证券代码：002440 证券简称：闰土股份 公告编号：2025-040 单位：元 项 目 本年发生额 上年发生额 信用减值损失（损失以"-"号填列） -24,889,110.40 -7,091,770.69 资产减值损失（损失以"-"号填列） -18,582,439.18 -34,998,776.11 合 计 -43,471,549.58 -42,090,546.80 浙江闰土股份有限公司 关于 2025 年前三季度计提资产减值准备的公告 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 10 月 28 日召开第七 届董事会第十二次会议，审议通过《关于 2025 年前三季度计提资产减值准备的 议案》。为真实反映公司的财务状况及经营成果，根据《企业会计准则》、《深圳 证券交易所股票上市规则》及公司会计政策、会计估计等相关规定，公司对合并 报表范围内截至 2025 年 9 月末存在减值迹象的资产进行了减值测试，基于谨慎 性原则，对可能发生减值损失的资产计提了减值准备。现将具体情况公告如下： 一、计提资产减值准 ...

《2025 年第三季度报告》（公告编号：2025-039）详见公司指定信息披露媒 体《证券时报》《证券日报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）。 公司董事会审计委员会已审议通过该议案。 该决议 9 票同意，0 票反对，0 票弃权。 证券代码：002440 证券简称：闰土股份 公告编号：2025-038 浙江闰土股份有限公司 第七届董事会第十二次会议决议公告 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"）第七届董事会第十二次会议于 2025 年 10 月 28 日在闰土大厦 1902 会议室以现场会议结合通讯方式召开。 召开本次会议的通知已于 2025 年 10 月 22 日以书面、电话和短信方式通知 了各位董事。本次会议由公司董事长阮静波女士主持，会议应参加董事 9 名，实 际出席董事 9 名，其中以通讯方式出席 3 名。公司高级管理人员列席了会议。本 次会议的召开符合《公司法》和《公司章程》的有关规定。经与会董事认真审议， 会议以记名投票表决方式通过如下议案： 一、审议通过《2025 年 ...

Group 1 - The core viewpoint of the article highlights the financial performance of RunTu Co., Ltd. (002440.SZ) in the third quarter, showing a modest increase in revenue and a significant rise in net profit [1] Group 2 - The company reported a total operating revenue of 4.163 billion yuan for the first three quarters, representing a year-on-year growth of 2.25% [1] - The net profit attributable to shareholders of the listed company reached 225 million yuan, marking a year-on-year increase of 49.1% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 194 million yuan, reflecting a year-on-year growth of 60.93% [1]

Group 1 - The core viewpoint of the article highlights that Luntou Co., Ltd. reported a revenue of 1.457 billion yuan in the third quarter, representing a year-on-year increase of 5.35% [1] - The net profit for the third quarter was 75.3489 million yuan, showing a significant year-on-year growth of 62.53% [1] - For the first three quarters, the total revenue reached 4.163 billion yuan, which is a year-on-year increase of 2.25% [1] - The net profit for the first three quarters amounted to 225 million yuan, reflecting a year-on-year increase of 49.10% [1]

Financial Performance - The company's revenue for Q3 2025 reached ¥1,457,447,026.22, representing a year-on-year increase of 5.35%[5] - Net profit attributable to shareholders was ¥75,348,922.18, a significant increase of 62.53% compared to the same period last year[5] - The net profit after deducting non-recurring gains and losses was ¥61,079,272.52, showing a remarkable growth of 198.48% year-on-year[5] - The company's net profit attributable to shareholders for the year-to-date period was ¥225,054,399.80, a 49.10% increase driven by refined management and enhanced product technology[9] - Net profit attributable to shareholders of the parent company was ¥225,054,399.80, compared to ¥150,943,104.46, representing a significant increase of 49.0%[17] - Operating profit amounted to ¥326,804,261.74, up from ¥292,356,087.88, reflecting a growth of 11.8%[17] - The basic earnings per share rose to ¥0.20 from ¥0.13, an increase of 53.8%[17] Cash Flow - The operating cash flow for the year-to-date period increased by 316.58%, totaling ¥725,038,979.81[5] - The net cash flow from operating activities for the current period was ¥725,038,979.81, a significant increase from ¥174,047,347.97 in the previous year[9] - Cash flow from operating activities was ¥3,045,055,051.99, significantly higher than ¥2,425,140,279.80 in the previous period, marking an increase of 25.5%[18] - Cash received from operating activities totaled ¥3,104,103,593.78, an increase from ¥2,503,407,528.57, reflecting a growth of about 24%[19] - Cash paid for purchasing goods and services was ¥1,540,788,748.38, slightly up from ¥1,441,926,695.21, indicating an increase of approximately 6.9%[19] - Cash inflow from financing activities was ¥438,256,250.00, compared to ¥8,702,799.16 in the previous period, a significant increase of approximately 4,935%[19] - The ending balance of cash and cash equivalents was ¥1,038,919,237.52, down from ¥1,698,784,835.24, a decrease of approximately 38.9%[19] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥11,509,932,921.11, reflecting a slight increase of 0.40% from the previous year[5] - The total assets of the company stood at ¥11,509,932,921.11, slightly up from ¥11,464,004,472.50, indicating a growth of 0.4%[15] - Non-current liabilities totaled ¥43,389,626.31, down from ¥49,183,786.66, a decrease of 11.5%[15] - The company's total liabilities decreased to ¥1,763,757,217.16 from ¥1,844,198,444.20, a reduction of 4.4%[15] Shareholder Information - The total number of common shareholders at the end of the reporting period is 37,906[10] - The top 10 shareholders hold a combined 59.48% of the shares, with Zhang Aijuan holding 17.12% and Ruan Jingbo holding 16.13%[10] - The total number of shares held by the top 10 unrestricted shareholders is 1,000,000,000, with Zhang Aijuan holding the largest share[10] - The company has not disclosed any related party relationships among the top shareholders, except for known familial ties[10] - The company’s repurchase account held 17,343,766 shares, accounting for 1.5430% of the total share capital as of September 30, 2025[10] Investment and Research - Research and development expenses increased to ¥187,454,726.16 from ¥160,255,140.38, reflecting a growth of 17.0%[16] - Total cash inflow from investment activities was ¥1,511,678,847.00, down from ¥2,550,872,348.61, indicating a decrease of about 40.7%[19] - The net cash flow from investment activities was negative at -¥634,836,830.40, contrasting with a positive cash flow of ¥76,478,069.93 previously[19] - Cash received from investment income was ¥41,750,578.20, up from ¥21,310,255.92, showing an increase of about 96.5%[19] Tax and Charges - The company experienced a 57.16% increase in taxes and additional charges, amounting to ¥36,086,732.82[9]

Group 1 - The core viewpoint of the news is that Runtu Co., Ltd. has shown fluctuations in its financing activities and stock performance, indicating a high level of trading activity and investor interest [1][2]. - As of October 23, 2023, Runtu's stock price increased by 0.82%, with a trading volume of 67.43 million yuan. The net financing buy was -7.63 million yuan, indicating more financing repayment than new purchases [1]. - The total financing and securities lending balance for Runtu reached 503 million yuan, with financing balance accounting for 6.06% of the circulating market value, which is above the 80th percentile of the past year [1]. Group 2 - As of September 30, 2023, the number of shareholders for Runtu was 37,900, a decrease of 0.91% from the previous period, while the average circulating shares per person increased by 0.92% to 24,965 shares [2]. - For the first half of 2025, Runtu reported a revenue of 2.706 billion yuan, a year-on-year increase of 0.65%, and a net profit attributable to shareholders of 150 million yuan, reflecting a significant growth of 43.15% [2]. - Since its A-share listing, Runtu has distributed a total of 4.445 billion yuan in dividends, with 614 million yuan distributed over the past three years [3].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights a recovery opportunity at the bottom of the chemical cycle, particularly in the titanium dioxide sector, with major companies expanding globally and focusing on asset acquisitions [3][4]. - Global oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable with a projected global GDP growth of 2.8% [4][5]. - The report emphasizes the importance of various chemical chains, including textiles, agriculture, and exports, as well as the potential for recovery in profitability for titanium dioxide due to easing trade tensions and improved overseas real estate conditions [3][4]. Summary by Sections Industry Dynamics - Oil supply is anticipated to rise, with OPEC+ expected to increase production, while demand is stable but may slow due to tariffs [4]. - Coal prices are expected to stabilize at a low level, and natural gas exports from the U.S. are likely to increase, reducing import costs [4]. Chemical Product Prices and Trends - The report notes that the PPI for all industrial products fell by 2.3% year-on-year in September, indicating a narrowing decline compared to August [5]. - Manufacturing PMI rose to 49.8%, suggesting a continued recovery in manufacturing activity [5]. Investment Analysis - The report suggests focusing on four key areas for investment: textiles, agriculture, export-related chemicals, and sectors benefiting from reduced competition [3]. - Specific companies to watch include Lu Xi Chemical, Tongkun Co., and Huafeng Chemical in the textile chain, and various firms in the agricultural sector such as Hualu Hengsheng and Baofeng Energy [3][4]. Key Company Valuations - The report provides a valuation table for key companies, indicating their market capitalization and projected earnings for the coming years [14].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights the global expansion of major titanium dioxide manufacturers, emphasizing the opportunity for industry recovery from the bottom of the cycle. The acquisition of Venator UK's titanium dioxide assets and the establishment of subsidiaries in Malaysia and the UK are key developments [4][5]. - The macroeconomic outlook for the chemical sector indicates stable oil demand despite a slight slowdown due to tariffs, with global GDP growth projected at 2.8%. The report also notes that coal prices are stabilizing and natural gas export facilities in the U.S. are expected to accelerate [4][5]. - The report suggests investment strategies across various sectors, including textiles, agriculture, and chemicals, with a focus on companies benefiting from the "anti-involution" policies [4][5]. Summary by Sections Industry Dynamics - The report discusses the current macroeconomic conditions affecting the chemical industry, including oil supply and demand dynamics, with a forecast of increased production from non-OPEC sources and stable global oil demand [5][6]. - It notes that the PPI for industrial products decreased by 2.3% year-on-year in September, indicating a stabilization in prices due to improved supply-demand structures [6]. Investment Analysis - The report recommends a diversified investment approach focusing on sectors such as textiles, agriculture, and export-oriented chemicals, highlighting specific companies for potential investment [4][18]. - Key materials for growth are identified, including semiconductor materials and packaging materials, with specific companies mentioned for each category [4][18]. Price Movements - The report provides detailed price movements for various chemical products, including titanium dioxide, fertilizers, and pesticides, indicating a mixed outlook with some prices stabilizing while others show slight declines [11][14][20]. - It highlights the impact of external factors such as raw material costs and international trade dynamics on pricing trends within the chemical sector [11][14].

Group 1 - Runta Co., Ltd. announced that on October 16, 2025, it will accept research from E Fund and Huatai Securities, with the company's Deputy General Manager and Board Secretary Liu Boping participating in the reception and answering investor questions [1] Group 2 - Lin Yuan responded firmly to the market's losses during the bull market, stating "I am still here!" and emphasized that he will continue to invest, maintaining that liquor is a "happy demand" while expressing concerns about technology stocks that keep him "up at night" [1]

Core Viewpoint - 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 production [1] Group 1: Industry Overview - China is the world's largest dye producer, with a production capacity concentrated in Zhejiang, Jiangsu, and Shandong provinces [1] - The industry has a high concentration, with major players in disperse dyes including Zhejiang Longsheng and Runtao Co., and in reactive dyes, Runtao Co. and Zhejiang Longsheng are also key players [1] - The increase in dye production capacity both domestically and internationally has intensified market competition [1] Group 2: Company Performance - For the first half of 2025, the company reported a revenue of 2.706 billion yuan, a year-on-year increase of 0.65% [1] - Operating profit for the same period was 205 million yuan, reflecting an 8.78% year-on-year growth [1] - The net profit attributable to shareholders was 150 million yuan, showing a significant year-on-year increase of 43.15% [1] Group 3: Sales and Market Dynamics - The company's export revenue for the first half of 2025 was 226 million yuan, accounting for 8.36% of total revenue, with a year-on-year growth of 32.99% [1] - The domestic H acid production capacity is less than 60,000 tons, with a market supply gap exceeding 100,000 tons [1] - Historical prices for H acid have exceeded 100,000 yuan per ton, while current market prices are around 40,000 yuan per ton [1] Group 4: Strategic Investments - The company has a strong cash flow and is collaborating with professional investment institutions to explore new growth avenues [1] - It holds a 100% stake in Runtao Jinheng (Jiaxing) Investment Partnership, which has invested in semiconductor companies, including Yao Xinwei (Shanghai) Electronic Technology Co., Ltd. [1] - The company has achieved significant results in the production capacity of key intermediates, establishing a complete dye industry chain [1]