Core Viewpoint - WanFeng Co., Ltd. has made significant advancements in dye technology through collaborations with several universities, which may lead to new revenue growth in 2026 [1] Group 1: Research Collaborations - The company has engaged in research partnerships with multiple universities, including Donghua University, Changzhou University, Tianjin University, Hangzhou Normal University, and Zhejiang University [1] Group 2: Technological Breakthrough - A major technological breakthrough in "non-reduction cleaning dye" is expected in the second half of 2025, which offers several advantages over traditional disperse dyes [1] - The new dye features include no need for reduction cleaning, no need for intermediate shaping, excellent high-temperature resistance (up to 180°C), a wide pH applicability range (3.5-10), and outstanding fastness [1] Group 3: Sales and Growth Potential - The company anticipates achieving limited sales of the new dye by 2025, which is expected to become a new growth point for the company's performance in 2026 [1]

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]

证券日报网讯 2月3日，万丰股份发布公告称，公司A 股股票于 2026 年 1 月29 日至 2 月 3 日连续 4 个交 易日涨停，公司股价累计涨幅为 46.43%，同期上证指数累计跌幅为 2.01%，偏离值为 48.44%。公司股 价短期涨幅较大，未来可能存在快速下跌的风险。经公司自查，截至本公告披露日，确认不存在应披露 而未披露的重大信息。 （编辑 楚丽君） ...

Investment Projects - Huangshan Tourism plans to invest approximately 530 million yuan in the construction of the Huangshan Binjiang East Road No. 12 hotel project, with a total construction area of 79,178.15 square meters and a construction period of 24 months [2] - Xuguang Electronics intends to raise no more than 1 billion yuan through a private placement to fund projects including the expansion of high-voltage vacuum arc extinguishing chambers and other R&D initiatives [4] - Jichuan Pharmaceutical's subsidiary has paid 80 million yuan for exclusive commercialization rights of the Inusimab injection, indicating a strategic move into the biopharmaceutical market [5] Stock Performance and Risks - Hangdian Co. reported a significant stock price increase of 32.97% over three trading days, but warns of potential trading risks due to a negative rolling P/E ratio and expected net loss of approximately 300 million yuan for 2025 [3] - Sanbian Technology and Tiantong Co. both experienced abnormal stock price fluctuations, with no undisclosed significant information affecting their operations [6][7] - Wanfeng Co. noted a stock price increase of 46.43% while highlighting uncertainties regarding the price changes of core intermediate products and their impact on future earnings [8] Financial Performance - Gaotie Electric reported a net profit of 51.46 million yuan for 2025, a year-on-year increase of 14.02%, with total revenue of 1.181 billion yuan, up 17.16% [10] - Yaokang Bio achieved a net profit of 144.40 million yuan, reflecting a 31.49% increase year-on-year, driven by improved overseas sales and domestic demand recovery [11] - Babi Foods reported a slight decline in net profit to 273 million yuan, despite a revenue increase of 11.22% to 1.859 billion yuan, indicating challenges in maintaining profitability [12] - Zhongyuan Media's net profit rose by 30.99% to 1.349 billion yuan, despite a revenue decline of 5.13% [13] Shareholding Changes - Shangluo Electronics' controlling shareholder plans to reduce their stake by 3% due to personal financial needs [15] - Yilian Technology's shareholder intends to reduce their holdings by up to 2% within three months [16] - Wuxi Zhenhua's shareholders plan to reduce their stakes by 2% and 1% respectively [17] - Changchun Yidong's shareholder intends to reduce their stake by 3% through various trading methods [18] Major Contracts - Yitong Century has been pre-selected for a 1.07 billion yuan comprehensive maintenance service project with China Tower [20] - Chengbang Co. signed new project contracts worth 40.03 million yuan in Q4 2025, contributing to a total of 1.43 billion yuan for the year [21] - Hongfuhan signed a contract worth 480 million yuan with Guangdong Quanxiang for the supply of robots and related products, which is expected to significantly impact future earnings [22]

Summary of Key Points Core Viewpoint - On February 3rd, a total of 47 stocks were involved with institutional investors, with 31 showing net buying and 16 showing net selling. Group 1: Institutional Buying - The top three stocks with the highest net buying by institutions were Hengbang Shares (净买入金额: 9.43 billion), Shengda Resources (净买入金额: 4.17 billion), and Tongling Nonferrous Metals (净买入金额: 3.37 billion) [1] - Hengbang Shares experienced a price drop of 3.44% on the day [2] - Shengda Resources saw a significant decline of 9.94% [2] - Tongling Nonferrous Metals had a price increase of 5.38% [2] Group 2: Institutional Selling - The top three stocks with the highest net selling by institutions were Junda Shares (净流出金额: 2.09 billion), Wan Feng Shares (净流出金额: 417.4 million), and Jieput (净流出金额: 35.05 million) [1] - Junda Shares had a price increase of 10.00% [4] - Wan Feng Shares also increased by 10.00% [4] - Jieput experienced a price increase of 18.87% [4]