A concentrated profit margin increased 7.1% year-on-year to HK$11.2 on a medium-term basis. The sales volume of fuel refining fluorine increased by 9.1% to 823 dm 3. During the period, the average chlorine sales difference remained flat at 0.50 yuan/square meter due to heavy LNG and non-resident fluorine adjustments.

Renewable Energy Business High Speed Exhibition - In the first half of 2023, the number of concentrated zero-carbon projects increased by 11 to 91, and the cumulative photovoltaic project was 2.20 GW, a significant increase compared to 1.37 GW at the end of 2022. This business exhibition was rapid, and there was no second track of concentrated growth.

Situation impasse - As a subsidiary of Zhongping Coal Fluorine (3), it has clear issues in terms of credit, technology, and police, etc., and can also achieve synergy between the parent company in fluorine sources and upstream and Chinese affairs. The financial situation of the cluster is healthy, with a debt ratio of 41.9%, and sufficient financial resources to expand new urban fluorine and renewable energy projects.

Valuation - According to Bloomberg's comprehensive forecast, the predicted price-earnings ratio for the next year is 7x. At the low end of 6-10x in the previous rainy year, the current 0.5x is sharply lower than the average of about 0.7x in the past 5 years, and the interest rate is 4.7%