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 ...

2025年8月20日，泰和新材集团召开第八届职工代表大会第四次会议，选举邱召明为公司第十一届董事 会职工代表董事，任期至第十一届董事会任期届满（2026年4月11日）。徐立新不再担任该职，仍任公 司高级顾问等职，其副董事长及战略委员会委员职务自动终止。徐立新原定离任时间即第十一届董事会 任期届满之日，任职期间尽责贡献大，公司董事会致谢。本次变更不影响董事会运作及公司经营，第十 一届董事会相关兼任及职工代表董事人数合规。附邱召明详细简历，其符合任职条件。 ...

Group 1 - The core viewpoint of the article highlights the growth potential of China's chemical fiber industry, with a projected production increase of 4.7% year-on-year by June 2025, reaching 7.36 million tons [1] - In the first half of 2025, China's cumulative chemical fiber production is expected to be 42.36 million tons, reflecting a cumulative growth of 4.9% [1] - The article references a report by Zhiyan Consulting that analyzes the market operation status and investment prospects of the chemical fiber industry from 2025 to 2031 [1] Group 2 - Listed companies in the chemical fiber sector include Xinxiang Chemical Fiber, Hengli Petrochemical, Huafeng Superfiber, Rongsheng Petrochemical, Jilin Chemical Fiber, Tongkun Co., Zhongtai Chemical, Nanjing Chemical Fiber, Taihe New Materials, and Aoyang Health [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [2]

Group 1 - The core viewpoint of the article highlights the growth potential of China's synthetic fiber industry, with a projected production increase of 4.5% year-on-year by June 2025, reaching 6.75 million tons [1] - In the first half of 2025, China's cumulative synthetic fiber production is expected to reach 38.901 million tons, reflecting a cumulative growth of 5% [1] - The article references several listed companies in the synthetic fiber sector, including Hengyi Petrochemical, Rongsheng Petrochemical, and Xin Fengming, indicating a focus on key players in the industry [1] Group 2 - The report titled "2025-2031 China Synthetic Fiber Industry Market Status Survey and Development Trend Analysis" by Zhiyan Consulting provides insights into the market dynamics and future trends of the synthetic fiber industry [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in comprehensive industry research and providing tailored consulting services [2] - The data utilized in the article is sourced from the National Bureau of Statistics and organized by Zhiyan Consulting, ensuring reliability and accuracy [3]