Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The dye industry is expected to see a recovery in demand due to both domestic and international factors, with China maintaining its position as the world's largest producer, consumer, and exporter of dyes, with an annual production exceeding 900,000 tons [5][18] - The supply structure of dyes is improving, with leading companies possessing significant pricing power due to the elimination of smaller, less compliant enterprises [7][29] - The price increase of dyes is driven by the intermediate production process, benefiting companies with integrated supply chains [8][48] Summary by Sections Demand and Supply Dynamics - The dye industry is characterized by diverse products and applications, with significant growth in downstream printing and dyeing fabric production, which is projected to grow at a compound annual growth rate (CAGR) of 2.59% from 2018 to 2024 [20] - China's dye export volume is expected to reach 272,000 tons in 2024, reflecting an 11% year-on-year increase, supported by a compound annual growth rate of 7.51% from 2020 to 2025 [23] Environmental and Regulatory Landscape - The dye industry faces stringent environmental regulations, leading to the gradual elimination of high-pollution, low-compliance small enterprises, thus optimizing the industry structure [26][29] - Recent regulatory changes have increased compliance costs for smaller players, further consolidating market share among larger firms [30] Intermediate Supply and Price Trends - The production of key intermediates, such as H acid and reducing agents, is critical for dye manufacturing, with recent supply disruptions leading to price increases [40][45] - The price of reducing agents has surged from 25,000 yuan/ton to approximately 50,000 yuan/ton, directly impacting the production costs of disperse dyes [43] Key Companies in the Industry - Zhejiang Longsheng is a leading enterprise with a dye production capacity of 300,000 tons and a strong integrated supply chain [51] - RunTu Co. has a well-established dye industry system with a total dye production capacity of 238,000 tons [53] - Annoqi focuses on differentiated dye products and is integrating AI technology into its production processes [54] - Jinhua Group has a dye production capacity of 95,000 tons and is expanding its product portfolio through strategic acquisitions [56]

Group 1 - The core point of the news is that Wanfu Co., Ltd. experienced a stock price decline of 5.01%, trading at 24.46 yuan per share, with a total market capitalization of 3.262 billion yuan as of the report date [1] - Wanfu Co., Ltd. is located in Shaoxing, Zhejiang Province, and was established on November 4, 2003. The company was listed on May 10, 2023, and its main business involves the research, production, and sales of disperse dyes and their filter cakes [1] - The main revenue composition of Wanfu Co., Ltd. is 99.39% from disperse dyes and raw dyes, with other income contributing 0.61% [1] Group 2 - Among the top circulating shareholders of Wanfu Co., Ltd., a fund under Huaxia Fund holds a significant position. The Huaxia Zhisheng Pioneer Stock (LOF) A (501219) increased its holdings by 269,400 shares, totaling 750,800 shares, which represents 1.5% of the circulating shares [2] - The Huaxia Zhisheng Pioneer Stock (LOF) A (501219) was established on December 15, 2021, with a current scale of 878 million yuan. Year-to-date returns are 7.72%, ranking 1750 out of 5569 in its category, while the one-year return is 45.39%, ranking 1147 out of 4295 [2] - The fund manager of Huaxia Zhisheng Pioneer Stock (LOF) A (501219) is Sun Meng, who has a tenure of 5 years and 334 days, with a total asset scale of 24.417 billion yuan. The best fund return during his tenure is 158.44%, while the worst is -0.23% [2]

Core Viewpoint - WanFeng Co., Ltd. (603172) emphasizes its commitment to comply with relevant laws and regulations regarding information disclosure, urging investors to refer to its periodic reports for specific operational details [1] Group 1 - The company responded to investor inquiries on an interactive platform, reinforcing its adherence to legal obligations for information disclosure [1] - Investors are encouraged to monitor the company's periodic reports for detailed insights into its operational status [1]

证券日报网讯2月6日，万丰股份（603172）在互动平台回答投资者提问时表示，公司近年来与东华大 学、常州大学、天津大学、杭州师范大学、浙江大学等多所高校有研发合作。2025年下半年，公司与东 华大学联合攻关的"免还原清洗染料"取得重大技术突破，与传统分散染料相比，"免还原清洗染料"具备 免还原清洗、免中定型、出色的耐高温性能(最高可耐180°C定型)、pH值适用范围宽(3.5-10)、牢度卓越 等优势，2025年已实现少量销售，有望成为公司2026年业绩新增长点。 ...

证券代码：603172 证券简称：万丰股份 公告编号：2026-006 浙江万丰化工股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司股票交易于 2026 年 2 月 4 日、2026 年 2 月 5 日、2026 年 2 月 6 日连续 三个交易日内日收盘价格跌幅偏离值累计达到 20%，根据《上海证券交易所交 易规则》的有关规定，属于股票交易异常波动的情况。 二、公司关注并核实的相关情况 一、股票交易异常波动的具体情况 针对公司股票交易异常波动的情况，公司对有关事项进行了核查，并发函 问询了公司控股股东及实际控制人，现将有关情况说明如下： （一）生产经营情况 经公司自查，公司目前生产经营活动正常。市场环境、行业政策没有发生 重大调整、生产成本和销售等情况没有出现大幅波动、内部生产经营秩序正常。 不存在应披露而未披露的重大信息。 （二）重大事项情况 公司董事会确认，公司没有任何根据《上海证券交易所股票上市规则》等 有关规定应披露而未披露的事项或与该事项有关的筹划、商谈、意向 ...

本人为浙江万丰化工股份有限公司的实际控制人，截止本函回复日，本人 及一致行动人不存在涉及上市公司的应披露而未披露的重大信息;不存在筹划 涉及上市公司的重大事项,包括但不限于重大资产重组、股份发行、重大交易 类事项、业务重组、股份回购、股权激励、破产重整、重大业务合作、引进战 略投资者等重大事项;本次上市公司股票交易异常波动期间,本人及一致行动 人不存在买卖上市公司股票的情形。 特此回函。 本人签字: 浙江万丰化工股份有限公司董事会: 本人于 2026 年 2 月 6 日, 收到贵公司发来的《关于浙江万丰化工股份有限 公司股价异常波动有关问题的问询函》，经本人认真核查，现将有关问题回复 如下: 关于浙江万丰化工股份有限公司 股价异常波动问询的回函 本人为浙江万丰化工股份有限公司的实际控制人，截止本函回复日，本人 及一致行动人不存在涉及上市公司的应披露而未披露的重大信息;不存在筹划 涉及上市公司的重大事项，包括但不限于重大资产重组、股份发行、重大交易 类事项、业务重组、股份回购、股权激励、破产重整、重大业务合作、引进战 略投资者等重大事项;本次上市公司股票交易异常波动期间，本人及一致行动 人不存在买卖上市公司股票 ...

Core Viewpoint - The company announced that its A-shares experienced an abnormal price fluctuation, with a cumulative decline of 20% over three consecutive trading days from February 4 to 6, 2026 [1] Group 1: Company Operations - The company confirmed that its production and operations are normal [1] - There have been no significant adjustments in the market environment or industry policies [1] - Cost and sales have not experienced substantial fluctuations [1] Group 2: Shareholder Information - As of the announcement date, the company, its controlling shareholders, and actual controllers have no significant matters affecting the abnormal stock price fluctuation [1] - There is no undisclosed information that should have been disclosed [1] Group 3: Investor Advisory - The company reminds investors to pay attention to investment risks and make rational decisions [1]

Group 1 - The core point of the news is that Wanfu Co., Ltd. experienced a decline in stock price, dropping by 5.64% to 26.44 CNY per share, with a total market capitalization of 3.527 billion CNY as of the report date [1] - Wanfu Co., Ltd. is located in Shaoxing, Zhejiang Province, and was established on November 4, 2003. The company was listed on May 10, 2023, and its main business involves the research, production, and sales of disperse dyes and their filter cakes [1] - The main revenue composition of Wanfu Co., Ltd. is 99.39% from disperse dyes and raw dyes, with other income contributing 0.61% [1] Group 2 - Among the top ten circulating shareholders of Wanfu Co., Ltd., a fund under GF Fund Management ranks as a significant shareholder. The GF Growth Enterprise Index Enhanced A fund (025195) newly entered the top ten circulating shareholders, holding 577,900 shares, which accounts for 1.15% of the circulating shares [2] - The GF Growth Enterprise Index Enhanced A fund (025195) was established on September 2, 2025, with a latest scale of 612 million CNY. It has achieved a year-to-date return of 3.36%, ranking 3336 out of 5566 in its category, and a cumulative return of 15.22% since inception [2] - The fund manager of GF Growth Enterprise Index Enhanced A is Sun Di, who has a tenure of 8 years and 56 days, managing total assets of 4.785 billion CNY, with the best fund return during his tenure being 234.15% and the worst being -46.52% [2]

Core Viewpoint - The improvement in the pattern of disperse dye intermediates is expected to drive up disperse dye prices, while the supply tightening of H-acid, an active dye intermediate, may also lead to potential price increases. The price increase expectations for these two types of dyes have been gradually confirmed by leading companies' price hikes, with a positive outlook for a long-term bullish market driven by environmental and dual-carbon policies in China [1]. Industry Restructuring - China is the largest dye producer globally, but the dye industry is highly polluting, generating significant wastewater. The tightening of environmental regulations has led to the exit of non-compliant small enterprises, resulting in a higher industry concentration. The concentration ratio (CR4) for disperse dyes is 67.2%, and for active dyes, it is 65.3%, indicating a well-established industry reshuffle [1][2]. - The Ministry of Industry and Information Technology has issued guidelines to expand zero-carbon factory construction to various sectors, including textiles, which may tighten carbon emission requirements in the dyeing industry [1]. Intermediate Supply Dynamics - The production of disperse dye intermediates involves complex processes that generate substantial waste, leading to a concentrated supply among compliant enterprises in the Yangtze River Delta. The supply elasticity is low due to the closure of many non-compliant small factories [2]. - The effective capacity of H-acid has fallen below 60,000 tons, with a supply gap exceeding 10%. Recent maintenance by two major H-acid manufacturers may further reduce effective capacity by over 25% [2]. Price Elasticity and Market Comparison - The current situation of intermediates in the dye industry is likened to the relationship between citral and VA, characterized by complex synthesis processes and high concentration among leading firms. The cost of intermediates constitutes a significant portion of the production costs for dyes, which may lead to effective cost transmission [3]. - Historical data shows that disperse dye prices reached a high of 45,000 yuan/ton in 2015 and 19,000 yuan/ton currently, while active dye prices peaked at 33,000 yuan/ton in 2016 and are now at 23,000 yuan/ton, indicating substantial upward price potential [3]. Investment Recommendations - Companies to watch include RunTu Co., Zhejiang Longsheng, Jihua Group, Jinji Co., Annuoqi, Yabang Co., Fulaient, Wanfeng Co., and Haixiang Pharmaceutical, which are expected to benefit from the favorable market dynamics and integrated advantages [3].

Group 1 - The company Zhejiang Wanfeng Chemical Co., Ltd. has signed a tripartite supervision agreement for the storage of raised funds [3][4] - The company raised a total of RMB 486.68 million from its initial public offering, with a net amount of RMB 420.59 million after deducting issuance costs [2] - The funds will be used for specific projects including the reconstruction of the "Eight Workshop" and upgrades to dye production [3][4] Group 2 - The company's stock experienced a significant increase, with a cumulative rise of 46.43% from January 29 to February 3, 2026, while the Shanghai Composite Index fell by 2.01% during the same period [11][14] - The company confirmed that there are no undisclosed significant matters affecting stock price fluctuations, and its production and operational activities are normal [15][16] - There were no major media reports or market rumors that could impact the company's stock price during the period of abnormal trading [18][19]