"你穿的不是摇粒绒,是行走的塑料瓶?"这个冬天,不少人翻冬装标签时都有过这样的疑惑。当发现摇粒 绒、仿羊羔绒的成分表几乎都写着"聚酯纤维",网友们忍不住调侃:"原来过冬靠的是可乐瓶"。塑料瓶真 能直接变衣服?这里藏着你不知道的"变废为宝"秘密。 第三步是"魔法改性":通过特殊工艺调整分子结构,解决起静电、不透气的老问题。 摇粒绒和塑料瓶 确实是"亲戚" 先给大家吃颗定心丸:摇粒绒和塑料瓶确实是"亲戚",但绝不能画等号。 二者原料都是PET(聚对苯二甲酸乙二醇酯),但加工工艺和性能早已天差地别。 塑料瓶用的是"瓶级"PET,追求耐摔密封；而衣服用的是"纤维级"PET,得更柔韧细腻,不然穿在身上又硬又 脆,根本没法出门。 四重关卡 从塑料瓶到摇粒绒,要闯过"四重关卡"。 第一步是"洗澡变身":回收的塑料瓶先去掉瓶盖标签,粉碎成指甲盖大小的碎片,再经八道高温清洗工序,油 污杂质全被滤掉,比自家洗碗还彻底。 第二步是"熔融再造":干净的碎片被高温熔化提纯,变成纯净的纤维级PET切片。 最后一步是"拉丝成绒":切片被拉成比头发丝还细的纤维,织成布料后,再经摇粒工艺,就变成了柔软的摇粒 绒。 200亿个旧瓶子 变身摇粒绒 ...

"聚酯纤维就是塑料吗？一到冬天，从头到脚都是塑料。" 南方人为啥一到冬天就把"省服""焊"在身上？正是因为聚酯纤维的低吸湿性，不像棉、羊毛那样容易 吸湿后变凉，因此能长时间保持蓬松干爽。同时，通过特殊纤维结构设计，聚酯纤维能通过芯吸效应 迅速吸收皮肤表面的汗液并导向面料外层蒸发，让体表保持干爽舒适，运动时不易闷汗，静止时也不 易着凉。 在北方，聚酯纤维也有自己的用武之地，它的保暖秘诀在于"锁住空气"。通过"超细纤维""热反射"等黑 科技，聚酯纤维能在织物内部形成轻盈又扎实的保温层，所以你会看到，很多羽绒服的外层面料和内 衬都使用了聚酯纤维。 如果你也听过这种说法，不妨花几分钟重新认识一下这种在我们生活中最常用的面料。 聚酯纤维与我们熟悉的塑料瓶，都源自常见的热塑性聚酯材料——PET(聚对苯二甲酸乙二醇酯)。在吹 塑工艺下，它会变成塑料瓶；而经加热熔化后"拉成丝"，就成了聚酯纤维。简而言之，PET在不同工艺 下已走向了不同的方向，就像我们不会把钻石称为"高级铅笔芯"一样，聚酯纤维和塑料瓶也是"两模两 样"。 就算吊牌上写着"用回收塑料瓶制作而成"，你也绝不是"行走的塑料瓶"，其实你穿的是2024年巴黎奥 运会中 ...

Group 1: Competitive Strategy - The company invests heavily in R&D to innovate the "physical-chemical method," allowing the use of multi-component recycled materials, enhancing both environmental and economic benefits [2][3] - The production line is flexible, accommodating diverse customer needs, which mitigates risks associated with high customer concentration [2][3] Group 2: Future Development Plans - The company aims for "clean and low-carbon" products and technologies, focusing on "green," "standardized," and "internationalized" development [4] - Plans to balance the focus on recycling and waste polyester resources, enhancing the efficiency and quality of recycled polyester fibers [4] Group 3: Project Initiatives - The construction of a new composite material production base in Tibet will enhance local production capabilities and align with national development strategies [3] - The biomass boiler project is expected to save fuel costs of approximately ¥23.55 million and reduce total costs by ¥19.85 million annually, contributing to significant economic benefits [3] Group 4: International Expansion - The company has increased its overseas sales efforts, with foreign sales revenue expected to double in 2024 compared to 2023, and aims for a 60% increase in the first half of 2025 [6] - A foreign subsidiary was established to support the expansion of international business [6] Group 5: Market Value Management - The company will enhance information disclosure to improve transparency and help investors understand operational conditions, while maintaining a stable business approach [6]

Core Insights - The partnership between Silver Lining Group's fiber division and Zhejiang Jiarun New Materials aims to accelerate the textile industry's transition to a circular economy [1][2] - The joint venture plans to release up to 100,000 tons of recycled PET fiber production capacity annually, enhancing the resilience and transparency of the global textile supply chain [1] Group 1 - Silver Lining Group leverages its global production network and efficient regional supply chain capabilities to assist brands in establishing localized procurement centers [1] - Jiarun possesses comprehensive capabilities in sourcing, sorting, decolorizing, depolymerizing, and repolymerizing textile waste, enabling large-scale implementation of chemical textile recycling [1] - The collaboration is expected to help brands achieve climate goals and significantly reduce textile waste while maintaining familiar material performance for consumers [1] Group 2 - Diego Boeri, President of Silver Lining Group's fiber division, emphasizes the need for collaboration across the value chain to address the textile waste issue and meet climate protection expectations [2] - The strategic partnership involves a multi-million dollar equity investment from Silver Lining Group to support the joint venture, marking a significant step towards realizing the vision of a circular textile industry [2] - Jiarun has positioned itself among the top global PET textile chemical recycling companies and sees the partnership as an opportunity to expand its business coverage while addressing the global textile waste crisis [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 92.162 billion yuan for the first three quarters of 2025, a year-on-year decrease of 14.90%. However, the net profit attributable to the parent company was 126 million yuan, an increase of 108.91% year-on-year. The net profit excluding non-recurring items was -71 million yuan, indicating a reduction in losses [2][6]. - In Q3 2025, the company achieved a revenue of 31.245 billion yuan, down 11.91% year-on-year but up 2.08% quarter-on-quarter. The net profit attributable to the parent company was -260 million yuan, indicating a loss compared to the previous quarter, while the net profit excluding non-recurring items was -343 million yuan, showing an increase in losses quarter-on-quarter [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported total revenue of 92.162 billion yuan, a decline of 14.90% year-on-year. The net profit attributable to the parent company was 126 million yuan, up 108.91% year-on-year, while the net profit excluding non-recurring items was -71 million yuan, indicating a reduction in losses [2][6]. - In Q3 2025, the company recorded revenue of 31.245 billion yuan, a decrease of 11.91% year-on-year but an increase of 2.08% from the previous quarter. The net profit attributable to the parent company was -260 million yuan, reflecting a loss, and the net profit excluding non-recurring items was -343 million yuan, indicating a worsening of losses quarter-on-quarter [2][6]. Industry Outlook - The refining and petrochemical industry is expected to improve due to the implementation of anti-involution policies, which may accelerate supply clearance in the refining and olefin sectors. The aromatic chain is anticipated to maintain a favorable outlook due to limited PX supply growth and steady downstream demand [13]. - The company possesses significant refining project advantages, with a total refining capacity of 16 million tons per year and various production capacities for petrochemical products, positioning it as a leading integrated refining company in China [13]. Future Projections - The company is projected to achieve net profits attributable to the parent company of 230 million yuan, 990 million yuan, and 1.6 billion yuan for the years 2025 to 2027, respectively. The corresponding price-to-earnings ratios based on the closing price on November 5, 2025, are expected to be 262.0X, 61.0X, and 37.8X [13].

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - The company is in a favorable position in 2025 Q1, with a 38.19% increase in net profit due to low - oscillating crude oil prices supporting costs and the recovery of downstream chemical product demand [31]. - The company aims to build and promote an AI development strategy on the basis of the "1 + N" strategy, striving to become a world - class energy and chemical enterprise in the AI era [27]. - The company expects future crude oil prices to continue to fluctuate at current levels, which is beneficial for raw material cost support and potentially improving profitability [31]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Orient Shenghong, belonging to the chemical fiber industry. The reception time was May 20, 2025, and the company's reception staff included the deputy chairman, independent directors, and other executives [16]. 3.2. Detailed Research Institutions - The research institutions included investors who participated in the company's 2024 annual online performance briefing online [19]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Materials - **Company Achievements in 2024** - The company expanded its industrial layout. The devices for products such as PETG, nitrile latex, and EC/DMC were successfully started up at one time. The POSM and polyol devices of the chemical new material project were fully put into production. The photovoltaic - grade EVA increased by 200,000 tons in production capacity, reaching 500,000 tons/year [24]. - The company had significant innovation achievements, including building the world's first "from carbon dioxide to polyester fiber" industrial chain, winning multiple awards, and having some subsidiaries recognized as champions in the manufacturing industry [25][26]. - The company practiced green and low - carbon development, signing a clean power supply cooperation agreement and launching green product brands [27]. - **Q&A Session** - **EVA and POE Products**: As of the end of 2024, the company's EVA production capacity was 500,000 tons/year, ranking high in the industry in terms of scale and market share. The 100,000 - ton/year POE industrial device is under construction as planned. The company will use its strategic cooperation with downstream photovoltaic film leading enterprises to strengthen market promotion and customer expansion [28]. - **"1 + N" Strategy**: The company has formed a vertically integrated industrial chain layout. The "1 + N" pattern will enable the full linkage of refining, new energy and new materials, and polyester chemical fiber businesses in the future [30][31]. - **Profit and Market Outlook**: The company expects future crude oil prices to fluctuate, which is beneficial for cost support. It will optimize product structure, adjust pricing, and manage inventory according to market conditions [31][32]. - **Recycled Polyester Fiber**: The company's recycled polyester fiber production capacity is about 600,000 tons/year, and its downstream customers cover more than 30 well - known brands [32]. - **Tariff Impact**: In 2024, the company's overseas revenue was 6.753 billion yuan, accounting for about 5% of total revenue. The import and export volume to the US was almost zero, so future US tariff increases would have no direct impact [33]. - **Crude Oil Procurement**: The company's crude oil mainly comes from the Middle East. It formulates procurement plans based on price fluctuations and production plans and conducts appropriate crude oil futures hedging [33]. - **Capital Expenditure**: In 2024, capital expenditure was mainly for the construction of projects such as EVA, POE, POSM, and polyether polyol. The peak of capital expenditure has passed, and it is expected to decline gradually in the future [33]. - **R & D Investment**: In 2024, the company's R & D investment was 6.35 billion yuan, a year - on - year increase of 11.2%. It has multiple innovation platforms and has achieved many technological innovation results [33][34][35].

Group 1: Company Overview and Strategy - Jiangsu Dongfang Shenghong Co., Ltd. operates in the petrochemical industry, focusing on sustainable development and innovation [2][3] - The company emphasizes a value philosophy of "safety, integrity, innovation, and transcendence" to achieve stable and sustainable growth [2] - In 2024, the company expanded its production capacity, including a new 200,000 tons/year of photovoltaic-grade EVA, bringing total capacity to 500,000 tons/year [3] Group 2: Innovation and Technology - The company established the world's first industrial chain from CO2 to polyester fiber, winning the "International Textile Federation Sustainable and Innovation Award" [3][4] - R&D investment reached 6.35 billion yuan in 2024, a year-on-year increase of 11.2%, with 3,797 R&D personnel [14] - The PDH smart factory project was recognized as the "Most Influential Engineering Project in China's Automation Field in 2023" [15] Group 3: Financial Performance - In Q1 2025, the company's net profit increased by 38.19%, supported by low crude oil prices and recovering demand for downstream chemical products [7] - The company's overseas revenue in 2024 was 6.753 billion yuan, accounting for approximately 5% of total revenue [11] Group 4: Market Position and Competitive Advantage - The company holds a leading position in the EVA market with a production capacity of 500,000 tons/year, benefiting from economies of scale [6] - The company has developed a comprehensive product line, including recycled polyester fiber with a capacity of 600,000 tons/year, serving over 30 well-known brands [9] Group 5: Future Outlook and Challenges - The company plans to implement an AI development strategy to enhance vertical integration across its supply chain and focus on new energy and materials [4] - Challenges include navigating a complex external environment and ensuring collaboration among various business segments to maximize the "1+N" strategy [7][8]