去年高分子改性材料毛利率骤降至8.75%被问询，祥和实业回复

Core Viewpoint - The company, Xianghe Industrial (603500.SH), is facing scrutiny from the Shanghai Stock Exchange regarding the decline in gross margin of its polymer modified materials, with specific attention drawn to the factors contributing to this decrease [1] Financial Performance - The gross margins for polymer modified materials during the reporting period were 14.39%, 14.21%, 8.75%, and 9.58% respectively [1] - The decline in gross margin for 2024 is attributed to the expansion of domestic EVA supply capacity, a slowdown in the growth rate of new photovoltaic installations, fluctuating EVA prices, and intensified market competition, leading to a larger decrease in product prices compared to raw material costs [1] Market Dynamics - For the first half of 2025, the gross margin rebounded to 9.58%, indicating a gradual restoration of market supply and demand balance, along with increased recognition of certain high-performance products, which improved the company's bargaining power [1]