| 证券代码：300798 | 证券简称：锦鸡股份 公告编号：2026-005 | | --- | --- | | 债券代码：123129 | 债券简称：锦鸡转债 | 江苏锦鸡实业股份有限公司 关于为全资子公司提供担保额度的进展公告 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。 2025 年 02 月 09 日，江苏锦鸡实业股份有限公司（以下简称"公司"）召 开第三届董事会第二十一次会议，审议通过了《关于 2025 年度预计为全资子公 司提供担保额度的议案》。2025 年 02 月 25 日，根据《深圳证券交易所创业板 股票上市规则》及《公司章程》等规定，公司召开 2025 年第一次临时股东会， 对董事会提出的上述议案进行审议，同意 2025 年度预计为全资子公司（包括合 并报表范围内公司相互之间）向商业银行或其他金融机构申请综合授信、融资租 赁等业务提供担保，累计提供担保额度为人民币壹拾陆亿元整（包含本数），担 保方式包括保证担保、抵押担保等。在累计担保额度范围内，并授权经营层签署 具体担保协议及相关法律文件，决议授权期限自本议案通过股东会审议之日起 12 ...

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The dye industry is expected to see a recovery in demand due to both domestic and international factors, with China maintaining its position as the world's largest producer, consumer, and exporter of dyes, with an annual production exceeding 900,000 tons [5][18] - The supply structure of dyes is improving, with leading companies possessing significant pricing power due to the elimination of smaller, less compliant enterprises [7][29] - The price increase of dyes is driven by the intermediate production process, benefiting companies with integrated supply chains [8][48] Summary by Sections Demand and Supply Dynamics - The dye industry is characterized by diverse products and applications, with significant growth in downstream printing and dyeing fabric production, which is projected to grow at a compound annual growth rate (CAGR) of 2.59% from 2018 to 2024 [20] - China's dye export volume is expected to reach 272,000 tons in 2024, reflecting an 11% year-on-year increase, supported by a compound annual growth rate of 7.51% from 2020 to 2025 [23] Environmental and Regulatory Landscape - The dye industry faces stringent environmental regulations, leading to the gradual elimination of high-pollution, low-compliance small enterprises, thus optimizing the industry structure [26][29] - Recent regulatory changes have increased compliance costs for smaller players, further consolidating market share among larger firms [30] Intermediate Supply and Price Trends - The production of key intermediates, such as H acid and reducing agents, is critical for dye manufacturing, with recent supply disruptions leading to price increases [40][45] - The price of reducing agents has surged from 25,000 yuan/ton to approximately 50,000 yuan/ton, directly impacting the production costs of disperse dyes [43] Key Companies in the Industry - Zhejiang Longsheng is a leading enterprise with a dye production capacity of 300,000 tons and a strong integrated supply chain [51] - RunTu Co. has a well-established dye industry system with a total dye production capacity of 238,000 tons [53] - Annoqi focuses on differentiated dye products and is integrating AI technology into its production processes [54] - Jinhua Group has a dye production capacity of 95,000 tons and is expanding its product portfolio through strategic acquisitions [56]

Group 1 - The company, Jinji Co., announced on February 11 that its fine chemical products project (Phase I) includes H-acid products, with an annual production capacity of 8,000 tons [2]

Group 1 - The company is currently developing a production capacity of 13,000 tons per year for H acid [1] - The first phase of the fine chemical product project includes H acid with a production capacity of 8,000 tons per year [1] - For specific trial production progress, the company advises referring to relevant periodic reports or temporary announcements [1]

经济观察网锦鸡股份（300798）(300798.SZ)在2026年2月11日出现股价异动，截至当日收盘，股价报 10.19元，单日上涨3.24%，盘中最高触及11.11元，振幅达12.36%，成交金额7.31亿元，换手率18.46%。 近五个交易日累计涨幅为11.49%，年初至今涨幅为43.32%。 股价异动原因 市场情绪方面，染料板块近期表现活跃，叠加算力题材热度，推动资金博弈情绪升温。 机构观点 资金面与技术面 2月6日主力资金净流入6798.01万元，显示资金关注度较高。2月11日当日主力资金继续净流入6133.64万 元，成交活跃度维持高位。技术指标方面，短期均线呈多头排列，MACD柱状图转正，显示短期动能偏 强。 公司基本面 需注意公司2025年度预计净利润亏损3100万元至3800万元，同比由盈转亏，主要因折旧摊销增加及资产 减值损失影响。此外，公司担保余额达8.99亿元，占净资产比例较高，需关注财务风险。 行业板块情况 近期染料行业迎来涨价潮。分散染料部分品种价格上调，其中分散染料黑报价累计上涨5000元/吨。此 外，染料行业供需格局改善，头部企业盈利修复预期增强，行业或开启上行周期。锦鸡股份 ...

Summary of Dye Industry Conference Call Industry Overview - The dye industry is currently experiencing a significant price increase, with reduction agents rising from a previous low of 25,000 yuan/ton to the current 70,000 yuan/ton, with expectations to surpass the previous high of 100,000 yuan/ton [1] - Mainstream disperse black dye prices have increased by 5,000 yuan/ton recently, currently priced at approximately 21,000 yuan/ton, with historical highs nearing 50,000 yuan/ton, and there is potential for prices to reach 30,000 yuan/ton [1][1] Key Points - **Downstream Demand**: The cost of dyes represents a very low percentage of overall costs for downstream printing and dyeing factories, which prioritize the stability of their orders. The demand for textiles and apparel is expected to improve in 2026 [1] - **Price Increase Strategy**: The current price increases are seen as just the beginning, with a more significant price surge expected after the holiday period as downstream factories begin to restock [2][3] - **Market Expectations**: - The reduction agent is just the first card to play; other intermediates like meta-phenylenediamine, hexachlorobenzene, and hexabromobenzene are still at low prices, providing more opportunities for leading companies [3] - Active dyes are also expected to see price increases [3] Investment Recommendations - The call suggests a favorable outlook for leading companies in the dye industry, predicting that the new round of price increases led by top firms may exceed market expectations in terms of both height and sustainability. Recommended companies to watch include: - Zhejiang Longsheng - Runtu Co., Ltd. - Jihua Group - Jinchijiang Co., Ltd. - Anuoqi - Yayun Co., Ltd. - Some of these stocks are believed to have the potential for doubling in value [3]

Group 1: Price Adjustments - Zhejiang Longsheng announced a price increase of 5000 yuan/ton for certain disperse dye products due to rising prices of reducing agents [1] - Lun土股份 also reported a similar price increase of approximately 5000 yuan/ton for disperse black dye, attributing it to the rising costs of reducing agents [1] - Fulaient has issued a price adjustment notice for multiple disperse dye products, with increases ranging from 2000 to 3000 yuan per ton, expected to be around 10% [1] Group 2: Industry Overview - The disperse dye sector has seen a recent surge, with companies like Haixiang Pharmaceutical and Jihua Group experiencing significant stock performance [2] - China is the largest producer, trader, and consumer of dyes globally, accounting for approximately 70%-75% of the world's total dye production [2] - Major production areas for dyes in China include Zhejiang, Jiangsu, and Shandong, with a high industry concentration [2] Group 3: Market Trends - The disperse dye industry has faced a downward trend over the past five years, but a turning point is emerging as the core intermediate, reducing agents, has started to increase in price [3] - The price of reducing agents rose over 50% from 25,000 yuan/ton to 38,000 yuan/ton by the end of January [3] - Disperse dye prices have also been on the rise, with increases noted in January, indicating a potential price turning point [3] Group 4: Future Outlook - The production of reducing agents is subject to high environmental standards and complex processes, leading to the exit of smaller producers unable to meet these standards [4] - The supply structure is highly concentrated, with major capacities held by integrated giants, which may lead to sustained price increases for reducing agents [4] - The traditional peak season for the printing and dyeing industry in March and April may exacerbate supply-demand tensions as downstream manufacturers stock up in anticipation of price hikes [4]

Group 1 - The dye sector continues to open high, with Jihua Group achieving a consecutive two-day increase [1] - Other companies such as Runtu Co., Shanshui Technology, Fulaient, Kobalt, and Jinjis Co. are also experiencing upward trends [1]

Group 1: AI and Media Industry - ByteDance launched the Seedance 2.0 video generation model on its Dream platform, receiving widespread acclaim in the AI industry [6] - The short drama and comic drama sectors are transitioning towards "premium and industrialization," with Haikan Co. actively investing in micro-short dramas, achieving commercialization in its AI comic drama business [9] - Xiaohongshu is developing AI video editing products, aiming to enhance e-commerce monetization through AI, benefiting small and medium-sized businesses [12] Group 2: Chemical Industry - Zhejiang Longsheng announced a price increase for disperse dyes by 2000 yuan per ton starting February 8, 2026, marking the first price rise since October 2025 [15][17] - The dye industry in China is experiencing consolidation due to high pollution, leading to the exit of small and medium enterprises, which may benefit leading companies [15] - Companies like Runtu Co., Zhejiang Longsheng, and Jinjis Co. have seen significant stock price increases, with gains of 18.52%, 15.03%, and 20.07% respectively over three trading days [15] Group 3: Solar Energy Industry - Tesla is evaluating multiple sites in the U.S. to expand its solar cell manufacturing capacity, targeting 100 GW annually within three years [20] - GCL-Poly announced a breakthrough in perovskite tandem solar cell technology, achieving a conversion efficiency of 33.31% [20] - TuoRi New Energy successfully completed a MW-level thin-film silicon/crystalline silicon heterojunction solar cell R&D project, leading to a stock price surge [22] Group 4: Commercial Aerospace - China successfully launched a reusable experimental spacecraft on February 7, 2026, to support peaceful space utilization [31] - Zhongchao Holdings is expanding its business in commercial aerospace and plans to raise funds for high-end components in aerospace and gas turbines [31] - The global commercial aerospace market is projected to reach $800 billion by 2030 [31] Group 5: Computing Power Industry - Tower Semiconductor announced a partnership with NVIDIA to develop advanced silicon photonics technology for AI data centers [34] - Google is significantly increasing its capital expenditure for AI infrastructure, with over 60% allocated for server procurement [35] - Companies like Light Library Technology have seen stock price increases due to their involvement in OCS technology, which is expected to have a broad application in data centers [37]

Group 1 - Baichuan Co., Ltd. has reached the daily limit increase, indicating strong market interest and positive investor sentiment [1] - Other companies such as Demei Chemical, Baihehua, Xiongdi Technology, Hongbaoli, Jinjis Co., Ltd., Cangzhou Dahua, and Shuangle Co., Ltd. have also seen their stock prices rise in response [1]