投资者关系活动记录表 证券代码：002254 证券简称：泰和新材 泰和新材集团股份有限公司 投资者关系活动记录表 编号：2026-019-029 投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 万家基金 李杨、况晓、叶勇 万家基金 汪洋、张希晨、刘洋 万家基金 雷寅嘉 长江证券 王呈、徐静、杨龙 国泰海通证券 沈唯 时间 2026 年 1 月 13 日 地点 公司会议室 上市公司接待人 员 董事会秘书董旭海、董事会办公室人员 投资者关系活动 主要内容介绍 投资者：简单介绍下公司情况？ 答：最开始我们是做氨纶，1989 年投产；后来开始做芳纶， 间位芳纶是 2004 年投产，芳纶纸是 2007 年，对位芳纶是 2011 年。间位主要特点是阻燃、耐高温、绝缘，阻燃方向是做防 护服，耐高温主要是用在高温除尘，绝缘主要是做成芳纶纸， 用在变压器、电机的绝缘上，也可以用在航空领域，做次受 力件。对位主要特点是高强、高模，高强主要是用来取代钢 材，高模主要是用在光缆。 投资者：芳纶除了间位和对位还有别的吗？ 答：下游，一 ...

Group 1: Product Overview - The company produces two types of aramid fibers: meta-aramid and para-aramid, with applications in flame retardant clothing, high-temperature filters, and insulation materials [2][3] - Current production capacity for both types of aramid fibers is 16,000 tons [3] - The price of meta-aramid has remained stable, while para-aramid prices have fluctuated significantly over the past two years [2][3] Group 2: Subsidiary and Market Dynamics - Minshida, a subsidiary with 67% ownership, primarily produces aramid paper and operates independently on the Beijing Stock Exchange [3][4] - The demand for aramid paper is driven by electrical grid upgrades, data centers, and the growing electric vehicle market [3][4] - Current production capacity for aramid paper is 4,500 tons, with a projected expansion to 6,000 tons by 2030 [4] Group 3: Product Quality and Competition - The value of aramid paper in transformers is only 3-5%, but its quality is critical for the overall performance of the transformer [3][4] - The transition to new suppliers requires long-term validation of product quality, which has been established over more than a decade [4] - The company faces competition in the transformer market, particularly from overseas suppliers [4] Group 4: Cost and Production Efficiency - The production lines for honeycomb and insulation materials were previously shared but are now being differentiated to improve efficiency [4] - There is a slight cost difference between honeycomb and insulation papers, with honeycomb requiring higher-grade para-aramid [4] - The company is focusing on quality improvement and load increase to reduce costs in its production processes [5] Group 5: Market Strategy and Future Plans - The low-end composite paper market is estimated to be around 2,000-3,000 tons, prompting the company to invest in this segment to maintain market share [5] - The company is exploring new business opportunities, including textile innovations and membrane production [5] - The management has implemented an employee stock ownership plan to incentivize performance across the group and its subsidiaries [4][5]

Group 1: Company Strategy and Market Focus - In 2026, the company will focus on stabilizing its existing business and driving innovation through a dual approach, emphasizing both hospital and external markets [2][3] - Key products in the external market include Loxoprofen Sodium Gel Patch, Ketoprofen Gel Patch, and other newly acquired exclusive varieties [4] - The company aims to enhance brand recognition and terminal coverage through the new "JiuDian Pain Relief" brand image [2] Group 2: Innovation and Product Development - The company will continue to adopt a strategy of "independent research and project introduction" for innovative drugs, actively seeking competitive projects [5] - Plans to enrich the product pipeline through collaborative research and development, as well as industry-academia transformation [5] Group 3: Financial Outlook and Shareholder Returns - The company will develop a scientific and sustainable shareholder return plan over the next 2-3 years based on operational performance and market conditions [8] - There is a potential for further acquisitions to enhance the product line and business layout as needed [8] Group 4: Market Challenges and Pricing Impact - The implementation of centralized procurement for Loxoprofen Sodium Gel Patch may lead to a temporary decrease in gross margin due to price adjustments [7] - The company will maintain a stable overseas business primarily focused on the export of raw materials and pharmaceutical excipients [6]

Group 1: Product Development and Market Positioning - The company is advancing the IL-17A/F monoclonal antibody project, targeting psoriasis and ankylosing spondylitis, with a New Drug Application (NDA) submitted for psoriasis, expected approval by Q4 2026 [2][3] - The product has received priority review status from the National Medical Products Administration (NMPA) and aims to participate in the 2027 national health insurance negotiations [2] - The company has secured production and commercialization rights for ankylosing spondylitis in China, with Phase III clinical trial data expected to be finalized by mid-2026 [2] Group 2: Competitive Advantages - The product's differentiation lies in head-to-head clinical efficacy against a positive control drug, showing superior efficacy in key indicators such as PASI100 and PASI75 [3] - Cost advantages are noted due to the localization of key materials and a lower administration frequency compared to competitors, allowing for flexible pricing strategies [3] Group 3: Target Market Strategy - The primary focus post-launch will be on new psoriasis patients, as the current penetration of biological drugs in this market is low, indicating significant growth potential [3] - The company also targets patients who do not respond well to existing IL-17A inhibitors [3] Group 4: Sales and Marketing Strategy for Aripiprazole Microspheres - Aripiprazole microspheres were launched in May 2025 and included in the 2025 health insurance directory at a price of 850 RMB per bottle, effective January 1, 2026 [4] - The company plans to leverage a nationwide psychiatric sales team and marketing network to promote the product [4] - Strategies include real-world studies to evaluate efficacy and safety, aiming for rapid market penetration in 80% of psychiatric hospitals in 2026 [4] Group 5: GnRH Product Line Development - The company has developed a comprehensive product matrix for GnRH drugs, covering all indications and offering various dosage forms [5][6] - Key products include Leuprolide and Triptorelin, with Leuprolide microspheres expected to be approved in H2 2026 for breast cancer and prostate cancer [5] - The oral GnRH antagonist is in Phase II clinical trials, showing promise for infertility treatments [5][6] Group 6: Innovation in Neurology - The company is developing NS-041, a selective potassium channel activator for epilepsy and depression, with ongoing Phase II clinical trials [7] - NS-041 aims to avoid safety risks associated with previous similar drugs and is positioned as a best-in-class candidate in the market [7]

Group 1: Company Strategy and Development - The acquisition of 100% equity in Jinli Co. is aimed at enhancing investment value and entering the lithium battery separator market, which aligns with the company's strategic development goals [1] - During the "14th Five-Year Plan" period, the company focuses on becoming a leader in the polymer functional film and composite materials industry, with three core strategies: deepening industrial layout, strengthening innovation, and optimizing operational efficiency [2] Group 2: Industry Outlook - The lithium battery separator industry is expected to experience steady growth due to strong national policy support and global energy transition, with the market for energy storage batteries entering a rapid development phase [3] - The separator industry is projected to see continuous growth in shipment volume driven by increasing downstream demand, with a stable development outlook [3] Group 3: Transaction Progress and Market Position - The company is progressing with the transaction of issuing shares and cash payments as per legal requirements, with updates to be provided in future announcements [4] - Jinli Co. holds a dominant market share of 63% in the ultra-thin high-strength separator segment, ranking second in the Chinese wet separator market, and is recognized for its advanced technology and quality control [5][6] Group 4: Future Plans and Market Expansion - The company plans to actively monitor international conditions and market changes to seize opportunities for expanding both domestic and international markets, aiming to enhance core competitiveness and market share [6]

Group 1: Operational Performance - In 2025, the company achieved a total electricity generation of 232.648 billion kWh, representing a year-on-year increase of 2.36% [1] - The average utilization hours of the units were 7,767 hours, an increase of 57 hours compared to the previous year [1] - The company conducted 19 major overhauls in 2025, with a total overhaul duration of approximately 655 days, which is a reduction of about 58 days compared to 2024 [2] Group 2: Market Performance - The market-based electricity generation was approximately 130.85 billion kWh, accounting for about 56.2% of the total, showing a slight increase year-on-year [2] - The average market price of electricity decreased due to lower trading prices in Guangdong and Guangxi regions [2] Group 3: Dividend Policy - The company plans to maintain a moderate increase in the dividend payout ratio from the 2020 level of 42.25%, with projected ratios of 43.44%, 44.09%, 44.26%, and 44.36% for the years 2021 to 2024 respectively [2] Group 4: Future Projects and Maintenance - In Q1 2026, the company plans to complete one major overhaul that started in 2025 and initiate 7 new major overhauls, including 4 annual and 3 decadal overhauls [2] - The company is preparing for the approval of multiple nuclear power projects, with several projects meeting the preliminary requirements for submission to national authorities [3] - The expected commissioning dates for Huizhou Unit 1 and 2, and Cangnan Unit 1 are in 2026 [3]

Group 1: Financial Performance - The company's revenue for the first three quarters of 2025 increased by approximately 2.31% year-on-year [2] - The net profit attributable to shareholders grew by about 3.27% compared to the same period last year [2] Group 2: Semiconductor Manufacturing Materials - The company has developed over 300 compounds in the semiconductor manufacturing materials sector, achieving a leading position domestically [3] - The new production capacity project at Wanrun Industrial Park (Phase II C05) includes approximately 751 tons of semiconductor photoresist-related materials, with construction expected to be completed by the end of this year [3] Group 3: Solid-State Battery Materials - The laboratory development of lithium sulfide, a key upstream material for solid-state battery electrolytes, has been completed [4] - The pilot production line construction is underway, aiming for completion by the end of June [4] Group 4: Perovskite Products - The company has developed over 100 compounds in perovskite photovoltaic materials, including hole transport layer materials and electron transport layer materials [5] - Although the industry has not yet reached large-scale commercialization, the technology level of downstream perovskite photovoltaic components is continuously improving [5] Group 5: High-Performance Polymers - The company has five main categories of high-performance polymer products, including PEI, TPI, and PEEK, with annual production capacities of 1,500 tons for PEI and over 100 tons for TPI and PI-5218 [5] - The PEEK product is currently in the downstream application verification stage, with an existing annual production capacity of approximately 100 tons [5]

Group 1: Company Fleet Capacity - The company controls a total of 54 vessels with a total capacity of 424,800 deadweight tons [2] - The fleet includes 34 domestic chemical tankers (216,100 deadweight tons), 13 product oil tankers (130,700 deadweight tons), and 6 foreign trade chemical tankers (73,400 deadweight tons) [2] - In 2025, two new vessels were added: a dual-purpose oil and chemical tanker (6,187.40 deadweight tons) and a foreign trade chemical tanker (13,710.24 deadweight tons) [2][3] Group 2: Future Capacity Plans - The subsidiary currently has 3 vessels under construction with a total capacity of 27,000 deadweight tons [3] - The company plans to apply for additional capacity through the Ministry of Transport and will replace old vessels to enhance fleet efficiency [3] Group 3: Domestic Chemical Shipping Market - In the first three quarters of 2025, the domestic hazardous chemical waterway transport market saw a decline in freight turnover and prices due to industry fluctuations [4] - By Q4 2025, the domestic chemical market began to stabilize, with an expected increase in demand for hazardous chemical waterway transport [5] - Currently, 70% of the company's domestic hazardous chemical transport business is secured by long-term contracts [5] Group 4: International Chemical Shipping Market - The international liquid hazardous goods transport market experienced a decline in freight rates compared to 2024 due to various external factors [6] - The company is optimizing routes and implementing a layered pricing strategy to enhance profitability and resilience against market fluctuations [6] Group 5: Convertible Bonds - The company issued 7,400,000 convertible bonds on December 6, 2023, with a total fundraising amount of RMB 740 million [7] - As of the end of 2025, 4,540,671 convertible bonds remain, representing 61.36% of the total issued amount [8] Group 6: Collaboration with Major Shareholder - The company is exploring collaborative opportunities with its major shareholder, Wanda Group, to enhance operational stability and risk management [9] - The management is focused on optimizing business layout and improving operational efficiency in line with Wanda Group's governance requirements [9] Group 7: Risk Warning - Investors are advised to refer to official announcements for accurate company information and to be cautious regarding investment risks [10]

Group 1: Company Overview and Operations - The company is focused on mining and resource acquisition, with a strong emphasis on exploration and mergers and acquisitions to ensure sustainable development [6]. - The company has a stable cash flow and plans to use its own funds for mining construction and external acquisitions, while also considering financing options based on future capital needs [9]. Group 2: Project Developments - The core asset of Yichun Jinshi Mining is the Gaodi Copper-Molybdenum Mine, with plans to transition exploration rights to mining rights and commence construction by 2027 [2][3]. - The Guangxi Jinshi Mining has obtained mining rights for the Miaohuang Copper-Lead-Zinc-Silver Mine, with an expected production scale of 660,000 tons/year and average metal grades of 1.68% copper, 2.66% lead, 2.40% zinc, and 83.75 g/t silver [4]. Group 3: Production Challenges and Weather Impact - The mining operations in Yichun may face temporary shutdowns due to extreme cold weather, with an estimated 330 effective working days per year [5]. - The production costs for Honglin Mining are influenced by multiple factors, including safety requirements and the simplicity of the ore processing [7][8]. Group 4: Future Mergers and Acquisitions - The company prioritizes resource acquisition through mergers and acquisitions, focusing on high-quality metal resources and projects with a service life of over 15 years [6]. - The company is exploring overseas acquisitions, considering various factors such as resource conditions, political risks, and legal regulations, with plans to proceed once certain conditions are met [11].

Group 1: Company Operations and Strategy - The overall production and operational situation of the company is normal, with a focus on enhancing winter safety management, energy conservation, and efficiency improvement to mitigate market risks [2] - The company is dynamically adjusting its production and operational strategies based on market changes, aiming to maximize economic benefits by leveraging the integrated advantages of its park [2] Group 2: Market Conditions and Product Pricing - In Q4 2025, the prices of chemical products varied due to fluctuations in the operating rates of peer and downstream enterprises, changes in supply and demand, and the decline in oil prices [3] - The company is actively adjusting its pricing strategies in response to market conditions to maintain a balance between production and sales [3] Group 3: Joint Venture and Competitive Strategy - On December 23, 2025, the company announced the establishment of a joint venture with Cangzhou Dahua and Sinochem International to mitigate the adverse effects of industry competition and effectively integrate sales resources in the polycarbonate sector [3] Group 4: Future Development Plans - The company plans to apply high standards in the planning and construction of the northern park, enhancing integrated management and developing upstream and downstream projects of chemical products [3] - For 2026, the company anticipates uncertainty in market price changes for chemical products and will focus on quality improvement, cost management, and seizing market opportunities to achieve production and sales balance [3]