证券代码：002092 证券简称：中泰化学 公告编号：2025-048 债券代码：148437 债券简称：23 新化 K1 新疆中泰化学股份有限公司 关于修订《公司章程》的公告 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。 新疆中泰化学股份有限公司（以下简称"公司"或"中泰化学"）于2025年9月 29日召开八届三十次董事会，审议通过了《关于修订<新疆中泰化学股份有限公 司章程>的议案》，具体内容如下： 一、《公司章程》修订情况 根据《上市公司章程指引》《上市公司股东会规则》《深圳证券交易所股票上 市规则》等相关法律、法规和规范性文件的规定，为进一步完善公司治理结构， 加强公司规范运作，结合公司实际情况，公司将不再设置监事会，《公司法》中 规定的监事会职权由董事会审计委员会承接，同时对《公司章程》中相关条款进 行了修订完善。 《公司章程》经股东会审议通过后，公司监事会将停止履职，公司监事自动 解任，《监事会议事规则》等监事会相关制度相应废止，公司各项规章制度中涉 及监事会、监事的规定不再适用。 | 原规定 | 修订后 | | --- | --- | | 第八 ...

证券代码：002092 证券简称：中泰化学 公告编号：2025-050 债券代码：148437 债券简称：23 新化 K1 新疆中泰化学股份有限公司 关于召开2025年第三次临时股东会通知的公告 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。 根据新疆中泰化学股份有限公司（以下简称"公司"）八届三十次董事会提 请股东会审议的有关议案，需提交股东会审议并通过。鉴于此，现提请召开股东 会，就本次股东会之有关事项说明如下： 一、会议召开基本情况 （一）股东会名称：2025 年第三次临时股东会 （二）会议召集人：公司董事会 （三）本次股东会由公司董事会提议召开，会议的召集程序符合《公司法》、 《深圳证券交易所股票上市规则》等法律、法规、规范性文件及《公司章程》的 规定。 （四）会议时间： 1、现场会议时间为：2025 年 10 月 15 日上午 12:00 2、网络投票时间为：2025 年 10 月 15 日，其中通过深圳证券交易所交易系 统进行网络投票的具体时间为：2025 年 10 月 15 日上午 9:15-9:25，9:30-11:30， 下午 13:00-1 ...

八届三十次董事会决议公告 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。 新疆中泰化学股份有限公司（以下简称"公司"或"中泰化学"）八届三十次董 事会会议于2025年9月24日以电话、电子邮件等方式发出会议通知，于2025年9 月29日以通讯表决方式召开。会议应参加表决的董事9名，实际参加表决的董事9 名，会议的召开程序符合《公司法》和《公司章程》的规定。会议就提交的各项 议案形成以下决议： 证券代码：002092 证券简称：中泰化学 公告编号：2025-047 债券代码：148437 债券简称：23 新化 K1 新疆中泰化学股份有限公司 本议案需提交公司 2025 年第三次临时股东会审议通过。 二、会议以赞成票 9 票，反对票 0 票，弃权票 0 票，审议通过关于修订《新 疆中泰化学股份有限公司股东会议事规则》的议案； 一、会议以赞成票 9 票，反对票 0 票，弃权票 0 票，审议通过关于修订《新 疆中泰化学股份有限公司章程》的议案； 根据《公司法》《上市公司章程指引》《深圳证券交易所股票上市规则》等 法律法规、规范性文件的规定，结合公司实际情况，公司将不再 ...

根据《新疆中泰化学股份有限公司 2023年面向专业投 资者公开发行科技创新公司债券(第一期)募集说明书》的 约定,23 新化 K1 的债券持有人在回售登记期内(2025年7 月 28 日至 2025年 8 月 1 日、2025年 8 月 7 日) 选择将其所 持有的23 新化K1全部或部分回售给新疆中泰化学股份有限 公司(以下简称"公司"或"发行人"),回售价格为100元/张 (不含利息),回售资金发放日为 2025年8月22 日。 债券简称:23 新化 K1 债券代码:148437. SZ 新疆中泰化学股份有限公司 23 新化 K1 债券转售实施结果公告 (以下无正文,为《新疆中泰化学股份有限公司 23 新 化 K1 债券转售实施结果公告》之签章页) 限公司 新疆中泰化学股份 9月 23日 20 25 根据中国证券登记结算有限责任公司深圳分公司提供 的数据,23 新化 K1 在回售登记期内回售数量 6,000,000.00 张,回售金额6亿元。 根据《回售结果公告》,发行人于 2025年8月25日至 2025年9月19日对回售债券实施转售,拟转售债券数量 6,000,000.00 张。本期债券回售转售通过深 ...

Group 1 - The core viewpoint of the articles highlights the growth in China's chemical fiber industry, with a projected production of 7.35 million tons in May 2025, representing a year-on-year increase of 5.2% [1] - Cumulative production from January to May 2025 is reported at 35.037 million tons, showing a cumulative growth of 5.5% [1] - The articles reference a market analysis report by Zhiyan Consulting, which covers the operational status and investment prospects of the chemical fiber industry in China from 2025 to 2031 [1][2] Group 2 - Listed companies in the chemical fiber sector include Xinxiang Chemical Fiber, Hengli Petrochemical, Huafeng Superfiber, and others [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports and tailored services [2]

Core Viewpoint - Xinjiang Zhongtai Chemical Co., Ltd. is focusing on improving operational performance through strategic production and sales alignment, technological innovation, and market expansion [2][3]. Company Summary - The company held a specific object research meeting on September 16, 2025, with Huatai Securities and Bosera Fund participating [1]. - Key personnel from the company, including the chairman and heads of various departments, were involved in the meeting [1]. Operational Strategies - The company is implementing a strategy of "sales-driven production and efficiency-driven sales" to enhance the connection between production and sales [2]. - Continuous optimization in technology, production processes, and product structure has led to improved profitability in the first half of 2025 [2]. - Future plans include increasing R&D investment, focusing on key technological breakthroughs, and accelerating the transformation of scientific achievements [2]. Market Conditions - In the domestic PVC market, strong bottom support is noted, with rising prices of raw materials like anthracite and calcium carbide enhancing cost support [2]. - The demand is expected to improve in the "golden September and silver October" period, although new supply capacity may suppress price rebounds [2]. - The "anti-involution" policy is anticipated to continue in the second half of the year, potentially leading to a reduction in PVC supply and a positive impact on prices [2]. Viscose Market Insights - The viscose market has experienced a downturn due to insufficient terminal demand and declining prices of dissolving pulp [3]. - A slight improvement in demand from cotton yarn enterprises has led to a decrease in inventory for viscose short fibers, with expectations of stable price increases influenced by various factors [3].

Group 1: Company Performance and Strategy - The company focuses on its core business and implements a "sales-driven production, efficiency-driven sales" strategy to enhance operational performance [2] - Continuous investment in R&D is emphasized to achieve breakthroughs in key technologies and product upgrades [2] - The company aims to optimize market layout, deepen existing markets, and actively explore emerging fields to increase customer loyalty and market share [2] Group 2: Market Conditions - The domestic PVC market shows strong bottom support, with rising prices for coal tar and calcium carbide, while demand is improving due to seasonal factors [3] - The "anti-involution" policy is expected to persist, and if the old capacity elimination policy in the petrochemical industry is implemented, it may lead to a supply contraction in PVC, positively impacting prices [3] - In the viscose market, cautious procurement by downstream enterprises has led to a decline in prices, but a slight improvement in demand is expected to stabilize prices in the coming months [3]

Group 1 - Viscose staple fiber is the main type of regenerated fiber, with China being the largest producer, accounting for 65% of global production in 2023, with a total output of 412 million tons [1][2] - The production capacity of viscose staple fiber in China has decreased from 5.17 million tons in 2021 to 4.81 million tons in 2024 due to environmental regulations and market conditions [2] - The top three companies in the viscose staple fiber industry in China are Sateri (1.8 million tons), Zhongtai Chemical (880,000 tons), and Sanyou Chemical (800,000 tons), with a combined market share (CR3) of 72% [2] Group 2 - The viscose staple fiber industry is currently experiencing high operating rates and low inventory levels, with an operating rate of 88.6% as of September 5, 2025, the highest in the past five years [3] - The apparent consumption of viscose staple fiber in China has grown from 2.93 million tons in 2014 to 4.35 million tons in 2024, with a compound annual growth rate of 4.0% [4] - The main downstream applications of viscose staple fiber are yarns and non-woven fabrics, with yarns being the primary consumption area, while non-woven fabrics have provided significant demand growth in recent years [4] Group 3 - Companies with scale advantages are recommended for investment, including Sanyou Chemical, which has a production capacity of 800,000 tons and a market share of approximately 17% [5] - Zhongtai Chemical has an integrated circular economy advantage, with a production capacity of 880,000 tons per year, making it the second-largest producer in China [5]

Investment Rating - Industry rating is Neutral (maintained rating) [1] Core Viewpoints - Viscose staple fiber is the most important regenerated fiber, with China being the main producer. In 2023, global viscose fiber production was approximately 6.3 million tons, with China accounting for 4.12 million tons, or 65% of the total [2][17] - The viscose staple fiber industry has seen a reduction in capacity in recent years, with a high concentration (CR3 > 70%). The total domestic capacity decreased from 5.17 million tons in 2021 to 4.81 million tons in 2024 [3][28] - The current industry state is characterized by "high operating rates and low inventory," indicating potential price and profit recovery as the traditional demand peak season approaches [4][32] Summary by Sections 1. Viscose Staple Fiber as a Key Regenerated Fiber - Viscose fiber, particularly viscose staple fiber, dominates the regenerated fiber market, accounting for 80% of global production in 2023. In China, viscose staple fiber represents about 95% of the viscose fiber market [2][12] - The production process of viscose staple fiber involves significant environmental concerns, leading to constraints on new capacity due to environmental policies [3][25] 2. High Industry Concentration - The viscose staple fiber industry in China has a high concentration, with the top three companies (Sateri, Zhongtai Chemical, and Sanyou Chemical) holding a combined market share of 72% as of 2024 [3][28] - The industry has undergone consolidation through mergers and acquisitions, enhancing the market share of leading companies [3][28] 3. Current Industry Dynamics - The viscose staple fiber industry is currently experiencing high operating rates (88.6% as of September 5, 2025) and low inventory levels (12.8 thousand tons), which are below the average levels from 2020 to 2024 [4][32] - The average inventory level is expected to decrease further as the traditional demand peak season approaches, indicating a potential for price recovery [4][32] 4. Downstream Demand - The primary applications of viscose staple fiber are in yarns and non-woven fabrics, with yarns being the main consumption area. From 2014 to 2024, the apparent consumption of viscose staple fiber in China grew from 2.93 million tons to 4.35 million tons, with a CAGR of 4.0% [5][37] - Non-woven fabric demand has significantly increased, with consumption rising from 351 thousand tons to 1.23 million tons between 2019 and 2024, reflecting a CAGR of 28.5% [5][37] 5. Focus on Leading Companies - Sanyou Chemical is noted for its differentiated product offerings, with an annual production capacity of 800 thousand tons, and holds a market share of approximately 17% [6][47] - Zhongtai Chemical benefits from an integrated circular economy model, with a production capacity of 880 thousand tons, making it the second-largest producer in China [6][47]

Group 1 - The core viewpoint of the article highlights the decline in China's naphtha production, with a reported output of 6.33 million tons in July 2025, representing a year-on-year decrease of 5.3% [1] - Cumulative naphtha production from January to July 2025 reached 46.181 million tons, showing a slight decline of 0.1% compared to the previous year [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, indicating a comprehensive analysis of the naphtha industry in China [1] Group 2 - The article mentions several listed companies in the naphtha sector, including Sinopec (600028), Rongsheng Petrochemical (002493), and Donghua Energy (002221) among others [1] - Zhiyan Consulting has released a report titled "Market Supply and Demand Situation and Future Trend Analysis of China's Naphtha Industry from 2025 to 2031," which provides insights into the industry's future [1] - The report emphasizes the importance of industry research and consulting services in aiding investment decisions, showcasing Zhiyan Consulting's expertise in the field [1]