Mainstream refrigerant product prices remain stable, fluorinated polymers continue to fluctuate weakly

                                                                                      One week market
Refrigerant: Popular products continue to dominate, weak products maintain stable operation
This week, the refrigerant market continues to maintain a dynamic supply-demand balance, with mainstream product prices operating steadily. Market characteristics during the week: Supply side refrigerant factories schedule production in an orderly manner based on inventory and orders, and there is no internal competition in the market. Due to the downstream air conditioning industry entering a production off-season, the demand for refrigerants in the pre-sales market has decreased month on month in the domestic sales market; The demand for foreign trade exports benefits from the expansion and stocking of overseas air conditioning factories, with a steady increase in actual demand per unit. At the same time, the sustained strength of refrigerant prices for a long time is also the main driving force for some wait-and-see customers to gradually convert to actual orders. In summary, due to the relatively stable demand for air conditioning, automobiles, and direct exports in the main application industries, the refrigerant market has a strong supply-demand balance and resilience. Therefore, it is highly likely that popular products will continue to experience strong growth in the second half of the year, while weak products will still be able to maintain stable operation.

Fluorinated polymers: Continuing weak oscillation, factories reduce production to maintain price
This week, the fluoropolymer market continued to experience weak fluctuations, with factories generally reducing production to maintain prices, and mainstream product prices operating weakly and steadily at low levels. Market characteristics of the week: On the supply side, top enterprises rely on their supply chain advantages, product quality advantages, and scale advantages to resist industry fluctuations, and can still produce at high loads. Enterprises with single products have increased parking time. Cost side: The prices of basic raw materials such as fluorite, hydrogen fluoride, chloroform, etc. fluctuate within a narrow range on the cost line, which has a very limited impact on product prices. On the demand side, the trend of diversified demand growth is clear. In addition to the "new three" of lithium batteries, photovoltaics, and semiconductors, the demand for fluoropolymers is showing a rapid growth trend in the following fields. The proportion of applications in emerging fields such as hydrogen energy, biomedicine, 5G communication, environmental protection and energy conservation, and aerospace has increased from 15% in 2020 to over 30%, becoming the second growth curve after new energy. In the face of market competition, production enterprises pay more attention to the research and development of high-end brands, optimize the industrial chain, and strengthen integration and collaboration. Recently, the application of PEEK material in robots has received high attention in the industry; Popular products for liquid cooled servers, such as fluorinated liquids, perfluoropolyethers, and hydrofluoroethers, continue to be popular and have become a possible new direction for industry expansion.

This Week

01Jinshi Resources: Net profit attributable to shareholders in the first half of the year was 126 million yuan, a year-on-year decrease of 24.7%
On the evening of August 20th, Jinshi Resources released its semi annual performance report for 2025. During the reporting period, the company achieved a revenue of 1.725559 billion yuan, a year-on-year increase of 54.24%; Realize a net profit attributable to shareholders of the listed company of 126.1449 million yuan, a year-on-year decrease of 24.74%; After deducting non recurring gains and losses, the net profit attributable to the parent company was 128.3789 million yuan, a year-on-year decrease of 24.04%; Achieve earnings per share of 0.15 yuan, a year-on-year decrease of 25%. During the reporting period, the company's operating revenue increased significantly year-on-year, mainly due to the gradual release of production capacity from Jin'ebo Fluorine Chemical. Jin'ebo Fluorine Chemical sold 95800 tons of anhydrous hydrogen fluoride, an increase of 46800 tons from 49000 tons in the same period last year. AHF operating revenue was 906742700 yuan, an increase of 114.96% year-on-year.

02Hongying Intelligence: Liquid cooled energy storage related products have achieved mass application
On August 21st, Hongying Intelligent (001266. SZ) announced on the investor interaction platform that the company's liquid cooled energy storage related products have achieved mass application and adopt fully immersed liquid cooled energy storage technology in data center application scenarios. The company's liquid cooled energy storage related products and systems have significant advantages such as high safety, high conversion efficiency, and long lifespan. Liquid cooled energy storage and liquid cooled servers are applications of liquid cooling technology in different products, and the company has not yet applied it to liquid cooled servers. The company will continue to promote fully immersed liquid cooled products in high demand scenarios such as data centers.

03Shandong Haihua 1000 tons/year heptafluorobromopropane project completed
On July 31st, Shandong Haihua Group Co., Ltd. announced the completion of environmental protection facilities for the industrial demonstration project of 1000 tons/year bromine functional intermediate at the bromine plant. The proposed project is located in Weifang Binhai Green Chemical Park, Shandong Province. After completion, the project will have a production capacity of 1000 tons/year of heptafluorobromopropane. Heptafluorobromopropane is widely used in industrial production, mainly as a fire extinguishing agent, refrigerant, cleaning agent, and mold release agent. In addition, it is also an important fluorinated organic intermediate that can be used to synthesize perfluorinated aromatic compounds, which have a wide range of applications in pesticides, pharmaceuticals, surfactants, and other fields.

04Changqing (Hubei) Biotechnology Co., Ltd. Annual Production of 500 Tons of Bistrifluoromethanesulfonimide Project
Recently, the Environmental Impact Assessment Report (soliciting opinions) for the construction project of Changqing (Hubei) Biotechnology Co., Ltd. with an annual output of 500 tons of bis (trifluoromethanesulfonyl) imide, 1000 tons of 3-phenoxybenzaldehyde, and 750 tons of 2,6-dichloro-4-trifluoromethylaniline has been published on relevant websites. According to the work plan, the project is expected to start construction in October 2025 and be completed and put into operation in October 2026.