Run Earth Inc.: In the short term, H acid is expected to have an upward trend.

Run Tu shares stated during a research meeting with reception agencies on May 15 that currently the effective production capacity of domestic H acid is less than 60,000 tons, with a market supply gap of over 10%; historically, the price of H acid has reached over 100,000 yuan/ton. In the short term, there will be a rising trend in H acid prices. Currently, the market price of H acid is around 40,000 yuan/ton. In addition, the company's dye products have a relatively small proportion of direct exports, so the short-term impact of trade friction on the company is not significant. If trade friction continues, there may be some indirect impact in the medium to long term, but textile and apparel are rigid demands, and the specific impact remains to be observed.