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 | www.lhratings.com | | --- | 1 联合〔2025〕3920 号 联合资信评估股份有限公司通过对浙江台华新材料集团股份有 限公司主体及其相关债券的信用状况进行跟踪分析和评估，确定维 持浙江台华新材料集团股份有限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。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月九日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受浙江台华新材料集团股份有限公司（以下简 称"该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级 委 ...

Core Viewpoint - Zhejiang Taihua New Materials Group Co., Ltd. maintains a stable long-term credit rating of AA, with its convertible bond "Tai 21" also rated AA, reflecting the company's strong industry position and competitive advantages in the textile sector [1][3]. Company Overview - The company is one of the few domestic textile enterprises with a complete industrial chain encompassing nylon recycling, regeneration, polymerization, spinning, weaving, and dyeing [3][5]. - As of the end of 2024, the company reported total assets of 117.85 billion yuan and equity of 50.55 billion yuan, with a significant increase in revenue and profit due to growing downstream demand and the gradual production of ongoing projects [10][19]. Financial Performance - In 2024, the company achieved a total revenue of 71.20 billion yuan, a year-on-year increase of 39.78%, and a profit of 8.13 billion yuan, reflecting a 69.13% increase compared to the previous year [5][19]. - The company's cash flow from operating activities remained positive, covering investment expenditures, with a high coverage ratio of cash assets and EBITDA for the "Tai 21" convertible bond [4][7]. Industry Analysis - The textile industry is experiencing growth, with the production value of the textile sector increasing by 4.4% in 2024, reversing the decline seen in 2023 [12][13]. - The demand for nylon products is influenced by fluctuations in raw material prices, particularly nylon chips, which are affected by upstream oil prices [15][21]. Competitive Advantages - The company maintains a competitive edge through its integrated industrial chain, product development, and technological research, which enhance its responsiveness to customer needs and reduce production costs [16][17]. - The company has established stable partnerships with several well-known domestic and international brands, further strengthening its market position [17][18]. Risks and Challenges - The company faces potential risks related to the volatility of raw material prices and the significant capital expenditure required for ongoing projects, which may impact cash flow and operational stability [6][21]. - As of the end of 2024, accounts receivable and inventory accounted for 29.90% of total assets, indicating a substantial occupation of working capital and potential risks related to inventory depreciation [5][6].

| 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 | | 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 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》 等有关规定，浙江台华新材料集团股份有限公司（以下简称"公司"）委托联合 资信评估股份有限公司（以下简称"联合资信"）对公司 2021 年发行的"台 21 转债"进行了跟踪信用评级。 公司前次主体信用评级结果为"AA"，"台 21 转债"前次评级结果为"AA"， 前次评级展望为"稳定"；评级机构为联合资信，评级时间为 2024 年 6 月 5 日。 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 ...

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 | www.lhratings.com | | --- | 1 联合〔2025〕3920 号 联合资信评估股份有限公司通过对浙江台华新材料集团股份有 限公司主体及其相关债券的信用状况进行跟踪分析和评估，确定维 持浙江台华新材料集团股份有限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。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月九日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受浙江台华新材料集团股份有限公司（以下简 称"该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级 委 ...

沪指6月9日上涨0.43%，申万所属行业中，今日上涨的有30个，涨幅居前的行业为医药生物、农林牧 渔，涨幅分别为2.30%、1.72%。纺织服饰行业位居今日涨幅榜第三。跌幅居前的行业为食品饮料，跌 幅分别为0.43%。 资金面上看，两市主力资金全天净流入35.37亿元，今日有16个行业主力资金净流入，非银金融行业主 力资金净流入规模居首，该行业今日上涨1.20%，全天净流入资金27.81亿元，其次是医药生物行业，日 涨幅为2.30%，净流入资金为20.27亿元。 主力资金净流出的行业有15个，汽车行业主力资金净流出规模居首，全天净流出资金11.08亿元，其次 是计算机行业，净流出资金为11.05亿元，净流出资金较多的还有食品饮料、机械设备、通信等行业。 纺织服饰行业资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002721 | ST金一 | 1.49 | 4.81 | -10705.17 | | 002345 | 潮宏基 | -0.14 | 6.97 | -2475.30 | | 6 ...

Investment Rating - The report maintains an "Outperform" rating for the textile and apparel industry [1] Core Insights - The report outlines the timeline of Trump's tariff policy, highlighting the uncertainty surrounding tariffs and their impact on international brands [2] - International brands have expressed concerns about the impact of tariffs on profits, with varying exposure levels to the U.S. market and sourcing strategies [2][12] - The report anticipates industry consolidation and the potential for suppliers with lower U.S. exposure and higher profit margins to gain market share [2][35] Summary by Sections 1. Key Timeline of Trump's Tariff Policy - On April 10, the Trump administration announced a 90-day tariff delay for 75 countries, set to expire on July 8 [2] - A court ruling on May 28 deemed Trump's tariff policy invalid, leading to further appeals and ongoing uncertainty [2][11] 2. International Brands' Responses to Tariff Events - Brands like Uniqlo, Adidas, and PUMA have varying U.S. market exposure, with Uniqlo at 7% and Adidas and PUMA at 20% [12][13] - Most brands source less than 10% of their products from China, with a significant portion coming from Southeast Asia, particularly Vietnam [12] - Short-term measures include pre-shipping goods to the U.S. and long-term strategies involve price adjustments and supply chain diversification [12][19] 3. Textile Enterprises' Capacity Distribution and Tariff Risk Exposure - Companies like Shenzhou International and Huayi Group have low U.S. revenue exposure, while those with significant Southeast Asian production face higher U.S. revenue percentages [2][32] - The report lists net profit margins for various companies, with Shenzhou International leading at 20.9% [2][32] - Companies with U.S. revenue below 20% are less sensitive to tariff impacts, while those with higher margins can maintain profitability even under pressure [32] 4. Investment Recommendations - Key recommendations include Shenzhou International for its low U.S. exposure and high net margin, and Huayi Group for its strong market position and demand [35] - Other companies to watch include Weixing Co., Taihua New Materials, and Kairun Co., which are expected to benefit from market share gains [35]

Investment Rating - The investment rating for the textile and apparel industry is "Outperform the Market" [1] Core Insights - The report outlines the timeline of Trump's tariff policy, highlighting the uncertainty surrounding tariffs and their impact on international brands [2][11] - International brands have expressed concerns about the impact of tariffs on profits, with varying exposure to the U.S. market and procurement strategies [2][12] - The report anticipates industry consolidation and the expansion of suppliers with lower exposure to U.S. business and higher profit margins due to tariff-related challenges [2][35] Summary by Sections 1. Key Timeline of Trump's Tariff Policy - On April 10, the Trump administration announced a 90-day delay on tariffs for 75 countries, set to expire on July 8 [2][11] - A significant ruling by the U.S. International Trade Court deemed Trump's tariff policy invalid, leading to an appeal by the Trump administration [2][11] 2. International Brands' Responses to Tariff Events - Brands like Uniqlo, Adidas, and PUMA have varying U.S. market revenue exposure, with Uniqlo at 7% and Adidas and PUMA at 20% [2][12] - Most brands source less than 10% of their products from China, with a significant portion coming from Southeast Asia, particularly Vietnam [2][12] - Brands are implementing short-term measures such as pre-shipping goods to the U.S. and long-term strategies like price increases and supply chain diversification [2][12] 3. Textile Enterprises' Capacity Distribution and Tariff Risk Exposure - Companies like Shenzhou International and Huayi Group have low U.S. revenue exposure, while those with significant production in Southeast Asia face higher risks [2][32] - The report lists net profit margins for various companies, with Shenzhou International leading at 20.9% [2][32] - Companies with U.S. revenue below 20% are less sensitive to tariff impacts, while those with higher exposure may face significant profit margin pressures [2][32] 4. Investment Recommendations - Key recommendations include Shenzhou International for its low U.S. exposure and high net profit margin, and Huayi Group for its strong market position and demand [2][35] - Other companies to watch include Weixing Co., Taihua New Materials, and Kairun Co., which are expected to benefit from market share growth [2][35]

Core Viewpoint - The legal opinion letter confirms that Zhejiang Taihua New Materials Group Co., Ltd.'s differentiated dividend distribution plan for 2024 complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [5]. Group 1: Differentiated Dividend Distribution - The company plans to repurchase A-shares using its own funds, with a total amount not less than RMB 50 million and not exceeding RMB 100 million, at a maximum price of RMB 13.93 per share within 12 months from the board's approval [3][4]. - The maximum repurchase price will be adjusted to RMB 13.77 per share starting from June 6, 2024, following the annual equity distribution [3]. - As of March 21, 2025, the company has repurchased 5,056,042 shares, accounting for 0.57% of the total share capital, with a total expenditure of RMB 50.0614 million [4]. Group 2: Dividend Distribution Plan - The company intends to distribute a cash dividend of RMB 0.25 per share (tax included) based on a total share capital of 890,292,633 shares, excluding 216,042 shares held in the repurchase account [4]. - No bonus shares will be issued, and no capital reserve will be converted into share capital for this year's distribution [4]. - The actual number of shares participating in the profit distribution is 890,076,591 shares, and the distribution amount will be adjusted if there are changes in total share capital before the record date [4]. Group 3: Calculation Basis for Dividend Distribution - The reference price for the ex-dividend date is calculated as follows: (10.23 - 0.25) / (1 + 0) = 9.98 RMB per share [4]. - The impact of the differentiated dividend on the reference price is minimal, with an absolute value of less than 1% [4]. - The differentiated dividend distribution does not affect the profit distribution of shares held in the repurchase account [4].

证券代码：603055 证券简称：台华新材 公告编号：2025-047 浙江台华新材料集团股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ?每股分配比例 A 股每股现金红利0.25元 ?相关日期 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发放日 Ａ股 2025/6/11 － 2025/6/12 2025/6/12 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 6 日的2024年年度股东大会审议通过。 二、分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关 规定，公司回购专用账户中的股份，不享有利润分配的权利。基于此，公司回购 专用证券账户中的 216,042 股将不参与本次利润分配。 （1）差异化分红方案 浙江台华新材料集团股份有限公司（以下简称"公司"）2024 年度利润分配 ...

| 证券代码：603055 | 证券简称：台华新材 | | 公告编号：2025-048 | | --- | --- | --- | --- | | 转债代码：113638 | 债券简称：台 21 | 转债 | | 浙江台华新材料集团股份有限公司 关于因实施 2024 年度权益分派调整可转债转股价格的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券停复牌情况：适用 因2024 年度权益分派,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 113638 | 台 21 | 转债 | 可转债转股复牌 | | | 2025/6/11 | 2025/6/12 | "台21转债"调整前转股价格：16.44元/股 "台21转债"调整后转股价格：16.19元/股 "台21转债"转股价格调整实施日期：2025年6月12日（ ...