Core Viewpoint - The fluorochemical sector experienced a significant rally, with companies such as Sanmei Co. and Juhua Co. reaching historical highs, driven by rising prices and profits in the refrigerant market [1] Group 1: Market Performance - The fluorochemical sector saw a notable increase, with Sanmei Co. and Juhua Co. both achieving record highs, rising over 4% [1] - Yonghe Co. approached the daily limit up, indicating strong market interest [1] - Other companies in the sector, including Jinshi Resources, Xingfa Group, and Haohua Technology, also experienced gains [1] Group 2: Price and Profit Data - The average domestic price of the third-generation refrigerant R32 has surpassed 50,000 yuan per ton, reflecting a year-on-year increase of 42% [1] - As of June 5, the gross profit for the R32 industry reached 35,000 yuan per ton, which is an increase of over 10,000 yuan per ton compared to the same period last year [1]

Core Viewpoint - The announcement details the adjustment of the conversion price for the "Yonghe Convertible Bonds" due to the implementation of the 2024 annual profit distribution plan, which includes a cash dividend of RMB 0.25 per share [3][4][12]. Group 1: Convertible Bond Details - The company issued 8 million convertible bonds with a total value of RMB 80 million, which began trading on November 1, 2022 [2]. - The initial conversion price was set at RMB 33.64 per share, which was adjusted to RMB 19.93 per share prior to the current adjustment [2][4]. - The new conversion price after adjustment is RMB 19.68 per share, effective from June 13, 2025 [4][6]. Group 2: Profit Distribution Plan - The 2024 annual profit distribution plan was approved at the shareholders' meeting on May 16, 2025, allowing a cash dividend of RMB 0.25 per share [10][12]. - The total number of shares eligible for the dividend is 469,627,588 shares, resulting in a total cash dividend payout of approximately RMB 117.41 million [12]. - The record date for the dividend is June 12, 2025, and the ex-dividend date is June 13, 2025 [3][12]. Group 3: Adjustment Formula - The adjustment of the conversion price follows a specific formula that accounts for cash dividends, with the formula being P1 = P0 - D, where D is the cash dividend [5][6]. - The adjustment ensures compliance with the terms outlined in the bond issuance prospectus [3][5].

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-046 | | --- | --- | --- | | 债券代码：111007 | 债券简称：永和转债 | | 浙江永和制冷股份有限公司 公司于 2025 年 5 月 16 日召开的 2024 年年度股东大会审议通过了《关于公司 2024 年度利润分配方案的议案》，同意公司以实施权益分派股权登记日登记的总股 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 1/3 调整前转股价格：19.93 元/股 调整后转股价格：19.68 元/股 "永和转债"本次转股价格调整实施日期：2025 年 6 月 13 日 证券停复牌情况：适用 关于实施 2024 年年度权益分派调整"永和转债"转股价 格的公告 因实施 2024 年年度权益分派,本公司的相关证券停复牌情况如下： | 证券 | 证券简称 | 停复牌类型 | 停牌 | 停牌 | 停牌 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 代码 ...

中信证券股份有限公司 关于浙江永和制冷股份有限公司 差异化分红事项的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为浙 江永和制冷股份有限公司（以下简称"永和股份"或"公司"）的保荐人， 根据《中华人民共和国公司法》《中华人民共和国证券法》《证券发行上市 保荐业务管理办法》和《上海证券交易所上市公司自律监管指引第7号——回 购股份》等有关规定，对永和股份2024年度利润分配所涉及的差异化分红（以 下简称"本次差异化分红"）相关事项进行了审慎核查，核查情况及核查意 见如下： 一、本次差异化分红的原因 综上，截至本次差异化权益分派特殊除权除息业务申请日（2025 年 5 月 22 日），公司回购专用账户剩余股份数为 862,280 股。根据《上市公司股份回购规 则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关法律、 法规及规范性文件的规定，上市公司回购专用账户中的股份，不享有股东大会表 决权、利润分配、公积金转增股本、认购新股和可转换公司债券等权利。因此， 公司回购专用账户持有的 862,280 股股份不参与本次利润分配，公司 2024 年度 利润分配需实施差异化分红。 ...

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-047 | | --- | --- | --- | | 债券代码：111007 | 债券简称：永和转债 | | 浙江永和制冷股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.25元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/12 | － | 2025/6/13 | 2025/6/13 | 差异化分红送转：是 一、 通过分配方案的股东会届次和日期 本次利润分配方案经浙江永和制冷股份有限公司（以下简称"公司"）2025 年 5 月 16 日的2024年年度股东会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日（2025 年 6 月 12 日）下午上海证券交易所收市后，在中国 ...

Investment Rating - The report suggests a positive outlook for the refrigerant sector, recommending attention to companies such as Juhua Co., Sanmei Co., and Yonghe Co. due to expected demand growth and price increases in refrigerants [5]. Core Insights - The refrigerant market is entering a demand peak season, with prices and margins for major refrigerant types on the rise. The report highlights the impact of high summer temperatures and supply constraints due to quota policies [5][25]. - The explosion at Youdao Chemical has raised concerns in the pesticide industry, potentially affecting supply and prices of intermediates like K amine, while stricter regulations may benefit leading companies with better safety and management practices [4][5]. Summary by Sections 1. Key Chemical Product Price Tracking - Notable price increases were observed in formic acid (6.52%), dichloromethane (4.36%), and acrylamide (4.55%), while TMA and dichloromethane saw significant declines [13][18]. 2. Polyurethane - MDI prices decreased while TDI prices increased due to seasonal demand fluctuations and maintenance schedules at several production facilities [16]. 3. Agricultural Chemicals - Glyphosate prices rose slightly to 23,397 CNY/ton, supported by strong demand and reduced supply from some factories [18]. 4. Fluorinated Chemicals - Prices for third-generation refrigerants R32 and R134a increased, driven by seasonal demand and supply constraints. R32 is priced at 51,000 CNY/ton, and R134a at 48,500 CNY/ton [25][32]. 5. Phosphate Fertilizers - Prices for monoammonium phosphate and diammonium phosphate remained stable, with production pressures and inventory levels being closely monitored [20][21]. 6. Urea and Potassium Chloride - Urea prices decreased to 1,863 CNY/ton due to market adjustments and reduced export volumes, while potassium chloride prices remained stable at 2,956 CNY/ton [21][24].

Investment Rating - The report suggests a positive outlook for the refrigerant sector, recommending attention to companies such as Juhua Co., Sanmei Co., and Yonghe Co. due to expected demand growth and price increases in refrigerants [5]. Core Insights - The refrigerant market is entering a demand peak season, with prices and margins for major refrigerant types on the rise. The report highlights the impact of high summer temperatures and supply constraints due to quota policies [5][25]. - The explosion at Youdao Chemical has raised concerns in the pesticide industry, potentially affecting supply and prices of intermediates like K-amine, while stricter regulations may benefit leading companies with better safety and management practices [4][5]. Summary by Sections 1. Key Chemical Product Price Tracking - Notable price increases were observed in formic acid (6.52%), dichloromethane (4.36%), and acrylamide (4.55%), while TMA saw a significant decrease of 14.29% [13]. 2. Polyurethane - MDI prices decreased while TDI prices increased due to seasonal demand fluctuations and maintenance schedules at several production facilities [16]. 3. Agricultural Chemicals - Glyphosate prices rose slightly to 23,397 CNY/ton, supported by strong demand and reduced supply from some factories [18]. 4. Fluorinated Chemicals - Prices for R32 and R134a refrigerants increased, driven by seasonal demand and supply constraints. R32 is priced at 51,000 CNY/ton, and R134a at 48,500 CNY/ton [25][32]. 5. Phosphate Fertilizers - Prices for monoammonium phosphate and diammonium phosphate remained stable, with production pressures from high raw material costs [20][21]. 6. Urea and Potassium Chloride - Urea prices decreased to 1,863 CNY/ton due to changes in export policies and market dynamics, while potassium chloride prices remained stable at 2,956 CNY/ton [24].

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [1][7]. Core Viewpoints - The basic chemical index underperformed the CSI 300 index by 1.05 percentage points, with a decline of 1.23% over the past week [3][13]. - Key sub-industries showing positive performance include rubber additives (16.99%), polyurethane (3.37%), carbon black (3.30%), titanium dioxide (2.38%), and spandex (2.33%) [14]. - The report highlights significant price increases in several chemical products, with sodium rising by 18.03%, coal tar (Tai Steel Coking) by 11.43%, and acrylic acid by 10.79% [20][25]. Summary by Sections Market Trends - The basic chemical index decreased by 1.23%, while the CSI 300 index fell by 0.18%, indicating a relative underperformance of the basic chemical sector [3][13]. - The top-performing sub-industries included rubber additives and polyurethane, while the overall sector ranked 21st among all sectors [14]. Chemical Price Trends - The top five products with the highest weekly price increases were sodium (18.03%), coal tar (Tai Steel Coking) (11.43%), acrylic acid (10.79%), international phosphate rock (10.00%), and coal tar (Yangtze River Delta) (7.84%) [20][25]. - Conversely, the products with the largest price declines included trichloromethane (-6.81%), butadiene (-5.41%), and raw salt (-4.00%) [20][21]. Investment Recommendations - The report suggests focusing on several key sectors: 1. Refrigerants, with companies like Jinshi Resources and Juhua Co. recommended. 2. Chemical fibers, with a focus on Huafeng Chemical and Xin Fengming. 3. Quality stocks such as Wanhua Chemical and Hualu Hengsheng. 4. Tire sector, recommending Sailun Tire and Senqilin. 5. Agricultural chemicals, with a focus on Yara International and Salt Lake Co. 6. Growth stocks like Blue Sky Technology and Shengquan Group [7][42].

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-045 | | --- | --- | --- | | 债券代码：111007 | 债券简称：永和转债 | | 浙江永和制冷股份有限公司 关于实施 2024 年年度权益分派时"永和转债"停止转股 和转股价格调整的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券停复牌情况：适用 因实施 2024 年年度权益分派,本公司的相关证券停复牌情况如下：自本次权益 分派公告前一交易日（2025 年 6 月 5 日）至权益分派股权登记日期间，"永和转债" 将停止转股。 | 证券 | 证券简称 | 停复牌类型 | 停牌 | 停牌期间 | 停牌 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 代码 | | | 起始日 | | 终止日 | | | 111007 | 永和转债 | 可转债转股停牌 | 2025/6/5 | | | | 一、2024 年年度权益分派方案的基本情况 （二） ...

Core Viewpoint - The announcement outlines the restrictions on the exercise period for stock options granted by Zhejiang Yonghe Refrigeration Co., Ltd., detailing specific dates and conditions for the exercise of these options [1][2]. Group 1 - The company’s first grant of stock options (option code: 0000000868) entered its third exercise period on January 24, 2025, with an exercise validity period from January 24, 2025, to November 4, 2025 [1]. - The reserved stock options (option code: 1000000250) entered their second exercise period on October 16, 2024, with an exercise validity period from October 16, 2024, to September 1, 2025 [1]. - A restriction on the exercise period will be in effect from May 30, 2025, to June 25, 2025, during which all incentive recipients will be prohibited from exercising their options [2]. Group 2 - The company will apply to the China Securities Depository and Clearing Corporation Limited Shanghai Branch for the necessary procedures related to the restriction on the exercise of stock options [2].