1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report The report is the second in the series of in - depth studies on chemical plants. It analyzes the upstream - downstream matching of the polyester industry chain and the marginal plants of futures varieties such as PX, PTA, PR, and PF. PTA enterprises with PX or polyester matching account for 91.6% of the production capacity, PX with downstream matching accounts for 82.0% of the production capacity, and polyester with upstream matching accounts for 72.1% of the production capacity. The marginal plants are identified from aspects like old plants, small single - line production capacity or enterprise scale, high production process costs, and long distances for raw material procurement or product sales [3][4]. 3. Summary According to the Directory 3.1 Polyester Industry Chain Upstream - Downstream Matching Analysis 3.1.1 Group - Based Upstream - Downstream Matching As of the end of July 2025, China's PX, PTA, and polyester production capacities were 4367, 9171.5, and 8894 tons respectively. The theoretical annual PX gap was 1640 tons, and the theoretical annual PTA surplus was 1567 tons. PTA enterprises with PX or polyester matching accounted for 91.6% of the production capacity, PX with downstream matching accounted for 82.0% of the production capacity, and polyester with upstream matching accounted for 72.1% of the production capacity. The enterprises in the polyester industry chain can be classified into four types: those with complete PX/PTA/polyester matching; those mainly with polyester and PTA matching but little PX matching; those with only PX and PTA matching; and those with relatively single matching [10][11]. 3.1.2 Region - Based Upstream - Downstream Matching The production capacity of the polyester industry chain is concentrated in Zhejiang, Jiangsu, Liaoning, Guangdong, Fujian, etc. Except for Shandong having a large surplus of PX for sale, most other regions have PX production capacity gaps or are basically balanced. Zhejiang, Jiangsu, and Liaoning have the largest PX gaps. In terms of PTA, Jiangsu and Zhejiang have large PTA production capacity gaps, while Liaoning, Guangdong, and other regions have PTA surpluses [12][15][16]. 3.2 PX Marginal Plant Analysis As of the end of July 2025, China's total PX production capacity was 4367 tons, with an effective operating capacity of 4254 tons. PX production capacity is mainly distributed in Zhejiang, Liaoning, Jiangsu, Guangdong, Shandong, etc. The marginal PX plants are identified from aspects such as production time, single - set scale, and production process. Old plants (over 20 years in production), small - scale plants (less than 100 tons), and medium - short - process plants (accounting for 17.4% of the total production capacity) are more likely to be marginal plants [20][23][30]. 3.3 PTA Marginal Plant Analysis As of the end of July 2025, the total PTA production capacity was 9171.5 tons, with 836.5 tons having been shut down for more than half a year. PTA production capacity is mainly distributed in coastal areas such as Zhejiang, Jiangsu, Liaoning, Guangdong, and Fujian. The marginal PTA plants are mainly those with a production capacity of less than 200 tons and put into production before 2020, with a total capacity of 1295 tons, accounting for 14.1% [34][40][41]. 3.4 PR Marginal Plant Analysis As of the end of July 2025, the total PR production capacity was 2168 tons, mainly distributed in Jiangsu, Hainan, and Liaoning. The top four bottle - chip manufacturers account for 78% of the total production capacity. The marginal bottle - chip plants are those that meet one or more of the following conditions: long production time, small plant scale, lack of upstream - downstream matching ability of the group, and high freight costs due to long distances for raw material procurement or product sales. A total of 326 tons of production capacity may be marginal plants, accounting for 15% [44][51][54]. 3.5 PF Marginal Plant Analysis As of the end of July 2025, the total PF production capacity was 968.5 tons, mainly distributed in Jiangsu, Zhejiang, and Fujian. The top four short - fiber manufacturers account for 46% of the total production capacity. Plants with a production time of over 20 years are mainly concentrated in Jiangsu and Fujian. Small - scale plants (less than 20 tons) are more likely to be marginal plants. The difference in processing costs between new and old plants is not significant, and the survival of old plants depends more on market dynamic balance [55][57][62].