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 areas 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] Company Performance - In 2024, the company achieved a revenue of CNY 5,695,178,073.59, a year-on-year increase of 1.91% [2] - The operating profit for 2024 was CNY 387,299,893.66, reflecting a significant growth of 106.36% [2] - The net profit attributable to shareholders reached CNY 213,487,437.36, marking a substantial increase of 366.42% [2] Q1 2025 Performance - For the first quarter of 2025, the company reported a revenue of CNY 1,278,360,881.91, up by 2.20% year-on-year [3] - Operating profit for Q1 2025 was CNY 73,642,844.60, showing a growth of 78.58% [3] - The net profit attributable to shareholders was CNY 47,793,114.62, a remarkable increase of 3,542.85% [3] Trade Friction Impact - The company's direct export ratio of dye products is low, resulting in minimal short-term impact from trade friction [4] - Long-term effects may arise if trade tensions persist, but the demand for textiles and apparel remains inelastic [4] H Acid Market Dynamics - Domestic effective capacity for H Acid is currently below 60,000 tons, leading to a supply gap exceeding 10% [5] - Historical prices for H Acid have exceeded CNY 100,000 per ton, with current market prices surpassing CNY 40,000 per ton [5] Company H Acid Capacity - The company's H Acid production capacity is located at its subsidiary, Jiangsu Mingsheng, which is currently in a state of suspension [6] Dye Pricing Strategy - Dye product prices are influenced by market supply and demand as well as raw material costs, with the company adopting a market-following pricing strategy [7] Industry Chain Strategy - The company implements a "backward integration" strategy to extend its industry chain, achieving significant results in key intermediate production [8] - The dye industry system has been established, encompassing a complete chain from thermal power, steam, chlorine, and caustic soda to intermediates and dyes [8]

Group 1 - The dye sector is experiencing localized activity, with Jinji Co., Ltd. (300798) hitting the daily limit up [1] - Other companies in the sector, such as Runtu Co., Ltd. (002440), Hualitai (001217), Annoqi (300067), and Zhejiang Longsheng (600352), also saw increases in their stock prices [1]

Group 1 - The company's profit distribution plan for the fiscal year 2024 has been approved at the shareholders' meeting held on May 23, 2025 [1][2] - The total share capital of the company is 1,123,999,905 shares, with 30,000,016 shares held in the repurchase account excluded from the profit distribution [2][4] - A cash dividend of 1.5 RMB per 10 shares (including tax) will be distributed to shareholders, with adjustments for different types of shareholders regarding tax rates [2][3] Group 2 - The record date for the dividend distribution is set for June 17, 2025, and the ex-dividend date is June 18, 2025 [3] - The total cash dividend amount is 164,099,983.35 RMB, which will be distributed based on the adjusted share count after excluding repurchased shares [4] - The ex-dividend price will be calculated as the closing price on the record date minus 0.1459964 RMB per share [4]

证券代码：002440 证券简称：闰土股份 公告编号：2025-025 浙江闰土股份有限公司 2024 年度分红派息实施公告 本公司及董事会全体成员保证公告内容真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏。 特别提示： 浙江闰土股份有限公司（以下简称"公司"）2024 年度利润分配方案已获 2025 年 5 月 23 日召开的 2024 年度股东大会审议通过。以公司目前总股本 1,123,999,905 股 扣 除 回 购 专 用 证 券 账 户 持 有 的 股 份 30,000,016 股后的 1,093,999,889 股为基数，向全体股东每 10 股派发现金红利 1.5 元（含税），共计 164,099,983.35 元。 因公司回购股份不参与分红，本次权益分派实施后，根据股票市值不变原则， 实施权益分派前后公司总股本保持不变，现金分红总额分摊到每一股的比例将减 小，因此，本次权益分派实施后除权除息价格计算时，每 10 股现金红利应以 1.459964 元计算（保留六位小数，最后一位直接截取，不四舍五入）。每 10 股现 金红利=现金分红总额/总股本×10，即 1.459964 元=164, ...

Group 1 - The dye sector is experiencing a strong upward trend, with significant gains in stock prices [1] - Baolidi has reached a 20% limit up, indicating strong market interest and investor confidence [1] - Other companies in the sector, such as Jihua Group and United Chemical, have also seen substantial increases, with Jihua Group hitting the limit up and United Chemical rising over 7% [1] Group 2 - Additional companies benefiting from this trend include Jinjis Co., Qicai Chemical, Runtu Co., and Annuoqi, all of which have shown positive stock performance [1]

Group 1 - The dye sector experienced a short-term surge, with Polyride (300905) hitting the daily limit, indicating strong market interest [1] - Jihua Group (603980) previously reached its limit, suggesting a trend of investor confidence in the sector [1] - Other companies such as Wanfeng Co. (603172), Jinchicken Co. (300798), Qicai Chemical (300758), Annuoqi (300067), and Runtu Co. (002440) also saw price increases, reflecting a broader rally in the dye industry [1]

Group 1 - The dye concept sector increased by 3.71%, ranking 7th among concept sectors, with 26 stocks rising, including Jinji Co., which hit a 20% limit up [1][2] - Notable gainers in the dye sector include Runtu Co., Bluefeng Biochemical, and Jihua Group, all reaching the limit up, while the largest declines were seen in Runhe Materials, Fuchun Dyeing & Weaving, and Honghua Technology [1][2] Group 2 - The dye concept sector attracted a net inflow of 382 million yuan, with 13 stocks receiving net inflows, and 6 stocks exceeding 30 million yuan in net inflow, led by Jinji Co. with a net inflow of 145 million yuan [2][3] - Jihua Group, Runtu Co., and Baolidi also saw significant net inflows of 84.31 million yuan, 79.37 million yuan, and 42.89 million yuan respectively [2][3] Group 3 - The top net inflow ratios were recorded by Jihua Group (31.47%), Bluefeng Biochemical (31.19%), and Jinji Co. (20.71%) [3] - The trading volume and turnover rates for these stocks indicate strong investor interest, with Jinji Co. showing a turnover rate of 22.80% [3]

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company's performance recovery is driven by the positive development of its active dye business, with the advantages of its integrated industrial chain gradually becoming apparent [1][10] - The significant increase in net profit is attributed to the growth in active dye performance and a substantial reduction in management expenses, despite a decline in disperse dye prices [2][10] Financial Performance Summary - For 2024, the company reported revenue of 5.695 billion yuan, a year-on-year increase of 1.91%, and a net profit attributable to shareholders of 213 million yuan, a year-on-year increase of 366.42% [1] - The company's revenue projections for 2025-2027 are 5.811 billion yuan, 5.925 billion yuan, and 6.072 billion yuan, respectively, with expected year-on-year growth rates of 2.0%, 2.0%, and 2.5% [10] - The net profit attributable to shareholders for the same period is projected to be 283 million yuan, 338 million yuan, and 347 million yuan, with year-on-year growth rates of 32.5%, 19.5%, and 2.6% [10] Production and Sales Summary - In 2024, the company produced 193,700 tons of dyes, an increase of 4.61% year-on-year, and sold 190,100 tons, an increase of 8.61% year-on-year [3] - The production of additives (mainly insurance powder) reached 34,900 tons, up 28.61% year-on-year, while sales were 35,100 tons, up 22.33% year-on-year [3] Cost and Expense Summary - The company's sales expenses decreased by 27.69% year-on-year, with a sales expense ratio of 0.42%, down 0.18 percentage points [3] - Management expenses also saw a decline of 25.51% year-on-year, with a management expense ratio of 5.71%, down 2.10 percentage points [3] Research and Development Summary - The company actively invests in research and development, obtaining 28 authorized patents in 2024 and applying for 19 new patents [9] - The progress in R&D and project construction is expected to enhance the company's core competitiveness [9]

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company's performance recovery is driven by the positive development of its active dye business, with a gradual emergence of its integrated supply chain advantages [1][2] - The significant increase in net profit is attributed to the growth in active dye performance and a substantial reduction in management expenses, despite a decline in disperse dye prices [2] - The company has implemented a "backward integration" strategy to strengthen its supply chain, which helps mitigate the impact of price fluctuations in raw materials and intermediates [8][9] Financial Summary - For 2024, the company reported revenue of 5.695 billion yuan, a year-on-year increase of 1.91%, and a net profit attributable to shareholders of 213 million yuan, up 366.42% year-on-year [1] - The company's revenue projections for 2025-2027 are 5.811 billion yuan, 5.925 billion yuan, and 6.072 billion yuan, respectively, with expected growth rates of 2.0%, 2.0%, and 2.5% [10] - The net profit for the same period is projected to be 283 million yuan, 338 million yuan, and 347 million yuan, reflecting year-on-year growth rates of 32.5%, 19.5%, and 2.6% [10] Production and Sales - In 2024, the company produced 193,700 tons of dyes, an increase of 4.61% year-on-year, and sold 190,100 tons, up 8.61% year-on-year [3] - The production of auxiliaries (mainly insurance powder) reached 34,900 tons, a year-on-year increase of 28.61%, with sales of 35,100 tons, up 22.33% [3] - The production of other chemical raw materials was 945,900 tons, an increase of 5.34% year-on-year, with sales of 949,200 tons, up 5.49% year-on-year [3] Cost and Expenses - The company's selling expenses decreased by 27.69% year-on-year, with a selling expense ratio of 0.42% [3] - Management expenses also saw a decline of 25.51% year-on-year, with a management expense ratio of 5.71% [3] - Research and development expenses increased by 9.53% year-on-year, indicating a commitment to innovation [3] Research and Development - In 2024, the company obtained 28 authorized patents and applied for 19 new patents, demonstrating its focus on R&D [9] - The company completed 38 construction projects, including 11 ongoing and 27 new projects, which are expected to enhance its core competitiveness [9]

证券代码：002440 证券简称：闰土股份 公告编号：2025-024 浙江闰土股份有限公司 （1）现场会议时间：2025 年 5 月 23 日（星期五）下午 14:00； （2）网络投票时间：通过深圳证券交易所交易系统进行投票的时间为 2025 年 5 月 23 日上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00；通过深圳证券 交易所互联网投票系统投票的时间为 2025 年 5 月 23 日 9:15-15:00。 2、会议召开地点：绍兴市上虞区市民大道 1009 号财富广场 1 号楼闰土大厦 1902 会议室。 2024 年度股东大会决议公告 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。 特别提示： 本次股东大会未出现否决提案的情况，也未涉及变更前次股东大会决议的情 况。 一、会议召开情况 1、会议召开时间： 参加本次股东大会表决的中小投资者（中小投资者是指除单独或合计持有上 市公司 5%以上股份的股东及除公司的董事、监事、高级管理人员以外的其他股 东）181 人，代表有表决权的股份 45,513,169 股，占上市公司有表 ...