中欧中证细分化工产业主题指数发起A（021977）基金经理为宋巍巍。 截至发稿，宋巍巍累计任职时间1年271天，现任基金资产总规模65.55亿元，任职期间最佳基金回报 132.85%， 任职期间最差基金回报-2.97%。 10月13日，巨化股份跌5.08%，截至发稿，报38.53元/股，成交11.54亿元，换手率1.09%，总市值 1040.21亿元。 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6月26日，公司主营业务涉及基础化工原料、食品包装材料、氟化工原料及后续产品的研发、生产与 销售。主营业务收入构成为：制冷剂46.00%，石化材料15.14%，基础化工产品及其它10.88%，其他(补 充)10.86%，含氟聚合物材料6.59%，氟化工原料6.43%，食品包装材料2.65%，含氟精细化学品1.39%， 检维修及工程管理0.07%。 从基金十大重仓股角度 数据显示，中欧基金旗下1只基金重仓巨化股份。中欧中证细分化工产业主题指数发起A（021977）二 季度减持3500股，持有股数2.76万股，占基金净值比例为3.79%，位居第三大重仓股。根据测 ...

Core Viewpoint - The stock of Juhua Co., Ltd. has experienced fluctuations, with a year-to-date increase of 50.15% and a recent decline of 2.05% on September 22, 2023, indicating volatility in the market [1]. Company Overview - Juhua Co., Ltd. is located in Quzhou, Zhejiang Province, established on June 17, 1998, and listed on June 26, 1998. The company specializes in the research, production, and sales of basic chemical raw materials, food packaging materials, and fluorochemical raw materials [1]. - The main business revenue composition includes refrigerants (46.00%), petrochemical materials (15.14%), basic chemical products and others (10.88%), fluoropolymer materials (6.59%), fluorochemical raw materials (6.43%), food packaging materials (2.65%), and fine fluorochemical products (1.39%) [1]. Financial Performance - For the first half of 2025, Juhua Co., Ltd. achieved an operating income of 13.33 billion yuan, a year-on-year increase of 10.36%, and a net profit attributable to shareholders of 2.05 billion yuan, reflecting a significant year-on-year growth of 145.84% [2]. - The company has distributed a total of 5.973 billion yuan in dividends since its A-share listing, with 1.647 billion yuan distributed in the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders of Juhua Co., Ltd. was 51,500, a decrease of 2.96% from the previous period, with an average of 52,443 circulating shares per person, an increase of 3.05% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 84.92 million shares, an increase of 25.28 million shares from the previous period [3].

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant increases in revenue and net profit, driven by rising prices in the refrigerant market and improved sales across most product lines [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 13.331 billion yuan, a year-on-year increase of 10.36%, and a net profit attributable to shareholders of 2.051 billion yuan, up 146.97% year-on-year [1]. - In Q2 2025, the company recorded operating revenue of 7.531 billion yuan, a year-on-year increase of 13.93%, and a net profit of 1.242 billion yuan, up 138.82% year-on-year [1]. - The company set a record for single-quarter revenue and net profit in Q2 2025, with a quarter-on-quarter revenue increase of 29.84% and net profit increase of 53.57% [1]. Product Performance - The company saw an increase in production and sales volumes for most products, with the exception of refrigerants and food packaging materials, which experienced slight declines [1]. - Specific sales volumes for various product segments in H1 2025 included: fluorochemical raw materials (187,500 tons, +11.72%), refrigerants (154,600 tons, -4.19%), fluoropolymer materials (22,900 tons, +7.45%), fluorine fine chemicals (2,900 tons, +4.43%), food packaging materials (32,100 tons, -16.82%), petrochemical materials (283,900 tons, +11.48%), and basic chemical products (964,300 tons, +7.55%) [1]. Price Trends - The average prices for various products in H1 2025 were as follows: fluorine refrigerants (36,290 yuan/ton, +10.24%), refrigerants (39,372 yuan/ton, +61.88%), fluoropolymer materials (38,372 yuan/ton, -2.80%), fluorine fine chemicals (63,064 yuan/ton, +20.87%), food packaging materials (11,013 yuan/ton, -2.55%), petrochemical materials (7,138 yuan/ton, -8.66%), and basic chemical products (1,557 yuan/ton, +6.55%) [1]. Industry Outlook - 2024 marked the beginning of a new cycle for third-generation refrigerants, with continued upward trends observed in 2025 [2]. - In Q2 2025, the average prices for third-generation refrigerants R32, R134a, and R125 were 49,811 yuan/ton, 47,689 yuan/ton, and 45,270 yuan/ton, reflecting year-on-year increases of 49.63%, 52.41%, and 8.35% respectively [2]. - The company holds a leading position in the refrigerant market, with significant production quotas for HCFC-22 and HFCs, accounting for 26.10% and 39.6% of national shares respectively [2]. Investment Recommendations - Based on the strong performance in the first half of 2025, the company's net profit forecasts for 2025-2027 have been revised upwards to 4.356 billion yuan, 4.879 billion yuan, and 7.229 billion yuan respectively, with corresponding EPS estimates of 1.61, 2.18, and 2.68 yuan per share [3]. - The company is expected to benefit from the high growth potential in the refrigerant industry, maintaining a "buy" rating [3].

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, primarily driven by the recovery in refrigerant prices and stable sales volume of core products [1][2]. Financial Performance - In 1H25, the company achieved total revenue of 13.33 billion yuan, a year-on-year increase of 10.36% [1] - The net profit attributable to shareholders reached 2.05 billion yuan, up 146.97% year-on-year [1] - The net profit excluding non-recurring items was 2.03 billion yuan, reflecting a 155.23% increase year-on-year [1] - In Q2 2025, total revenue was 7.53 billion yuan, with a year-on-year growth of 13.93% [1] - The net profit attributable to shareholders for Q2 was 1.24 billion yuan, up 138.82% year-on-year [1] Market Dynamics - The average selling price of refrigerants in 1H25 was 39,400 yuan/ton, with sales volume at 154,600 tons, showing a price increase of 61.88% but a volume decrease of 4.19% year-on-year [2] - Non-refrigerant chemical products faced intense competition, leading to price declines and reduced profitability [2] - The prices of fluoropolymer materials, food packaging materials, and petrochemical materials fell by 2.80%, 2.55%, and 8.66% respectively, negatively impacting overall profitability [2] Industry Outlook - The upward trend in refrigerant prices is expected to continue into 2025 due to reduced production quotas for second-generation refrigerants (HCFCs) and the implementation of production quotas for third-generation refrigerants (HFCs) starting in 2024 [3] - As of August 28, 2025, the domestic market prices for key refrigerants R22, R32, R125, and R134a increased by 7.58%, 38.37%, 8.33%, and 21.18% respectively since the beginning of the year [3] - The company, as a leading player in the refrigerant market, is positioned to benefit significantly from these price increases [3] Investment Recommendation - The company is viewed positively due to the favorable supply constraints and concentrated industry structure, which support the price uptrend of refrigerants [4] - Projected net profits for 2025-2027 are 4.91 billion, 5.66 billion, and 6.66 billion yuan, with year-on-year growth rates of 150.47%, 15.29%, and 17.60% respectively [4] - Corresponding price-to-earnings ratios are estimated at 20X, 17X, and 15X for the respective years [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported significant year-on-year growth in its 2025 semi-annual report, achieving revenue of 13.33 billion yuan (up 10.4% year-on-year) and a net profit attributable to shareholders of 2.05 billion yuan (up 147.0% year-on-year) [2][6]. - The second quarter alone saw revenue of 7.53 billion yuan (up 13.9% year-on-year, up 29.8% quarter-on-quarter) and a net profit of 1.24 billion yuan (up 137.1% year-on-year, up 53.6% quarter-on-quarter) [2][6]. - The growth is primarily driven by the continuous price increase of core products, particularly refrigerants, which have seen a recovery in prices due to improved industry ecology and strong downstream demand [12]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a net profit of 2.05 billion yuan, with a significant increase in net profit margin to 18.3% (up 9.3 percentage points year-on-year) [12]. - The gross profit margin improved to 29.0% (up 10.6 percentage points year-on-year) [12]. Product Performance - The company sold 85,000 tons of refrigerants in Q2, with an average price of 40,900 yuan per ton (up 65.3% year-on-year) [12]. - The average prices for domestic sales of refrigerants R22, R32, R134a, and R125 increased by 5.7%, 12.8%, 6.8%, and 4.1% respectively compared to Q1 2025 [12]. Market Outlook - The upward trend in refrigerant prices is expected to continue, with projected revenues for 2025-2027 estimated at 5.23 billion, 6.78 billion, and 8.67 billion yuan respectively [12]. - The company is positioned to benefit from the industry's improving conditions as a leading player in the refrigerant market [12].

Core Viewpoint - Zhejiang Juhua Co., Ltd. reported its major operating data for the first half of 2025, highlighting production, sales, and revenue performance across various product categories, with overall growth in most products except refrigerants and food packaging materials [1][2]. Group 1: Production and Sales Performance - The total production volume for major products reached 2,956,023.26 tons, reflecting a year-on-year increase of 5.12% [1]. - The total sales volume was 1,648,128.37 tons, showing a significant year-on-year increase of 27.29% [1]. - Key products such as fluorochemical raw materials and fluorine fine chemicals saw production increases of 11.44% and 20.41%, respectively [1]. Group 2: Revenue Performance - The revenue from major products amounted to 1,164,810.72 million yuan, with a notable increase of 10.24% year-on-year [1]. - Refrigerants generated revenue of 608,652.07 million yuan, marking a substantial increase of 55.09% compared to the previous year [1]. - The revenue from fluoropolymer materials was 87,798.87 million yuan, reflecting a year-on-year increase of 4.44% [1]. Group 3: Price Fluctuations - The average price of fluorochemical raw materials in the first half of 2025 was 3,629.31 yuan/ton, up from 3,292.12 yuan/ton in 2024 [1]. - The price of fluorine fine chemicals increased by 20.87% year-on-year, reaching 63,064.02 yuan/ton [1]. - In contrast, the average price of refrigerants was 39,372.45 yuan/ton, significantly higher than the previous year's average of 24,322.70 yuan/ton [1]. Group 4: Raw Material Price Changes - The average price of key raw materials such as fluorite and industrial salt showed mixed trends, with fluorite priced at 3,169.69 yuan/ton, up from 3,033.56 yuan/ton in 2024 [2]. - The price of acetylene was 2,869.40 yuan/ton, down from 3,109.08 yuan/ton in the previous year [2]. - The price of anhydrous hydrofluoric acid increased to 9,918.71 yuan/ton, compared to 9,056.69 yuan/ton in 2024 [2]. Group 5: Operational Insights - The company successfully managed to increase production and sales for most major products, overcoming seasonal and structural market challenges [2]. - The market for major products remains competitive, with price increases observed in fluorochemical raw materials and fluorine fine chemicals, while other products experienced slight declines [2][4].

浙江巨化股份有限公司 股票简称：巨化股份 股票代码：600160 公告编号：临 2025－35 2025 年上半年主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 浙江巨化股份有限公司（以下简称"公司"）根据《上海证券交易所上市公司 自律监管指引第 3 号——行业信息披露（第十三号化工）》有关规定，将公司 2025 年上半年主要经营数据披露如下： | 主要产品 | 产量 | 同比 | 外销量 | 同比 | 营业收入 | 同比 | | --- | --- | --- | --- | --- | --- | --- | | | 吨 | % | 吨 | % | 万元 | % | | 氟化工原料 | 602145.62 | 11.44 | 187526.53 | 11.72 | 68059.20 | 23.16 | | 制冷剂 | 285057.83 | -5.12 | 154588.31 | -4.19 | 608652.07 | 55.09 | | 含氟聚合物材料 | 69098.79 | 8.49 | 22 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company has experienced significant growth in performance, benefiting from the improved market conditions for refrigerants [1] - The revenue for 2024 reached 24.462 billion yuan, a year-on-year increase of 18.43%, while the net profit attributable to shareholders was 1.960 billion yuan, up 107.69% year-on-year [1] - In Q4 2024, the company achieved a revenue of 6.556 billion yuan, representing a year-on-year increase of 41.21% and a quarter-on-quarter increase of 12.52% [1] Summary by Sections Revenue Growth - The main drivers of revenue growth in 2024 were the expansion of the consolidated reporting scope, increased production, and higher prices. The three main business segments—refrigerants, petrochemical materials, and basic chemical products—continued to contribute significantly [2] - Refrigerant production for the year was 591,400 tons, a year-on-year increase of 21.12%, with external sales of 353,000 tons, up 22.61% [2] - Petrochemical materials production was 607,100 tons, a year-on-year increase of 36.14%, with external sales of 522,100 tons, up 45.70% [2] - Basic chemical products and others produced 3.0402 million tons, a year-on-year increase of 12.90%, with external sales of 1.7852 million tons, up 12.03% [2] Cost Management - The company reduced its sales expense ratio primarily due to decreased leasing costs. The sales/management/financial/R&D expense ratios changed by -0.18%/+0.06%/+0.28%/-0.54% year-on-year [3] Strategic Initiatives - The company is accelerating the production of new projects and enhancing its global HFCs quota advantage to establish a leading position in the refrigerant market. It has successfully completed the acquisition of Feiyuan Chemical, integrating its annual production capacity of 80,000 tons of HFCs and related facilities [4] - The company has also added new products in fine chemicals, significantly increasing the business proportion of fluorinated refrigerants and fine chemical products [4] - The annual production capacity of 85,700 tons of organic alcohol has been successfully put into operation, steadily increasing the domestic market share of organic alcohol products [4] Profit Forecast - The company’s profit forecast has been adjusted upwards, with expected net profits attributable to shareholders for 2025-2027 projected at 3.714 billion, 4.919 billion, and 6.050 billion yuan, respectively. The current stock price corresponds to P/E ratios of 18.5, 14.0, and 11.4 times for the respective years [9]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a significant increase in net profit for Q1 2025, driven by the high demand for refrigerants, with a year-on-year growth of 161% [1] - The refrigerant market is expected to remain strong, supported by demand from downstream sectors such as air conditioning and automotive [4] - The company is projected to achieve net profits of 41 billion, 53 billion, and 61 billion RMB for the years 2025 to 2027, respectively, indicating a robust growth trajectory [5] Revenue and Profitability - In Q1 2025, the company achieved total revenue of 5.8 billion RMB, a year-on-year increase of 6% [1] - The company's gross profit margin improved to 28.4%, reflecting a year-on-year increase of 13.7 percentage points [3] - The earnings per share (EPS) for 2025 is estimated at 1.52 RMB, with a projected growth in EPS for the following years [5] Market Performance - The average price of refrigerants has increased, with R22, R32, R125, and R134a prices rising by 9%, 13%, 7%, and 11% respectively since the beginning of the year [4] - The company's market capitalization is approximately 68.47 billion RMB, with a target price set at 31.92 RMB [9] Segment Performance - The refrigerant segment saw a year-on-year sales increase of 4%, despite a seasonal decline in Q1 [2] - The fluoropolymer segment faced temporary pressure, with a year-on-year sales decline of 7% [2] - The basic chemical products segment benefited from improved caustic soda prices, leading to a revenue increase of 7% year-on-year [3]

Core Viewpoint - The company reported strong financial performance for 2024, with revenue of 24.462 billion yuan, a year-on-year increase of 18.43%, and a net profit attributable to shareholders of 1.96 billion yuan, up 107.69% [1] Group 1: Financial Performance - In Q4 2024, the company achieved revenue of 6.556 billion yuan, representing a year-on-year growth of 41.21%, and a net profit of 702 million yuan, which is a significant increase of 256.83% [1] - The revenue contribution from the refrigerant segment was the largest, with a year-on-year growth of 62.6%, while fluorinated fine chemicals showed the fastest growth rate at 99.48% [2] Group 2: Market Position - The company is a leading player in the domestic fluorochemical industry, with a strong global position in refrigerants and chlorinated raw materials, particularly in the production of third-generation refrigerants (HFCs) [1] - The company’s market structure is characterized by significant differentiation, with the supply-demand dynamics and competitive landscape improving for second and third-generation refrigerants [1] Group 3: Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 29.355 billion yuan, 35.226 billion yuan, and 40.51 billion yuan, respectively, with net profits expected to be 3.297 billion yuan, 4.2 billion yuan, and 4.899 billion yuan [2] - The current price-to-earnings ratio (PE) is projected to be 20.3x, 15.9x, and 13.6x for the years 2025, 2026, and 2027, respectively [2]