台华新材“增收不增利”谜团：毛利率跌至冰点，董事长施清岛被查揭开“护盘”骗局

Core Viewpoint - Taihua New Materials (603055.SH) is facing challenges with "increasing revenue but decreasing profit," as indicated by its declining gross margin and recent financial performance, raising concerns in the market [1][2][4]. Financial Performance - In Q1 2025, Taihua New Materials reported revenue of 1.478 billion yuan, a year-on-year increase of 0.38%, while net profit attributable to shareholders was 163 million yuan, up 8.92% [2]. - However, the company's non-recurring net profit fell by 22.62% year-on-year, indicating a significant decline in profit quality [2]. - The gross margin for the company was 22.33%, slightly above the 20.58% recorded in the same period of 2023, but still at a historical low [4]. Market Dynamics - The decline in performance is attributed to seasonal fluctuations in market demand, as Q1 is typically a slow season for the textile industry, leading to reduced orders from downstream customers [2]. - The nylon textile industry is characterized by intense competition and relatively low market concentration, which has also impacted the company's revenue growth [2]. Cash Flow and Financial Health - Despite a significant improvement in net cash flow from operating activities, the company's cash reserves decreased from 1.03 billion yuan in 2024 to 732 million yuan by the end of Q1 2025, a decline of 13.15% [6]. Stock Price and Corporate Governance Issues - Since its IPO in 2017, Taihua New Materials' stock price experienced a significant rise in 2021, followed by a substantial decline, returning to levels close to its initial listing price [7]. - The company's actual controller and chairman, Shi Qingdao, along with the former secretary of the board, Dai Tao, are under investigation for alleged stock price manipulation, which has drawn considerable market attention [8][9].