Group 1 - The stock price of Jiangsu Sop is reported at 7.60 yuan as of August 14, 2025, with a decrease of 0.21 yuan, representing a decline of 2.69% from the previous trading day [1] - Jiangsu Sop's main business involves the production of chemical raw materials, primarily acetic acid and its derivatives [1] - The company plans to raise no more than 1.5 billion yuan through a targeted issuance to fund the integrated project of vinyl acetate and EVA, with a total investment of approximately 3.226 billion yuan [1] Group 2 - The project aims to construct a production facility with an annual capacity of 330,000 tons of vinyl acetate, 800,000 tons of sulfuric acid, and an air separation unit of 15,000 Nm3/h, with a construction period of three years [1] - The project is expected to help extend the industrial chain, optimize product structure, and enhance market competitiveness [1] - On August 14, the net outflow of main funds was 4.9957 million yuan, accounting for 0.06% of the circulating market value, with a cumulative net outflow of 20.0938 million yuan over the past five days, representing 0.23% of the circulating market value [1]

Core Viewpoint - Jiangsu Sop plans to issue up to 350 million A-shares to raise no more than 1.5 billion yuan for its integrated ethylene acetate and EVA project, despite a decline in revenue and net profit in the first half of the year [1][2] Group 1: Company Financial Performance - In the first half of the year, Jiangsu Sop reported revenue of 3.158 billion yuan, a year-on-year decrease of 1.08%, and a net profit of 102 million yuan, down 13.01% year-on-year [2] - The company's acetic acid production and sales increased by 8.90% year-on-year, but revenue was negatively impacted by falling prices [2] Group 2: Industry Context - The acetic acid industry is in a late stage of capacity expansion, with supply growth outpacing demand, leading to intensified competition and declining product prices [2] - The main applications for acetic acid include PTA, ethylene acetate, and acetic acid ester, with limited new PTA capacity affecting demand for acetic acid [2] Group 3: Project Details - The planned project includes a 330,000 tons/year ethylene acetate facility and an 800,000 tons/year sulfuric acid facility, with a total investment of 3.226 billion yuan and a construction period of three years [1] - The project aims to optimize the company's production capacity and enhance long-term profitability, addressing the current reliance on a single product structure [1][2] Group 4: Market Demand and Future Outlook - The market demand for ethylene acetate is expected to grow, particularly in the photovoltaic sector, where EVA resin is a key material [2] - There is a current dependency on imported high-quality ethylene acetate due to insufficient domestic production capacity to meet the rising demand [2] - The ethylene acetate industry may enter a new capacity expansion cycle as major domestic companies increase investments, leading to potential competition for Jiangsu Sop's planned project [3]