ZJJH(SH:600160) Xin Lang Cai Jing·2026-01-21 14:38Core Viewpoint - The refrigerant prices are rising significantly in 2025, leading to a strong performance for the industry leader, Juhua Co., Ltd. (600160.SH), in the first three quarters, but a sharp decline is expected in Q4 2025 due to asset impairment and other factors [1] Group 1: Company Performance - Juhua Co., Ltd. expects a net profit attributable to shareholders of 3.92 billion to 6.92 billion yuan in Q4 2025, showing a significant decline compared to both year-on-year and quarter-on-quarter figures [1] - For the first three quarters of 2025, Juhua Co., Ltd. reported a net profit of 3.248 billion yuan, reflecting a year-on-year increase of 160.22% [1] - The expected Q4 net profit, if calculated at the upper limit of 6.92 billion yuan, represents a 2.67% decline year-on-year from 7.11 billion yuan in Q4 2024 and a 42.19% decline from 11.97 billion yuan in Q3 2025 [1] Group 2: Industry Comparison - Among comparable companies, a slight quarter-on-quarter decline in Q4 net profit is common, but year-on-year growth is still possible [2] - Sanmei Co., Ltd. (603379.SH) anticipates a Q4 net profit between 399 million and 559 million yuan, slightly lower than the previous quarter's 596 million yuan but significantly higher than 218 million yuan in Q4 2024 [2] - Yonghe Co., Ltd. (605020.SH) expects a Q4 net profit between 61 million and 161 million yuan, lower than 198 million yuan in Q3 2025 but potentially higher than 105 million yuan in Q4 2024 [2] Group 3: Profit Decline Reasons - Juhua Co., Ltd. did not provide specific reasons for the Q4 profit decline but mentioned conducting impairment tests on production facilities, resulting in an asset impairment provision of approximately 321 million yuan [2] - The company also indicated that the prices of its main products experienced slight declines entering Q4, which may have impacted profit performance [2]