Juhua profit jumps on refrigerant prices; dividend and cash-flow strain in focus
Refrigerant price surge powers profit beat First-half net profit rose 29.23% to 2.65 billion yuan even though revenue was flat. The entire gain came from refrigerant prices, up 15.62% to about 45,521 yuan per ton, adding 917 million yuan — 78% of the profit increase. Higher prices directly lift Juhua's earnings.
This is the core reason profits grew and the main force behind the stock's value.
Interim dividend proposed and confirmed The chairman proposed a 2.2 yuan per 10-share interim dividend in July, and the half-year report confirmed a 0.22 yuan per share cash payout. Returning cash to shareholders supports the stock by making it more attractive to income-focused investors.
A concrete capital return that supports the share price and shareholder confidence.
Cash flow falls, receivables jump, growth slows Operating cash flow dropped 12.57% to 2.33 billion yuan, and receivables surged 58.96% to about 1.76 billion yuan. Profit growth also slowed each quarter, from 94% in 2025 to 29% now. These are warning signs that could weigh on the stock.
The main counterweight — real financial strains that temper the good headline profit number.
Dominant HFC quota position in Quzhou cluster Juhua holds 39.30% of China's HFC production quota, and its refrigerant gross margin reached 50.81%. Quzhou's new-materials output topped 100 billion yuan with GDP growth leading Zhejiang, reinforcing Juhua's supply-side advantage and pricing power.
Shows the structural supply advantage that underpins Juhua's pricing power and long-term earnings.