国浩律师（杭州）事务所 关 于 浙江闰土股份有限公司 2024 年度股东大会的 法律意见书 致：浙江闰土股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受浙江闰土股份有限公司 （以下简称"公司"）委托，指派律师出席公司 2024 年度股东大会（以下简称"本 次股东大会"），并依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会（以 下简称"中国证监会"）发布的《上市公司股东会规则》（以下简称"《股东大会 规则》"）、《上市公司治理准则》（以下简称"《治理准则》"）和深圳证券交易所发 布的《深圳证券交易所上市公司股东会网络投票实施细则》（以下简称"《网络投 票实施细则》"）等法律、行政法规、规范性文件及现行有效的《浙江闰土股份有 限公司章程》（以下简称"《公司章程》"）、《浙江闰土股东大会议事规则》（以下 简称"《股东大会议事规则》"）的规定，就本次股东大会的召集、召开程序、出 席会议人员资格、召集人资格、会议的表决程序、表决结果等事宜出具法律意见 书。 为出具本法律意见书，本所律师出席了公司本次股东大会，审查了公司提供 ...

Group 1: Dye Industry Overview - China is the world's largest producer, trader, and consumer of dyes, accounting for approximately 70% of global dye production [1] - Major dye production regions in China include Zhejiang, Jiangsu, and Shandong provinces, with a high industry concentration [1] - The dye industry is characterized by intense competition, with increasing production capacity both domestically and internationally [1] Group 2: Company Performance in 2024 - In 2024, the company achieved a revenue of ¥5,695,178,073.59, representing a year-on-year growth of 1.91% [2] - The operating profit for 2024 was ¥387,299,893.66, showing a significant increase of 106.36% [2] - The net profit attributable to shareholders reached ¥213,487,437.36, marking a substantial growth of 366.42% [2] Group 3: Q1 2025 Performance - For the first quarter of 2025, the company reported a revenue of ¥1,278,360,881.91, a year-on-year increase of 2.20% [2] - The operating profit for Q1 2025 was ¥73,642,844.60, reflecting a growth of 78.58% [2] - The net profit attributable to shareholders in Q1 2025 was ¥47,793,114.62, showing an impressive increase of 3,542.85% [2] Group 4: Trade Friction Impact - The company's direct export ratio of dye products is relatively low, resulting in minimal short-term impact from trade friction [2] - Long-term effects may arise if trade tensions persist, but the textile and apparel sectors are considered to have rigid demand [2] Group 5: H Acid Market Insights - The effective domestic production capacity for H acid is currently below 60,000 tons, leading to a supply gap of over 10% [2] - Historically, H acid prices have exceeded ¥100,000 per ton, with current market prices around ¥40,000 per ton, indicating a potential upward trend [2] Group 6: Active Dye Price Trends - The pricing of dye products is influenced by market supply and demand as well as raw material costs [2] - The company adopts a price-following strategy, adjusting product prices in response to fluctuations in raw material costs [2]

Group 1 - The dye sector experienced a significant afternoon rally, with Jihua Group (603980) hitting the daily limit up [1] - Qicai Chemical (300758) saw an increase of over 6% [1] - Other companies in the sector, including Yayun Co. (603790), Runtu Co. (002440), and Jinjis Co. (300798), also experienced upward movement [1]

Core Insights - Zhejiang Runtu Co., Ltd. reported a revenue of 5.695 billion yuan for 2024, marking a year-on-year increase of 1.91%, while net profit attributable to shareholders surged by 366.42% to 213 million yuan, driven by improvements in main business operations and cost efficiency [2][3] Business Performance - The dye segment produced 193,700 tons in 2024, up 4.61% year-on-year, with sales reaching 190,100 tons, an increase of 8.61%. Despite a decline in disperse dye prices leading to a revenue drop, this segment still accounted for 62.49% of total revenue, generating 3.559 billion yuan [2][3] - The auxiliary agent segment showed strong performance, with production rising by 28.61% to 34,900 tons and sales increasing by 22.33% to 35,100 tons, resulting in a revenue of 227 million yuan, up 27.63% [3] Cost Control and Innovation - The company implemented a "backward integration" strategy to enhance its supply chain, reduce production costs, and mitigate the impact of raw material price fluctuations, thereby strengthening its market risk resilience [3] - Runtu invested 243 million yuan in R&D in 2024, focusing on dyes, intermediates, and production processes, leading to a total of 296 invention patents and 44 utility model patents by the end of 2024 [3][4] Product Development - The company accelerated product upgrades and new product development, launching new products like 300% liquid black and upgrading its blue label product line, enhancing competitiveness in the high-end market [4] - Runtu's core patented technologies and effective cost control and product structure adjustments provide a relative advantage in profit recovery, emphasizing the need for continuous innovation and management optimization to maintain competitive strength [4]

Group 1: Raw Material and Pricing Trends - The price of H acid has significantly increased, with current market quotes exceeding 40,000 yuan/ton, and historical prices reaching over 100,000 yuan/ton. The effective domestic production capacity is below 60,000 tons, resulting in a supply shortage of over 10% [1][2] - The dye industry is cyclical, with increased competition due to a rise in the supply of disperse dyes, leading to a more competitive market environment [2][3] Group 2: Company Performance and Strategy - In 2024, the company reported a significant net profit increase, driven by growth in active dye sales and improved management practices that reduced operational costs [2][3] - The company has developed new products, including a 300% liquid black dye, and has upgraded several product lines to enhance quality and market competitiveness [2][3] Group 3: Financial Performance and Cash Flow - In 2024, the net cash flow from operating activities was approximately 548.46 million yuan, while the net increase in cash and cash equivalents was negative at -593.46 million yuan, primarily due to increased investments in financial products and share repurchases [3][4] - The revenue from dye business decreased due to a drop in disperse dye prices, while the revenue from auxiliary agents significantly increased due to higher sales and prices [4] Group 4: Production and Supply Chain Management - The company is implementing a "backward integration" strategy to extend its industrial chain, which includes the production of intermediates to mitigate price fluctuations and enhance market risk resilience [4]

特此公告。 浙江闰土股份有限公司 董事会 浙江闰土股份有限公司 关于参加 2025 年浙江辖区上市公司投资者网上集体 接待日暨 2024 年度业绩说明会的公告 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。 为进一步加强与投资者的沟通交流，提升公司投资者关系管理水平，浙江闰 土股份有限公司（以下简称"公司"）将于 2025 年 5 月 13 日（星期二）15:00-17:00 参加"2025 年浙江辖区上市公司投资者网上集体接待日活动"，投资者朋友可登 录全景网"全景路演"（https://rs.p5w.net）参与本次交流。届时，公司董事长阮 静波女士、财务总监周成余先生、董事会秘书刘波平先生、独立董事沃健先生， 将通过互动平台就公司 2024 年度业绩、公司治理、发展战略、经营状况等投资 者关心的问题，与投资者进行网络沟通和交流，欢迎广大投资者踊跃参与。 为提高互动交流的效率，现提前向所有关心公司的投资者公开征集交流问 题，广泛听取投资者的意见和建议。投资者可于 2025 年 5 月 12 日（星期一）17： 00 前访问 http://ir.p5w.ne ...

Financial Performance - In 2024, the company achieved operating revenue of ¥5,695,178,073.59, a year-on-year increase of 1.91% [1] - Net profit for 2024 was ¥213,487,437.36, reflecting a significant year-on-year growth of 366.42% [1] - For Q1 2025, operating revenue reached ¥1,278,360,881.91, up by 2.20% compared to the previous year [2] - Q1 2025 operating profit was ¥73,642,844.60, showing a year-on-year increase of 78.58% [2] - Net profit attributable to shareholders for Q1 2025 was ¥47,793,114.62, a remarkable increase of 3,542.85% [2] Sales and Market Dynamics - In 2024, external sales revenue was ¥315,621,561.84, accounting for 5.54% of total operating revenue, which is a decrease of 9.48% year-on-year [2] - The dye industry is characterized by intense competition, with major players including Zhejiang Longsheng, Runtu Co., and Jihua Group [3] - The downstream demand for the dyeing market remains strong as of the end of Q1 [4] Industry Challenges - The company’s direct export ratio is low, indicating minimal short-term impact from trade frictions; however, long-term effects may arise if tensions persist [4] - The domestic effective capacity for H acid is below 60,000 tons, leading to a supply gap of over 10% [5] - Current market prices for H acid are around ¥40,000 per ton, with expectations of a price increase [5] Strategic Initiatives - The company is implementing a "backward integration" strategy to enhance its supply chain, focusing on key intermediates [7] - The dye production system has been established to include a comprehensive industrial chain from thermal power to dye products [8] - In 2025, the company aims to deepen its focus on "internal control" and "innovation," enhancing operational efficiency and investor returns [8]

Investment Rating - The report maintains a recommendation for the chemical industry, indicating a positive outlook for the sector [6]. Core Viewpoints - The report highlights the significant price increases in active dyes (+10%) and PTA (+3.17%), suggesting potential investment opportunities in companies related to these products [4][20]. - It recommends focusing on companies like Huaitong Co., which is expected to benefit from the application of modified plastics in the robotics sector, and Runtong Co., which may gain from the rising prices of active dyes [5]. Industry Performance - In the first week of May, the chemical sector (Shenwan) experienced a decline of 0.50%, slightly underperforming the Shanghai A-share index, which fell by 0.49% [2][12]. - The dynamic PE ratio for the chemical sector stands at 24.05, which is lower than the average PE of 11.90 since 2015 [2][12]. Sub-industry Trends - Among the 15 sub-industries, five saw increases, with daily chemical products leading at +8.85%, while five sub-industries experienced declines, with synthetic leather dropping by -8.89% [3][15]. Price and Spread Trends - The report lists the top five products with the highest weekly price increases: active dyes (+10%), PTA (+3.17%), and butadiene (+2.86%) [4][20]. - The report also notes significant changes in price spreads, with the melamine spread increasing by +73.47% and the PTA spread by +39.52% [4][36]. Inventory Changes - Key products with notable inventory changes include potassium chloride (-17.88%) and epoxy propane (-8.96%), indicating shifts in supply dynamics [5][56].

Core Viewpoint - The dichlorobenzene industry in China is experiencing steady growth, driven by increasing demand in downstream applications such as agriculture and pharmaceuticals, with the market size exceeding 6 billion RMB [1][10]. Industry Overview - The annual production and consumption of dichlorobenzene in China rank among the highest globally, with a market size surpassing 6 billion RMB [1][10]. - The industry has evolved through three stages: initial development (1950s-1980s), rapid growth (1990s-early 2000s), and transformation and upgrading (2000s-present) [6]. Industry Chain Analysis - The dichlorobenzene industry chain includes upstream raw materials (benzene and chlorine), midstream production, and downstream applications [4]. - Upstream supply stability is enhanced by the rapid growth of pure benzene production capacity, projected to reach 25.78 million tons by 2024 [8]. Downstream Applications - The agricultural sector is the largest consumer of dichlorobenzene, accounting for 38% of its usage, primarily as an intermediate in pesticide production [12]. - Other significant applications include dyes and intermediates (23%), pharmaceuticals (12%), and various products like moth repellents and air fresheners (27%) [12]. Key Companies in the Industry - Major players include Yangnong Chemical, Hanjin Technology, and Sinochem International, which leverage strong supply chain integration and technological innovation to maintain market leadership [14][16]. - Yangnong Chemical focuses on high-end pesticide markets, while Hanjin Technology emphasizes diversified development and environmental production [16][18]. Future Development Trends - Production process optimization is crucial for industry advancement, with companies adopting advanced catalytic and separation technologies to enhance efficiency and product quality [20]. - New product development is essential for market expansion, with firms investing in high-value derivatives and customized products to meet specific market needs [21]. - Increasing environmental regulations necessitate greater investment in clean production technologies and safety management to ensure sustainable development [22].

Core Viewpoint - The company reported a significant increase in net profit for 2024, despite a decline in dye prices, driven by increased sales volume and market share [1][2]. Financial Performance - In 2024, the company achieved total revenue of 5.695 billion yuan, a year-on-year increase of 1.91% - The net profit attributable to shareholders reached 213 million yuan, a year-on-year increase of 366.42% - In Q4 2024, the company recorded revenue of 1.623 billion yuan, a year-on-year increase of 17.98% and a quarter-on-quarter increase of 17.36% - The net profit for Q4 2024 was 63 million yuan, a year-on-year increase of 210.97% and a quarter-on-quarter increase of 34.91% [1]. Product Performance - The company saw an increase in production and sales of its main products, contributing to revenue growth - In 2024, dye production was 193,700 tons, up 4.61% year-on-year, with sales of 190,100 tons, up 8.61% - The production of additives was 34,900 tons, up 28.61%, with sales of 35,100 tons, up 22.33% - Other chemical raw materials produced were 945,900 tons, up 5.34%, with sales of 949,200 tons, up 5.49% [2]. Cost and Expenses - The financial expense ratio increased, primarily due to a decrease in interest income - The sales, management, financial, and R&D expense ratios for 2024 changed by -0.17%, -2.10%, +0.33%, and +0.30 percentage points respectively - The company plans to enhance R&D to extend its industrial chain, reduce environmental pressure, lower production costs, and improve competitiveness [3]. Innovation and Project Management - The company has a total dye production capacity of nearly 238,000 tons, maintaining a top two market share in the domestic dye market - In 2024, the company obtained 28 authorized patents and applied for 19 new patents - The company completed 10 technical transformation projects and developed 16 new products, with 4 new products transferred and 31 pilot products completed - A total of 38 construction projects were managed, including 11 ongoing and 27 new projects, with a focus on meticulous project progress control [4]. Profit Forecast - The company is expected to see rapid capacity release from new projects, with strong performance growth anticipated - Forecasted net profits for 2025, 2026, and 2027 are 245 million yuan, 288 million yuan, and 333 million yuan respectively - The current stock price corresponds to P/E ratios of 32.0, 27.2, and 23.5 for the respective years, with an initial "buy" investment rating [5].