Group 1 - The company has been deeply engaged in the polyester industry for many years, focusing on the "PTA - bottle-grade polyester chip" industrial chain to rationally plan its industrial structure and integrated layout [1] - The company is set to launch two bottle chip projects: the Xingjia New Materials 1.5 million tons green packaging materials project in July 2023 and the Xingye Plastics 1.5 million tons multifunctional bottle chip project in May 2025 [1] - In 2024, the downstream consumption of polyester bottle chips is expected to show moderate growth, with an annual production of 15.56 million tons, an increase of 18.80% year-on-year, and an annual consumption of 14.97 million tons, an increase of 20.63% year-on-year [1] Group 2 - The soft drink sector remains the largest downstream application for polyester bottle chips, accounting for 73.25% of the total, with domestic soft drink companies increasing production capacity, contributing to a demand share of approximately 39% of PET [1] - The processing fees are expected to remain under pressure in 2024 due to short-term capacity expansion and market competition, leading to a decrease in product prices and profit margins [2] - The company is accelerating the PTA technical transformation and expansion project, aiming to enhance market dominance and industry competitiveness through scale advantages and cost control [2]

| 证券代码：600370 | 证券简称：三房巷 | 公告编号：2025-056 | | --- | --- | --- | | 转债代码：110092 | 转债简称：三房转债 | | 江苏三房巷聚材股份有限公司 关于不向下修正"三房转债"转股价格的公告 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法律责任。 重要内容提示： 自2025年7月4日至2025年7月24日，江苏三房巷聚材股份有限公司（以下 简称"公司"、"本公司"）股价已出现任意连续三十个交易日中至少有十五个交易 日的收盘价低于当期转股价格的85%的情形，触发"三房转债"转股价格向下修正 条款。 经中国证券监督管理委员会《关于核准江苏三房巷聚材股份有限公司公开发 行可转换公司债券的批复》（证监许可〔2022〕2933号）核准，江苏三房巷聚材 股份有限公司于2023年1月6日公开发行了2,500万张可转换公司债券，每张面值 100元，发行总额250,000万元，期限6年，"三房转债"票面利率为第一年0.30%、 第二年0.50%、第三年1.00%、第四年1.50%、第五年1 ...

| 证券代码：600370 | 证券简称：三房巷 | 公告编号：2025-057 | | --- | --- | --- | | 转债代码：110092 | 转债简称：三房转债 | | 江苏三房巷聚材股份有限公司 关于为全资下属公司提供担保的公告 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法律责任。 重要内容提示： 被担保人名称：江阴兴佳新材料有限公司（以下简称"兴佳新材料"） 本次担保金额及已实际为其提供的担保金额：本次提供担保金额人民币 10,000.00 万元。本次担保事项实施后，江苏三房巷聚材股份有限公司（以下简 称"公司"）及下属公司已实际为兴佳新材料提供担保金额 77,324.00 万元（含本 次担保）。 特别风险提示：公司为下属公司及下属公司之间相互担保总额 786,313.41 万元，为控股股东提供担保总额 60,000.00 万元，合计对外担保总额 846,313.41 万元，占公司最近一期经审计合并报表归属于母公司净资产的比例 146.66%，请投资者充分关注担保风险。 一、担保情况概述 制造；科技推广和应用服务 ...

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The global demand for polyester bottle chips is steadily increasing, with a CAGR of 6.2% from 2015 to 2024, growing from 20.04 million tons to 34.35 million tons [4][14] - The industry is entering the tail end of the current expansion cycle, with expectations for long-term improvement in profitability as the industry moves past its low point [5][37] - Recent industry-wide production cuts are expected to further enhance price recovery and improve profit margins [6][41] Summary by Sections Demand Side - The global demand for polyester bottle chips has shown a robust upward trend, with Asia-Pacific being the primary market [14][18] - In 2024, the demand for polyester bottle chips in China is projected to reach 8.62 million tons, with the soft drink market accounting for 65% of this demand [19][25] Supply Side - Domestic polyester bottle chip production capacity has increased significantly, from 33.35% of global capacity in 2021 to 47.94% in 2024, making China the world's largest producer [5][36] - The industry is currently experiencing a supply-demand imbalance, leading to a decline in profitability, but this is expected to improve as new capacity additions slow down [5][37] Price Dynamics - The price differential for polyester bottle chips is closely linked to supply and demand dynamics, with recent production cuts leading to a recovery in price differentials from 150-170 RMB/ton to over 400 RMB/ton [6][43] - The industry is anticipated to recover from its current low profitability as production capacity stabilizes and demand continues to grow [31][37] Investment Recommendations - It is recommended to focus on companies benefiting from the industry-wide production cuts and the anticipated recovery in profit margins, including Wan Kai New Materials, Sanfangxiang, and China Resources Materials [7][47]

| 证券代码：600370 | 证券简称：三房巷 | 公告编号：2025-055 | | --- | --- | --- | | 转债代码：110092 | 转债简称：三房转债 | | 关于"三房转债"预计满足转股价格修正条件的提示性公告 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法律责任。 一、可转债发行上市概况 经中国证券监督管理委员会《关于核准江苏三房巷聚材股份有限公司公开发 行可转换公司债券的批复》（证监许可〔2022〕2933号）核准，江苏三房巷聚材 股份有限公司（以下简称"公司"、"本公司"）于2023年1月6日公开发行了2,500 万张可转换公司债券（以下简称"三房转债"），每张面值100元，发行总额250,000 万元，期限6年，"三房转债"票面利率为第一年0.30%、第二年0.50%、第三年1.00%、 第四年1.50%、第五年1.80%、第六年2.00%。 经上海证券交易所自律监管决定书[2023]14号文同意，公司发行的25亿元可 转换公司债券于2023年2月7日起在上海证券交易所上市交易，该可转换公司债券 证 ...

证券代码：600370 证券简称：三房巷 公告编号：2025-054 转债代码：110092 转债简称：三房转债 江苏三房巷聚材股份有限公司 重要内容提示： ? 业绩预告的具体适用情形：净利润为负值。 ? 江苏三房巷聚材股份有限公司（以下简称"公司"）预计2025年半年度实 现归属于母公司所有者的净利润-25,000.00万元到-28,000.00万元，与上年同期 （法定披露数据）相比，亏损增加76.15%到97.28%。 ? 预计2025年半年度实现归属于母公司所有者的扣除非经常性损益后的净 利润-26,000.00万元到-29,000.00万元。 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 净利润-25,000.00 万元到-28,000.00 万元，与上年同期（法定披露数据）相比， 亏损增加 76.15%到 97.28%。 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法律责任。 二、上年同期经营业绩和财务状况 （一）利润总额：-17,539.84 万元。 归属于母公司所有者的净利润：-14,192.70 万元。 ...

[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) H1 2025 net loss is forecast to significantly increase, with attributable net profit between **-250 million and -280 million yuan** Estimated Performance for H1 2025 | Indicator | Estimated Amount (RMB) | Year-on-Year Change | | :--- | :--- | :--- | | **Net Profit Attributable to Parent Company Shareholders** | -250 million to -280 million yuan | Loss increased by 76.15% to 97.28% | | **Net Profit After Deducting Non-Recurring Gains and Losses** | -260 million to -290 million yuan | - | - The financial data in this performance forecast are preliminary estimates by the company's finance department and have not been audited by a certified public accountant[4](index=4&type=chunk) - This performance forecast applies to situations where net profit is negative[3](index=3&type=chunk) [Operating Performance and Financial Position in the Same Period Last Year](index=1&type=section&id=II.%20Operating%20Performance%20and%20Financial%20Position%20in%20the%20Same%20Period%20Last%20Year) H1 2024 saw a net loss of **-141.93 million yuan** attributable to the parent company, with basic EPS at **-0.0364 yuan** H1 2024 Performance Overview | Indicator | H1 2024 Amount (RMB) | | :--- | :--- | | Total Profit | -175.40 million yuan | | Net Profit Attributable to Parent Company Shareholders | -141.93 million yuan | | Net Profit After Deducting Non-Recurring Gains and Losses | -140.25 million yuan | | Basic Earnings Per Share | -0.0364 yuan | [Main Reasons for Performance Change in the Current Period](index=2&type=section&id=III.%20Main%20Reasons%20for%20Performance%20Change%20in%20the%20Current%20Period) Expanded loss is primarily due to intensified competition, subdued demand, and increased exchange losses - Changes in market supply and demand have intensified industry competition, with downstream demand growth falling short of expectations, keeping product processing fees at a low level[7](index=7&type=chunk) - Decreased selling prices of the company's main products led to a decline in gross profit[7](index=7&type=chunk) - Affected by exchange rate fluctuations, the company's recognized exchange losses increased, further exacerbating the overall loss[7](index=7&type=chunk) [Risk Warning and Other Notes](index=2&type=section&id=IV.%20Risk%20Warning%20and%20Other%20Notes) This preliminary, unaudited forecast has no major uncertainties; final data will be in the 2025 semi-annual report, investors should note risks - This performance forecast is a preliminary accounting result from the company's finance department and has not been audited by a certified public accountant[7](index=7&type=chunk) - The company states that there are no significant uncertainties affecting the accuracy of this performance forecast[7](index=7&type=chunk) - The final accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report; investors are advised to be aware of investment risks[8](index=8&type=chunk)

三房巷（600370）公告，预计2025年半年度实现归属于母公司所有者的净利润-2.5亿元到-2.8亿元，与 上年同期相比，亏损增加76.15%到97.28%。预计2025年半年度实现归属于母公司所有者的扣除非经常 性损益后的净利润-2.6亿元到-2.9亿元。 ...

| 证券代码：600370 | 证券简称：三房巷 | 公告编号：2025-053 | | --- | --- | --- | | 转债代码：110092 | 转债简称：三房转债 | | 江苏三房巷聚材股份有限公司 关于参与认购投资基金份额进展暨完成 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法律责任。 一、对外投资概述 （有限合伙）合伙协议》，公司作为有限合伙人以自有资金人民币 1,000.00 万元 出资认购厦门衫势卓然壹号创业投资基金合伙企业（有限合伙）（以下简称"投资 基金"）份额，出资占比 50.00%。具体内容详见公司 2025 年 6 月 25 日披露于上 海证券交易所网站（www.sse.com.cn）的《江苏三房巷聚材股份有限公司关于参 与认购投资基金份额的公告》（公告编号：2025-050）。 江苏三房巷聚材股份有限公司（以下简称"公司"）近期与优势金控（上海） 资产管理有限公司等合作方签署了《厦门衫势卓然壹号创业投资基金合伙企业 1 公司将持续关注上述投资基金的后续进展情况，依据相关法律法规的要求及 时履行信息披 ...

| 证券代码：600370 | 证券简称：三房巷 | 公告编号：2025-052 | | --- | --- | --- | | 转债代码：110092 | 转债简称：三房转债 | | 江苏三房巷聚材股份有限公司 可转债转股结果暨股份变动公告 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法律责任。 累计转股情况："三房转债"转股期起止日期为2023年7月12日至2029年1 月5日。截至2025年6月30日，累计已有人民币881,000元"三房转债"转换为公司A 股股票，累计转股数为291,708股，占可转债转股前公司已发行股份总额的 0.0075%。 未转股可转债情况：截至2025年6月30日，尚未转股的"三房转债"金额为 人民币2,499,119,000元，占可转债发行总量的99.9648%。 本季度转股情况：自2025年4月1日至2025年6月30日期间，共有人民币 28,000元"三房转债"转换为公司A股股票，因转股形成的股份数量为9,270股。 一、可转债发行上市概况 经中国证券监督管理委员会《关于核准江苏三房巷聚材股份有限 ...