ZJJH(SH:600160) Chang Jiang Shang Bao·2025-07-13 23:25Core Viewpoint - The company, Juhua Co., Ltd., is expected to achieve record high profits in the first half of 2025, with a projected net profit attributable to shareholders ranging from 1.97 billion to 2.13 billion yuan, representing a year-on-year increase of 136% to 155% [2][3]. Financial Performance - For the first half of 2025, the company anticipates a net profit of 19.7 billion to 21.3 billion yuan, with a non-recurring net profit of 19.5 billion to 21.1 billion yuan, both figures marking significant increases from the previous year [3][5]. - In the first quarter of 2025, the company reported a net profit of 8.09 billion yuan, reflecting a year-on-year growth of 160.64% [5]. - The second quarter of 2025 is expected to yield a net profit between 11.61 billion and 13.21 billion yuan, indicating a year-on-year increase of 121.56% to 152.10% [5][6]. Product Performance - The company produced 285,100 tons of refrigerants in the first half of 2025, with external sales of 154,600 tons, showing a decrease of 5.12% and 4.19% year-on-year, respectively [6]. - Revenue from refrigerant products reached 6.087 billion yuan, marking a year-on-year increase of 55.09% [6]. Market Position and Strategy - Juhua Co., Ltd. is recognized as a global leader in refrigerants and is the only domestic company with a complete range of fluorinated refrigerants from the first to the fourth generation [2][8]. - The company has implemented an innovation-driven strategy, with annual R&D investments exceeding 1 billion yuan in 2023 and 2024 [10]. - The company has a strong market position, holding significant production quotas for second and third-generation refrigerants, with a market share of 26.3% and 39.16%, respectively [8][9]. Shareholder Returns - Since its listing, the company has distributed a total of 5.973 billion yuan in cash dividends, with an average dividend payout ratio of 36.27% [11].