智通财经APP讯，东岳集团(00189)发布公告，预计集团截至2023年12月31日止年度的公司拥有人应占净 溢利，仍基本维持了上半年的下滑幅度，与截至2022年12月31日止年度相比可能取得大幅减少约82%。 董事会根据现有资料分析，认为上述截至2023年12月31日止年度的公司拥有人应占净溢利下跌的主要原 因为集团的部分主要产品截至2023年12月31日止年度的平均市价与截至2022年12月31日止年度相比有大 幅下跌，导致集团截至2023年12月31日止年度的收入亦有所减少;及截至2023年12月31日止年度原材料 价格的变动不足以弥补产品市价下滑对集团净利润造成的影响。 ...

证券研究报告 ＃industryId＃ 化工行业 ＃investSuggestion＃ ＃ ＃00189.HK ＃东dy岳Com集pa团ny＃ 增持 （首次） 关注制冷＃ 剂t旺itle季＃ 行情催化 ＃createTime1＃ ＃市场ma数rk据etData＃ 2024 年2月 28 日 日期 2024/2/28 投资要点 收盘价（港元） 6.91 ＃sum我mar们y＃的观点：东岳集团是中国氟硅行业龙头，公司股权结构优化，制冷剂 总股本（亿股） 22.5 业务边际改善，高分子材料业务长期空间可期。我们预计公司2023-2025 年归母净利润分别为5.7、13.0、15.4亿元（人民币，下同），分别同比-85.2%、 流通股本（亿股） 22.5 +127.4%、+18.6%，对应2024年2月28日收盘市值的PE倍数分别为24.8x、 归母净资产（亿元） 145.7 10.9x、9.2x；首次评级覆盖给予公司“增持”评级，建议投资者关注。 总资产（亿元） 233.0  氟硅行业龙头。东岳集团是中国氟硅行业龙头，氟化工（氢氟酸+制冷剂+ 每股归母净资产（元） 6.47 含氟高分子材料）和硅化工（单体+中间 ...

Investment Rating - The report does not explicitly state an investment rating for Dongyue Group Core Insights - Dongyue Group is a leading player in China's fluorochemical industry, established in 1987 and listed on the Hong Kong main board in 2007. The company has grown into a significant production base for fluorosilicon materials and serves as a key supplier for renowned domestic and international companies [3][41] - The company benefits from the rising prices of refrigerants, with the global refrigerant market expected to grow from 202 tons in 2024 to 229 tons in 2029, reflecting a compound annual growth rate (CAGR) of 2.5% [13][25] - The fluorinated polymer materials segment has vast potential, with applications across various industries including construction, electronics, and aerospace [34][39] Summary by Sections 1. Company as China's Fluorochemical Leader - Dongyue Group is recognized as a leading enterprise in the fluorochemical sector in China, focusing on the manufacturing and distribution of refrigerants, polymers, and other chemical products [3][41] 2. Benefiting from Rising Refrigerant Prices - The company is positioned to benefit from the increasing prices of refrigerants, with specific price increases noted for various refrigerants such as R22 and R32 [25][26] 3. Vast Space for Fluorinated Polymer Materials - The fluorinated polymer materials segment includes products like PTFE, PVDF, and FKM, which have extensive applications in multiple industries [34][39] 4. Subsidiary Dongyue Silicon Materials as a Leader in Organic Silicon - Dongyue Silicon Materials, a subsidiary, is a major player in the organic silicon market, producing a range of products including silicone rubber and intermediates [41] 5. Synergy Between Dichloromethane, PVC, and Caustic Soda Segments with Refrigerants - The report highlights the interdependence of the dichloromethane, PVC, and caustic soda segments with the refrigerant division, indicating a collaborative operational strategy [6] 6. Future Hydrogen Energy IPO Aspirations - Dongyue Group is planning to pursue an IPO for its hydrogen energy segment, indicating future growth and diversification strategies [6] 7. Profit Forecast - The company has shown a compound annual growth rate (CAGR) of 38% in net profit from 2019 to 2022, with a revenue CAGR of 16% during the same period [6][8]

Financial Performance - In the first half of 2023, the fluorosilicon chemical industry faced significant challenges, with a decline in product prices and weakening demand from downstream sectors, leading to a decrease in revenue and profit for the Group [10]. - For the six months ended June 30, 2023, the Group recorded revenue of approximately RMB7,198,111,000, representing a decrease of 28.83% compared to RMB10,113,288,000 in the same period last year [20]. - The gross profit margin declined to 15.73%, down from 36.86% in the corresponding period of 2022 [20]. - The Group's profit before taxation was approximately RMB287,755,000, a significant decrease from RMB2,381,058,000 in the same period last year [20]. - The net profit for the period was approximately RMB208,069,000, compared to RMB1,967,640,000 in the corresponding period of 2022 [20]. - The total comprehensive income for the period was approximately RMB 207,032,000, compared to RMB 1,950,435,000 in the same period of 2022 [21]. - The profit for the period attributable to owners of the Company was RMB 283,871,000, compared to RMB 1,692,775,000 in the prior year, reflecting a significant decline [104]. - The company reported a total comprehensive income for the period of RMB 282,834,000, down from RMB 1,675,570,000 in the previous year [104]. Operational Efficiency - Despite the adverse market conditions, the Group maintained stable production, achieving growth in both production and sales volume, which contributed to an increase in market share [9]. - The energy consumption level per unit product was reduced during the review period, indicating improved operational efficiency [9]. - The Group's management is focused on preparing for a potential industry recovery in the future, leveraging its operational strengths [9]. - The Group's strategies during the challenging market conditions included exploring potential developments and enhancing operational efficiencies [9]. - The management emphasized the importance of reinforcing internal strengths and cost reduction strategies in response to market changes [9]. Market Conditions - The overall market sentiment remained gloomy, impacting the fluorosilicon chemical industry significantly during the review period [10]. - The decline in sales and profits was attributed to significant price drops in key products due to weak downstream demand and increased industry capacity [24]. - The Group's performance in the first half of 2023 showed a significant decline compared to the historical best results from the previous year, but the management believes that the foundation for future growth remains solid [9]. Research and Development - R&D costs amounted to approximately RMB475,928,000, accounting for approximately 6.61% of total revenue [13]. - The Group added 53 new product grades during the period, contributing to profits and new vitality [13]. - The Group was granted 47 patents during the period, bringing the total to 587 licensed patents [13]. Segment Performance - The Fluoropolymer segment's external sales were approximately RMB 2,275,072,000, representing a year-on-year decrease of 31.45% [28]. - The profit for the Fluoropolymer segment was RMB 224,466,000, a decrease of 80.46% compared to RMB 1,148,539,000 in the previous year [28]. - The refrigerants segment generated revenue of RMB 1,452,853,000 with a segment profit margin of 11.58% [23]. - The organic silicone segment reported revenue of RMB 2,502,180,000 but incurred a loss of RMB 222,336,000, resulting in a negative margin of -8.89% [23]. - The overall operating profit margin for the Group was 3.78%, down from 23.56% in the same period last year [21]. Financial Position - As of June 30, 2023, the Group's total equity was RMB16,742,561,000, a decrease of 9.47% from December 31, 2022 [45]. - The Group's bank balances and cash as of June 30, 2023, were RMB4,260,716,000, compared to RMB5,315,994,000 on December 31, 2022 [45]. - The current ratio as of June 30, 2023, was 1.58, down from 2.00 on December 31, 2022 [45]. - The Group had no borrowings as of June 30, 2023, maintaining a negative gearing ratio of -25.45% [46]. - The total assets less current liabilities amounted to RMB 17,370,942, a decrease from RMB 19,071,987 as of December 31, 2022, representing a decline of approximately 8.9% [107]. - The company's equity attributable to the owners decreased to RMB 14,572,844 from RMB 16,082,018, reflecting a reduction of about 9.4% [109]. Employee and Governance - The Group aims to enhance human resources reform to create a vibrant platform for talent and innovation [18]. - The Board of Directors did not declare an interim dividend for the six months ended June 30, 2023, compared to no dividend declared for the same period in 2022 [50]. - The Company has established a Remuneration Committee to consider remuneration for Directors and senior management [54]. - The Risk Management Committee is responsible for overseeing the Group's risk management and internal control systems [55]. - The Company has established a whistleblowing policy for employees and stakeholders to confidentially report any improprieties [56]. Capital Expenditure and Investments - The Group's capital expenditure for the six months ended June 30, 2023, was approximately RMB744,415,000, down from RMB1,616,112,000 for the same period in 2022 [43]. - The company plans to enhance its production capacity of PVDF, a weather-resistant fluoropolymer, with a target completion date of December 31, 2025, involving a total investment of HK$2,000,000,000 [75]. - The company aims to increase its production capacity of PTFE, a synthetic fluoropolymer, also with a target completion date of December 31, 2025, involving an investment of HK$800,000,000 [75]. Shareholder Information - As of June 30, 2023, Mr. Zhang Jianhong holds a corporate interest of 258,948,451 Shares, representing 11.49% of the issued share capital [80]. - Mr. Fu Kwan has a corporate interest of 520,977,818 Shares, accounting for 23.12% of the issued share capital [80]. - The Company has disclosed all required interests and short positions as per the Securities and Futures Ordinance [84].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 DONGYUE GROUP LIMITED 東岳集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：189） 2023年 中 期 業 績 公 告 | --- | --- | --- | |-----------------------------------------------------------------------------------------------|--------------------|-------------------| | | | | | 財 務 摘 要 （除 另 有 註 明 外，以 人 民 幣 百 萬 元 列 示） | | | | | | | | | 截 至 6 月 30 ...

S 東岳集團有限公司 DONGYUE GROUP LIMITED (於開曼群島註冊成立之有限公司) (Incorporated in the Cayman Islands with limited liability) 股份代號 Stock Code: 0189 2022 ＡＮＮＵＡＬ ＲＥＰＯＲＴ 年 報 l 官方 t TIME 器 1 的用 the state 目錄 CONTENTS 2 主席報告書 CHAIRMAN'S STATEMENT 10 管理層討論與分析 MANAGEMENT DISCUSSION AND ANALYSIS 20 董事及高層管理人員履歷 DIRECTORS' AND SENIOR MANAGEMENT'S PROFILE 26 董事會報告 REPORT OF THE DIRECTORS 43 企業管治報告 CORPORATE GOVERNANCE REPORTS 64 環境、社會及管治報告 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 129 獨立核數師報告 INDEPENDENT AUDITOR'S REPORT 136 綜合損益及其他 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 DONGYUE GROUP LIMITED 東岳集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：189） (1)截 至2022年12月31日 止 年 度 全 年 業 績 公 告 及 (2)暫 停 辦 理 股 份 過 戶 登 記 | --- | --- | --- | |-----------------------------------------------------------------------------|---------------------|----------------------| | | | | | （除 另 有 註 明 外，以 人 民 幣 百 萬 元 列 示） | | | | ...