证券代码：002064 证券简称：华峰化学 公告编号：2025-048 华峰化学股份有限公司 （二）审议通过了《关于修订<股东大会议事规则>等相关制度的议案》。 具体内容详见公司 2025 年 8 月 28 日刊登于证券时报、中国证券报、巨潮资 讯网（http://www.cninfo.com.cn）的《关于修订<公司章程>及制定、修订部分公 司制度的公告》。 表决结果：同意 9 票、反对 0 票、弃权 0 票。本议案尚需提交股东大会审议。 第九届董事会第十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 华峰化学股份有限公司（以下简称"公司"）第九届董事会第十三次会议通 知于 2025 年 8 月 22 日以电子邮件或专人送达方式发出，会议于 2025 年 8 月 26 日以现场结合通讯表决的方式召开，董事苗迎彬先生、独立董事高卫东先生、宋 海涛先生、潘彬先生以通讯表决方式参加。会议由董事长尤飞煌先生主持。本次 会议应到董事 9 人，实到 9 人，公司监事、高级管理人员列席会议，符合《公司 法》和《公司章程》的有关规定 ...

证券代码：002064 证券简称：华峰化学 公告编号：2025-050 华峰化学股份有限公司 三、现金分红方案的合理性说明 公司 2025 年中期利润分配预案符合《公司法》《上市公司监管指引第 3 号— 一、审议程序 公司于 2025 年 8 月 26 日召开第九届董事会第十三次会议和第九届监事会第 十一次会议，审议通过了《2025 年中期利润分配的预案》，本议案尚需提交公司 股东大会审议。 二、利润分配预案的基本情况 根据公司 2025 年半年度财务报告（未经审计），2025 年半年度，本公司母 公 司 实 现 净 利 润 123,288,043.03 元 ， 扣 除 2024 年 度 利 润 分 配 现 金 红 利 744,381,584.55 元，加上母公司年初未分配利润 1,519,453,394.13 元，截止 2025 年 6 月 30 日，母公司可供股东分配的利润 898,359,852.61 元。截止 2025 年 6 月 30 日，合并报表中可供股东分配的利润为 17,011,693,114.95 元。综上，根据孰 低原则，本年可供股东分配的利润为 898,359,852.61 元。 在综合 ...

Group 1 - The chemical fiber sector increased by 2.11% on August 26, with Haiyang Technology leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] - Haiyang Technology's stock price rose by 10.01% to 35.94, with a trading volume of 84,100 shares and a transaction value of 293 million yuan [1] Group 2 - The main funds in the chemical fiber sector experienced a net outflow of 7.12 million yuan, while retail funds saw a net outflow of 16.51 million yuan [3] - Speculative funds had a net inflow of 23.63 million yuan [3]

Group 1 - Core conclusion for 汇顶科技 (603160.SH): The company is a global leader in fingerprint sensors, with strong growth potential across its four core businesses: sensing, AI computing, connectivity, and security. Revenue projections for 2025-2027 are 55.24 billion, 65.8 billion, and 78.4 billion CNY, with net profits of 8.56 billion, 10.78 billion, and 12.68 billion CNY respectively [1][9] - In the first half of 2025, 汇顶科技 achieved revenue of 22.51 billion CNY, a slight decrease of 0.2% year-on-year, while net profit increased by 35.7% to 4.31 billion CNY. The gross margin was 43.3% and net margin was 19.1% [6][7] - The company launched several new products, including a new light sensor and enhanced NFC solutions, which are expected to drive growth during the upcoming consumer electronics peak season [8][9] Group 2 - Core conclusion for 聚辰股份 (688123.SH): The company is experiencing significant growth in its DDR5 SPD and automotive-grade EEPROM products, with revenue projections for 2025-2027 at 13.09 billion, 17.95 billion, and 24.03 billion CNY, and net profits of 4.42 billion, 6.32 billion, and 8.67 billion CNY respectively [2][13] - In the first half of 2025, 聚辰股份 reported revenue of 5.75 billion CNY, an increase of 11.69% year-on-year, and net profit of 2.05 billion CNY, up 43.50%. The gross margin improved to 60.25% [11][12] Group 3 - Core conclusion for 芒果超媒 (300413.SZ): The company maintains stable performance in its 芒果 TV platform, with revenue projections for 2025-2027 at 14.47 billion, 15.10 billion, and 18.95 billion CNY, reflecting year-on-year growth of 6%, 4%, and 25% respectively [3][16] - In the first half of 2025, 芒果超媒 achieved revenue of 59.64 billion CNY, a decrease of 14.31% year-on-year, with net profit of 7.63 billion CNY, down 28.31%. The company is focusing on content investment to enhance user engagement [15][16] Group 4 - Core conclusion for 特宝生物 (688278.SH): The company is experiencing high growth in its product pipeline, particularly with 派格宾, and is actively expanding its early-stage innovative pipeline. Revenue projections for 2025-2027 are 36.96 billion, 49.38 billion, and 64.70 billion CNY, with net profits of 10.91 billion, 14.42 billion, and 18.98 billion CNY respectively [4][20] - In the first half of 2025, 特宝生物 reported revenue of 15.1 billion CNY, a growth of 27.0%, and net profit of 4.3 billion CNY, up 40.6% [18][19] Group 5 - Core conclusion for 华峰化学 (002064.SZ): The company is projected to achieve stable long-term growth despite a decline in revenue in the first half of 2025. Revenue projections for 2025-2027 are 277.84 billion, 293.43 billion, and 305.67 billion CNY, with net profits of 21.33 billion, 28.64 billion, and 31.46 billion CNY respectively [29][31] - In the first half of 2025, 华峰化学 reported revenue of 121.37 billion CNY, a decrease of 11.70%, and net profit of 9.83 billion CNY, down 35.23% [29][30]

Core Viewpoint - The spandex industry in China is experiencing significant growth driven by increasing demand in various sectors, particularly in textiles and medical applications, while facing challenges related to pricing and supply-demand dynamics [1][12][20]. Industry Overview - Spandex, known for its exceptional elasticity and durability, is widely used in textiles, medical supplies, and industrial applications. Its production is primarily based on polyurethane, with a notable elongation rate of 500%-800% and over 95% recovery [2][4]. - The Chinese spandex industry is characterized by a concentrated midstream sector, with leading companies like Huafeng Chemical holding nearly 80% of the market share [4][16]. Production and Capacity - China's spandex production capacity is projected to increase from 950,000 tons in 2020 to 1,380,000 tons by 2024, with an annual growth rate of 9.78% [10][12]. - By 2025, the total production capacity is expected to exceed 1,440,000 tons, further solidifying China's position as the largest global producer [10][21]. Demand and Consumption - The demand for spandex is anticipated to maintain an annual growth rate of over 7%, driven by sectors such as sportswear and medical textiles, with functional and high-end applications gaining traction [20][22]. - The textile and apparel sector accounts for over 70% of spandex consumption, with rapid growth in sportswear and underwear segments [1][6]. Pricing Trends - The spandex market has seen a cumulative price decline of 19.11% in 2024, with expectations of a fluctuating price trend in 2025 [14][20]. - Current market conditions reflect a lack of cost support and pronounced supply-demand conflicts, limiting upward price movement [14]. Competitive Landscape - The spandex industry in China is marked by a concentration of leading players, with the top three companies holding a market share of 57% as of 2024 [16][20]. - Smaller companies are increasingly focusing on differentiated products and transitioning towards sustainable practices to remain competitive [16][18]. Future Development Trends - The industry is expected to shift towards structural optimization, innovation-driven growth, and green development, with a focus on high-quality production and technological advancements [20][23]. - Key trends include a slowdown in capacity expansion, a rise in demand for high-end and functional products, and a transition towards low-carbon and intelligent manufacturing processes [21][22][23].

Group 1 - The core viewpoint of the article highlights the recent movements of social security funds in the A-share market, revealing that they have entered the top ten circulating shareholders of 71 new stocks in the second quarter of 2025 [1] - Su Shi Testing has the highest number of new social security fund holdings, with 3 new holdings, while Shanghai Jahwa and Xin Qiang Lian each have 2 new holdings [1] - The article provides a detailed list of companies that have seen new social security fund investments, including their respective shareholding numbers, quantities, and market values [2][3][4][5] Group 2 - Specific companies mentioned include Su Shi Testing with 1,486.20 thousand shares valued at 213 million yuan, Shanghai Jahwa with 1,150.51 thousand shares valued at 242 million yuan, and Xin Qiang Lian with 555.56 thousand shares valued at 199 million yuan [2][3] - Other companies with new social security fund holdings include Hengdian East Magnetic, Nuofushin, and Baichu Electronics, each with 1 new holding, along with their respective share quantities and market values [2][3][4] - The article lists a total of 71 companies that have received new investments from social security funds, indicating a diverse range of industries from agriculture to electronics and pharmaceuticals [2][3][4][5]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 11 yuan [2][8]. Core Views - The company reported a resilient performance despite industry downturns, with a notable increase in cash flow [2][3]. - The report highlights that the spandex segment's profitability has improved against a backdrop of industry challenges, with a focus on product structure optimization [2][3]. - The report anticipates a recovery in profitability across various segments as market conditions improve, particularly with the exit of underperforming capacities [2][3]. Financial Summary - For the first half of 2025, the company achieved a revenue of 12.14 billion yuan, a decrease of 11.7% year-on-year, and a net profit of 983 million yuan, down 35.2% year-on-year [2]. - The second quarter of 2025 saw revenues of 5.82 billion yuan, a decline of 17.8% year-on-year, with a net profit of 479 million yuan, down 42.6% year-on-year [2]. - The company expects net profits to recover to 2.27 billion yuan in 2025, with growth rates projected at 2.2%, 19.7%, and 27.4% for the following years [4][8]. Segment Performance - The spandex segment experienced a revenue decline of 9.43% in the first half of 2025, but its gross margin improved by 3.68 percentage points [2][3]. - The adipic acid segment faced a revenue drop of 15.01% with a significant decline in gross margin due to raw material price fluctuations [2][3]. - The shoe sole liquid segment's revenue decreased by 8.82%, but it maintained relative stability in profitability [2][3]. Market Outlook - The report suggests that the company is well-positioned to benefit from the market exit of underperforming capacities and the upcoming inventory replenishment cycle in the U.S. manufacturing sector [2][3]. - The anticipated recovery in profitability is expected to be driven by the company's ability to leverage its technological advantages into scale advantages [2][3].

Group 1 - The core viewpoint of the report highlights the increasing demand for spandex driven by its growing penetration in the textile and apparel sector, with 76% of spandex used for clothing production in 2024 and an apparent consumption volume of 102.69 million tons, reflecting a compound annual growth rate of 9.21% from 2020 to 2024, significantly higher than other mainstream fibers like polyester filament and staple [1][2] - The sales revenue of domestic apparel, footwear, and textile categories is expected to grow year-on-year from 2023 to 2024, with a cumulative sales increase of 3.10% in the first half of 2025, indicating a positive trend in clothing consumption that will further boost spandex demand [2] - The emergence of trendy products such as yoga and sun-protective clothing since 2020 has notably driven the overall demand for spandex, alongside a projected export volume of 7.88 million tons in 2024, marking a year-on-year growth of 13.23% [2] Group 2 - The spandex industry is currently facing severe overcapacity, with nominal production capacity consistently exceeding apparent consumption since 2022, leading to prolonged negative profit margins and high inventory levels [3] - As of August 2025, the average gross profit margin for spandex is projected to be -5,217 yuan per ton, indicating over two years of continuous losses, which has resulted in reduced operational willingness among companies and a decline in overall industry operating rates [3] - The exit of outdated production capacities is underway, exemplified by the closure of operations by companies like Taiguang and Xiaoxing, which will contribute to the gradual clearing of excess capacity in the spandex industry [3][4] Group 3 - The supply-demand dynamics of the spandex market may gradually improve as excess capacity is cleared, with leading companies likely to benefit first from this shift [4] - In 2024, leading spandex manufacturers Huafeng Chemical and Xinxiang Chemical Fiber are expected to have unit costs of 22,406 and 25,263 yuan per ton, respectively, which are significantly lower than the industry average of 29,711 yuan per ton, allowing them to maintain positive gross margins of 13.66% and 0.30% despite a challenging market environment [5] - If no substantial anti-involution policies are implemented, the ongoing capacity clearing combined with rising demand could lead to gradual improvements in the spandex industry's overall market conditions, with Huafeng Chemical recommended as a key investment target [5]

Core Viewpoint - The spandex industry is expected to benefit from increased downstream penetration and functional consumption trends, with a projected apparent consumption of 1.0269 million tons in 2024, reflecting a compound annual growth rate (CAGR) of 9.21%, significantly higher than polyester and other synthetic fibers [1][2]. Demand Side Summary - The demand for spandex is primarily concentrated in the textile and apparel sector, with 76% of spandex used for clothing production in 2024. The CAGR for apparent consumption from 2020 to 2024 is projected at 9.21%, outpacing mainstream synthetic fibers like polyester [2]. - Sales in domestic apparel, footwear, and textiles are expected to grow year-on-year from 2023 to 2024, with a cumulative sales growth of 3.10% in the first half of 2025. This growth in clothing consumption is anticipated to further drive spandex demand [2]. - The emergence of trendy products such as yoga and sun-protective clothing since 2020 has significantly boosted overall spandex demand. In 2024, spandex exports are projected to reach 78,800 tons, a year-on-year increase of 13.23%, providing strong support for spandex demand [2]. Supply Side Summary - The spandex industry is facing severe overcapacity, with negative profit margins and historically high inventory levels. In 2024, new spandex capacity is expected to increase by 135,000 tons, a year-on-year growth of 10.88%, continuing a trend of overcapacity since 2022 [3]. - The average gross profit for spandex is projected to be -5,217 yuan per ton by August 2025, indicating over two years of continuous losses. High inventory levels are affecting operational willingness, leading to a decline in overall industry operating rates compared to the same period in 2024 [3]. - Some companies are beginning to clear out outdated capacity, with reports of production line shutdowns, such as Tai Guang Industry and Xiao Xing Spandex, indicating that capacity reduction is underway [3]. Market Outlook - With the ongoing capacity clearance, the supply-demand balance in the spandex market may gradually improve, allowing leading companies to benefit first. The unit costs for leading firms like Huafeng Chemical and Xinxiang Chemical Fiber are significantly lower than the industry average, enabling them to maintain positive gross margins even in a low-demand environment [4]. - If no substantial anti-competitive policies are implemented, the spandex industry may see gradual improvement in market conditions as demand increases. The potential for capacity upgrades or clearances of older production facilities could alleviate supply pressures in the future [4]. - Recommended stocks include Huafeng Chemical, with beneficiaries including Xinxiang Chemical Fiber and Taihe New Materials [4].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The demand for spandex is expected to continue growing due to increasing penetration rates in the textile industry and rising consumer preferences for comfort [5][13] - The spandex industry is currently facing severe overcapacity, with outdated production capacity gradually being eliminated [6][22] - The supply-demand dynamics are expected to improve as outdated capacity is cleared, benefiting leading companies in the industry [7][44] Summary by Sections Demand Side - Spandex is primarily used in the textile and apparel sector, with 76% of spandex consumption in 2024 dedicated to clothing production, resulting in an apparent consumption volume of 1.0269 million tons [5][14] - The compound annual growth rate (CAGR) for spandex apparent consumption from 2020 to 2024 is 9.21%, significantly higher than other mainstream fibers [14] - The retail sales of clothing, shoes, and textiles in China increased by 3.10% year-on-year in the first half of 2025, further driving spandex demand [14][19] Supply Side - The spandex industry has been experiencing significant overcapacity, with an average gross profit margin of -5,217 yuan/ton as of August 13, 2025, indicating prolonged losses [6][25] - In 2024, new spandex production capacity is expected to increase by 135,000 tons, with a year-on-year growth rate of 10.88%, continuing a trend of over 10% growth for three consecutive years [25][39] - The industry concentration ratio (CR5) stands at 79.53%, indicating a high level of market concentration among leading companies [33][35] Future Outlook - Leading companies such as Huafeng Chemical and Xinxiang Chemical Fiber are expected to benefit from their cost advantages, with unit costs significantly lower than the industry average [7][39] - The anticipated new production capacity for spandex in 2025 is only 111,000 tons, indicating a slowdown in capacity growth [33][48] - Recommended stocks include Huafeng Chemical, with other beneficiaries being Xinxiang Chemical Fiber and Taihe New Materials [45][48]