BCC(SZ:002455)2026-02-09 09:52Group 1: TMP Product Overview - The company's TMP production capacity is 70,000 tons/year, with 50,000 tons/year from the Ningxia base and 20,000 tons/year from the Nantong base. The total domestic TMP capacity is estimated at around 200,000 tons [2][3] - TMP prices have increased from over 8,000 RMB/ton at the end of 2025 to 15,000 RMB/ton currently, driven by supply tightness and increased demand [2][3] - Approximately 100,000 tons of TMP capacity has exited the market in the past two years due to low prices and production challenges [3] Group 2: Market Dynamics - The main reason for the price increase is the production method; most manufacturers use calcium-based processes, which have seen cost pressures due to rising raw material prices [3] - Foreign manufacturers face low capacity utilization rates due to aging equipment and high operational costs, making them less competitive compared to domestic producers [3] Group 3: Chemical Products and Pricing - The company has raised prices for multiple chemical products this year, including polyols, phthalic anhydride, and acetate esters [3][4] - The Ningxia base benefits from raw material advantages, as it produces its own n-butyraldehyde, leading to lower energy costs [3] Group 4: Operational Insights - The company currently experiences tight supply and typically schedules maintenance for 30-40 days, depending on specific circumstances [3] - The production from the Ningxia base's project, which aims for an annual output of 30,000 tons of negative materials, is expected to ramp up quickly after its mid-2025 launch [4] Group 5: Financial Considerations - The company has a high debt ratio due to significant funding needs for project construction, but operations are currently normal and generating cash flow [4] - The company’s convertible bonds have not yet reached redemption conditions, but the board will discuss potential redemption once conditions are met [4]