YANTAI TAYHO(SZ:002254) Xin Lang Zheng Quan·2026-01-21 00:30Group 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]