新乡化纤回应库存、应收账款增加：反映市场需求较为旺盛

Core Viewpoint - The company is experiencing strong market demand, leading to increased inventory and accounts receivable, as well as an expansion in production capacity for viscose filament. Group 1: Business Operations - The company has increased its inventory and accounts receivable in the first three quarters of the previous year, indicating robust market demand [2] - The production capacity for viscose filament is set to expand from 90,000 tons in 2024 to 110,000 tons in 2025, which directly contributes to the increase in inventory levels [2] Group 2: Supply Chain and Procurement - The growth in inventory is also influenced by the procurement of raw materials, primarily imported wood pulp [2] - The appreciation of the RMB against the USD during the third quarter of 2025 has led the company to pre-purchase wood pulp to lock in costs, further increasing inventory levels [2]