Guosen Securities: Reduction in compliance of second-generation refrigerant quotas and increased flexibility in the adjustment of third-generation refrigerant quotas

Guosen Securities released a research report indicating that compliance with second-generation refrigerants will decrease in 2026, while the quota system for third-generation refrigerants will continue. It is expected that the supply and demand for mainstream third-generation refrigerants will remain in tight balance. The tightening of quotas is a long-term trend, and there is upward price potential for refrigerants such as R32 and R134a, with related companies expected to maintain high profitability levels. The Ministry of Ecology and Environment has released the refrigerant quota plan for 2026, emphasizing the seriousness of the quota policy and the industry's development needs

ZJJH released its performance for the first three quarters, with a net profit attributable to shareholders of RMB 3.248 billion, a year-on-year increase of 160.22%

According to the Zhitong Finance APP, ZJJH disclosed its third-quarter report for 2025. The company achieved revenue of 20.394 billion yuan in the first three quarters, a year-on-year increase of 13.89%; the net profit attributable to shareholders of the listed company was 3.248 billion yuan, a year-on-year increase of 160.22%; the net profit excluding non-recurring gains and losses was 3.199 billion yuan, a year-on-year increase of 170.13%; the basic earnings per share were 1.203 yuan

Tianfeng Securities gives ZJJH an initial rating of "Buy"

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

Huatai Securities maintains a "Buy" rating on ZJJH, expecting the net profit attributable to the parent company in the first half of 2025 to reach 2.051 billion yuan, a year-on-year increase of 146.97%. The net profit attributable to the parent company in Q2 was 1.242 billion yuan, a year-on-year increase of 137.07%. The company's refrigerant business is the core growth driver, major projects are progressing steadily, cash flow is improving, R&D investment continues to grow, and technological advantages are being consolidated

Donghai Securities: This year, the supply and demand for second and third generation refrigerants will still be tight, and the refrigerant industry is expected to maintain high prosperity

Donghai Securities released a research report indicating that the supply and demand relationship for second and third generation refrigerants will tighten in 2025, and the refrigerant industry is expected to maintain high prosperity. Influenced by overseas demand and the capacity increase of domestic air conditioning companies, the export volume of refrigerants has risen. In the first half of 2025, the net profits of related companies will significantly increase, and refrigerant prices will steadily rise, with prices for R32, R134a, and R125 increasing by 44.19%, 22.35%, and 8.33% respectively. It is expected that the profitability of the refrigerant industry will continue to improve in the future