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 5、国内 H 酸有效产能情况，及 H 酸价格走势情况 答：目前国内 H 酸的有效产能不足 6 万吨，市场有效供应存在 10%以上 的缺口；历史上，H 酸价格曾到达过 10 万元/吨以上。短期内 H 酸会有上涨趋 势。目前 H 酸市场报价已超过 4 万元/吨。 编号：RTIR-2025-004 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 东方财富（梅宇鑫） 方正证券（杨宇禄） 汇丰晋信（王家怡） 国泰基金（张小皮） 时间 2025 年 6 月 13 日 上午 10:20-12:00 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 证券事务代表焦大伟 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 ...

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]

同日，闰土股份披露了2025年一季度报告，公司一季度实现营业收入12.78亿元，同比增长2.20%；实现 归母净利润0.48亿元，同比增长超过35倍；实现扣非净利润0.44亿元，同比增长48.29%。 4月28日晚，闰土股份（002440）(002400.SZ)发布了2024年年度报告，2024年度，闰土股份实现营业收 入56.95亿元，同比增长1.91%；实现归母净利润2.13亿元，同比增长366.42%；实现扣非净利润2.13亿 元，同比增长114.79%。公司表示经营业绩提升主要受益于公司主营产品活性染料的毛利率上升。同 时，2024年以来，公司不断提高精细化管理水平，加强内部控制和完善内部流程，科学的管理措施使得 公司进一步降本增效。 | | 2022.12.31 | 2023.12.31 | 2024.3.31 | 2024.6.30 | 2024.9.30 | | --- | --- | --- | --- | --- | --- | | 每股净资产 | 8.39 | 8.18 | 8.18 | 8.13 | 8.33 | | 是否经审计 | 是 | 是 | 否 | 否 | 否 | 自2024年初 ...