Summary of Taihe New Materials Group Conference Call Company Overview - Taihe New Materials Group Co., Ltd. was established in 1987 and focuses on high polymer new material technology. The company aims to empower a better life through customer-centric values and innovation. It is a leader in the high-performance fiber industry and has expanded into six new sectors including new energy vehicles and green manufacturing [3][4]. Key Points Discussed Production Capacity and Operations - The current production capacity for spandex is approximately 100,000 tons [6] - The operating rates for 2024 and 2025 are expected to be low, which will impact costs due to high depreciation [6][7] - The company is undergoing systematic restructuring to improve efficiency and reduce energy consumption [8] - Most spandex production is located in Ningxia, with a smaller portion in Yantai (15,000 tons) [9] Market Dynamics - The domestic market for spandex has limited foreign competition, with foreign products holding a low market share [13] - Demand for aramid fibers is primarily driven by large enterprises, with an estimated 20% of production expected for export in 2025 [14] - The growth in demand for aramid fibers is projected to be modest, with structural adjustments presenting opportunities [15] Pricing and Cost Structure - The price of aramid fibers is currently high, limiting usage to specialized applications where customers are less price-sensitive [16][17] - The company is focusing on differentiated products in Yantai, which, despite higher costs, yield better profitability compared to Ningxia [10] Future Outlook - The company plans to increase production loads in 2026 [11] - There is a focus on developing smart fibers and exploring applications in flexible display technology [23] - The competitive landscape for aramid fibers is challenging, with increased production capacity leading to price pressures [25][36] Environmental and Regulatory Considerations - The company is exploring green dyeing processes, although achieving original goals has proven difficult due to high color fastness requirements [22] - The industry is small, and self-regulation is necessary as there is limited government oversight [26] Financial Performance - The company has not reported significant changes in operational status compared to December of the previous year [24] - Export margins are higher for aramid fibers, which require greater company strength to penetrate [27] Strategic Initiatives - The company is designing a chlorinated product line and has multiple suppliers for raw materials [28][29] - There are ongoing efforts to enhance production capabilities and explore new applications, particularly in the aramid paper sector [32][38] Additional Insights - The company is part of Yantai's state-owned assets [40] - Future performance metrics may include a broader range of indicators beyond traditional financial metrics [41] This summary encapsulates the key discussions and insights from the conference call, highlighting the company's strategic direction, market conditions, and operational challenges.

Group 1: Production Capacity and Operations - The current production capacity of spandex is 100,000 tons [2] - The production capacity of aramid fiber is 32,000 tons [3] - The company plans to increase the load in 2026 [3] - The inventory level is approximately 1 to 2 months [3] - The production in Yantai is specialized, yielding a slight premium despite higher costs [3] Group 2: Market Demand and Pricing - The market share of foreign products in the domestic market is currently low [3] - The expected export volume of aramid fiber in 2025 is around 20% [3] - The growth in market demand for aramid fiber is estimated to be in single digits, lower than spandex [3] - The competitive pressure in the aramid fiber market is significant, with increased production capacity leading to lower prices [5] Group 3: Product Development and Innovations - The company is exploring applications in smart fibers, including luminous clothing and automotive interiors [4] - There is ongoing research into new engineering technologies for aramid fiber [5] - The company is working on green dyeing processes, although achieving the original goals has proven challenging [4] Group 4: Financial Performance and Strategy - The export segment has a higher gross margin, primarily driven by aramid fiber [5] - The company is considering investments in chlorinated compounds and has multiple suppliers for raw materials [5][7] - The company’s financial indicators may diversify beyond traditional metrics to include revenue and market valuation [6]

Group 1: Company Overview - Taihe New Materials Group Co., Ltd. operates through four main divisions: Advanced Textiles, Security and Information, New Energy Materials, and Chemical Division [2][3] - The Advanced Textiles Division focuses on spandex and smart fibers, with spandex characterized by high elongation and rebound [2] - The Security and Information Division primarily deals with aramid fibers, which have properties such as flame resistance and high strength [2] Group 2: Production and Capacity - Spandex production capacity is currently at 100,000 tons [3] - The company has seen improvements in spandex operating rates, contributing to reduced losses [3] - The goal for most products is a double-digit growth in production by 2026 [5] Group 3: Market and Pricing - Approximately 20% of aramid fiber is exported, with better profitability in international markets compared to domestic [3] - The global demand for aramid paper in aerospace applications is significant, with an estimated usage of 4,000 to 5,000 tons [3][4] - The pricing of aramid products varies by region and application, with higher prices observed in overseas markets [3] Group 4: Future Plans and Challenges - The company plans to build technical platforms for future chemical products once existing capacities are optimized [5] - There is a focus on engineering technology improvements to enhance product quality and reduce costs [3] - The self-sufficiency rate for aramid raw materials is approximately 40-50% [5]

Core Viewpoint - The company, Taihe New Materials, is focusing on its core business development and is open to potential acquisitions that align with its strategic direction in capital operations [1] Group 1 - The company emphasizes continuous focus on its main business operations [1] - Future capital operations will revolve around the core business [1] - The company does not rule out the possibility of acquisitions if suitable opportunities arise [1]

南财智讯1月21日电，泰和新材在投资者关系活动中表示，公司目前正在探讨芳纶材料在机器人领域的 腱绳应用，凭借其高强度、高模量以及良好的耐蠕变性能，具备潜在应用优势。目前已有专门团队跟踪 相关技术研发，但整体仍处于早期阶段。 ...

Group 1 - The company focuses on its core businesses of spandex and aramid fibers, with a collaborative development approach across multiple divisions [2] - The company has four business divisions: Advanced Textile Division, Security and Information Division, New Energy Division, and Chemical Division, each with distinct business directions [2] - The company is also exploring new projects in textile recycling, POD films, and composite materials [2] Group 2 - Both spandex and aramid prices are currently at historical lows, and the industry is experiencing a phase of market exit, although the timing of this market clearing remains uncertain [3] - The company acknowledges that there is currently no "anti-involution" effect in the industry [3] Group 3 - The company is in the early stages of developing materials for robotics, with aramid materials showing potential due to their high strength and modulus [4] - A dedicated team has been formed to track related research and development in this area [4] Group 4 - The decline in the company's performance in 2025 is attributed to the lack of improvement in the spandex business and intense competition in other sectors [5] - The company plans to focus on its core business for future acquisitions, should suitable opportunities arise [5] Group 5 - The company notes that there are few foreign competitors in the spandex market, with a stable structure and major production capacity concentrated domestically [6] - The company reports that the upstream raw material prices have remained relatively stable [6]

投资者关系活动记录表 1 投资者关系活动记录表 | | 答：机器人这块目前主要是探讨腱绳这方面的应用，从性能 | | --- | --- | | | 方面来讲芳纶的强度和模量更高一些，耐蠕变性也好。公司 | | | 有专门团队跟踪机器人这方面的研发，还处于早期阶段。 | | | 投资者：对氨纶、芳纶产品未来的价格有没有预期？ | | | 答：目前这两个产品的价格都处于历史底部。 | | | 投资者：行业有没有退出的？ | | | 答：行业连续多年处于底部，去年行业有退出的，还有面临 | | | 经营困难的。 | | | 投资者：行业出清还需要多长时间？ | | | 答：这个还得观察。 | | | 投资者：反内卷有没有效果？ | | | 答：目前没有。 | | | 投资者：今年公司业绩下滑比较大，主要原因是什么？ | | | 答：首先氨纶没有大的好转，其他业务的竞争也比较激烈。 | | | 投资者：公司的业务还是非常聚焦主业，未来有没有什么收 | | | 购想法？ | | | 答：资本运作也要聚焦主业，有合适的机会不排除。 | | | 投资者：氨纶国外竞争对手情况？ | | | 答：氨纶国外的厂家很少，基本上变 ...

Group 1 - The chemical fiber sector experienced a rise of 2.34% on January 20, with Xinxiang Chemical Fiber leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Key stocks in the chemical fiber sector showed significant price increases, with Xinxiang Chemical Fiber rising by 10.03% to a closing price of 7.46 [1] Group 2 - The chemical fiber sector saw a net inflow of 213 million yuan from main funds, while retail investors experienced a net outflow of 222 million yuan [2] - Major stocks like Huafeng Chemical and Xinxiang Chemical Fiber had notable net inflows from main funds, with Huafeng Chemical receiving 85.65 million yuan [3] - Retail investors showed a significant outflow from several stocks, including Xinxiang Chemical Fiber, which had a net outflow of 39.03 million yuan [3]

证券日报网讯1月20日，泰和新材（002254）在互动平台回答投资者提问时表示，公司正在采取措施， 提升保供能力。 ...

Group 1: Production Capacity and Market Demand - The current production capacity for aramid fibers is 16,000 tons each for meta-aramid and para-aramid [2] - Global demand for aramid paper is approximately 10,000 tons, with supply significantly exceeding this demand [3] - The market for aramid paper has a high barrier to entry due to technical challenges and supply chain constraints [3] Group 2: Profit Margins and Industry Trends - The profit margins for both types of aramid fibers have seen a slight decline this year [2] - The global supply of aramid fibers is around 150,000 to 160,000 tons combined [2] - The company plans to first increase the utilization rate of existing capacity before considering further expansion [3] Group 3: Applications and Market Segmentation - Approximately 80% of aramid paper is used for insulation applications [3] - The use of aramid materials in new energy and commercial aerospace is currently low but has potential for growth [4] - The company is exploring applications for smart fibers in various sectors, including automotive interiors and wearable technology [5] Group 4: Challenges and Innovations - The company is facing challenges in the production of spandex, which is currently operating at a loss [4] - Innovations in green dyeing technology aim to reduce wastewater and CO2 emissions during the dyeing process [4] - The development of thermal conductive films (POD films) is being pursued, with potential applications in mobile devices [5]