Group 1 - The company plans to distribute a cash dividend of 0.25 yuan per share (including tax) to all shareholders as part of the 2024 equity distribution plan, without issuing bonus shares or increasing capital from the capital reserve [2][3] - The convertible bonds "Tai 21 Convertible Bonds" will be suspended from conversion starting from the day before the equity distribution record date until the first trading day after the record date [1][2] - Holders of the convertible bonds can convert their bonds into shares until June 3, 2025, to enjoy the benefits of the equity distribution [2][3] Group 2 - The company will adjust the total distribution amount if there are changes in the total share capital due to bond conversions, share buybacks, or other corporate actions between the announcement date and the equity distribution record date [2] - The company has ensured that the announcement content is truthful, accurate, and complete, taking legal responsibility for it [1]

| 证券代码：603055 | 证券简称：台华新材 | | 公告编号：2025-045 | | --- | --- | --- | --- | | 转债代码：113638 | 债券简称：台 转债 | 21 | | 浙江台华新材料集团股份有限公司 关于实施 2024 年度权益分派时"台 21 转债"停止转 股的提示性公告 2、本次权益分派方案已经 2025 年 5 月 6 日召开的公司 2024 年年度股东大会 审议通过，具体详见公司 2025 年 5 月 7 日披露的《浙江台华新材料集团股份有限 公司 2024 年年度股东大会决议公告》（公告编号：2025-041）。 3、本次利润分配方案实施后，公司将根据《浙江台华新材料股份有限公司公 开发行可转换公司债券募集说明书》中发行条款及相关规定，对"台 21 转债"当 期转股价格进行调整。 二、本次权益分派方案实施时停止转股的安排 1、公司将于 2025 年 6 月 5 日在上海证券交易所网站（www.sse.com.cn）及 指定媒体披露权益分派实施公告和可转换公司债券转股价格调整公告。 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 ...

5月26日，台华新材连续6个交易日下跌，区间累计跌幅-8.21%。浙江台华新材料集团股份有限公司自2001年创建,目前已经在浙江嘉兴秀洲区、江苏苏州盛 泽镇以及江苏淮安洪泽区建成三大生产基地,实现了从再生、聚合、纺丝、加弹、织造、染整上下游一体化全产业链的发展,能够研发、生产环保健康、户外 运动、特种防护等三大系列、多种高档功能性锦纶面料,是国内少有的能够生产高档尼龙66-FDY产品的"国家火炬计划重点高新技术企业"。 | ○ 基金经理:袁维德 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 累计任职时间：8年又151天 | 任职記給日期：2016-12-28 现任基金公司：中欧基金管理有限公司 总规模 任期回报 | | 基金经理简介:袁维德先生:中国国籍.硕士研究生。中欧中生代基金经理,兼顾价值与成长,研 究范围覆盖金融工程、TMT、新能源、科技、大消费、等多个行业。2011年11月28日至2015 年7月17日任新华基金管理有限公司行业研究员。2015年7月加入中欧基金管理有限公司，任研 究员。2016年12月28日至 ...

证券代码：603055 证券简称：台华新材 公告编号：2025-044 转债代码：113638 债券简称：台 21 转债 浙江台华新材料集团股份有限公司 关于完成工商变更登记并换发营业执照的公告 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个别及连带责任。 浙江台华新材料集团股份有限公司（以下简称"公司"）2024 年年度股东 大会审议通过了《关于增加注册资本暨修订〈公司章程〉部分条款的议案》，同 意公司增加注册资本、修订《公司章程》及办理工商登记事宜。具体内容详见 露媒体上披露的《浙江台华新材料集团股份有限公司关于增加注册资本暨修订 法定代表人：施清岛 注册资本：捌亿玖仟零贰拾玖万贰仟陆佰叁拾叁人民币元 成立日期：2001 年 02 月 21 日 〈公司章程〉部分条款的公告》（公告编号：2025-034）。 近日，公司完成了工商变更登记手续，并取得了浙江省市场监督管理局换发 的《营业执照》，变更后相关信息如下： 公司名称：浙江台华新材料集团股份有限公司 统一社会信用代码：9133000072527923XB 公司类型：股份有限公司（ ...

| 证券代码：603055 | 证券简称：台华新材 | 公告编号：2025-044 | | --- | --- | --- | | 转债代码：113638 | 债券简称：台 21 转债 | | 浙江台华新材料集团股份有限公司（以下简称"公司"）2024 年年度股东 大会审议通过了《关于增加注册资本暨修订〈公司章程〉部分条款的议案》，同 意公司增加注册资本、修订《公司章程》及办理工商登记事宜。具体内容详见 2025 年 4 月 11 日在上海证券交易所网站（www.sse.com.cn）及公司指定信息披 露媒体上披露的《浙江台华新材料集团股份有限公司关于增加注册资本暨修订 〈公司章程〉部分条款的公告》（公告编号：2025-034）。 公司类型：股份有限公司（港澳台投资、上市） 公司住所：浙江省嘉兴市秀洲区王店镇工业园区 法定代表人：施清岛 近日，公司完成了工商变更登记手续，并取得了浙江省市场监督管理局换发 的《营业执照》，变更后相关信息如下： 公司名称：浙江台华新材料集团股份有限公司 浙江台华新材料集团股份有限公司 关于完成工商变更登记并换发营业执照的公告 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 ...

Core Viewpoint - The company, Taihua New Materials, is focusing on expanding its production capacity and enhancing its product offerings in the nylon industry, particularly in differentiated and sustainable products. Production Capacity - The company has a nylon filament production capacity of 34.5 million tons, with specific capacities of 18.5 million tons in Jiaxing, Zhejiang, and two projects in Huai'an, Jiangsu, with annual capacities of 100,000 tons and 60,000 tons respectively. In 2024, the production volume is expected to be 21.22 million tons, with sales volume at 20.16 million tons [2]. Ongoing and Planned Projects - The company is currently constructing a high-end nylon fabric weaving and dyeing project in Huai'an with an annual capacity of 200 million meters, which is progressing as planned and has recently undergone trial production. Additionally, a new production base in Vietnam is planned with an investment of up to $100 million for a project with an annual capacity of 60 million meters [3]. Raw Material and Sales Situation - The company sources recycled nylon materials from production waste and post-consumer products, ensuring a steady supply of raw materials. The demand for recycled materials is increasing globally due to heightened sustainability and environmental awareness. The company's recycled nylon products have received certifications such as GRS and OBP, and it has established deep collaborations with various domestic and international brands [4]. Application and Sales of Nylon 66 - Nylon 66, produced by the company, offers superior strength, abrasion resistance, comfort, and vibrant colors compared to conventional nylon materials, leading to higher product value and profit margins. The product is used in various sectors including sportswear, yoga, lingerie, home textiles, down jackets, children's clothing, and formal wear. The customer base and sales volume for Nylon 66 have seen significant growth in recent years [5]. Future Development Strategy - The company aims to strengthen its integrated nylon industry chain, leveraging its scale and full-chain advantages. It will focus on maintaining production capacity for conventional products while enhancing profitability for differentiated products. The strategy includes optimizing product and customer structures, increasing the sales proportion of differentiated products, and pursuing high-quality development through high-end, branded, intelligent, and green initiatives [6]. Financial Performance - In the first quarter of 2025, the company reported a main revenue of 1.478 billion yuan, a year-on-year increase of 0.38%. The net profit attributable to shareholders was 163 million yuan, up 8.92% year-on-year, while the net profit excluding non-recurring items decreased by 22.62% to 105 million yuan. The debt ratio stands at 55.32%, with investment income of 439,600 yuan and financial expenses of 33.01 million yuan, resulting in a gross margin of 22.33% [6]. Analyst Ratings - Over the past 90 days, 10 institutions have rated the stock, with 9 buy ratings and 1 hold rating. The average target price set by institutions is 14.48 yuan [6]. Financing Data - Recent financing data indicates a net inflow of 8.628 million yuan in the last three months, with an increase in financing balance. The net inflow of securities lending was 303,900 yuan, also showing an increase in the balance [8].

Core Viewpoint - The company, Taihua New Materials, is focusing on the nylon industry and expanding its integrated industrial chain, with significant projected revenue and profit growth for 2024. Group 1: Financial Performance - For 2024, the company expects to achieve operating revenue of 7.12 billion yuan and net profit of 730 million yuan, representing year-on-year growth of 39.8% and 61.6% respectively [1]. Group 2: Industry Position and Product Offering - The company has developed an integrated industrial chain in the nylon sector, covering recycling, regeneration, polymerization, spinning, texturing, weaving, and dyeing, with main products including nylon filament, grey fabric, and functional finished fabrics [1]. - The products are utilized in various fields such as apparel, home textiles, industrial applications, and specialty applications [1]. Group 3: Production Capacity and Expansion - The company has established three major production bases in Jiaxing, Suzhou, and Huai'an, and is investing in a new production base in Vietnam with a total investment of no more than 100 million USD, aimed at producing 60 million meters of grey fabric annually [1]. - The Huai'an production base project, which will produce 200 million meters of high-end nylon fabric, is progressing as planned and has recently completed trial production [3]. Group 4: Sustainability and Competitive Advantage - The company is focusing on the recycling of nylon raw materials, utilizing waste silk, edge scraps, and post-consumer fishing nets, ensuring a steady supply of recycled materials [2]. - The chemical recycling technology allows for high-quality regenerated nylon fibers, meeting the increasing global demand for sustainable materials [2]. - As a leader in nylon 66, the company has established advantages in product development, talent, management experience, and customer resources, with nylon 66 being recognized for its superior performance characteristics [2]. Group 5: Future Development Strategy - The company aims to strengthen its integrated nylon industrial chain, enhance its competitive advantages in differentiated products, and increase the sales proportion of these products [3]. - The strategic focus is on high-end, branded, intelligent, and green development, with the goal of becoming a global leader in green multifunctional nylon and high-end functional fabrics [3].

Core Viewpoint - Taihua New Materials (603055.SH) is facing challenges with "increasing revenue but decreasing profit," as indicated by its declining gross margin and recent financial performance, raising concerns in the market [1][2][4]. Financial Performance - In Q1 2025, Taihua New Materials reported revenue of 1.478 billion yuan, a year-on-year increase of 0.38%, while net profit attributable to shareholders was 163 million yuan, up 8.92% [2]. - However, the company's non-recurring net profit fell by 22.62% year-on-year, indicating a significant decline in profit quality [2]. - The gross margin for the company was 22.33%, slightly above the 20.58% recorded in the same period of 2023, but still at a historical low [4]. Market Dynamics - The decline in performance is attributed to seasonal fluctuations in market demand, as Q1 is typically a slow season for the textile industry, leading to reduced orders from downstream customers [2]. - The nylon textile industry is characterized by intense competition and relatively low market concentration, which has also impacted the company's revenue growth [2]. Cash Flow and Financial Health - Despite a significant improvement in net cash flow from operating activities, the company's cash reserves decreased from 1.03 billion yuan in 2024 to 732 million yuan by the end of Q1 2025, a decline of 13.15% [6]. Stock Price and Corporate Governance Issues - Since its IPO in 2017, Taihua New Materials' stock price experienced a significant rise in 2021, followed by a substantial decline, returning to levels close to its initial listing price [7]. - The company's actual controller and chairman, Shi Qingdao, along with the former secretary of the board, Dai Tao, are under investigation for alleged stock price manipulation, which has drawn considerable market attention [8][9].

公司报告 | 季报点评 公司自 2001 年创建以来，始终深耕锦纶产业，锦纶在强度和耐磨性、吸湿 性等方面具有突出特点，其广泛应用于服装行业中的超轻风衣、冲锋衣、 羽绒服、瑜伽服、速干衣、防寒服、休闲夹克、运动服、户外帐篷、睡袋 等，户外风潮有望带动锦纶需求。 江苏年产 10 万吨再生差别化锦纶丝项目和 6 万吨 PA66 差别化锦纶丝项目 已投产，2024 年取得了较好的效益。江苏织染项目于 2024 年 9 月开工建 设，目前项目建设正按计划有序推进，今年上半年将陆续有产能投产，项 目建成投产后将打通江苏淮安生产基地高端锦纶一体化产业链，进一步巩 固公司的行业地位。 公司实现营收 15 亿，同比+0.4%，归母净利润 1.6 亿，同比+9%，扣非归母 净利润 1.0 亿，同比-23%；非经常性损益 0.6 亿。 毛利率 22%，同比-1pct；净利率 11%，同比+1pct； 销售费率 1.16%，同比基本持平；管理费率/财务费率分别为 4.29%、2.23%， 同比均+1pct。 公司主要产品锦纶长丝销售 5.4 万吨，平均吨价 2.1 万元，同比-8.5%；原 材料己内酰胺采购吨价 0.9 万元，尼龙 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5][4] Core Views - The company benefits from the recent demand for outdoor and nylon products, with a focus on expanding production capacity in Vietnam [2][3] - The company has reported a revenue of 1.5 billion yuan for Q1 2025, a year-on-year increase of 0.4%, and a net profit attributable to shareholders of 160 million yuan, up 9% year-on-year [1] - The average selling price of nylon filament decreased by 8.5% year-on-year, attributed to a decline in raw material prices [1] Financial Performance - The gross margin stands at 22%, a decrease of 1 percentage point year-on-year, while the net margin is 11%, an increase of 1 percentage point year-on-year [1] - The company has adjusted its profit forecast, expecting net profits of 860 million, 1.1 billion, and 1.37 billion yuan for 2025, 2026, and 2027 respectively [4] - Earnings per share (EPS) are projected to be 0.97, 1.24, and 1.54 yuan for the same years [4] Production Capacity and Projects - The company has launched a 100,000-ton differentiated recycled nylon filament project and a 60,000-ton PA66 differentiated nylon filament project in Jiangsu, which are expected to yield good results in 2024 [2] - A new production base is being established in Vietnam with a total investment of no more than 100 million USD, aimed at optimizing the global supply chain [3] Market Position and Product Development - The company has established raw material recycling channels to ensure the supply of recycled nylon, with ongoing improvements in product quality and customer base expansion [3] - The company’s nylon 66 products are recognized for their excellent performance in various applications, including leisure sports and outdoor clothing [3]