Huafon Spandex(002064)2025-04-01 13:38Group 1: Financial Performance - The company's overall gross margin decreased by 1.56% compared to the previous year, with the chemical fiber and new chemical materials segments increasing by 1.16% and 3.12% respectively, while the basic chemical products segment saw a decline of 8.76% [1] - The decline in the basic chemical products segment's gross margin is attributed to a supply-demand imbalance in adipic acid, leading to a significant drop in profitability [1] Group 2: Project Updates - The company is actively progressing with its restructuring project, with due diligence and related work proceeding normally [2] - The remaining 150,000 tons of the fundraising project is on schedule, with expected launches between 2025 and 2026 [2] - The BDO and PTMEG projects are advancing in an orderly manner, with updates to be provided in future announcements [3] Group 3: Market Outlook - The company maintains a positive outlook on the future demand for spandex, driven by changing consumer preferences and an expanding application range [2] - The spandex market is characterized by high competition, with prices closely tied to supply and demand dynamics [2] Group 4: Cost and Production Efficiency - New production capacity is expected to lower costs due to more economical and environmentally friendly processes compared to older capacities [2] - The Chongqing base demonstrates competitive advantages through scale, energy efficiency, high automation rates, and integrated industrial chains [3] Group 5: Inventory and Dividends - The current industry inventory stands at approximately 50 days, while the company's inventory is around 20 days [3] - The company plans to implement a stable and reasonable dividend distribution policy to protect shareholder rights and enhance long-term value sharing with investors [3]