决议公告：2025-063 证券代码：002254 股票简称：泰和新材 公告编号：2025-063 泰和新材集团股份有限公司 2025 年第二次临时股东大会决议公告 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。 1、现场会议召开时间：2025 年 8 月 28 日（星期四）下午 14:30 2、网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间：2025年8月28日 9:15—9:25,9:30—11:30 和13:00—15:00； 通过互联网投票系统（http://wltp.cninfo.com.cn）进行网络投票的具体 时间：2025年8月28日9:15-15:00。 7、会议出席情况： 通过现场和网络投票的股东及股东授权委托代表432人，代表有表决权的股 份318,551,658股，占公司有表决权股份总数的37.5478%（截至股权登记日，公 司总股本为 857,213,183 股，其中回购专户中库存股 8,824,123 股，有表决权 特别提示： 1、本次股东大会以现场会议和网络投票相结合的方式召开； 2、本次股东大会召开期间无增加、 ...

Somore 山 东 松 茂 律 师 事 务 所 致：泰和新材集团股份有限公司 根据《中华人民共和国证券法》(以下简称"《证券法》")、《中 华人民共和国公司法》(以下简称"《公司法》")和中国证券监督管 理委员会(以下简称"中国证监会")关于《上市公司股东大会规则》(以 下简称"《股东大会规则》")等法律、法规和规范性文件的要求， 山东松茂律师事务所(以下简称"本所")接受泰和新材集团股份有限 公司(以下简称"公司")委托，指派本所律师出席公司 2025 年第二次 临时股东大会(以下简称"本次股东大会")，并出具本法律意见书。 为出具本法律意见书，本所律师对公司本次股东大会所涉及的有 关事项进行了审查，查阅了公司本次股东大会的有关文件和材料，并 对有关问题进行了必要的核查和验证。本所律师得到公司如下保证， 即其已提供了本所律师认为出具本法律意见书所必需的材料，所提供 的原始文件、副本、复印件等书面材料、口头证言均符合真实、准确、 完整的要求，有关副本、复印件材料与正本原始材料一致。 在本法律意见书中，本所律师根据《股东大会规则》的要求，仅 对公司本次股东大会的召集、召开程序、出席人员的资格、召集人资 格、股 ...

Core Viewpoint - Taihe New Materials announced the acquisition of 100% equity in Yantai Taida Industrial Park Development Co., Ltd. for 150 million yuan, which is an associated transaction due to the seller being a subsidiary of its controlling shareholder [1] Group 1: Acquisition Details - The acquisition aims to transition from leasing production facilities from related parties to owning the assets directly, thereby reducing related party transactions [1] - The target company, Yantai Taida, is positioned in the specialty fiber downstream application industry, focusing on markets such as safety protection and new energy vehicles [1] Group 2: Financial Performance - In 2024, Taihe New Materials reported revenue of 3.929 billion yuan, a slight increase of 0.10% year-on-year, but a net profit of 90 million yuan, down 73.12% year-on-year, marking the third consecutive year of decline since 2022 [1] - For the first half of the year, the net profit further decreased by 77.58% year-on-year to 26 million yuan [1] Group 3: Operational Efficiency Concerns - The company's inventory turnover days increased from 77 days in 2021 to 145 days in 2024, while accounts receivable turnover days rose from 8 days to 35 days during the same period, indicating declining operational efficiency [1] Group 4: Target Company's Financial Status - As of December 31, 2024, the parent company of the target, Huang Bohai Investment Development Group, had total assets of 688 million yuan and a net asset of 668 million yuan, with a revenue of 7.1583 million yuan and a net loss of 878,600 yuan for the year [2] - By March 31, 2025, the group reported total assets of 687 million yuan and a net asset of 667 million yuan, with a revenue of 2.323 million yuan and a net loss of 962,200 yuan for the first quarter [2] Group 5: Cash Flow Situation - Taihe New Materials reported a negative operating cash flow of 591 million yuan in 2024, a decrease of 949 million yuan year-on-year, and a negative investment cash flow of 486 million yuan, although this was an improvement from the previous year's negative 1.846 billion yuan [2] - The financing cash flow also decreased by 2 billion yuan year-on-year to 482 million yuan, exacerbating the cash flow tightness [2] Group 6: Industry Context - The main business segments of Taihe New Materials include spandex, aramid, and aramid paper, with the spandex market facing intense competition leading to price wars that compress profit margins [3] - The company acknowledged that the gross margin for spandex products is negative by over 10%, with annual production capacity of 100,000 tons for spandex and 16,000 tons each for meta-aramid and para-aramid [3] - The overall profitability of the aramid industry is declining due to insufficient end-demand growth and fierce competition among manufacturers [3]

Core Viewpoint - The company, Taihe New Materials, reported a decline in revenue and net profit for the first half of 2025, indicating potential challenges in its business operations and financial health [1]. Financial Performance - For the first half of 2025, the company achieved total operating revenue of 1.903 billion yuan, a year-on-year decrease of 2.48% [1]. - The net profit attributable to the parent company was 26.34 million yuan, down 77.58% year-on-year [1]. - The net profit after deducting non-recurring gains and losses was 1.71 million yuan, a significant decline of 95.70% compared to the previous year [1]. - The net cash flow from operating activities was -404 million yuan, contrasting with 65.54 million yuan in the same period last year [1]. Stock Performance - As of August 26, 2025, the stock price of Taihe New Materials was 10.98 yuan, with a slight decrease of 0.01 yuan, representing a drop of 0.09% from the previous trading day [1]. - The trading volume on that day was 211,657 hands, with a total transaction value of 232 million yuan [1]. Capital Flow - On August 26, there was a net outflow of 9.704 million yuan in main funds, with a total net outflow of 112.72 million yuan over the past five days [1].

Core Viewpoint - The company reported a significant decline in performance for 1H25, with revenue of 1.903 billion yuan, down 2.48% year-on-year, and a net profit attributable to shareholders of 26 million yuan, down 77.58% year-on-year, primarily due to a sluggish spandex industry and intensified competition in the aramid business [1] Industry Trends - The spandex industry remains in a downturn, with average prices at 23,700 yuan per ton in 1H25, reflecting a 15% year-on-year decrease and a 4.4% decline from the previous half [2] - As of the end of 1H25, China's spandex production capacity reached 1.43 million tons, with an increase of 76,000 tons compared to the end of 2024, and an additional 100,000 tons expected to come online in 2H25, leading to a total capacity exceeding 1.5 million tons by year-end [2] - The overall weak demand suggests that spandex industry profitability may continue to remain at low levels in the short term, although gradual improvements could occur in the medium to long term due to environmental policies and capacity reductions [2] Company Developments - The company is focusing on new energy products, particularly aramid paper and aramid-coated separators, with significant growth expected in aramid paper sales driven by the demand from the new energy vehicle and aerospace sectors [3] - The company has begun trial production of aramid-coated separators, which have passed audits from several battery clients, and is expected to enter a ramp-up phase in 2026, with potential shipments exceeding 1 billion square meters per year [3] Profit Forecast and Valuation - Due to ongoing pressure on spandex and aramid profitability, the company has revised its net profit forecasts for 2025 and 2026 down by 71.3% and 31.3% to 60 million yuan and 260 million yuan, respectively [4] - The current stock price corresponds to a 36.2 times price-to-earnings ratio for 2026, with a target price adjustment down by 7.7% to 12 yuan, reflecting a 39.5 times price-to-earnings ratio for 2026, indicating a potential upside of 9.2% from the current stock price [4]

Core Viewpoint - The company is facing significant challenges in the textile and chemical industries due to a complex global economic environment characterized by low growth, increased differentiation, and intertwined risks, leading to a substantial decline in product prices and profitability compared to the previous year [3][5][16]. Company Overview - The company operates across various sectors including green chemicals, high-end textiles, high-performance fibers, and new energy materials, being the first in China to produce several specialized fibers and the first globally to produce smart fibers [3][4]. Financial Performance - In the first half of 2025, the company reported a significant drop in product prices and profitability due to cyclical downturns and weak demand, with the overall operating load in the industry decreasing compared to previous years [3][5][9]. Industry Trends - The global textile and apparel export from China showed resilience with a total export of $144 billion in the first half of 2025, marking a 0.8% year-on-year increase, although this was accompanied by a decrease in prices [3]. - The spandex industry continued to expand its production capacity, reaching 1.43 million tons by mid-2025, an increase of 76,000 tons from the end of 2024, while demand growth remained limited, exacerbating supply-demand imbalances [5][8]. Product Development - The company has focused on enhancing product quality and reducing production costs through various strategies, including management optimization and marketing efforts, which have led to improved sales rates despite ongoing losses in the spandex business [9][10]. - The company is advancing its green dyeing technology, which aligns with national environmental regulations, and has seen increased orders for its innovative dyeing and digital printing services [10]. Market Outlook - The spandex market is expected to remain under pressure due to an oversupply situation, with approximately 100,000 tons of new capacity expected to come online in the second half of 2025, maintaining a trend of price adjustments [8][9]. - The aramid fiber market is projected to grow significantly, driven by increasing demand in safety, environmental protection, and energy-saving applications, with a compound annual growth rate of 5%-10% anticipated [18][19]. Strategic Initiatives - The company is acquiring 100% of the Yantai Taida Industrial Park Development Co., Ltd. to enhance its production capabilities and streamline its supply chain, which is expected to facilitate the development of downstream applications in special fibers [40][60].

Group 1 - The company Taihe New Materials (SZ 002254) announced the convening of its 11th Board of Directors meeting on August 22, 2025, to review the 2025 semi-annual report and other documents [1] - For the year 2024, the company's revenue composition shows that the chemical fiber industry accounts for 98.48%, while other industries account for 1.52% [1] - As of the report date, Taihe New Materials has a market capitalization of 9.4 billion yuan [1]

Investment Rating - The report maintains a positive outlook on the chemical sector, emphasizing the value of allocation in this area due to macroeconomic factors and domestic policy changes [3][4]. Core Insights - The report highlights the expected increase in oil supply led by non-OPEC countries and a significant growth in overall supply, while global GDP is projected to maintain a growth rate of 2.8%. However, demand growth for oil may slow due to tariff policies [3][4]. - The anticipated interest rate cuts by the Federal Reserve and domestic anti-involution measures are expected to boost the Producer Price Index (PPI), enhancing the allocation value in the chemical sector. Price increases for titanium dioxide and phosphate fertilizers are noted, with specific companies recommended for investment [3][4]. - The report identifies a recovery in the domestic computing power chain and suggests that companies involved in this sector will benefit from ongoing developments in domestic chip design and AI applications [3][4]. Summary by Sections Industry Dynamics - Oil supply is expected to increase significantly, with non-OPEC countries leading the way. Global GDP growth is stable at 2.8%, but demand growth for oil may face challenges due to tariff impacts. Coal prices are anticipated to stabilize, while natural gas export facilities in the U.S. may reduce import costs [3][4]. Chemical Sector Allocation - The report suggests focusing on the chemical sector due to favorable macroeconomic conditions. Price adjustments in titanium dioxide and phosphate fertilizers are highlighted, with specific companies such as Yuntianhua and Hubei Yihua recommended for investment [3][4]. Investment Analysis - Traditional cyclical stocks and specific segments within the chemical industry are recommended for investment. Companies like Wanhua Chemical and Baofeng Energy are highlighted for their potential growth. The report also emphasizes the importance of monitoring the performance of various chemical products and their pricing trends [3][4][17].

Core Insights - Taihe New Materials (002254.SZ) reported a revenue of 1.903 billion yuan for the first half of 2025, representing a year-on-year decline of 2.48% [1] - The net profit attributable to shareholders of the listed company was 26.341 million yuan, down 77.58% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.7144 million yuan, a significant decrease of 95.70% year-on-year [1] - Basic earnings per share stood at 0.03 yuan [1]

泰和新材集团股份有限公司 募集资金 2025 年上半年存放与使用情况报告 泰和新材集团股份有限公司（以下简称"本公司"）及董事会全体成员保证信息披 露的内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗漏。 为了规范募集资金的管理和使用，提高资金使用效率和效益，保护投资者权益，根 据中国证券监督管理委员会《上市公司监管指引第 2 号—上市公司募集资金管理和使用 的监管要求》《深圳证券交易所上市公司自律监管指南第 2 号—公告格式》等规定，结 合本公司《募集资金管理制度》，现将 2025 年上半年募集资金存放与使用情况说明如 下。 一、 募集资金基本情况 （一） 募集资金金额及到位时间 根据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），本公司获准非公开发行不超过 205,318,350 股新股。本公司实际非公开发行人民币普通股 159,730,481 股，发行价格 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 ...