投资者关系活动记录表 证券代码：002254 证券简称：泰和新材 泰和新材集团股份有限公司 投资者关系活动记录表 编号：2026-056-059 投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 鹏华基金 张华恩、柳黎、刘玉江 中信证券 任丹 时间 2026 年 1 月 23 日 地点 公司会议室 上市公司接待人 员 董事会秘书董旭海、董事会办公室人员 投资者关系活动 主要内容介绍 投资者：宁夏的氨纶成本比较高？ 答：这个成本高是不正常的，有几方面原因：一是最开始工 程没设计好，设计的时候我们没有超前设计；二是实施的过 程中没控制好；三是开的过程中开得不是太顺，因为它跟我 们之前习惯的差别化品种不太一样，产出、一等品率不是太 理想，对成本也有一定影响，因为这些原因，开工负荷也没 起来。 投资者：宁夏产能是八点五万吨？ 答：对。 投资者：工程设计方面？ 答：我们在改，因为有改进空间，这种情况出现之后我们进 行了一些整改。一是我们原来的产线跟行业平均水平比是有 一些差距的，这部分我们 2024 和 2025 年用不 ...

投资者关系活动记录表 证券代码：002254 证券简称：泰和新材 泰和新材集团股份有限公司 投资者关系活动记录表 编号：2025-106 投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 山西证券 李旋坤 时间 2025 年 12 月 29 日 地点 公司会议室 上市公司接待人 员 董事会秘书董旭海、董事会办公室人员 投资者关系活动 主要内容介绍 投资者：氨纶、芳纶涂覆大概的进展情况？ 答：氨纶从 21 年到现在一直在下跌，从今年的情况来看， 一是行业扩产的节奏放缓了，二是陆续有产能在出清。我们 自己最近几年氨纶板块的压力也比较大，有行业的原因，也 有我们自己的原因。我们自己的原因这两年我们在逐步改 善，陆陆续续有一些效果，包括产品品质提升、售价卖出些 溢价。涂覆今年大线是在试运行，进行一些订单的交付，目 前来看市场推广情况跟我们之前的预期有一些差距，目前聚 焦于一些对隔膜的性能有要求的领域，像算力的储能、半固 态电池、充电宝等方向，我们在做的是提升交付能力，以及 工程、工艺的优化。 投资者：主要是这两个板块？ ...

证券代码：002254 证券简称：泰和新材 泰和新材集团股份有限公司 投资者关系活动记录表 编号：2025-102-105 投资者关系活动记录表 | 答：我们还是在做技术迭代、技术储备。 | | --- | | 投资者：芳纶下游开发的新的需求如何？像输送带、防火 | | 罩？ | | 答：这些没有那么快，都是有周期的。 | | 投资者：未来芳纶的需求增长看什么？ | | 答：整个行业大的增长估计比较难，我们现在主要是在中国， | | 肯定要走出去。 | | 投资者：关于降本增效，收购的信广和做上游，后面整合的 | | 情况如何？ | | 答：它现在只做了间苯二胺。 | | 投资者：是一万吨的产能？ | | 答：对。 | | 投资者：对苯后面会开吗？ | | 答：还没开始建。 | | 投资者：没规划？ | | 答：有规划还没开始建。这两年整个行业都不好，二胺上游 | | 也在跌，价格基本上在历史低位，我们生产还是不生产，都 | | 能低价拿到原料，所以不是那么迫切。 | | 投资者：我们现在的间苯和对苯是买西北当地的？ | | 答：都有吧。 | | 投资者：现在芳纶产品卖到海外的多吗？ | | 答：间位芳纶还好 ...

Group 1: Market Demand and Supply - The demand for para-aramid fibers in downstream optical fibers is currently strong, but this demand has not yet translated into the company's sales [2] - The overall supply of aramid fibers has slightly exceeded demand, particularly with new entrants in the market driving prices down [2][3] - The nominal capacity for both meta-aramid and para-aramid fibers is currently 16,000 tons each [3] Group 2: Industry Dynamics - The aramid fiber industry has been characterized by an oversupply situation since the company entered the market, with nominal capacity consistently exceeding demand [3] - The core issue in the market is determining which companies can capture market share, as downstream demand remains clear [3] - There are plans for future capacity investments in both meta-aramid and para-aramid fibers, with a particular emphasis on para-aramid [3] Group 3: Product Applications and Customer Base - Meta-aramid fibers are used in various applications, including industrial filtration and personal protective equipment, but there has not been a significant increase in demand for protective gear [3] - The company has received some orders for aramid coatings, with clients including data centers and power battery manufacturers [4] - Some customers are utilizing aramid fibers in lithium iron phosphate batteries due to their safety and performance advantages [4] Group 4: Production and Operational Insights - The current operating rate for para-aramid fibers is not high, partly due to ongoing technological upgrades aimed at reducing costs and enhancing competitiveness [4] - The production capacity for spandex fibers is reported to be 100,000 tons [4]

Group 1: Industry Overview - The spandex industry has confirmed a bottom, but recovery timing remains uncertain [2] - The operating rate of spandex in Ningxia is not at full capacity due to several factors, including production strategy and cost considerations [2][3] - The company plans to maintain the current production capacity in the Yantai area [3] Group 2: Production and Expansion Plans - There are currently no plans for further expansion in Ningxia spandex production [3] - The production line renovation is expected to be completed by mid-next year [3] - Full load operation is anticipated to gradually adjust starting next year based on production modifications and market conditions [3] Group 3: Market Dynamics - The spandex market is still growing, with a focus on high-quality and differentiated products rather than large-scale production [3] - The company is observing market changes, including potential exits of some industry players [3] - Industry self-discipline is crucial to counteract internal competition [3] Group 4: Aramid Fiber Insights - The aramid fiber market is experiencing some pressure, with a decline in demand [4] - The main downstream applications for aramid fiber include optical cables (40%), protection, industrial uses, and composite materials [4] - The company is currently not planning short-term expansion but is preparing for technological advancements and market opportunities [4]

Group 1: Product Overview - The main products of the company are spandex and aramid, with current pricing pressures noted in both sectors. Spandex prices have slightly increased compared to last year, while aramid faces significant competition and price fluctuations [2][4]. - The growth rate for aramid paper is expected to be in double digits [4]. Group 2: Market Competition - The competition in the aramid sector is intense, particularly from international leaders and new domestic projects, affecting market dynamics [5][10]. - Demand for aramid, especially in the intermediate segment, is under pressure, although the company maintains a strong market presence [6]. Group 3: Financial Performance - The spandex sector has seen a reduction in losses, with industry trends moving in a positive direction, although market conditions remain to be observed [7][8]. - The company is experiencing high production costs due to low operating rates and inefficiencies compared to competitors [10][12]. Group 4: Strategic Initiatives - The company is implementing short-term and long-term incentive programs for employees, including performance-based bonuses and stock options [10]. - Future production capacity for aramid is being evaluated, with plans for expansion contingent on market opportunities [11]. Group 5: Raw Material and Production Challenges - The company is focusing on securing raw material supply for aramid production, with current production lines for certain chemicals already established [11]. - The spandex production facility in Ningxia has faced challenges due to design issues and low initial yield rates, but improvements are being made [9][12].

Core Viewpoint - The company, Taihe New Materials (002254), is facing challenges in meeting customer delivery capabilities in certain areas, despite exceeding industry averages in others [2]. Group 1: Company Performance - As of September 22, 2025, Taihe New Materials' stock closed at 9.93 yuan, down 1.0%, with a turnover rate of 1.08% and a trading volume of 88,200 shares, amounting to a transaction value of 87.6985 million yuan [1]. - As of September 19, 2025, the number of accounts holding the company's stock exceeded 42,000 [2]. Group 2: Investor Relations - The company acknowledged that its delivery capabilities in certain aspects, such as price, quality, performance, production capacity, and yield rate, still have room for improvement compared to its goals [2]. - The company confirmed that it has no current collaboration with the 50 billion yuan Chaoyang Hydrogen Energy Fund, which includes major stakeholders like Sinopec Capital [2]. Group 3: Market Sentiment - On September 22, 2025, the main funds experienced a net outflow of 3.6458 million yuan, while speculative funds saw a net inflow of 5.7032 million yuan, indicating a divergence in short-term trading sentiment [2].

Group 1: Company Performance - The spandex segment showed slight improvement in the first half of the year compared to last year, but still incurred losses. The Yantai plant is nearly break-even, while the Ningxia plant requires further adjustments due to underutilization [2][3]. - The operating rate in Ningxia is approximately 70-80%, affected by design issues in product structure [3]. - The company aims for positive cash flow this year, with Yantai expected to turn profitable while focusing on improving Ningxia's performance [4][5]. Group 2: Product Insights - The production of aramid products has seen growth, with stable prices for meta-aramid and a decline in profits for para-aramid due to significant price drops [2][4]. - The company is focusing on high-value products such as colored and antibacterial fibers to improve pricing and overall revenue [5][6]. Group 3: Market Position and Strategy - The company ranks fifth in the industry in terms of capacity, with no immediate plans for expansion due to underutilization [4][6]. - The global market share target for aramid products is set at 30-40%, with current domestic market shares for meta-aramid at 60-70% and para-aramid at 40-50% [7][8]. Group 4: Competitive Landscape - The aramid industry is characterized by oversupply, with weak support from raw material prices [6][7]. - The company is working on integrating technology and improving production processes to enhance competitiveness against international peers [7][8]. Group 5: Future Developments - The company is exploring new business avenues, including safety products and advanced materials for various applications, such as fire safety and insulation [10][11]. - There is a focus on digital printing technologies for dyeing processes, which are expected to improve color fastness and reduce costs [10][11].

Group 1: Market Overview - The overall market for aramid fibers is stable, with no significant impact from new entrants last year [2] - The average price of aramid fibers depends on product structure, with no major year-on-year changes in pricing [2] - The planned shipment volume for aramid fibers is expected to grow by double digits this year [2] Group 2: Demand and Supply Dynamics - Global demand for aramid fibers is experiencing single-digit growth, previously estimated at 40,000 to 50,000 tons [3] - Supply slightly exceeds demand, indicating a surplus in the aramid fiber market [4] - The demand for para-aramid fibers is higher, estimated at 90,000 to 100,000 tons, with a similar single-digit annual growth rate [4] Group 3: Application and Development - New application scenarios for aramid fibers are limited, with potential in insulation and data storage fields [3] - The insulation applications are primarily for transformers, while data storage applications are still in the validation phase [3] - The company is exploring advancements in conveyor belt applications, with some initial volume being achieved [5] Group 4: Industry Challenges - The industry faces challenges in price increases due to high capacity and lack of consensus among manufacturers [5] - The overall cash flow situation in the industry is difficult, with many companies experiencing losses [5] - The dyeing and printing facilities are underperforming, with plans to focus on specific directions for improvement [6]