Refrigerant industry continues to be prosperous, leading enterprises' performance in the first quarter is expected.

Traditional refrigerants are in the off-season, and the refrigerant market remains stable with a slightly strong trend. According to market monitoring by Baichuan Yingfu, since January 2026, the average price of the third-generation mainstream refrigerant R32 has remained stable at 63,000 yuan/ton, an increase of about 45% year-on-year; the market average price of R134a has remained stable at 58,000 yuan/ton, an increase of 32% year-on-year; as of February 3rd, R125 and R410a have increased by 16% and 29% respectively year-on-year, and these two refrigerants have shown a continuous upward trend since the fourth quarter of 2025. Shenwan Hongyuan believes that in 2026, the HFC quotas of various companies have been issued. Under strict global supply constraints and the optimization of industry structure combined with the growth of downstream demand, the refrigerant prices and price differentials will have a long-term upward trend. Refrigerants, as functional products, with the attributes of "essential consumer goods" and the "genes" of "specialized operation" business model, are gradually forming. Industry researchers told reporters that currently, companies mainly produce under long-term contracts, but market prices will be higher than contract prices. Overall, mainstream quotations in the industry are maintained at a relatively high level, and the prices of mainstream refrigerants are higher than the same period last year. For example, in the first quarter of 2025, R32 was priced at 43,000 to 47,000 yuan/ton. Since January this year, the average price of R32 has remained stable at 63,000 yuan/ton. It can be predicted that with the support of high industry prosperity, the performance of leading refrigerant companies in the first quarter of this year is still impressive.