ZJJH(SH:600160) Chang Jiang Shang Bao·2025-08-28 23:52Core Viewpoint - The company, Juhua Co., Ltd., reported impressive financial results for the first half of 2025, with significant growth in revenue and net profit driven by rising prices of core products and stable production and sales volumes [1][2]. Financial Performance - In the first half of 2025, Juhua achieved operating revenue of 13.331 billion yuan, a year-on-year increase of 10.36% [2]. - The net profit reached 2.051 billion yuan, marking a substantial year-on-year growth of 146.97% and surpassing the total net profit of 1.96 billion yuan for the entire year of 2024 [2][3]. - The company's gross profit margin for the first half of 2025 was 28.72%, and the net profit margin was 17.07%, reflecting increases of 11.99 percentage points and 9.47 percentage points, respectively [3]. Product Performance - The production volume of refrigerant products was 285,100 tons, with external sales of 154,600 tons, showing declines of 5.12% and 4.19% year-on-year, respectively [2]. - Despite the decrease in volume, the average price of refrigerants increased by 61.88%, leading to revenue of approximately 6.1 billion yuan from this segment, a year-on-year increase of 55.09% [2]. R&D and Innovation - Juhua has invested over 2.659 billion yuan in R&D over the past two and a half years, with R&D expenses in the first half of 2025 amounting to 604 million yuan, a year-on-year increase of 11.69% [4][6]. - The company holds 744 authorized technology patents and has 11 key subsidiaries certified as national high-tech enterprises [6]. Asset and Investment Growth - As of June 30, 2025, Juhua's total assets reached 32.435 billion yuan, an increase of nearly 4 billion yuan from the end of 2024 [5]. - The company has been actively expanding its production capacity and investing in new projects, including a significant investment in a high-performance fluorine-chlorine new materials project [5].