浙江巨化股份有限公司 2025 年第三季度报告 证券代码：600160 证券简称：巨化股份 浙江巨化股份有限公司 2025 年第三季度报告 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法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | | | | | | | | 年初 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 本报告 | | | | | 至报 告期 | | | | | 上年同期 | 期比上 年同期 | | | 上年同期 | | 末比 上年 | | | | | | 增减变 | 年 ...

Core Insights - The company, Juhua Co., Ltd. (600160), reported significant growth in its Q3 2025 financial results, with a revenue of 7.062 billion yuan, representing a year-on-year increase of 21.22% [1] - Net profit for Q3 2025 reached 1.197 billion yuan, showing a remarkable year-on-year growth of 186.55% [1] - For the first three quarters of 2025, the company achieved a total revenue of 20.394 billion yuan, which is a 13.89% increase compared to the same period last year [1] - The net profit for the first three quarters was 3.248 billion yuan, reflecting a year-on-year increase of 160.22% [1] - The basic earnings per share (EPS) for the company stood at 1.203 yuan [1] - The primary driver for the performance improvement was attributed to the rising prices of refrigerant products [1]

格隆汇10月23日丨巨化股份(600160.SH)公布，公司前三季度实现营业收入203.94亿元，同比增长 13.89%；归属于上市公司股东的净利润32.48亿元，同比增长160.22%；归属于上市公司股东的扣除非经 常性损益的净利润31.99亿元，同比增长170.13%；基本每股收益1.203元。 ...

每经AI快讯，10月23日，巨化股份(600160.SH)公告称，第三季度营收为70.62亿元，同比增长21.22%； 净利润为11.97亿元，同比增长186.55%。前三季度营收为203.94亿元，同比增长13.89%；净利润为32.48 亿元，同比增长160.22%。报告期内，制冷剂产品价格上升。 （文章来源：每日经济新闻） ...

巨化股份公告，第三季度营收为70.62亿元，同比增长21.22%；净利润为11.97亿元，同比增长 186.55%。前三季度营收为203.94亿元，同比增长13.89%；净利润为32.48亿元，同比增长160.22%。 ...

Core Points - On October 21, a block trade of 420,000 shares of Juhua Co., Ltd. was executed at a price of 36.16 yuan, totaling 15.1872 million yuan [2] - The closing price of Juhua Co. on the same day was 36.16 yuan, reflecting a slight increase of 0.39% with a turnover rate of 0.87% and a total trading volume of 843 million yuan [2] - Over the past five days, the stock has seen a cumulative decline of 0.63%, with a net inflow of funds amounting to 14.2433 million yuan [2] Trading Details - The block trade involved a volume of 420,000 shares, with a transaction price of 36.16 yuan, showing no premium or discount compared to the closing price [2] - The buyer was from Industrial Securities Co., Ltd., Shanghai Jinkang Road Securities Branch, while the seller was from China International Capital Corporation, Beijing Jianguomen Outer Street Securities Branch [2] Financing and Ratings - The latest margin financing balance for Juhua Co. is 3.958 billion yuan, which has increased by 75.5643 million yuan, representing a growth of 1.95% over the past five days [3] - Recently, one institution has rated the stock, with Tianfeng Securities setting the highest target price at 41.20 yuan as of October 16 [3] - Juhua Co., Ltd. was established on June 17, 1998, with a registered capital of 2.699746081 billion yuan [3]

Group 1 - The core point of the article highlights that Juhua Co., Ltd. experienced a slight increase in stock price, closing at 36.16 yuan, with a notable block trade occurring on October 21, involving a total transaction volume of 420,000 shares and a transaction amount of 15.1872 million yuan [1] - The first transaction price was 36.16 yuan, with a total of 420,000 shares traded, resulting in a premium rate of 0.00%. The buyer was from Industrial Securities Co., Ltd., and the seller was from China International Capital Corporation [1] - Over the past three months, there has been only one block trade for this stock, with a total transaction amount of 15.1872 million yuan. In the last five trading days, the stock has seen a cumulative decline of 0.63%, with a net outflow of main funds amounting to 17.6555 million yuan [1]

Group 1 - On October 21, Juhua Co., Ltd. executed a block trade of 420,000 shares, with a transaction amount of 15.1872 million yuan, accounting for 1.77% of the total transaction volume for the day [1] - The transaction price was 36.16 yuan, which was flat compared to the market closing price of 36.16 yuan [1]

Investment Rating - The report initiates coverage with an "Accumulate" rating for Zhejiang Juhua, setting a target price of RMB 41.04 based on a PE of 19x for FY26 [3][12]. Core Insights - Zhejiang Juhua is a leading enterprise in the refrigerant industry, holding a dominant position in fluorine refrigerants with a total R32 production capacity of 190,000 tons, which includes 130,000 tons at the local port, 30,000 tons in Shandong Feiyuan, and 30,000 tons in the UAE, with an additional 30,000 tons under construction [1][14]. - The fluorine refrigerant market is experiencing a robust growth trend, particularly in household air conditioning and automotive sectors, with production figures for room air conditioners showing a steady increase from 222.473 million units in 2022 to an expected 265.984 million units in 2024 [2][11]. - The company is focusing on high-end applications such as liquid cooling and data centers, investing in R&D for high-performance fluorine materials, and expanding its product offerings in various industries including aerospace, military, and semiconductors [4][14]. Financial Projections - The forecasted net profits for Zhejiang Juhua are RMB 4.511 billion, RMB 5.821 billion, and RMB 6.196 billion for the years 2025, 2026, and 2027 respectively, reflecting significant growth [3][5]. - Total revenue is projected to grow from RMB 24.462 billion in 2024 to RMB 31.722 billion in 2027, with a notable increase in net profit margins [5][8]. - The company aims to accelerate the development of fourth-generation refrigerants, specifically HFO-1234yf and HFO-1233zd, with production capacity targets set to reach 10,000 tons per year for HFO-1234yf [4][14].

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]