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].

证券日报网讯2月3日，海翔药业（002099）在互动平台回答投资者提问时表示，公司的对外投资项目均 结合当时自身的情况、市场环境，为企业健康发展所作出的决策，项目投资均严格按照相关法律法规履 行相应审批程序和披露义务。 ...

证券日报网讯 2月3日，海翔药业在互动平台回答投资者提问时表示，截至2026年1月30日公司股东人数 为30483户。 （文章来源：证券日报） ...

格隆汇2月2日丨海翔药业(002099.SZ)公布，截至2026年1月31日，公司累计通过深圳证券交易所股票交 易系统以集中竞价交易方式回购公司股份1431.53万股，占公司总股本的0.8844%，最高成交价为6.41元/ 股，最低成交价为5.66元/股，成交总金额为8888.13万元人民币(不含交易费用)。 ...

截至 2026 年 1 月 31 日，公司累计通过深圳证券交易所股票交易系统以集中 竞价交易方式回购公司股份 14,315,300 股，占公司总股本的 0.8844%，最高成 交价为 6.41 元/股，最低成交价为 5.66 元/股，成交总金额为 88,881,298.38 元人民币（不含交易费用）。公司回购符合相关法律法规的要求，符合既定的回 购方案。 证券代码：002099 证券简称：海翔药业 公告编号：2026-007 浙江海翔药业股份有限公司 关于股份回购进展情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 浙江海翔药业股份有限公司（以下简称"公司"）于 2025 年 4 月 9 日召开 第七届董事会第十三次会议，审议通过了《关于回购股份方案的议案》，同意公 司使用自有/自筹资金以集中竞价交易方式回购部分公司股票（以下简称"本次 回购"），在未来适宜时机用于股权激励或者员工持股计划。本次回购资金总额 不低于人民币 15,000 万元（含），不超过人民币 30,000 万元（含），回购价格 不超过人民币 7.46 元/股（含）。本次回购的实施期 ...

每经AI快讯，海翔药业2月2日晚间发布公告称，截至2026年1月31日，公司累计通过深圳证券交易所股 票交易系统以集中竞价交易方式回购公司股份约1432万股，占公司总股本的0.8844%，最高成交价为 6.41元/股，最低成交价为5.66元/股，成交总金额约为8888万元人民币。 每经头条（nbdtoutiao）——曾卖劳斯莱斯、保时捷等豪车，汽车销售巨头宝利德如今破产清算：杭州 总部已人去楼空，义乌子公司贴上了封条 （记者 曾健辉） ...

Investment Rating - The industry is rated as "Outperform the Market - A" [4] Core Insights - The price increase of dyes has been realized, and attention should be paid to changes in the SAF (Sustainable Aviation Fuel) industry chain [1][12] - The supply of key intermediate H acid is under pressure due to environmental and safety production constraints, leading to a significant cost increase for active dyes [2][3] - The industry is experiencing a dual transformation in cost and market structure, with a focus on the concentration of market share among leading companies due to stricter environmental regulations [10][9] Summary by Sections Key Intermediate Supply and Price Dynamics - H acid, essential for producing active dyes, faces supply constraints due to environmental pressures and production incidents, leading to a projected price increase that could raise active dye production costs significantly [2][3] - The effective capacity of H acid is currently below 60,000 tons, with a potential reduction of over 25% due to maintenance shutdowns, reinforcing cost support expectations for active dyes [2] Market Structure and Environmental Regulations - The dye industry is undergoing a consolidation phase, with many non-compliant small manufacturers exiting the market, leading to a more oligopolistic structure [3][10] - The active dye market's CR4 (concentration ratio) is 64.91%, while the dispersed dye market's CR4 is 70.69%, indicating a significant level of market concentration [10] Investment Opportunities - Companies to watch include Runtao Co., Zhejiang Longsheng, Jinji Co., Jihua Group, Yabang Co., Annuoqi, Fulei Ant, Wanfeng Co., and Haixiang Pharmaceutical, which are positioned to benefit from the evolving market dynamics [11] - The SAF sector is also highlighted for potential growth, with expected increases in demand driven by regulatory changes and market dynamics [12][14]

近日，浙江海翔药业股份有限公司发布2025年度业绩预告（更正后），预计2025年度归属于上市公司股 东的净利润为-13,500万元至-9,000万元，扣除非经常性损益后的净利润为-14,200万元至-9,500万元，基 本每股收益为-0.08元至-0.06元。上年同期分别为-33,026.72万元和-34,027.10万元。公司称2025年亏损幅 度收窄，医药板块收入略有下滑，毛利率承压，染料板块盈利能力修复，台州前进公司资产组无商誉减 值迹象。美元兑人民币汇率走低对净利润产生较大负面影响。本次业绩预告未经审计，最终数据以年度 报告为准。 《2025年度业绩预告（更正后）》 《2025年度业绩预告的更正公告》 截至2026年1月29日收盘，海翔药业（002099）报收于6.41元，较前一交易日上涨0.94%，最新总市值为 103.76亿元。该股当日开盘6.22元，最高6.42元，最低6.14元，成交额达1.96亿元，换手率为1.92%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 最新公告列表 ...

证券代码：002099 证券简称：海翔药业 公告编号：2026-006 三、业绩预告更正的主要原因 浙江海翔药业股份有限公司 2025 年度业绩预告的更正公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 浙江海翔药业股份有限公司（以下简称"公司"）于 2026 年 1 月 29 日披露了《2025 年度业绩预告》（公告编号：2026-005）。经核查发现，上述公告中部分数据存在错误， 现对相关内容进行更正，具体如下： 一、更正前（需更正部分做加粗处理）： 单位：万元 | 项 目 | | | 本报告期 | | | | 上年同期 | | --- | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | | | | -13,500 | ～ | -9,000 | -33,026.72 | | 扣除非经常性损 益后的净利润 | | | | -14,200 | ～ | -9,500 | -340,277.10 | | 基 本 每 益 （元/股） | 股 | 收 | | -0.08 | ～ | -0.0 ...

证券代码：002099 证券简称：海翔药业 公告编号：2026-006 浙江海翔药业股份有限公司 2025 年度业绩预告的更正公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 浙江海翔药业股份有限公司（以下简称"公司"）于 2026 年 1 月 29 日披露了《2025 年度业绩预告》（公告编号：2026-005）。经核查发现，上述公告中部分数据存在错误， 现对相关内容进行更正，具体如下： 二、更正后（已更正部分做加粗处理）： 单位：万元 一、更正前（需更正部分做加粗处理）： 单位：万元 | 项 目 | | | 本报告期 | | | | 上年同期 | | --- | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | | | | -13,500 | ～ | -9,000 | -33,026.72 | | 扣除非经常性损 益后的净利润 | | | | -14,200 | ～ | -9,500 | -340,277.10 | | 基 本 每 益 （元/股） | 股 | 收 | | -0.08 ...