南山智尚布局转型，超高分子纤维营收增九成

Core Viewpoint - Nanshan Zhishang has demonstrated robust financial performance in 2024, with a revenue of 1.616 billion yuan and a net profit of 191 million yuan, highlighting its strategic focus on new materials, particularly ultra-high molecular weight polyethylene (UHMWPE) fibers, which achieved significant growth [1][2]. Financial Performance - The company reported a total revenue of 1.616 billion yuan and a net profit attributable to shareholders of 191 million yuan for the reporting period [1]. - Revenue from UHMWPE fibers reached 176 million yuan, accounting for 10.90% of total revenue, with a year-on-year growth of 94.75% [1]. Industry Context - The textile industry in China is undergoing a critical transformation, facing challenges such as fluctuating international market demand, volatile raw material prices, and stricter environmental standards [1]. - Nanshan Zhishang is leveraging a "technology-driven, multi-dimensional collaboration, and green leadership" strategy to integrate traditional textile manufacturing with advanced materials [1]. Production Capacity - The company has established a significant first-mover advantage in the UHMWPE fiber sector, with a total production capacity of 3,600 tons, positioning it among the leaders in China [2]. - The first phase of the UHMWPE fiber project, with a capacity of 600 tons, was launched in 2022, while the second phase of 3,000 tons commenced production in 2023 [2]. - The company is also advancing in the nylon fiber sector, with an 80,000-ton high-performance differentiated nylon filament project partially commencing production in November 2024 [2]. Strategic Development - Nanshan Zhishang's strategic layout aligns with national manufacturing upgrade directions, transitioning from a single textile supplier to a materials solution provider [3]. - The company aims to fully release its 3,600 tons of UHMWPE fiber capacity and the nylon project to drive performance growth [3]. - The focus on innovation and quality improvement is intended to establish a leading global high-performance fiber production base [3]. Policy Environment - Recent government policies have emphasized the development of strategic new materials, including export controls on high-performance UHMWPE fibers, enhancing the scarcity of domestic high-end products [2].