DYEING A SLOW DEATH

China makes more dye every year and earns less doing it. Between 2021 and 2025 national dye output rose from 856,000 t to 983,000 t (3.5% CAGR), yet industry output value fell from RMB 69.9 bn to RMB 57.1 bn (-4.9% CAGR) and total profit halved, from RMB 9.5 bn to RMB 5.0 bn (-14.9% CAGR). The Chinese trade's own verdict on the 14th Five-Year period: "more output, no more revenue, no more profit.