Summary of the Conference Call on the Spandex Industry Company Overview - **Company**: Huang Hai Company - **Industry**: Spandex Key Points and Arguments 1. **Financial Recovery**: Huang Hai Company faced bankruptcy restructuring due to financial strain, shareholder disputes, and losses from Inner Mongolia projects. Currently, the company is improving its operations through inventory clearance and accounts receivable collection, with an annual production of approximately 130,000 tons and an operating rate of 66% [2][4][12]. 2. **Production and Capacity**: The company has reduced production scale and secured sufficient operating funds through internal shareholder investments and external financing. The total debt ratio is between 65% and 70%, primarily from asset pledges and government-coordinated loans [2][6][10]. 3. **Cost Structure**: The complete cost of spandex production is around 24,000 RMB per ton, which is competitive with market prices. The company can save 1,000 to 1,500 RMB per ton by using self-produced raw materials from its Inner Mongolia PTMEG and BDO projects, which have stable production capabilities [2][7][8]. 4. **Inventory Management**: Current inventory stands at approximately 20,000 tons, equivalent to 60 days of production. The company is prioritizing inventory clearance to improve cash flow and has controlled production to manage high inventory levels [2][11][12]. 5. **Market Dynamics**: The spandex industry is experiencing a divergence in operational performance among companies. For instance, Huafeng has a lower inventory level of about 45 days, while the industry average is around 50 days. Huafeng is expanding production despite high inventory to leverage economies of scale and pressure smaller competitors [3][22]. 6. **Bankruptcy Risks**: Huang Hai Company does not currently have bankruptcy plans, as it has managed to stabilize operations. The company is optimistic about its future, especially if raw material supply remains smooth and inventory levels decrease [14][12]. 7. **Employee Stability**: The company currently employs about 1,500 staff, with a focus on retaining core technical personnel to ensure operational continuity when business recovers [19]. 8. **Industry Challenges**: Other companies in the spandex sector, such as Banglian and Sihai, are facing significant challenges, including high inventory and financial costs, leading to potential market exits. The overall market sentiment is cautious, with many companies considering asset sales for recovery [13][20]. 9. **Future Plans**: Huang Hai Company plans to continue reducing operational scale and producing low-margin products to maintain normal operations. The company is also focusing on collecting accounts receivable to improve cash flow during the year-end period [4][15]. 10. **Competitive Landscape**: Companies like Huafeng and Shultz are expanding their production capacities, with Huafeng investing in new facilities and Shultz acquiring smaller firms to enhance its market position. This competitive strategy aims to consolidate market share and drive smaller players out of the market [26][27]. Additional Important Information - **Government Support**: The local government is actively involved in supporting Huang Hai Company, which is crucial for its operational stability [17][18]. - **Debt Management**: The company is managing its debt through shareholder support and external loans, with a significant portion of funding coming from internal channels [10][12]. - **Market Outlook**: The spandex industry is expected to see further consolidation, with potential exits of weaker players as market conditions evolve [20][22].

出口方面，原料及制品出口有所分化。1—10月PVC粉累计出口323万吨，同比大增49%，但PVC制品出 口大幅下滑，1—10月铺地材料累计出口同比降低11.5%。印度反倾销政策尚未落地，国内PVC粉出口价 格优势带动接单阶段性好转，但受船运费用上涨等因素影响，预计出口接单难以再度出现集中放量的情 况，对国内库存消化支撑作用显著弱化。中期来看，明年一、二季度是海外的需求旺季，PVC出口存改 善预期，出口量预计增长15%左右，将有效缓解国内过剩压力。 当前国内PVC粉价格仍然处于历史偏低水平，成本端电石价格维持稳定，而烧碱价格持续下挫。截至12 月12日，西北氯碱综合利润为250元／吨，但山东地区氯碱装置亏损达600元／吨，"以碱补氯"对PVC生 产的支撑大幅减弱。电石法PVC亏损幅度在1000元／吨左右，乙烯法PVC亏损在500元／吨左右，行业 亏损格局未改，高成本装置或有序退出。 2025年以来，PVC市场因供增需减、地产疲软等因素陷入弱势，价格创近10年新低。本周以来，PVC期 货价格连续拉升，主力合约昨日收涨2.16%。笔者认为，短期期价大幅走强缺乏核心驱动力。中期来 看，期价能否迎来反转仍要关注政策效果 ...

Core Viewpoint - The company plans to invest up to 1 billion RMB (approximately 0.14 billion USD) in building production bases in Vietnam and Malaysia, with each location receiving up to 0.5 billion RMB. This investment aims to enhance the company's production capacity and respond to the growing demand in the communication cable industry [2][3]. Group 1: Investment Plans - The company intends to use self-raised funds for the construction of production bases in Vietnam and Malaysia, with a total investment not exceeding 1 billion RMB [2]. - The investment will cover land acquisition, new factory construction, equipment purchase, and working capital [2]. - Additionally, the company plans to invest up to 1.5 billion RMB in expanding the Huizhou Water口 Industrial Park to improve its production and R&D capabilities [2][4]. Group 2: Industry Context - The communication cable industry is experiencing rapid growth due to increasing demand from data centers, artificial intelligence, and high-performance computing applications [2][3]. - The company has established a strong market position in high-speed communication cables, serving major international clients [3]. Group 3: Strategic Advantages - The selected locations in Vietnam and Malaysia offer significant strategic advantages, including mature industrial support and favorable production conditions [3]. - Vietnam's robust port system and resource availability enhance operational efficiency, while Malaysia's political stability and skilled labor contribute to a conducive industrial environment [3]. - The establishment of overseas production bases is expected to optimize global capacity layout, enhance supply chain resilience, and improve market responsiveness [3][4]. Group 4: Capacity Expansion - The company has experienced rapid growth in its communication cable business, necessitating the expansion of its production capacity [4]. - The current facilities in Huizhou are insufficient to meet demand, prompting the need for additional external factory rentals [4]. - The expansion project aims to ensure stable production capabilities and mitigate risks associated with capacity shortages [4].

Core Viewpoint - Changhai Co., Ltd. (300196) has announced that its first production line of 150,000 tons from the initial phase of 600,000 tons will be operational by the end of 2024, with future production line launches to be carefully evaluated based on market supply and demand as well as the company's development level [1] Group 1 - The company will adopt a scientific planning and steady advancement strategy for the decision-making process regarding new production line launches, ensuring that the new capacity aligns closely with market demand and the company's development pace [1] - The company's capacity utilization rate remains at a good level, supported by measures to optimize sales management and strengthen the collection mechanism to enhance sales collection control [1]

编号：2025-031 | 投资者关系 | 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 活动类别 | □新闻发布会 □路演活动 □现场参观 □其他 | | 参与单位名称 | 深圳市巾凡咨询有限公司-李嘉峻，中泰证券-邹文婕，东北证券-刘家薇，海通国际-寇媛 | | 及人员姓名 | 媛、陈芳园，高盛亚洲-陈芷茵，平安证券-王源，李福平，佛山抱石投资-刘仲生，开源 | | | 证券-郭彬，重阳投资-许一欣 | | 时间 | 2025年12月16日 | | 地点 | 中山 | | 上市公司 | 董事会秘书方玲玲 | | 接待人员姓名 | | | | 参加公司组织的调研活动（线下）的来访人员按深交所规定签署了《承诺书》。 | | | 投资者与公司的交流情况： | | | 问：印尼工厂爬坡情况如何？若印尼工厂未来达到成熟运营状态，其盈利能力是否与越 | | | 南工厂不会存在差异？ | | | 答：印尼是制鞋业大国，很多运动鞋制造商在印尼开设了工厂。公司实控人之前在印尼 | | | 也开过制鞋工厂，公司也有在印尼工作过的工厂管理人员，所以印尼对公司不是陌生的 | | | ...

Core Viewpoint - The company plans to establish a wholly-owned subsidiary in Jintang County, Chengdu, to invest in a high-performance polymer special film production project with a total investment of approximately RMB 300 million [1] Group 1: Project Details - The project will be implemented in phases, with a construction period of 24 months and an expected start date of March 1, 2026 [1] - The final investment amount will be determined based on the actual expenditures during the project construction [1] Group 2: Strategic Implications - Upon reaching full production capacity, the project will enhance the company's strategic regional layout in Southwest China [1] - The project is expected to help adjust and optimize the existing business capacity structure, improving the efficiency of current production equipment [1]

健盛集团 20251215 摘要 健盛集团在埃及投资设厂，旨在利用当地充足的人口资源（约 1.2 亿） 和较低的劳动力成本（实际工资约 200 美元/月），以及便利的招工环 境，以应对国内生产成本上升的挑战。 埃及对欧美市场具有显著的关税优势，对欧洲出口基本零关税，对美国 QIZ 园区内产品出口关税仅 10%，加之地理位置优势，海运至欧洲仅需 3-4 天，至美国半个月，大幅降低了运输成本和时间。 健盛集团一次性购买 30 万平方米土地，旨在规避未来土地价格上涨风 险，并计划建设集袜子、无缝、印染、辅料于一体的综合性纵向一体化 园区，以降低管理成本，提高生产效率。 江山智能工厂项目分阶段实施，总投资预计 8,000 万至 9,000 万元人民 币，旨在通过引入智能设备和数字化管理系统，提升生产效率和质量控 制能力，并实现全流程自动化与智能化管理。 健盛集团欧美客户对在第三国投资有需求，对埃及项目表示期待，订单 无忧。埃及 10%的关税优势远低于中国和越南的 40%-50%，具有显著 竞争力。 Q&A 健盛集团为何选择在埃及进行大规模投资？ 健盛集团选择在埃及进行大规模投资主要基于以下几个原因： 首先，现有产能 ...

交易咨询业务资格：证监许可【2011】1285号 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 华联期货玻璃纯碱年报 纯碱产能延续扩张，玻璃有望加速出清 20251215 1 观点及策略 2 行情回顾 3 国外经济 4 国内经济 5 基本面分析 6 技术面分析 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 孙伟涛 0769-222110802 从业资格号：F0276620 交易咨询号：Z0014688 审核：姜世东，从业资格号:F03126164，交易咨询号：Z0020059 玻璃观点 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 观点及策略 纯碱观点 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 u 2026年纯碱市场将延续供需宽松格局，新增产能释放压力与存量产能调整并存。远兴能源二期天然碱项 ...

经历了2024年的低速增长后，PVC行业在2025年再度迎来投产高峰。截至目前，年内已新增产能220万 吨，增速接近8%，行业有效总产能也随之突破2900万吨。预计年底前，浙江嘉化30万吨乙烯法产能有 望投产。展望2026年，预计国内仅有嘉化这30万吨产能有望实现量产，并无其他新增计划；国外方面， 预计也仅有阿联酋35万吨产能计划于2026年底投产。综合来看，全球PVC产能扩张进程已步入尾声。 从实际产量看，2025年1—11月，国内PVC累计产量达2232万吨，同比增长4.35%。其中，电石法产量累 计同比增长1.95%，乙烯法产量则大幅增长11.48%。由于年内新增产能主要集中于乙烯法装置，因此供 应端增量压力也主要来自乙烯法装置。尽管PVC单产品亏损有所扩大，但在氯碱板块整体尚有利润的情 况下，2025年以来，PVC行业平均开工率维持在中性偏高水平，且整体高于去年同期。 PVC需求主要集中在房地产与基建领域，其中与房地产的关联尤为紧密。今年1—10月，全国房地产开 发投资完成额同比下降14.7%；房屋施工面积同比下降9.4%，新开工面积下降19.8%，竣工面积下降 16.9%；商品房销售面积同比下降6. ...

人民财讯12月12日电，海南发展（002163）12月12日公告，公司控股子公司深圳市三鑫科技发展有限公 司的全资子公司珠海市三鑫科技发展有限公司拟投资建设珠海三鑫太阳能光伏建筑一体化及节能幕墙节 能门窗生产基地(二期)建设项目(简称"珠海生产基地二期项目")，总投资2.15亿元。珠海生产基地承担着 三鑫科技大湾区在建幕墙工程项目，以及未来华南、华中、西南、海外区域的项目及全国大型机场、场 馆等订单的产品生产和供货，珠海生产基地现有产能无法满足公司订单需求，建设珠海生产基地二期能 有效缓解配套不足和订单增长的生产压力。 ...