四季度以来，苯酐市场"寒流"阵阵，在"金九银十"成空后，价格继续下探。目前，苯酐价格运行至5700 元(吨价，下同)，创下近4年新低。面对短期难以理顺的供需矛盾，业内人士普遍认为，苯酐市场低位 徘徊的态势还将持续。 苯酐按生产工艺主要分为邻法苯酐和萘法苯酐，在2025年两者出现了明显的盈利能力反转。 供应宽松旺季预期落空 今年以来，苯酐市场整体演绎持续下跌行情，旺季不旺、淡季更淡折射出行业供需错配的现实。 传统旺季"金九银十"表现黯淡。9月市场不温不火，华东邻法苯酐价格运行区间在6100~6250元，整体震 荡幅度不大；10月市场开始大幅向下调整，苯酐市场价格跌破5900元，创2025年以来新低，更是较2024 年同期下跌超千元。进入11月，苯酐市场不见好转，下滑窗口继续开启。 供应增长是导致苯酐行情低迷的核心因素。"今年以来，爱敬(宁波)5万吨/年邻法苯酐装置投产，我国邻 法苯酐产能达到163万吨/年，较2024年增长3%；山西三强5万吨/年、潍焦集团5万吨/年萘法苯酐装置先 后投产，我国萘法苯酐产能增长至172万吨/年，较2024年增长5.8%。苯酐货源供应增加，生产企业的议 价能力被严重削弱。为了维持现 ...

Core Insights - The article highlights the innovative development path of the resin industry in China, focusing on the achievements of Zhenjiang Lidel Composite Materials Co., Ltd. under the leadership of Chairman Xie Fuping, emphasizing the importance of high-performance resins in driving green upgrades and achieving carbon neutrality goals [1][5]. Company Development - Xie Fuping transitioned from a stable position in a leading foreign enterprise to entrepreneurship in 2005, recognizing the fierce competition in the low-end resin market and the reliance on imports for high-end products [2]. - The company began production in 2009, initially facing slow growth due to low brand recognition, but gradually gained market traction through continuous optimization of product performance and services [2]. - A significant growth period occurred between 2016 and 2017 when product demand outstripped supply, prompting the decision to build a second factory to support research and development [3]. Innovation and Collaboration - The company adopted a "deep integration of production, education, and research" model, collaborating with universities to develop high-performance resin products that meet specific customer needs [3]. - A pivotal collaboration in 2020 with a global electric motor company led to the successful development of high thermal conductivity and high impact-resistant resin products, replacing imports and securing international orders [3]. Environmental Commitment - The company emphasizes the dual focus on technological innovation and green development, investing heavily in creating a truly green factory that adheres to carbon neutrality principles throughout its production processes [4]. - The product development process incorporates environmental considerations, such as reducing energy consumption and carbon emissions while enhancing performance [4]. Strategic Vision - By 2025, the company aims to position itself as a resin solution expert, supported by three strategic pillars: deepening technology, promoting green transformation, and expanding globally [4]. - The company seeks to lead the Chinese new materials industry towards higher-end applications, including aerospace and artificial intelligence, while contributing to the global restructuring of the industry [4][6].

Summary of Conference Call for Changhai Co., Ltd. Industry Overview - The wind power market is expected to decline starting November 2024, but specific market changes are anticipated in the second half of 2025, indicating a potential recovery in demand for wind power products [2][3] - The overall industry inventory level is approximately two months, while the company's inventory is around 30 to 40 days, reflecting an improvement in production and operational conditions [2][7] Company Performance and Strategy - The company has increased its wind power yarn production target from 40,000 tons to 60,000 tons, indicating a strategic shift towards the wind power sector [2][12] - The production and sales ratio has recovered to about 90%, significantly higher than the previous year's 75%, suggesting a gradual recovery in market demand [2][8] - The company plans to gradually increase product sales and adjust its product mix, aiming for yarn and products to account for 60% of total sales in 2025, potentially rising to 64% later [2][14] - The company aims to establish a stable supply-demand relationship in the wind power sector by 2025, with wind power yarn revenue expected to reach 20% of total revenue once new production lines are fully operational [2][16] Export and Market Dynamics - Export orders performed well in the first quarter, maintaining an export ratio of around 25%, but the second half of the year may face uncertainties due to tariff policies and international market fluctuations [2][18][19] - The company has a pricing strategy in place, with annual contract negotiations resulting in price increases, which are expected to help improve profitability [2][25][26] Chemical Sector Insights - The chemical segment has seen a year-on-year decline in profitability, with stable sales but reduced profit margins due to a sluggish composite materials market [2][21][22] - The company is focused on maintaining market share rather than immediate profitability, indicating a long-term strategy to recover lost customers and improve market positioning [2][22] Future Outlook - The company is optimistic about the wind power industry, which is currently concentrated among five major companies, and anticipates a balanced supply-demand situation of around 1.5 million tons [2][29] - The company is preparing for a stock incentive and employee shareholding plan to attract talent and adjust management structures following the addition of new production capacity [2][23] Additional Considerations - The company is monitoring the impact of anti-dumping investigations in Europe, with results expected in June, which could affect pricing strategies [2][6][10] - The transition from small wind turbine projects to larger, more efficient models is ongoing, with significant updates and replacements expected in the coming years [2][30]