泰和新材：2025年全年净利润同比预减53.09%—68.73%

Core Viewpoint - Taihe New Materials has announced a significant decline in its expected net profit for 2025, forecasting a decrease of 53.09% to 68.73% compared to the previous year, with a projected net profit attributable to shareholders ranging from 28 million to 42 million yuan [1] Group 1: Business Impact - The company’s main business is affected by a clear supply-demand imbalance in the spandex industry, insufficient market demand, and intensified competition, leading to low spandex prices [1] - Despite implementing engineering technology upgrades to improve efficiency, quality, and cost of spandex products, the overall loss has been reduced but remains significant [1] - The aramid industry is facing challenges due to insufficient end-user demand and increased capacity, resulting in intensified market competition and significant price declines for some products [1] Group 2: Financial Adjustments - The company has reported an estimated asset impairment loss of approximately 75 million yuan due to price declines and product inventory issues [1] - A credit impairment loss of about 35 million yuan has been recognized due to accounts receivable impacts [1] - Interest expenses are expected to increase by approximately 30 million yuan year-on-year due to the expiration of the interest subsidy policy in 2025 [1] - The company anticipates recognizing a relocation gain of about 80 million yuan and an investment income of approximately 55 million yuan from its equity partnership investments [1]