泰和新材（002254.SZ）11月24日在投资者互动平台表示，您好，非常感谢您对公司的关注。公司与星 源材质合作的主要方向为芳纶涂覆市场的开发，涂覆由公司控股子公司完成。谢谢！ （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：董秘你好，请问公司与星源材质合作的芳纶涂覆隔膜 目前产能多少？目前开工率大概多少？ ...

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Core Viewpoint - Taihe New Materials is a leading domestic enterprise in the high-performance fiber sector, focusing on the development, manufacturing, and sales of spandex and aramid fiber products, with a strong technical and full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Taihe New Materials reported revenue of 2.732 billion yuan, ranking 2nd in the industry, surpassing the industry average of 2.037 billion yuan and the median of 1.537 billion yuan [2] - The main business composition includes products for security, information, and new energy industries at 1.17 billion yuan (61.46%), advanced textiles at 718 million yuan (37.72%), and others at 15.66 million yuan (0.82%) [2] - The net profit for the same period was 13.49 million yuan, ranking 6th in the industry, below the industry average of 105 million yuan and the median of 95.44 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio was 48.56%, higher than the previous year's 46.44% and the industry average of 41.53% [3] - The gross profit margin for the same period was 18.18%, an increase from 17.02% year-on-year and above the industry average of 17.43% [3] Group 3: Executive Compensation - The chairman, Song Xiquan, received a salary of 1.6432 million yuan in 2024, a decrease of 142,300 yuan from 2023 [4] - The president, Chi Haiping, received a salary of 1.363 million yuan in 2024, down 951,700 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 1.01% to 42,400, while the average number of shares held per account decreased by 1.00% to 19,300 [5] - The top ten circulating shareholders include Southern CSI 1000 ETF, holding 5.5186 million shares, down 56,400 shares from the previous period [5] Group 5: Future Outlook - Longcheng Securities noted a decline in revenue and net profit in the first half of 2025 due to pressure on spandex and aramid prices, but highlighted successful application promotion in the new energy sector and enhanced competitiveness in aramid paper business [5] - Forecasted revenues for 2025-2027 are 4.416 billion, 5.344 billion, and 6.332 billion yuan, with net profits of 73 million, 217 million, and 323 million yuan respectively [5] - Huachuang Securities indicated intensified competition in aramid products and a decline in gross profit margins, while the spandex segment showed reduced losses [6] - The SAFEBM battery aramid-coated diaphragm pilot project has been put into production, with industrialization projects starting trial runs in the first half of 2025 [6]

Group 1: Market Conditions and Challenges - The current supply of spandex is 140-150 thousand tons, while demand is over 100 thousand tons, indicating a significant oversupply situation [2][3] - The spandex business is currently operating at a loss, with efforts focused on improving technology and efficiency to reduce losses in the future [3] - The aramid fiber market is also facing oversupply, with new entrants leading to price competition, particularly in low-end products [3][4] Group 2: Strategic Responses - The company is enhancing its marketing strategies by learning from industry leaders and focusing on service to end-brand clients [3] - Initiatives like the T2T project aim to provide sustainable textile solutions, which are gaining interest from major brands [3] - The company is exploring new applications for aramid fibers, such as fire protection solutions for electric vehicles and high-rise buildings [4] Group 3: Production and Capacity - The company is currently not operating at full capacity, with ongoing improvements in production processes expected to enhance efficiency by 1-2 times [3][4] - The aramid fiber coated separator production line is in trial production, with plans to increase output based on order demand [6][7] - The company is focusing on technological iterations for existing projects while gradually increasing investment in new business areas [9] Group 4: Future Outlook - The company anticipates a reduction in losses for the spandex segment in the coming year, although the timing for price recovery remains uncertain [3][9] - The overseas market for aramid fibers is expected to be larger than the domestic market, with plans to focus on international expansion [7] - The company is addressing the complexities of the lithium battery market, particularly in specialized applications [6]

Core Viewpoint - The company has initiated the industrialization of its aramid-coated diaphragm project, with trial production already underway and product deliveries to select customers in progress [1] Group 1 - The company confirmed that the aramid-coated diaphragm project has begun trial production [1] - The industrialization equipment is expected to undergo debugging in the first half of 2025 [1] - The company is currently delivering products to some customers as part of the trial phase [1]

Investment Rating - The report maintains a "Buy" rating for Taihe New Materials [4] Core Views - The company's performance is under short-term pressure due to low prices of spandex and aramid, but there is potential in the industrialization process of aramid-coated membranes [2][9] - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of 44.16 billion, 53.44 billion, and 63.32 billion yuan respectively, reflecting year-on-year growth rates of 12.4%, 21.0%, and 18.5% [10] Financial Summary - Revenue for 2023 is projected at 39.25 billion yuan, with a slight increase to 39.29 billion yuan in 2024, followed by a significant rise to 44.16 billion yuan in 2025 [11] - The net profit attributable to the parent company is expected to decline to 0.73 billion yuan in 2025, before recovering to 2.17 billion yuan in 2026 and 3.23 billion yuan in 2027, with corresponding year-on-year changes of -18.8%, 198.9%, and 48.5% [10] - The company's return on equity (ROE) is projected to improve from 0.6% in 2025 to 2.3% in 2027 [11] Market and Product Insights - The spandex industry is experiencing continuous capacity expansion, leading to an imbalance in supply and demand, which has resulted in a price decline of approximately 17.82% for spandex in the first half of 2025 [2][3] - The aramid industry is facing increased competition due to new capacity releases and weakened demand in traditional industrial sectors, causing significant price drops and narrowing profit margins [3] - The company is making progress in the promotion of its aramid paper and aramid-coated membrane products, with successful applications in various high-value sectors such as new energy vehicles and aerospace [9]

Group 1: Solid-State Battery Development - The company has made significant progress in the solid-state battery sector, with plans to achieve ton-level shipments of electrolytes by 2025. Various types of rigid skeleton membranes have been developed, which can be used in multiple solid-state battery types, enhancing energy density and safety [1] - The company aims to increase R&D investment and market development in the solid-state battery field [1] Group 2: Business Expansion and Order Situation - In response to the rapid growth of the new energy sector, the company is actively expanding production both domestically and internationally to enhance market share. The company has received recognition from several leading clients due to its advanced technology and service capabilities [2] - Strategic cooperation agreements signed with major battery manufacturers in the last quarter of the previous year are expected to positively impact the company's operating performance, indicating a healthy order backlog [2] Group 3: Safety Performance of Lithium Battery Separators - The company's separator products, including nano-fiber coated separators, polyimide coated separators, and aramid coated separators, exhibit high-temperature resistance and strength, which are crucial for battery safety. The nano-fiber coated separator has already achieved over 100 million square meters in shipments [3] - With the acceleration of new-generation high-safety lithium battery separator production, the company is positioned to gain a competitive advantage in the market [3] Group 4: Industry Supply and Price Trends - The company opposes price competition in the separator market, believing that dry-process separator prices are likely to rise further, which will encourage companies to increase R&D investment [4] - The current high demand, especially in energy storage, has led to a favorable supply-demand situation for wet-process separators, allowing companies to optimize customer structures and enhance profits [4] - The company plans to improve operating profits by increasing supply to high-value customers and raising prices for low-profit or loss-making customers [4]

Group 1 - The company, Xingyuan Material, is currently progressing well in its collaboration with Taihe New Materials on aramid-coated separators [2] - Investors are encouraged to monitor the company's periodic reports for specific operational data [2]

Group 1 - The company is currently collaborating with Taihe New Materials on aramid-coated diaphragm orders, and the cooperation is progressing smoothly [1] - The company has not disclosed specific operational data but encourages stakeholders to refer to its periodic reports for detailed information [1] - There is no indication of any major battery manufacturers entering into large order negotiations at this time [1]

Core Viewpoint - DuPont has reached a final agreement to sell its aramid business (Kevlar® and Nomex®) to Arclin for approximately $1.8 billion, which will optimize its product portfolio and provide significant cash for reinvestment while maintaining equity participation in Arclin [2][3] Group 1: Transaction Details - The transaction is valued at approximately $1.8 billion (about 128 billion RMB) and is expected to close in the first quarter of 2026, subject to customary closing conditions and regulatory approvals [2] - Upon completion, DuPont will receive about $1.2 billion in pre-tax cash proceeds, $300 million in receivables, and a non-controlling equity interest in Arclin valued at approximately $325 million, representing about 17.5% of the company [2] Group 2: Strategic Implications for DuPont - This divestiture aligns with DuPont's strategy to focus on high-growth areas such as semiconductors, healthcare, and water treatment [3] - The planned spin-off of DuPont's electronics business is expected to be completed by November 1, with the remaining industrial segment being integrated back into DuPont [3] Group 3: Industry Context - Teijin, a major player in the aramid market, is also restructuring its business by transferring its shares in DuPont Teijin Advanced Papers to DuPont or its affiliates, with an expected delivery in February 2026 [3] - Teijin's decision to streamline its business aligns with its strategic focus and follows its announcement to close its aramid fiber production facility in Arnhem, Netherlands, due to competitive pressures in Asia [4] Group 4: Domestic Market Developments - In contrast to foreign companies reducing their aramid business, several domestic companies are entering the market, with significant expansions announced in 2023 [4][5] - Notable domestic players include Sinochem International, which has successfully expanded its production capacity, and other companies like Taihe New Materials and Jiangsu Shengbang New Materials, which have also initiated new projects [5] Group 5: Competitive Landscape - The domestic aramid market is characterized by oversupply in the low-end segment and a lack of high-end products, leading to intense competition [5] - Taihe New Materials has faced declining profits in recent years but has seen a recovery in sales and profitability for its para-aramid products in the first half of 2023 [5][7] Group 6: Future Growth Areas - Taihe New Materials is focusing on emerging sectors such as new energy vehicles, smart wearables, and green manufacturing, with a notable gross margin of 32.63% in its security and information products [7] - The performance of Minshida, a subsidiary of Taihe New Materials, reflects strong growth, achieving a revenue increase of 27.91% in the first half of 2025, driven by demand in high-growth sectors [8]