氟材料供应商，布局第四代制冷剂产品

氟材料供应商，布局第四代制冷剂产品 Supplier of fluorine materials&Strategic layout in fourth-generation refrigerants 最新动态 ➢公司布局四代制冷剂产品。2022年8月完成对江西埃克盛科技有限公司的收购，公司向含氟制冷剂领域发展。公司以现有的第三代制冷剂（R245fa）的技术和产能为基础，重点开发和培育四代新型制冷剂主枝产品。同时，充分利用技术和工艺的延展性，开发三氟系列侧枝产品，以把握新能源材料、农药/医药中间体的市场机会，形成产品树，主要产品包括R245fa、R1233zd、R1234ze等。 动向解读 ➢中欣氟材进行全产业链布局。公司目前已形成以2,3,4,5-四氟苯甲酰氯为代表的医药中间体，和以2,3,5,6-四氟苯系列为代表的农药中间体等30多种氟精细化学品。依托浙江和福建两大生产基地的协同优势，公司向下扩展高附加值的BPEF（光学树脂单体）、DFBP（PEEK合成单体）及氟聚酰亚胺等新材料和超级电容器电解液等含氟电子化学品，向上游积极布局具有“第二稀土”之称的稀缺萤石资源，构建了萤石-氟化氢-精细化学品全产业链产品，广泛应用于医药、农药、新材料与电子化学品三大领域。公司未来将继续深耕功能性含氟新材料与电子新材料中的细分领域，完善公司长期战略布局。 ➢通过并购向上游延伸。公司2019年完成对高宝科技的重组，成功向氟化工产业链上游延伸，目前该板块主要产品包括无水氢氟酸、有水氢氟酸以及配套的硫酸产品。其中，无水氢氟酸作为氟化工的“源头”，主要用作下游新型制冷剂、含氟精细化学品、含氟新材料及新能源材料的关键原料；有水氢氟酸广泛应用于玻璃蚀刻、金属表面清洗等领域；硫酸产品则主要作为公司自产无水氢氟酸的核心配套原料，部分富余产能对外销售。通过布局这一基础化工板块，公司不仅实现了“硫酸+萤石—氢氟酸—精细化学品”的产业链闭环，有效夯实了原材料的安全保供能力，更通过内部产业协同大幅降低了生产成本，构筑了公司全产业链竞争的底层优势。 ➢坚持研发投入，驱动长期成长。公司一直将研发、创新作为公司成长的重要驱动因素，加大研发投入力度，登记了较多的具有竞争力的新产品投放市场，并持续聚焦于深化研发创新驱动力，支撑先进制造以及进一步完善营销网络，以增强市场核心竞争优势。2025年，公司累计投入研发费用7187.26万元，占营业收入的4.57%。2025年，公司申请发明专利8项，同时授权国家发明专利10项、国外发明专利1项、实用新型专利3项；完成省级与国家级科技成果鉴定各1项。截至2025年底，累计拥有国家发明专利64项，国外发明专利6项，实用新型专利15项，省级科技成果鉴定39项，国家级科技成果鉴定1项。 风险提示 ➢外需波动、市场竞争、原材料价格波动等。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过700篇，对A股化工标的全面覆盖，主要覆盖标的包括： 1）化工&化肥：巴斯夫（BASF）、沙特基础工业（SABIC）、空气化工产品公司（Air Products and Chemicals）、法国液空集团（Air Liquide）、富美实（FMC）、立邦（Nippon Paint）、沙索（Sasol）、东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、龙蟠科技、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技、味丹国际； 2）能源&公用事业：新纪元能源（NextEra Energy）、沙特阿美（SaudiAramco）、挪威国家石油（Equinor）、巴西石油（Petrobras）、中国海洋石油、中创新航、中集安瑞科、新奥能源、中国电力、长江基建集团、中国能源建设、中煤能源、宏华集团、中海油田服务、安东油田服务、惠生工程、协合新能源、北京能源国际、绿色动力环保、中国光大绿色环保、首钢资源、山高新能源、新特能源、中裕能源、北京燃气蓝天、达力普控股； 3）有色&材料：中国宏桥、中国有色矿业、紫金黄金国际、万国黄金集团、潼关黄金、中国罕王、中广核矿业、稀美资源、首佳科技、信义光能、华新水泥、华润建材科技、大明国际。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 18801353537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person