ZJJH(SH:600160) Shang Hai Zheng Quan Bao·2025-09-16 20:13Core Viewpoint - The company held an investor reception day on September 12, 2025, to enhance communication with investors and address their concerns regarding the company's operations and market outlook [2][4]. Group 1: Investor Reception Details - The event took place on September 12, 2025, from 14:30 to 17:00 at the Quhua Hotel in Quzhou, Zhejiang Province [2][3]. - Key attendees included the company's General Manager Han Jinming, Board Secretary Liu Yunhua, and Deputy Manager of the Finance Department Fan Weikang [3]. - A total of 130 representatives from various investment institutions and individual investors participated in the event [3]. Group 2: Market Outlook for Fluorinated Refrigerants - The company expressed optimism about the fluorinated refrigerant market, citing stable growth in the air conditioning and automotive sectors despite a downturn in the real estate market [4][5]. - Data from the National Bureau of Statistics indicated that the production of room air conditioners increased from 22,247.3 million units in 2022 to 24,487.0 million units in 2023, reflecting a year-on-year growth of 13.5% [4]. - The automotive production also showed growth, with 2023 figures reaching 30,113 million units, a 9.3% increase from the previous year [5]. Group 3: Supply and Regulatory Environment - Concerns regarding the potential for non-compliance with the Montreal Protocol's Kigali Amendment were addressed, with the company asserting that the likelihood of such occurrences is low due to the binding nature of the treaty among over 160 countries [7]. - The company highlighted that the majority of international supply comes from China, and even if other countries expand production, they would face challenges in meeting effective quotas due to longer construction cycles [7]. Group 4: Quota Management and Distribution - The company discussed the complexities of quota adjustments, emphasizing that changes must consider various factors such as production capacity and market demand to avoid supply-demand imbalances [9][10]. - The company holds a leading position in the total quota for fluorinated refrigerants, providing it with greater operational flexibility and strategic advantages [10]. Group 5: Product Development and Innovation - The company is focusing on the development of high-performance fluorinated materials for strategic emerging industries, including aerospace, military, and semiconductors [11]. - The company is actively investing in research and development to enhance its product offerings in the liquid cooling market, which is expected to grow significantly [12]. Group 6: Financial Performance and Shareholder Returns - The company has a history of maintaining a consistent cash dividend policy, having distributed a total of 6.289 billion yuan in cash dividends, which accounts for 40.13% of cumulative net profit [21][22]. - The company aims to balance value creation with shareholder returns while ensuring sustainable development [22].