Zhejiang Juhua (600160.SH): It is expected that the actual average price of the company's fluorinated refrigerant products will continue to rise in 2025.

Gelonghui Finance · Dec 16 17:58

On December 16, Glonghui reported that Zhejiang Juhua (600160.SH) stated at the investor reception day event that (1) this year is the first year of the quota system for the third-generation refrigerants, product prices are in the recovery upward channel, coupled with high inventory compared to last year's fourth quarter and factory accumulation, the current social historical inventory (including factory inventory) is being depleted adequately, downstream demand is good, and some varieties are still significantly below historical highs. The production quota for the second-generation refrigerants is further reduced, the Industry ecology and competitive order continue to improve, and it is expected that by 2025, the actual average price of the company's fluorinated refrigerant products will still increase, with a higher certainty of the profitability level and profit share being further enhanced; (2) The country's counter-cyclical adjustment policy is confirmed and is expected to improve the company's external competitive environment; (3) The contradiction of "strong supply and weak demand" in the company's non-fluorinated refrigerant business is still difficult to resolve effectively in the short term. However, the significant price drop in products over the past two years has released market risks adequately, and as the refrigerant business expands and the profit share increases, the influence of the non-fluorinated refrigerant business on the company's performance is declining.

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巨化股份(600160.SH)：预计2025年公司氟制冷剂产品实际均价仍将上移

Zhejiang Juhua (600160.SH): It is expected that the actual average price of the company's fluorinated refrigerant products will continue to rise in 2025.

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