格隆汇11月26日｜华鑫证券研报指出，万丰股份2025年前三季度实现归母净利润0.37亿元，同比增长 89.99%，Q3实现归母净利润0.12亿元，同比增长86.55%，环比下滑18.13%。中高端染料领军企业，双 擎构建增长新空间。公司深耕中高端分散染料这一细分领域，在建的一万吨产能投放后将显著增强业绩 弹性。公司还前瞻性布局了免还原清洗染料与高端PI材料，有望成为新的业绩增长点。预测公司2025- 2027年归母净利润分别为0.53、0.72、0.81亿元，当前股价对应PE分别为47.0、34.3、30.5倍，给予"买 入"投资评级。 ...

11月24日，万丰股份（603172）召开业绩说明会，公司董事长兼总经理俞杏英、财务总监徐文芝、董秘 卢枫青等管理层针对业绩增长原因、研发技术突破、绿色生产以及海外市场布局等核心问题，与投资者 进行了深入交流。 2025年前三季度，公司实现营业收入4.17亿元，同比增长10.57%；实现归母净利润3724.63万元，同比 增长89.99%。万丰股份表示，公司业绩增长动因主要系今年以来公司聚焦主营业务，积极响应国家"反 内卷"号召，一方面深耕国际化布局，优化全球市场结构，另一方面持续加码研发投入，以技术创新驱 动产品升级与成本优化，推动先进产能置换。 万丰股份表示，公司严格按照国家政策法规的要求，将本行业及下游纺织行业生态环保国际最高标准作 为日常执行准则，相应环境管理体系符合 ISO14001环境体系认证。公司已加入Bluesign 认证体系，成 为该体系的合作成员之一。公司作为ZDHC联盟的缔约者，系国内少有的获得ZDHC 联盟认可的染料生 产企业之一。截至2025年第三季度末，公司126支染料产品通过Bluesign认证和ZDHC level 3级别认证， 更有效、更透明地向下游客户传递产品的安全性、环保 ...

Investment Rating - The report assigns a "Buy" investment rating for the company [10] Core Insights - The company is a leading player in the mid-to-high-end disperse dye market, with a focus on capacity realization and operational efficiency [2][4] - The company has achieved a revenue of 417 million yuan in the first three quarters of 2025, representing a year-on-year growth of 10.57%, and a net profit of 37 million yuan, up 89.99% year-on-year [1] - The company is positioned to benefit from the gradual recovery of disperse dye prices and the release of new production capacity, which is expected to accelerate performance [2][10] Summary by Sections Company Overview - The company specializes in the R&D, production, and sales of mid-to-high-end disperse dyes, with a production capacity of 10,000 tons and an ongoing project to enhance another 10,000 tons [2] - Major clients include well-known brands such as Anta, Li Ning, and Adidas [2] Financial Performance - In Q3 2025, the company reported a revenue of 142 million yuan, a slight decline of 0.54% year-on-year and a 7.45% decrease quarter-on-quarter [1] - The gross profit margin reached 26.75%, an increase of 2.11 percentage points compared to 2023 and 3.56 percentage points compared to 2024 [2] Cost Management and Cash Flow - The company maintained stable expense ratios across sales, management, finance, and R&D, with minor fluctuations [3] - The net cash flow from operating activities for the first three quarters was 54 million yuan, an increase of 19 million yuan year-on-year, primarily due to higher sales revenue [3] Growth Drivers - The company has made significant progress in developing "non-reduction cleaning high-performance star-chain disperse dyes," which can reduce energy consumption and pollution by approximately 30% compared to traditional dyes [4][9] - A joint R&D center with Zhejiang University aims to develop high-performance polyimide materials, potentially disrupting the market currently dominated by international giants [4][9] Profit Forecast - The company is expected to see significant earnings elasticity with the commissioning of new production capacity and the introduction of innovative products [10] - Forecasted net profits for 2025, 2026, and 2027 are 53 million, 72 million, and 81 million yuan respectively, with corresponding P/E ratios of 47.0, 34.3, and 30.5 [10][12]

编制说明介绍，本期筛查和评估重点考虑持久性、生物累积性，以及水生慢性毒性1类、致癌性1或2 类、致突变1或2类、生殖毒性1或2类、特异性靶器官毒性-反复接触1类和内分泌干扰性等高危害化学物 新污染物治理涉及石化、塑料、橡胶等行业领域。摄影 / 章轲 初步研判对相关化学物质实施环境风险管控具备经济技术可行性。 又一批化学品有望列入优先控制名录，以落实《新污染物治理行动方案》，加强新污染物治理，切实保 障生态环境安全和人民健康。 第一财经记者从生态环境部了解到，生态环境部办公厅、国家疾控局综合司已就优先控制化学品名录 （第三批）开始征求有关方面意见。据11月21日公布的编制说明介绍，本批名录包括24种类化学物质。 这些化学物质的生产和使用主要涉及石化、塑料、橡胶、制药、纺织、染料、涂料、农药、皮革、电镀 等行业领域。 此前两批优先控制化学品名录合计列入40种类化学物质，涵盖短链氯化石蜡、甲醛、汞及汞化合物、六 价铬化合物、铅化合物，以及苯、邻甲苯胺等人类致癌物，全氟辛酸、二噁英等持久性有机污染物，以 及铊及铊化合物等重金属类物质，涉及化工、轻工、塑料、橡胶、制药等多个行业。 《新污染物治理行动方案》提出，到202 ...

天眼查App显示，近日，滨海特邦染料有限公司成立，法定代表人为杨红，注册资本100万人民币，经 营范围为一般项目：染料销售；化工产品销售（不含许可类化工产品）；建筑材料销售；塑料制品销 售；五金产品批发；五金产品零售；环保咨询服务；生物化工产品技术研发（除依法须经批准的项目 外，凭营业执照依法自主开展经营活动）。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 财务顾问声明 2024年10月18日，江苏国经控股集团有限公司（以下简称"国经集团"）以执行司法裁定方式取得江苏亚 邦染料股份有限公司（以下简称"上市公司"或者"亚邦股份"）118,900,000股股票。在本次权益变动之 后，国经集团合计持有上市公司169,000,000股股票，占上市公司总股本的29.64%，成为上市公司控股 股东。财通证券股份有限公司（以下简称"财务顾问"或者"财通证券"）接受国经集团的委托，担任国经 集团收购亚邦股份的财务顾问。根据《上市公司收购管理办法》的规定，财通证券作为本次收购的财务 顾问，持续督导期自2024年10月25日亚邦股份公告《江苏亚邦染料股份有限公司详式权益变动报告书》 至本次权益变动完成后12个月止。 本财务顾问根据《上市公司收购管理办法》《上海证券交易所上市公司自律监管指引第11号一一持续督 导》等规定，按照证券行业公认的业务标准、道德规范，本着诚实信用、勤勉尽责的态度并经过审慎核 查，通过日常沟通并结合上市公司的2025年第三季度报告及其他临时公告，出具本持续督导意见。 本报告根据国经集团、亚邦股份提供的相关材料及 ...

相关报告：智研咨询发布的《2025-2031年中国染料行业市场竞争态势及投资方向分析报告》 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据中国海关数据显示：2025年9月中国合成有机染料出口数量为2.17万吨，同比增长12%，出口金额 为0.96亿美元，同比增长14%。 近一年中国合成有机染料出口情况统计图 ...

Group 1 - The core viewpoint of the news is that Runtao Co., Ltd. has shown a mixed performance in terms of financing and stockholder changes, with a slight increase in stockholder numbers and a notable rise in net profit year-on-year [1][2][3] Group 2 - As of November 11, Runtao Co., Ltd. experienced a financing buy-in of 16.54 million yuan, with a net financing outflow of 4.64 million yuan, resulting in a total financing and securities balance of 498 million yuan [1] - The financing balance of Runtao Co., Ltd. is 496 million yuan, accounting for 5.66% of its circulating market value, which is above the 70th percentile of the past year [1] - The company has a bond balance of 1.89 million yuan, with a bond volume of 242,400 shares, which is above the 60th percentile of the past year [1] Group 3 - As of October 20, the number of shareholders of Runtao Co., Ltd. reached 38,200, an increase of 0.70%, while the average circulating shares per person decreased by 0.70% [2] - For the period from January to September 2025, Runtao Co., Ltd. achieved an operating income of 4.163 billion yuan, a year-on-year increase of 2.25%, and a net profit attributable to the parent company of 225 million yuan, a year-on-year increase of 49.10% [2] Group 4 - Since its A-share listing, Runtao Co., Ltd. has distributed a total of 4.445 billion yuan in dividends, with 614 million yuan distributed in the past three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited is the ninth largest circulating shareholder, holding 11.4486 million shares as a new shareholder [3]

Group 1 - The core point of the news is that Yabang shares increased by 5.12%, reaching a price of 5.34 CNY per share, with a trading volume of 344 million CNY and a turnover rate of 11.70%, resulting in a total market capitalization of 3.045 billion CNY [1] - Yabang Co., Ltd. is primarily engaged in the production, sales, and service of dyes and intermediates, as well as pesticides and intermediates, with the main business revenue composition being 92.01% from dyes, 5.49% from dye intermediates, and 2.50% from other sources [1] Group 2 - Among the top ten circulating shareholders of Yabang, a fund under Nuoan Fund, specifically Nuoan Multi-Strategy Mixed A (320016), entered the top ten in the third quarter, holding 3.7041 million shares, which accounts for 0.65% of the circulating shares [2] - The Nuoan Multi-Strategy Mixed A fund has achieved a return of 73.37% year-to-date, ranking 265 out of 8219 in its category, and a return of 72.65% over the past year, ranking 215 out of 8125 [2] Group 3 - The fund manager of Nuoan Multi-Strategy Mixed A is Kong Xianzheng, who has been in the position for 4 years and 350 days, with the fund's total asset size being 5.608 billion CNY [3] - During Kong's tenure, the best fund return was 89.04%, while the worst return was -16.74% [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 - 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]