Summary：
Chinese fluorochemicals leaders (Juhua, Sanmei, etc.) hold quota advantages with strong profits. Emerging firms (Yonghe, Shandong Qifu) excel in full chains and high-end materials. Trends: policy-driven concentration, tech upgrades, demand from new energy/AI.
I. Leading Enterprises
1. Juhua Co., Ltd.
Core Advantages: Absolute leader in domestic fluorinated refrigerants, with a 37.86% share of third-generation refrigerant (HFCs) quotas (ranking first nationwide), covering mainstream varieties such as R32, R125, and R134a. Net profit for H1 2025 is expected to reach 1.97-2.13 billion yuan (YoY +136%-155%), driven by a 62% YoY increase in refrigerant prices. The company owns a complete industrial chain from fluorite to hydrofluoric acid to refrigerants, with costs 10%-15% lower than the industry average; R32 gross profit per ton exceeds 26,000 yuan.
Supply Chain Position: Integrates upstream fluorite resources, dominates midstream refrigerant production, covers downstream air-conditioning and automotive sectors, and has deployed 8,000 tons/year capacity for fourth-generation refrigerants (HFOs).
2. Sanmei Co., Ltd.
Core Advantages: Holds 15.3% of third-generation refrigerant quotas (second nationwide), focusing on R134a (65,000 tons capacity) and R125 (52,000 tons capacity), with leading market share in automotive air-conditioning refrigerants. Net profit for H1 2025 is expected to reach 948-1,042 million yuan (YoY +146.97%-171.67%), boosted by a 56% YoY price increase in R134a.
Supply Chain Position: Relies on upstream fluorite procurement, specializes in midstream refrigerant production, and deeply binds to downstream new energy vehicle and household air-conditioning markets.
3. Do-Fluoride New Materials Co., Ltd.
Core Advantages: Global leader in lithium hexafluorophosphate (lithium battery electrolyte) with 65,000 tons capacity, supplying major Japanese, Korean, and European electrolyte manufacturers. It also deploy sodium-ion battery materials (sodium hexafluorophosphate) and solid-state battery technology, with a semi-solid-state battery pilot production line completed. Q1 2025 net profit grew 161.66% YoY, with strong synergies between fluorine-based new materials and electronic chemicals businesses.
Supply Chain Position: Integrates upstream fluorine resources, produces midstream electronic-grade hydrofluoric acid and lithium fluoride, and extends to downstream lithium batteries and energy storage systems, forming a closed loop of "fluorine resources → battery materials → end applications."
4. Hubei Dongyangguang Co., Ltd.
Core Advantages: Holds 60,000 tons of third-generation refrigerant quotas, combined with an integrated industrial chain of electronic light foil-aluminum electrolytic capacitors. Net profit for H1 2025 is expected to reach 583-663 million yuan (YoY +157.48%-192.81%). Through a liquid cooling materials joint venture, it entered the data center heat dissipation field, with initial smart robot orders totaling 70 million yuan.
Supply Chain Position: Relies on upstream chloro-fluorine chemical resources, produces midstream refrigerants and electronic materials, and deploy downstream high-end applications in new energy and data centers.
II. Emerging Enterprises
1. Yonghe Co., Ltd.
Core Advantages: The only domestic enterprise with a complete industrial chain covering "fluorite → refrigerants → fluorinated new materials," holding 58,200 tons of HFCs quotas in 2025 (among the industry's top ranks). Capacity of fluorinated polymer materials (FEP, PTFE) continues to expand; 2024 sales grew 40.59% YoY, and Q1 2025 average price of fluorinated materials rose 3.87% MoM.
Supply Chain Position: Controls upstream fluorite mines, produces midstream fluorocarbon chemicals and polymer materials, and supplies downstream high-end fields such as photovoltaics and semiconductors.
2. Shandong Qifu New Materials Co., Ltd.
Core Advantages: Focuses on high-end fluorinated materials for semiconductors. Its Phase I project (trial production in March 2025) achieved localization of melt-processable polytetrafluoroethylene (PFA), breaking foreign monopoly. PFA is used in pipeline systems for sub-7nm chip processes, requiring UPSSS-grade purity, and has entered the supply chain of major domestic semiconductor enterprises. Phase II, scheduled to start in Q2 2025, will deploy fluororubber and fluorinated heat exchange fluids (for AI data center cooling).
Supply Chain Position: Produces midstream high-end fluoropolymers, directly serving semiconductor manufacturing and AI computing facilities.
III. Industry Trends and Competitive Landscape
1. Policy-Driven: The third-generation refrigerant quota system (implemented in 2024) is accelerating industry concentration, with leading enterprises dominating pricing power through quota advantages. The Ministry of Ecology and Environment's 2025 quota allocation further regulates supply, driving the industry into a high boom cycle.
2. Technological Iteration: R&D of fourth-generation refrigerants (e.g., HFO-1234yf) is accelerating, with Juhua and Yonghe deploying 10,000-ton-level capacities. Localization rates of semiconductor-grade fluorinated materials (PFA, electronic fluorinated fluids) are rising rapidly, with Qifu New Materials and Changlu New Materials filling domestic gaps.
3. Downstream Demand: New energy vehicles (air-conditioning refrigerants), AI data centers (liquid cooling materials), and photovoltaics (PVDF backsheets) are emerging as growth engines. Domestic air-conditioning output grew 4.74% YoY in January-May 2025, while new energy vehicle production growth is driving refrigerant demand.
More information can be found at CCM Fluorochemicals China Monthly Report.
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