Zhejiang Yonghe Refrigerant (SH:605020) Chang Jiang Shang Bao·2026-01-16 00:36Core Viewpoint - Yonghe Co., Ltd. (605020.SH) is expected to achieve a significant increase in net profit for 2025, with projections indicating a growth of 110.87% to 150.66% year-on-year, driven by a high demand in the refrigerant industry and the company's operational efficiencies [1][3]. Financial Performance - The projected net profit attributable to shareholders for 2025 is estimated to be between 530 million to 630 million yuan, an increase of 279 million to 379 million yuan compared to the previous year [3]. - For the first three quarters of 2025, the company reported a revenue of 3.786 billion yuan, reflecting a year-on-year growth of 12.04%, and a net profit of 469 million yuan, which is a 220.39% increase [2][3]. - The total assets of Yonghe Co., Ltd. reached 7.904 billion yuan by the end of September 2025, with a debt-to-asset ratio of 28.48%, marking a five-year low [1][6]. Industry Position and Product Offering - Yonghe Co., Ltd. operates in the fluorochemical sector, with a comprehensive product chain that includes fluorite resources, hydrofluoric acid, fluorocarbon chemicals, and fluorine-containing polymers [2]. - The company has established a global sales network covering over 100 countries and regions, supported by its brands "Ice Dragon" and "Fluorlon" [2]. Operational Efficiency and Competitive Advantage - The company benefits from a complete industrial chain that enhances production organization and resource allocation, leading to improved profitability [4]. - Yonghe Co., Ltd. has a production capacity of 190,000 tons for fluorocarbon chemicals and 82,800 tons for fluorine-containing polymer materials, with significant market positions in key products [5][6]. Research and Development - The company emphasizes a strategy of independent research and development, with a focus on high-end and green fluorochemical demands, resulting in 78 valid patents as of mid-2025 [7]. - R&D expenditures have consistently increased, with amounts of 52.11 million yuan, 90.23 million yuan, 104 million yuan, and 81.6 million yuan from 2022 to the first three quarters of 2025, reflecting a commitment to innovation [7].