主要数据 | 行业 | 基础化工 | | --- | --- | | 公司网址 | www.jhgf .com.cn | | 大股东/持股 | 巨化集团 / 52.70% | | 实际控制人 | 浙江省国资委 | | 总股本(百万股) | 2700 | | 流通 A 股(百万股) | 2700 | | 流通 B/H 股(百万股) | -- | | 总市值（亿元） | 962 | | 流通 A 股市值(亿元) | 962 | | 每股净资产(元) | 7.57 | | 资产负债率(%) | 32.97 | 基础化工 2025 年 10 月 24 日 巨化股份(600160.SH) 制冷剂价格延续涨势，公司利润持续增厚 推荐（维持） 股价：35.63 元 行情走势图 -20% 0% 20% 40% 60% 80% 25/01 25/03 25/05 25/07 25/09 巨化股份 沪深300 相关研究报告 《巨化股份(600160.SH)公司首次覆盖报告：氟化 工一 体化龙头，HFCs配额全国第一》2024-05-23 《巨化股份(600160.SH)公司2024年半年报点 评 ：完 成淄博飞源吸收合并，氟制冷 ...

Core Viewpoint - Zhejiang Juhua Co., Ltd. reported significant growth in revenue and net profit for the first three quarters of 2025, primarily driven by rising refrigerant prices [1] Financial Performance - The company achieved a total revenue of 20.394 billion yuan, a year-on-year increase of 13.89% [1] - Net profit attributable to shareholders reached 3.248 billion yuan, marking a substantial year-on-year growth of 160.22% [1] - In Q3 alone, revenue was 7.062 billion yuan, up 21.22% year-on-year, while net profit was 1.197 billion yuan, reflecting a dramatic increase of 186.55% [1] Market Dynamics - The refrigerant industry has seen a continuous upward trend in prices since the implementation of quota management for third-generation refrigerants in 2024 [1] - Average prices for refrigerants R32, R134a, and R125 as of October 23 were 63,000 yuan/ton, 56,100 yuan/ton, and 45,500 yuan/ton, representing year-on-year increases of 65.79%, 61.39%, and 30.00% respectively [1] Competitive Advantage - Juhua holds a leading position in the production quotas for fluorinated refrigerants, with a HCFC-22 production quota of 38,900 tons, accounting for 26.10% of the national total [1] - The company also has an HFCs production quota of 297,800 tons, representing 39.33% of the total for similar products in the country [1] Strategic Initiatives - Juhua is enhancing its capabilities in fourth-generation refrigerants (HFOs) and has operational capacity of approximately 8,000 tons/year, with plans to increase capacity by nearly 50,000 tons through new construction and technological upgrades [2] - The company is also expanding its non-fluorinated refrigerant business, with a significant investment in Gansu Juhua New Materials Co., Ltd., increasing its registered capital from 100 million yuan to 6 billion yuan [2] Long-term Vision - The strategic decision to invest in high-performance fluorinated materials and fourth-generation refrigerants aims to solidify Juhua's position as a leader in the fluorochemical industry and enhance its competitive edge [3] - The simultaneous development of HFOs and fluoropolymers is expected to promote industrial synergy and improve the company's overall competitiveness [3]

Core Viewpoint - Yonghe Co., Ltd. has shown a significant increase in stock price and financial performance, indicating strong growth potential in the fluorochemical industry [1][2]. Financial Performance - As of September 30, 2025, Yonghe Co., Ltd. achieved a revenue of 3.786 billion yuan, representing a year-on-year growth of 12.04% [2]. - The net profit attributable to shareholders reached 469 million yuan, marking a substantial increase of 220.39% year-on-year [2]. - The company has distributed a total of 310 million yuan in dividends since its A-share listing, with 242 million yuan distributed over the past three years [3]. Stock Market Activity - On October 24, 2023, Yonghe's stock price rose by 2.01% to 26.86 yuan per share, with a trading volume of 175 million yuan and a turnover rate of 1.31% [1]. - The stock has increased by 33.76% year-to-date, although it has seen a decline of 2.72% over the last five trading days and 3.28% over the last twenty days [1]. Shareholder Information - The number of shareholders increased by 29.73% to 24,000 as of September 30, 2025, with an average of 20,908 circulating shares per person, up by 2.23% [2]. - Notable institutional holdings include Xin'ao Cycle Power Mixed A, which is the seventh largest shareholder with 6.2843 million shares, an increase of 3.1695 million shares from the previous period [3].

分红方面，巨化股份A股上市后累计派现59.73亿元。近三年，累计派现16.47亿元。 机构持仓方面，截止2025年9月30日，巨化股份十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股6450.90万股，相比上期减少2041.15万股。兴全合润混合A（163406）位居第三大流通股 东，持股4872.24万股，相比上期减少175.15万股。兴全合宜混合A（163417）位居第四大流通股东，持 股2522.52万股，相比上期增加27.31万股。华泰柏瑞沪深300ETF（510300）位居第七大流通股东，持股 2311.19万股，相比上期减少105.44万股。鹏华中证细分化工产业主题ETF联接A（014942）位居第八大 流通股东，持股2026.70万股，为新进股东。易方达沪深300ETF（510310）位居第九大流通股东，持股 1661.21万股，相比上期减少54.39万股。兴全商业模式混合(LOF)A（163415）位居第十大流通股东，持 股1309.91万股，为新进股东。 责任编辑：小浪快报 资料显示，浙江巨化股份有限公司位于浙江省衢州市柯城区，成立日期1998年6月17日，上市日期1998 年 ...

Core Viewpoint - The rising prices of refrigerants have positively impacted the performance of related listed companies, with significant revenue and profit growth reported in the third quarter of 2025 [1][2]. Company Performance - Juhua Co., Ltd. (600160) reported a revenue of 20.394 billion yuan for the first three quarters of 2025, a year-on-year increase of 13.89%, and a net profit of 3.248 billion yuan, up 160.22% [1]. - In the third quarter alone, Juhua's revenue and net profit growth rates further increased to 21.22% and 186.55%, respectively [1]. - Juhua's average price for refrigerants reached 40,553.71 yuan per ton, reflecting a year-on-year increase of 58.14% and a quarter-on-quarter increase of 5% [1]. - Yonghe Co., Ltd. (605020) reported a revenue of 3.786 billion yuan, up 12.04%, and a net profit of 469 million yuan, up 220.39%, with a third-quarter net profit growth of 485.77% [2]. - Duofu Co., Ltd. (002407) achieved a revenue of 6.729 billion yuan and a net profit of 78.0546 million yuan, marking a year-on-year increase of 407.74% [2]. Industry Trends - The refrigerant market is undergoing fundamental changes due to the implementation of production quotas starting in 2024, positioning HFCs as the mainstream refrigerant for an extended period [1]. - The average transaction price of HFC refrigerants is expected to maintain a long-term upward trend, supported by national policies aimed at carbon neutrality [3]. - Short-term demand for refrigerants has slightly rebounded in October, although seasonal factors have led to a slowdown in the northern market [2].

多氟多 20251023 摘要 多氟多 2025 年前三季度营收 67.29 亿元，净利润 7,805 万元，同比大 幅增长，盈利能力显著提升。其中，三季度净利润环比、同比均实现增 长，表明公司在行业周期波动中保持稳健。 公司围绕氟基新材料、电子信息材料、新能源材料和新能源电池四大板 块协同发展。六氟磷酸锂出货量超 1.2 万吨创新高，大圆柱电池产能利 用率超 90%，锂电池出货接近 2.5GW，预计 2025 年底电池产能超 20GW。 九月六氟磷酸锂价格上涨至 8.5-9 万元/吨，但三季度财务数据未完全反 映。需求端新能源车渗透率及储能需求增长，供给端小产能出清，成本 端碳酸锂价格企稳及工艺优化，公司单吨盈利能力显著改善。 公司计划将六氟磷酸锂产能从 6.5 万吨扩至 8 万吨，扩张幅度较以往更 谨慎。新增产能审批需 18-24 个月，快速大规模扩张可能性低，预计每 年新增市场份额约 30%，与新能源整体增速匹配。 多氟多电池业务聚焦储能和动力领域，2025 年底产能达 20GW，2026 年 9 月达 50GW，后年年底达 120GW。重点关注 300-400 公里以下 电动汽车、家庭便捷储能和大型储 ...

高附加值项目持续推进中，看好公司长期成长。一方面，公司现正重点推进第四代环保制冷剂研发，并 规划建设2 万吨/年HFO-1234yf 装置、2.3 万吨/年HFO-1234ze 装置联产HCFO-1233zd 装置。另一方面， 公司含氟高分子材料及单体在建产能超3 万吨/年。同时公司正加速推动电子浸没式冷却液、全氟己酮 等新兴产品产业化进程。氟化工产品矩阵逐步完善，有望为公司长期成长提供充足动能。 核心观点 事件 公司发布2025 年三季度报告。报告期内，公司实现营业收入37.86 亿元，同比增长12.04%；实现 归母净利润4.69 亿元，同比增长220.39%。分季度来看，公司25Q3 实现营业收入13.40 亿元，同比增长 11.42%，环比增长2.46%；实现归母净利润1.98 亿元，同比增长485.77%，环比增长13.74%。 HFCs 高景气延续、高端氟材料放量，25Q3 公司业绩持续向好。25Q3 公司销售毛利率、销售净利率分 别为27.38%、14.78%， 同比分别增长12.65、11.98 个百分点；环比分别增长0.48、1.44 个百分点。分板 块来看，25Q3 公司氟碳化学品、含氟高 ...

化工板块今日（10月23日）强势反攻！反映化工板块整体走势的化工ETF（516020）开盘短暂下探后迅 速拉升，盘中场内价格最高涨幅达到2.34%，截至收盘，涨2.06%。 成份股方面，氟化工、石化、钾肥等板块部分个股涨幅居前。截至收盘，多氟多飙涨8.91%，恒力石 化、恒逸石化、新凤鸣大涨超5%，盐湖股份、桐昆股份、荣盛石化等多股跟涨超4%。 | | | 分时 多日 1分 5分 15分 30分 60分 日 周 · | | | | | F9 盘前盘后 壁加 九转 面班 工具 @ 0 | | 化工ETF O | | 516020 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.74 | | | | 516020KLIETF) 15:00 合 0.742 配件 0.015(2.06%) 均6) 0.734 版交量 394 IOPV 0.7425 | | | | 20 .. | 0.742 | | +0.015 +2.069 | | | | | | | | | A | | SSE CNY 15:00:21 ...

Group 1 - The core viewpoint of the news is that Jinshi Resources has shown fluctuations in stock performance, with a recent increase of 2.11% in share price, reaching 17.90 CNY per share, and a total market capitalization of 15.066 billion CNY [1] - As of June 30, the number of shareholders for Jinshi Resources increased by 19.87% to 20,300, while the average circulating shares per person decreased by 16.99% to 29,689 shares [2] - The company reported a revenue of 1.726 billion CNY for the first half of 2025, marking a year-on-year growth of 54.24%, while the net profit attributable to shareholders decreased by 24.74% to 126 million CNY [2] Group 2 - Jinshi Resources specializes in the investment and development of fluorite mines, as well as the production and sales of fluorite products, with its main business revenue composition being 52.55% from anhydrous hydrofluoric acid, 38.03% from fluorite concentrate, and 9.42% from other sources [1] - The company is categorized under the Shenwan industry classification of basic chemicals - chemical products - fluorine chemicals, and is involved in several concept sectors including fluorine chemicals, scarce resources, civil explosives, share buybacks, and margin financing [1]

Core Viewpoint - Shandong Dongyue Future Hydrogen Energy Materials Co., Ltd. (referred to as "Future Materials") is progressing with its IPO process despite a decline in revenue and net profit for 2024, although the downward trend has slowed in the first half of 2025 [1][4]. Financial Performance - Future Materials reported revenues of approximately 5.24 billion, 7.21 billion, 6.4 billion, and 3.49 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively. Corresponding net profits were approximately 1.43 billion, 2.3 billion, 1.65 billion, and 926.69 million [4]. - The company's main business revenue accounted for over 95% of total revenue during the reporting period [4]. - The decline in revenue and net profit for 2024 is attributed to increased industry capacity and intensified competition affecting sales of key products [4]. Research and Development - Future Materials' R&D expenses were 602.95 million, 886.41 million, 610.74 million, and 310.07 million for the years 2022, 2023, 2024, and the first half of 2025, representing 11.51%, 12.29%, 9.54%, and 8.89% of revenue, respectively [6]. - Despite the decline in R&D expense ratio, the company maintained a higher level compared to industry peers, whose average R&D expense ratios were approximately 5.34%, 6.2%, 5.7%, and 5.24% during the same periods [6]. Customer and Supplier Relationships - Future Materials has a close capital relationship with Dongyue Group, with significant transactions occurring between the two entities [8]. - Dongyue Group's subsidiary, Dongyue Fluorosilicon, has been a major customer, accounting for 13.33%, 14.19%, 13.44%, and 15.44% of Future Materials' main business revenue from 2022 to 2025 [8][9]. - Dongyue Fluorosilicon also served as the primary supplier, with procurement amounts representing 43.69%, 31.8%, and 16.02% of total purchases during the reporting period [9]. Control and Independence - Future Materials underwent a change in control in 2022, with the current control held by Zhang Jianhong, who holds 35.5% of the voting rights [10]. - The company asserts its operational independence from Dongyue Group and Dongyue Fluorosilicon, with clear separations in business and production operations [10].