Shang Hai Zheng Quan Bao·2025-08-28 19:36Core Viewpoint - The profitability of several leading fluorochemical companies has significantly increased in the first half of the year, driven by rising prices and volumes of refrigerants [1][2]. Group 1: Company Performance - Juhua Co., Ltd. reported a net profit of 2.051 billion yuan in the first half of the year, a year-on-year increase of 146.97%, surpassing last year's total [2][3]. - Sanmei Co., Ltd. achieved a net profit of 999.5 million yuan, up 159.22% year-on-year, despite a 6.27% decline in refrigerant sales volume [3]. - Dongyangguang and Yonghe Co., Ltd. also reported strong performances, with net profits increasing by 170.57% and 140.82%, respectively [3]. Group 2: Market Dynamics - The supply of refrigerants is constrained due to quota systems, leading to improved industry ecology and competitive order [1][2]. - The average price of refrigerants has risen significantly, with Juhua Co. reporting an average price of 39,400 yuan per ton, a 61.88% increase year-on-year [2][3]. - The demand for refrigerants is driven by domestic policies promoting appliance upgrades and international market growth due to urbanization and consumption upgrades [1][4]. Group 3: Future Outlook - Analysts expect the price of mainstream refrigerants to continue rising, with R32 prices increasing by nearly 40% since the beginning of the year [4][5]. - The domestic refrigerant market is expected to benefit from ongoing demand in air conditioning, refrigeration, and automotive sectors, despite potential slowdowns in certain areas [4][5].