Report Summary 1. Reported Industry Investment Rating No relevant information provided. 2. Core View of the Report The report focuses on the research and analysis of Taihe New Materials in the chemical fiber industry. It covers the current situation, future prospects, and new product development of products such as spandex and aramid fibers [13][15][31]. 3. Summary by Related Catalogs 3.1 Research Basic Information - Research object: Taihe New Materials, belonging to the chemical fiber industry [9] - Reception time: July 9, 2025 - Listed company reception personnel: Board Secretary Dong Xuhai, Board Office staff [9] 3.2 Detailed Research Institutions - Guojin Securities (securities company, represented by Chen Yi) and Lantai Fund (others, represented by Liang Hongrui) participated in the research [10] 3.3 Main Content Spandex - Compared with the end of last year, the spandex price has little difference. The industry price has decreased this year, but the company's product quality has improved and the price has slightly increased [13] - The improvement of spandex is due to process and equipment optimization, reducing processes and energy consumption. The current investment density is higher than that of some peers, and the company plans to reduce it later [17] - The cost in Ningxia is lower than that in Yantai. The high investment density in Ningxia last year was due to factors such as new project design, production line transformation, and inventory management. This year, the quality has stabilized and the selling price has slightly increased [18][20] - There are no major opportunities for spandex in the next 2 - 3 years as the expansion has not ended and the downstream market is average [21] - The current proportion of differentiated spandex is about 10%, and the future plan is to reach 30% [22] Aramid Fibers - Meta-aramid is in a relatively good situation, with increasing volume, revenue, and profit, and the price is basically stable. Para-aramid has not fully stabilized, but the industry's motivation to cut prices is not strong and it should be close to the bottom [15] - The production capacity of both meta-aramid and para-aramid is 16,000 tons. Under normal circumstances, there will be growth, mainly depending on sales [27][29] - The meta-aramid coating production line has been partially put into operation, and products are being delivered in batches. The main customers are those with high requirements for product performance and willing to pay a premium, such as power backup for computing centers, special fields, power tools, and some car companies with battery factories [26] - The company's focus in the next two years is on optimizing products. In terms of incremental products, the coating products may see an increase in volume. In terms of existing products, meta-aramid and aramid paper are in good momentum and need to consolidate advantages and increase market share, especially in overseas markets; spandex and para-aramid need to reduce losses and improve quality [30] New Product Development - The company is conducting a pilot test for T2T recycling. It is promoting safety houses in the security and information business group, especially overseas. It is also providing solutions for aramid fiber series products to large enterprises and preparing a solution for new energy vehicle transportation [31] - The textile recycling technology is self-developed, and the company is currently building a pilot test [33]

Group 1: Market Conditions and Product Performance - The price of spandex has not changed significantly compared to the end of last year, with a slight increase in quality and price [2] - The production and profitability of meta-aramid have increased, while the price remains stable; para-aramid has not fully stabilized but is expected to see a bottoming out [2][3] - The differentiation ratio of spandex is currently around 10%, with plans to increase it to 30% in the future [5] Group 2: Production and Cost Analysis - The overall cost in Ningxia is lower compared to Yantai [3] - The investment density for spandex is higher than that of peers, attributed to design standards and production delays [3][5] - Both meta-aramid and para-aramid have a production capacity of 16,000 tons each [7] Group 3: Strategic Developments and Innovations - The company is focusing on optimizing existing products and exploring new product lines, including T2T recycling and safety solutions for electric vehicle transport [7] - The company is also developing a platform to provide operational solutions for large enterprises in the aramid product sector [7] - The company aims to enhance its market share, particularly in overseas markets, while addressing quality improvements and product differentiation [7]

Core Viewpoint - The article discusses the current state and future prospects of China's chemical new materials industry, highlighting the continuous expansion of production capacity, technological innovations, and the emergence of specialized chemical parks, while also addressing structural challenges and the need for high-quality development. Group 1: Industry Overview - In 2023, China's chemical new materials capacity reached approximately 49 million tons per year, with an output exceeding 36 million tons and a production value of over 1.37 trillion yuan, remaining stable compared to 2022, although lithium battery materials saw a decline from 540 billion yuan to 480 billion yuan [5][20]. - The chemical industry is experiencing a transition from high-speed growth to high-quality development, with total revenue of 15.95 trillion yuan in 2023, a decrease of 1.1% year-on-year, and total profits of 873.4 billion yuan, down 20.7% [20][21]. Group 2: Technological Innovations - Since the 13th Five-Year Plan, the chemical new materials sector has seen significant technological advancements, with breakthroughs in key technologies such as photovoltaic-grade EVA, optical-grade PMMA, and high-strength carbon fibers [7][8]. - A number of critical products have broken foreign monopolies and achieved industrialization, including HDI, PC, PPS, and electronic-grade chemicals [8][10]. Group 3: Key Players and Market Dynamics - Major companies in the sector include Sinopec, PetroChina, and China National Chemical Corporation, focusing on high-end polyolefins, synthetic rubber, and carbon fibers [11]. - Private enterprises are also making strides in specialized fields such as EVA, fluorinated chemicals, and nylon, contributing to the development of China's new materials industry [11]. Group 4: Specialized Chemical Parks - Several specialized chemical parks have emerged, such as the Shanghai Chemical Park and Ningbo Petrochemical Economic Development Zone, which are becoming core drivers for the development of new materials [11][12]. Group 5: Investment Trends and Policy Guidance - Under the guidance of industrial policies, there is a high investment enthusiasm in the chemical new materials sector, focusing on high-end polyolefins, engineering plastics, and functional films [17][23]. - The industry is urged to prioritize the import of high-potential products to address supply shortages and enhance domestic production capabilities [23][24]. Group 6: Challenges and Future Directions - The industry faces structural contradictions, including insufficient high-end supply and bottlenecks in key raw materials and technologies [18][20]. - The focus is shifting towards high-quality development, with an emphasis on enhancing product quality and meeting the growing domestic demand for high-performance materials [21][22].

Group 1: Market Performance and Production - The production capacity of the Yantai plant is 15,000 tons, while the Ningxia plant has a capacity of 85,000 tons but operates at a lower utilization rate, contributing to losses [2] - The overall operating rate in the spandex industry is around 70-80% [3] - The company aims to avoid cash flow losses this year [2] Group 2: Pricing and Inventory - Spandex prices have slightly increased compared to last year, which experienced a significant decline in raw material prices [3] - The inventory level is currently considered high, with a normal range being 20 to 30 days [3] - The company has seen a gradual decrease in inventory since the second half of last year [4] Group 3: Product Differentiation and Quality - The company is focusing on stabilizing product quality and developing differentiated products, such as anti-static and antibacterial spandex, which currently have a low market share [3] - The quality at the Ningxia plant is now considered stable [3] Group 4: Industry Trends and Demand - The demand for spandex is on the rise, and the company is optimistic about future pricing trends, although it depends on industry consensus [3] - The aramid fiber market is relatively stable, with a domestic market share of about 70% for the company [5] - The domestic demand for aramid fiber is approximately 4,000 to 5,000 tons annually, with growth driven by market share increases and sectors like new energy vehicles [5][6]

证券代码：002254 股票简称：泰和新材 公告编号：2025-045 泰和新材集团股份有限公司 关于为控股子公司宁东泰和新材担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 临时公告：2025-045 本次担保的被担保对象宁夏宁东泰和新材有限公司的资产负债率超过 70%，请投资者充分关注担保风险。 一、基本情况 泰和新材集团股份有限公司（以下简称"公司"）分别于 2025 年 4 月 17 日及 2025 年 5 月 12 日召开了第十一届董事会第十三次会议和 2024 年度股东大会， 会议审议通过了《关于公司及子公司 2025 年度担保计划的议案》，同意公司为 控股子公司宁夏宁东泰和新材有限公司（以下简称"宁东泰和新材"）提供不超过 10 亿元的累计最高担保限额，为所有控股子公司的累计最高担保额度不超过人 民币 31.78 亿元。自股东大会通过本议案起 12 个月内，公司对控股子公司担保 的累计有效余额总额（即任一时点的担保余额）不得超过上述最高担保限额总额。 持有上述公司股权的其他控股子公司，可以根据各自的持股比例为上述公司提供 ...

Core Viewpoint - The collaboration between Zhongke Guosheng and Taihe New Materials focuses on the joint development of bio-based aramid fibers, aiming to enhance technological innovation and market application in the high-performance fiber sector [1][2][3]. Group 1: Company Overview - Taihe New Materials is a pioneer in the industrialization of meta-aramid, para-aramid, and spandex, establishing its leading position in the global high-performance fiber market through a full industry chain layout [3]. - The company is accelerating the development of high-strength para-aramid preparation technology and bio-based aramid fibers, driving a strategic transformation from "traditional upgrading" to "green leap" through technological innovation [3]. Group 2: Collaboration Details - The meeting between Zhongke Guosheng and Taihe New Materials involved in-depth discussions on joint technology development, market pathways, and future strategic cooperation regarding bio-based aramid fibers [2]. - Zhongke Guosheng specializes in the research and application of furan bio-based materials, successfully promoting the industrial application of furan-2,5-dicarboxylic acid (FDCA) across various fields [3]. - The jointly developed furan bio-based aramid project has entered the stage of large-scale verification, showcasing superior comprehensive performance compared to petroleum-based aramid fibers [3]. Group 3: Future Directions - Zhongke Guosheng's president, Zhang Yu, emphasized the commitment to advancing the collaborative research, process scaling, and market implementation of high-performance bio-based aramid fibers with Taihe New Materials, aiming to build a future-oriented value chain for furan bio-based materials [4].

Core Viewpoint - The article highlights the breakthrough in the production of aramid paper in China, which has historically been dominated by the US and Japan, leading to a significant reduction in costs and increased self-sufficiency in high-tech materials [2][8]. Group 1: Characteristics and Applications of Aramid Paper - Aramid paper, known for its exceptional properties, can withstand temperatures up to 1300°C and extreme cold down to -196°C, making it suitable for aerospace, defense, and high-end electrical insulation applications [4][5]. - The material is five times stronger than steel while being much lighter, and it plays a crucial role in various high-tech equipment, including Boeing 737, F-35 fighter jets, and China's C919 aircraft [4][5]. Group 2: Historical Context and Challenges - The production of aramid paper has been tightly controlled by a few companies, including DuPont and Japan's Teijin, which have established high technical barriers and often limit the quality of exports to China [5][8]. - The main challenge in producing aramid paper lies in the complex process of evenly dispersing and forming the fibers into a consistent paper material, a task that has stumped many top research teams globally [10][12]. Group 3: Breakthroughs in Chinese Production - A team led by Professor Zhang Meiyun from Tsinghua University began efforts to produce aramid paper from scratch, using improvised equipment like a "soy milk machine" to conduct fiber dispersion experiments [14][15]. - After numerous failures and extensive experimentation, the team achieved a significant milestone in 2012 with the first domestic aramid paper sample, marking China's entry into the manufacturing phase [20]. Group 4: Economic Impact and Industry Transformation - The introduction of domestically produced aramid paper has led to substantial cost savings in various applications, such as a reduction of approximately 20 million yuan per aircraft for the C919 and a 1.2-ton weight reduction in military vehicles [23]. - China now holds 45% of global aramid paper patents, allowing it to negotiate on equal terms with international companies, a significant shift from previous dependency [25]. Group 5: Future Developments - The focus is now on advancing the development of high-end F-12 aramid fibers, which will have even greater strength and temperature resistance, aimed at applications in deep space exploration and nuclear power maintenance [27].

Group 1: Company Performance - The spandex segment showed slight improvement in the first half of the year compared to last year, but still incurred losses. The Yantai plant is nearly break-even, while the Ningxia plant requires further adjustments due to underutilization [2][3]. - The operating rate in Ningxia is approximately 70-80%, affected by design issues in product structure [3]. - The company aims for positive cash flow this year, with Yantai expected to turn profitable while focusing on improving Ningxia's performance [4][5]. Group 2: Product Insights - The production of aramid products has seen growth, with stable prices for meta-aramid and a decline in profits for para-aramid due to significant price drops [2][4]. - The company is focusing on high-value products such as colored and antibacterial fibers to improve pricing and overall revenue [5][6]. Group 3: Market Position and Strategy - The company ranks fifth in the industry in terms of capacity, with no immediate plans for expansion due to underutilization [4][6]. - The global market share target for aramid products is set at 30-40%, with current domestic market shares for meta-aramid at 60-70% and para-aramid at 40-50% [7][8]. Group 4: Competitive Landscape - The aramid industry is characterized by oversupply, with weak support from raw material prices [6][7]. - The company is working on integrating technology and improving production processes to enhance competitiveness against international peers [7][8]. Group 5: Future Developments - The company is exploring new business avenues, including safety products and advanced materials for various applications, such as fire safety and insulation [10][11]. - There is a focus on digital printing technologies for dyeing processes, which are expected to improve color fastness and reduce costs [10][11].

Core Viewpoint - 泰和新材集团股份有限公司 has successfully completed a non-public offering of 159,730,481 shares at a price of RMB 18.70 per share, raising a total of approximately RMB 2.99 billion, which has been fully received as of January 12, 2023 [2][3]. Fund Management and Usage - The company has established a special account for the management of the raised funds, in compliance with relevant regulations and internal management systems [2][3]. - A tripartite supervision agreement was signed with the bank and the sponsor, CITIC Securities, to clarify the rights and obligations of all parties involved [3]. - The company has decided to allocate surplus funds from certain projects to the 泰和新材 Innovation and Entrepreneurship Center project, following the completion of the "High-Performance Aromatic Fiber Industrialization Project" and "Functional Aromatic Fiber Industrialization Project" [3][4]. Account Status - As of the announcement date, the company has opened and managed several special accounts for the raised funds, with specific purposes outlined for each account [4][5]. - The company has completed the cancellation of certain fundraising accounts, with remaining balances transferred to the general account for daily operational activities [5].

临时公告：2025-044 证券代码：002254 股票简称：泰和新材 公告编号：2025-044 泰和新材集团股份有限公司 关于注销部分募集资金专用账户的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 经中国证券监督管理委员会《关于核准烟台泰和新材料股份有限公司非公开 发行股票的批复》（证监许可[2022]1684 号）核准，泰和新材集团股份有限公司 （曾用名"烟台泰和新材料股份有限公司"，以下简称"公司"或"泰和新材"） 非公开发行人民币普通股 159,730,481 股，发行价人民币 18.70 元/股，募集资金 总额为人民币 2,986,959,994.70 元，扣除保荐承销费及其他发行费用人民币 9,327,398.87 元（不含增值税），实际募集资金净额为人民币 2,977,632,595.83 元。 上述资金于 2023 年 1 月 12 日全部到位，已经信永中和会计师事务所（特殊普通 合伙）审验，并出具了《验资报告》（XYZH/2023BJAA5B0002 号）。 一、募集资金的存放和管理情况 为规范公司募集资金管理，保护投资者权益，根据 ...