Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Views - The fluorochemical industry is experiencing a stable price trend for the third-generation refrigerants, with a potential new round of price increases on the horizon. Companies such as Juhua Co., Ltd. and Aohua Technology have announced profit increases for 2025 [4][19] - The industry is entering a long-term prosperity cycle, with significant growth potential across the entire fluorochemical value chain, from raw materials like fluorite to high-end fluorinated materials and fine chemicals [25] Summary by Sections Industry Overview - The fluorite price has stabilized and is expected to gradually recover, with the average market price for 97% wet fluorite at 3,314 CNY/ton as of January 30, 2026, reflecting a 0.15% increase from the previous week [19][20] - The fluorochemical index decreased by 4.98% during the week of January 26 to January 30, 2026, underperforming compared to the Shanghai Composite Index by 4.54% [6][38] Refrigerant Market - As of January 30, 2026, the prices for various refrigerants remained stable, with R32 at 63,000 CNY/ton, R125 at 50,000 CNY/ton, and R134a at 58,000 CNY/ton [21][22] - The refrigerant market is entering a demand off-season, but there is potential for price adjustments as domestic demand increases, especially with low inventory levels and supply constraints [9][24] Company Announcements - Juhua Co., Ltd. expects a net profit of 3.54 to 3.94 billion CNY for 2025, representing a year-on-year increase of 80% to 101%. Aohua Technology anticipates a net profit of 1.38 to 1.48 billion CNY, a growth of 30.96% to 40.44% [10] - Other companies such as Luxi Chemical and ST Lianchuang also forecast significant profit increases for 2025 [10] Recommended Stocks - Recommended stocks include Jinshi Resources, Juhua Co., Ltd., Sanmei Co., Ltd., and Aohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Ltd., Dongyue Group, and Xinzhou Bang [11][25]

Investment Rating - The report maintains a positive investment rating for the chemical industry, highlighting the potential benefits from the "dual carbon" policy implementation [5]. Core Insights - The "dual carbon" policy is expected to significantly impact the chemical industry, with a focus on carbon emissions control becoming a rigid constraint during the 14th Five-Year Plan period [6][14]. - The report identifies that the attention towards "dual carbon" from provincial leaders has increased by 137% since September 2025, indicating a shift in focus towards carbon emissions as a critical performance metric [7][18]. - The chemical industry is anticipated to undergo structural changes, with high carbon intensity sectors facing supply constraints, while low-carbon leaders are expected to benefit from the transition [8][30]. Summary by Sections 1. "14th Five-Year Plan": Carbon Peak Closing Battle - Local carbon assessments may treat carbon emissions as an equally important rigid constraint [15]. - High carbon intensity sectors such as ammonia fertilizer, coal chemical, and chlorine-alkali are likely to face capacity constraints first [29][30]. 2. Petrochemical "Dual Carbon" Opportunities - The petrochemical sector is expected to undergo a transformation driven by the "dual carbon" goals, with a focus on optimizing supply and demand structures [38]. - Refining sector dynamics are shifting towards improved supply-demand balance due to stringent approval processes for new projects and the elimination of high-energy-consuming capacities [38]. 3. Basic Chemical "Dual Carbon" Opportunities - Coal chemical industry is projected to stabilize supply under carbon limits, driving quality improvements in the sector [3.1]. - Carbon fiber and fluorochemical sectors are expected to benefit from process optimization and green transitions [3.2][3.3]. 4. Investment Recommendations - The report suggests focusing on three categories of leading companies: 1. Integrated leaders in the oil chemical sector with scale and efficiency advantages [8]. 2. Coal chemical leaders with advanced processes and low emissions [8]. 3. High-quality firms in fluorochemical and carbon fiber sectors that align with "dual carbon" goals [8].

证券日报网讯 1月29日，昊华科技发布公告称，公司预计2025年年度实现归属于母公司所有者的净利润 为138000.00万元到148000.00万元，与上年同期相比增加32620.37万元到42620.37万元，同比增加 30.96%到40.44%。 （编辑 丛可心） ...

Group 1 - The company expects a significant increase in net profit for 2025, projecting a range of 1.38 billion to 1.48 billion yuan, representing a year-on-year growth of 30.96% to 40.44% [1] - The projected non-net profit for 2025 is estimated to be between 1.336 billion and 1.436 billion yuan, indicating a substantial year-on-year increase of 106.88% to 122.36% [1] - The company attributes its growth to enhanced market development and operational excellence initiatives, with a strong performance in its "3+1" core business segments, particularly in the fluorochemical sector [1] Group 2 - The chairman of the company outlined a five-year strategic plan (2026-2030) focusing on filling gaps in new chemical materials and ensuring supply of specialty products, aiming to become a leading provider of innovative advanced chemical material solutions [2] - The year 2026 is identified as a pivotal year for the company's new development phase and the foundation for "Technology Haohua" initiatives [2] - The chairman emphasized four key requirements for the company's development: commitment to mission, confidence in opportunities, determination to overcome challenges, and persistence in improving management efficiency [2]

(本文来自第一财经) 昊华科技公告称，预计2025年归属于上市公司股东的净利润为13.80亿元至14.80亿元，同比增加30.96% 至40.44%。2025年，公司通过进一步加强市场开拓，同时持续开展卓越运营、提质增效行动，经营业 绩较上年有较大幅度增长；"3+1"核心业务板块整体增长态势良好，其中氟化工板块业务实施一体化管 理，整合协同效应进一步显现，制冷剂业务价格维持高位上涨，利润贡献突出。 ...

格隆汇1月29日丨昊华科技(600378.SH)公布，经财务部门初步测算，预计2025年年度实现归属于母公司 所有者的净利润138,000.00万元到148,000.00万元，同比增加30.96%到40.44%。预计2025年年度实现归 属于母公司所有者的扣除非经常性损益的净利润133,600.00万元到143,600.00万元，同比增加106.88%到 122.36%。 2025年，公司通过进一步加强市场开拓，同时持续开展卓越运营、提质增效行动，经营业绩较上年有较 大幅度增长；"3+1"核心业务板块整体增长态势良好，其中氟化工板块业务实施一体化管理，整合协同 效应进一步显现，制冷剂业务价格维持高位上涨，利润贡献突出。 ...

Core Viewpoint - The company, Haohua Technology, expects a significant increase in net profit for the year 2025, projecting a range of 1.38 billion to 1.48 billion yuan, representing a year-on-year growth of 30.96% to 40.44% [1] Financial Performance - The projected net profit attributable to shareholders, excluding non-recurring gains and losses, is expected to be between 1.336 billion and 1.436 billion yuan, indicating a year-on-year increase of 106.88% to 122.36% [1] Business Strategy - The company plans to enhance market development and continue its initiatives for operational excellence and efficiency improvement, which are expected to contribute to substantial growth in operating performance compared to the previous year [1] Core Business Segments - The "3+1" core business segments are showing a positive growth trend, particularly in the fluorochemical sector, where integrated management and collaborative synergies are becoming more evident [1] Market Conditions - The refrigerant business is experiencing sustained high price increases, which is contributing significantly to profit margins [1] Corporate Actions - In 2024, the company merged with Sinochem Lantian Group Co., Ltd. and Guilin Lanyu Aviation Tire Development Co., Ltd., which will impact the financial results due to the recognition of non-recurring gains and losses from the merged entities [1]

证券代码：600378 证券简称：昊华科技 公告编号：临 2026-007 昊华化工科技集团股份有限公司 2025 年年度业绩预增公告 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法律责任。 重要内容提示： 业绩预告的具体适用情形 本期业绩预告适用"实现盈利，且净利润与上年同期相比上升 50%以上"的情形。 业绩预告相关的主要财务数据情况 昊华化工科技集团股份有限公司（以下简称"公司"）预计 2025 年年度实现归属于母公司所有者的净利润为 138,000.00 万元到 148,000.00 万元，与上年同期相比增加 32,620.37 万元到 42,620.37 万元，同比增加 30.96%到 40.44%。预计 2025 年年度实现归属于母公 司所有者的扣除非经常性损益的净利润为 133,600.00 万元到 143,600.00 万元，与上年同期相比增加 69,020.24 万元到 79,020.24 万元，同比增加 106.88%到 122.36%。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2 ...

Price Trends - The latest price of R2201 as of January 28 is 17,333.33 yuan per ton, reflecting an increase of 11.83% over the last 60 days [2][4] Related Companies - Relevant producers include: - Juhua Co., Ltd. (600160) - Yonghe Co., Ltd. (605020) - Sanmei Co., Ltd. (603379) - Luxi Chemical Co., Ltd. (000830) - Haohua Technology Co., Ltd. (600378) [2][4]

| | | 昊华化工科技集团股份有限公司 2026 年第一次临时股东会 会议资料 2026 年 2 月 4 日 昊华化工科技集团股份有限公司 2026 年第一次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效 率，保证会议的顺利进行，昊华化工科技集团股份有限公司（以下简 称"公司"或"昊华科技"）根据相关法律法规、《昊华科技公司章程》 和《昊华科技股东会议事规则》等规定，特制定本须知。 一、公司根据《昊华科技公司章程》和《昊华科技股东会议事规 则》等相关规定，认真做好召开股东会的各项工作。 二、股东会设会务组，具体负责会议有关程序及服务等事宜。 三、股东会期间，全体出席人员应维护股东的合法权益、确保会 议的正常秩序和议事效率，自觉履行法定义务。 四、出席会议的股东（或股东代理人），依法享有发言权、质询 权、表决权等权利，股东（或股东代理人）要求在股东会现场会议上 发言，应在会议召开前向公司登记，由公司统一安排。股东（或股东 代理人）临时要求发言或就相关问题提出质询的，应当先向会议会务 组申请，经会议主持人许可后方可进行。 五、股东（或股东代理人）在会议上发言，应围绕本次会议所审 议 ...