Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with significant increases in refrigerant prices and profitability, indicating potential benefits from the liquid cooling trend [1][5] - The company achieved a total revenue of 13.33 billion yuan in H1 2025, with a year-on-year growth of 10%, and a net profit attributable to shareholders of 2.05 billion yuan, reflecting a year-on-year increase of 147% [5] - The report anticipates continued upward trends in refrigerant prices and profitability due to improved industry dynamics and growing downstream demand [5] Financial Data and Profit Forecast - Projected total revenue for 2025 is 27.86 billion yuan, with a year-on-year growth rate of 13.9% [2] - Expected net profit attributable to shareholders for 2025 is 4.56 billion yuan, representing a year-on-year growth of 132.5% [2] - Earnings per share (EPS) is forecasted to be 1.69 yuan for 2025, with a projected price-to-earnings (PE) ratio of 21 [2] Market Data - The closing price of the company's stock is 36.20 yuan, with a market capitalization of 97.73 billion yuan [3] - The company has a price-to-book (PB) ratio of 5.1 and a dividend yield of 0.64% [3] Related Research - The company reported a significant increase in refrigerant gross profit to 3.09 billion yuan in H1 2025, with a gross margin of 50.35% [5] - The report highlights the company's leading position in the domestic market for third-generation refrigerants and its potential to benefit from price increases in both second and third-generation refrigerants [5] - The company is also expected to benefit from the liquid cooling wave, with ongoing projects in high-performance fluorinated chemical materials [5]

Key Insights - The report highlights the updated monthly interest rate timing strategy, which includes enriched factor indicators and differentiated weight settings, leading to improved predictive accuracy [12][10][5] - The report emphasizes the strong performance of Atour (ATAT.O) with a 37.4% year-on-year revenue increase in Q2 2025, reaching 2.47 billion yuan, and a net profit growth of 39.8% to 425 million yuan, exceeding expectations [13][11] - Shenzhen International (00152.HK) reported a revenue of 6.67 billion yuan in H1 2025, a slight increase of 0.9%, but a net profit decline of 24.9% due to the absence of prior REIT gains [16][14] Group 1: Atour (ATAT.O) - The company achieved a RevPAR of 343 yuan, recovering to 95.7% of the same period last year, with an occupancy rate (OCC) of 97.4% and an average daily rate (ADR) of 98.2% [13] - Atour's retail business saw a GMV of 1.144 billion yuan in Q2, a significant year-on-year increase of 84.6%, with online sales maintaining a 90% share [15] - The company has adjusted its full-year retail revenue guidance to a 60% year-on-year increase based on current growth trends [15] Group 2: Shenzhen International (00152.HK) - The company confirmed a profit increase of approximately 290 million yuan from the sale of residential projects, contributing to overall performance despite a net profit decline [16] - The logistics park transformation project is expected to provide significant profit elasticity, with estimated tax-adjusted returns exceeding 156.58 billion yuan [16] - The company maintains a stable dividend policy, with projected net profits for 2025-2027 at 3.081 billion, 3.430 billion, and 3.925 billion Hong Kong dollars, respectively [16] Group 3: Steel Industry Insights - Baosteel (600019) reported a revenue of 151.372 billion yuan in H1 2025, with a net profit of 4.879 billion yuan, reflecting a 7.28% decline in revenue but a 7.36% increase in net profit [20] - The company achieved a steel production volume of 25.46 million tons, with a gross profit per ton increasing by 56.53% year-on-year [20] - The report indicates that the high-end product segment continues to grow, contributing to overall revenue stability in the steel sector [23]