Core Viewpoint - Yonghe Co., Ltd. has shown significant growth in revenue and net profit, indicating strong operational performance and potential investment opportunities [2]. Financing and Trading Activity - On November 14, Yonghe Co., Ltd. experienced a 1.60% decline in stock price with a trading volume of 347 million yuan. The financing buy-in amounted to 46.24 million yuan, while financing repayment was 37.16 million yuan, resulting in a net financing buy of 9.08 million yuan. The total financing and securities balance reached 376 million yuan [1]. - The current financing balance of 376 million yuan represents 2.70% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1]. - In terms of securities lending, on November 14, 100 shares were repaid with no shares sold, resulting in a securities lending balance of 27,200 yuan, which is below the 10th percentile level over the past year, indicating low lending activity [1]. Financial Performance - For the period from January to September 2025, Yonghe Co., Ltd. reported a revenue of 3.786 billion yuan, reflecting a year-on-year growth of 12.04%. The net profit attributable to shareholders reached 469 million yuan, marking a substantial increase of 220.39% year-on-year [2]. - 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]. Shareholder Information - As of September 30, 2025, Yonghe Co., Ltd. had 24,000 shareholders, an increase of 29.73% from the previous period. The average number of circulating shares per shareholder was 20,908, up by 2.23% [2]. - Among the top ten circulating shareholders, Xin'ao Cycle Power Mixed A (010963) ranked as the seventh largest shareholder with 6.2843 million shares, an increase of 3.1695 million shares from the previous period. Hong Kong Central Clearing Limited entered as the eighth largest shareholder with 6.2477 million shares [3].

Core Viewpoint - Yonghe Co., Ltd. has experienced a stock price decline of 2.02% on November 14, with a current price of 27.63 CNY per share and a total market capitalization of 14.112 billion CNY. The company has seen a year-to-date stock price increase of 37.60% [1] Financial Performance - For the period from January to September 2025, Yonghe Co., Ltd. achieved a revenue of 3.786 billion CNY, representing a year-on-year growth of 12.04%. The net profit attributable to shareholders reached 469 million CNY, showing a significant increase of 220.39% compared to the previous year [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% from the previous period. The average number of circulating shares per shareholder is 20,908, which is an increase of 2.23% [2] Dividend Distribution - Since its A-share listing, Yonghe Co., Ltd. has distributed a total of 310 million CNY in dividends, with 242 million CNY distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, among the top ten circulating shareholders, Xin'ao Cycle Power Mixed A (010963) is the seventh largest, holding 6.2843 million shares, an increase of 3.1695 million shares from the previous period. Hong Kong Central Clearing Limited is the eighth largest shareholder, holding 6.2477 million shares as a new shareholder [3]

Core Viewpoint - Yonghe Co., Ltd. has shown a significant increase in revenue and net profit for the first nine months of 2025, indicating strong financial performance and growth potential in the fluorochemical industry [2]. 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 reached 469 million yuan, marking a substantial year-on-year increase of 220.39% [2]. Stock Performance - As of November 6, Yonghe Co., Ltd.'s stock price increased by 2.02%, reaching 26.27 yuan per share, with a total market capitalization of 13.418 billion yuan [1]. - The stock has experienced a year-to-date increase of 30.83%, but has seen a decline of 3.95% over the last five trading days and 12.84% over the last 20 days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 24,000, a rise of 29.73% from the previous period [2]. - The average number of circulating shares per shareholder is 20,908, which is an increase of 2.23% [2]. Dividend Distribution - Yonghe Co., Ltd. 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]. 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 a new eighth largest circulating shareholder, holding 6.2477 million shares [3].

Core Viewpoint - Yonghe Co., Ltd. is a significant player in the fluorochemical industry, with a comprehensive industrial chain from fluorite resources to fluorine-containing polymer materials, showcasing a differentiated advantage in the market [1] Group 1: Business Performance - In Q3 2025, Yonghe Co., Ltd. reported revenue of 3.786 billion yuan, ranking 6th in the industry, significantly lower than the top competitor, Juhua Co., Ltd., which had revenue of 20.394 billion yuan [2] - The company's net profit for the same period was 470 million yuan, ranking 4th in the industry, but still trailing behind Juhua Co., Ltd. and Sanmei Co., Ltd. [2] - The main business composition includes fluorocarbon chemicals at 1.31 billion yuan (53.58% of revenue) and fluorine-containing polymer materials at 800 million yuan (32.71% of revenue) [2] Group 2: Financial Health - Yonghe Co., Ltd. has a debt-to-asset ratio of 28.48% in Q3 2025, a significant decrease from 62.13% year-on-year, indicating strong solvency compared to the industry average of 40.15% [3] - The gross profit margin for the same period was 26.03%, an increase from 16.79% year-on-year, surpassing the industry average of 23.64%, reflecting robust profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 29.73% to 24,000, with an average holding of 20,900 circulating A-shares [5] - Notable changes among the top ten circulating shareholders include an increase in holdings by Xin'ao Cycle Power Mixed Fund and the entry of Hong Kong Central Clearing Limited as a new shareholder [5] Group 4: Future Outlook - According to China Galaxy Securities, Yonghe Co., Ltd. is expected to maintain strong performance, with projected net profits of 652 million yuan, 820 million yuan, and 951 million yuan for 2025-2027, representing year-on-year growth rates of 159.56%, 25.74%, and 15.99% respectively [6] - The company is advancing the development of fourth-generation environmentally friendly refrigerants and plans to construct a 20,000-ton/year HFO-1234yf facility, alongside expanding production capacity for fluorine-containing polymer materials [6]

Core Insights - The company reported a significant increase in revenue and profit for the first three quarters of 2025, with total revenue reaching 3.786 billion yuan, up 12.04% year-on-year, and net profit attributable to shareholders increasing by 220.39% to 469 million yuan [1] - The growth was driven by the refrigerant segment benefiting from quota policy adjustments and improved supply-demand dynamics, alongside enhanced production efficiency and product quality in fluoropolymer materials [1][2] - The average selling prices of fluorocarbon chemicals and fluoropolymer materials increased significantly, with fluorocarbon chemicals averaging 30,000 yuan/ton (up 29.68%) and fluoropolymer materials at 42,600 yuan/ton (up 3.11%) [1] Revenue and Profit Performance - For Q3 2025, the company achieved total revenue of 1.34 billion yuan, a year-on-year increase of 11.42%, and net profit attributable to shareholders of 198 million yuan, up 485.77% [1] - The net profit excluding non-recurring items for Q3 2025 was 189 million yuan, reflecting a year-on-year increase of 440.37% [1] Market Trends and Pricing - The refrigerant market is experiencing a positive trend, with prices expected to continue rising in 2025 due to limited supply of third-generation refrigerants under quota management [2] - As of October 24, 2025, the domestic market prices for the company's main third-generation refrigerants (R32, R125, R134a) were 63,000, 45,500, and 54,000 yuan/ton, representing increases of 46.51%, 8.33%, and 27.06% respectively since the beginning of the year [2] Capacity and Project Development - The company is focusing on environmentally friendly fluorocarbon chemicals and fluoropolymer materials, with significant production capacities in place [2] - Current production capacities include 135,000 tons of anhydrous hydrofluoric acid and 197,000 tons of fluorocarbon chemicals, with ongoing projects to expand capacity further [2] Investment Outlook - The company is expected to benefit from the ongoing price increases in refrigerants, with projected net profits for 2025-2027 of 695 million, 930 million, and 1.175 billion yuan, reflecting year-on-year growth rates of 176.53%, 33.86%, and 26.25% respectively [3] - The company maintains a competitive edge with a quota advantage of 58,200 tons of HFCs, which is expected to support continued profit growth [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].

Core Viewpoint - The company released its Q3 2025 report, showing a revenue of 3.786 billion yuan, a year-on-year increase of 12.04%, and a net profit attributable to shareholders of 469 million yuan, a year-on-year increase of 220.39% [1] Financial Performance - In Q3 2025, the company achieved a revenue of 1.34 billion yuan, a year-on-year increase of 11.42% and a quarter-on-quarter increase of 2.46%. The net profit attributable to shareholders was 198 million yuan, a year-on-year increase of 485.77% and a quarter-on-quarter increase of 13.74% [1] - The company's gross profit margin and net profit margin for Q3 2025 were 27.38% and 14.78%, respectively, representing year-on-year increases of 12.65 and 11.98 percentage points, and quarter-on-quarter increases of 0.48 and 1.44 percentage points [2] Segment Performance - In Q3 2025, the sales volume of various segments showed mixed results: fluorocarbon chemicals decreased by 14.59%, fluoropolymer materials increased by 7.46%, chemical raw materials increased by 7.03%, and fluorine fine chemicals surged by 480.64% year-on-year. Quarter-on-quarter changes were 10.84%, 0.63%, -2.77%, and 26.17%, respectively [2] - The average selling prices varied, with fluorocarbon chemicals increasing by 23.97% year-on-year, while fluorine fine chemicals decreased by 26.59% [2] Market Outlook - The consumption of annual quotas continues, leading to an upward shift in the prices of mainstream refrigerants. Near the end of the year, the limited availability of quotas and recent price agreements for R32 and R410a have strengthened the manufacturers' and traders' pricing strategies [3] - The industry is expected to maintain a strong price trend due to low inventory levels and warm demand, with a tight supply-demand structure anticipated for the medium to long term [3] Long-term Growth Potential - The company is advancing high-value projects, including the development of fourth-generation environmentally friendly refrigerants and the construction of new production facilities for HFOs. Additionally, the company is accelerating the industrialization of emerging products such as electronic immersion cooling liquids [3] - The fluorochemical product matrix is gradually improving, which is expected to provide sufficient momentum for the company's long-term growth [3] Investment Recommendation - Given the strong price trends for HFCs and the expansion of the company's fluoropolymer production and sales, the profit forecast for the company has been raised. Expected net profits for 2025-2027 are 652 million, 820 million, and 951 million yuan, representing year-on-year growth of 159.56%, 25.74%, and 15.99%, respectively [4]

Core Viewpoint - Yonghe Co. achieved a significant increase in net profit for the first three quarters of 2025, with a year-on-year growth of 220.39% to reach 469 million yuan, indicating strong financial performance driven by rising refrigerant prices and product optimization [1] Financial Performance - The net profit for Q3 was reported at 198 million yuan, reflecting a year-on-year increase of 485.77% and a quarter-on-quarter increase of 13.74%, showcasing robust profitability in the third quarter [1] - The continuous rise in refrigerant prices contributed to improved profitability in Q3, indicating a favorable market environment for the company [1] Strategic Developments - Yonghe Co. is advancing its high-end fluorine-containing materials production and sales integration, actively expanding into downstream applications, which is expected to enhance its market position [1] - The optimization of product structure and industry chain collaboration has led to sustained profitability for Shaowu Yonghe, indicating effective operational strategies [1] Investment Outlook - Given the sustained high prices of refrigerants, the profitability of the fluoropolymer materials segment is expected to continue recovering, leading to a maintained "buy" rating for the company [1]

Investment Rating - The investment rating for the company is "Buy" [9] Core Insights - The company reported a revenue of 3.79 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 12.0%. The net profit attributable to shareholders reached 470 million yuan, a significant year-on-year increase of 220.4%. The net profit excluding non-recurring items was 460 million yuan, up 223.7% year-on-year. In Q3 alone, the company achieved a revenue of 1.34 billion yuan, a year-on-year increase of 11.4% and a quarter-on-quarter increase of 2.5%. The net profit for Q3 was 200 million yuan, reflecting a year-on-year increase of 485.8% and a quarter-on-quarter increase of 13.7% [2][6][12]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 3.79 billion yuan, with a net profit of 470 million yuan and a net profit excluding non-recurring items of 460 million yuan. In Q3, the revenue was 1.34 billion yuan, with a net profit of 200 million yuan [2][6]. Market Trends - The refrigerant market continues to show positive trends, with the company’s fluorocarbon chemicals generating a revenue of 730 million yuan in Q3, a year-on-year increase of 5.9%. The average price for various refrigerants showed mixed trends, with some prices increasing significantly [12][13]. Profitability Metrics - The company’s gross margin for Q3 was 27.4%, an increase of 12.6 percentage points year-on-year, while the net margin was 14.8%, up 12.0 percentage points year-on-year. The increase in profitability is attributed to the ongoing positive trends in the refrigerant market [12][13]. Future Outlook - Looking ahead to Q4, the company anticipates continued growth in the third-generation refrigerants, while the second-generation refrigerants may face short-term pressure. The company has several projects under construction, including 80,000 tons of hydrofluoric acid and over 30,000 tons of fluoropolymer materials, which will support sustainable business development [12][13].

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]