Zhong Guo Hua Gong Bao·2025-07-22 02:39Core Insights - The fluorochemical sector has experienced a significant price increase, with the price index rising by 16.65% compared to the end of 2024, driven primarily by the surge in refrigerant prices [1] - Leading companies in the sector, such as Juhua Co., Sanmei Co., Yonghe Co., and Dongyangguang, have reported expected net profit growth exceeding 100% year-on-year for the first half of 2025, largely attributed to rising prices of fluorinated refrigerants [1][2] Company Performance - Juhua Co. is the market leader in domestic fluorinated refrigerants, with a 37.86% market share, and expects a net profit of 1.97 to 2.13 billion yuan for the first half of 2025, reflecting a year-on-year increase of 136% to 155% [2] - Sanmei Co. anticipates a net profit growth of 146.97% to 171.67% for the same period, holding a 15.3% market share in the refrigerant sector [2] - Yonghe Co. projects a net profit increase of 126.30% to 148.49%, leveraging its quota advantages to enhance profitability [2] - Dongyangguang expects a net profit growth of 157.48% to 192.81%, supported by rising global demand for third-generation refrigerants [2] Market Dynamics - The current rise in the refrigerant market is attributed to a combination of policy support and supply-demand dynamics [3] - The Ministry of Ecology and Environment issued quotas for hydrofluorocarbons in December 2024, which has helped stabilize supply and set a foundation for high industry growth [3] - Domestic air conditioning production reached 135 million units in the first five months of 2025, a year-on-year increase of 4.74%, contributing to the rising demand for refrigerants [3] Future Outlook - The regulatory framework for refrigerant quotas is expected to further consolidate the industry, allowing leading companies to dominate pricing and enter a high-growth cycle [4] - The third-generation refrigerant market is anticipated to maintain a tight supply-demand balance, with prices expected to rise due to ongoing demand and regulatory support [4] - Companies are also diversifying their product lines and investing in new technologies, with Juhua Co. and Yonghe Co. expanding into fourth-generation refrigerants and high-end fluorinated materials [4][5] - High-end materials now account for 35% of product offerings, with high-margin products priced over 200,000 yuan per ton, significantly outperforming traditional refrigerants [5]