投资者关系活动记录表 证券代码：002254 证券简称：泰和新材 2 投资者关系活动记录表 投资者关系活动记录表 编号：2025-075 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 国投证券 王华炳 时间 2025 年 11 月 24 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：现在的装置开得咋样？ 答：跟前段时间差不多。氨纶今年开工率整体来看比去年略 低，一是在改造，提品质；二是控制库存。间位和去年差不 多，对位比去年略高一些。 投资者：氨纶产能多少万吨？ 答：10 万吨。 投资者：本部和宁夏分别多少？ 答：本部 1.5 万吨，宁夏 8.5 万吨。 投资者：现在两边的开工率？ 答：不一定，都是动态调整的。 投资者：宁夏那边上半年还亏钱？ 答：对。 投资者：后面是不是做一些改造？ 1 投资者关系活动记录表 | 答：有几方面，包括提品质、降成本。 | | --- | | 投资者：改完在成本方面还有一些竞争力？ | | 答：改造完成本会降 ...

格隆汇11月24日丨泰和新材(002254.SZ)在投资者互动平台表示，公司暂未发现芳纶纸在固态电池领域 的应用场景。 ...

Group 1 - The core viewpoint of the news is that Tongyi Zhong has shown significant financial performance with a notable increase in revenue and net profit, alongside high financing and margin trading activity [1][2][3] Group 2 - As of November 14, Tongyi Zhong's stock price decreased by 0.16%, with a trading volume of 79.09 million yuan. The financing buy-in amount for the day was 10.32 million yuan, while the financing repayment was 8.69 million yuan, resulting in a net financing buy of 1.63 million yuan. The total financing and margin trading balance reached 224 million yuan [1] - The financing balance of Tongyi Zhong is 224 million yuan, accounting for 5.44% of the circulating market value, which is above the 80th percentile level over the past year, indicating a high level of financing activity [1] - On the margin trading side, there were no shares sold or repaid on November 14, with a margin balance of 0 shares, which is also at the 90th percentile level over the past year, indicating a high level of margin trading inactivity [1] Group 3 - For the period from January to September 2025, Tongyi Zhong achieved an operating income of 719 million yuan, representing a year-on-year growth of 68.03%. The net profit attributable to the parent company was 93.03 million yuan, reflecting a year-on-year increase of 14.15% [2] - Since its A-share listing, Tongyi Zhong has distributed a total of 136 million yuan in dividends [3] - As of September 30, 2025, the number of shareholders for Tongyi Zhong was 9,181, a decrease of 2.91% from the previous period, while the average circulating shares per person increased by 3.00% to 24,409 shares [2]

Core Viewpoint - Beijing Tongyizhong Materials Technology Co., Ltd. has been recognized as a "Manufacturing Single Champion Enterprise" by the Ministry of Industry and Information Technology, highlighting its significant achievements in the production of ultra-high molecular weight polyethylene fibers [1] Company Overview - Beijing Tongyizhong has over 20 years of experience in the industry, establishing itself as one of the few companies capable of large-scale production of both ultra-high molecular weight polyethylene fibers and their composite materials, as well as meta-aramid fibers and aramid paper [1] - The company has a comprehensive industrial chain layout for ultra-high molecular weight polyethylene fibers and meta-aramid fibers [1] Product Range - The main products of Beijing Tongyizhong include five categories: ultra-high molecular weight polyethylene fibers, non-woven fabrics, bulletproof products, meta-aramid fibers, and aramid paper [1]

11月12日，同益中涨0.78%，成交额4632.85万元。两融数据显示，当日同益中获融资买入额988.69万 元，融资偿还870.10万元，融资净买入118.59万元。截至11月12日，同益中融资融券余额合计2.26亿 元。 截至9月30日，同益中股东户数9181.00，较上期减少2.91%；人均流通股24409股，较上期增加3.00%。 2025年1月-9月，同益中实现营业收入7.19亿元，同比增长68.03%；归母净利润9302.88万元，同比增长 14.15%。 分红方面，同益中A股上市后累计派现1.36亿元。 机构持仓方面，截止2025年9月30日，同益中十大流通股东中，鹏华碳中和主题混合A（016530）、富 国天瑞强势地区精选混合A（100022）、兴全社会责任混合（340007）、鹏华沪深港新兴成长混合A （003835）退出十大流通股东之列。 责任编辑：小浪快报 融券方面，同益中11月12日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，北京同益中新材料科技股份有限公司位于 ...

11月11日，同益中跌0.06%，成交额4451.62万元。两融数据显示，当日同益中获融资买入额655.64万 元，融资偿还645.49万元，融资净买入10.15万元。截至11月11日，同益中融资融券余额合计2.25亿元。 截至9月30日，同益中股东户数9181.00，较上期减少2.91%；人均流通股24409股，较上期增加3.00%。 2025年1月-9月，同益中实现营业收入7.19亿元，同比增长68.03%；归母净利润9302.88万元，同比增长 14.15%。 分红方面，同益中A股上市后累计派现1.36亿元。 机构持仓方面，截止2025年9月30日，同益中十大流通股东中，鹏华碳中和主题混合A（016530）、富 国天瑞强势地区精选混合A（100022）、兴全社会责任混合（340007）、鹏华沪深港新兴成长混合A （003835）退出十大流通股东之列。 责任编辑：小浪快报 融资方面，同益中当日融资买入655.64万元。当前融资余额2.25亿元，占流通市值的5.57%，融资余额 超过近一年80%分位水平，处于高位。 融券方面，同益中11月11日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金 ...

Core Viewpoint - The performance of companies listed on the Beijing Stock Exchange shows significant differentiation, with many emerging sectors like semiconductors, robotics, new energy, aerospace, and biomedicine demonstrating strong growth potential and long-term confidence despite short-term profit pressures [1][2]. Financial Performance - Companies on the Beijing Stock Exchange have shown a clear divergence in financial performance for the first three quarters, with some achieving revenue and profit growth through product optimization and market expansion, while others faced profit declines due to increased competition and costs [2]. - Tonghui Electronics reported a revenue of 151 million yuan, a year-on-year increase of 16.37%, and a net profit of 44.14 million yuan, up 59.36%, driven by high-end product demand and production efficiency [2]. - Xingtou Measurement and Control has provided services for over 300 satellites, with a contract liability growth of 177.26% compared to the beginning of the year, indicating a steady business scale increase [2]. Industry Trends - Companies are focusing on high-growth sectors such as semiconductors, robotics, new energy, aerospace, and biomedicine, leveraging technological innovation and global expansion to strengthen long-term competitiveness [4]. - Fengguang Precision has successfully entered the robotics supply chain with its harmonic reducers and is expanding its semiconductor equipment client base [4]. - Tongli Co. is targeting overseas markets, particularly in Africa, Central Asia, and South America, with significant sales growth in its new energy mining vehicles [4]. New Material Developments - Minshida's aramid paper products are being increasingly applied in high-end sectors like aerospace and high-speed rail, with a new production line expected to enhance capacity [5]. - Lintai New Materials is advancing its product development in automotive friction materials and other new products, with expected revenue contributions in the near future [5]. - Xingtou Measurement and Control is building an AI-driven intelligent computing platform to enhance satellite operations and space traffic management [5]. Global Expansion Efforts - Companies are accelerating capacity construction and overseas expansion, with Fangsheng's Malaysian subsidiary expected to add significant production capacity by the end of 2025 [6]. - Tonghui Electronics has registered its German subsidiary, which is set to commence operations in the fourth quarter, aiding in overseas business growth [6]. - Lingge Technology is progressing on its material handling equipment manufacturing base, with completion expected in early 2026 [6].

Group 1: Production and Market Conditions - The overall production and operational situation in the industry is challenging, with supply at 1.4-1.5 million tons and demand exceeding 1 million tons [2] - The expansion of production capacity has slowed, and some medium-sized capacities have exited the market, which may improve industry conditions in the next two to three years [2] - The company aims to enhance product quality and efficiency through process and engineering technology improvements [2][3] Group 2: Product-Specific Insights - The aramid fiber (芳纶) business is facing difficulties due to new entrants and existing companies expanding production, leading to negative market expectations [4] - The demand for optical cables has decreased following the initial growth from 5G and European communication infrastructure, impacting pricing strategies [5] - The company is focusing on improving the quality and efficiency of its products, particularly in the aramid fiber segment, to better compete in the market [5][6] Group 3: Cost Management and Optimization - Cost reduction efforts are being made through optimization rather than expansion, addressing issues related to design and operational efficiency [6][9] - The company is experiencing varying growth rates, with some years showing better performance than others [7] - The current cost structure is higher than desired, influenced by design issues and production capacity utilization rates [9] Group 4: Future Outlook and Strategic Initiatives - The company anticipates gradual improvement in profitability as technical upgrades are completed, particularly in polymerization and spinning processes [10] - New product developments, such as T2T and digital printing technologies, are being explored to enhance market offerings [10] - The aramid fiber segment is expected to integrate related products to drive future growth [10]

Summary of Conference Call for Minshida Company Overview - **Company**: Minshida - **Industry**: Advanced materials, specifically focusing on aramid paper and honeycomb core materials Key Points Production and Capacity - New aramid paper production line commenced operations in Q3, achieving a 50% utilization rate by September 30 [2][4] - RO membrane substrate and wet non-woven fabric lines expected to start production in Q1 next year, with ample capacity across product lines [2][4] - The company plans to release remaining capacity based on market expansion [2] Market and Pricing - Aramid paper procurement prices remained stable with a slight decrease in Q3; prices are expected to stabilize in Q4 and next year [2][11] - The design annual production capacity for RO membrane substrate is 1,500 tons, primarily used in water purification equipment [2][12] - The company is focusing on the honeycomb core material market, particularly in the aviation sector, where it has begun bulk supply [2][15] Strategic Focus - Minshida aims to strengthen its technical and application advantages in aramid paper, particularly in high-end markets to replace foreign competitors [2][6] - The company is also exploring emerging fields such as computing power development and renewable energy, providing customized solutions [2][6] Financial Performance - Q3 financial indicators showed a decline due to delays in product delivery in the wind and solar new materials sector, which has higher average selling prices and gross margins [2][16] - The company has not received any plans for shareholding reductions from executives or major shareholders, and accounts receivable risks are considered manageable [2][9] Competitive Landscape - The primary competitors in the honeycomb core material market are foreign companies, with most market share held by them [2][5] - The company is working on aviation sector certifications and customized product development to quickly replace foreign competitors [2][5] Applications and Innovations - Aramid paper honeycomb materials are being tested for applications in new energy vehicles, with some validation already completed [2][10] - The company is also involved in the production of high-end pickleball paddles using aramid paper honeycomb materials, currently in the promotion stage [2][3][18] Future Outlook - The company is optimistic about the impact of national support for seawater desalination on performance, although the RO membrane substrate line will only be operational in Q1 next year [2][12] - Overall goal is to become a globally competitive player in the new materials sector [2][6]

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]