Group 1 - The prices of third-generation refrigerants R32, R125, and R134a have increased as of July 31, 2025, reaching 55,000 yuan/ton, 45,500 yuan/ton, and 50,000 yuan/ton respectively, with increases of 4.76%, 0%, and 2.04% compared to the end of April [1][2] - The price of R22 remains stable at 35,000 yuan/ton, unchanged from the previous month, but up 14.75% year-on-year; the price difference is 26,842 yuan/ton, down 0.55% from the end of last month [1][2] - The prices of fluorinated polymers have decreased, with PTFE suspension medium, dispersion emulsion, and dispersion resin priced at 37,000 yuan/ton, 28,000 yuan/ton, and 40,000 yuan/ton respectively as of July 31, 2025 [2] Group 2 - The production of household air conditioners is expected to decline year-on-year from August to October 2025, with total production volumes of 11.443 million units, 10.662 million units, and 12.356 million units respectively, showing year-on-year growth rates of -2.79%, -12.70%, and -12.10% [2] - Zhongxin Fluorine Materials expects a net profit of 4.7589 million to 6.0809 million yuan for the first half of 2025, recovering from a loss of 23.1287 million yuan in the same period last year [3] - Yonghe Co. reported a revenue of 2.445 billion yuan for the first half of 2025, a year-on-year increase of 12.39%, with a gross margin of 25.29%, up 7.36 percentage points from the previous year, and a net profit of 271 million yuan, a year-on-year growth of 140.82% [3] Group 3 - The supply-demand relationship for second and third-generation refrigerants remains tight, with a reduction in second-generation refrigerant quotas and a stable total production quota for third-generation refrigerants [3] - The refrigerant prices have been steadily increasing since 2025, with a notable rise in July, indicating a high level of industry prosperity and potential for significant profit growth for related production companies [3]

Investment Rating - The report gives a "Bullish" rating for the refrigerant industry, indicating a positive outlook for the next six months [75]. Core Insights - The report highlights that the prices of third-generation refrigerants have been steadily increasing since 2025, with significant growth in the first half of the year. The production quotas for second-generation refrigerants are being reduced, while the total production quota for third-generation refrigerants remains at baseline levels, leading to a tightening supply-demand relationship [7][69]. - Companies such as Juhua Co., Ltd. and Sanmei Co., Ltd. are expected to see substantial profit increases, reflecting a high level of industry prosperity [69]. Summary by Sections Refrigerant Prices and Production - As of July 31, 2025, the prices for third-generation refrigerants R32, R125, and R134a are 55,000 CNY/ton, 45,500 CNY/ton, and 50,000 CNY/ton, respectively, showing increases of 4.76%, 0%, and 2.04% compared to the end of April [7][16]. - The production of R32, R134a, and R125 in July 2025 has increased by 49.68%, 66.11%, and 32.74% year-on-year, respectively [17]. Market Trends - The report notes a decline in air conditioning production in August 2025, with expected further declines in September and October, with production figures of 11.44 million units, 10.66 million units, and 12.36 million units, reflecting year-on-year decreases of -2.79%, -12.70%, and -12.10% [39]. - The report also mentions a decrease in refrigerator production, with August 2025 figures at 7.62 million units, down 9.50% year-on-year [40]. Company Performance - Zhongxin Fluorine Materials expects a net profit of 4.76 million to 6.08 million CNY for the first half of 2025, recovering from a loss of 23.13 million CNY in the same period last year [60]. - Yonghe Co., Ltd. reported a revenue of 2.445 billion CNY for the first half of 2025, a year-on-year increase of 12.39%, with a net profit of 271 million CNY, up 140.82% [63]. Investment Recommendations - The report suggests focusing on leading companies in the refrigerant industry and those with a complete industrial chain, such as Juhua Co., Ltd. and Sanmei Co., Ltd., as well as companies related to fluorine chemical raw materials like Jinshi Resources [69].

Group 1 - The company expects to achieve a net profit attributable to shareholders of 255 million to 280 million yuan for the first half of 2025, representing an increase of 142.32 million to 167.32 million yuan compared to the same period last year, with a year-on-year growth of 126.30% to 148.49% [1][2] - The company anticipates a net profit attributable to shareholders after deducting non-recurring gains and losses of 250 million to 275 million yuan, which is an increase of 143.87 million to 168.87 million yuan year-on-year, reflecting a growth of 135.56% to 159.12% [1][2] - The previous year's net profit attributable to shareholders was 112.68 million yuan, with a total profit of 137.13 million yuan [2] Group 2 - The main reasons for the profit increase include the rise in refrigerant prices due to reduced production quotas for second-generation fluorinated refrigerants (HCFCs) and the continuation of third-generation fluorinated refrigerants (HFCs) quota management policies, which have strengthened supply constraints while downstream demand has steadily increased [1][3] - The company has optimized its product structure by focusing on improving production efficiency and product quality of fluorinated polymer materials, leading to increased production and sales volume, along with a decrease in raw material costs [3]

Investment Rating - The report maintains a positive outlook on the refrigerant industry, indicating a high level of prosperity and suggesting that related companies are likely to see significant improvements in profitability [8][66]. Core Insights - The prices of third-generation refrigerants R32, R125, and R134a have increased as of May 30, 2025, with respective prices of 51,000 CNY/ton, 45,500 CNY/ton, and 48,500 CNY/ton, reflecting increases of 4.08%, 1.11%, and 2.11% compared to the end of April [8][15]. - The production quotas for second-generation refrigerants are set to decrease in 2025, while the total production quota for third-generation refrigerants will remain at baseline levels, leading to a tightening supply-demand relationship for both generations [8][66]. - The domestic production of household air conditioners is expected to maintain a year-on-year growth trend from June to August 2025, with production volumes of 20.5 million units, 17.13 million units, and 12.09 million units, representing year-on-year growth rates of 11.50%, 6.30%, and 2.70% respectively [8][39]. Summary by Sections Refrigerant Tracking - As of May 30, 2025, the total inventory of R32, R134a, and R125 refrigerants was 4,042 tons, 3,380 tons, and 2,623 tons respectively, with slight fluctuations in inventory levels [8][21]. - The production of R22 in May 2025 was 32,082 tons, showing a year-on-year decrease of 15.19% but a month-on-month increase of 9.94% [8][28]. Fluoropolymer - The prices of fluoropolymers have shown fluctuations, with PTFE, PVDF, and HFP prices recorded at 41,000 CNY/ton, 62,000 CNY/ton, and 37,000 CNY/ton respectively as of May 30, 2025 [8][49]. - The production of PTFE, PVDF, and HFP in May 2025 was 12,946 tons, 10,538 tons, and 7,371 tons respectively, with year-on-year increases of 28.13%, 30.42%, and 34.02% [8][56]. Industry News - A new technology for the resource conversion of trifluoromethane has been developed, achieving international leading standards and promising significant reductions in greenhouse gas emissions [8][59]. - Juhua Co., Ltd. has been actively increasing its shareholding, reflecting confidence in future performance and growth [8][60].

Investment Rating - The report maintains a positive outlook on the refrigerant industry, indicating a high level of prosperity and suggesting that related companies are likely to see significant improvements in profitability [8][66]. Core Insights - The prices of third-generation refrigerants R32, R125, and R134a have increased as of May 30, 2025, with respective prices of 51,000 CNY/ton, 45,500 CNY/ton, and 48,500 CNY/ton, reflecting increases of 4.08%, 1.11%, and 2.11% compared to the end of April [8][15]. - The production quotas for second-generation refrigerants are set to decrease in 2025, while the total production quota for third-generation refrigerants will remain at baseline levels, leading to a tightening supply-demand relationship for both generations [8][66]. - The domestic production of household air conditioners is expected to maintain a year-on-year growth trend from June to August 2025, with production volumes of 20.5 million units, 17.13 million units, and 12.09 million units, representing year-on-year growth rates of 11.50%, 6.30%, and 2.70% respectively [8][39]. Summary by Sections Refrigerant Tracking - As of May 30, 2025, the total inventory of R32, R134a, and R125 refrigerants was 4,042 tons, 3,380 tons, and 2,623 tons respectively, showing a mixed change compared to the previous month [8][21]. - The production of R22 in May 2025 was 32,082 tons, a year-on-year decrease of 15.19% but a month-on-month increase of 9.94% [8][28]. Fluoropolymer - The prices of fluoropolymers have shown fluctuations, with PTFE, PVDF, and HFP prices recorded at 41,000 CNY/ton, 62,000 CNY/ton, and 37,000 CNY/ton respectively as of May 30, 2025 [8][49]. - The production of PTFE, PVDF, and HFP in May 2025 was 12,946 tons, 10,538 tons, and 7,371 tons respectively, with year-on-year increases of 28.13%, 30.42%, and 34.02% [8][56]. Industry News - A new technology for the resource conversion of trifluoromethane has been developed, achieving international leading levels and promising significant reductions in greenhouse gas emissions [8][59]. - Juhua Co., Ltd. has been actively increasing its shareholding, reflecting confidence in its future performance [8][60][61]. Investment Recommendations - The report suggests focusing on leading companies in the refrigerant industry and those with well-established supply chains in the fluorochemical sector, such as Juhua Co., Ltd., Sanmei Co., and Jinshi Resources [8][66].

Investment Rating - The report maintains a positive outlook on the refrigerant industry, indicating a high level of industry prosperity and suggesting that related companies are likely to see significant profit increases [6][73]. Core Insights - In March 2025, refrigerant prices continued to rise, with R32, R125, and R134a prices reaching 47,000 CNY/ton, 45,000 CNY/ton, and 46,500 CNY/ton respectively, marking increases of 5.62%, 2.27%, and 3.33% compared to the end of February [6][14]. - The production of household air conditioners is expected to maintain a year-on-year growth trend, with production volumes projected at 24 million units in April, 23.9 million in May, and 21.3 million in June, reflecting year-on-year growth rates of 9.10%, 13.00%, and 15.90% respectively [6][38]. - The long-term contract prices for refrigerants R32 and R410a have significantly increased, with R32 rising to 46,600 CNY/ton and R410a to 47,600 CNY/ton, both reflecting increases of 6,000 CNY/ton from the first quarter [6][68]. Summary by Sections Refrigerant Tracking - As of March 31, 2025, the prices of R32, R125, and R134a were reported at 47,000 CNY/ton, 45,000 CNY/ton, and 46,500 CNY/ton, respectively, with significant month-on-month increases [6][14]. - The production of R32, R134a, and R125 in March 2025 saw a month-on-month increase of 38.09%, 46.39%, and 33.88% respectively, while R134a experienced a year-on-year decline of 12.10% [6][15]. - The total inventory of R32, R134a, and R125 increased by 10.34%, 15.86%, and 12.34% respectively as of March 28, 2025 [6][18]. Investment Recommendations - The report suggests focusing on leading companies in the refrigerant industry, such as Juhua Co., Ltd. and Sanmei Co., Ltd., as well as companies with a complete industrial chain like Jinshi Resources [6][73].

Investment Rating - The report maintains a positive outlook on the refrigerant industry, indicating a high level of industry prosperity and suggesting that related companies are likely to see significant profit increases [6][72]. Core Insights - In March 2025, refrigerant prices continued to rise, with R32, R125, and R134a prices reaching 47,000 CNY/ton, 45,000 CNY/ton, and 46,500 CNY/ton respectively, marking increases of 5.62%, 2.27%, and 3.33% compared to the end of February [6][14]. - The production of household air conditioners is expected to maintain a year-on-year growth trend, with production volumes projected at 24 million units in April, 23.9 million in May, and 21.3 million in June, reflecting year-on-year growth rates of 9.10%, 13.00%, and 15.90% respectively [6][38]. - The long-term contract prices for refrigerants R32 and R410a have significantly increased, with R32 rising to 46,600 CNY/ton and R410a to 47,600 CNY/ton, both reflecting increases of 6,000 CNY/ton from the first quarter [6][68]. Refrigerant Tracking - The production of R32, R134a, and R125 in March 2025 saw significant month-on-month increases, with R32 production up 38.09% and R134a up 46.39% [15]. - The total inventory of R32, R134a, and R125 has shown a month-on-month increase, indicating a recovery in supply levels [18]. Investment Recommendations - The report suggests focusing on leading companies in the refrigerant industry, such as Juhua Co. and Sanmei Co., which are expected to benefit from the ongoing high demand and rising prices [6][72].