of June 6, the PVDF concept index rose by 1.76%, ranking 8th among concept sectors, with 10 stocks increasing in value [1] - Notable gainers in the PVDF sector included Zhejiang Zhongcheng, which hit the daily limit, and other companies like Yonghe Co., ST Lianchuang, and Duofluo, which rose by 6.56%, 2.63%, and 2.61% respectively [1] - The sector experienced a net inflow of 273 million yuan, with Zhejiang Zhongcheng leading the inflow at 189 million yuan, followed by Yonghe Co. and Juhua Co. with inflows of 54.89 million yuan and 31.85 million yuan respectively [2][3] Group 2 - The top stocks in terms of net inflow ratio included Zhejiang Zhongcheng at 45.14%, Yonghe Co. at 12.54%, and Duofluo at 7.03% [3] - The trading volume for Zhejiang Zhongcheng was significant, with a turnover rate of 8.96% and a price increase of 9.94% [3] - Other stocks in the PVDF sector showed varied performance, with some experiencing declines, such as Heimao Co. and Jinming Precision Machinery, which fell by 1.17% and 1.93% respectively [4]

Core Viewpoint - The announcement details the adjustment of the conversion price for the "Yonghe Convertible Bonds" due to the implementation of the 2024 annual profit distribution plan, which includes a cash dividend of RMB 0.25 per share [3][4][12]. Group 1: Convertible Bond Details - The company issued 8 million convertible bonds with a total value of RMB 80 million, which began trading on November 1, 2022 [2]. - The initial conversion price was set at RMB 33.64 per share, which was adjusted to RMB 19.93 per share prior to the current adjustment [2][4]. - The new conversion price after adjustment is RMB 19.68 per share, effective from June 13, 2025 [4][6]. Group 2: Profit Distribution Plan - The 2024 annual profit distribution plan was approved at the shareholders' meeting on May 16, 2025, allowing a cash dividend of RMB 0.25 per share [10][12]. - The total number of shares eligible for the dividend is 469,627,588 shares, resulting in a total cash dividend payout of approximately RMB 117.41 million [12]. - The record date for the dividend is June 12, 2025, and the ex-dividend date is June 13, 2025 [3][12]. Group 3: Adjustment Formula - The adjustment of the conversion price follows a specific formula that accounts for cash dividends, with the formula being P1 = P0 - D, where D is the cash dividend [5][6]. - The adjustment ensures compliance with the terms outlined in the bond issuance prospectus [3][5].

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-046 | | --- | --- | --- | | 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 公司于 2025 年 5 月 16 日召开的 2024 年年度股东大会审议通过了《关于公司 2024 年度利润分配方案的议案》，同意公司以实施权益分派股权登记日登记的总股 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： 1/3 调整前转股价格：19.93 元/股 调整后转股价格：19.68 元/股 "永和转债"本次转股价格调整实施日期：2025 年 6 月 13 日 证券停复牌情况：适用 关于实施 2024 年年度权益分派调整"永和转债"转股价 格的公告 因实施 2024 年年度权益分派,本公司的相关证券停复牌情况如下： | 证券 | 证券简称 | 停复牌类型 | 停牌 | 停牌 | 停牌 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 代码 ...

中信证券股份有限公司 关于浙江永和制冷股份有限公司 差异化分红事项的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为浙 江永和制冷股份有限公司（以下简称"永和股份"或"公司"）的保荐人， 根据《中华人民共和国公司法》《中华人民共和国证券法》《证券发行上市 保荐业务管理办法》和《上海证券交易所上市公司自律监管指引第7号——回 购股份》等有关规定，对永和股份2024年度利润分配所涉及的差异化分红（以 下简称"本次差异化分红"）相关事项进行了审慎核查，核查情况及核查意 见如下： 一、本次差异化分红的原因 综上，截至本次差异化权益分派特殊除权除息业务申请日（2025 年 5 月 22 日），公司回购专用账户剩余股份数为 862,280 股。根据《上市公司股份回购规 则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关法律、 法规及规范性文件的规定，上市公司回购专用账户中的股份，不享有股东大会表 决权、利润分配、公积金转增股本、认购新股和可转换公司债券等权利。因此， 公司回购专用账户持有的 862,280 股股份不参与本次利润分配，公司 2024 年度 利润分配需实施差异化分红。 ...

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-047 | | --- | --- | --- | | 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 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.25元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/12 | － | 2025/6/13 | 2025/6/13 | 差异化分红送转：是 一、 通过分配方案的股东会届次和日期 本次利润分配方案经浙江永和制冷股份有限公司（以下简称"公司"）2025 年 5 月 16 日的2024年年度股东会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日（2025 年 6 月 12 日）下午上海证券交易所收市后，在中国 ...

Investment Rating - The report suggests a positive outlook for the refrigerant sector, recommending attention to companies such as Juhua Co., Sanmei Co., and Yonghe Co. due to expected demand growth and price increases in refrigerants [5]. Core Insights - The refrigerant market is entering a demand peak season, with prices and margins for major refrigerant types on the rise. The report highlights the impact of high summer temperatures and supply constraints due to quota policies [5][25]. - The explosion at Youdao Chemical has raised concerns in the pesticide industry, potentially affecting supply and prices of intermediates like K amine, while stricter regulations may benefit leading companies with better safety and management practices [4][5]. Summary by Sections 1. Key Chemical Product Price Tracking - Notable price increases were observed in formic acid (6.52%), dichloromethane (4.36%), and acrylamide (4.55%), while TMA and dichloromethane saw significant declines [13][18]. 2. Polyurethane - MDI prices decreased while TDI prices increased due to seasonal demand fluctuations and maintenance schedules at several production facilities [16]. 3. Agricultural Chemicals - Glyphosate prices rose slightly to 23,397 CNY/ton, supported by strong demand and reduced supply from some factories [18]. 4. Fluorinated Chemicals - Prices for third-generation refrigerants R32 and R134a increased, driven by seasonal demand and supply constraints. R32 is priced at 51,000 CNY/ton, and R134a at 48,500 CNY/ton [25][32]. 5. Phosphate Fertilizers - Prices for monoammonium phosphate and diammonium phosphate remained stable, with production pressures and inventory levels being closely monitored [20][21]. 6. Urea and Potassium Chloride - Urea prices decreased to 1,863 CNY/ton due to market adjustments and reduced export volumes, while potassium chloride prices remained stable at 2,956 CNY/ton [21][24].

Investment Rating - The report suggests a positive outlook for the refrigerant sector, recommending attention to companies such as Juhua Co., Sanmei Co., and Yonghe Co. due to expected demand growth and price increases in refrigerants [5]. Core Insights - The refrigerant market is entering a demand peak season, with prices and margins for major refrigerant types on the rise. The report highlights the impact of high summer temperatures and supply constraints due to quota policies [5][25]. - The explosion at Youdao Chemical has raised concerns in the pesticide industry, potentially affecting supply and prices of intermediates like K-amine, while stricter regulations may benefit leading companies with better safety and management practices [4][5]. Summary by Sections 1. Key Chemical Product Price Tracking - Notable price increases were observed in formic acid (6.52%), dichloromethane (4.36%), and acrylamide (4.55%), while TMA saw a significant decrease of 14.29% [13]. 2. Polyurethane - MDI prices decreased while TDI prices increased due to seasonal demand fluctuations and maintenance schedules at several production facilities [16]. 3. Agricultural Chemicals - Glyphosate prices rose slightly to 23,397 CNY/ton, supported by strong demand and reduced supply from some factories [18]. 4. Fluorinated Chemicals - Prices for R32 and R134a refrigerants increased, driven by seasonal demand and supply constraints. R32 is priced at 51,000 CNY/ton, and R134a at 48,500 CNY/ton [25][32]. 5. Phosphate Fertilizers - Prices for monoammonium phosphate and diammonium phosphate remained stable, with production pressures from high raw material costs [20][21]. 6. Urea and Potassium Chloride - Urea prices decreased to 1,863 CNY/ton due to changes in export policies and market dynamics, while potassium chloride prices remained stable at 2,956 CNY/ton [24].

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-045 | | --- | --- | --- | | 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 2024 年年度权益分派时"永和转债"停止转股 和转股价格调整的提示性公告 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： 证券停复牌情况：适用 因实施 2024 年年度权益分派,本公司的相关证券停复牌情况如下：自本次权益 分派公告前一交易日（2025 年 6 月 5 日）至权益分派股权登记日期间，"永和转债" 将停止转股。 | 证券 | 证券简称 | 停复牌类型 | 停牌 | 停牌期间 | 停牌 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 代码 | | | 起始日 | | 终止日 | | | 111007 | 永和转债 | 可转债转股停牌 | 2025/6/5 | | | | 一、2024 年年度权益分派方案的基本情况 （二） ...