行业报告 | 行业点评 2025 年 08 月 13 日 | 投资评级 | | | --- | --- | | 行业评级 | 中性(维持评级) | | 上次评级 | 中性 | 作者 杨滨钰 分析师 SAC 执业证书编号：S1110524070008 yangbinyu@tfzq.com 唐婕 分析师 SAC 执业证书编号：S1110519070001 tjie@tfzq.com 张峰 分析师 SAC 执业证书编号：S1110518080008 zhangfeng@tfzq.com 行业走势图 -5% 1% 7% 13% 19% 25% 31% 2024-08 2024-12 2025-04 基础化工 沪深300 资料来源：聚源数据 相关报告 1 《基础化工-行业研究周报:国家发改 委：将碳排放评价纳入节能审查制度， 草酸、代森锰锌价格上涨》2025-08-12 2 《基础化工-行业点评:"反内卷"背 景 下 — —纯 碱 行 业 的 投 资 机 会 》 2025-08-06 3 《基础化工-行业研究周报:工信部等 5 部门联合发文，关于石化化工行业老 旧装置摸底评估，MDI、百草枯价格上 涨》 2025-08 ...

Core Insights - The total salary of CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The chemical fiber industry saw a total CFO salary of 12.80 million yuan, with an average salary of 640,000 yuan, reflecting a year-on-year increase of 4.38% [2] Salary Analysis - The highest-paid CFO in the chemical fiber industry is Sun Jie from Huafeng Chemical, earning 1.75 million yuan, which is 2.7 times the industry average [3] - The lowest-paid CFO is Qu Dajun from Jilin Chemical Fiber, with an annual salary of 160,000 yuan, only a quarter of the industry average [3] - Xu Ping from Youcai Resources experienced the highest salary increase, with a 93% rise to 572,600 yuan, despite the company's revenue declining by 3.7% [4] Educational and Age Demographics - In the chemical fiber industry, 70% of CFOs hold a bachelor's degree, while 15% have an associate degree and 15% have a master's degree [3] - Most CFOs are over 40 years old, with the youngest being 35 years old [3] Performance Metrics - Huafeng Chemical reported a revenue of 26.93 billion yuan in 2024, a 2.4% increase, but its net profit decreased by 10.4% to 2.22 billion yuan [3] - Jiejian Equipment achieved a revenue of 3.883 billion yuan, a 3.9% increase, but its net profit fell by 13.9% [3] Regulatory Actions - Two CFOs in the chemical fiber industry faced administrative penalties in 2024, with one receiving a warning from the Henan Securities Regulatory Bureau [5][6]

Group 1 - The core point of the article highlights the recent performance and financial metrics of Xinxiang Chemical Fiber Co., Ltd., including a stock price increase and significant changes in revenue and profit [1][3] - As of August 6, 2025, Xinxiang Chemical Fiber's stock closed at 4.12 yuan, up 5.37%, with a trading volume of 1.0822 million hands and a transaction amount of 439 million yuan [1] - The company reported total revenue of 1.881 billion yuan for Q1 2025, a year-on-year decrease of 4.40%, and a net profit attributable to shareholders of 27.65 million yuan, down 55.57% year-on-year [1] Group 2 - The company has a current liquidity ratio of 1.493 and a quick ratio of 0.933, indicating its short-term financial health [1] - Xinxiang Chemical Fiber has made investments in 13 enterprises and participated in 5,000 bidding projects, showcasing its active engagement in the market [2] - The company holds 53 trademark registrations and 339 patents, along with 371 administrative licenses, reflecting its commitment to innovation and compliance [2]

Core Viewpoint - The demand for regenerated cellulose fibers is increasing due to rising environmental awareness and government policies, leading to expanded production and market opportunities in the industry [1][13]. Industry Overview - Regenerated cellulose fibers are made from natural cellulose sources without altering their chemical structure, resulting in improved physical properties such as moisture absorption and breathability compared to cotton [3][5]. - The production of regenerated cellulose fibers in China is projected to reach 5.155 million tons in 2024, representing a year-on-year increase of 7.5% [1][13]. - The main categories of regenerated cellulose fibers include viscose fibers and differentiated fibers, with viscose fibers dominating the market, expected to reach 4.435 million tons in 2024, accounting for 86% of the total production [14]. Industry Chain - The industry chain encompasses the procurement of raw materials like cotton, hemp, bamboo, and trees, leading to applications in clothing and home textiles [9][11]. - Regenerated cellulose fibers are widely used in clothing due to their breathability and moisture absorption, as well as in home textiles like towels and curtains [9]. Competitive Landscape - Leading companies in the regenerated cellulose fiber industry include Xinjiang Zhongtai Chemical Co., Ltd., Nanjing Chemical Fiber Co., Ltd., and New乡化纤股份有限公司, which leverage technology and brand strength to maintain market share [16][17]. - Smaller and medium-sized enterprises are also emerging, focusing on technological upgrades and niche market development [16]. Development Trends - The industry is expected to undergo intelligent upgrades, with technologies like vortex spinning enhancing production efficiency and product quality [21]. - Market demand for regenerated cellulose fibers is anticipated to grow across various sectors, including apparel, home textiles, and medical applications, driven by increasing environmental consciousness [22]. - There is a trend towards product diversification, with companies developing functional fibers to meet specific consumer needs, such as temperature-regulating and antibacterial properties [24].

Investment Rating - The report maintains a recommendation for the chemical industry, indicating a positive outlook due to the anticipated benefits from anti-involution policies [2]. Core Insights - The chemical industry is expected to benefit from the implementation of anti-involution policies, which aim to reduce unhealthy competition and improve pricing structures [13][14]. - The report highlights that certain chemical products are currently at historical low prices, suggesting potential for price recovery as market conditions improve [15]. - The focus is on eight specific products with significant price recovery potential: spandex, organic silicon, PVC, titanium dioxide, soda ash, propylene oxide, glyphosate, and TDI [15]. Summary by Sections Anti-Involution Policies - The government is committed to addressing "involution-style" competition, with plans for new policies to stabilize key industries including chemicals [13][14]. - The aim is to eliminate low-cost sales practices that have led to unsustainable pricing and profitability issues within the industry [14]. Spandex Market - Spandex prices have reached historical lows, with a steady increase in production and inventory pressures [19][22]. - The spandex market is dominated by major players such as Huafeng Chemical and Xinxiang Chemical Fiber, which hold significant market shares [29][40]. Organic Silicon Market - Organic silicon prices are at a five-year low, with a diverse range of applications across various industries [44][49]. - The industry is characterized by limited new capacity additions, with major producers like Hoshine Silicon and Dongyue Group leading the market [55]. PVC Market - PVC is a widely used plastic, primarily in the real estate sector, and is expected to benefit from the consolidation of production capacity [6][19]. - Key companies in the PVC market include Zhongtai Chemical and Xinjiang Tianye, which are positioned to capitalize on market recovery [6]. Titanium Dioxide Market - Titanium dioxide prices have hit five-year lows, with high inventory levels impacting profitability [6][19]. - Major players in this sector include China Nuclear Titanium Dioxide and Longbai Group, which are expected to navigate the challenging market conditions [6]. Soda Ash Market - The soda ash market is facing high inventory levels, with significant applications in real estate and photovoltaic industries [6][19]. - Key companies include Boyuan Chemical and Shandong Haihua, which are well-positioned to benefit from future demand recovery [6]. Propylene Oxide Market - Propylene oxide has a low concentration of production capacity, with broad applications across various sectors [6][19]. - Key players include Binhai Chemical and Weiyuan Chemical, which are expected to benefit from market dynamics [6]. Glyphosate Market - Glyphosate is the most widely used herbicide globally, with increasing demand driven by rising agricultural output [6][19]. - Major companies in this space include Xingfa Group and Jiangshan Chemical, which are positioned to benefit from a favorable market environment [6]. TDI Market - TDI supply-demand dynamics remain tight due to production disruptions, with significant barriers to entry for new players [6][19]. - Key companies include Cangzhou Dahua and Wanhua Chemical, which are expected to maintain strong market positions [6].

Summary of the Conference Call for Xinxiang Chemical Fiber Company Overview - **Company**: Xinxiang Chemical Fiber - **Industry**: Chemical Fiber Production, specifically focusing on viscose filament and spandex Key Points and Arguments Financial Performance - In Q1, the gross margin for viscose filament was under pressure due to rising wood pulp prices and RMB depreciation, leading to a decline in overall profits despite stable selling prices [2][3] - Q2 saw a slight recovery in gross margin for viscose filament, but it remained below the average level of the previous year by approximately 200-300 RMB/ton [3] - Spandex experienced a small price increase in Q1, but due to US-China tariff disputes, Q2 margins decreased, resulting in losses, although sales volume exceeded 100,000 tons, showing significant year-on-year growth [2][3] - The company reported a net loss in Q2, with only minimal gross profit, as both PDG and spandex prices were slowly declining [27] Business Development - The company’s mycelium grass business in Xinjiang is progressing well, with production starting at the end of Q1 and a planting area reaching 30,000 acres, expected to expand to 70,000-100,000 acres next year [2][4] - Mycelium grass is aimed at addressing the domestic shortage of dissolving pulp, with plans to enhance brand application and research [2][4] - The cost of mycelium pulp is currently higher than imported wood pulp, and the key to reducing costs lies in expanding planting areas for economies of scale [10] Production and Capacity - The company plans to increase short-line processing capacity to validate mycelium grass applications and utilize existing equipment for hotel linen recycling, with an expected addition of around 5,000 tons of experimental production line [23] - The company is not planning to expand traditional chemical fiber production in Xinjiang but is focusing on physical method viscose filament production [20] Market Dynamics - The spandex market is significantly affected by tariff policies, while viscose filament has been less impacted due to the cessation of trade with the US since 2017-2018 [24] - The overall market for spandex is experiencing a slowdown in domestic apparent consumption growth, estimated at less than 5% [26] - Small capacity companies are gradually exiting the market, leading to a rise in Xinxiang Chemical Fiber's ranking in the spandex industry to second place [29][31] Environmental and Certification Efforts - The company is applying for green certification and engaging in carbon trading, with expectations of generating over 500 RMB per acre in carbon credits once certification is achieved [11][12] - Mycelium grass cultivation has ecological benefits, including windbreak and carbon sequestration [11] Future Outlook - The company anticipates that by the end of 2025, the planting area will reach 30,000 acres, producing approximately 5,000 tons of mycelium grass [14] - Future production plans include scaling up to 30,000 tons or even 100,000 tons, with initial products primarily for internal use to understand their characteristics better [15] - The company expects to sell 20% of its products externally in 2025, with the proportion depending on production levels in 2026 [16] Challenges and Risks - The company faces challenges with cash flow, similar to other industry players, as many are waiting for significant events to drive further development [28] - The overall industry is experiencing a phase of consolidation, with smaller companies facing shutdowns and larger companies like Huafeng expanding capacity [29][33] Additional Insights - The company’s spandex inventory is currently around 50 days, indicating a manageable stock level [37] - The impact of recent high temperatures has increased sales of sun-protective fabrics, but prices have not significantly risen [34] This summary encapsulates the key insights from the conference call, highlighting the financial performance, business developments, market dynamics, environmental efforts, future outlook, and challenges faced by Xinxiang Chemical Fiber.

证券代码：000949 证券简称：新乡化纤 公告编号：2025-022 新乡化纤股份有限公司 关于 2025 年半年度计提资产减值准备的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、计提资产减值准备的情况 为了真实、准确地反映新乡化纤股份有限公司及子公司（以下简称"公司"） 2025 年 06 月 30 日的财务状况和 2025 年 1-6 月（以下简称"报告期"）的经营 成果，公司依据《企业会计准则》以及公司相关会计政策的规定，经过对应收款 项、存货、固定资产等各项资产进行全面清查和分析测试，计提应收账款坏账准 备 1,127.56 万元，冲回其他应收款坏账准备 3.34 万元，计提存货跌价准备 1,500.79 万元，计提固定资产减值准备 1,025.8 万元，合计计提资产减值准备 3,650.81 万 元。 二、计提资产减值准备的说明 资产减值准备计提情况如下： | 项目 | | 年半年度计提金额 2025 | | | --- | --- | --- | --- | | 一、坏账准备 | | | | | 应收账款 | | | 1,127.5 ...

[Xinxiang Chemical Fiber Co., Ltd. 2025 Semi-Annual Performance Forecast](index=1&type=section&id=%E6%96%B0%E4%B9%A1%E5%8C%96%E7%BA%A4%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B82025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A) [Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company forecasts a significant year-on-year decline of 53%-63% in net profit attributable to shareholders for H1 2025, with net profit after non-recurring items falling 74%-79% Performance Forecast Summary | Item | Current Period (2025 H1 Forecast) | Prior Period (2024 H1) | YoY Change | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: 56 million CNY – 71 million CNY | Profit: 151.49 million CNY | Decrease 53% - 63% | | **Net Profit After Non-Recurring Items** | Profit: 32 million CNY – 40 million CNY | Profit: 151.71 million CNY | Decrease 74% - 79% | | **Basic Earnings Per Share** | Profit: 0.0338 CNY/share – 0.0429 CNY/share | Profit: 0.1036 CNY/share | - | [Pre-Audit Status of Performance Forecast](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E9%A2%84%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) 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 - The financial data related to this performance forecast have not been audited by a certified public accountant[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The substantial year-on-year performance decline is mainly due to profitability pressures in biomass cellulose filament from rising raw material costs and squeezed margins in spandex fiber from falling product prices - Biomass cellulose filament business: Unit costs increased due to a year-on-year rise in raw material prices, leading to a decrease in gross margin and gross profit[5](index=5&type=chunk) - Spandex fiber business: Product selling prices declined more significantly than costs, resulting in squeezed gross profit margins and a reduced contribution to overall performance[5](index=5&type=chunk) [Risk Warning and Other Relevant Information](index=1&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA%E5%8F%8A%E5%85%B6%E4%BB%96%E7%9B%B8%E5%85%B3%E8%AF%B4%E6%98%8E) The company explicitly states that this performance forecast is a preliminary estimate, and the final accurate financial data will be subject to the officially disclosed 2025 semi-annual report, advising investors to be aware of investment risks - This performance forecast is a preliminary estimate by the company's finance department, and specific financial data will be subject to the company's officially disclosed 2025 semi-annual report[6](index=6&type=chunk) - The company's designated information disclosure media are Securities Times and Juchao Information Network, and investors are reminded to make prudent decisions and be aware of investment risks[6](index=6&type=chunk)[7](index=7&type=chunk) [Reference Documents](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6) The Board of Directors' explanation regarding this 2025 semi-annual performance forecast has been made available as a reference document - The reference document is "Explanation of Xinxiang Chemical Fiber Co., Ltd. Board of Directors Regarding the 2025 Semi-Annual Performance Forecast"[8](index=8&type=chunk)

Group 1 - Silver Hua Fund recently conducted research on Xinxiang Chemical Fiber (000949), focusing on its development strategy for 2024, which emphasizes strengthening its main business and extending its industry [1] - Xinxiang Chemical Fiber plans to produce 96,368 tons of biomass cellulose filament and 183,212 tons of spandex fiber in 2024, with projected annual revenue of 736,577.45 million yuan and a net profit of 24,555.25 million yuan [1] - The spandex fiber industry is experiencing a dual increase in supply and demand, leading to higher industry concentration, although price declines are influenced by raw material price fluctuations and weak downstream operations [1] Group 2 - The biomass cellulose filament industry is seeing capacity growth, with downstream demand increasing due to consumer trends, resulting in significant profit growth [1] - The industrialization project for mushroom grass biomass cellulose filament is progressing as planned [1]

Group 1 - The core viewpoint of the article highlights that Xinxing Chemical Fiber is focusing on strengthening its main business and extending its industry through a green low-carbon transformation strategy in 2024 [1] - Xinxing Chemical Fiber plans to produce 96,368 tons of biomass cellulose filament and 183,212 tons of spandex fiber in 2024, with an expected annual revenue of 736,577.45 million yuan and a net profit of 24,555.25 million yuan [1] - The spandex fiber industry is experiencing a dual increase in supply and demand, leading to higher industry concentration, although prices are under pressure due to raw material price fluctuations and weak downstream operations [1] Group 2 - The biomass cellulose filament industry is seeing capacity growth, with downstream demand increasing due to consumer trends, resulting in a significant rise in profit levels [1] - The project for the industrialization of mycelium biomass cellulose is progressing as planned [1]