新乡化纤背债53亿仍豪掷12亿扩产藏忧 行业供强需弱前九月扣非骤降51%

Core Viewpoint - Xinxiang Chemical Fiber plans to invest 1.22 billion yuan to expand production capacity by constructing a project for an annual output of 100,000 tons of functional spandex fiber, aiming to optimize product structure and enhance production scale [1][8]. Group 1: Investment and Project Details - The investment of 1.22 billion yuan will be used for the first phase of the project, which will produce 50,000 tons of ultra-fine denier spandex fiber annually [8]. - The project is set to begin construction in the first quarter of 2026 and will take 14 months to complete [8]. - Upon reaching full production, the project is expected to generate an additional annual sales revenue of 1.15 billion yuan and a profit of 100 million yuan [2][8]. Group 2: Financial Performance and Challenges - As of September 2025, Xinxiang Chemical Fiber had interest-bearing liabilities of approximately 5.345 billion yuan, with cash and cash equivalents of only 1.229 billion yuan, indicating financial pressure [5][13]. - The company reported a net profit of 133 million yuan for the first three quarters of 2025, a decline of 33.15% year-on-year, and a non-recurring net profit of 94 million yuan, down 51.42% [15]. - The company has experienced significant fluctuations in net profit over the years, with a peak of 1.365 billion yuan in 2021, followed by losses in subsequent years [15]. Group 3: Market Conditions and Industry Outlook - The chemical fiber market currently exhibits a strong supply and weak demand characteristic, putting pressure on the operating performance of industry players [3]. - The industry is facing challenges such as a downward cycle, supply shocks, and weak demand, leading to lower product prices and profit margins [11]. - Xinxiang Chemical Fiber's expansion comes amid a market environment where the overall demand for spandex is slowing, raising questions about the rationale behind the aggressive investment [12][17].