Core Insights - The company reported a revenue of 2.4 billion yuan for Q3 2025, representing a year-on-year increase of 5.18% [1] - The net profit for the company was 26.72 million yuan, marking a turnaround from a loss to profit compared to the previous year [1] - The primary reasons for the improved performance include an increase in the shipment volume of main products and gains from debt restructuring [1]

Core Viewpoint - Yonghe Co., Ltd. has experienced a stock price decline of 2.00% as of October 22, 2023, despite a year-to-date increase of 36.40% in its stock price [1] Financial Performance - For the period from January to September 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 for the same period was 469 million yuan, showing a significant year-on-year increase of 220.39% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Yonghe Co., Ltd. increased to 24,000, a rise of 29.73% compared to the previous period [2] - The average number of circulating shares per shareholder is 20,908, which is an increase of 2.23% from the last period [2] Dividend Distribution - Since its A-share listing, Yonghe Co., Ltd. has distributed a total of 310 million yuan in dividends, with 242 million yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, the seventh largest circulating shareholder is Xin'ao Cycle Power Mixed A, holding 6.2843 million shares, an increase of 3.1695 million shares from the previous period [3] - Hong Kong Central Clearing Limited is the eighth largest circulating shareholder, holding 6.2477 million shares as a new shareholder [3] Business Overview - Yonghe Co., Ltd. specializes in the research, production, and sales of fluorochemical products, with its main business revenue composition being fluorocarbon chemicals (53.58%), fluorine-containing polymer materials (32.71%), chemical raw materials (9.06%), and others (2.63%) [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the price trend of refrigerants continues to rise, contributing to the company's profitability [6] - The company's Q3 performance shows consistent growth both year-on-year and quarter-on-quarter, with significant increases in net profit [5][6] - The report anticipates sustained high demand for refrigerants and improvements in the profitability of fluoropolymer materials [9] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 3.786 billion yuan, a year-on-year increase of 12.04%, and a net profit of 469 million yuan, up 220.39% year-on-year [4] - In Q3 2025, the company reported revenue of 1.34 billion yuan, a year-on-year increase of 11.42% and a quarter-on-quarter increase of 2.46% [5] - The gross profit margin for Q3 2025 was 27.38%, reflecting a year-on-year increase of 12.65 percentage points [5] Product Pricing and Profitability - The average prices for major refrigerants in Q3 2025 were R32 at 57,701 yuan/ton, R125 at 45,500 yuan/ton, and R134a at 50,828 yuan/ton, showing significant year-on-year increases of 59.58%, 46.06%, and 58.95% respectively [6] - The average gross profit for these refrigerants also saw substantial growth, with R32 at 43,441 yuan/ton, R125 at 28,253 yuan/ton, and R134a at 32,710 yuan/ton, reflecting year-on-year increases of 102.05%, 110.27%, and 113.48% respectively [6] Future Earnings Forecast - The company is projected to achieve revenues of 5.152 billion yuan, 5.671 billion yuan, and 6.213 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 633 million yuan, 810 million yuan, and 950 million yuan [10] - The report maintains a "Buy" rating based on the expectation of sustained high refrigerant prices and ongoing recovery in the profitability of fluoropolymer materials [9]

昊华科技（600378.SH）10月21日在投资者互动平台表示，公司所属中化蓝天全资子公司中昊晨光2.6万 吨/年高性能有机氟材料项目主体装置投产并已产出合格PTFE产品。公司PTFE产品有应用在PCB基板 上，并有计划加大在PCB方面的投入和研究。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司是否已具备PTFE基材PCB的技术能力，1、贵 公司1.8万吨PTFE项目是否已经建设完成？2、相关产品是否已经与一些公司合作？ ...

Core Viewpoint - The company,昊华科技, has confirmed that its PTFE products are applicable in PCB substrates and plans to increase investment and research in this area [2] Group 1: Company Developments - The company’s subsidiary, 中化蓝天, has successfully launched a high-performance organic fluorine materials project with an annual capacity of 26,000 tons, producing qualified PTFE products [2] - The current PTFE production capacity of 中昊晨光 is 48,000 tons per year [2] Group 2: Future Plans - The company intends to enhance its investment and research efforts in the PCB sector [2]

Core Viewpoint - The company, Haohua Technology, is focusing on the production of polyvinylidene fluoride (PVDF) for the lithium battery industry, enhancing its market position and product offerings in key applications [1] Group 1: Product Applications - The PVDF resin produced by the company's subsidiary, Sinochem Lantian, is widely used in lithium batteries, coatings, and other core areas [1] - The company has developed high-performance PVDF binders for various lithium battery types, including high-pressure LFP and high-nickel NCM, which improve electrochemical performance [1] Group 2: Market Position and Capacity - The current production capacity of PVDF is 22,500 tons per year, with plans for gradual release of additional capacity [1] - The company has established stable supply relationships with eight out of the top ten global lithium battery manufacturers, indicating a strong market presence [1]

Core Viewpoint - Sanmei Co., Ltd. has shown significant stock performance with a year-to-date increase of 47.81%, reflecting strong business growth and investor interest [2]. Financial Performance - For the period from January to June 2025, Sanmei Co., Ltd. achieved a revenue of 2.828 billion yuan, representing a year-on-year growth of 38.58% [2]. - The net profit attributable to the parent company for the same period was 999.5 million yuan, marking a substantial year-on-year increase of 159.22% [2]. Stock Market Activity - As of October 21, the stock price of Sanmei Co., Ltd. rose by 2.21% to 55.59 yuan per share, with a trading volume of 198 million yuan and a turnover rate of 0.59% [1]. - The company has a total market capitalization of 33.937 billion yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Sanmei Co., Ltd. was 17,900, an increase of 24.52% from the previous period [2]. - The average number of tradable shares per shareholder was 34,162, which decreased by 19.69% compared to the previous period [2]. Dividend Distribution - Since its A-share listing, Sanmei Co., Ltd. has distributed a total of 1.122 billion yuan in dividends, with 755 million yuan distributed over the last three years [3]. Ownership Structure - As of June 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 4.8664 million shares as a new shareholder [3].

Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 21 Oct 2025 环球富盛理财有限公司 新宙邦 Shenzhen Capchem Technology (300037.CH) 氟化液产能释放，在建项目为公司发展奠定基础 [Table_header2] Fluoride liquid production capacity release & projects lay the foundation 最新动态 ➢ 氟化液产能释放，提供稳定供应。在海外市场方面，公司与韩、台地区知名大厂的合作已具备供货条 件，整体进程顺利。公司当前已完成氟化液核心产品的阶段性产能建设，具体产能布局聚焦两大主力 产品：一是氢氟醚，已建成 3000 吨年产能，主要应用于精密仪器和手机摄像头模组的清洗、半导体 设备的清洗及屏膜油溶剂等领域；二是全氟聚醚，已建成 2500 吨年产能，用于数据中心浸没式液冷 和晶元制造干法蚀刻的控温冷却等多场景需求。当前产能规模可有效支撑下游客户的现有合作订单交 付。未来，为应对国际主流厂商停产后释放的替 ...

Investment Rating - The report initiates coverage with an "Accumulate" rating for Zhejiang Juhua, setting a target price of RMB 41.04 based on a PE of 19x for FY26 [3][12]. Core Insights - Zhejiang Juhua is a leading enterprise in the refrigerant industry, holding a dominant position in fluorine refrigerants with a total R32 production capacity of 190,000 tons, which includes 130,000 tons at the local port, 30,000 tons in Shandong Feiyuan, and 30,000 tons in the UAE, with an additional 30,000 tons under construction [1][14]. - The fluorine refrigerant market is experiencing a robust growth trend, particularly in household air conditioning and automotive sectors, with production figures for room air conditioners showing a steady increase from 222.473 million units in 2022 to an expected 265.984 million units in 2024 [2][11]. - The company is focusing on high-end applications such as liquid cooling and data centers, investing in R&D for high-performance fluorine materials, and expanding its product offerings in various industries including aerospace, military, and semiconductors [4][14]. Financial Projections - The forecasted net profits for Zhejiang Juhua are RMB 4.511 billion, RMB 5.821 billion, and RMB 6.196 billion for the years 2025, 2026, and 2027 respectively, reflecting significant growth [3][5]. - Total revenue is projected to grow from RMB 24.462 billion in 2024 to RMB 31.722 billion in 2027, with a notable increase in net profit margins [5][8]. - The company aims to accelerate the development of fourth-generation refrigerants, specifically HFO-1234yf and HFO-1233zd, with production capacity targets set to reach 10,000 tons per year for HFO-1234yf [4][14].

中化新网讯 10月16日，福建省三明市海斯福氟新材料研究中心建设项目主体结构完成封顶。 据了解，三明海斯福氟新材料研究中心建设项目是2025年省级重点项目，位于明溪县南山新村东侧，计 划投资约2.1亿元，用地面积约25.8亩，计划于2025年12月完成主体建设，2026年10月投入使用。研究中 心将聚焦前沿氟化工技术，搭建先进科研平台，为有机氟化学品事业部高质量发展奠定基础。 (赵欣婕) ...