Yonghe Co., Ltd. expects a net profit increase of 123% by 2025, with a proposed dividend of 10 shares for every 4.5 yuan.

Source: Shanghai Securities News · China Securities Network

Shanghai Securities News China Securities Network Information: On April 3, Yonghe Co., Ltd. disclosed its 2025 annual report. During the reporting period, the company achieved operating revenue of RMB 5.21B, up 13.04% year over year; net profit attributable to shareholders of listed companies was RMB 562 million, up 123.46%; net profit after deducting non-recurring gains and losses was RMB 569 million, up 131.34%; net cash flow from operating activities was RMB 680 million, up 16.73%; and basic earnings per share were RMB 1.21, up 80.60%.

In terms of operating quality, the company’s profit-side growth rate is significantly higher than its revenue growth rate. Its non-GAAP net profit and operating cash flow increase in sync, with cash flow providing strong support to profits, reflecting continuous improvement in the company’s core business profitability and operating quality.

During the reporting period, the company continued to deepen its layout around the fluorine chemical industry chain and has formed a complete industrial ecosystem covering fluorite resources, hydrofluoric acid, fluorocarbon chemicals and fluorinated high-molecular materials, as well as fluorinated fine chemicals, among others. By product, fluorocarbon chemicals generated revenue of RMB 2.77B, accounting for 53.25% of operating revenue; fluorinated high-molecular materials generated revenue of RMB 1.74B, accounting for 33.39%. The two major core segments together contributed revenue of RMB 4.51B, accounting for 86.64%, further concentrating the business structure toward core products.

On profitability, the gross margin of fluorocarbon chemicals was 33.26%, up 12.89 percentage points year over year; the gross margin of fluorinated high-molecular materials was 19.50%, up 3.71 percentage points year over year. The company’s overall gross margin increased to 25.13%, up 7.39 percentage points year over year, and its net margin rose to 10.79%. Improved product mix and price improvements jointly drove the increase in profitability.

From a regional structure perspective, the company’s domestic sales revenue was RMB 3.26B, accounting for 62.61%; export revenue was RMB 1.81B, accounting for 34.78%. Export scale continued to grow steadily, and its market structure continued to improve.

By quarter, in the fourth quarter of 2025, the company achieved operating revenue of RMB 1.42B. Net profit attributable to shareholders of listed companies was RMB 92.3868 million, non-GAAP net profit was RMB 112 million. Compared with the first three quarters, the single-quarter operating performance improved, and the operating rhythm showed a trend of gradual improvement.

In terms of technology and R&D, the company continued to increase investment. During the reporting period, R&D spending was RMB 119 million, up 13.64%; R&D personnel increased to 302, with an additional 42 full-time technical staff. R&D intensity remained at 2.28%, providing support for the development of high value-added products and the extension of the industrial chain.

On the asset side, the company’s total assets at the end of the period were RMB 7.95B, up 11.44%; net assets attributable to shareholders of listed companies were RMB 5.75B, up 101.82%, further strengthening its capital base.

The company plans to distribute cash dividends of RMB 4.50 per 10 shares to all shareholders (including tax), totaling approximately RMB 230 million in cash dividends (including tax), accounting for 40.91% of net profit attributable to shareholders of listed companies. This will continue to enhance shareholders’ return.

Overall, in 2025, the company achieved a significant improvement on the profit side on the basis of steady revenue growth, mainly benefiting from improvements in refrigerant prices and continuous optimization of its product structure. Against the backdrop of an optimization in the industry supply-and-demand landscape and changes in the policy environment, the company leverages its advantages of integrated industrial chain operations to continuously increase the proportion of core products and its profitability. At the same time, it increases R&D investment and product upgrade efforts, improves its production and operation system, and lays the foundation for further improvement in operating quality and optimization of its business structure. (Swift and decisive)

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