Summary of Key Points Core Viewpoint - The announcement details the conversion results of the "Tai 21 Convertible Bonds" issued by Zhejiang Taihua New Materials Group Co., Ltd., highlighting the low conversion activity and the remaining unconverted bond amount. Group 1: Conversion Status - As of June 30, 2025, a total of 254,000 yuan of "Tai 21 Convertible Bonds" has been converted into company shares, resulting in 15,208 shares, which represents 0.0018% of the company's total share capital before conversion [1][2] - The amount of "Tai 21 Convertible Bonds" that has not been converted as of June 30, 2025, is 599,746,000 yuan, accounting for 99.96% of the total issuance [1][2] Group 2: Bond Issuance Overview - The company publicly issued the "Tai 21 Convertible Bonds" on December 29, 2021, with a coupon rate of 0.30% for the first year, increasing to 1.50% by the fifth year [1] - The bonds began trading on the Shanghai Stock Exchange on January 21, 2022, under the code "113638" [1] Group 3: Share Capital Changes - The total share capital before and after the conversion remains unchanged at 890,292,633 shares, with no new shares created from the conversion during the reported quarter [3][4]

| 证券代码：603055 | 证券简称：台华新材 | | 公告编号：2025-051 | | --- | --- | --- | --- | | 债券代码：113638 | 债券简称：台 21 | 转债 | | 浙江台华新材料集团股份有限公司 可转债转股结果暨股份变动公告 截至 2025 年 6 月 30 日，累计共有 254,000 元"台 21 转债"已转换为公司 股票，累计转股数为 15,208 股，占其转股前公司总股本的 0.0018%。 未转股可转债情况： 截至 2025 年 6 月 30 日，尚未转股的"台 21 转债"金额为 599,746,000 元， 占其发行总量的 99.96%。 本季度转股情况： 本季度（即自 2025 年 4 月 1 日至 2025 年 6 月 30 日期间）"台 21 转债"转 股金额为 0 元，因转股形成的股份数量为 0 股。 一、可转债发行上市概况 1、经中国证券监督管理委员会证监许可[2021]2109 号文核准，浙江台华新 材料集团股份有限公司（以下简称"公司"）于 2021 年 12 月 29 日公开发行了 600 万张可转换公司债券，每张面值 100 元 ...

Industry Overview - Sunscreen clothing is designed to block direct exposure to ultraviolet rays, similar to the function of sun umbrellas, and has gained popularity since its introduction in the U.S. in 2007 and later in China [1][8] - The market for sunscreen clothing in China is projected to grow from 45.9 billion yuan in 2016 to 80.8 billion yuan in 2024, with expectations to reach 95.8 billion yuan by 2026 [1][8] Product Classification - Sunscreen clothing can be categorized into three types: colorful cotton fabric clothing, sunscreen fabric with added agents, and special materials like reflective silver fabric [2] Industry Status - The sunscreen market in China has rapidly expanded, becoming the second-largest consumer market globally, with a market share of 16.2% by 2024, up from 6.4% in 2008 [6] - The compound annual growth rate (CAGR) for sunscreen products in China over the past five years is 8.8%, significantly higher than Japan and South Korea [6] Competitive Landscape - The sunscreen clothing market is witnessing increased competition, with various brands entering the market, including established brands like Bosi Deng and Decathlon, as well as new entrants focusing on sunscreen products [10] - The market features a mix of established brands and "white label" products, with some white label sunscreen clothing achieving significant sales on e-commerce platforms [10][13] Key Companies - Major players in the sunscreen clothing market include Bosi Deng, Ternua, and other brands that have expanded their product lines to include sunscreen clothing [19][17] - Ternua reported revenues of 15.92 billion yuan in 2024, with a year-on-year growth of 14.44% [17] Development Trends - The market for sunscreen clothing is expected to continue expanding, with a projected CAGR of 13.6% and a shift towards diverse consumer scenarios [21] - Domestic brands are gaining market share, with Bosi Deng's sunscreen clothing sales increasing from 100 million yuan in 2022 to 1 billion yuan in 2024 [22] - Price competition is intensifying, with a focus on high cost-performance ratios, as the mainstream price range for sunscreen clothing shifts to 100-200 yuan [23]

Core Viewpoint - The report on Taihua New Materials highlights its significant competitive advantages in the nylon industry, driven by a comprehensive vertical integration strategy and a focus on high-end products, leading to a "buy" rating for the company [1][2]. Company Overview - Taihua New Materials is a leading player in the nylon industry with a complete supply chain from spinning, weaving to dyeing and finishing, achieving a production capacity of 345,000 tons of nylon yarn, 716 million meters of grey fabric, and 710 million meters of finished fabric [2]. - The company has established strong partnerships with major brands like Decathlon and BERSHKA, enhancing its customized service capabilities for high-end market expansion [2]. Industry Dynamics - The nylon industry is experiencing accelerated capacity expansion, with a clear differentiation between high-end and low-end products. Companies with high-end and customized production capabilities are expected to benefit from increased concentration in high-end products [3]. - The demand for nylon is projected to grow at a compound annual growth rate (CAGR) of 7-10% from 2025 to 2027, with a potential 36% increase in demand by 2030 due to rising participation in outdoor sports [3]. Growth Drivers - The company's growth is supported by the ramp-up of its Huai'an project, which is expected to add significant production capacity, and the commercialization of its recycled nylon technology, PRUECO, which has received global certification [4]. - The Huai'an project is anticipated to generate profits of 329 million, 123 million, 411 million, and 411 million yuan upon full production [4]. Financial Projections - The company forecasts net profits of 855 million, 1.066 billion, and 1.288 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 17.8%, 24.7%, and 20.8% [5]. - The estimated earnings per share (EPS) for the same years are projected to be 0.96, 1.20, and 1.45 yuan, with price-to-earnings (PE) ratios of 9.51, 7.62, and 6.31, indicating a valuation below the average of comparable companies [5].

Core Viewpoint - The chemical industry is currently experiencing a downturn, leading to increased safety incidents in chemical parks, which may result in stricter regulations on high-risk chemical projects and production oversight [3]. Group 1: Impact of Recent Incidents - A major production safety accident occurred at Shandong Youdao Chemical Co., affecting the supply of chlorantraniliprole and its intermediates, with a market price of 305,000 yuan per ton as of June 20 [2]. - The recent fire at Jiangxi Yangfan's facility will impact the supply of intermediates for light initiators, indicating potential supply chain disruptions in the sector [4]. Group 2: Industry Outlook - The chemical industry is in a downcycle, with companies potentially reducing safety investments, leading to more frequent safety incidents [3]. - Leading companies in the chemical sector are expected to benefit from their stringent safety management processes and advanced production technologies, ensuring stable production amid regulatory challenges [3]. Group 3: Recommendations for Investment - Focus on leading companies in niche segments such as light initiators and nylon production, as industry concentration is expected to increase due to ongoing product upgrades and supply-demand optimization [4].

浙江台华新材料集团股份有限公司 公开发行 A 股可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"）《浙 江台华新材料集团股份有限公司公开发行 A 股可转换公司债券受托管理协议》 （以下简称"《受托管理协议》"）《浙江台华新材料集团股份有限公司公开发行 A 股可转换公司债券募集说明书》（以下简称"《募集说明书》"）《浙江台华新材料 集团股份有限公司 2024 年年度报告》等相关公开信息披露文件、第三方中介机 构出具的专业意见等，由本期债券受托管理人中信证券股份有限公司（以下简称 "中信证券"）编制。中信证券对本报告中所包含的从上述文件中引述内容和信 息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和完整性做出 任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中信证券所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，中信证 券不承担任何责任。 2 二〇二五年六月 | | | 1 重要声明 | 第 ...

Group 1 - The company Zhejiang Taihua New Materials Group Co., Ltd. has issued A-share convertible bonds with a total amount of RMB 600 million, consisting of 6 million bonds with a face value of RMB 100 each [4][3][17] - The funds raised will be used for the "Intelligent Annual Production of 120,000 Tons of High-Performance Environmental Nylon Fiber Project" and to supplement working capital [17][23] - The initial conversion price for the bonds is set at RMB 16.87 per share, with adjustments based on stock dividends and other corporate actions [8][9][29] Group 2 - The company reported a significant increase in revenue for 2024, with total revenue reaching RMB 712,007.59 million, a 39.78% increase from the previous year [22] - The net profit attributable to shareholders increased by 61.59% to RMB 72,571.98 million, reflecting strong operational performance [22] - The company's total assets grew by 11.60% to RMB 1,178,481.68 million, indicating a solid financial position [22] Group 3 - The bonds are managed by CITIC Securities, which is responsible for monitoring the company's financial health and ensuring the proper use of raised funds [20] - The company has established a special account for the management of the raised funds, ensuring compliance with relevant regulations [17][18] - The bonds have received a credit rating of AA with a stable outlook, indicating a strong credit profile [28][27]

Group 1 - The chemical industry is experiencing an increase in safety incidents, leading to stricter regulations on high-risk chemical reactions, which may benefit leading companies with better safety controls and advanced production technologies [2] - The explosion at Youdao Chemical has impacted the supply of chlorantraniliprole, potentially driving up prices due to supply shortages [3] - The fire at Jiangxi Yangfan, a subsidiary of Yangfan New Materials, is expected to affect the supply of intermediates for photoinitiators, which may lead to increased industry concentration and benefit leading companies [4] Group 2 - An accident at China Pingmei Shenma Group's nylon technology company has disrupted the supply of caprolactam and other chemical products, affecting related nylon enterprises [5]

Group 1 - The chemical industry is facing frequent accidents, impacting the supply of chemicals such as caprolactam [2] - The recent accident at China Pingmei Shenma Group's nylon technology company will affect the supply of related chemical products, with a focus on stricter safety regulations for high-risk chemical reactions [2] - Leading companies in the chemical industry are expected to maintain orderly production through enhanced safety management and advanced production technologies [2] Group 2 - Nylon, known for its excellent properties, has a wide range of downstream applications, with significant consumption expected to grow [3] - In 2024, the apparent consumption of nylon 6 and nylon 66 is projected to be 531.6 million tons and 73.9 million tons, respectively, representing year-on-year growth of 22.2% and 41.2% [3] - Companies such as Polyone and Taihua New Materials are recommended for investment in the nylon and specialty nylon industry chain [3] Group 3 - Caprolactam is a crucial organic chemical raw material primarily used to produce nylon 6, with a current production capacity of 7.1 million tons per year in China [4] - The accident may impact approximately 5.6% of the industry's caprolactam supply [4] - Major producers include Luxi Chemical (650,000 tons/year), Hualu Hengsheng (400,000 tons/year), and Hengyi Petrochemical (225,000 tons/year) [4]

浙江台华新材料集团股份有限公司 关于公开发行可转换公司债券 2025 年跟踪评级结果 的公告 评级机构联合资信在对公司经营状况、行业情况进行综合分析与评估的基础 上，于 2025 年 6 月 9 日出具了《浙江台华新材料集团股份有限公司公开发行可 转换公司债券 2025 年跟踪评级报告》，维持公司主体长期信用等级为 AA，维持 "台 21 转债"信用等级为 AA，评级展望为稳定。 《浙江台华新材料集团股份有限公司公开发行可转换公司债券 2025 年跟踪 评级报告》详见上海证券交易所网站（www.sse.com.cn），敬请广大投资者查阅。 特此公告。 浙江台华新材料集团股份有限公司董事会 | 证券代码：603055 | 证券简称：台华新材 | | 公告编号：2025-049 | | --- | --- | --- | --- | | 债券代码：113638 | 债券简称：台 21 | 转债 | | 本公司及董事会全体成员保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 重要内容提示： 根据《上市公司证券发行注册管理办法》和《上海证券交易所股票上市规则》 ...