Industry Overview - As of late May 2025, the price of soft foam polyether in China is 0.73 million yuan per ton, a year-on-year decrease of 19.65% [1][9] - The decline in prices is attributed to the fluctuation and decrease in upstream raw material prices, such as propylene oxide, and rapid expansion of domestic production capacity, which reached 9.5 million tons per year by February 2025, with expectations to exceed 11 million tons per year [1][9][10] - The rapid increase in production capacity has led to a significant rise in market supply, while demand growth has not kept pace, resulting in an imbalance between supply and demand [1][9] Industry Development History - The soft foam polyether industry in China has undergone four main stages: the initial stage (1989-1993), rapid development (1993-1999), technological innovation (2000-2010), and green development (2010-present) [3][4][5] - The initial stage saw the establishment of the first large-scale polyether production facility in Tianjin, marking the beginning of industrial production [3] - The rapid development phase was characterized by the introduction of new products and significant increases in production capacity, with a focus on high-end applications [3] - The technological innovation phase involved advancements in production technology and increased government support for new materials [4] - The current green development phase emphasizes technological breakthroughs in catalysts and sustainable practices due to stricter environmental regulations [5] Industry Supply Chain - The upstream of the soft foam polyether industry includes basic chemical raw materials (propylene oxide, ethylene oxide), initiators (glycerol, propylene glycol), catalysts, and production equipment [7] - The midstream involves the manufacturing of soft foam polyether, while the downstream applications span across furniture, automotive, footwear, construction insulation, waterproof coatings, and packaging materials [7] Current Industry Status - The total production capacity of soft foam polyether in China was 9.413 million tons in 2024, with a year-on-year growth of 2.34% [10] - Major companies like Wanhua Chemical, Longhua New Materials, and Changhua Chemical dominate the market, leveraging their technological and scale advantages [10][14] - The consumption of soft foam polyether in the first four months of 2025 reached 122.56 thousand tons, a year-on-year increase of 7.15%, driven by recovery in downstream sectors like furniture and automotive [12] Key Companies' Performance - Wanhua Chemical Group, established in 1978, is a significant player in the global polyether market, focusing on technological innovation and expanding its production capacity [18] - Longhua New Materials, founded in 2011, has become a leading company in the domestic soft foam polyether industry, achieving a market share of 30% in polymer polyols [16] - In 2024, Longhua New Materials reported a revenue of 5.624 billion yuan, a year-on-year increase of 12.01% [16] Industry Development Trends - The industry is expected to see optimization of production capacity and increased concentration, with leading companies like Wanhua Chemical and Longhua New Materials driving capacity consolidation [20] - There is a strong emphasis on technological innovation and green transformation, with companies adopting low-VOC formulations and developing bio-based polyethers [21][22] - Downstream demand is diversifying, with traditional markets slowing while new sectors like automotive and cold chain logistics are emerging as key growth areas [23]

3.年报看公司各季度净利润波动较大，是什么原因导致 的？这种波动是否会持续到未来？ 答:尊敬的投资者，您好！2024 年，全球宏观经济形势复杂 多变，这对聚醚行业而言，既是严峻挑战，也蕴含着发展机遇。 一方面，经济增速放缓使得下游需求出现缩量，同时对价格的敏 感程度显著提升。国际地缘政治冲突频现，致使聚醚产品出口受 阻，或者出口海运成本大幅增加。此外，聚醚行业自身产能持续 扩张，多重因素交织下，行业竞争愈发激烈，聚醚品种的利润空 间被不断压缩，企业普遍面临较大经营压力。因此，2024 年公司 总体净利润波动较大。为推动经济复苏，2024 年下半年，国家积 极出台了一系列财政政策和货币政策。财政上，加大对基础设施 建设、科技创新、绿色经济等领域的投资，间接增加了对聚醚的 需求，另外，国家积极推动房地产市场和新能源汽车行业的发展， 对聚醚行业产生了深远影响。新能源汽车行业的快速发展，尤其 是对轻量化材料需求的增加，为聚醚在汽车座椅、内饰件等方面 的应用提供了广阔空间，成为聚醚行业新的增长点。挑战与机遇 并存，公司会始终坚持以客户需求为导向，以研发为驱动力，开 发 carnol®系列二氧化碳基聚醚多元醇、高性能 H ...