Core Viewpoint - The stock of Juhua Co., Ltd. has shown a significant increase in price and trading volume, reflecting positive market sentiment and strong financial performance in recent periods [1][2]. Financial Performance - For the period from January to September 2025, Juhua Co., Ltd. achieved a revenue of 20.394 billion yuan, representing a year-on-year growth of 13.89% [2]. - The net profit attributable to shareholders for the same period was 3.248 billion yuan, marking a substantial year-on-year increase of 158.29% [2]. Stock Market Activity - As of November 13, the stock price of Juhua Co., Ltd. was 35.79 yuan per share, with a year-to-date increase of 49.81% [1]. - The stock experienced a trading volume of 311 million yuan on the same day, with a turnover rate of 0.33% [1]. - The stock has seen a 2.73% increase over the last five trading days, a 2.35% decrease over the last twenty days, and a 23.33% increase over the last sixty days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Juhua Co., Ltd. was 76,800, an increase of 49.11% compared to the previous period [2]. - The average number of circulating shares per shareholder was 35,172, which decreased by 32.93% from the previous period [2]. Dividend Distribution - Since its A-share listing, Juhua Co., Ltd. has distributed a total of 5.973 billion yuan in dividends, with 1.647 billion yuan distributed in the last three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 64.509 million shares, a decrease of 20.4115 million shares from the previous period [3]. - Several funds, including Xingquan He Run Mixed A and Xingquan He Yi Mixed A, have adjusted their holdings, with some increasing and others decreasing their share counts [3].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a significant increase in net profit for the third quarter, with a year-on-year growth of 187% and a total net profit of 12 billion yuan [1] - The refrigerant industry remains buoyant, with the company benefiting from a production quota system that is expected to sustain long-term price increases [4] - The company is positioned as a leading player in the refrigerant market, holding a 39.33% share of the national production quota for HFCs [4] Revenue and Profitability - For the first three quarters of 2025, the company achieved a revenue of 20.4 billion yuan, a year-on-year increase of 14%, and a net profit of 3.25 billion yuan, up 160% [1] - The refrigerant segment generated 9.35 billion yuan in revenue, representing a 48% year-on-year increase, contributing 46% to total revenue [2] - The average price of refrigerants increased significantly, with R32 priced at 57,000 yuan/ton, up 62% year-on-year [2] Segment Performance - Other segments, such as fluorochemical raw materials and fluoropolymer materials, showed mixed results, with revenues of 990 million yuan and 1.4 billion yuan respectively, reflecting year-on-year growth of 10.5% and 5.5% [3] - The food packaging materials segment faced a decline in revenue, down 27% year-on-year, due to weak market demand [3] Future Outlook - The company is expected to see continued growth in net profit, with projections of 4.44 billion yuan, 5.43 billion yuan, and 6.59 billion yuan for 2025, 2026, and 2027 respectively [4] - The company maintains a strong market position and is well-positioned to benefit from the ongoing demand for refrigerants and the implementation of production quotas [4]

11月3日，巨化股份跌5.04%，截至发稿，报33.54元/股，成交6.72亿元，换手率0.73%，总市值905.49亿 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，中海基金旗下1只基金重仓巨化股份。中海混改红利混合A（001574）三季度持有股数2.83万 股，占基金净值比例为4.17%，位居第五大重仓股。根据测算，今日浮亏损失约5.04万元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 中海混改红利混合A ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported significant year-on-year growth in its performance, with a revenue of 20.39 billion yuan for the first three quarters of 2025, representing a 13.9% increase year-on-year. The net profit attributable to shareholders reached 3.25 billion yuan, up 160.2% year-on-year, and the net profit after deducting non-recurring gains and losses was 3.20 billion yuan, reflecting a 170.1% increase year-on-year [2][6]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 7.06 billion yuan, which is a 21.2% increase year-on-year but a 6.2% decrease quarter-on-quarter. The net profit for Q3 was 1.20 billion yuan, up 186.6% year-on-year and down 3.6% quarter-on-quarter. The net profit after deducting non-recurring gains and losses was 1.17 billion yuan, showing a 200.4% increase year-on-year and a 5.2% decrease quarter-on-quarter [2][6]. Market Trends - The average price of refrigerants continued to rise in Q3, with the company achieving an external sales volume of 76,000 tons, down 10.6% year-on-year and 10.3% quarter-on-quarter. The after-tax average price was 43,000 yuan per ton, up 52.6% year-on-year and 5.0% quarter-on-quarter [12]. Industry Outlook - The refrigerant industry is expected to continue its upward trend, with the company positioned to benefit from the industry's improving conditions. The projected earnings for 2025-2027 are 5.03 billion, 6.78 billion, and 8.67 billion yuan, respectively [12].

Group 1: Market Overview - The overall market showed a slight recovery with major indices closing up, including the Shanghai Composite Index rising by 0.22% to 3922.41 points and the CSI 300 Index increasing by 0.30% to 4606.34 points [7][10] - The performance varied across different market segments, with large-cap stocks leading while small-cap stocks lagged behind [8][10] - The trading volume in the market was approximately 16607.09 billion, reflecting a decrease of 295.48 billion compared to the previous trading day [7] Group 2: Industry Dynamics - In October 2025, the National Press and Publication Administration approved 159 domestic video game licenses, marking a year-on-year increase of 46 licenses [24][25] - The National Energy Administration reported that the total electricity consumption in September 2025 reached 8886 billion kWh, a year-on-year growth of 4.5% [26][27] - The production of industrial feed in September 2025 was 30.36 million tons, showing a year-on-year increase of 5.0% [28][29] Group 3: Company Updates - Juhua Co., Ltd. reported a total revenue of 20.394 billion with a year-on-year growth of 13.89% for the first three quarters of 2025, and a net profit of 3.248 billion, up 160.22% year-on-year [30][31] - Lihua Technology's revenue for the first three quarters of 2025 was 558 million, with a net profit growth of 2.18% year-on-year [32][33] - Hunan's electric vehicle exports reached 8.62 billion in the first three quarters of 2025, a significant increase of 85.9% year-on-year [34][35]

股票简称：巨化股份 股票代码：600160 公告编号：临 2025－44 浙江巨化股份有限公司 2025 年 1-9 月主要经营数据公告 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 1-9 月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 | 898103.85 | 7.61 | 288293.29 | 9.40 | 99322.57 | 10.50 | | 制冷剂 | 440149.67 | -0.32 | 230618.39 | -6.40 | 935243.23 | 48.01 | | 含氟聚合物材料 | 103871.00 | 6.80 ...

Core Viewpoint - Juhua Co., Ltd. has shown a significant stock price increase of 50.86% year-to-date, despite a recent decline in the last five trading days [1][2] 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%), and food packaging materials (2.65%) [1] Financial Performance - For the first half of 2025, Juhua Co., Ltd. achieved a revenue of 13.33 billion yuan, representing a year-on-year growth of 10.36%. The net profit attributable to shareholders was 2.05 billion yuan, showing a substantial increase 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 Structure - As of June 30, 2025, the number of shareholders for Juhua Co., Ltd. was 51,500, a decrease of 2.96% from the previous period. The average circulating shares per person increased by 3.05% to 52,443 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, increasing its holdings by 25.28 million shares [3]

Core Viewpoint - The report from Tianfeng Securities highlights Juhua Co., Ltd. as a leading state-owned enterprise in the fluorochemical industry, projecting steady growth in performance from 2013 to 2024, with refrigerant gross profit accounting for over 60% of its revenue [1] Group 1: Company Overview - Juhua's product portfolio includes seven categories: fluorochemical raw materials, fluorinated refrigerants, fluoropolymers, fluorinated fine chemicals, food packaging materials, petrochemical materials, and basic chemical products [1] - The company's revenue and net profit attributable to shareholders are expected to grow at a CAGR of 8.7% and 20.4% respectively from 2013 to 2024, driven mainly by increased volume in the refrigerant and basic chemical segments [1] Group 2: Market Position and Projections - By 2025, Juhua is projected to have a production quota of 271,000 tons for its third-generation refrigerants (excluding R23), holding a market share of 34%, making it the industry leader [1] - The company leads in the market share of mainstream third-generation refrigerants, with R32, R125, and R134a accounting for 42%, 21%, and 25% of its total quota, respectively, and 41%, 34%, and 33% of the domestic total quota [1] Group 3: Future Outlook and Valuation - Juhua's multiple fluoropolymer production capacities rank among the top three in the country, and the company has developed a series of electronic fluorinated liquids through years of research and development [1] - Given its leadership position in the fluorochemical industry, the company is assigned a target price of 39.5-41.2 yuan per share based on a 24-25 times PE ratio for 2025, with an initial coverage rating of "Buy" [1]

Core Viewpoint - Zhejiang Juhua Co., Ltd. is a leading player in the fluorochemical industry, with steady revenue and net profit growth projected from 2013 to 2024, driven primarily by refrigerants and basic chemical products [1][2] Group 1: Company Overview - Established in 1998, Zhejiang Juhua is a major manufacturer in fluorochemical and chlor-alkali chemical new materials, with its controlling shareholder being Juhua Group Co., Ltd. and actual controller being the Zhejiang State-owned Assets Supervision and Administration Commission [1] - The company's product categories include fluorochemical raw materials, fluorinated refrigerants, fluorinated polymers, fluorinated fine chemicals, food packaging materials, petrochemical materials, and basic chemical products [1] Group 2: Financial Performance - From 2013 to 2024, the company's revenue and net profit attributable to shareholders are expected to grow at a CAGR of 8.7% and 20.4%, respectively, with over half of the revenue coming from refrigerants and petrochemical materials [1] - In 2024, the revenue contribution from refrigerants and petrochemical materials is projected to be 38% and 17%, respectively, while nearly 60% of gross profit is expected to come from refrigerants, accounting for 64% in 2024 [1] Group 3: Industry Dynamics - The introduction of production quotas for third-generation fluorinated refrigerants in 2024 is expected to benefit the company as the industry experiences an upturn, with significant price increases anticipated compared to 2023 [2] - The company holds a leading market share of 34% in third-generation refrigerant production quotas for 2025, with major products like R32, R125, and R134a representing 42%, 21%, and 25% of its total quotas, respectively [2] Group 4: Product Development and Capacity - The company ranks among the top three in the production capacity of various fluoropolymers, with FKM and PVDF being the largest in China [3] - Despite a 7% year-on-year increase in external sales of fluorinated polymers in 2024, the average price has decreased by 17%, indicating supply-demand pressures in the industry [3] Group 5: Strategic Initiatives - The company is expanding its basic chemical product offerings to enhance its supply chain, including chlor-alkali, coal chemical, and sulfuric acid products [4] - Investments of approximately 1.6 billion yuan are being made in projects for PTT and PDO to transition the petrochemical segment towards advanced specialty materials [4] Group 6: Profit Forecast - The projected net profits attributable to shareholders for 2025, 2026, and 2027 are 4.44 billion, 5.43 billion, and 6.59 billion yuan, respectively, with corresponding EPS of 1.65, 2.01, and 2.44 yuan [4] - The current price corresponds to PE ratios of 22.66, 18.53, and 15.28 for the respective years, with a target price range of 39.5 to 41.2 yuan per share based on a PE of 24-25 for 2025 [4]

Group 1 - The core point of the news is that Juhua Co., Ltd. experienced a decline in stock price by 5.01%, with a current trading price of 36.76 yuan per share and a total market capitalization of 99.243 billion yuan [1] - Juhua Co., Ltd. is primarily engaged in the research, production, and sales of basic chemical raw materials, food packaging materials, and fluorochemical raw materials, with its main business revenue composition being: refrigerants 46.00%, petrochemical materials 15.14%, basic chemical products and others 10.88%, and fluorinated polymer materials 6.59% [1] - The trading volume for Juhua Co., Ltd. was 1.733 billion yuan, with a turnover rate of 1.69% [1] Group 2 - According to data, one fund under China Europe Fund has Juhua Co., Ltd. as a significant holding, with a reduction of 3,500 shares in the second quarter, leaving a total of 27,600 shares held, which accounts for 3.79% of the fund's net value [2] - The fund, China Europe CSI Sub-Industry Chemical Theme Index Initiation A (021977), has a total scale of 12.6276 million yuan and has achieved a return of 24.04% this year, ranking 2,290 out of 4,220 in its category [2] - The fund manager, Song Weiwei, has been in position for 1 year and 272 days, with the fund's total asset scale at 6.555 billion yuan and the best return during the tenure being 132.85% [3]