浙江永和制冷股份有限公司 2024 年年度股东大会会议资料 浙江永和制冷股份有限公司 股票简称：永和股份 股票代码：605020 浙江永和制冷股份有限公 三、会议按照会议通知上所列顺序审议、表决议案。 四、股东及股东代理人参加股东大会依法享有发言权、质询权、表决权等权 利。股东及股东代理人参加股东大会应认真履行其法定义务，不得侵犯公司和其 他股东及股东代理人的合法权益，不得扰乱股东大会的正常秩序。 五、要求发言的股东及股东代理人，应当按照会议的议程，经会议主持人许 可方可发言。有多名股东及股东代理人同时要求发言时，先举手者发言；不能确 定先后时，由主持人指定发言者。会议进行中只接受股东及股东代理人发言或提 问。股东及股东代理人发言时需说明股东名称及所持股份总数，发言或提问应围 绕本次会议议题进行，简明扼要，时间原则上不超过 5 分钟。 年度股东大会会议资料 浙江永和制冷股份有限公司 议案六 关于续聘立信会计师事务所（特殊普通合伙）为公司 2025 年度审计机构 浙江永和制冷股份有限公司 2024 年年度股东大会会议资料 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，浙江永 ...

浙江永和制冷股份有限公司 2024 年年度股东大会会议资料 浙江永和制冷股份有限公司 2024 年年度股东大会会议资料 股票简称：永和股份 股票代码：605020 2025 年 5 月 1/38 | | | 浙江永和制冷股份有限公司 2024 年年度股东大会会议资料 2024 年年度股东大会须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，浙江永和制冷股份有限公司（以下简称"公司"）根据《中华 人民共和国公司法》《中华人民共和国证券法》《上市公司股东大会规则》以及 《浙江永和制冷股份有限公司章程》《浙江永和制冷股份有限公司股东大会议事 规则》的相关规定，特制定 2024 年年度股东大会会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，请出 席大会的股东或其代理人或其他出席者准时到达会场签到确认参会资格，在会议 主持人宣布现场出席会议的股东和代理人人数及所持有的表决权数量之前，会议 登记应当终止。 三、会议按照会议通 ...

Core Viewpoint - The company specializes in the research, production, and sales of fluorochemical products, establishing a complete industrial chain from fluorite mining to fluorinated polymers and fine chemicals [1] Group 1: Business Overview - The company has a comprehensive product range including fluorocarbon chemicals, mixed refrigerants, fluorinated polymers, fine chemicals, and various chemical raw materials [1] - The company possesses significant fluorite resource advantages, with proven reserves of 4.8527 million tons as of December 2024 [2] - The company has an annual production capacity of 190,000 tons for fluorocarbon chemicals and has received refrigerant quotas of 61,400 tons for 2025, positioning it favorably in the industry [2] Group 2: Production and Sales Performance - The company reported a 40.6% year-on-year increase in fluorinated polymer sales, reaching 38,600 tons in 2024 [2] - The company has an annual production capacity of 82,800 tons for fluorinated polymers, with over 30,000 tons under construction [3] - The company achieved a revenue of 4.61 billion yuan in 2024, a 5.4% increase from the previous year, and a net profit of 250 million yuan, up 36.8% [5] Group 3: Future Prospects - The company is expanding its fluorinated fine chemicals segment, with new production lines for HFPO and perfluorohexanone entering trial production [4] - The company is expected to benefit from high profitability in refrigerants due to quota constraints and increasing demand from the air conditioning sector [2][6] - The company forecasts net profits of 667 million yuan, 924 million yuan, and 1.207 billion yuan for 2025-2027 [6]

Investment Rating - The report indicates a positive outlook for the chemical industry, suggesting a new cycle may begin due to improved domestic supply and demand, increased global market share, and declining crude oil prices [3][4]. Core Viewpoints - The chemical industry is expected to enter a new cycle driven by domestic supply-demand improvements and global market share growth, despite potential short-term impacts from overseas demand [3][5]. - The report highlights that the supply side is gradually improving due to reduced fixed asset investment growth and government policies aimed at curbing excessive competition [5][10]. - On the demand side, domestic consumption is anticipated to recover steadily, supported by government initiatives to boost consumption and stabilize the economy [26][33]. - Cost factors are favorable, with significant declines in international crude oil and domestic coal prices, which will support the profitability of chemical products [42][49]. - The report recommends specific companies within various segments of the chemical industry, including refrigerants, amino acids, military and new materials, and fertilizers, indicating potential investment opportunities [5][57]. Summary by Sections Supply Side - The report notes that the chemical industry has faced profitability pressures since 2022, but the current production cycle is nearing its end, which may lead to gradual improvement in profitability as capacity is digested [11][12]. - China's global market share in chemical products has been steadily increasing, with 2023 figures showing a 43.1% share of global sales [25][20]. Demand Side - The report emphasizes that domestic demand is expected to recover, aided by government policies aimed at stimulating consumption and investment [26][33]. - The real estate sector shows signs of stabilization, which could further support demand for chemical products [33]. Cost Side - The report highlights a significant decline in crude oil prices, with Brent crude falling by 14.71% since the beginning of 2025, which is expected to positively impact the cost structure of the chemical industry [42][38]. - Domestic coal and natural gas prices have also shown a downward trend, enhancing the cost competitiveness of chemical products [49][47]. Valuation - The report indicates that the valuation of the basic chemical and petrochemical sectors is at historical lows, suggesting substantial room for recovery as market conditions improve [54][50].

Report Summary - The report presents the top ten convertible bonds for May 2025 [1][10] Core Viewpoints - The report provides a detailed analysis of the top ten convertible bonds in May 2025, including their ratings, closing prices at the end of April, conversion premium rates, and P/E ratios of the underlying stocks. It also analyzes the business operations, financial performance, and company highlights of the corresponding issuing companies [10][20][30] Analysis of Each Convertible Bond 1. Zhongte Convertible Bond - Rating: AAA; 4 - month - end closing price: 107.723 yuan; Conversion premium rate: 111.03%; Underlying stock PE - TTM: 11.5 [10] - The company is a globally leading specialized special - steel material manufacturer with an annual production capacity of about 20 million tons. In 2024, its revenue was 109.203 billion yuan (-4.22% y/y), and in Q1 2025, revenue was 26.84 billion yuan (-5.59% y/y) [10] - Company highlights: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specification, with over 20 million tons of annual production capacity. It has a complete industrial chain and is seeking external expansion opportunities [11] 2. Shanlu Convertible Bond - Rating: AAA; 4 - month - end closing price: 109.882 yuan; Conversion premium rate: 53.32%; Underlying stock PE - TTM: 3.7 [20] - The company's main business is road and bridge construction and maintenance. In 2024, its revenue was 71.348 billion yuan (-2.3% y/y), and in Q1 2025, revenue was 9.764 billion yuan (+1.95% y/y) [20] - Company highlights: It has the concept of "China - specific valuations" as its actual controller is the Shandong Provincial State - owned Assets Supervision and Administration Commission. It is expected to benefit from the infrastructure construction plan in Shandong during the 14th Five - Year Plan period [21] 3. Heshun Convertible Bond - Rating: AA -; 4 - month - end closing price: 126.801 yuan; Conversion premium rate: 23.13%; Underlying stock PE - TTM: 11.2 [30] - The company is a high - tech enterprise focusing on the R & D, production, and sales of polyamide 6 slices. In 2024, its revenue was 7.168 billion yuan (+19.11% y/y), and in Q1 2025, revenue was 1.563 billion yuan (-4.63% y/y) [30] - Company highlights: In 2024, the downstream market demand was good. It is promoting multiple new projects and actively expanding into the international market [31] 4. Aima Convertible Bond - Rating: AA; 4 - month - end closing price: 128.524 yuan; Conversion premium rate: 15.7%; Underlying stock PE - TTM: 17.6 [41] - The company is a leading enterprise in the electric two - wheeled vehicle industry. In 2024, its revenue was 21.606 billion yuan (+2.71% y/y), and in Q1 2025, revenue was 6.232 billion yuan (+25.82% y/y) [41] - Company highlights: The subsidy for trading in old vehicles may continue, and the implementation of the new national standard is expected to bring policy dividends and improve the gross profit margin [42] 5. Xingye Convertible Bond - Rating: AAA; 4 - month - end closing price: 116.521 yuan; Conversion premium rate: 24.23%; Underlying stock PE - TTM: 5.7 [51] - The company is one of the first joint - stock commercial banks established with the approval of the State Council and the People's Bank of China. In 2024, its revenue was 212.226 billion yuan (+0.66% y/y), and in Q1 2025, revenue was 55.683 billion yuan (-3.58% y/y) [51] - Company highlights: Its net interest income has grown steadily, asset quality is stable, and the scale has maintained stable growth [52] 6. Yonghe Convertible Bond - Rating: AA -; 4 - month - end closing price: 127.310 yuan; Conversion premium rate: 17.03%; Underlying stock PE - TTM: 32.7 [64] - The company's main business is the R & D, production, and sales of fluorochemical products. In 2024, its revenue was 4.606 billion yuan (+5.42% y/y), and in Q1 2025, revenue was 1.138 billion yuan (+12.36% y/y) [64] - Company highlights: In 2024, the prices of refrigerant products recovered, and the fluorochemical production base project of its subsidiary turned profitable [65] 7. Chongyin Convertible Bond - Rating: AAA; 4 - month - end closing price: 121.159 yuan; Conversion premium rate: 12.33%; Underlying stock PE - TTM: 7.2 [73] - The company is an early local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China. In 2024, its revenue was 13.679 billion yuan (+3.54% y/y), and in Q1 2025, revenue was 3.581 billion yuan (+5.3% y/y) [73] - Company highlights: It is expected to benefit from the Chengdu - Chongqing Twin - City Economic Circle strategy. Its asset scale has grown steadily, and it actively follows national strategies [74] 8. Beigang Convertible Bond - Rating: AAA; 4 - month - end closing price: 127.2 yuan; Conversion premium rate: 12%; Underlying stock PE - TTM: 19.2 [85] - The company is located at an important transportation hub. In 2024, its revenue was 7.003 billion yuan (+0.77% y/y), and in Q1 2025, revenue was 1.643 billion yuan (+6.73% y/y) [85] - Company highlights: Its cargo and container throughput have increased, and it has a complete transportation network and is actively exploring the market [86] 9. Huayuan Convertible Bond - Rating: AA -; 4 - month - end closing price: 127.228 yuan; Conversion premium rate: 12.95%; Underlying stock PE - TTM: 26.2 [96] - The company focuses on building a complete vitamin D3 industry chain. In 2024, its revenue was 1.243 billion yuan (+13.58% y/y), and in Q1 2025, revenue was 0.326 billion yuan (-1.18% y/y) [96] - Company highlights: It is a leading enterprise in NF - grade cholesterol and 25 - hydroxyvitamin D3 products. It is expanding its product portfolio and has achievements in the pharmaceutical manufacturing field [98] 10. Yushui Convertible Bond - Rating: AAA; 4 - month - end closing price: 122.423 yuan; Conversion premium rate: 26.22%; Underlying stock PE - TTM: 27.7 [106] - The company is the largest integrated water supply and drainage enterprise in Chongqing. In 2024, its revenue was 6.999 billion yuan (-3.52% y/y), and in Q1 2025, revenue was 1.652 billion yuan (+8.66% y/y) [106] - Company highlights: It has a high market share in Chongqing's water supply and drainage market, is expanding externally, and has achieved good results in cost control [108]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The refrigerant industry is experiencing a high level of prosperity, with the company's performance expected to continue its strong growth [6] - The profitability of fluoropolymer materials is gradually recovering, driven by increased production and improved market conditions [6] Financial Performance Summary - In 2024, the company achieved operating revenue of 4.61 billion yuan, a year-on-year increase of 5.4%, and a net profit attributable to shareholders of 250 million yuan, up 36.8% year-on-year [4][7] - The company's Q4 2024 results showed operating revenue of 1.23 billion yuan, a year-on-year increase of 7.6%, and a net profit of 105 million yuan, up 385% year-on-year [5] - For Q1 2025, the company reported operating revenue of 1.14 billion yuan, a year-on-year increase of 12.4%, and a net profit of 97 million yuan, up 161.7% year-on-year [10] Product Segment Performance - In the fluorocarbon chemical segment, the company generated revenue of 2.447 billion yuan in 2024, with an average gross margin of 20.37%, up 12.62 percentage points year-on-year [7][9] - The fluoropolymer materials segment achieved revenue of 1.581 billion yuan in 2024, reflecting a year-on-year increase of 17.38% [7][9] - The chemical raw materials segment saw a revenue decline to 436 million yuan in 2024, with a significant drop in average selling price [9] Future Projections - The company is projected to achieve operating revenues of 5.012 billion yuan, 5.433 billion yuan, and 5.853 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 491 million yuan, 589 million yuan, and 680 million yuan [11][13] - The expected price-to-earnings ratios for the next three years are 20, 17, and 15 times [11]

Core Viewpoint - The company reported a revenue of 4.61 billion yuan for 2024, with a year-on-year increase of 5.2%, and a net profit attributable to shareholders of 250 million yuan, reflecting a year-on-year increase of 36.8% [1] Financial Performance - In 2024, the company achieved a revenue of 4.61 billion yuan, with a net profit of 250 million yuan, and a non-recurring net profit also at 250 million yuan, showing significant year-on-year growth of 36.8% and 117.8% respectively [1] - For Q1 2025, the company reported a revenue of 1.14 billion yuan, a year-on-year increase of 12.4%, but a quarter-on-quarter decrease of 7.3%. The net profit for this quarter was 100 million yuan, marking a year-on-year increase of 161.7% [1] - The total cash dividend for 2024 was 120 million yuan, which accounted for 46.7% of the net profit attributable to shareholders [1] Business Segment Analysis - The fluoropolymer business faced challenges in 2024, generating a revenue of 1.58 billion yuan, a year-on-year increase of 17.4%, but with a gross margin of 15.8%, down by 8.1 percentage points. The average selling price was 41,000 yuan/ton, down 16.5% year-on-year [2] - The refrigerant business showed positive trends, with revenue from fluorocarbon chemicals reaching 2.45 billion yuan, a year-on-year increase of 3.8%, and a gross margin of 20.4%, up by 12.6 percentage points [2] - In Q1 2025, the gross margin for the fluoropolymer materials improved to 23.4%, with a net margin of 8.6%. The average price for fluoropolymer materials was 41,000 yuan/ton, showing a slight year-on-year decrease of 2.1% but a quarter-on-quarter increase of 3.9% [3] Market Outlook - The demand for refrigerants is expected to rise, with projected increases in air conditioning production of 9.1%, 13.0%, and 15.9% year-on-year for the months of April to June [4] - The long-term pricing for refrigerants is also on the rise, with significant increases noted in the second quarter for various refrigerants, indicating a tightening supply-demand balance [4] - The company anticipates a gradual recovery in profitability, with projected net profits for 2025, 2026, and 2027 estimated at 670 million, 920 million, and 1.21 billion yuan respectively [4]

Core Viewpoint - Yonghe Co., Ltd. has demonstrated significant growth in both revenue and profit in its 2024 annual report, indicating strong performance in the fluorochemical industry and effective utilization of market opportunities [1][2]. Financial Performance - In 2024, Yonghe Co., Ltd. reported a revenue of 4.606 billion yuan, a year-on-year increase of 5.42%, and a net profit attributable to shareholders of 251 million yuan, up 36.83% [1]. - The company's net profit excluding non-recurring items reached 246 million yuan, reflecting a substantial growth of 117.8% year-on-year [1]. - For Q1 2025, the company achieved a revenue of 1.138 billion yuan, representing a 12.36% increase compared to the same period last year, with a net profit of 97.39 million yuan, up 161.66% [1]. Industry Position and Strategy - Yonghe Co., Ltd. has established itself as a comprehensive fluorochemical enterprise, covering the entire industry chain from raw material mining to production and sales, making it one of the most complete fluorochemical industry chains in China [1]. - The company has benefited from policy and market opportunities, achieving synergistic development in fluorocarbon chemicals, fluoropolymer materials, and fine fluorochemical products, with a nationwide sales network and international channels covering over 100 countries [1]. Market Dynamics - The implementation of production quotas for HFCs refrigerants in 2024 has altered the competitive landscape, leading to increased industry concentration and tighter supply-demand balance, which has driven significant price increases for refrigerants [2]. - In 2024, the fluorocarbon chemicals business generated a revenue of 2.4467353 billion yuan, a year-on-year increase of 3.78%, with an average gross margin of 20.37%, up 12.62% from the previous year [2]. - The company received a total quota of 61,400 tons for HCFCs and HECs refrigerants in 2025, with HFCs product quota at 58,200 tons, positioning it among the industry leaders [2]. Product Performance - Despite general pressure on fluoropolymer materials leading to a "volume increase, price decrease" scenario, certain products like HFP have shown price stabilization since Q4 2024, improving profitability [2]. - The sales volume of fluoropolymer materials reached 38,635.68 tons, a year-on-year increase of 40.59%, with revenue for this segment at 1.5811074 billion yuan, up 17.38% [2]. Future Outlook - Yonghe Co., Ltd. plans to continue its global business expansion and leverage its full industry chain advantages, focusing on high-end fluoropolymer materials, new environmentally friendly refrigerants, and fine fluorochemical development [3]. - The company aims to enhance its product variety and quality, striving to become a leading professional fluorochemical enterprise in China, characterized by comprehensive offerings, environmental sustainability, and high quality [3].

Core Viewpoint - Yonghe Co. reported a revenue of 4.61 billion yuan for 2024, a year-on-year increase of 5.4%, and a net profit attributable to shareholders of 251 million yuan, up 37% year-on-year [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 1.23 billion yuan, an increase of 8% year-on-year and 2% quarter-on-quarter, with a net profit of 105 million yuan, up 385% year-on-year and 210% quarter-on-quarter [1] - For Q1 2025, the company reported a revenue of 1.14 billion yuan, a year-on-year increase of 12% but a quarter-on-quarter decrease of 7%, with a net profit of 97 million yuan, up 162% year-on-year and down 7% quarter-on-quarter [1] - The company proposed a dividend of 0.25 yuan per share (before tax) for 2024, with a payout ratio of 47% [1] Group 2: Industry Insights - In 2024, the refrigerant sector saw a recovery in market conditions, while the fluoropolymer and chemical raw materials segments faced declining profit margins [1] - The sales volume of fluorocarbon chemicals decreased by 9.2% year-on-year to 103,000 tons, but revenue increased by 3.8% to 2.45 billion yuan, with a gross margin up 13 percentage points to 20.4% [1] - The sales volume of fluoropolymers increased by 41% year-on-year to 39,000 tons, with revenue rising 17% to 1.58 billion yuan, although the gross margin fell by 8 percentage points to 15.8% due to price declines [1] - The sales volume of chemical raw materials increased by 14% year-on-year to 240,000 tons, but revenue decreased by 20% to 440 million yuan, with a gross margin down 16 percentage points to -9.3% due to significant price drops [1] Group 3: Future Outlook - In Q1 2025, the sales volume of fluorocarbon chemicals increased by 3.6% year-on-year to 21,000 tons, with revenue up 25% to 590 million yuan, indicating continued improvement in the refrigerant market [2] - The average price of refrigerants increased by 21% year-on-year and 10% quarter-on-quarter to 28,000 yuan per ton [2] - The company expects to enhance its competitiveness in the fluorochemical industry with the successful commissioning of new projects, including 4,000 tons/year of perfluorohexanone and 8,000 tons/year of VDF [2] Group 4: Profit Forecast and Valuation - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 450 million, 560 million, and 640 million yuan respectively, reflecting an upward adjustment of 12% and 8% for 2025 and 2026 [3] - The target price for the company is set at 23.04 yuan, up from a previous value of 19.08 yuan, based on a 24x PE ratio for 2025 [3]

Investment Rating - The report maintains an "Overweight" rating for the company [7] Core Views - The company achieved a revenue of 4.61 billion RMB in 2024, a year-on-year increase of 5.4%, and a net profit attributable to shareholders of 251 million RMB, up 37% year-on-year [1] - The refrigerant sector is experiencing favorable conditions, leading to an upward adjustment in profit forecasts for the company [4] - The company is expected to benefit from the successful launch of new projects and improved competitiveness in the fluorochemical industry [3] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.23 billion RMB, a year-on-year increase of 8% and a net profit of 105 million RMB, up 385% year-on-year [1] - For Q1 2025, the company achieved a revenue of 1.14 billion RMB, a year-on-year increase of 12%, with a net profit of 97 million RMB, up 162% year-on-year [1] Market Conditions - The sales volume of fluorocarbon chemicals in 2024 decreased by 9.2% to 103,000 tons, but revenue increased by 3.8% to 2.45 billion RMB, with a gross margin increase of 13 percentage points to 20.4% [2] - The company’s fluoropolymer sales increased by 41% year-on-year to 39,000 tons, with revenue rising by 17% to 1.58 billion RMB, although gross margin decreased by 8 percentage points to 15.8% due to price declines [2] Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are adjusted to 450 million RMB, 560 million RMB, and 640 million RMB respectively, with corresponding EPS of 0.96, 1.18, and 1.37 RMB [4] - The target price for the company is set at 23.04 RMB, reflecting a 24x PE ratio for 2025, up from a previous target of 19.08 RMB [4]