据证券之星公开数据整理，近期永和股份（605020）发布2025年中报。截至本报告期末，公司营业总收 入24.45亿元，同比上升12.39%，归母净利润2.71亿元，同比上升140.82%。按单季度数据看，第二季度 营业总收入13.08亿元，同比上升12.41%，第二季度归母净利润1.74亿元，同比上升130.55%。本报告期 永和股份盈利能力上升，毛利率同比增幅41.04%，净利率同比增幅113.8%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率25.29%，同比增41.04%，净利率11.14%，同比 增113.8%，销售费用、管理费用、财务费用总计2.06亿元，三费占营收比8.43%，同比减5.87%，每股净 资产9.69元，同比增44.37%，每股经营性现金流0.72元，同比增150.08%，每股收益0.67元，同比增 123.33% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 21.76亿 | 24.45 Z | 12.39% | | 归母净利润(元) | 1.13亿 | 2.71 Z | 1 ...

Core Viewpoint - Yonghe Co., Ltd. demonstrated significant revenue and profit growth in the first half of 2025, with a notable increase in profitability metrics, although attention is needed on cash flow and debt management [2][8]. Operational Overview - The company reported total revenue of 2.445 billion yuan, a year-on-year increase of 12.39% - The net profit attributable to shareholders reached 271 million yuan, up 140.82% year-on-year - The net profit after deducting non-recurring items was 268 million yuan, reflecting a 152.25% increase year-on-year - In Q2 alone, total revenue was 1.308 billion yuan, a 12.41% increase year-on-year, with net profit at 174 million yuan, up 130.55% [2]. Profitability - The company's gross margin improved to 25.29%, an increase of 41.04% year-on-year - The net profit margin rose to 11.14%, up 113.8% year-on-year - Fluorocarbon chemicals contributed 53.58% of main revenue, totaling 1.31 billion yuan, with a gross margin of 32.43% - Fluorinated polymer materials accounted for 32.71% of main revenue, reaching 800 million yuan, with a gross margin of 19.75% [3]. Financial Health - Cash and cash equivalents amounted to 442 million yuan, a 64.15% increase year-on-year, primarily due to funds received from a private placement - The ratio of cash to current liabilities was only 36.39%, indicating potential short-term repayment pressure - Interest-bearing debt decreased by 37.29% to 1.697 billion yuan, but still represented 21.55% of total assets, highlighting debt risk concerns [4]. Accounts Receivable - Accounts receivable stood at 426 million yuan, a year-on-year increase of 26.27% - The ratio of accounts receivable to profit was as high as 169.44%, suggesting significant bad debt risk and the need for improved accounts receivable management [5]. Cash Flow - The net cash flow from operating activities was 0.72 yuan per share, a 150.08% increase year-on-year, indicating improved cash flow from operations - The net cash flow from investing activities changed by 26.76%, while financing activities saw a decrease of 25.23%, suggesting stability in investment and financing activities [6]. Core Competitiveness - The company has established a complete industrial chain from fluorite resource reserves to fluorinated chemical manufacturing - It holds three fluorite mining rights and two exploration rights, with a fluorite resource reserve of 4.8527 million tons - Major product annual capacities include 135,000 tons of anhydrous hydrofluoric acid, 197,000 tons of methylene chloride, 190,000 tons of fluorocarbon chemicals, 82,800 tons of fluorinated polymer materials and monomers, and 7,000 tons of fluorinated fine chemicals - The company has a robust R&D system with 78 valid authorized patents and a sales network covering over 100 countries and regions globally [7].

8月11日晚间，永和股份（605020）(605020.SH)发布2025年半年报显示，公司上半年业绩表现亮眼，多 项核心财务指标实现大幅增长。 研发投入方面，上半年公司研发费用达5144.06万元，同比增长3.58%。在氟碳化学品板块，重点推进第 四代环保制冷剂研发；含氟高分子材料板块，优化升级的FEP EW-621DI产品介电性能显著提升，可满 足高端制造需求；含氟精细化学品领域，全氟己酮灭火剂和环保型电子浸没式冷却液等新产品市场推广 顺利。 公司强调，报告期内严格落实安全生产和环境保护主体责任，实现重大安全事故、重大工艺设备事故、 重大污染事故"三零"目标。 展望未来，随着《基加利修正案》实施推进及国内HFCs配额管理深化，制冷剂行业供给端约束将持续 强化。同时，国家推动大规模设备更新和消费品以旧换新政策落地，有望催生新的制冷剂需求增长点。 公司表示，将充分发挥产业链一体化及配额资源优势，积极推进在建项目建设，优化产品结构，提升盈 利水平，力争实现全年业绩持续增长。(厉平) 含氟高分子材料业务同样表现稳健。上半年该业务实现营业收入7.99亿元，毛利率逆势提升2.73个百分 点至19.75%，毛利额同比增 ...

Key Insights - The report highlights a significant inflow of funds into the A-share market, with trading funds being a major support for the current liquidity trend, as evidenced by the financing balance reaching a nearly 10-year high [2] - The report indicates a mixed performance in the real estate sector, with new and second-hand home transactions showing a decline compared to previous periods, and housing prices awaiting stabilization [3] - The report notes an increase in credit rating changes, with 58 entities upgraded and 10 downgraded as of August 8, 2025, primarily in the local government financing and banking sectors [4] - The report discusses the closure of ASMPT's advanced semiconductor equipment factory in Shenzhen, which is expected to enhance the company's global supply chain competitiveness despite incurring a one-time cost of 360 million yuan [12] - The report emphasizes the growth potential in the Xinjiang region due to significant infrastructure projects like the New Tibet Railway, which is projected to attract investments between 200 billion to 500 billion yuan [7] Group 1: Market Trends - The A-share market has seen renewed upward movement supported by trading funds, with a financing balance at a 10-year high [2] - Public fund issuance and existing fund positions are on the rise, indicating a recovery in risk appetite among investors [2] Group 2: Real Estate Sector - The real estate market is experiencing a decline in transaction volumes, with cumulative year-on-year figures continuing to show negative growth [3] - Housing prices are expected to stabilize, but the sales performance remains below previous levels [3] Group 3: Credit Ratings - A total of 58 entities have seen their credit ratings upgraded, primarily in the local government financing and banking sectors, reflecting improved regional economic conditions [4] - The downgrades are concentrated in mid-western local government financing vehicles, linked to increased debt pressures and negative public sentiment [4] Group 4: Semiconductor Industry - ASMPT's strategic decision to close its Shenzhen factory is aimed at improving cost competitiveness and flexibility in its global supply chain [12] - The closure will incur a one-time cost but is expected to enhance profit margins in the long term [12] Group 5: Infrastructure Development - The New Tibet Railway project is anticipated to significantly boost investment in the Xinjiang region, with a total investment estimated between 200 billion to 500 billion yuan [7] - The establishment of the new railway company marks a step forward in regional development, supported by favorable government policies [7]

Investment Rating - The investment rating for the company is maintained at "Buy" [6][4]. Core Views - The company reported a significant increase in net profit for H1, achieving a year-on-year growth of 141% to reach 270 million RMB, driven by strong refrigerant prices and continued industry demand [1][4]. - The company is expected to benefit from the ongoing high demand for refrigerants, leading to an upward adjustment in profit forecasts for the years 2025 to 2027 [4][15]. Summary by Sections Financial Performance - In H1, the company achieved revenue of 2.45 billion RMB, a year-on-year increase of 12%, with a net profit of 270 million RMB, reflecting a 141% increase [1][6]. - Q2 net profit was 170 million RMB, up 131% year-on-year and 79% quarter-on-quarter, slightly exceeding expectations due to higher refrigerant prices [1][4]. Market Conditions - The refrigerant market remains strong, with prices for key products like R32 and R134a increasing by 8.6% and 3.1% respectively from the end of Q2 [3][4]. - The company is advancing its fourth-generation refrigerant projects, which are expected to enhance its competitive position in the fluorochemical sector [3][4]. Profit Forecast and Valuation - The profit forecast for the company has been revised upwards, with expected net profits of 670 million RMB, 790 million RMB, and 900 million RMB for 2025, 2026, and 2027 respectively, reflecting increases of 48%, 43%, and 40% compared to previous estimates [4][15]. - The target price for the company's stock is set at 29.82 RMB, based on a 21x PE ratio for 2025 [4][7].

Summary of Key Points Core Viewpoint - In August 2023, 51 companies released their semi-annual reports for 2025, with 34 companies reporting a year-on-year increase in net profit, while 17 reported a decline. Additionally, 37 companies saw an increase in operating revenue, and 14 experienced a decrease. Notably, 31 companies had both net profit and operating revenue growth, while 11 companies reported declines in both metrics. Among these, 9 companies had their performance increase by more than double, with Bofei Electric showing the highest growth rate of 882.67% [1]. Group 1: Company Performance - Bofei Electric reported a net profit of 858.71 million yuan, with a year-on-year increase of 882.67%, and operating revenue of 19,636.97 million yuan, up 39.67% [1]. - New Qianglian achieved a net profit of 39,961.48 million yuan, reflecting a 496.60% increase, with operating revenue of 220,958.07 million yuan, up 108.98% [1]. - Xianggang Technology reported a net profit of 7,831.61 million yuan, a 432.14% increase, and operating revenue of 51,534.11 million yuan, up 43.76% [1]. Group 2: Revenue and Profit Trends - 37 companies reported an increase in operating revenue, while 14 companies saw a decline [1]. - Among the companies with significant growth, Zhuozhao Dian reported a net profit increase of 322.66% and operating revenue growth of 207.46% [1]. - The performance of companies like Fengshan Group and Aobi Zhongguang also showed substantial growth, with net profit increases of 235.40% and 212.77%, respectively [1]. Group 3: Overall Market Insights - The overall trend indicates a positive performance for a majority of the companies, with a notable number achieving significant growth in both net profit and operating revenue [1][2]. - The data reflects a robust recovery and growth potential in various sectors, as evidenced by the high percentage increases in profits and revenues across multiple companies [1][2].

Core Viewpoint - Yonghe Co., Ltd. (605020.SH) reported a strong performance in its 2025 interim report, with significant increases in revenue, net profit, and cash flow from operating activities, indicating a positive growth trend over the past years [1][3]. Financial Performance - The company's total operating revenue reached 2.445 billion yuan, an increase of 270 million yuan compared to the same period last year, marking a year-on-year growth of 12.39% [1]. - The net profit attributable to shareholders was 271 million yuan, up by 159 million yuan year-on-year, reflecting a substantial increase of 140.82% [1]. - Cash flow from operating activities amounted to 337 million yuan, an increase of 228 million yuan from the previous year, representing a year-on-year growth of 209.39% [1]. Profitability Metrics - The latest asset-liability ratio stood at 39.73%, a decrease of 6.95 percentage points from the previous quarter and a reduction of 22.36 percentage points compared to the same period last year [3]. - The gross profit margin was reported at 25.29%, an increase of 1.85 percentage points from the previous quarter and a rise of 7.36 percentage points year-on-year [3]. - The return on equity (ROE) was 5.72%, up by 1.60 percentage points compared to the same period last year [3]. Earnings Per Share - The diluted earnings per share were 0.67 yuan, an increase of 0.37 yuan year-on-year, reflecting a growth of 123.33% [3]. Efficiency Ratios - The total asset turnover ratio was 0.33 times, an increase of 0.01 times year-on-year, representing a growth of 4.56% [3]. - The inventory turnover ratio was 2.58 times, up by 0.24 times compared to the previous year, indicating a year-on-year increase of 10.02% [3]. Shareholder Structure - The number of shareholders was reported at 18,500, with the top ten shareholders holding a total of 301 million shares, accounting for 63.98% of the total share capital [3]. - The largest shareholder, Tong Jianguo, holds 39.60% of the shares, followed by other significant shareholders including Ningbo Meishan Free Trade Port Area Ice Dragon Investment Partnership (5.90%) and Central Enterprise Rural Industry Investment Fund (4.47%) [3].

永和股份2025半年报 ...

| (%) | | | | | | 股份数量 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 童建国 | | 境内自然人 | | 39.60 | 186,300,199 | | 7,894,736 | | 质押 | | | 26,500,000 | | | | | | | | | | | | 宁波梅山保税港区冰龙投 | | | | | | | | | | | | 5.90 | | 其他 | | | 27,742,400 | | 0 | 无 | | | | 资合伙企业（有限合伙） | | | | | | | | | | | | 中央企业乡村产业投资基 | | | | | | | | | | | | 国有法人 | | | 4.47 | | 21,052,631 | 21,052,631 | | 无 | | | | 金股份有限公司 | | | | | | | | | | | | 境内非国有 | | | | | | | | | | | | 浙江星皓投资有限公司 | | | | 4.46 | | 21,000 ...

证券代码：605020 证券简称：永和股份 公告编号：2025-065 债券代码：111007 债券简称：永和转债 二、董事会会议审议情况 （一）审议通过《关于公司 2025 年半年度报告及其摘要的议案》 根据《上市公司信息披露管理办法（2025年修订）》《上海证券交易所股票 上市规则（2025年4月修订）》《上海证券交易所上市公司自律监管指南第六号 ——定期报告（2025年4月修订）》等有关规定，公司编制了《2025年半年度报 告》及《2025年半年度报告摘要》。 表决结果：9票同意，0票反对，0票弃权。 本议案已经公司董事会审计委员会以3票同意、0票反对、0票弃权审议通过， 并同意提交公司董事会审议。 浙江永和制冷股份有限公司 第四届董事会第二十一次会议决议公告 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。 一、董事会会议召开情况 浙江永和制冷股份有限公司（以下简称"公司"）第四届董事会第二十一次 会议于 2025 年 8 月 11 日（星期一）以通讯方式召开。会议通知已于 2025 年 8 月 1 日以邮件方式送达各位 ...