Core Viewpoint - Yonghe Co., Ltd. expects a significant increase in net profit for the first three quarters, driven by a high demand in the refrigerant industry and operational improvements [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 456 million to 476 million yuan for the first three quarters, representing a year-on-year growth of 211.59% to 225.25% [1] - For the third quarter, the expected net profit is between 185 million to 205 million yuan, showing a year-on-year increase of 447.64% to 506.85% and a quarter-on-quarter growth of 6.34% to 17.83% [1] Group 2: Industry Dynamics - The refrigerant industry continues to experience high prosperity due to supply-side quota policies and steady growth in downstream demand [1] - The production quotas for second-generation fluorinated refrigerants are being reduced, while third-generation fluorinated refrigerants are still under production quota management, leading to a tighter supply side and improved supply-demand structure [1] - Steady growth in demand from downstream sectors such as air conditioning and cold chain logistics supports the continuous rise in refrigerant product prices and steady improvement in gross margins [1] Group 3: Operational Improvements - Yonghe Co., Ltd. has optimized production line efficiency at its Shaowu Yonghe base, enhancing the quality and sales scale of products like hexafluoropropylene [1] - The company is transitioning from "capacity construction" to "efficiency release" by leveraging its full industry chain layout and implementing lean internal management and cost control measures [1] - These efforts have broadened the profit margins and continuously improved operational efficiency [1]

Core Viewpoint - The company reported a revenue of 4.61 billion yuan for 2024, with a year-on-year increase of 5.2%, and a net profit attributable to shareholders of 250 million yuan, reflecting a year-on-year increase of 36.8% [1] Financial Performance - In 2024, the company achieved a revenue of 4.61 billion yuan, with a net profit of 250 million yuan, and a non-recurring net profit also at 250 million yuan, showing significant year-on-year growth of 36.8% and 117.8% respectively [1] - For Q1 2025, the company reported a revenue of 1.14 billion yuan, a year-on-year increase of 12.4%, but a quarter-on-quarter decrease of 7.3%. The net profit for this quarter was 100 million yuan, marking a year-on-year increase of 161.7% [1] - The total cash dividend for 2024 was 120 million yuan, which accounted for 46.7% of the net profit attributable to shareholders [1] Business Segment Analysis - The fluoropolymer business faced challenges in 2024, generating a revenue of 1.58 billion yuan, a year-on-year increase of 17.4%, but with a gross margin of 15.8%, down by 8.1 percentage points. The average selling price was 41,000 yuan/ton, down 16.5% year-on-year [2] - The refrigerant business showed positive trends, with revenue from fluorocarbon chemicals reaching 2.45 billion yuan, a year-on-year increase of 3.8%, and a gross margin of 20.4%, up by 12.6 percentage points [2] - In Q1 2025, the gross margin for the fluoropolymer materials improved to 23.4%, with a net margin of 8.6%. The average price for fluoropolymer materials was 41,000 yuan/ton, showing a slight year-on-year decrease of 2.1% but a quarter-on-quarter increase of 3.9% [3] Market Outlook - The demand for refrigerants is expected to rise, with projected increases in air conditioning production of 9.1%, 13.0%, and 15.9% year-on-year for the months of April to June [4] - The long-term pricing for refrigerants is also on the rise, with significant increases noted in the second quarter for various refrigerants, indicating a tightening supply-demand balance [4] - The company anticipates a gradual recovery in profitability, with projected net profits for 2025, 2026, and 2027 estimated at 670 million, 920 million, and 1.21 billion yuan respectively [4]