Huatai Securities: Maintains a "buy" rating on Jiuhua Chemicals, with the refrigerant business as the core driver of growth.

Huaxin Securities research report pointed out that Juhua Corporation achieved a net profit attributable to the parent company of 2.051 billion yuan in the first half of 2025, a year-on-year increase of 146.97%; in Q2, the net profit attributable to the parent company was 1.242 billion yuan, a year-on-year increase of 137.07% and a quarter-on-quarter increase of 53.56%. The company's performance in the first half of the year was strong, cash flow significantly improved, and the refrigerant business was the core growth driver. Major project construction of the company is steadily progressing according to plan, continuously expanding the industry boundaries, and laying a solid foundation for long-term development. The company adheres to an innovation-driven strategy, with continuous growth in R&D investment, and consolidates its technological advantages. Maintaining a "buy" rating.