| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-066 | | --- | --- | --- | | 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 年半年度募集资金存放、管理与实际使用情况的 专项报告 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。 根据中国证券监督管理委员会《上市公司募集资金监管规则》《上海证券交 易所上市公司自律监管指引第 1 号——规范运作》以及《上海证券交易所上市公 司自律监管指南第 1 号——公告格式》的相关规定，浙江永和制冷股份有限公司 （以下简称"公司"）就 2025 年半年度募集资金存放、管理与实际使用情况作 如下专项报告： 一、募集资金基本情况 （一）实际募集资金数额和资金到位时间 2.公开发行可转换公司债券募集资金情况 经中国证券监督管理委员会《关于核准浙江永和制冷股份有限公司公开发行 1/15 可转换公司债券的批复》（证监许可[2022]2048号）核准，公司向社会公开发行 可 转 换 公 司 债 券 8,000, ...

| 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 | | 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董事。本次会议应出席董事 9 人，实际出席董事 9 人。 会议由董事长童建国先生主持，公司高级管理人员列席会议。本次会议的召 集、召开符合《公司法》等有关法律法规及《公司章程》的规定，会议合法有效。 二、董事会会议审议情况 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。 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。 （一）审议通过《关于公司 2025 年半年度报告及其摘要的议 ...

浙江永和制冷股份有限公司2025 年半年度报告 公司代码：605020 公司简称：永和股份 浙江永和制冷股份有限公司 2025 年半年度报告 1/201 浙江永和制冷股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人童建国、主管会计工作负责人姜根法及会计机构负责人（会计主管人员）姜根 法声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺，敬 请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告 ...

Core Viewpoint - The refrigerant market is expected to maintain high demand as the new cooling year approaches, despite a decrease in air conditioning production since July. The overall sales performance remains strong, indicating a potential uplift in refrigerant demand [1][4]. Group 1: Refrigerant Production and Policy - In the first half of 2025, the production of refrigerants R32, R134a, and R125 reached 138,000 tons, 76,000 tons, and 57,000 tons respectively, accounting for approximately 49%, 37%, and 34% of the annual quota [2]. - The export volumes for R32 and R134a in the same period were 40,000 tons and 50,000 tons, representing about 41% and 39% of their respective annual export quotas [2]. - The supply-demand environment for refrigerants in 2025 is relatively balanced, with some varieties being relatively abundant, reducing the necessity for quota increases. The policy regarding refrigerant quotas is expected to remain stable through mid-2026 [2]. Group 2: Refrigerant Pricing Trends - Despite a decline in air conditioning production since July, refrigerant prices continue to rise. The latest corporate quotation for R32 is nearing 60,000 yuan per ton [3]. - The pricing power for refrigerants has shifted from the demand side to the supply side, indicating that the seasonal decline in air conditioning demand does not dominate refrigerant price trends [3]. - Internationally, the price of R32 in Europe approached 20,000 euros per ton in the fourth quarter of 2024, suggesting that there is still significant upward potential for domestic refrigerant prices [3]. Group 3: Air Conditioning Market Performance - As the new cooling year approaches in late August 2025, the retail sales of air conditioning units have shown strong growth. Offline retail sales increased by 19.63% year-on-year, while online sales surged by 26.17% [4]. - The retail volume for air conditioning units also saw a year-on-year increase of 16.15% offline and 30.28% online, with certain regions experiencing stock shortages [4]. - Given the current sales dynamics, air conditioning production is expected to remain high, which will likely boost refrigerant demand [4]. Group 4: Investment Recommendations - Following the release of refrigerant companies' performance in the first half of 2025, the sector's valuation has seen a decline. Concerns remain regarding the stability of the policy environment and the potential impact on future refrigerant demand [5]. - The expectation of stable policies in 2025 and 2026, along with the continued rise in refrigerant prices during the off-season, suggests that market expectations may gradually improve, leading to a potential recovery in sector valuations [5]. - Companies in the refrigerant supply chain, such as Juhua Co., Ltd. (600160.SH), Dongyue Group (00189), and others, are highlighted as potential investment opportunities due to their expected valuation increases [5].

Group 1 - The core viewpoint of the news is that Yonghe Co., Ltd. has shown significant financial growth in its latest quarterly report, with a notable increase in both revenue and net profit [1][3] - As of August 5, 2025, Yonghe Co., Ltd. reported a closing price of 25.58 yuan, with a trading volume of 73,300 hands and a transaction amount of 189 million yuan [1] - The company's total operating revenue for the first quarter of 2025 was 1.138 billion yuan, representing a year-on-year growth of 12.36%, while the net profit attributable to shareholders reached 97.39 million yuan, up 161.66% year-on-year [1] Group 2 - The company has a current ratio of 1.145, a quick ratio of 0.852, and a debt-to-asset ratio of 46.68% [1] - Yonghe Co., Ltd. has made investments in 14 enterprises and participated in 55 bidding projects, indicating active engagement in business expansion [2] - The company holds 61 trademark registrations and 12 patents, along with 24 administrative licenses, showcasing its commitment to intellectual property and regulatory compliance [2]

金融界消息 截至2025年8月1日收盘，永和股份（605020）报收于25.27元，上涨1.98%，换手率1.72%， 成交量6.53万手，成交金额1.66亿元。 通过天眼查大数据分析，浙江永和制冷股份有限公司共对外投资了14家企业，参与招投标项目55次，知 识产权方面有商标信息61条，专利信息12条，此外企业还拥有行政许可24个。 来源：金融界 永和股份最新一期业绩显示，截至2025一季报，公司营业总收入11.38亿元、同比增长12.36%，归属净 利润9739.00万元，同比增长161.66%，扣非净利润9663.05万元，同比增长163.45%，流动比率1.145、速 动比率0.852、资产负债率46.68%。 天眼查商业履历信息显示，浙江永和制冷股份有限公司，成立于2004年，位于衢州市，是一家以从事其 他制造业为主的企业。企业注册资本47049.2025万人民币，实缴资本37912.1272万人民币。公司法定代 表人为童建国。 资金流向方面，今日主力资金净流入1422.19万元，占比成交额8.58%。其中，超大单净流入1137.31万 元、占成交额6.86%，大单净流入284.88万元、占成交额1. ...

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。 ...