君正集团 20260107 摘要 君正集团 2026 年上半年营收 126 亿元，能源化工板块贡献 93 亿元， 液体化学品物流板块 34 亿元。归母净利润 19.2 亿元，能源化工板块 15 亿元，物流板块略超 4 亿元。 公司自备电成本优势显著，拥有 1,185 兆瓦火电和 450 兆瓦光伏，年发 电 91 亿度，且主要生产设施折旧完成，每吨产品折旧成本优势超 100 元。 电石、PVC 及烧碱新增产能受政策限制，预计增幅有限。PVC 出口增速 快，尤其印度需求增加，美国降息或带动房地产需求，氯碱供需格局有 望好转。 双碳目标对高耗能产品有影响，BDO 行业已出现反内卷减产迹象，需关 注相关政策对行业的影响。 无汞化是 PVC 生产趋势，君正集团自 2022 年起测试无汞催化剂，更换 需技改和成本投入，或加速落后产能出清。预计未来将逐步推进。 公司与阿拉善盟签订风光制氢框架协议，一期投资约 25 亿元。物流板 块投资不超过 64 亿元新建 20 艘化学品船，预计 2026-2027 年陆续完 成。 公司自备电主要依赖外采煤炭，自有煤矿每年开采量 90 万吨，其中一半用于 发电用煤，一半用于焦煤。尽管如此， ...

摘要 氨纶行业专家电话会 20251225 珠海小新目前有两个工厂，总产能接近 3.6 万吨。去年（2024 年）提交的计 划是今年（2025 年）全部关停，但由于供应紧张，他们从越南调入每月 2000 多吨产品进行销售。如果全部关停，将对市场占有率产生很大影响。因此，与 当地政府协商后决定部分展期。尽管如此，珠海的 3.6 万吨产能最终将在两年 内完全关停。今年（2025 年）和明年（2026 年）将继续部分维持生产，嘉兴 工厂则将在明年（2026 年）完全关停。 品牌差异主要来源于品牌影响力、特殊配方和市场层级划分。徕卡等国 际品牌具有溢价能力，国内企业需提升研发、保持生产稳定性并加强品 牌推广。 预计 2026 年氨纶需求增速将放缓至个位数以下，国内下游设备增长放 缓和产能向东南亚转移是主要原因。巴西、东南亚和埃及等新兴市场是 中国氨纶出口的潜在增长点。 吨的产能。 综合来看，2026 年氨纶行业增产幅度不小，但由于各厂家产品规 格不同以及部分老旧产能退出，总体供需关系仍需进一步观察。如果某些大型 工厂因政策或经济问题退出，将对供应格局产生重大影响。目前来看，这些工 厂仍在努力维持生产，以避免大的波动。 ...

氨纶行业更新 20251216 Q&A 浙江诸暨的氨纶企业目前的生产运营情况如何？未来有何规划？ 最近，关于浙江诸暨这家氨纶企业递交破产重组申请的消息在业内流传。然而， 这一信息实际上是过期且不准确的。虽然公司确实在国庆前向市政府递交了破 产重组申请，但目前危机已基本解决。导致这一情况的主要原因包括：10 月份 资金紧张、内部股东分歧以及通过破产重整寻求政府帮助等。此外，公司在内 蒙古投资的 PTMEG 和 BDO 项目占用了大量资金，且产品质量稳定性低于预期， 导致生产过程中出现不良频率和亏损。 目前，公司通过库存清理和应收账款催 收等措施，逐步改善了经营状况。现阶段，公司年化产量约为 13 万吨，开机 率达到 66%。日产量在 350 吨到 380 吨之间。公司正在使用自有原料进行生 产，并对库存较长时间的一万多吨氨纶进行促销，从而降低库存率。 未来，公 司将继续通过减少开机机械数量、生产微利产品来保证正常运行。今年年关无 问题，明年也可以继续努力。 公司目前现金流状况如何？ 由于缩减了生产规模，目前公司的资金使用量相对之前有所减少。此外，通过 内部股东投资和外部融资等方式，公司确保了正常运营所需资金充足 ...

Group 1: Production Capacity and Cost - The new spandex production capacity will have a lower investment cost per ton compared to previous capacities, enhancing the company's cost advantage and overall competitiveness [2] - The company has no new expansion plans for spandex and adipic acid production, but future plans will depend on market conditions [3][4] - The remaining 75,000 tons of spandex capacity from fundraising projects is expected to be gradually put into production by the end of 2026 [3] Group 2: Market Conditions and Trends - The profitability of adipic acid is currently at a historical low, with the industry undergoing consolidation and increased competition [3] - The release of downstream demand due to economic recovery and anti-involution policies is expected to significantly boost adipic acid consumption [3] - The spandex market is highly competitive, with prices largely following supply and demand dynamics; the industry is moving towards oligopoly and differentiation [3] Group 3: Inventory and Cost Advantages - The current inventory of spandex is approximately 20 days [3] - The Chongqing production base has significant cost advantages over the Ruian base in terms of energy and labor costs [3] Group 4: Future Projects and Developments - The PTMEG project is progressing steadily, with the first phase expected to be completed by the end of next year [4] - The company is the largest spandex producer in China, and the PTMEG project will help stabilize raw material supply and enhance integrated advantages [4] Group 5: Sales and Distribution - The sales model for adipic acid is primarily direct sales, with some reliance on distributors [4] - There are currently no plans for overseas factories [4]

Investment Rating - Industry Rating: Neutral (maintained rating) [5] Core Insights - The supply side of spandex is orderly released and concentrated among leading manufacturers, while downstream demand is growing rapidly [1][4] - China's spandex consumption is continuously increasing, driven by the demand from the fashion and comfort trends [5] - The production cost of spandex is primarily composed of raw materials, manufacturing expenses, labor, and transportation, with raw material costs accounting for approximately 42% of the total cost [20][21] Summary by Sections 1. Spandex Product Overview - Spandex, known as Lycra, is a highly elastic fiber that can stretch 5-8 times its length and has a recovery rate of over 99% [1][13] - It is widely used in textiles, improving the elasticity and comfort of fabrics with just a 3% addition [13] 2. Spandex Industry Supply - Over 75% of global spandex production capacity is concentrated in China, which has rapidly expanded its capacity from 15,400 tons in 2000 to 1.35 million tons by 2024, with a CAGR of 20.5% [3][46] - The industry has experienced four rounds of capacity expansion, with the latest round from 2020 to 2024 seeing significant growth due to rising demand for protective and leisure wear [52][56] 3. Spandex Industry Demand - China's spandex consumption is projected to grow from 121,000 tons in 2005 to 1.012 million tons by 2024, with a CAGR of 11.8% [5] - The demand for differentiated spandex is expanding into various applications, including automotive interiors and medical supplies, with a current differentiation rate of 23% in China compared to 60% in developed countries [5] 4. Related Companies - Major companies in the spandex industry include Huafeng Chemical, Xinxiang Chemical Fiber, and Taihe New Materials, which are key players in the market [4][21]

Group 1: Industry Position and Market Dynamics - The spandex product prices and profit levels are currently at historical lows [2][4] - The industry inventory is around 50 days, while the company's inventory is approximately 20 days [3][4] - The spandex market is expected to see limited price rebound in the short term due to supply-demand factors, but long-term demand is projected to grow steadily [3][4] Group 2: Company Expansion and Production Plans - The company has no new expansion plans beyond the ongoing 150,000-ton spandex project, which is expected to be completed by the end of 2026 [2][3] - The PTMEG project is progressing as per the original plan [3] - The company is focusing on its core polyurethane industry chain development and aims to become a leading global player [3][4] Group 3: Raw Material Procurement and Cost Advantages - The company has significant advantages in raw material procurement due to its large-scale production capacity, enhancing negotiation power with suppliers [3] - The company’s adipic acid production benefits from advanced processes that improve material efficiency and reduce costs [3] Group 4: Financial Strategy and Shareholder Returns - The company maintains a cash-rich position and is committed to a balanced approach to investments and dividends, considering both short-term and long-term shareholder interests [3][4] - A structured plan for shareholder returns is being developed, focusing on sustainable and stable returns [3] Group 5: Market Demand and Product Structure - The demand for polyurethane raw materials remains stable, with applications in various industries such as footwear and furniture [3] - Approximately 25% of the company's spandex products are differentiated products, catering to various market segments [3]

证券代码：601216 证券简称：君正集团 公告编号：临2025-031号 内蒙古君正能源化工集团股份有限公司 2025 年第三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信息披露》 之《第十三号——化工》的要求，内蒙古君正能源化工集团股份有限公司（以 下简称"公司"）现将 2025 年第三季度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 | | | | | | | | 单位：万吨、万元 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要产品 | 年 2025 | 月 7-9 | 年 2025 | 7-9 | 月 | 年 2025 | 月 7-9 | | | | 产量 | | 销量 | | | 销售收入（不含税） | | | | 聚氯乙烯 | | 21.11 | | 21.27 | | | | 95,090.66 | | 烧碱 | | 14.78 | ...

Group 1 - The company, Junzheng Group (601216.SH), primarily produces polyvinyl chloride resin, caustic soda, silicon iron, coke, BDO, and PTMEG [1] - The company's products do not include PEEK materials [1]

Group 1 - The company, Junzheng Group (601216.SH), primarily produces polyvinyl chloride resin, caustic soda, silicon iron, coke, BDO, and PTMEG [1] - The company's products do not include PEEK materials [1]

Core Viewpoint - The demand for spandex is expected to grow due to increased penetration in downstream applications and trends in functional consumption, particularly in the textile and apparel sectors [1][4]. Industry Overview - In 2024, 76% of spandex will be used for clothing production, with an apparent consumption volume of 1.0269 million tons, reflecting a compound annual growth rate (CAGR) of 9.21% from 2020 to 2024, significantly higher than other mainstream synthetic fibers [1]. - The sales of clothing, footwear, and textiles in China are projected to grow year-on-year from 2023 to 2024, with a cumulative sales increase of 3.10% in the first half of 2025 [1]. - The emergence of trendy items like yoga and sun-protective clothing since 2020 has notably boosted overall spandex demand [1]. Supply and Demand Dynamics - The spandex industry is currently facing severe overcapacity, with new production capacity of 135,000 tons in 2024, representing a year-on-year growth rate of 10.88% [3]. - The average gross profit margin for spandex was reported at -5,217 yuan/ton as of August 13, 2025, indicating continuous losses for over two years [3]. - Inventory levels are at historical highs, impacting operational willingness among companies and leading to a decline in overall industry operating rates compared to the same period in 2024 [3]. Market Outlook - The ongoing capacity clearance in the spandex industry may improve the supply-demand balance, with leading companies likely to benefit first [4]. - Major spandex producers like Huafeng Chemical and Xinxiang Chemical Fiber have a significant cost advantage, with unit costs of 22,406 yuan/ton and 25,263 yuan/ton, respectively, compared to the industry average of 29,711 yuan/ton [6]. - Despite the current low industry sentiment, leading companies are expected to maintain positive gross margins of 13.66% and 0.30% in 2024 [6]. Company Performance - Huafeng Chemical reported Q2 2025 revenue of 5.823 billion yuan, a year-on-year decline of 17.84%, with a net profit of 479 million yuan, down 42.61% [8]. - Xinxiang Chemical Fiber achieved Q2 2025 revenue of 1.828 billion yuan, a year-on-year increase of 16.74%, with a net profit of 89.2582 million yuan, up 1581.12% [11]. - Taihe New Materials reported a net profit of 92.2925 million yuan in Q2 2025, reflecting a year-on-year growth of 16.15% [9].