Fluorine Chemical, "Directly Confronting" CCTV 315, Previously Announced Results Significantly Below China Merchants Securities Forecast

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Source: Fundamental Force Field

On the evening of March 15, CCTV’s “3.15” Consumer Rights Day Gala exposed seven major issues, including disgusting influencer chicken claw production workshops, the revelation that the so-called miracle drug exosomes are unapproved products, superstitious height-increasing agencies recklessly profiting, private domain marketing with fivefold profits targeting the elderly, rental electric bikes violating new national standards, AI large models being poisoned, and stock recommendation agencies acting as scams to cut losses.

Among these, the report on semi-finished chicken claws soaked in hydrogen peroxide became the highlight of the 3.15 Gala. Several food companies in Sichuan and Chongqing were exposed. Additionally, the supplier of hydrogen peroxide materials, “Yifeng Electronic New Materials Co., Ltd.,” was caught red-handed during undercover reporting. Not only did the company’s staff shamelessly promote their products, but they also directly taught risky “tricks” to avoid detection: labeling disinfectants with different tags. As a result, Yifeng Electronic New Materials was also investigated for illegally providing unlabeled food additives and violating hazardous chemical management regulations.

Initially, it was thought that this case would be temporarily resolved after regulatory authorities’ handling, but unexpectedly, a notice from the listed company Duofuduo (002407.SZ) pushed it back into the public eye.

On the morning of March 16, around 7 a.m., Duofuduo issued an “Explanation on Media Reports,” stating that they noticed CCTV’s “3.15” report. Their investigation found that some food companies used hydrogen peroxide for bleaching and soaking chicken claws during production, involving the hydrogen peroxide sales business of Henan Yifeng Electronic New Materials Co., Ltd.

The announcement disclosed that Yifeng Electronic is a subsidiary of Duofuduo. In 2025, its revenue was 31.152 million yuan, with a net loss of 3.3872 million yuan, accounting for a small proportion of the company’s consolidated revenue and net profit, less than 1%. Duofuduo also emphasized that, after verification, Yifeng Electronic has not established any business cooperation, brand licensing, or product manufacturing relationships with the companies involved in the CCTV report. Its production and sales activities are unrelated to Duofuduo and its subsidiaries.

This “firm stance” against CCTV’s 3.15 report has put the spotlight on Duofuduo. As a subsidiary, did Yifeng Electronic sell hydrogen peroxide to the food companies in Sichuan and Chongqing mentioned in the report? This remains a disputed point, perhaps a “wrestling match”—whose statement is more credible: Duofuduo or CCTV?

From the secondary market’s stock price response, it’s quite interesting. During the morning’s pre-market trading, Duofuduo’s stock briefly hit the limit-down, but by the open, it was pulled back and even turned positive at one point. By the close, it had fallen about 1%, indicating minimal impact.

Additionally, the Force Field Team noticed that a few months earlier, in November 2025, “Henan Yifeng Electronic New Materials Co., Ltd.’s 40,000-ton annual electronic-grade hydrogen peroxide project” received approval from the Xinxiang City Ecology and Environment Bureau. Whether CCTV’s 3.15 report will impact this company or the investment project remains uncertain.

Returning to the still-controversial “Henan Yifeng Electronic New Materials Co., Ltd.”’s parent company, Duofuduo has not had an easy couple of years. Its core product, electrolyte for power batteries, is on the front line of “anti-involution” efforts. The most direct performance indicator is a loss of 300 million yuan in 2024.

However, 2025 has shown a clear recovery. According to the latest earnings forecast, the company expects a net profit attributable to shareholders between 200 million and 280 million yuan for the full year, turning losses into profits. Notably, in the first three quarters of 2025, Duofuduo’s net profit attributable to shareholders was less than 80 million yuan, meaning the fourth quarter’s single-quarter performance is expected to be very strong.

Even so, Duofuduo’s performance data still falls short of broker forecasts. The most recent analyst report I could find on Duofuduo was published by China Merchants Securities (600999.SH) in November 2025, authored by Zhou Zheng, You Jiazhen, and Chen Yuchao. The report titled “Duofuduo (002407) In-Depth Report: Hexafluoride Business Reversal and Profitability Elasticity, Starting to Contribute to Cylindrical Batteries,” predicted a net profit attributable to shareholders of about 337 million yuan in 2025—at least 15% higher than the company’s final reported upper limit.

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Editor: Gao Jia