【Telegram Interpretation】Refrigerant industry momentum continues, both export prices and volumes surge significantly, institutions note HFCs policy expectations are most clear and pathway most transparent, this company's niche product production quota accounts for 100% of national share

【Telegram Original】

【Steady Industry Outlook for Refrigerants】Cailian Press, February 4 — During the traditional off-season for refrigerants, market conditions remain stable to slightly strong. According to Baichuan Yingfu market monitoring, since January 2026, the average price of the third-generation mainstream refrigerant R32 has stabilized at 63,000 yuan/ton, a year-on-year increase of about 45%; the average market price of R134a remains at 58,000 yuan/ton, up 32% year-on-year; as of February 3, R125 and R410A have increased by 16% and 29% respectively compared to the same period last year, and both have shown a continuous upward trend since Q4 2025. Shenwan Hongyuan believes that in 2026, HFCs quotas have been allocated to various companies. Under strict global supply constraints and industry restructuring, combined with growing downstream demand, refrigerant prices and spreads are expected to trend upward over the long term. As functional agents, refrigerants are gradually forming their “necessity” and “specialized business model” DNA, with the attributes of “hard-to-do” consumer goods and “special needs” commercial operations.

【Summary of Interpretation】

The refrigerant industry remains prosperous, with significant increases in export prices and values. Institutions state that HFCs policy expectations are the clearest and most straightforward, with one company holding a 100% share of nationwide production quotas for its segmented products, and another possessing nearly 60,000 tons of HFCs production quota.

【Telegram Analysis】

1. Significant growth in refrigerant export prices and values in 2025, with multiple listed companies reporting profit increases

In 2025, prices and export volumes of various refrigerant types increased substantially. According to the General Administration of Customs, China’s total export volume of HFCs single-component refrigerants was approximately 242,000 tons, down 3.0% year-on-year; total export value was about 10.49 billion yuan, up 54.2%. Among these, exports of R32, R125/R143, and R134a were 63,806, 13,198, and 121,133 tons respectively, with year-on-year changes of +22.2%, -14.6%, and +5.7%; average export prices were 46,749, 30,302, and 44,334 yuan/ton, up 94%, 34%, and 59% respectively.

Several fluorochemical listed companies released 2025 performance forecasts, all showing YoY growth. Juhua Corporation expects net profit attributable to shareholders of 3.54–3.94 billion yuan, up 80%–101%. Haohua Technology expects net profit of 1.38–1.48 billion yuan, up 30.96%–40.44%. Luxi Chemical expects net profit of 850 million–1.1 billion yuan, up 45.78%–58.10%. ST Lianchuang expects net profit of 30–40 million yuan, up 37.22%–82.96%. Zhongxin Fluorochemicals expects net profit of 16–20 million yuan, turning profitable from loss.

Yonghe Co., Ltd. noted in its annual performance forecast that the refrigerant industry maintained high prosperity throughout the year, with rising prices driving profit growth. In 2025, supply and demand continued to optimize, maintaining a high prosperity trend. On the supply side, the production quotas for second-generation fluorinated refrigerants (HCFCs) continued to shrink, and the quota management for third-generation fluorinated refrigerants (HFCs) was further implemented, with supply contraction effects becoming more evident and market competition gradually improving.

Open Source Securities believes that with the continued advancement of carbon peaking and carbon neutrality strategies, the regulation of various non-CO2 greenhouse gases makes HFCs policy expectations the clearest and most straightforward. The large-scale reduction of R22 (second-generation refrigerant) is imminent, and HFCs are expected to benefit from national policies to rapidly increase penetration. The first year of quota allocation in 2024 is just the beginning of the market trend; the strong start in 2025 further proves that industry prosperity is far from over, and the average transaction price of HFCs refrigerants may continue to rise over the long term.

2. Related listed companies: Sanmei Co., Yonghe Co.

Sanmei Co.: The company specializes in fluorinated refrigerants, with a complete product range including HCFCs (HCFC-22, HCFC-142b), HFCs (HFC-134a, HFC-125, HFC-143a, HFC-32), and blended refrigerants (R410A, R404A, R407C, R507). Its diverse product portfolio can meet various customer needs. In 2025, the company’s HCFC-141b foam agent production quota accounted for 100% of the national total, giving it a clear market advantage.

Yonghe Co.: The company has established a complete industry chain from fluorite resource reserves and basic fluorochemical raw material production to fluorocarbon chemicals, fluorinated polymers, and fluorinated fine chemicals manufacturing. It owns three fluorite mining rights and two exploration rights, with proven reserves of 4.8527 million tons of fluorite ore, providing a solid raw material foundation. On the policy side, the company benefits from strict national production quota management for refrigerants, holding quotas of 3,200 tons for HCFCs and 58,200 tons for HFCs, ensuring continued production and market supply.