Group 1 - The core viewpoint of the news is that Yonghe Co., Ltd. (605020) has shown positive financial performance and stock movement as of August 1, 2025, with a closing price of 25.27 yuan, up 1.98% [1] - The company reported total revenue of 1.138 billion yuan for Q1 2025, representing a year-on-year growth of 12.36% [1] - The net profit attributable to shareholders reached 97.39 million yuan, a significant increase of 161.66% year-on-year [1] - The company has a current ratio of 1.145 and a quick ratio of 0.852, indicating a stable liquidity position [1] - Yonghe Co., Ltd. has a debt-to-asset ratio of 46.68%, reflecting its financial leverage [1] Group 2 - The company has made investments in 14 enterprises and participated in 55 bidding projects, indicating active engagement in business expansion [2] - Yonghe Co., Ltd. holds 61 trademark registrations and 12 patents, showcasing its commitment to intellectual property [2] - The company has obtained 24 administrative licenses, which may facilitate its operational capabilities [2]

Group 1: Market Performance - The fluorochemical sector showed steady performance in July, with the fluorochemical index rising by 6.29%, outperforming the CSI 300 index by 1.32 percentage points [1] - As of the end of July, the fluorochemical index was at 1471.59 points, which is an increase of 6.29% compared to the end of June [1] - The chemical price indices reported by Guosen Securities indicated a slight decrease in the fluorochemical price index by 2.76% and an increase in the refrigerant price index by 2.24% as of July 30, 2025 [1] Group 2: Refrigerant Prices - Retail prices for the main refrigerant R32 continued to rise, with R227ea prices increasing rapidly to 73,000 yuan/ton due to demand from the firefighting sector [2] - Price forecasts for R32 are expected to stabilize with average prices projected at 56,000 yuan in August, 57,000 yuan in September, and 58,000 yuan in October [2] - The market anticipates an increase in refrigerant demand with the approach of the "Golden September and Silver October" period and the new cooling year [2] Group 3: Air Conditioning Production - Air conditioning production has been adjusted upwards due to high summer temperatures, with the total production for August expected to be 6.735 million units, a year-on-year decrease of 11.9% [5] - The cumulative export of air conditioners from January to June reached 41.08 million units, reflecting a year-on-year increase of 6.9% [5] - The third batch of 69 billion yuan for the old-for-new program has been allocated, providing support for the industry [4] Group 4: Company Developments - Companies such as Dongyangguang, Wengfu Group, and others have reported profit growth in their mid-year financial announcements [6] - The fluorine polymer and supporting projects by Dongyangguang have completed acceptance public announcements, indicating ongoing expansion in the sector [6]

Investment Rating - The report maintains a "Positive" investment rating for the refrigerant industry [13]. Core Insights - The refrigerant industry is experiencing a price increase under quota control since 2024, with significant price rises observed for various refrigerants. The sustainability and potential for further price increases are areas of market concern, which the report aims to explore [5][8]. - The report emphasizes that the price increase is not driven by traditional supply-demand mismatches but rather reflects a new operational model in the industry. The supply side is characterized by high concentration and limited capacity for new entrants, particularly in China, which holds a dominant position in production and market share [8][40]. Summary by Sections Price Sustainability - The sustainability of price increases is linked to the current position of products within their cycles. The report suggests that refrigerants have moved beyond traditional cyclical logic, indicating a potential for long-term price increases [8][36]. - The supply side is constrained, with a high concentration of market players and limited ability to increase supply globally. This is further supported by the fact that the domestic market has significant production power [8][40]. Price Potential - The report discusses the potential for price increases, noting that the historical price elasticity of refrigerants allows for significant price tolerance. For instance, R32's price has risen from 1.70 million yuan/ton to 5.40 million yuan/ton, reflecting a 217.6% increase [23]. - The report argues that the long-term production costs of alternative refrigerants (like R1234yf) do not set a ceiling for the prices of existing refrigerants, suggesting that the price of third-generation refrigerants could continue to rise [9][69]. Long-term Investment Value - The report concludes that the refrigerant industry holds substantial long-term investment value, with companies increasingly approaching traditional chemical product valuation peaks. The ongoing price increases and the unique market dynamics suggest that related companies may be undervalued [10][11]. - Specific companies such as Juhua Co., Sanmei Co., Dongyue Group, Yonghe Co., and Haohua Technology are recommended for continued investment due to their strong market positions and growth potential [11].

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-064 | | --- | --- | --- | | 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 关于董事离任暨选举职工董事的公告 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： 浙江永和制冷股份有限公司（以下简称"公司"）董事会于近日收到公司非 独立董事、总工程师陈文亮先生的书面辞职报告。因工作调整原因，陈文亮先生 申请辞去公司董事职务。根据《中华人民共和国公司法》和《公司章程》的有关 规定，陈文亮先生的辞职报告自送达公司董事会时生效。 | | 离任 | | | | | | | | 离任 | 是否继续在上 | 具体职务 | 是 否 | 存 | 在 | 未 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 职务 | | 离任时间 | | ...

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-063 | | --- | --- | --- | | 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 2025年第二次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 况： | 1．出席会议的股东和代理人人数 | 225 | | --- | --- | | 2．出席会议的股东所持有表决权的股份总数（股） | 243,861,437 | | 3．出席会议的股东所持有表决权股份数占公司有表决权股 | 51.9123% | | 份总数的比例（%） | | 注：截至本次股东大会股权登记日，公司回购专用账户中共有公司股份 862,280 股，根 据《上市公司股份回购规则》等相关规定，该部分股份不享有股东大会表决权，本次股东大 会计算相关比例时已扣除上述已回购股份。 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情 况等。 ...

北京市环球律师事务所上海分所 关于 浙江永和制冷股份有限公司 2025 年第二次临时股东大会的 法律意见书 北京市环球律师事务所上海分所 关于浙江永和制冷股份有限公司 2025 年第二次临时股东大会的 法律意见书 GLO2025SH（法）字第 07121 号 致：浙江永和制冷股份有限公司 根据浙江永和制冷股份有限公司（"永和股份"或"公司"）的委托，北京市 环球律师事务所上海分所（"本所"）就公司2025年第二次临时股东大会（"本次 股东大会"）所涉及的召集、召开程序、召集人资格和出席会议人员的资格、表 决程序及表决结果等相关问题发表法律意见。本法律意见书系依据《中华人民 共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》（"《股东 会规则》"）及其他相关法律、法规、规章、规范性文件及《浙江永和制冷股份 有限公司章程》（"《公司章程》"）的相关规定出具。 本所经办律师（"本所律师"）出席并见证了本次股东大会，并依照现行有 效的中国法律、法规以及中国证券监督管理委员会（"中国证监会"）相关规章、 规范性文件的要求和规定，对永和股份提供的与题述事宜有关的法律文件及其 他文件、资料进行了审查、验证。同时， ...

Core Viewpoint - The performance of various industries in the first half of the year has shown significant improvement, with 52.88% of the 938 listed companies reporting a year-on-year increase in net profit attributable to shareholders [1] Group 1: Non-ferrous Metals Industry - The non-ferrous metals sector has experienced substantial profit growth, driven by rising prices of raw materials such as copper and gold [2] - 20 companies in the non-ferrous metals industry reported a year-on-year profit increase of over 50%, with 6 companies achieving a profit doubling [2] - For instance, Jincheng Mining expects a net profit of 1.07 billion to 1.12 billion yuan, a year-on-year increase of 74.62% to 82.78%, attributed to increased sales volume and prices of mineral products [2] - Luoyang Molybdenum anticipates a net profit of 8.2 billion to 9.1 billion yuan, reflecting a growth of 51.37% to 67.98% due to rising copper and cobalt prices [2] - Huayou Cobalt's profit is expected to rise by 55.62% to 67.59%, with a projected net profit of 2.6 billion to 2.8 billion yuan, driven by increased cobalt prices [2] Group 2: Gold Industry - The gold sector has also reported strong performance, with companies like Western Gold expecting a net profit of 130 million to 160 million yuan, a year-on-year increase of 96.35% to 141.66% [3] - Shandong Gold anticipates a net profit of 2.55 billion to 3.05 billion yuan, reflecting an increase of 84.30% to 120.50% due to higher gold sales prices and increased sales volume [3] - Other gold companies, including Chifeng Gold and Zhongjin Gold, also expect net profit increases exceeding 50% [3] Group 3: Agricultural Chemicals Industry - The agricultural chemicals sector has seen significant profit growth, with 49 out of 89 companies reporting increases, representing 55.1% [4] - Xian Da Co. expects a net profit of 130 million to 150 million yuan, a staggering year-on-year increase of 2443.43% to 2834.73%, driven by rising market prices of its main product [4] - Su Li Co. anticipates a net profit of 72 million to 86 million yuan, reflecting a growth of 1008.39% to 1223.91% due to increased sales of pesticides [4] - Li Min Co. expects a net profit of 260 million to 280 million yuan, a year-on-year increase of 719.25% to 782.27% [4] Group 4: Fertilizer Industry - Fertilizer companies like Yara International and Dongfang Iron Tower are also forecasting over 50% profit growth due to increased product demand [5] - Yara International expects a net profit of 730 million to 930 million yuan, a year-on-year increase of 170% to 244%, driven by higher production and sales volumes [5] - Dongfang Iron Tower anticipates a net profit of 451 million to 495 million yuan, reflecting a growth of 63.80% to 79.78% [5] Group 5: Fluorochemical Industry - The fluorochemical sector has benefited from rising market prices, with companies like Sanmei Co. expecting a net profit of 948 million to 1.042 billion yuan, a year-on-year increase of 146.97% to 171.67% [6] - Juhua Co. anticipates a net profit of 1.97 billion to 2.13 billion yuan, reflecting a growth of 136% to 155% due to rising prices of fluorinated refrigerants [6] - Yonghe Co. expects a net profit of 255 million to 280 million yuan, a year-on-year increase of 126.30% to 148.49% [6]

Core Insights - The fluorochemical sector has experienced a significant price increase, with the price index rising by 16.65% compared to the end of 2024, driven primarily by the surge in refrigerant prices [1] - Leading companies in the sector, such as Juhua Co., Sanmei Co., Yonghe Co., and Dongyangguang, have reported expected net profit growth exceeding 100% year-on-year for the first half of 2025, largely attributed to rising prices of fluorinated refrigerants [1][2] Company Performance - Juhua Co. is the market leader in domestic fluorinated refrigerants, with a 37.86% market share, and expects a net profit of 1.97 to 2.13 billion yuan for the first half of 2025, reflecting a year-on-year increase of 136% to 155% [2] - Sanmei Co. anticipates a net profit growth of 146.97% to 171.67% for the same period, holding a 15.3% market share in the refrigerant sector [2] - Yonghe Co. projects a net profit increase of 126.30% to 148.49%, leveraging its quota advantages to enhance profitability [2] - Dongyangguang expects a net profit growth of 157.48% to 192.81%, supported by rising global demand for third-generation refrigerants [2] Market Dynamics - The current rise in the refrigerant market is attributed to a combination of policy support and supply-demand dynamics [3] - The Ministry of Ecology and Environment issued quotas for hydrofluorocarbons in December 2024, which has helped stabilize supply and set a foundation for high industry growth [3] - Domestic air conditioning production reached 135 million units in the first five months of 2025, a year-on-year increase of 4.74%, contributing to the rising demand for refrigerants [3] Future Outlook - The regulatory framework for refrigerant quotas is expected to further consolidate the industry, allowing leading companies to dominate pricing and enter a high-growth cycle [4] - The third-generation refrigerant market is anticipated to maintain a tight supply-demand balance, with prices expected to rise due to ongoing demand and regulatory support [4] - Companies are also diversifying their product lines and investing in new technologies, with Juhua Co. and Yonghe Co. expanding into fourth-generation refrigerants and high-end fluorinated materials [4][5] - High-end materials now account for 35% of product offerings, with high-margin products priced over 200,000 yuan per ton, significantly outperforming traditional refrigerants [5]

Investment Rating - The report maintains a "Positive" investment rating for the chemical industry [11] Core Insights - The report emphasizes the importance of addressing "involution" in the chemical industry, with multiple government meetings in 2024 highlighting the need to combat "malicious competition" and promote product quality [6][16] - The focus is on identifying potential investment opportunities within the chemical sector that can benefit from the government's "anti-involution" policies [17] Summary by Sections Why Focus on Chemical Industry Investment Opportunities? - The report outlines the government's commitment to addressing "involution" through various meetings and policy announcements, including the emphasis on supply-side structural reforms and the need for industry self-discipline [6][16] - The report suggests that the chemical industry can find opportunities under the current "anti-involution" policies, particularly through the identification of sectors with stable supply-demand dynamics [17] Which Sub-industries May Benefit from Anti-involution? - The report identifies several sub-industries likely to benefit from the anti-involution policies, including: 1. Comprehensive Chain: Chromium salts, caustic soda, industrial silicon, organic silicon 2. Agricultural Chain: Glyphosate, urea, methanol, sucralose/aspartame, MSG, lysine 3. Real Estate Chain: PVC, soda ash, titanium dioxide, MDI/TDI 4. Electronics Chain: Photoinitiators, refrigerants R134a/R32 5. Textile Chain: Dyes, viscose staple fiber, spandex, viscose filament, polyester filament 6. Automotive Chain: Polyester industrial yarn [7][8][20] Investment Recommendations - The report recommends focusing on sub-industries that meet specific criteria such as slowing capacity growth, high operating rates, high concentration, minimal cost differences among leading companies, and products at the bottom of the price cycle [8][9] - Key sub-industries to watch include organic silicon, polyester filament, photoinitiators, glyphosate, industrial silicon, and MSG/amino acids, with specific companies highlighted for potential investment [9][29]

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"公司"）2025 年半年度报告披露计划，现对公司 2021 年股票期权与限制性股票激励计划首次及预留授予的股票期权行权期间进行 限定，具体如下： 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；预留 授予的股票期权（期权代码：1000000250）已于 2024 年 10 月 16 日进入第二个行 权期，行权有效期为 2024 年 10 月 16 日至 2025 年 9 月 1 日。 二、本次限制行权期为 2025 年 7 月 28 日至 2025 年 8 月 11 日，在此期间全部 激励对象将被限制行权。 | 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-062 | | --- | --- | ...