投资者关系活动记录表 1 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：2026-070-077 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 长江化工 马太 建信基金 李登虎、张文浩、徐文琪 建信基金 赵荣杰、何伟、刘洋 建信基金 方开航 时间 2026 年 3 月 2 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：简单介绍下公司的情况？ 答：我们公司最早是做氨纶出身的，原来的主要业务是做高 性能纤维，像氨纶、芳纶等。现在因为高性能纤维面有点窄， 现在我们的定位是新材料。现在公司分四个事业部：第一个 事业部是先进纺织，最早的氨纶在这个事业部，它主要是围 绕纺织领域来堆积一些材料和技术，目前还是氨纶为主。氨 纶的主要特点是高伸长、高回弹，主要是用在纺织服装里面。 这个业务我们是国内做的最早的，但是现在从体量上来说我 们不大，全球排第五。前两年这个业务比较卷，行业总体 ...

Group 1: Core Business Operations - The company reported that the current operating rate of spandex is around 70-80%, showing an improvement compared to last year [2] - The company is undergoing a production line transformation that started in 2025, expected to be completed by the end of 2026, with a focus on enhancing profitability [2] - The company has no current plans for new production capacity until the effects of the ongoing upgrades are fully realized [2] Group 2: Market Competition and Product Development - In the aramid business, the company holds the second position globally for meta-aramid and first in China, while for para-aramid, it ranks third globally and first domestically [3] - The aramid market is experiencing increased competition due to slowing demand growth and new capacity releases, although further price declines are expected to be limited [3] - The company has completed the setup of a large production line for aramid-coated separators and aims for significant delivery improvements by 2026 [3] Group 3: New Business Initiatives - The company is exploring T2T (textile-to-textile) recycling, green dyeing, and composite materials, with a focus on reducing costs in T2T to meet European recycling standards [4] - The green dyeing initiative emphasizes salt-free dyeing technology and digital printing applications to address traditional dyeing pollution [4] - In the composite materials sector, the company targets automotive and low-altitude applications, leveraging the complementary properties of aramid and carbon fiber [4] Group 4: Industry Trends and Demand Outlook - The company anticipates spandex demand growth exceeding 10% in 2024 and between 5-10% in 2025, driven by increased usage of nylon in apparel [5] - The cost structure of spandex production indicates that raw materials account for nearly 80% of production costs, followed by depreciation and energy costs [5] - The spandex industry currently faces no government approval barriers, with competition relying more on technology, cost, and scale advantages [6]

Group 1 - The core viewpoint of the articles emphasizes the importance of "localized approaches" in driving China's economic growth, particularly in the context of achieving a GDP exceeding 140 trillion yuan by 2025 [1][10] - Various regions in China, such as Beijing and Shandong, have reported significant economic milestones, indicating a robust overall economic performance despite global challenges [1][9] - The concept of "new quality productivity" is highlighted as a key driver for economic transformation, with digitalization being a major trend influencing this shift [4][5] Group 2 - The penetration rates of the digital economy across different sectors in China are noted, with agriculture at 10.78%, industry at 25.03%, and services at 45.63%, indicating substantial room for growth [4][5] - The necessity for regions to adopt tailored strategies rather than simply focusing on popular industries is emphasized, as effective digital transformation requires deep expertise in specific fields [5][7] - The article discusses the critical components for successful digital transformation, including digital infrastructure, talent, and data governance systems [7][9] Group 3 - The "Fifteen Five" plan suggests a strategic focus on enhancing functional zones, which include urbanization areas, agricultural production zones, and ecological function areas, to optimize regional development [10][13] - The classification of performance evaluation metrics based on regional characteristics, as seen in Hainan's approach, illustrates a shift towards more nuanced governance that aligns with local resources and capabilities [14][16] - The articles conclude that a clear direction and defined boundaries will enable regions to explore growth paths that are suitable for their unique contexts, ultimately contributing to a more resilient and quality-driven economic growth [16][17]

[Table_Title] 证券研究报告 / 公司点评报告 国内芳纶领先企业，多元布局芳纶涂覆助成长 [Table_Summary] 国内芳纶领军企业。公司自设立以来一直从事氨纶纤维的生产销售，通 过引进吸收和自主研发逐步拓展了间位芳纶、芳纶纸以及对位芳纶等高 性能纤维。截至 2024 年底公司拥有氨纶产能 10 万吨，芳纶产能 3.2 万 吨，间位芳纶、芳纶纸产能居全球第 2 位，对位芳纶产能居全球第 3 位，氨纶产能居全球第 5 位。 芳纶新产能释放致景气承压，积极开拓芳纶涂覆新成长曲线。2025 年 受新增产能释放及传统工业领域需求调整影响，芳纶行业竞争压力进一 步加剧。间位芳纶方面，防护领域受国际环境和采购活动减少等因素的 影响，国内需求有所减弱；工业过滤领域因房地产行业持续低迷，水 泥、钢铁、筑路等终端市场需求持续乏力，叠加同质化竞争激烈，价格 竞争进一步加剧；对位芳纶方面，传统领域光通信、汽车胶管市场竞争 充分，需求呈下滑趋势；高端轮胎领域受益新能源车性能需求，芳纶渗 透率有所提升，但放量较为缓慢；另一方面，随着新建产能持续投放， 市场竞争激烈，导致产品价格大幅度下行，利润空间收窄。公司一方面 深 ...

Group 1: Company Overview - Taihe New Materials Group Co., Ltd. operates through four main divisions: Advanced Textiles, Security and Information, New Energy Materials, and Chemical Division [2][3] - The Advanced Textiles Division focuses on spandex and smart fibers, with spandex characterized by high elongation and rebound [2] - The Security and Information Division primarily deals with aramid fibers, which have properties such as flame resistance and high strength [2] Group 2: Production and Capacity - Spandex production capacity is currently at 100,000 tons [3] - The company has seen improvements in spandex operating rates, contributing to reduced losses [3] - The goal for most products is a double-digit growth in production by 2026 [5] Group 3: Market and Pricing - Approximately 20% of aramid fiber is exported, with better profitability in international markets compared to domestic [3] - The global demand for aramid paper in aerospace applications is significant, with an estimated usage of 4,000 to 5,000 tons [3][4] - The pricing of aramid products varies by region and application, with higher prices observed in overseas markets [3] Group 4: Future Plans and Challenges - The company plans to build technical platforms for future chemical products once existing capacities are optimized [5] - There is a focus on engineering technology improvements to enhance product quality and reduce costs [3] - The self-sufficiency rate for aramid raw materials is approximately 40-50% [5]

Group 1: Company Overview - The company operates four business divisions, starting with spandex, which was first produced in 1989, making it the first domestic producer of spandex in China [2][3] - The company has developed various products, including meta-aramid and para-aramid fibers, with the former launched in 2004 and the latter in 2011, establishing itself as the first domestic producer of these products [2][3] Group 2: Product Applications - Spandex is primarily used in textiles and apparel, while meta-aramid is known for its flame retardant, high-temperature resistance, and insulation properties [3] - Para-aramid is utilized in high-strength applications such as optical cables and protective gear, including firefighting suits and industrial protective clothing [3] Group 3: Business Development and Innovations - The company is enhancing its chemical sector by supplying raw materials for aramid production, with projects for aniline and acyl chloride currently in the design phase [3] - Innovations in advanced textiles include green dyeing, digital printing, and fabric recycling to strengthen ties with downstream customers [3] Group 4: Financial Performance and Challenges - The spandex sector has faced profitability challenges, but recent improvements in quality and pricing have been noted, with a focus on technical upgrades to enhance efficiency [4] - The company aims to improve accounts receivable management, which has seen rapid growth, and plans to focus on this area in 2025 [5] Group 5: International Expansion - Overseas revenue accounts for over 20% of total income, with plans for internationalization including localizing sales and hiring local staff in key markets [5][6] - The company is considering investments to gradually expand its international presence, focusing on proximity to end-users [5] Group 6: Subsidiary Performance - Two key subsidiaries, focusing on aramid paper and deep processing, are performing well, with a management style based on delegation [6] - The aramid paper is used in electrical insulation and aerospace applications, while the other subsidiary produces aramid pulp and woven fabrics [6] Group 7: ESG and Future Outlook - The company adheres to national laws regarding safety, environmental protection, and labor practices, promoting products that align with social development goals [6] - There is a possibility of acquiring upstream or downstream enterprises to enhance business synergy [6]

Core Viewpoint - Shandong Province is focusing on building a high-quality development hub for the textile and apparel industry through the implementation of the "Action Plan for High-Quality Development of the Workwear Industry (2026-2028)" aiming to cultivate over five leading workwear enterprises with annual revenues exceeding 3 billion yuan by 2028 [2] Group 1: Industry Development - The textile and apparel industry in Shandong has been optimizing and upgrading, achieving simultaneous growth in quantity and quality, with a focus on the entire industrial chain from fiber raw materials to brand operation [4] - Shandong has over 50,000 production enterprises and 22 national-level industrial clusters, with significant revenue growth of 6.1% annually among large-scale enterprises during the 14th Five-Year Plan, surpassing the national average by 4 percentage points [6] - The province ranks first and second in the production of yarn and fabric respectively, with six companies in the top ten of China's cotton textile industry and four in the top ten of China's dyeing and finishing industry [6] Group 2: Technological Innovation - The industry is experiencing breakthroughs in technological innovation, with a focus on material innovation that supports sectors such as automotive, healthcare, deep-sea exploration, and military equipment [7] - Shandong has established a comprehensive industrial ecosystem covering various categories, including shirts, suits, down jackets, and home textiles, meeting broad market demands [7] Group 3: Workwear Industry Focus - The workwear industry in Shandong is a key focus area, with over 5,500 related enterprises generating approximately 45 billion yuan in annual revenue, and the establishment of the first national and third global arc-resistant fabric testing laboratory [7] - Future actions will focus on innovation and quality improvement in workwear, upgrading the workwear industry chain, enhancing product quality, and integrating AI technology into design and production processes [8]

21智讯01月12日电，泰和新材在投资者关系活动中表示，公司芳纶涂覆隔膜已有产线投入生产并实现订 单交付，产品应用于算力中心备用电源等领域，2026年该产品出货量预计将有所提升。 ...

投资者关系活动记录表 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 西部证券 刘小龙 时间 2026 年 1 月 12 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：氨纶情况？ 答：氨纶的底部基本确认了，行业中有经营困难和计划要退 出的企业，对市场的影响还得继续观察。 投资者：公司产品在航天的应用主要是芳纶纸吗？ 答：主要是芳纶纸。 投资者：主要用在哪方面？ 答：整流罩等方面。 投资者：在这一领域的价格怎样? 答：在芳纶蜂窝领域的价格要稍微贵一些，性能要求不同。 投资者：主要是供应哪里？ 答：供应芳纶蜂窝生产厂家。 投资者：氨纶的情况？ 答：2025 年同比有所减亏，2026 年这一趋势预计还会继续。 1 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：2026-009 | | 投资者：减亏的主要原因是什么？ | | --- | --- | | | 答：主要是公司内部 ...

Group 1: Industry Overview - The overall situation in the spandex industry is average, with some improvements noted by the company [2] - The spandex production capacity in Yantai is 15,000 tons, which is near the breakeven point [3] - The company has faced quality fluctuations in its products, particularly in Ningxia, affecting pricing and market promotion [3] Group 2: Production and Quality - The company has improved the quality of its spandex products, leading to a slight increase in its average price compared to the industry average [4] - The production capacity in Ningxia is 85,000 tons, with expectations to break even this year [4] - The company is focusing on reducing costs and improving quality to achieve profitability [4] Group 3: Market Dynamics - The spandex market is currently facing challenges due to competition and pricing pressures, with a focus on maintaining quality to capture high-end markets [7] - The company aims to expand its product offerings and move closer to customers by providing comprehensive solutions [8] - The demand for aramid fibers is growing, particularly in protective applications, but overall growth remains modest [8] Group 4: Future Outlook - The company plans to enhance its production capabilities and explore new applications for its products, including in the battery and aerospace sectors [5][6] - There is potential for growth in the aramid fiber market, especially in areas where domestic demand is underdeveloped [8] - The company is committed to improving its operational efficiency and product quality to navigate the current market challenges [8]