Core Points - Yonghe Co., Ltd. announced that it will provide a joint liability guarantee for its wholly-owned subsidiary Baotou Yonghe New Materials Co., Ltd. not exceeding 400 million yuan [2] - The company will also provide a maximum joint liability guarantee of 30 million yuan for its controlling subsidiary Zhejiang Binglong Environmental Technology Co., Ltd. [2] - As of the date of the announcement, the total external guarantee balance incurred by the company is 246.34 million yuan, which accounts for 8.64% of the company's most recent audited net assets [2]

Core Viewpoint - Zhejiang Yonghe Refrigeration Co., Ltd. has announced the provision of guarantees for its subsidiaries, including a guarantee of RMB 400 million for Baotou Yonghe New Materials Co., Ltd. and RMB 30 million for Zhejiang Binglong Environmental Technology Co., Ltd. [1][2] Summary by Sections Guarantee Overview - The company has signed a guarantee contract with a syndicate of banks for Baotou Yonghe New Materials Co., Ltd. to support its production and project needs [1] - The total guarantee amount for Baotou Yonghe is RMB 400 million, while for Binglong Environmental, it is RMB 30 million, with the actual guarantee balance for Binglong being RMB 1.666 million [1][2] Internal Decision-Making Process - The company held board meetings on April 23, 2025, and May 16, 2025, to approve the guarantee limits for the fiscal year 2025, allowing for a total of RMB 4.3 billion in guarantees for subsidiaries [2] Basic Information of Guaranteed Entities - Baotou Yonghe New Materials Co., Ltd. is a wholly-owned subsidiary of the company, established in September 2021, with a registered capital of RMB 133.6 million [3] - Zhejiang Binglong Environmental Technology Co., Ltd. is a holding subsidiary, established in November 2017, with a registered capital of RMB 5 million [4][5] Guarantee Agreement Details - The guarantee for Baotou Yonghe covers principal, interest, penalties, and other related costs associated with the loans [7] - The guarantee for Binglong Environmental includes a maximum limit of RMB 30 million, covering similar financial obligations [8] Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary for supporting the subsidiaries' project construction and daily operations, aligning with the company's overall interests and development strategy [8] - Despite Binglong's debt ratio exceeding 70%, the company maintains control over its operations and financial management, which mitigates perceived risks [8] Board of Directors' Opinion - The board unanimously approved the guarantee limits, emphasizing that these measures support the sustainable development of the company and its subsidiaries [9] Cumulative Guarantee Situation - As of the announcement date, the company has a total external guarantee balance of RMB 246.34 million, representing 8.64% of the latest audited net assets, with no overdue guarantees reported [9]

重要内容提示： 担保对象及基本情况 | 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-071 | | --- | --- | --- | | 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 关于为子公司提供担保的进展公告 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。 | | 被担保人名称 本次担保金额 | 包头永和新材料有限公司 400,000.00万元 | | | --- | --- | --- | --- | | 担保对象一 | 实际为其提供的担保余额 | 万元 0.00 | | | | 是否在前期预计额度内 | 是 □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 否 | □不适用：_________ | | 担保对象二 | 被担保人名称 | | 浙江冰龙环保科技有限公司 | | | 本次担保金额 | 万元 3,000.00 | | | | 实际为其提供的担保余额 | 万元 166.60 | | | | 是否在前期预计额度 ...

Market Performance - The chemical products sector increased by 0.37% on September 1, with *ST Jintai leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers in Chemical Sector - *ST Quantai (300225) closed at 5.79, up 12.21% with a trading volume of 366,800 shares and a turnover of 204 million yuan [1] - Kangda New Materials (002669) closed at 15.46, up 10.04% with a trading volume of 305,700 shares [1] - Jianye Co. (603948) closed at 32.09, up 10.01% with a trading volume of 25,800 shares [1] - Dinglong Technology (603004) closed at 24.42, up 10.00% with a trading volume of 78,100 shares [1] - Zanyu Technology (002637) closed at 12.02, up 9.97% with a trading volume of 154,400 shares [1] Top Losers in Chemical Sector - Akole (603722) closed at 51.95, down 7.99% with a trading volume of 75,000 shares and a turnover of 392 million yuan [2] - Jiabiyou (688089) closed at 27.36, down 5.07% with a trading volume of 122,100 shares [2] - Andyshi (66ZOO9) closed at 10.07, down 4.82% with a trading volume of 271,400 shares [2] Capital Flow Analysis - The chemical products sector experienced a net outflow of 361 million yuan from institutional investors, while retail investors saw a net inflow of 243 million yuan [2][3] - Kangda New Materials (002669) had a net inflow of 1.21 billion yuan from institutional investors, but a net outflow of 55.12 million yuan from retail investors [3] - Zanyu Technology (002637) had a net inflow of 61.87 million yuan from institutional investors, with a net outflow of 32.00 million yuan from retail investors [3]

Group 1 - The PVDF concept sector rose by 1.74%, ranking 7th among concept sectors, with 9 stocks increasing, including Puxin Technology and Dongyang Sunshine hitting the daily limit [1][2] - Notable gainers in the PVDF sector included Juhua Co., which increased by 6.88%, Sanmei Co. by 3.83%, and Yonghe Co. by 3.69% [1][4] - The sector experienced a net inflow of 485 million yuan from main funds, with Puxin Technology leading the inflow at 205 million yuan [2][3] Group 2 - The top stocks by net inflow ratio included Puxin Technology at 11.52%, Huahua Technology at 9.25%, and Heimao Co. at 8.54% [3] - The trading volume for Puxin Technology was 20,509.85 million yuan, with a daily turnover rate of 3.84% [3] - The stocks with the largest declines included Zhongchuang Environmental Protection, which fell by 5.58%, and Jinming Precision Machinery, which decreased by 2.21% [1][4]

Group 1: A-Share Market Performance - A-shares saw collective gains on August 28, with trading volume exceeding 3 trillion yuan, led by the technology sector [1] - The A-share market has outperformed global markets this year, with significant inflows into emerging markets, particularly from the iShares core MSCI Emerging Markets ETF, which saw over $8.6 billion in net inflows [1] - On August 27, there was a market pullback, particularly in small-cap stocks, with the CSI 2000 index down 2.32% and the Wind micro-cap index down nearly 4% [1] Group 2: Private Enterprises and Financial Performance - The "2025 China Top 500 Private Enterprises" list revealed that 194 companies control 273 A-share listed companies, with a revenue threshold of 27.023 billion yuan [2] - The total revenue of the top 500 private enterprises reached 43.05 trillion yuan, with an average revenue of 861.02 billion yuan, reflecting a year-on-year growth of 2.72% [2] Group 3: Fund Issuance and Investment Trends - The new fund issuance market is recovering, with nearly 100 billion yuan in new funds launched this month, and equity fund issuance exceeding 57 billion yuan, marking a record high for the year [3] - Sovereign wealth funds are increasing their holdings in A-shares, with notable investments from entities like Abu Dhabi Investment Authority and Kuwait Investment Authority [3] Group 4: Fluorochemical Industry Performance - Major fluorochemical companies reported significant profit growth in the first half of the year, with Juhua Co. achieving a net profit of 2.051 billion yuan, up 146.97% year-on-year [4] - The supply of refrigerants is constrained due to quota systems, leading to improved industry dynamics and increased domestic and international demand [4] Group 5: Insurance Sector Performance - The five major listed insurance companies reported a combined net profit of 178.193 billion yuan in the first half of 2025, a year-on-year increase of 3.7% [8] - The new business value of life insurance and the combined cost ratio of property insurance improved, indicating better underwriting profitability [8] Group 6: Nonferrous Metals Industry - As of August 28, 116 listed companies in the nonferrous metals sector reported their half-year results, with 72 companies showing profit growth and 18 companies exceeding 100% profit growth [9] - The sector benefited from rising prices and sales of gold, silver, and copper, alongside ongoing innovation and cost reduction efforts by leading firms [9]

Core Viewpoint - The profitability of several leading fluorochemical companies has significantly increased in the first half of the year, driven by rising prices and volumes of refrigerants [1][2]. Group 1: Company Performance - Juhua Co., Ltd. reported a net profit of 2.051 billion yuan in the first half of the year, a year-on-year increase of 146.97%, surpassing last year's total [2][3]. - Sanmei Co., Ltd. achieved a net profit of 999.5 million yuan, up 159.22% year-on-year, despite a 6.27% decline in refrigerant sales volume [3]. - Dongyangguang and Yonghe Co., Ltd. also reported strong performances, with net profits increasing by 170.57% and 140.82%, respectively [3]. Group 2: Market Dynamics - The supply of refrigerants is constrained due to quota systems, leading to improved industry ecology and competitive order [1][2]. - The average price of refrigerants has risen significantly, with Juhua Co. reporting an average price of 39,400 yuan per ton, a 61.88% increase year-on-year [2][3]. - The demand for refrigerants is driven by domestic policies promoting appliance upgrades and international market growth due to urbanization and consumption upgrades [1][4]. Group 3: Future Outlook - Analysts expect the price of mainstream refrigerants to continue rising, with R32 prices increasing by nearly 40% since the beginning of the year [4][5]. - The domestic refrigerant market is expected to benefit from ongoing demand in air conditioning, refrigeration, and automotive sectors, despite potential slowdowns in certain areas [4][5].

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-070 | | --- | --- | --- | | 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 关于召开 2025 年半年度业绩说明会的公告 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 9 月 5 日（星期五）下午 14:00-15:00 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： 1/2 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 9 月 5 日（星期五）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 ： htt ...

Core Viewpoint - Zhejiang Yonghe Refrigeration Co., Ltd. has announced the early redemption of its convertible bonds ("Yonghe Convertible Bonds") due to the triggering of conditional redemption clauses as the company's stock price exceeded 130% of the conversion price for a specified period [1][5][6]. Group 1: Issuance and Listing of Yonghe Convertible Bonds - The Yonghe Convertible Bonds were approved by the China Securities Regulatory Commission and issued on October 11, 2022, with a total amount of 800 million yuan and a maturity of six years [2]. - The coupon rates for the bonds are structured to increase over the years, starting from 0.30% in the first year to 3.00% in the sixth year [3]. Group 2: Conditional Redemption Clauses - The conditional redemption clause allows the company to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 out of 30 consecutive trading days [5]. - The redemption price will be the face value of the bonds plus accrued interest [5]. Group 3: Triggering of Redemption - From July 22, 2025, to August 25, 2025, the company's stock price met the condition for redemption, closing above 25.584 yuan per share for the required number of trading days [5][6]. Group 4: Decision on Early Redemption - On August 25, 2025, the company's board of directors approved the early redemption of the Yonghe Convertible Bonds, deciding to redeem all registered bonds at the face value plus accrued interest [6]. Group 5: Trading Activity of Related Parties - During the six months leading up to the redemption condition being met, the company's major stakeholders, including the controlling shareholder and board members, did not trade the Yonghe Convertible Bonds, except for specific transactions by the chairman [7].

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-069 | | --- | --- | --- | | 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 关于提前赎回"永和转债"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"）股票自 2025 年 7 月 22 日至 2025 年 8 月 25 日，已有十五个交易日的收盘价不低于当期转股价 19.68 元/股的 130%（即 25.584 元/股）。按照《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》"）的相关约定，"永 和转债"已触发有条件赎回条款。 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 《关于提前赎回"永和转债"的议案》，公司董事会决定行使提前赎回权，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。 投资者所持"永和转债"除在规定时限内通 ...