决议公告：2025-059 证券代码：002254 股票简称：泰和新材 公告编号：2025-059 泰和新材集团股份有限公司 决议公告：2025-059 第十一届监事会第十五次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，并对公告中的虚假记 载、误导性陈述或重大遗漏承担责任。 泰和新材集团股份有限公司第十一届监事会第十五次会议（例行会议）于 2025 年 8 月 22 日在公司会议室以现场加通讯方式召开。本次会议由监事会主席 迟宗蕊女士召集和主持，会议通知于 2025 年 8 月 11 日以专人送达和电子邮件等 方式发出。会议应到监事 3 名，实到监事 3 名，顾丽萍女士、马瑞军先生以通讯 方式出席会议，符合有关法律、行政法规、部门规章和《公司章程》的规定。会 议通过以下决议： 1、以 3 票同意、0 票弃权、0 票反对，通过《关于审核 2025 年半年度报告 的议案》 经认真审核，监事会认为：董事会编制和审议泰和新材集团股份有限公司 2025 年半年度报告的程序符合法律、行政法规和中国证监会的规定，报告内容 真实、准确、完整地反映了上市公司的实际情况，不存在任何虚假记载、误导性 陈述或 ...

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides essential disclaimers, outlines the report's structure, and defines key terms [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board and management guarantee report accuracy, no cash dividends planned, and highlight key operational and market risks - The company's Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) - Key risks include rising production costs, product price fluctuations, intensified market competition, lower-than-expected investment project returns, and management and talent risks[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the report's structured table of contents, covering nine main chapters on company operations - The report is divided into **nine main chapters**, covering various aspects of company operations[7](index=7&type=chunk) [List of Documents for Reference](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) Reference documents include signed financial statements, original public disclosures, and the signed semi-annual report, all available at the Board office - Reference documents include signed and sealed financial statements, original public disclosure files, and the original semi-annual report signed by the legal representative[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) - All reference documents are available at the company's Board of Directors office[12](index=12&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, product brands, key raw materials, and the reporting period - The names of the company, controlling shareholder, actual controller, and major subsidiaries are clarified[13](index=13&type=chunk) - Major product brands defined include NEWSTAR (spandex), NEWSTAR (meta-aramid), TAPARAN (para-aramid), METASTAR (aramid paper), and Ecody (green fiber processing technology)[14](index=14&type=chunk) - Key raw materials explained include MDI, PTMG/PTMEG (spandex raw materials), and diamine, acyl chloride (aramid raw materials)[14](index=14&type=chunk) - The reporting period is defined as **January to June 2025**[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides the company's basic information, contact details, and a summary of key financial performance and asset status [Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Taihe New Materials Group Co., Ltd. (stock code 002254) is listed on the Shenzhen Stock Exchange, with Song Xiquan as its legal representative - Stock Abbreviation: Taihe New Materials, Stock Code: **002254**, Listing Exchange: Shenzhen Stock Exchange[16](index=16&type=chunk) - Legal Representative: Song Xiquan[16](index=16&type=chunk) [Contact Persons and Information](index=7&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Dong Xuhai, Securities Affairs Representative is Yu Liwei, with consistent contact details - Board Secretary: Dong Xuhai, Securities Affairs Representative: Yu Liwei[17](index=17&type=chunk) - Contact Phone/Fax: **0535-6394123**[17](index=17&type=chunk) [Other Information](index=7&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's contact information, disclosure, and storage locations remain unchanged from the 2024 annual report - Company contact information, information disclosure, and storage locations remain unchanged during the reporting period[18](index=18&type=chunk)[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, revenue decreased by 2.48%, net profit attributable to shareholders significantly dropped by 77.58%, and operating cash flow turned negative 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,903,272,284.79 | 1,951,699,732.95 | -2.48% | | Net Profit Attributable to Listed Company Shareholders | 26,340,981.54 | 117,471,476.16 | -77.58% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | 1,714,396.16 | 39,864,317.85 | -95.70% | | Net Cash Flow from Operating Activities | -403,971,996.62 | 65,541,617.92 | -716.36% | | Basic Earnings Per Share (Yuan/share) | 0.03 | 0.13 | -76.92% | | Diluted Earnings Per Share (Yuan/share) | 0.03 | 0.14 | -78.57% | | Weighted Average Return on Net Assets | 0.37% | 1.66% | -1.29 percentage points | | **Period-End Indicators** | **Current Period-End (Yuan)** | **Prior Year-End (Yuan)** | **Change from Prior Year-End** | | Total Assets | 15,175,959,611.17 | 14,919,841,195.88 | 1.72% | | Net Assets Attributable to Listed Company Shareholders | 7,082,240,527.45 | 7,089,469,890.55 | -0.10% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=8&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reports no differences in net profit and net assets between international/overseas and Chinese accounting standards - The company reports no differences in accounting data under domestic and overseas accounting standards[22](index=22&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled 24.63 million Yuan, primarily from government subsidies and fair value changes in financial assets 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -92,143.66 | | Government Grants Included in Current Period Profit/Loss | 33,547,365.97 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises (Excluding Effective Hedging Related to Normal Business Operations) | 1,172,829.46 | | Other Non-Operating Income and Expenses Apart from the Above | -1,379,586.88 | | Less: Income Tax Impact | 5,157,627.60 | | Minority Interest Impact (After Tax) | 3,464,251.91 | | **Total** | **24,626,585.38** | [Management Discussion and Analysis](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section analyzes the company's main business operations, core competitiveness, financial performance, and risk management strategies [Main Businesses Engaged by the Company During the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company operates in green chemicals, high-end textiles, high-performance fibers, and new energy materials, facing significant price and profitability declines in H1 2025 - The company's business spans green chemicals, high-end textiles, high-performance fibers, and new energy materials across multiple industrial sectors[26](index=26&type=chunk) - The company is the first domestic producer of spandex, meta-aramid, para-aramid, aramid paper, and the world's first smart fiber producer[26](index=26&type=chunk) - In H1 2025, product prices and profitability significantly declined year-on-year due to a cyclical downturn, increased supply, and weak demand[26](index=26&type=chunk) [Advanced Textiles](index=10&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%88%E8%BF%9B%E7%BA%BA%E7%BB%87%E5%93%81) The advanced textiles business, including spandex, green dyeing, and smart fibers, saw significant spandex losses due to overcapacity and price drops - In H1 2025, domestic spandex capacity reached **1.43 million tons**, an increase of **76,000 tons** from end-2024, exacerbating market supply-demand imbalance[29](index=29&type=chunk) - Spandex prices continued to fall to historical lows, with a decline of less than **5%** in H1, leading to significant losses for the company's spandex business[30](index=30&type=chunk)[40](index=40&type=chunk) - The company's green dyeing technology Ecody® saw continuous order increases, further highlighting product advantages[41](index=41&type=chunk) - The smart fiber business (METASTAR® luminous fiber, fiber lithium batteries) focuses on application technology upgrades and building processing chains, expanding into innovative scenarios like automotive interiors[42](index=42&type=chunk) [Safety and Information Industry Products](index=14&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%AE%89%E9%98%B2%E4%B8%8E%E4%BF%A1%E6%81%AF%E4%BA%A7%E4%B8%9A%E7%94%A8%E5%93%81) Aramid, a high-performance fiber, faced intensified competition and significant price declines in H1 2025, despite the company's sales growth in existing para-aramid business - Aramid is one of the world's three major high-performance fiber materials, with the company's aramid capacity at approximately **32,000 tons**, ranking **third globally**[45](index=45&type=chunk)[48](index=48&type=chunk) - In H1 2025, the aramid industry faced increased competitive pressure, with significant price declines for both meta-aramid and para-aramid products[49](index=49&type=chunk) - The company's existing para-aramid business achieved sales volume growth of over **30%** year-on-year, with export volumes also increasing year-on-year in overseas markets[51](index=51&type=chunk) [New Energy Industry Products](index=16&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E6%96%B0%E8%83%BD%E6%BA%90%E4%BA%A7%E4%B8%9A%E7%94%A8%E5%93%81) The new energy sector's growth boosted demand for aramid paper and coated separators, with the company achieving breakthroughs and initiating industrialization for coated separators - New energy vehicle production and sales grew by **41.4%** and **40.3%** respectively in January-June 2025, driving demand for new energy industry products[52](index=52&type=chunk) - The company's aramid paper business achieved breakthroughs in emerging application areas such as new energy vehicles, transformers, and honeycomb core materials, continuously increasing the proportion of high-value-added products and overall profitability[54](index=54&type=chunk) - The company's SAFEBM® battery aramid coated separator pilot project has achieved batch product delivery, with the industrialization project starting trial production in H1 2025[56](index=56&type=chunk) [Main Business Model](index=17&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company operates an integrated R&D, production, and sales model, with no significant changes in its procurement, production, or sales approaches during the period - The company has established an integrated R&D, production, and sales management model to enhance operational efficiency[57](index=57&type=chunk) - Procurement model: Annual procurement agreements for main raw materials with monthly price determination; online bidding and price comparison for auxiliary materials; public bidding for engineering materials[57](index=57&type=chunk) - Production model: Production is based on sales orders[59](index=59&type=chunk) - Sales model: Domestic spandex products use a hybrid distribution and direct sales model, while aramid products are primarily direct sales; international aramid and spandex products combine distribution, agency, and direct sales[60](index=60&type=chunk) [Analysis of Core Competitiveness](index=18&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) As a national technology innovation leader, the company pioneered industrialization of multiple advanced fibers, holds numerous patents, and leads in product quality and brand reputation - The company is a national reform pilot enterprise, technology innovation demonstration enterprise, manufacturing single champion, and intellectual property demonstration enterprise[62](index=62&type=chunk) - It pioneered the industrialization of spandex, meta-aramid, aramid paper, para-aramid in China, and globally initiated smart fiber technology[62](index=62&type=chunk) - Possesses national-level R&D platforms, including a National Certified Enterprise Technology Center and National Aramid Engineering Technology Research Center, won **three National Science and Technology Progress Awards**, and led/participated in drafting over **100 national and industry standards**[62](index=62&type=chunk) - Has a complete product system for spandex and aramid, with product quality and technical indicators at a leading domestic level, enjoying a high brand reputation[62](index=62&type=chunk) [Analysis of Main Business](index=18&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Revenue decreased by 2.48% due to advanced textiles, while financial expenses surged by 440.10% and operating cash flow significantly declined Year-on-Year Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,903,272,284.79 | 1,951,699,732.95 | -2.48% | | | Financial Expenses | 26,773,302.81 | -7,872,247.72 | 440.10% | Increased interest expense, decreased interest income this year | | Net Cash Flow from Operating Activities | -403,971,996.62 | 65,541,617.92 | -716.36% | Decreased cash received from sales, increased cash paid for purchases this year | | Net Cash Flow from Investing Activities | -228,179,133.64 | -550,496,718.18 | 58.55% | Decreased engineering project expenditures this year | | Net Cash Flow from Financing Activities | 947,469,772.85 | 169,208,615.18 | 459.94% | Increased borrowings, decreased dividend distribution this year | | Net Increase in Cash and Cash Equivalents | 337,315,827.28 | -311,134,144.32 | 208.41% | Primarily influenced by the combined changes in the above three cash flows | Operating Revenue Composition (by Product) | Product | Current Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Period Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Advanced Textiles | 717,855,888.00 | 37.72% | 821,238,595.57 | 42.08% | -12.59% | | Safety & Information and New Energy Industry Products | 1,169,755,551.03 | 61.46% | 1,110,213,214.74 | 56.88% | 5.36% | Operating Revenue Composition (by Region) | Region | Current Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Period Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic | 1,485,742,856.64 | 78.06% | 1,560,092,950.55 | 79.94% | -4.77% | | International | 417,529,428.15 | 21.94% | 391,606,782.40 | 20.06% | 6.62% | [Analysis of Non-Core Business](index=20&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company reports no non-core business analysis for the reporting period [Analysis of Assets and Liabilities](index=20&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets grew by 1.72%, with increased short-term borrowings and restricted assets totaling 1.83 billion Yuan at period-end Significant Changes in Asset Composition | Item | Current Period-End Amount (Yuan) | Proportion of Total Assets | Prior Year-End Amount (Yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 2,248,765,286.24 | 14.82% | 1,964,630,150.82 | 13.17% | 1.65 percentage points | | Accounts Receivable | 541,088,524.77 | 3.57% | 394,683,370.25 | 2.65% | 0.92 percentage points | | Inventories | 1,322,945,961.69 | 8.72% | 1,446,481,837.28 | 9.70% | -0.98 percentage points | | Fixed Assets | 5,430,189,747.03 | 35.78% | 5,732,918,062.24 | 38.42% | -2.64 percentage points | | Construction in Progress | 2,056,211,421.84 | 13.55% | 1,747,070,450.20 | 11.71% | 1.84 percentage points | | Short-term Borrowings | 2,415,344,468.37 | 15.92% | 1,710,563,525.48 | 11.47% | 4.45 percentage points | | Contract Liabilities | 37,211,707.23 | 0.25% | 66,963,101.76 | 0.45% | -0.20 percentage points | Asset Rights Restricted at the End of the Reporting Period | Item | Book Balance (Yuan) | Book Value (Yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 387,415,361.01 | 387,415,361.01 | Margin Deposit | Bank acceptance bill margin, letter of credit margin, guarantee margin, land reclamation margin, collateral margin, ETC margin | | Fixed Assets | 852,414,858.95 | 790,546,089.73 | Loan Collateral | Used to obtain bank loans | | Intangible Assets | 23,110,319.84 | 21,319,715.48 | Loan Collateral | Used to obtain bank loans | | Construction in Progress | 570,735,973.19 | 570,735,973.19 | Loan Collateral | Used to obtain bank loans | | **Total** | **1,833,676,512.99** | **1,770,017,139.41** | -- | -- | [Analysis of Investment Status](index=22&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total investment decreased by 4.54%, with 2.59 billion Yuan of non-public offering funds utilized, and some projects experiencing delays or underperforming due to market conditions Investment Amount During the Reporting Period | Indicator | Investment Amount (Yuan) | Prior Year Period Investment Amount (Yuan) | Change | | :--- | :--- | :--- | :--- | | Total Investment Amount | 782,715,013.00 | 819,977,972.41 | -4.54% | Overall Utilization of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (10,000 Yuan) | Net Raised Funds (10,000 Yuan) | Accumulated Used Raised Funds (10,000 Yuan) | Raised Funds Utilization Ratio at Period-End | | :--- | :--- | :--- | :--- | :--- | :--- | | 2023 | Non-public Offering | 298,696 | 297,763.26 | 259,028.44 | 86.99% | - The "Ningxia Taihe Aramid 12,000 tons/year Protective Para-aramid Project" scheduled completion date has been extended to **December 31, 2025**[87](index=87&type=chunk) - The "Company High Elongation Low Modulus Para-aramid Industrialization Project" did not meet expected returns, primarily due to declining demand in some areas, lower-than-expected product sales, and intense market competition leading to price declines[87](index=87&type=chunk) - Remaining raised funds are primarily due to scientific and economical use, optimized product structure, reduced equipment purchases, utilization of old equipment for renovation, and interest income from raised funds[89](index=89&type=chunk) [Significant Asset and Equity Sales](index=27&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company reports no significant asset or equity sales during the reporting period [Analysis of Major Holding and Participating Companies](index=27&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Minshida Company reported a net profit of 61.95 million Yuan, while Ningxia Ningdong and Taihe Aramid incurred significant losses due to market oversupply and competition Major Subsidiaries and Associates with Net Profit Impact over 10% | Company Name | Company Type | Net Profit (Yuan) | | :--- | :--- | :--- | | Minshida Company | Subsidiary | 61,945,767.07 | | Ningxia Ningdong Company | Subsidiary | -160,690,321.22 | | Taihe Aramid Company | Subsidiary | -35,331,867.97 | | Yantai Taihe Xing Company | Subsidiary | 24,211,157.44 | - Ningxia Ningdong Company reported a semi-annual loss of **160.69 million Yuan** due to spandex market oversupply, persistently low prices, and insufficient operating rates[92](index=92&type=chunk) - Taihe Aramid Company reported a semi-annual loss of **35.33 million Yuan** due to weakening demand, intensified market competition, and low capacity utilization[93](index=93&type=chunk) - A new subsidiary, Shandong High-Performance Aramid Technology Innovation Co., Ltd., was established during the reporting period, with no significant impact on overall production, operations, or performance[92](index=92&type=chunk) [Structured Entities Controlled by the Company](index=27&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company reports no structured entities under its control during the reporting period [Risks Faced by the Company and Countermeasures](index=27&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company addresses risks like rising costs, price volatility, market competition, and underperforming projects through strategic partnerships, R&D, and market expansion - The company faces risks of rising production costs, with price fluctuations of major raw materials significantly impacting profitability[95](index=95&type=chunk) - The company mitigates cost risks by establishing long-term partnerships with key suppliers, strategically laying out raw material production, strengthening technology R&D, and improving capacity utilization[95](index=95&type=chunk) - Spandex and aramid product price volatility poses significant risks, which the company addresses by implementing differentiated strategies, expanding the industrial chain, and developing high-value-added products[96](index=96&type=chunk) - Intensified market competition is addressed by the company through project upgrades, new product R&D, expansion into new areas (new energy, rubber, etc.), and developing incremental businesses to enhance competitiveness[97](index=97&type=chunk) - Risks of investment projects underperforming are managed by strengthening project management, proactive market deployment, and developing differentiated marketing strategies[98](index=98&type=chunk) - Management and talent risks are addressed by the company through organizational structure adjustments, risk management training, and increased talent acquisition and development[100](index=100&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=29&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company has not formulated a market value management system or disclosed a valuation enhancement plan[101](index=101&type=chunk) [Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=29&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has disclosed its "Dual Improvement in Quality and Returns" action plan to enhance listed company quality and investment value - The company has disclosed its "Dual Improvement in Quality and Returns" action plan, aiming to enhance listed company quality and investment value, and protect shareholder interests[101](index=101&type=chunk) [Corporate Governance, Environment, and Society](index=30&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in governance, profit distribution, incentive plans, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=30&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) No changes occurred in directors, supervisors, or senior management during the reporting period, though post-period changes were approved - No changes occurred in the company's directors, supervisors, and senior management during the reporting period[103](index=103&type=chunk) - Post-reporting period, the Board nominated Mr. Chu Hangzheng as a director candidate, and Mr. Liu Xunzhang will no longer serve as a director[103](index=103&type=chunk) - Post-reporting period, the employee representative assembly elected Mr. Qiu Zhaoming as an employee representative director, and Mr. Xu Lixin will no longer serve as an employee representative director and vice chairman[103](index=103&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=30&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no cash dividends, bonus shares, or capital reserve conversions for the semi-annual period - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period[104](index=104&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=30&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The 2022 restricted stock incentive plan continued, with some shares repurchased and cancelled, and others unlocked, alongside other long-term incentives - The company's **2022 restricted stock incentive plan** continued, with some restricted shares repurchased and cancelled during the reporting period[107](index=107&type=chunk) - The first restricted period of the **2022 restricted stock incentive plan's initial grant** has been unlocked, involving **7.0256 million shares**[106](index=106&type=chunk) - The first restricted period of the **2022 restricted stock incentive plan's reserved grant** has been unlocked, involving **377,600 shares**[107](index=107&type=chunk) - The company implemented long-term incentive measures such as excess profit sharing and innovative business co-investment[108](index=108&type=chunk) [Environmental Information Disclosure](index=31&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its three major subsidiaries are listed as legally required environmental information disclosers and have published their reports - The company and its **three major subsidiaries** are included in the list of enterprises required to disclose environmental information by law[109](index=109&type=chunk) - Legally required environmental information disclosure reports are available for query via designated websites[109](index=109&type=chunk) [Social Responsibility](index=31&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills social responsibilities by supporting the Laiyang Pear industry with a 120,000 Yuan cable donation, expected to boost efficiency by over 20% - The company supports the Laiyang Pear industry through industrial assistance, donating cable materials worth nearly **120,000 Yuan** to Yejia Village for pear orchard line renovation[110](index=110&type=chunk) - This project is expected to improve pear orchard management efficiency by over **20%**, injecting new vitality into rural specialty industry development[110](index=110&type=chunk) [Significant Matters](index=32&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers commitments, related party transactions, guarantees, and other significant events, confirming no major issues or violations [Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=32&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The controlling shareholder, Taihe New Materials Group Co., Ltd., fulfilled its share lock-up commitment for Taihe Xing, with no overdue unfulfilled commitments - Taihe New Materials Group Co., Ltd., as the controlling shareholder, timely fulfilled its share lock-up commitment for its controlling subsidiary Taihe Xing's listing on the National Equities Exchange and Quotations[112](index=112&type=chunk) - The commitment was fulfilled during the reporting period, with no overdue unfulfilled commitments[112](index=112&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=32&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) The company reports no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company reports no non-operating fund occupation by controlling shareholders or other related parties[113](index=113&type=chunk) [Illegal External Guarantees](index=33&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company reports no illegal external guarantees during the reporting period - The company reports no illegal external guarantees[114](index=114&type=chunk) [Appointment and Dismissal of Accounting Firms](index=33&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report remains unaudited - The company's semi-annual financial report is unaudited[114](index=114&type=chunk) [Board of Directors' and Supervisory Committee's Explanation on "Non-Standard Audit Report" for the Current Period](index=33&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) As the semi-annual report is unaudited, there is no non-standard audit report - The company's semi-annual report is unaudited, thus there is no non-standard audit report[114](index=114&type=chunk) [Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=33&type=section&id=%E5%85%AD%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company has no explanation regarding a non-standard audit report for the previous year - The company has no explanation regarding a non-standard audit report for the previous year[114](index=114&type=chunk) [Bankruptcy and Reorganization Matters](index=33&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company reports no bankruptcy or reorganization matters during the reporting period - The company reports no bankruptcy or reorganization matters[114](index=114&type=chunk) [Litigation Matters](index=33&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company reports no significant litigation or arbitration matters during the reporting period - The company reports no significant litigation or arbitration matters[114](index=114&type=chunk) [Penalties and Rectification](index=33&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company reports no penalties or rectification situations during the reporting period - The company reports no penalties or rectification situations[114](index=114&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=34&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company, its controlling shareholder, and actual controller maintained good integrity during the reporting period - The company, its controlling shareholder, and actual controller reported no integrity issues[115](index=115&type=chunk) [Significant Related Party Transactions](index=34&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in daily related party transactions with Wanhua Chemical Group, totaling 170.37 million Yuan, within approved limits, and disclosed other related party transactions Related Party Transactions Related to Daily Operations | Related Party | Related Transaction Type | Related Transaction Content | Related Transaction Amount (10,000 Yuan) | Proportion of Similar Transactions | Approved Transaction Limit (10,000 Yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wanhua Chemical Group Co., Ltd. | Daily Related Transaction | Purchase of Goods | 16,715.73 | 10.29% | 50,000 | No | | Wanhua Chemical Group Co., Ltd. | Daily Related Transaction | Pipeline Lease | 321.03 | 0.20% | 350 | No | | **Total** | -- | -- | **17,036.76** | -- | **50,350** | -- | - The company's related party transactions in H1 2025, including capital injections into controlling subsidiaries, have been disclosed in designated media[117](index=117&type=chunk) [Significant Contracts and Their Performance](index=36&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company has no custody, contracting, or leasing matters, but provides 1.274 billion Yuan in guarantees for subsidiaries, with 1.004 billion Yuan for those with over 70% debt-to-asset ratio - The company reports no custody, contracting, or leasing matters during the reporting period[118](index=118&type=chunk) Company Guarantees for Subsidiaries | Guaranteed Entity Name | Guarantee Limit (10,000 Yuan) | Actual Guarantee Amount (10,000 Yuan) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Ningxia Ningdong Company | 100,000 | 11,503.08 | 2021.06.22-2029.06.29 | No | | Ningxia Ningdong Company | 100,000 | 12,938.62 | 2021.07.06-2031.03.11 | No | | Ningxia Ningdong Company | 100,000 | 8,213.50 | 2021.09.13-2029.09.12 | No | | Ningxia Ningdong Company | 100,000 | 7,880.00 | 2025.05.21-2026.07.01 | No | | Ningxia Ningdong Company | 100,000 | 11,637.66 | 2021.12.16-2029.12.15 | No | | Ningxia Ningdong Company | 100,000 | 3,618.50 | 2022.11.04-2029.11.03 | No | | Taihe Aramid Company | 30,000 | 12,220.00 | 2019.06.25-2029.06.24 | No | | Taihe Aramid Company | 30,000 | 364.00 | 2019.04.25-2026.04.24 | No | | Ningxia Chemical Company | 40,000 | 185.04 | 2025.03.25-2027.03.24 | No | | Ningxia Chemical Company | 40,000 | 11,177.15 | 2023.04.25-2029.06.21 | No | | Ningxia Chemical Company | 40,000 | 3,045.00 | 2024.09.02-2025.09.02 | No | | Sales Company | 100,000 | 7,000.00 | 2024.10.25-2027.10.25 | No | | Sales Company | 100,000 | 9,187.33 | 2025.04.10-2026.04.09 | No | | Sales Company | 100,000 | 19,500.00 | 2025.02.06-2026.02.06 | No | | Sales Company | 100,000 | 8,911.44 | 2025.02.17-2026.02.17 | No | | **Total Actual Guarantee Balance for Subsidiaries at Period-End** | **315,000** | **127,381.30** | -- | -- | - The total actual guarantee amount at period-end accounts for **17.99%** of the company's net assets[123](index=123&type=chunk) - Debt guarantees provided for guaranteed entities with a debt-to-asset ratio exceeding **70%** totaled **1.0039011 billion Yuan**[123](index=123&type=chunk) [Explanation of Other Significant Matters](index=38&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The controlling shareholder's concerted party, Yantai Guotai Chengfeng Asset Management Co., Ltd., completed its share increase plan, acquiring 16.51 million shares for 162.19 million Yuan - Yantai Guotai Chengfeng Asset Management Co., Ltd., a concerted party of the controlling shareholder, cumulatively increased its holdings by **16,511,209 shares**, with an investment of **162.1933 million Yuan**[124](index=124&type=chunk) - The share increase plan was completed on **March 3, 2025**[124](index=124&type=chunk)[125](index=125&type=chunk) [Significant Matters of Company Subsidiaries](index=39&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company reports no significant matters concerning its subsidiaries during the reporting period - The company reports no significant matters concerning its subsidiaries[126](index=126&type=chunk) [Share Changes and Shareholder Information](index=40&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in share capital, securities issuance, shareholder numbers, and director/supervisor/senior management shareholdings [Share Changes](index=40&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Total shares decreased by 349,200 due to restricted stock repurchase and cancellation, slightly increasing net assets per share Share Changes | Share Class | Number Before Change (shares) | Increase/Decrease in This Change (shares) | Number After Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 44,854,263 | -349,200 | 44,505,063 | | II. Unrestricted Shares | 818,440,720 | 0 | 818,440,720 | | **III. Total Shares** | **863,294,983** | **-349,200** | **862,945,783** | - Share changes resulted from the repurchase and cancellation of restricted shares held by incentive recipients no longer eligible under the **2022 restricted stock incentive plan**[131](index=131&type=chunk) - Share changes had minimal impact on basic and diluted EPS for the past year, with net assets per share slightly increasing from **8.21 Yuan/share** to **8.22 Yuan/share**[132](index=132&type=chunk) [1. Share Changes](index=40&type=section&id=1%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total shares decreased by 349,200 due to restricted stock repurchase and cancellation, slightly increasing net assets per share - Total company shares decreased by **349,200 shares**, with restricted shares decreasing by **349,200 shares**[129](index=129&type=chunk) - Net assets per share increased from **8.21 Yuan/share** to **8.22 Yuan/share**[132](index=132&type=chunk) [2. Changes in Restricted Shares](index=42&type=section&id=2%E3%80%81%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Restricted shares decreased by 349,200 due to equity incentive repurchase and cancellation, with major restricted holders being Yantai Guofeng and other incentive personnel Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Unlocked This Period (shares) | Shares Increased This Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Yantai Guofeng Investment Holding Group Co., Ltd. | 32,139,038 | 0 | 0 | 32,139,038 | Newly issued restricted shares | | Jiang Maozhong | 337,500 | 0 | -54,000 | 283,500 | Equity incentive, senior management lock-up shares | | Other Equity Incentive Personnel | 9,714,400 | 0 | -295,200 | 9,419,200 | Equity incentive | | **Total** | **44,854,263** | **0** | **-349,200** | **44,505,063** | -- | - In July 2025, the company completed the repurchase and cancellation of **5,732,600 restricted shares** from equity incentives[135](index=135&type=chunk) - In August 2025, **377,600 restricted shares** were unlocked and listed for circulation[135](index=135&type=chunk) [II. Securities Issuance and Listing](index=43&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company reports no securities issuance or listing activities during the reporting period - The company reports no securities issuance or listing activities[136](index=136&type=chunk) [III. Number of Shareholders and Shareholding Status](index=43&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) At period-end, the company had 48,737 common shareholders, with Yantai Guofeng and Yantai Yutai as major shareholders and concerted parties - Total common shareholders at period-end: **48,737 accounts**[137](index=137&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Shares Held at Period-End (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Yantai Guofeng Investment Holding Group Co., Ltd. | State-owned Legal Person | 18.44% | 159,134,515 | 32,139,038 | 126,995,477 | | Yantai Yutai Investment Co., Ltd. | Domestic Non-State-owned Legal Person | 13.85% | 119,552,623 | 0 | 119,552,623 | | Yantai Guotai Chengfeng Asset Management Co., Ltd. | State-owned Legal Person | 3.45% | 29,758,446 | 0 | 29,758,446 | - Yantai Guofeng Investment Holding Group Co., Ltd. and Yantai Yutai Investment Co., Ltd. are concerted parties[138](index=138&type=chunk) - The company's repurchase special account holds **8,824,123 shares**, accounting for **1.02%**[138](index=138&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=46&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) Vice President Jiang Maozhong's shareholding decreased by 54,000 shares due to restricted stock repurchase and cancellation, with no other changes Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (shares) | Shares Increased This Period (shares) | Shares Decreased This Period (shares) | Other Changes (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiang Maozhong | Vice President | 450,000 | 0 | 0 | -54,000 | 396,000 | - Jiang Maozhong's shareholding decreased by **54,000 shares**, which is due to the repurchase and cancellation of restricted shares from equity incentives[142](index=142&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=46&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company reports no changes in its controlling shareholder or actual controller during the reporting period - The company reports no changes in its controlling shareholder or actual controller[144](index=144&type=chunk) [VI. Preferred Share Information](index=46&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company reports no preferred share-related information during the reporting period - The company reports no preferred share-related information[144](index=144&type=chunk) [Bond-Related Information](index=47&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms that the company has no bond-related information to disclose for the reporting period [Bond-Related Information](index=47&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company reports no bond-related information during the reporting period - The company reports no bond-related information[146](index=146&type=chunk) [Financial Report](index=48&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, and cash flow statements [Audit Report](index=48&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual report is unaudited - The company's semi-annual report is unaudited[148](index=148&type=chunk) [Financial Statements](index=48&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The section provides consolidated and parent company financial statements for H1 2025, showing total assets of 15.18 billion Yuan and net profit of 26.34 million Yuan Key Data from Consolidated Balance Sheet (Period-End) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 15,175,959,611.17 | | Total Liabilities | 7,307,120,084.34 | | Total Owner's Equity | 7,868,839,526.83 | | Owner's Equity Attributable to Parent Company | 7,082,240,527.45 | Key Data from Consolidated Income Statement (Current Period) | Item | Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 1,903,272,284.79 | | Operating Profit | 30,044,561.14 | | Net Profit | 11,377,418.80 | | Net Profit Attributable to Parent Company Shareholders | 26,340,981.54 | | Minority Interest Loss | -14,963,562.74 | Key Data from Consolidated Cash Flow Statement (Current Period) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -403,971,996.62 | | Net Cash Flow from Investing Activities | -228,179,133.64 | | Net Cash Flow from Financing Activities | 947,469,772.85 | | Net Increase in Cash and Cash Equivalents | 337,315,827.28 | [Company Basic Information](index=72&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Established in 1993 and listed in 2008, the company's main business is manufacturing and selling spandex and aramid products - The company was established on **May 20, 1993**, and listed on the Shenzhen Stock Exchange on **June 25, 2008**[194](index=194&type=chunk) - A non-public offering of **159,730,481 shares** was completed on **January 12, 2023**, at an issue price of **18.70 Yuan/share**[194](index=194&type=chunk) - Main business involves the manufacturing, sales, technology transfer, consulting, and services of spandex and aramid series products[195](index=195&type=chunk) [Basis of Financial Statement Preparation](index=72&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) Financial statements are prepared in accordance with CAS and CSRC regulations, based on a going concern assumption, accrual basis, and historical cost - Financial statements are prepared in accordance with Enterprise Accounting Standards and relevant CSRC regulations[196](index=196&type=chunk) - Presented on a going concern basis, using the accrual basis and historical cost measurement[197](index=197&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=72&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's accounting policies and estimates, including a change in depreciation useful lives for new buildings and machinery, applied prospectively - The company adheres to Enterprise Accounting Standards, with the accounting period being the calendar year, operating cycle of **12 months**, and functional currency as RMB[199](index=199&type=chunk)[200](index=200&type=chunk)[201](index=201&type=chunk)[202](index=202&type=chunk) - The company changed the depreciation useful life for newly added International Innovation Center project buildings to **40 years**, and for machinery and equipment in the chemical and lithium battery coated separator production lines from **8-10 years** to **8-14 years**[331](index=331&type=chunk) - This change in accounting estimate is effective from **January 1, 2025**, applied prospectively, with no retrospective adjustment to previously disclosed financial data[332](index=332&type=chunk)[333](index=333&type=chunk) [Taxation](index=97&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT and corporate income tax, with various subsidiaries enjoying high-tech enterprise, Western Development, and small-profit enterprise tax incentives Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Value Added | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Actual Amount of Turnover Tax Paid | 7%, 5% | | Corporate Income Tax | Taxable Income | See table below | | Property Tax | 70% of Original Property Value / Rental Income | 1.2%, 12% | | Land Use Tax | Actual Occupied Land Area | 2-13 Yuan/square meter | | Education Surcharge | Payable Turnover Tax | 3%, 2%, 1.5%, 1% | - The company and several subsidiaries are recognized as high-tech enterprises, enjoying a **15%** corporate income tax preferential rate[337](index=337&type=chunk)[338](index=338&type=chunk)[339](index=339&type=chunk) - Some subsidiaries benefit from Western Development corporate income tax incentives (**15%** rate and "three-year exemption, three-year half reduction")[340](index=340&type=chunk) - Qualified small and micro enterprises enjoy a **25%** reduction in taxable income, paying corporate income tax at a **20%** rate[341](index=341&type=chunk) - The company enjoys urban land use tax at **50%** of the current standard, and some subsidiaries benefit from "three-year exemption, three-year half reduction" for urban land use tax and property tax[342](index=342&type=chunk) [Notes to Consolidated Financial Statement Items](index=101&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details consolidated financial statement items, including 2.25 billion Yuan in monetary funds, 1.32 billion Yuan in inventory, 2.06 billion Yuan in construction in progress, and 1.77 billion Yuan in restricted assets Period-End Balances of Major Consolidated Financial Statement Items | Item | Period-End Balance (Yuan) | | :--- | :--- | | Monetary Funds | 2,248,765,286.24 | | Trading Financial Assets | 185,715,532.36 | | Notes Receivable | 616,253,132.40 | | Accounts Receivable | 541,088,524.77 | | Inventories | 1,322,945,961.69 | | Construction in Progress | 2,056,211,421.84 | | Short-term Borrowings | 2,415,344,468.37 | | Long-term Borrowings | 1,619,179,599.18 | | Undistributed Profits | 1,939,397,026.15 | - Total assets with restricted ownership or use rights at period-end: **1.770 billion Yuan**[460](index=460&type=chunk) - Current period financial expenses were **26.77 million Yuan**, compared to **-7.87 million Yuan** in the prior year, mainly due to increased interest expenses and decreased interest income[527](index=527&type=chunk) - Current period credit impairment losses were **-6.87 million Yuan**, and asset impairment losses were **-15.00 million Yuan**[536](index=536&type=chunk)[538](index=538&type=chunk) [R&D Expenses](index=141&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure for the period was 119.06 million Yuan, entirely expensed, primarily comprising material, labor, fuel, and depreciation costs R&D Expenditure Composition | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Material Costs | 58,723,817.24 | 53,818,755.62 | | Labor Costs | 29,425,093.81 | 24,284,422.15 | | Fuel and Power Costs | 12,551,018.67 | 8,989,374.49 | | Depreciation and Amortization | 11,082,772.29 | 13,743,029.55 | | Commissioned or Cooperative Development Fees | 2,583,993.14 | 936,887.95 | | Equity Incentive Fees | 597,830.99 | 2,345,937.15 | | Other | 4,091,006.82 | 4,284,058.83 | | **Total** | **119,055,532.96** | **108,402,465.74** | | Of which: Expensed R&D Expenditure | 119,055,532.96 | 108,402,465.74 | [Changes in Consolidation Scope](index=141&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The company's consolidation scope changed due to the establishment of a new subsidiary, Shandong High-Performance Aramid Technology Innovation Co., Ltd - The establishment of a new subsidiary, Shandong High-Performance Aramid Technology Innovation Co., Ltd., led to a change in the consolidation scope this year[569](index=569&type=chunk) [Equity in Other Entities](index=141&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds equity in several subsidiaries, including important non-wholly owned ones like Ningxia Ningdong and Taihe Aramid (both unprofitable), and significant associates Important Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio | Current Period Profit/Loss Attributable to Minority Shareholders (Yuan) | Minority Interest Balance at Period-End (Yuan) | | :--- | :--- | :--- | :--- | | Ningxia Ningdong Company | 21.20% | -34,066,348.10 | 47,433,090.55 | | Taihe Aramid Company | 15.82% | -5,587,931.18 | 168,530,306.19 | | Newstar Company | 40.00% | 25,080.28 | 69,226,551.15 | | Yantai Taihe Xing Company | 41.55% | 9,640,813.10 | 74,345,778.71 | | Ningdong Chemical Company | 31.81% | -1,607,519.24 | 117,626,096.08 | | Minshida Company | 33.77% | 21,019,390.86 | 263,324,844.40 | - The company has actual control over Ningxia Taihe Xing Resource Recycling Technology Co., Ltd. and Yantai Jingwei Intelligent Technology Co., Ltd., despite not holding **100%** equity[574](index=574&type=chunk) Key Financial Information of Important Associates (Current Period) | Associate Name | Operating Revenue (Yuan) | Net Profit (Yuan) | Total Comprehensive Income (Yuan) | | :--- | :--- | :--- | :--- | | Ningxia Taiji Paper Co., Ltd. | 21,892,977.14 | 2,798,847.25 | 2,798,847.25 | | Yantai Bohe Investment Management Partnership (Limited Partnership) | 0 | 33,901.48 | 33,901.48 | [Government Grants](index=146&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) At period-end, recognized government grants totaled 219.33 million Yuan, with deferred income from grants at 340.06 million Yuan, and 44.00 million Yuan recognized as current period income - Government grants recognized as receivables at period-end totaled **219,326,671.07 Yuan**[590](index=590&type=chunk) Liability Items Related to Government Grants | Account | Beginning Balance (Yuan) | New Grants This Period (Yuan) | Amount Transferred to Other Income This Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 356,611,447.83 | 18,680,660.96 | 35,228,792.14 | 340,063,316.65 | - Government grants recognized as current period income totaled **43,999,369.24 Yuan**[593](index=593&type=chunk) [Risks Related to Financial Instruments](index=147&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks (interest rate, exchange rate) through diversification, credit assessment, and maintaining sufficient liquidity - The company faces credit risk, liquidity risk, and market risk (interest rate risk, exchange rate risk)[595](index=595&type=chunk)[602](index=602&type=chunk) - The company's unused bank credit line is **3.447 billion Yuan**[599](index=599&type=chunk) - A **5%** appreciation or depreciation of RMB against foreign currencies (USD, HKD, EUR, JPY, CHF) would result in an increase or decrease of approximately **1.3426 million Yuan** in shareholders' equity and net profit[606](index=606&type=chunk) Financial Asset Transfer Status | Transfer Method | Nature of Transferred Financial Assets | Amount of Transferred Financial Assets (Yuan) | Derecognition Status | | :--- | :--- | :--- | :--- | | Endorsement/Discount | Notes Receivable | 327,090,195.65 | Not Derecognized | | Endorsement/Discount | Accounts Receivable Financing | 292,849,677.62 | Derecognized | | **Total** | -- | **619,939,873.27** | -- | [Disclosure of Fair Value](index=151&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) The company's total assets measured at fair value on a recurring basis are 405.38 million Yuan, primarily comprising trading financial assets and accounts receivable financing Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 185,715,532.36 | 0 | 185,715,532.36 | | Other Equity Instrument Investments | 0 | 9,319,889.60 | 9,319,889.60 | | Accounts Receivable Financing | 210,348,435.79 | 0 | 210,348,435.79 | | **Total Assets Measured at Fair Value on a Recurring Basis** | **396,063,968.15** | **9,319,889.60** | **405,383,857.75** | - Fair value of structured deposits and bank wealth management products is determined based on bank-provided equity certificates and agreed minimum returns[614](index=614&type=chunk) - Fair value of other equity instrument investments is determined by referencing recent transactions, such as external investor introductions or shareholder equity transfers, as a basis for fair value[615](index=615&type=chunk) [Related Parties and Related Party Transactions](index=152&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's parent is Yantai Guofeng Investment Holding Group, and it engages in various related party transactions, including significant guarantees for subsidiaries totaling 1.274 billion Yuan - The company's parent company is Yantai Guofeng Investment Holding Group Co., Ltd., holding **18.44%** of shares[617](index=617&type=chunk) - The company engages in daily related party transactions, such as purchasing goods and receiving services, with Wanhua Chemical Group Co., Ltd. and Yantai Xinghua Energy Co., Ltd., which are controlled by the same controlling shareholder[623](index=623&type=chunk) - The company, as a lessor, provides building and property leasing services to Ningxia Taiji Paper Co., Ltd. and Yantai Yuxing Paper Products Co., Ltd[627](index=627&type=chunk) - The company, as a guarantor, provides guarantees for several subsidiaries, including Ningxia Ningdong Taihe New Materials Co., Ltd., Ningxia Taihe Aramid Fiber Co., Ltd., Ningxia Ningdong Taihe Chemical Technology Co., Ltd., and Yantai Taihe New Materials Sales Co., Ltd., with total guarantee amount of **1.273813 billion Yuan**[630](index=630&type=chunk)[631](index=631&type=chunk) [Share-Based Payment](index=158&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) The 2022 restricted stock incentive plan saw 5.73 million shares lapse, totaling 52.93 million Yuan, with 9.28 million Yuan in equity-settled share-based payment expenses recognized this period Overall Share-Based Payment Status | Grantee Category | Lapsed Quantity This Period (shares) | Lapsed Amount This Period (Yuan) | | :--- | :--- | :--- | | Management Personnel | 3,854,600.00 | 35,602,070.00 | | Sales Personnel | 969,000.00 | 8,956,050.00 | | Production and Engineering Personnel | 591,000.00 | 5,446,050.00 | | R&D Personnel | 318,000.00 | 2,926,200.00 | | **Total** | **5,732,600.00** | **52,930,370.00** | - Total equity-settled share-based payment expenses recognized this period: **9.27862164 million Yuan**[643](index=643&type=chunk)[646](index=646&type=chunk) [Commitments and Contingencies](index=159&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) As of June 30, 2025, the company had 512.02 million Yuan in committed but unpaid large outsourcing contract expenditures, with no other significant contingencies - As of **June 30, 2025**, the company had committed but unpaid large outsourcing contract expenditures totaling **512.0227 million Yuan**[647](index=647&type=chunk) - Information on internal financing loan guarantees is detailed in the related party guarantee section[648](index=648&type=chunk) - The company reports no other significant contingent matters requiring disclosure during the reporting period[649](index=649&type=chunk) [Other Significant Matters](index=159&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) All company operations fall within a single segment, chemical fibers and derivatives, thus no segment information disclosure is required - All company operations belong to a single segment, thus no segment information disclosure is required[651](index=651&type=chunk) - Main business revenue, assets, and profits from chemical fibers and their derivatives each account for over **90%**[651](index=651&type=chunk) [Notes to Parent Company Financial Statement Items](index=160&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details parent company financial statement items, including 725.42 million Yuan in accounts receivable, 2.08 billion Yuan in other receivables, and 3.10 billion Yuan in long-term equity investments Parent Company Accounts Receivable by Bad Debt Provision Method (Period-End) | Category | Book Balance (Yuan) | Proportion | Bad Debt Provision (Yuan) | Provision Ratio | Book Value (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Aging Portfolio | 114,300,841.40 | 15.63% | 5,715,713.32 | 5.00% | 108,585,128.08 | | Related Party Portfolio | 616,837,293.42 | 84.37% | 0 | 0 | 616,837,293.42 | | **Total** | **731,138,134.82** | **100.00%** | **5,715,713.32** | **0.78%** | **725,422,421.50** | Parent Company Other Accounts Receivable by Nature of Item (Period-End) | Nature of Item | Period-End Book Balance (Yuan) | | :--- | :--- | | Government Acquisition Funds | 118,326,075.00 | | Deposits and Guarantees | 500,655.32 | | Intercompany Payables/Receivables | 1,960,081,640.76 | | Petty Cash | 279,627.38 | | **Total** | **2,079,187,998.46** | Parent Company Long-term Equity Investments (Period-End) | Item | Book Balance (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | | Investments in Subsidiaries | 3,061,929,799.33 | 3,061,929,799.33 | | Investments in Associates and Joint Ventures | 38,290,117.23 | 38,290,117.23 | | **Total** | **3,100,219,916.56** | **3,100,219,916.56** | Parent Company Investment Income (Current Period) | Item | Current Per

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、 误导性陈述或重大遗漏。 证券代码：002254 股票简称：泰和新材 公告编号：2025-058 泰和新材集团股份有限公司 第十一届董事会第十七次会议决议公告 决议公告：2025-058 泰和新材集团股份有限公司第十一届董事会第十七次会议（例行会议）于 2025 年 8 月 22 日在公司会议室以现场加通讯方式召开。本次会议由董事长宋西 全先生召集，会议通知于 2025 年 8 月 11 日以专人送达和电子邮件等方式发出。 会议应到董事 11 名，实到董事 11 名，宋西全先生、刘勋章先生、李贺先生、王 吉法先生、金福海先生、程永峰先生、唐长江先生以通讯方式出席会议，与会董 事一致推举迟海平先生主持会议，符合有关法律、行政法规、部门规章和《公司 章程》的规定。公司监事和高级管理人员列席本次会议。会议通过以下决议： 1、以 11 票同意、0 票弃权、0 票反对，通过《2025 年半年度报告》。 《2025 年半年度报告摘要》详见 2025 年 8 月 26 日的《中国证券报》《上海 证券报》《证券时报》《证券日报》和巨潮资讯网，《2025 ...

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 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]

（编辑 袁冠琳） 证券日报网讯 泰和新材8月21日在互动平台回答投资者提问时表示，根据中国证券登记结算有限责任公 司深圳分公司提供的信息，截至2025年8月20日，持有公司股票的账户共有41，000多户。 ...

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]

Group 1 - The company, Taihe New Materials (002254), stated on August 20 that it has not yet learned of DuPont's intention to sell related businesses to Chinese companies [1] - The company suggested that the sale of DuPont's business does not necessarily indicate a sunset industry, recommending a reference to the development history of the spandex industry after DuPont sold Lycra in 2004 [1]

证券日报网讯8月20日晚间，泰和新材（002254）发布公告称，选举邱召明先生为公司第十一届董事会 职工代表董事。 ...

临时公告：2025-057 徐立新先生在公司任职期间，勤勉尽责、恪尽职守，忠实地履行了副董事长 的各项职责，为公司规范运作和健康发展发挥了积极作用。公司董事会对徐立新 先生在任职期间为公司发展所做出的贡献表示衷心感谢！ 本次董事变更不会导致公司董事会成员人数低于法定最低人数，不会影响公 司董事会的正常运作，也不会影响公司正常的经营发展，公司第十一届董事会中 兼任公司高级管理人员以及由职工代表担任的董事人数总计未超过公司董事总 数的二分之一。 特此公告。 1 证券代码：002254 股票简称：泰和新材 公告编号：2025-057 泰和新材集团股份有限公司 关于改选职工代表董事的公告 2025 年 8 月 20 日，泰和新材集团股份有限公司（以下简称"公司"）召开 第八届职工代表大会第四次会议，选举邱召明先生为公司第十一届董事会职工代 表董事（相关简历附后），任期自职工代表大会选举通过之日起至公司第十一届 董事会任期届满之日止,徐立新先生不再担任公司职工代表董事，仍担任公司高 级顾问、公司控股子公司烟台泰和乐彩纺织科技有限公司董事长及总经理。根据 《公司章程》《董事会战略委员会实施细则》等有关规定，不再担任公司董 ...