RTGF(SZ:002440)2025-11-02 07:40Industry 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]