证券代码：002440 证券简称：闰土股份 浙江闰土股份有限公司投资者关系活动记录表 编号：RTIR-2026-005 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑ 其他 策略交流会 参与单位名称及 人员姓名 中邮证券（刘海荣）、安联基金（段一帆）、富国基金（黄彦东）、 国联安基金（储乐延）、嘉实基金（宋雪莹）、国寿安保（郭泳驿）、 永赢基金（林伟昊）、新华基金（刘龙龙）、东财基金（周威）、 富安达基金（路旭）、麻橙投资（谭飞）、永禧投资（郑敏）、 瓦洛兰投资（董骁）、松熙资产（刘沛显）。 时间 2026 年 3 月 3 日 下午 13:30-17:30 地点 上海金陵紫金山大酒店 上市公司参加人 员姓名 副总经理、董事会秘书刘波平 投资者关系活动 主要内容介绍 交流的主要内容： 公司副总经理、董事会秘书刘波平先生就染料行业发展概况、染料市场 行情及公司经营方面的相关问题与投资者进行了交流。 1、染料行业竞争格局情况 答：我国已成为世界染料生产数量、贸易数量和消费数量的第一大国， 染料产量约占世界染料总产量的 70%-75%。国内染料主 ...

证券代码：002440 证券简称：闰土股份 浙江闰土股份有限公司投资者关系活动记录表 编号：RTIR-2026-004 答：还原物是分散染料的较重要的中间体之一，其价格近两年来在较低 位运行。从元月下旬开始上涨，截至目前，还原物市场报价在 7 万元/吨左右。 4、国内分散染料价格走势情况 答：染料产品价格由市场供需及原料价格等因素决定。公司染料产品价 格随行就市，采取价格跟随策略。因近期还原物价格上涨，公司分散染料黑 价格近期已每吨累计上涨约 5,000 元。 本轮涨价驱动的原因主要是原料中的重要中间体价格的上涨所导致。 5、公司还原物产能情况 答：公司还原物年产能约 8,000 吨。产量随行就市，大部分自用，用来 配套公司分散染料。 投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 中金公司（裘孝锋 李熹凌）， 国投证券（王友舜）， 天风证券（杨滨钰），方正证券（刘旭升），中信证券（王子宁）， 敦和资产（梁作强），平安基金（韩 克），浙商资管（王 圆）， 中欧基金（息荣雪），西部基金（陈雨）。 时间 2026 ...

Group 1: Industry Overview - China is the world's largest producer, trader, and consumer of dyes, accounting for approximately 70%-75% 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 [2] Group 2: Company Performance Forecast - The company forecasts a net profit attributable to shareholders of 600 million to 700 million yuan for 2025, representing a year-on-year growth of 181.05%-227.89% [2] - The expected net profit after deducting non-recurring gains and losses is projected to be between 270 million and 370 million yuan, with a growth rate of 26.75%-73.70% [2] Group 3: Raw Material Pricing and Production - The price of reducing agents, a key raw material for disperse dyes, has been low but has started to rise, currently quoted at around 50,000 yuan per ton [2] - The price of disperse dyes has increased by approximately 3,000 yuan per ton due to rising raw material costs [2] - The company's annual production capacity for reducing agents is about 8,000 tons, primarily for self-use in supporting disperse dye production [2] Group 4: Supply Chain Strategy - The company implements a "backward integration" strategy to extend its supply chain, achieving significant results in securing raw material supply [2] - The dye production system has been established to include a complete supply chain from thermal power, steam, chlorine, caustic soda, to intermediates and dyes [2]

证券代码：002440 证券简称：闰土股份 编号：RTIR-2026-002 投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 富国基金（张啸伟 黄彦东） 长江证券（王呈） 时间 2026 年 1 月 28 日 上午 10:30-11:30 地点 闰土大厦 2511 会议室 上市公司接待人 员姓名 副总经理、董事会秘书刘波平 投资者关系活动 主要内容介绍 交流的主要内容： 公司副总经理、董事会秘书刘波平先生就染料行业发展概况、染料市场 行情及公司经营方面的相关问题与投资者进行了交流。 1、染料行业竞争格局情况 答：我国已成为世界染料生产数量、贸易数量和消费数量的第一大国， 染料产量约占世界染料总产量的 70%-75%。国内染料主要产区在浙江省、江苏 省和山东省，行业集中度较高。 分散染料主要生产企业为浙江龙盛、闰土股份、吉华集团、安诺其等； 活性染料主要生产企业有闰土股份、浙江龙盛、锦鸡股份等，印度活性染料 产能也已有相当规模。 染料行业属于充分竞争行业，近几年来，境内外染料产能增加，市场竞 | | 争有加剧迹 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月22日晚间，闰土股份（002440）发布2025年度业绩预告，公司预计2025年归属于上市公司股东的净 利润为6.00亿元—7.00亿元，比上年同期增长181.05%—227.89%；同时预计扣非后净利润为2.70亿元— 3.70亿元，比上年同期增长26.75%—73.70%。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股 东的净利润 | 盈利:60,000万元~70,000万元 | 盈利:21,348.74万元 | | | 比上年同期增长:181.05%~227.89% | | | 扣除非经常性损益 后的净利润 | 盈利:27,000万元~37,000万元 | 盈利:21,301.39 万元 | | | 比上年同期增长:26.75%~73.70% | | | 基本每股收益 | 盈利:0.53元/股~0.62元/股 | 盈利:0.19元/股 | 对于2025年净利润大幅增长的原因，公告称，公司活性染料及基础化学品经营利润较去年同期有所增 加，使得公司2025年经营业绩较去年同 ...

证券日报网1月15日讯 ，闰土股份在接受调研者提问时表示，公司通过实施"后向一体化"策略，向上延 伸产业链，产业链配套布局成果显著。目前公司已布局还原物等关键中间体产能，有力地保障了原材料 供给；同时公司也将继续加大对关键中间体的规划、研究、开发工作，确保公司产业链的完整性。目前 公司染料产业体系已形成了从热电、蒸汽、氯气、烧碱，到中间体、滤饼、染料等完善的产业链。 （文章来源：证券日报） ...

Core Viewpoint - The company, Runtou Co., Ltd., is implementing a "backward integration" strategy to extend its industrial chain and secure raw material supply through the production of key intermediates such as reduction materials [1] Group 1: Company Strategy - The company has established a complete industrial chain in its dye industry, which includes thermal power, steam, chlorine, caustic soda, intermediates, filter cakes, and dyes [1]

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, with a high industry concentration [1] - The dye industry is characterized by intense competition, with increasing production capacity both domestically and internationally [2] Company Performance - For the first three quarters of 2025, the company achieved a revenue of ¥4,163,303,974.91, a year-on-year increase of 2.25% [2] - Operating profit reached ¥326,804,261.74, reflecting a growth of 11.78% year-on-year [2] - Net profit attributable to shareholders was ¥225,054,399.80, marking a significant increase of 49.10% year-on-year [2] H Acid Market Insights - Domestic effective capacity for H acid is currently below 60,000 tons, resulting in a supply shortfall of over 10% [2] - Historical prices for H acid have exceeded ¥100,000 per ton, while current market prices are around ¥40,000 per ton [2] - The company's H acid production capacity is located at its subsidiary Jiangsu Mingsheng, which is currently not in operation [2] Pricing Strategy - Dye product prices are determined by market supply and demand as well as raw material costs, with the company adopting a market-following pricing strategy [2] Investment Activities - The company has a robust cash flow and collaborates with professional investment institutions to explore growth opportunities in the semiconductor sector [2] - The company holds a 100% stake in Runyu Jinheng (Jiaxing) Investment Partnership, which has invested in various venture capital funds [2] - For example, the company indirectly holds 0.2068% of the total share capital of Muxi Integrated Circuit (Shanghai) Co., Ltd. through its investment in Tongchuang Zhixin [2] Industry Chain Strategy - The company implements a "backward integration" strategy to extend its industrial chain, achieving significant results in key intermediate production [3] - The dye industry system has been established, covering thermal power, steam, chlorine, caustic soda, intermediates, filter cakes, and dyes [3]

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, with a high industry concentration [1] - The dye industry is characterized by intense competition, with increasing production capacity both domestically and internationally [2] Company Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 4,163,303,974.91, representing a year-on-year growth of 2.25% [2] - Operating profit for the same period was CNY 326,804,261.74, up by 11.78% year-on-year [2] - Net profit attributable to shareholders reached CNY 225,054,399.80, marking a significant increase of 49.10% year-on-year [2] H Acid Market - Domestic effective capacity for H acid is currently below 60,000 tons, resulting in a supply shortfall of over 10% [2] - Historical prices for H acid have exceeded CNY 100,000 per ton, while current market prices are around CNY 40,000 per ton [2] - The company's H acid production capacity is located in its subsidiary Jiangsu Mingsheng, which is currently not in operation [2] Dye Pricing Strategy - Dye product prices are determined by market supply and demand as well as raw material costs, with the company adopting a market-following pricing strategy [2] Investment Activities - The company has a robust cash flow and collaborates with professional investment institutions to explore growth opportunities in the semiconductor sector [2] - The company holds a 100% stake in Runyu Jinheng (Jiaxing) Investment Partnership, which has invested in various venture capital funds [2] - For example, the company indirectly holds 0.2068% of the total pre-IPO shares of Muxi Integrated Circuit (Shanghai) Co., Ltd. through its investment in Tongchuangzhixin [2] Industry Chain Integration - The company implements a "backward integration" strategy to extend its industrial chain, achieving significant results in key intermediate production [3] - The dye industry system has been established, covering thermal power, steam, chlorine, caustic soda, intermediates, filter cakes, and dyes [3]

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].