行业高景气持续，企业盈利能力提升

Core Insights - The report indicates a rising trend in the prices of third-generation refrigerants as of August 29, 2025, with R32, R125, and R134a priced at 60,000 yuan/ton, 45,500 yuan/ton, and 51,500 yuan/ton respectively, reflecting increases of 9.09%, 0.00%, and 3.00% compared to the end of July [1][2] - The price of R22 has also increased to 35,500 yuan/ton, marking a 1.43% rise from the previous month and an 18.33% increase year-on-year [1][2] - The report highlights a decline in domestic air conditioning production from September to November 2025, with year-on-year decreases of 11.98%, 22.60%, and 19.70% respectively [3] Industry Overview - The production quotas for second-generation refrigerants are set to be reduced in 2025, while the total production quota for third-generation refrigerants will remain at baseline levels, indicating a tightening supply-demand relationship [4] - The prices of refrigerants have been steadily increasing since 2025, with significant price hikes noted in August and September, where R32, R134a, and R125 saw increases of 44.19%, 22.35%, and 8.33% respectively [4] - Major companies in the refrigerant production sector, such as Juhua Co., Sanmei Co., and Yonghe Co., reported substantial year-on-year net profit growths of 145.84%, 159.22%, and 140.82% respectively in the first half of 2025 [4]