Core Viewpoint - The dispersed dye sector has seen a collective surge, with stocks such as Zhejiang Longsheng, Runtou Co., and Yabong Co. hitting the daily limit, driven by rising prices of core intermediates and dyes [1] Group 1: Market Performance - The dispersed dye concept stocks collectively rose, with Zhejiang Longsheng, Runtou Co., and Yabong Co. reaching the daily limit [1] - Other companies like Jinjiji Co., Jihua Group, and Annuoqi also experienced gains [1] Group 2: Price Dynamics - According to a report from CITIC Securities, the price of the core intermediate for dispersed dyes, reducing agents, has increased from 25,000 to 38,000, marking a 50% rise [1] - On January 22, the price of dispersed black dye increased by 1,000 yuan, with expectations for continued price increases in the future [1]

Core Viewpoint - The company, 亚邦股份 (603188.SH), has approved the public transfer of 100% equity and debt of 宁夏亚东化工有限公司 through a board meeting held on January 23, 2026, indicating a strategic move to optimize its asset portfolio [1]. Group 1 - The board of directors has agreed to transfer the 100% equity of 宁夏亚东化工有限公司 and the associated debts as a packaged asset [1]. - The transfer will be conducted through a public listing at 常州产交所, with the potential for price appreciation if competitive bidding occurs [1]. - The company has authorized its management to handle all aspects of the public transfer, including pre-listing, formal listing decisions, price adjustments, and signing of the property transaction contract [1].

证券代码：603188 证券简称：亚邦股份 公告编号：2026-002 江苏亚邦染料股份有限公司 关于拟公开挂牌转让宁夏亚东化工有限公司100%股 权及债权的公告 重要内容提示: 江苏亚邦染料股份有限公司（以下简称"公司"或"亚邦股份"）拟通过 常州产权交易所有限公司（以下简称"常州产交所"）公开挂牌打包转让控股子 公司江苏恒隆作物保护有限公司（以下简称"恒隆公司"）所持有的宁夏亚东化 工有限公司（以下简称"宁夏亚东"）100%股权及亚邦股份所持有的对宁夏亚东 的债权。 本次交易目前尚处于筹划阶段，预挂牌仅作信息预披露，目的在于征寻 意向受让方，不构成交易行为。 本次公开挂牌转让的首次挂牌价格以不低于经国资监管机构备案后的资 产评估结果确定，交易流程按照常州产权交易所有限公司及《企业国有资产交易 操作规则》等相关规定执行，公司依法依规履行相应的审批程序。 本次公开挂牌，能否成交及股权受让方、交易对价尚存在不确定性，暂 时无法确定是否构成关联交易。敬请广大投资者注意投资风险。 本次交易预计不构成《上市公司重大资产重组管理办法》规定的重大资 产重组事项。 本次交易尚需履行国有资产监管规定的相关审批程序。 本公司董 ...

Investment Rating - The industry investment rating is "Outperform the Market - A" [5] Core Insights - The industry is experiencing a dual transformation in cost and structure due to high dependence on key intermediates, particularly 2-chloro-4-nitroaniline, which is essential for the production of disperse dyes [1] - The concentration of the disperse dye industry is increasing, with a CR4 of 70.69%, as stricter environmental regulations lead to the exit of non-compliant small and medium enterprises [2] - The implementation of carbon neutrality policies is expected to limit capacity expansion and further concentrate market share among companies with superior energy-saving and environmental protection technologies [2] Summary by Sections Industry Overview - The disperse dye industry is heavily reliant on key intermediates, which may lead to increased production costs and potential market consolidation [1] - Environmental regulations are tightening, resulting in a higher concentration of the industry and the exit of non-compliant firms [2] Company Recommendations - Recommended companies include: - Zhejiang Longsheng: 300,000 tons of dye and 100,000 tons of additives capacity, leading market share [3] - Runtu Co., Ltd.: 118,000 tons of disperse dye capacity [3] - Jihua Group: 75,000 tons of disperse dye capacity [3] - Yabang: Leading in anthraquinone structure disperse dyes [3] - Annoqi: 40,000 tons of disperse dye capacity [3] - Fulai Ant: 24,000 tons of disperse dye capacity [3] - Wanfeng: 10,000 tons of disperse dye capacity, with expansion plans [3] Market Performance - The industry has shown strong relative and absolute returns over the past months, with a 30.3% increase over 12 months [8]

Core Viewpoint - The company, 亚邦股份 (603188.SH), expects to report a net profit loss attributable to shareholders of the parent company amounting to 40.1468 million yuan for the fiscal year 2025, which represents a year-on-year reduction in losses of 84.84% [1] Financial Summary - The projected net profit loss for 2025 is 40.1468 million yuan [1] - The anticipated loss shows a significant improvement compared to the previous year, with a reduction of 84.84% [1]

Core Viewpoint - The company expects to report a net loss attributable to shareholders of 40.1468 million yuan for the fiscal year 2025, which represents an 84.84% reduction in losses compared to the previous year [1] Financial Summary - The projected net loss for 2025 is 40.1468 million yuan [1] - The anticipated loss shows a significant improvement, with a year-on-year decrease of 84.84% [1]

Group 1 - The company expects to achieve a net profit attributable to the parent company of -40.15 million yuan for the fiscal year 2025, which represents a reduction in losses of approximately 225 million yuan compared to the same period last year, marking a year-on-year decrease of 84.84% [1] - Due to market conditions and government regulations, some production facilities were either shut down or operated below capacity during the reporting period [1] - The company has engaged Kun Yuan Asset Appraisal Co., Ltd. to conduct an impairment assessment, resulting in an asset impairment loss of 38.74 million yuan [1] Group 2 - The company has publicly transferred 100% equity of Lianyungang Yaren Housing Leasing Co., Ltd., which is expected to increase the net profit attributable to the parent company by 25.55 million yuan [1]

Core Viewpoint - The company, Yabong Co., Ltd. (603188.SH), is expected to report a net loss of 40.15 million yuan for the fiscal year 2025, which represents a significant reduction in losses compared to the previous year, indicating an improvement in financial performance [1] Financial Performance Summary - The net profit attributable to the parent company's shareholders is projected to be -40.15 million yuan, a decrease in loss by 224.64 million yuan compared to the same period last year, reflecting an 84.84% year-on-year reduction in losses [1] - The net profit attributable to the parent company's shareholders, excluding non-recurring gains and losses, is expected to be -71.34 million yuan, with a reduction in loss of 151.65 million yuan compared to the previous year, marking a 68.01% year-on-year decrease in losses [1]

Core Viewpoint - The company, Yabong Co., Ltd. (603188.SH), is expected to report a net loss of 40.15 million yuan for the fiscal year 2025, which represents a significant reduction in losses compared to the previous year, indicating an improvement in financial performance [1] Financial Performance Summary - The net profit attributable to the parent company's shareholders is projected to be -40.15 million yuan, a decrease in loss of 224.64 million yuan compared to the same period last year, reflecting an 84.84% year-on-year reduction in losses [1] - The net profit attributable to the parent company's shareholders, excluding non-recurring gains and losses, is expected to be -71.34 million yuan, which is a decrease in loss of 151.65 million yuan compared to the same period last year, showing a 68.01% year-on-year reduction in losses [1]

Financial Performance - The company expects a net loss attributable to shareholders of 40.15 million yuan for 2025, a decrease in loss of 224.64 million yuan compared to the previous year, representing an 84.84% year-over-year reduction in loss [2] - The net loss attributable to shareholders after deducting non-recurring gains and losses is expected to be 71.34 million yuan, a decrease in loss of 151.65 million yuan compared to the previous year, representing a 68.01% year-over-year reduction in loss [2] - The total profit for the previous year was -177.26 million yuan, with a net loss attributable to shareholders of -264.79 million yuan [4] Asset Impairment - The company has recognized an asset impairment loss of 38.74 million yuan due to the impact of market conditions and government regulations, leading to production stoppages [6] Future Projections - The company expects to increase net profit attributable to shareholders by 25.55 million yuan from the sale of 100% equity in Lianyungang Yaren Housing Leasing Co., Ltd. [6] - The performance forecast data is based on the company's preliminary estimates and has not been audited by a registered accountant [7] - The company emphasizes that the forecast data is subject to change and the final audited financial data will be disclosed in the 2025 annual report [8]