登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002440 证券简称：闰土股份 公告编号：2025-037 浙江闰土股份有限公司 关于2025年员工持股计划预留授予部分 一、本次员工持股计划预留授予部分（第一次）非交易过户的股票来源及数量 本员工持股计划预留授予部分（第一次）的股票来源为公司回购专用证券账户，将通过非交易过户的方 式受让公司回购的股票数量上限为1,500.00万股，股票来源为2024年7月23日至2024年12月31日期间通过 回购专用证券账户回购的公司股票。 公司于2024年4月28日召开的第七届董事会第二次会议审议通过了《关于回购公司股份方案的议案》， 公司拟使用自有资金以集中竞价交易方式回购部分社会公众股，回购股份拟用于股权激励或员工持股计 划。公司分别于2024年4月30日和2024年5月7日披露了《关于回购公司股份方案的公告》（公告编号： 2024-013号）和《回购报告书》（公告编号：2024-017）。截至2025年4月25日，公司通过股份回购专 用证券账户以集中竞价方式回购公司股份数量为30,000,016股，占公司总股本比例2.6690%，最高成交 价为6.89 ...

（文章来源：证券日报） 证券日报网讯 9月12日晚间，闰土股份发布关于2025年员工持股计划预留授予部分（第一次）非交易过 户完成的公告称，截至本公告披露日，公司已在中国证券登记结算有限责任公司深圳分公司完成本期员 工持股计划证券专用账户的开户手续，证券账户名称为"浙江闰土股份有限公司—2025年员工持股计 划"。 ...

证券代码：002440 证券简称：闰土股份 公告编号：2025-037 浙江闰土股份有限公司 1 回购的公司股票。 关于 2025 年员工持股计划预留授予部分（第一次） 非交易过户完成的公告 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。 浙江闰土股份有限公司（以下简称"公司"）于 2025 年 7 月 1 日召开了第 七届董事会第九次会议，并于 2025 年 7 月 18 日召开公司 2025 年第一次临时股 东会，审议通过了《关于<公司 2025 年员工持股计划（草案）>及其摘要的议案》 《关于<公司 2025 年员工持股计划管理办法>的议案》《关于提请公司股东会授 权董事会办理公司 2025 年员工持股计划相关事宜的议案》等相关议案，具体内 容 详 见 公 司 于 2025 年 7 月 2 日 、 2025 年 7 月 19 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）上披露的相关公告。 2025 年 8 月 8 日，公司办理完成 2025 年员工持股计划首次受让股份 11,356,250 股的非交易过户手续；2025 年 8 月 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [11]. Core Insights - The company reported a revenue of 2.706 billion yuan for the first half of 2025, a year-on-year increase of 0.65%, with a gross margin of 19.55%, up by 2.54 percentage points [1]. - The second quarter of 2025 saw a revenue of 1.427 billion yuan, a year-on-year decrease of 0.7% but a quarter-on-quarter increase of 11.67%, with a gross margin of 20.85%, reflecting a year-on-year increase of 3.86 percentage points [1][2]. - The company is a leading player in the domestic dye industry, with significant production capacities for disperse and reactive dyes, maintaining a strong market share [2]. - The implementation of a backward integration strategy aims to enhance the supply chain, reduce production costs, and mitigate the impact of price fluctuations in dye intermediates [2]. - The company has launched an employee stock ownership plan to incentivize management and improve operational efficiency, with performance targets set for net profit growth over the next three years [3]. Financial Summary - The projected revenues for 2025, 2026, and 2027 are 5.954 billion yuan, 6.064 billion yuan, and 6.317 billion yuan, respectively, with corresponding net profits of 286 million yuan, 322 million yuan, and 377 million yuan [4][12]. - The company expects a net profit growth rate of 34.1% in 2025, 12.6% in 2026, and 16.8% in 2027 [4][12]. - The earnings per share (EPS) are forecasted to be 0.25 yuan in 2025, 0.29 yuan in 2026, and 0.34 yuan in 2027 [4][12]. Market Data - As of August 29, 2025, the closing price of the stock was 7.37 yuan, with a market capitalization of approximately 8.284 billion yuan [5]. - The stock has a 12-month price range of 5.43 to 8.20 yuan, indicating potential volatility [5]. Research Team - The report was prepared by analysts with extensive backgrounds in finance and chemical industry research, ensuring a comprehensive analysis of the company's performance and market position [14].

Financial Performance - Company reported a total revenue of 2.706 billion yuan for the first half of 2025, a year-on-year increase of 0.65% [1] - Net profit attributable to shareholders reached 150 million yuan, up 43.15% year-on-year [1] - Gross margin improved to 19.55%, reflecting a year-on-year increase of 14.9%, while net margin rose to 5.66%, up 35.83% [1] - Total operating expenses were 183 million yuan, accounting for 6.75% of revenue, a decrease of 3.64% year-on-year [1] - Earnings per share increased to 0.13 yuan, a rise of 44.44% year-on-year [1] Cash Flow and Assets - Operating cash flow per share significantly increased to 0.38 yuan, a remarkable rise of 362% year-on-year [1] - Cash and cash equivalents decreased to 1.173 billion yuan, down 38.80% year-on-year [1] - Accounts receivable increased to 1.346 billion yuan, reflecting an 8.14% year-on-year growth [1] - Interest-bearing debt decreased to 385 million yuan, down 23.04% year-on-year [1] Industry Overview - The dye industry in China is highly competitive, with the country being the largest producer, trader, and consumer of dyes globally, accounting for approximately 70% of the world's total dye production [4] - Major production areas for dyes in China include Zhejiang, Jiangsu, and Shandong provinces, indicating a high industry concentration [4] - The industry is characterized by increasing production capacity both domestically and internationally, leading to intensified market competition [4]

Core Insights - The report emphasizes that the chemical industry is entering a new phase of capital expenditure, with a focus on the rebalancing of supply and demand following the release of production capacity during the 14th Five-Year Plan period [2][6] - The report indicates that the bottom of the cycle is becoming clearer, with potential price increases for chemical products driven by demand recovery and supply stability in the second half of the year [2][6] Industry Overview - The current cycle has reached its tail end, with a total of 12 quarters of decline since Q3 2022, following a 7-quarter expansion from Q4 2020 to Q2 2022 [10][12] - The report outlines that the chemical industry has experienced three significant price fluctuation cycles since 2010, with the latest cycle characterized by a demand-driven recovery followed by a supply-side pressure [8][10] Investment Recommendations - The report suggests focusing on sectors with relatively low valuations, such as sucralose (recommended: Jinhe Industrial), pesticides (recommended: Yangnong Chemical, Runfeng Shares), and MDI (recommended: Wanhua Chemical) [3][4] - It highlights the importance of domestic demand in countering tariff impacts, recommending companies in refrigerants and fertilizers [3][4] - The report identifies investment opportunities in sectors with upcoming capacity releases, such as organic silicon (recommended: Xin'an Chemical) and spandex [3][4] Price and Profitability Trends - The report notes that many sub-industry product prices remain at historical lows, with specific prices for spandex, PA6, and other fibers at 0%, 4%, and 5% of historical levels respectively [28] - It mentions that the chemical industry has seen a slight recovery in profitability in Q1 2025, although the overall performance remains under pressure [27][25] Supply and Demand Dynamics - The report indicates that the global chemical capital expenditure is on a downward trend, with domestic companies experiencing a slowdown in investment while still facing significant pressure to convert projects into fixed assets [22][32] - It also states that both domestic and international markets are entering a replenishment phase in 2025, which may influence inventory levels and pricing strategies [35][36]

Core Insights - The company reported a significant increase in net profit by 43.15% year-on-year for the first half of 2025, indicating strong financial performance and effective strategic implementation [1][2] - The company's revenue reached 2.706 billion yuan, reflecting a modest growth of 0.65% compared to the previous year, showcasing stability in its operations [1] - The company's cash flow from operations saw a remarkable increase of 351.36%, amounting to 429 million yuan, highlighting improved operational efficiency [1] Financial Performance - The company achieved a net profit of 150 million yuan and a non-recurring net profit of 133 million yuan, with the latter growing by 32.88% year-on-year [1] - Export revenue amounted to 226.33 million yuan, marking a growth of 32.99%, demonstrating the company's competitive edge in both domestic and international markets [1] Strategic Initiatives - The company has been focusing on a "backward integration" strategy for over a decade, which has led to significant achievements in extending its industrial chain [1] - This strategy has helped reduce production costs and mitigate the impact of price fluctuations in dye intermediates, thereby enhancing the company's resilience against market risks [1] Production Capacity - The company has a total dye production capacity of approximately 238,000 tons, with specific capacities of 118,000 tons for disperse dyes and 100,000 tons for reactive dyes, maintaining a leading market share in the domestic dye market [2] - Additionally, the company has a production capacity of 50,000 tons for printing and dyeing auxiliaries and 160,000 tons for caustic soda, further diversifying its product offerings [2] Research and Development - The company invested 133 million yuan in R&D during the first half of 2025, reflecting a year-on-year increase of 28.55%, which underscores its commitment to innovation [2] - The R&D efforts are aimed at enhancing the company's product offerings and reducing environmental pressures, ultimately contributing to cost reduction and improved competitiveness [2]

Group 1 - The company, Runtou Co., Ltd. (SZ 002440), announced its 11th meeting of the 7th board of directors held on August 27, 2025, to review the 2025 semi-annual report and its summary [1] - For the fiscal year 2024, the company's revenue composition is 92.41% from specialized chemicals and 7.59% from other businesses [1] - As of the report date, Runtou Co., Ltd. has a market capitalization of 8.4 billion yuan [1]

格隆汇8月28日丨闰土股份(002440.SZ)公布2025年半年度报告，上半年公司实现营业收入27.06亿元，同 比增长0.65%；归属于上市公司股东的净利润1.50亿元，同比增长43.15%；归属于上市公司股东的扣除 非经常性损益的净利润1.33亿元，同比增长32.88%；基本每股收益0.13元。 ...

浙江闰土股份有限公司 2025 年半年度财务报告 证券简称：闰土股份 证券代码：002440 报表 第 0页 浙江闰土股份有限公司 合并资产负债表 2025 年 06 月 30 日 （除特别注明外，金额单位均为人民币元） | 资产 | 附注五 | 期末余额 | 上年年末余额 | | --- | --- | --- | --- | | 流动资产： | | | | | 货币资金 | （一） | 1,172,949,641.88 | 1,183,588,099.33 | | 结算备付金 | | | | | 拆出资金 | | | | | 交易性金融资产 | （二） | 605,817,172.57 | 442,133,305.70 | | 衍生金融资产 | | | | | 应收票据 | | | | | 应收账款 | （三） | 1,346,361,031.84 | 975,154,443.27 | | 应收款项融资 | （四） | 1,131,885,984.08 | 1,643,466,409.21 | | 预付款项 | （五） | 64,515,497.78 | 40,565,898.18 | | 应收保费 | ...