In late April 2023, several fluorochemical enterprises including Zhejiang Juhua Co., Ltd. (Zhejiang Juhua) revealed Q1 2023 reports and YoY decrease in both revenues and net profits became commonplace of these enterprises.
Zhejiang Juhua
In Jan.–March 2023, Zhejiang Juhua achieved revenues of USD662.67 million (RMB4.58 billion), down by 0.68% YoY; net profits attributed to shareholders of the listed company fell by 34.89% YoY to USD22.16 million (RMB152.60 million).
Zhejiang Juhua stated that in Q1 2023, output and sales of the company's main products, except for output of food packaging materials, went up YoY; prices of its main products and raw materials showed a downward trend given the factors of oversupply, fiercer market competition, sluggish demand, and slipping global commodity prices.
Lecron Industrial Development Group Co., Ltd. (Lecron Group)
On 27 April, Lecron Group announced that it attained revenues of USD33.452 million (RMB231.30 million) in Q1 2023, down by 62.16% YoY; net profits attributed to shareholders of the listed company dropped by 96.95% YoY to USD1.36 million (RMB9.38 million).
Lecron Group said that its revenues went down since sales prices of its main products plunged compared with the same period last year affected by the new energy li-ion battery material market performance.
Zhejiang Yonghe Refrigerant Co., Ltd. (Zhejiang Yonghe)
On 26 April, Zhejiang Yonghe publicised its performance in Q1 2023. In Jan.–March 2023, its revenues rose by 28.17% YoY to USD135.98 million (RMB938.91 million); net profits attributed to shareholders of the listed company slid by 59.75% YoY to USD4.20 million (RMB29.21 million).
Zhejiang Yonghe mentioned that its net profits sank in Q1 2023 because product prices and gross profit margins fell due to the overall market performance.
Shenzhen Capchem Technology Co., Ltd. (Capchem)
Capchem's revenues reached USD238.51 million (RMB1.65 billion) in Q1 2023, down by 39.27% YoY; net profits attributed to shareholders of the listed company decreased by 52.01% YoY to USD35.62 million (RMB245.54 million).
Zhejiang Yongtai Technology Co., Ltd. (Zhejiang Yongtai)
In Q1 2023, Zhejiang Yongtai's revenues hit USD145.68 million (RMB1.01 billion), down by 42.1% YoY; net profits attributed to shareholders of the listed company stood at USD3.62 million (RMB25.30 million), a YoY decrease of 93.51%.
The average market price of Zhejiang Yongtai's main product, lithium hexafluorophosphate (LiPF6), was at a lower level during the reporting period compared with Q1 2022 owing to changing market supply-demand relationship; while the average market price of upstream raw material, lithium carbonate, increased YoY, narrowing gross profit margins.