Summary of Dye Industry Conference Call Industry Overview - The dye industry is currently experiencing a significant price increase, with reduction agents rising from a previous low of 25,000 yuan/ton to the current 70,000 yuan/ton, with expectations to surpass the previous high of 100,000 yuan/ton [1] - Mainstream disperse black dye prices have increased by 5,000 yuan/ton recently, currently priced at approximately 21,000 yuan/ton, with historical highs nearing 50,000 yuan/ton, and there is potential for prices to reach 30,000 yuan/ton [1][1] Key Points - **Downstream Demand**: The cost of dyes represents a very low percentage of overall costs for downstream printing and dyeing factories, which prioritize the stability of their orders. The demand for textiles and apparel is expected to improve in 2026 [1] - **Price Increase Strategy**: The current price increases are seen as just the beginning, with a more significant price surge expected after the holiday period as downstream factories begin to restock [2][3] - **Market Expectations**: - The reduction agent is just the first card to play; other intermediates like meta-phenylenediamine, hexachlorobenzene, and hexabromobenzene are still at low prices, providing more opportunities for leading companies [3] - Active dyes are also expected to see price increases [3] Investment Recommendations - The call suggests a favorable outlook for leading companies in the dye industry, predicting that the new round of price increases led by top firms may exceed market expectations in terms of both height and sustainability. Recommended companies to watch include: - Zhejiang Longsheng - Runtu Co., Ltd. - Jihua Group - Jinchijiang Co., Ltd. - Anuoqi - Yayun Co., Ltd. - Some of these stocks are believed to have the potential for doubling in value [3]

Core Viewpoint - On February 10, YAYUN Co., Ltd. executed a block trade involving 215,600 shares, with a transaction value of 4.4996 million yuan, representing 2.32% of the total trading volume for that day. The transaction price was 20.87 yuan, reflecting a discount of 9.97% compared to the market closing price of 23.18 yuan [1]. Group 1 - The block trade on February 10 involved 215,600 shares of YAYUN Co., Ltd. [1] - The total transaction value for the block trade was 4.4996 million yuan [1] - The transaction price of 20.87 yuan was at a 9.97% discount to the market closing price of 23.18 yuan [1]

Group 1: Price Adjustments - Zhejiang Longsheng announced a price increase of 5000 yuan/ton for certain disperse dye products due to rising prices of reducing agents [1] - Lun土股份 also reported a similar price increase of approximately 5000 yuan/ton for disperse black dye, attributing it to the rising costs of reducing agents [1] - Fulaient has issued a price adjustment notice for multiple disperse dye products, with increases ranging from 2000 to 3000 yuan per ton, expected to be around 10% [1] Group 2: Industry Overview - The disperse dye sector has seen a recent surge, with companies like Haixiang Pharmaceutical and Jihua Group experiencing significant stock performance [2] - China is the largest producer, trader, and consumer of dyes globally, accounting for approximately 70%-75% of the world's total dye production [2] - Major production areas for dyes in China include Zhejiang, Jiangsu, and Shandong, with a high industry concentration [2] Group 3: Market Trends - The disperse dye industry has faced a downward trend over the past five years, but a turning point is emerging as the core intermediate, reducing agents, has started to increase in price [3] - The price of reducing agents rose over 50% from 25,000 yuan/ton to 38,000 yuan/ton by the end of January [3] - Disperse dye prices have also been on the rise, with increases noted in January, indicating a potential price turning point [3] Group 4: Future Outlook - The production of reducing agents is subject to high environmental standards and complex processes, leading to the exit of smaller producers unable to meet these standards [4] - The supply structure is highly concentrated, with major capacities held by integrated giants, which may lead to sustained price increases for reducing agents [4] - The traditional peak season for the printing and dyeing industry in March and April may exacerbate supply-demand tensions as downstream manufacturers stock up in anticipation of price hikes [4]

Group 1 - The dispersed dye concept has recently shown strong performance, with Haixiang Pharmaceutical (002099) achieving three consecutive trading limits, while Jihua Group (603980) has seen four consecutive trading limits [1] - Other companies such as Shanshui Technology (301190), Yayun Co. (603790), Runtu Co. (002440), and Yabang Co. (603188) have also experienced upward movement in their stock prices [1] - Zhejiang Longsheng (600352) has announced a price adjustment for certain dispersed dye products, with the main product, dispersed black, increasing by 5000 yuan per ton as of February 8 [1] Group 2 - The recent rise in prices of reducing agents has contributed to Runtu Co.'s dispersed dye black price increasing by approximately 5000 yuan per ton [1]

上海雅运纺织化工股份有限公司 关于为控股子公司提供担保的公告 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： 担保对象及基本情况 证券代码：603790 证券简称：雅运股份 公告编号：2025-047 | | 被担保人名称 本次担保金额 | | 浙江雅运震东新材料有限公司 万元 | | | --- | --- | --- | --- | --- | | | | 560 | | | | 担保对象 | 实际为其提供的担保余额 | 元 0 | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 36,910 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 30.47 | | 特别风险提示（如有则勾选） | □对外 ...

Group 1 - The company, YAYUN Co., Ltd. (SH 603790), announced that as of the date of the announcement, the total external guarantees provided by the company and its controlling subsidiaries amount to approximately 369 million yuan, all of which are guarantees provided by the company to its controlling subsidiaries, accounting for 30.47% of the audited net assets attributable to shareholders of the listed company as of December 31, 2024 [1] - For the year 2024, the company's revenue composition is entirely from the textile chemical industry, with a 100.0% share [1] - As of the time of reporting, the market capitalization of YAYUN Co., Ltd. is 3.8 billion yuan [1]

（文章来源：证券日报） 证券日报网讯 12月15日，雅运股份在互动平台回答投资者提问时表示，公司主营中高端染料和纺织助 剂产品，下游直接客户主要为印染厂商，海外业务以东南亚国家为主，近两年没有向欧盟国家的直接出 口。 ...

（记者 王晓波） 雅运股份（603790.SH）12月15日在投资者互动平台表示，公司主营中高端染料和纺织助剂产品，下游 直接客户主要为印染厂商，海外业务以东南亚国家为主，近两年没有向欧盟国家的直接出口。 每经AI快讯，有投资者在投资者互动平台提问：注意到贵公司的产品以东南亚地区为重点着力发展海 外业务，国际业务规模近年来稳步增长，请问近两年是否出口欧盟国家？ ...

Group 1 - The company, Yayun Co., Ltd. (603790.SH), specializes in mid-to-high-end dyes and textile auxiliaries [1] - The main downstream customers are printing and dyeing manufacturers, indicating a focused customer base [1] - The company's overseas business primarily targets Southeast Asian countries, with no direct exports to EU countries in the past two years [1]

（文章来源：证券日报） 证券日报网讯 12月5日晚间，雅运股份发布公告称，公司分别为上海雅运新材料有限公司及上海雅运科 技有限公司向招商银行申请的综合授信提供3，000万元及2，000万元的连带责任保证担保；截至本公告 日上市公司及其控股子公司对外担保总额为36，830万元，对外担保逾期的累计金额0。 ...