Huatai Securities: Maintains "Buy" rating on ZJJH, with refrigerant business as the core growth driver

According to a research report by Huazhong Securities, ZJJH achieved a net profit attributable to shareholders of RMB 2.051 billion in the first half of 2025, a year-on-year increase of 146.97%; in Q2, the net profit attributable to shareholders was RMB 1.242 billion, a year-on-year increase of 137.07% and a quarter-on-quarter increase of 53.56%. The company's performance in the first half of the year was strong, with significant improvement in cash flow, and the refrigerant business served as the core growth driver. The construction of major projects is steadily advancing as planned, continuously expanding the industrial boundaries and laying a solid foundation for long-term development. The company adheres to an innovation-driven strategy, with continuous growth in R&D investment and a strengthening of its technological advantages. The rating is maintained at "Buy."