4月29日，海翔药业发布年报，2024年实现营业收入19.38亿元，同比下降10.75%；实现归母净亏损3.3亿元，同比收窄21.38%；实现扣非归母净亏损3.4亿 元，同比收窄0.11%；基本每股收益为-0.21元/股。 2024年末，海翔药业总资产为74.56亿元，同比下降0.85%；负债总计23.24亿元，同比增长21.2%，资产负债率上升至31.2%；现金流方面，经营活动产生的 现金流量净额为1.75亿元，同比下降27.31%，主要系计提资产减值损失、资产折旧等不影响现金流量的项目增加所致；筹资活动产生的现金流量净额同比大 降96.51%；投资活动产生的现金流量净额由-1.28亿元大幅下降至-5.27亿元。 分业务看，2024年海翔药业医药板块收入为13.68亿元，同比下降11.77%，占总营收的70.59%。其中培南类产品全球供应链优势持续巩固，与多家国际知名 药企合作深化；伏格列波糖片等制剂产品通过一致性评价并中标国家集采。 2024年海翔药业染料板块收入为5.51亿元，同比下滑8.80%，占总营收的28.47%。其中活性艳蓝KN-R等拳头产品在细分市场保持较高占有率，销量实现双位 数增长。 20 ...

主要产品产销量提升，助力营收实现增长 事件 闰土股份发布2024 年度业绩报告：2024 全年实现营业总收入56.95 亿元，同比+1.91%；实现归母净利 润2.13 亿元，同比+366.42%。其中2024Q4 单季度实现营业收入16.23 亿元，同比+17.98%、环比 +17.36%，实现归母净利润0.63 亿元，同比+210.97%、环比+34.91%。 2024 年公司主要产品染料价格下降，但得益于主要产品销售规模的扩大和市场份额的增加，公司营业 收入仍实现增长。 分产品产销情况来看，2024 年公司染料产量为19.37 万吨，同比+4.61%，销量为19.01 万吨，同比 +8.61%；助剂产量为3.49 万吨， 同比+28.61% ， 销量为3.51 万吨， 同比+22.33%；其他化工原料产量 为94.59 万吨，同比+5.34%，销量为94.92 万吨，同比+5.49%。 财务费用率上升，主因利息收入减少 期间费用方面，公司2024 年销售/管理/财务/研发费用率分别同比-0.17/-2.10/+0.33/+0.30pct，其中财务费 用率上升主因利息收入减少。研发方面，公司将加强研发以延 ...

Core Viewpoint - The top-performing stocks in April include United Chemical and Guofang Group, with significant price increases of 159.09% and 117.10% respectively, amidst a general market decline [1][3]. Stock Performance Summary - **United Chemical**: Achieved a cumulative increase of 159.09% in April, with two trading days recording a 20% limit up. The company reported a revenue of 535 million yuan for 2024, a 24.80% increase year-on-year, and a net profit of 56.43 million yuan, up 66.81% [5]. - **Guofang Group**: Experienced a 117.10% increase, despite multiple risk warnings. The company reported a revenue of 757 million yuan for 2024, a 21.92% decrease, and a net profit of 58.01 million yuan, down 63.23% [6]. - **Hongbaoli**: Recorded a 104.27% increase, with eight trading days hitting the limit up. The company is undergoing technical modifications for its epoxy propylene project, which has not yet generated sales revenue [7]. - **ST Yushun**: Increased by 88.49%, with 16 trading days hitting the limit up. The company announced a significant asset restructuring involving a data center project [8]. - **Zhongqi New Materials**: Achieved an 85.72% increase, with a major share transfer that changed its controlling shareholder [9]. - **Lintai New Materials**: Increased by 84.94%, reporting a revenue of 101 million yuan for Q1 2025, a 107.43% increase, and a net profit of 38.36 million yuan, up 287.62% [10]. - **Wancheng Group**: Increased by 82.79%, reporting a revenue of 10.821 billion yuan for Q1 2025, a 124.02% increase, and a net profit of 215 million yuan, up 3344.13% [11][12]. - **Anji Food**: Increased by 76.69%, with a revenue of 607 million yuan for 2024, a 4.06% decrease, and a net profit of 38.33 million yuan, up 23.29% [13]. - **Leshan Electric Power**: Increased by 71.69%, with multiple risk warnings regarding high stock price increases [14]. - **Redick**: Increased by 70.20%, with ongoing uncertainty regarding its acquisition activities [15].

Group 1 - The dye concept sector experienced a decline of 1.21%, ranking among the top declines in the concept sectors as of the market close on April 30 [1] - Within the dye sector, companies such as Fuchun Dyeing and Weaving, Runtu Co., and Jihua Group saw significant declines, while 9 stocks within the sector recorded gains, with ST Shilong, Eight Billion Space, and Dawi Co. leading the increases at 3.52%, 1.48%, and 0.88% respectively [1][2] - The dye sector faced a net outflow of 223 million yuan from main funds today, with 21 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 10 million yuan [2] Group 2 - The top net outflow stock in the dye sector was United Chemical, with a net outflow of 52.6583 million yuan, followed by Qicai Chemical, Annuoqi, and Runtu Co. with net outflows of 37.0741 million yuan, 27.0397 million yuan, and 22.9185 million yuan respectively [2][3] - Conversely, the stocks with the highest net inflow included Hangmin Co., Runhe Materials, and Jihua Group, with net inflows of 5.7905 million yuan, 3.4670 million yuan, and 3.0502 million yuan respectively [2][3]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [8]. Core Insights - The recent price increases of H acid and reactive dyes are primarily driven by a fire incident at a leading H acid producer, which significantly impacts supply [2][3]. - The domestic H acid industry is experiencing capacity clearance, and the fire incident is expected to accelerate the price increase process [3]. - There is strong overseas demand for H acid, which is contributing to the tightening supply-demand situation domestically [4]. - The reactive dye industry has a high concentration, with strong price increase intentions among companies due to the lack of new capacity [5]. - The price increases for H acid and reactive dyes have just begun, indicating substantial room for further price growth [6]. Summary by Sections Price Trends - As of April 29, the price of reactive dyes reached 22,000 CNY/ton, up 2,000 CNY/ton (+10%) from the previous day, while H acid was priced at 40,500 CNY/ton, an increase of 500 CNY/ton, totaling a rise of 4,000 CNY/ton (+11%) since mid-April [1]. Supply Chain Dynamics - The fire incident at a major H acid producer, which had a capacity of 20,000 tons/year and accounted for 25% of last year's domestic production, is expected to have a significant impact on supply [2]. - The H acid market has seen a gradual price increase since August 2023, and the recent fire incident is likely to further accelerate this trend [3]. Market Demand - In 2024, China's H acid production is projected to be 76,700 tons, with exports expected to reach 20,500 tons, representing 26.7% of domestic production. The export volume for the first quarter of 2025 has already increased by 54% year-on-year [4]. Industry Structure - The reactive dye industry has a high concentration with the top five companies holding a 76% market share. The lack of new capacity in recent years has led to a bottoming out of prices, which are now expected to rise due to increased costs from H acid [5]. Future Outlook - Historical data shows that H acid prices previously surged to 160,000-170,000 CNY/ton in 2014 due to similar supply constraints, suggesting that current price increases may have significant upside potential [6]. - The report recommends focusing on RunTu Co., which has a capacity of 80,000 tons for reactive dyes and 20,000 tons for H acid, positioning it as a key beneficiary of the price increases in the H acid-reactive dye supply chain [6].

证券代码：603188 证券简称：亚邦股份 公告编号：2025-021 江苏亚邦染料股份有限公司 关于 2025 年第一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 江苏亚邦染料股份有限公司（以下简称"本公司"或"公司"）上海证券 交易所《上市公司自律监管指引第 3 号——行业信息披露之十三号 化工》、 《关于做好主板上市公司 2025 年第一季度报告披露工作的通知》要求，现将 2025 年一季度主要经营数据披露如下： 注：公司本期染料板块产销趋于稳定，农药板块因市场因素停止产销。 二、 主要产品和原材料的价格变动情况 （一） 主要产品价格变动情况 | 主要产品 | 2025 年 1 至 3 | 月 | 2024 年 1 3 | 至 | 月 | 变动比率（%） | | --- | --- | --- | --- | --- | --- | --- | | | 平均售价（元/吨） | | 平均售价（元/吨） | | | | | 染料 | | 60,162.05 | | | 61,139.86 | ...

Group 1 - The dye concept sector increased by 3.85%, ranking second among concept sectors, with 26 stocks rising, including Jihua Group, Runtu Co., and Yayun Co., which hit the daily limit [1][2] - Leading stocks in the dye sector included United Chemical, Jinji Co., and Wanfeng Co., which rose by 18.19%, 7.24%, and 4.76% respectively [1][2] - The stocks with the largest declines were ST Shilong, Zhaoxin Co., and Shanshui Technology, which fell by 2.51%, 0.46%, and 0.25% respectively [1][2] Group 2 - The dye sector saw a net inflow of 188 million yuan from main funds, with 20 stocks receiving net inflows, and 9 stocks exceeding 10 million yuan in net inflow [2][3] - Runtu Co. had the highest net inflow of main funds at 45.28 million yuan, followed by Jihua Group, Annuoqi, and Lanfeng Biochemical with net inflows of 35.74 million yuan, 25.24 million yuan, and 24.14 million yuan respectively [2][3] Group 3 - The top three stocks by net inflow ratio were Lanfeng Biochemical, Jihua Group, and Runtu Co., with net inflow ratios of 39.43%, 19.12%, and 12.14% respectively [3] - The detailed inflow data for the dye sector included stocks like Jihua Group and Runtu Co. showing significant trading activity with turnover rates of 5.87% and 5.51% respectively [3]

4月28日晚，万丰股份（603172）(603172.SH)发布了2024年年度报告，在染料市场竞争加剧的情况下， 取得了一份韧性十足的成绩单。2024年度，万丰股份实现营业收入5.35亿元，同比增长6.27%；实现归 母净利润3832.89万元，同比减少5.25%；实现扣非净利润3748.25万元，同比增长4.65%。 同日，万丰股份披露了2025年一季度报告，公司一季度实现营业收入1.22亿元，同比增长22.95%；实现 归母净利润1036.35万元，同比增长77.96%；实现扣非净利润1029.99万元，同比增长69.05%。受益于销 售收入和毛利率的提升，2025年一季度公司经营业绩大幅上涨。 在全球化布局方面，公司积极以国际化视野立足全球市场，配合服装面料终端制造商实现销售与技术出 海，为售前售后服务和快速响应客户需求提供可靠保障，并在越南、土耳其和印度尼西亚等10余个国家 和地区实现销售。2024年，公司实现境外收入1.33亿元，较上年同期增长2.88%，其中，斯里兰卡、洪 都拉斯、哥伦比亚等国家和地区实现销售零的突破，越南、印度尼西亚等地区销售增长显著。 在研发创新领域，2024年万丰股份研发投 ...

Core Viewpoint - Lantian Co., Ltd. reported significant growth in both revenue and net profit for the fiscal year 2024, driven by improved gross margins on its main product, reactive dyes, and enhanced internal management practices [1][3]. Financial Performance - In 2024, Lantian Co., Ltd. achieved a revenue of 5.695 billion yuan, a year-on-year increase of 1.91% [1] - The net profit attributable to shareholders reached 213 million yuan, up 366.42% year-on-year [1] - The net profit after deducting non-recurring gains and losses was also 213 million yuan, reflecting a growth of 114.79% [1] - For Q1 2025, the company reported a revenue of 1.278 billion yuan, a 2.20% increase year-on-year [1] - The net profit attributable to shareholders for Q1 2025 was 48 million yuan, showing a growth of over 35 times [1] - The net profit after deducting non-recurring gains and losses for Q1 2025 was 44 million yuan, up 48.29% year-on-year [1] Shareholder Returns - Lantian Co., Ltd. plans to distribute a cash dividend of 1.5 yuan per 10 shares, totaling 164 million yuan, with a cash dividend ratio of 76.87% [3] - The company intends to repurchase 30 million shares for a total amount of 178 million yuan, with the combined cash dividend and share repurchase amounting to 342 million yuan, representing 160.21% of the net profit attributable to shareholders for the year [3] Business Operations - The company primarily engages in the research, production, and sales of textile dyes, printing and dyeing auxiliaries, and chemical raw materials [3] - In 2024, Lantian Co., Ltd. produced 193,700 tons of dyes, a year-on-year increase of 4.61% [3] - The production of auxiliaries (mainly insurance powder) reached 34,900 tons, up 28.61% year-on-year [3] - The output of other chemical products, including caustic soda, hydrogen peroxide, and chlorobenzene, was 945,900 tons, reflecting a growth of 5.34% [3] Strategic Initiatives - The company is implementing a "backward integration" strategy to extend its industrial chain, reduce production costs, and mitigate the impact of intermediate price fluctuations [4] - Lantian Co., Ltd. has invested in key intermediates to secure raw material supply and plans to enhance research and development in this area [4] - In 2024, the company invested 243 million yuan in R&D, a 9.53% increase year-on-year, and obtained 26 authorized invention patents [4] - The company emphasizes resource recycling in its dye production process, which reduces emissions and enhances economic benefits [4] Future Outlook - Lantian Co., Ltd. aims to continue its focus on internal control and innovation, promoting efficiency and quality improvements as part of its long-term strategy [4]