Core Viewpoint - The independent financial advisor, Caitong Securities, has conducted a review regarding the lifting of restrictions on the shares of Anhui Wanwei High-tech Materials Co., Ltd. following a major asset restructuring and fundraising through share issuance [2][6]. Summary by Sections 1. Basic Situation of the Application for Lifting Restrictions - On July 22, 2022, the China Securities Regulatory Commission approved Anhui Wanwei High-tech Materials Co., Ltd. to issue 97,334,123 shares to Anhui Wanwei Group and other parties for asset acquisition and to raise no more than 198.75 million yuan [2][3]. 2. Shareholders' Commitment to Lifting Restrictions - The shareholders involved in the transaction made commitments regarding the transfer of shares, including a lock-up period of 18 months for pre-existing shares and 36 months for shares acquired through the transaction [4][5]. - The performance commitments for the years 2022, 2023, and 2024 were set at net profits of 46.1654 million yuan, 81.5196 million yuan, and 94.4509 million yuan, respectively [6][7]. 3. Changes in Company Capital Structure - Following the completion of the major asset restructuring, the total share capital of the company changed from 2,159,249,374 shares to 2,069,106,449 shares [8]. 4. Listing and Circulation of Restricted Shares - The total number of restricted shares being lifted is 143,211,757, which will now be available for circulation [8]. 5. Independent Financial Advisor's Review Opinion - The independent financial advisor confirmed that the lifting of restrictions on the shares complies with relevant laws and regulations, and that the company has fulfilled its performance compensation obligations [8][9].

Core Points - Jiangsu Jiangnan High Fiber Co., Ltd. has approved the use of idle self-owned funds for cash management, allowing investments in low-risk, liquid products up to RMB 600 million for a period of 12 months starting from April 14, 2024 [1] - The company has subsequently increased the cash management limit to RMB 800 million, maintaining the same investment strategy and duration [1] - As of the latest announcement, the company has utilized RMB 45 million of the cash management limit, leaving RMB 35 million available for future investments [4] Cash Management Details - The cash management strategy includes investments in bank wealth management products, structured deposits, income certificates, and large certificates of deposit [1] - The company has reported a maximum single-day investment amount of RMB 25 million in the last 12 months, which represents 11.61% of the net assets for the past year [3] - Cumulative cash management income over the last 12 months accounts for 5.78% of the net profit for the same period [3]

Core Viewpoint - Jiangsu Jiangnan High Fiber Co., Ltd. has announced its cash management situation regarding idle self-owned funds, with plans to utilize these funds for cash management in the upcoming years [1] Group 1: Cash Management Plans - The company's board approved cash management proposals using idle self-owned funds, with limits of up to 600 million yuan for April 2024 and 800 million yuan for April 2025 [1] - As of the announcement date, the company has invested a total of 730 million yuan in cash management over the last twelve months [1] Group 2: Financial Performance - The company redeemed a structured deposit product from Guangfa Bank worth 50 million yuan on September 3, 2025, with an annualized yield of 2.25%, resulting in earnings of 554,800 yuan [1] - The company has recovered 280 million yuan of the invested principal, with actual earnings amounting to 2.1997 million yuan, while 450 million yuan of principal remains unrecovered [1] - Currently, the company has utilized 450 million yuan of its cash management limit, leaving an unused limit of 350 million yuan [1]

Core Insights - The company has maintained close communication with robotic tendon manufacturers in the industry, indicating a collaborative approach to business development [1] - There are already small-scale sales orders in progress, suggesting positive momentum in the company's sales activities [1]

Group 1 - On September 2, Haiyang Technology's stock increased by 3.91%, with a trading volume of 647 million yuan [1] - The financing data shows that on the same day, Haiyang Technology had a financing purchase amount of 59.82 million yuan and a financing repayment of 65.01 million yuan, resulting in a net financing outflow of 5.19 million yuan [1] - As of September 2, the total balance of margin trading for Haiyang Technology was 108 million yuan, accounting for 7.43% of its market capitalization [1] Group 2 - Haiyang Technology, established on November 5, 1979, is located at 122 Haiyang West Road, Taizhou, Jiangsu Province, and was listed on June 12, 2025 [1] - The company's main business involves the research, production, and sales of nylon 6 series products, with revenue composition as follows: nylon 6 chips 60.75%, tire fabric 34.50%, nylon 6 yarn 4.51%, and others 0.23% [1] Group 3 - For the period from January to June 2025, Haiyang Technology achieved an operating income of 2.358 billion yuan, a year-on-year decrease of 14.01%, while the net profit attributable to the parent company was 78.8462 million yuan, a year-on-year increase of 1.61% [1] - As of July 18, the number of shareholders of Haiyang Technology was 25,800, a decrease of 5.49% compared to the previous period, with an average of 1,376 circulating shares per person, an increase of 5.81% [1]

Summary of Viscose Staple Fiber Industry Research Industry Overview - The viscose staple fiber industry has seen a significant increase in concentration, with the top three companies, Sidelong, Zhongtai Chemical, and Tangshan Sanyou, increasing their market share from 27% in 2014 to 72% in 2024, with Sidelong holding 37% [1][2] - The apparent consumption of viscose staple fiber in China is projected to grow from 3 million tons in 2014 to over 4.2 million tons by 2024, reflecting a compound annual growth rate (CAGR) of approximately 4% [1][8] - The total production capacity of viscose staple fiber has gradually decreased since 2022, with a reduction of about 9% expected by the end of 2024, bringing total capacity to approximately 4.82 million tons, down from a peak of 4.85 million tons [1][5] Supply-Side Dynamics - The supply-side situation is characterized by capacity contraction, strict policy controls, and market structure optimization. Since 2022, there has been no new capacity added, and the overall capacity has decreased by about 10% over the past three years [2][5] - Policies have been implemented to restrict supply-side development, including the elimination of outdated capacity (approximately 550,000 to 560,000 tons) and raising energy consumption standards [6][2] - The industry currently operates at a high utilization rate of 85%-86%, with low inventory levels, which supports price increases during the traditional peak season [1][9] Demand-Side Trends - The demand for viscose staple fiber is closely linked to the textile and apparel sector's performance. The demand structure has shifted, with the proportion of cotton blended yarn decreasing and non-woven fabric demand increasing [3][8] - By 2024, cotton blended yarn is expected to account for 55% of downstream demand, down 22% from 2015, while non-woven fabric's share is projected to rise to 18% from just 3% in 2015 [8] - The price of viscose staple fiber is expected to rise due to the correlation with cotton prices, which have been increasing as cotton inventories reach a seven-year low [4][9] Competitive Landscape - The competitive landscape has changed significantly, with the top three companies now holding over 72% of the market share. The market concentration has increased from less than 30% in 2014 to 72% in 2024 [7][2] - Other companies with production capabilities include Jilin Chemical Fiber (120,000 tons) and Nanjing Chemical Fiber (80,000 tons), but the overall market remains highly concentrated [7][11] Price Trends - Over the past 20 years, viscose staple fiber has experienced four major price increases driven by various factors, including market acceptance, demand growth, and policy changes [10] Key Companies - Major companies in the viscose staple fiber sector include Sanyou Chemical, Zhongtai Chemical, Jilin Chemical Fiber, and Nanjing Chemical Fiber, with Sanyou Chemical having the largest external sales at approximately 820,000 tons [11]

Core Viewpoint - The company reported a significant increase in net profit for the first half of 2025, indicating strong financial performance and growth potential in its operations, particularly in Vietnam and the differentiated polyester industrial yarn sector [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.921 billion yuan, a year-on-year increase of 1.55%, and a net profit attributable to shareholders of 296 million yuan, up 56.16% year-on-year [1]. - For Q2 2025, the company reported operating revenue of 1.468 billion yuan, a year-on-year decrease of 1.85% but a quarter-on-quarter increase of 1.06%, with a net profit of 156 million yuan, reflecting a year-on-year growth of 36.14% and a quarter-on-quarter increase of 12% [1]. Growth Drivers - The revenue from the Vietnam base increased by 196% year-on-year, driven by the successful operation of the differentiated polyester industrial filament project and favorable tax policies [2]. - The company’s products have seen a rise in differentiation rates, and a green sustainable product matrix has been established, with commercial supply of recycled industrial yarns [2]. - The company is expanding its production capacity in Vietnam, with plans for new projects that are expected to generate significant revenue and profit upon completion [2]. Industry Trends - The polyester industrial yarn industry is experiencing improved gross margins for standard yarns, with a reported gross profit of 624 yuan per ton, an increase of 762 yuan year-on-year [3]. - The demand for automotive yarns is strong, driven by the growth of the electric vehicle market and inventory replenishment needs from overseas tire manufacturers [3]. Research and Development - The company is advancing in new materials technology, including breakthroughs in PPS, LCP, PEEK, PLA, and RAYON fibers, positioning itself as a provider of integrated high-tech solutions [3][4]. - The research institute has made progress in core technologies and industrialization, with plans for customized product development in response to industry needs [3]. Investment Outlook - The company is projected to achieve revenues of 5.907 billion yuan, 6.119 billion yuan, and 6.414 billion yuan from 2025 to 2027, with corresponding net profits of 595 million yuan, 650 million yuan, and 706 million yuan, indicating strong growth potential [5]. - The earnings per share (EPS) are expected to be 0.51 yuan, 0.56 yuan, and 0.61 yuan, with a price-to-earnings (PE) ratio of 12.33, 11.30, and 10.40 times, respectively [5].

Company Overview - Juhe Shun New Materials Co., Ltd. is located in Hangzhou, Zhejiang Province, established on November 1, 2013, and listed on June 18, 2020. The company specializes in the research, production, and sales of nylon new materials [1]. Business Composition - The main business revenue composition is as follows: fiber-grade slices account for 65.57%, engineering plastic-grade slices 30.63%, film-grade slices 3.33%, other slices 0.43%, and materials 0.04% [1]. Stock Performance - On September 2, Juhe Shun's stock fell by 5.08%, closing at 12.51 yuan per share, with a trading volume of 144 million yuan and a turnover rate of 3.58%. The total market capitalization is 3.937 billion yuan [1]. Major Shareholders - Among the top ten circulating shareholders, one fund from the Fortune Fund, specifically Fortune Optimized Enhanced Bond C (100037), entered the top ten in the second quarter, holding 2.1614 million shares, which is 0.69% of the circulating shares. The estimated floating loss today is approximately 1.4481 million yuan [2]. Fund Performance - Fortune Optimized Enhanced Bond C (100037) was established on June 10, 2009, with a latest scale of 553 million yuan. Year-to-date returns are 19.95%, ranking 54 out of 6228 in its category; the one-year return is 43.71%, ranking 21 out of 5859; and since inception, the return is 142.82% [2]. Fund Management - The fund manager of Fortune Optimized Enhanced Bond C is Liu Xingwang, who has a cumulative tenure of 14 years and 210 days. The total asset scale under management is 15.304 billion yuan, with the best fund return during his tenure being 54.42% and the worst being 0.3% [3].

Core Viewpoint - The company plans to issue A-shares to specific investors, which will dilute immediate returns but includes measures to compensate for this dilution and commitments from relevant parties to ensure these measures are implemented [1][8]. Financial Impact of the Share Issuance - The issuance will increase the total share capital from 137,514,200 shares to 178,768,460 shares [2]. - The company analyzed three scenarios for the net profit attributable to shareholders after excluding non-recurring gains and losses for 2026, assuming it remains the same as 2025 or varies by ±10% [1][2]. Necessity and Reasonableness of the Fundraising - The total amount to be raised is not more than 640 million yuan, which will be used for a project to produce 135,000 tons of DTY yarn and 120,000 tons of high-performance leather base fabric [4][5]. - The project aims to upgrade existing production capacity and extend the industrial chain, enhancing market competitiveness and meeting production needs [6]. Project Relationship with Existing Business - The fundraising project is based on the company's current main business and aims to solve production bottlenecks while leveraging brand advantages to increase market share [6]. - The project will shift from external procurement of DTY yarn to internal production, improving product quality stability and delivery times [6]. Human Resources, Technology, and Market Preparedness - The company has experienced personnel and advanced production equipment to ensure project success, with management staff having over ten years of experience in the industry [7]. - The company holds 99 patents related to DTY yarn and fabric production, ensuring a solid technological foundation for the project [7]. - Approximately 70% of the DTY yarn production capacity will be internally consumed, enhancing product quality and reducing costs, thus improving market competitiveness [7]. Measures to Mitigate Dilution of Immediate Returns - The company will strengthen the supervision of raised funds to ensure they are used legally and effectively [9]. - It will accelerate the construction of the investment project to enhance profitability and shareholder returns [9]. - The company has established a profit distribution policy to protect investor rights and has committed to maintaining and optimizing this policy [10]. Commitments from Key Stakeholders - The controlling shareholder and management have made commitments to ensure the implementation of measures to compensate for the dilution of immediate returns [11]. - These commitments include not interfering with company management and ensuring compliance with regulatory requirements [11]. Approval Process for Measures and Commitments - The board of directors has approved the analysis of the dilution of immediate returns and the related compensation measures during board meetings and shareholder meetings [11].

Core Insights - The company held an online investor meeting on September 1, 2025, with 30 institutions to discuss its operational performance, business structure, and future strategic direction [1] Financial Performance and Business Structure - In the first half of 2025, the company achieved a revenue of 2.921 billion yuan, a year-on-year increase of 1.55% [1] - The net profit attributable to shareholders was 296 million yuan, reflecting a significant year-on-year growth of 56.16% [1] - The non-recurring net profit reached 345 million yuan, up 84.88% year-on-year [1] - The net cash flow from operating activities was 447.4 million yuan, showing a remarkable increase of 183.43% [1] - The core products, polyester industrial filament and tire cord fabric, contributed 71.49% of total revenue, indicating enhanced competitive advantages through improved product margins [1] Business Strategy and Product Development - The company's main business, polyester (PET) materials, accounts for over 70% of its operations, while polyvinyl chloride (PVC) materials are used in plastic materials, stone-plastic flooring, and film sectors [2] - The company is focused on optimizing product structure, enhancing differentiation strategies, and targeting high-end customers and high-performance material research [2] Operational Highlights - The Vietnam factory reported a net profit of 125 million yuan in the first half of the year, a substantial increase of 197%, operating at full capacity [3] - Product prices for American customers rose significantly due to US-China tariffs but are expected to stabilize as global trade policies normalize [3] - Capital expenditures will primarily support the Vietnam tire cord fabric project and polyester projects over the next three years [3] - New material developments include mass production of PPS fiber materials and sample submissions of PEEK and LCP fibers to various industry clients [3] - The company aims to transition traditional product lines while fostering new growth areas and enhancing innovation capabilities [3] Incentives and Investment Strategy - The company has clear performance targets and internal assessment mechanisms, with a focus on incentivizing the R&D technical team for innovation [3] - Current investment strategies involve seeking high-quality upstream and downstream resources that align with the research institute's strategic goals, while maintaining a cautious approach to mergers and acquisitions [3]