On the evening of January 22, Zhejiang Runtu Co.,Ltd. (002440) released its 2025 annual performance forecast, projecting a net profit attributable to shareholders of the listed company to be between 600 million and 700 million yuan. This represents a staggering year-on-year increase of 181.05% to 227.89%. The company also forecasted a non-GAAP net profit of 270 million to 370 million yuan, marking a growth of 26.75% to 73.70% compared to the same period last year.
Regarding the reasons for the substantial profit growth in 2025, the announcement stated that the operating profits from the company's reactive dyes and basic chemicals have increased compared to the previous year, leading to an overall improvement in its 2025 operating performance. More significantly, during the reporting period, the fair value assessment of the company's investment in Metax Integrated Circuits (Shanghai) Co., Ltd. (688802), held through a special investment fund, along with other projects held by the company and its other special investment funds, is expected to generate investment income and fair value change gains. The total impact of these on the company's pre-tax profit for the current period is estimated to be approximately 330 million yuan. In December 2025, Metax Integrated Circuits (Shanghai) Co., Ltd. was listed on the STAR Market, quickly becoming one of the standout stocks. In November 2025, during a meeting with institutional investors, Zhejiang Runtu disclosed that Wuxi Tongchuang Zhixin Venture Capital Partnership holds a 0.47% stake in Metax's pre-IPO total share capital. The company holds an aggregate 44% share in Tongchuang Zhixin, which translates to an indirect holding of 0.2068% of Metax's pre-IPO total share capital after a look-through calculation. A review of the Metax prospectus shows that prior to the IPO, Tongchuang Zhixin held 1.7085 million shares of Metax. Following the listing, and based on the closing price of 580.10 yuan per share on December 31, 2025, the market value of these 1.7085 million shares was approximately 990 million yuan. Beyond the massive non-recurring gains from investments like the one in Metax, Zhejiang Runtu also achieved growth in its core business operations. The company's main business involves the research, development, production, and sales of textile dyes, printing and dyeing auxiliaries, and chemical raw materials. Its primary products are dyes, auxiliaries, and other chemical raw materials, and it is one of the world's large-scale dye production bases. On January 14, during another session with institutional investors, Zhejiang Runtu stated that its dye industry system has now formed a complete industrial chain encompassing thermal power, steam, chlorine, caustic soda, intermediates, filter cakes, and dyes. By implementing a "backward integration" strategy and extending the industrial chain upstream, the company has achieved significant results in its supporting industrial chain layout. It has already established production capacity for key intermediates, effectively securing the supply of raw materials, and will continue to intensify planning, research, and development for critical intermediates to ensure the completeness of its industrial chain. In the secondary market, Zhejiang Runtu's stock price has seen consecutive significant gains in recent trading sessions. It hit the daily limit-up on January 21, with a cumulative increase of 20% over the past four trading days.
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