YANTAI TAYHO(SZ:002254)2025-12-03 06:04Group 1: Industry Overview - The spandex industry has confirmed a bottom, but recovery timing remains uncertain [2] - The operating rate of spandex in Ningxia is not at full capacity due to several factors, including production strategy and cost considerations [2][3] - The company plans to maintain the current production capacity in the Yantai area [3] Group 2: Production and Expansion Plans - There are currently no plans for further expansion in Ningxia spandex production [3] - The production line renovation is expected to be completed by mid-next year [3] - Full load operation is anticipated to gradually adjust starting next year based on production modifications and market conditions [3] Group 3: Market Dynamics - The spandex market is still growing, with a focus on high-quality and differentiated products rather than large-scale production [3] - The company is observing market changes, including potential exits of some industry players [3] - Industry self-discipline is crucial to counteract internal competition [3] Group 4: Aramid Fiber Insights - The aramid fiber market is experiencing some pressure, with a decline in demand [4] - The main downstream applications for aramid fiber include optical cables (40%), protection, industrial uses, and composite materials [4] - The company is currently not planning short-term expansion but is preparing for technological advancements and market opportunities [4]