This classification includes women's sweaters with high quality, good comfort, all kinds of customized colors.
We export to many countries such as Russia, Germany, America etc.
Our products mainly made of cashmere, wool, cotton, acrylic, polyster etc and all the colors, sizes and compositions can be customized.
We also have many cash commodity items, we welcome customers send inquiries and cooperate together.
Women Sweater,Ladies Sweater,Knit Sweater,Long Sweater Jiangyin Minglang Textile Co., Ltd , https://www.jymltextile.com
Huafeng Spandex's net profit soared 20 times year-on-year
On August 21, Huafeng Spandex (002064.SZ) released its semi-annual financial results, showing a significant rebound in performance. The company recorded total operating revenue of 825 million yuan, marking a 60.29% year-on-year increase. Operating profit surged to 203 million yuan, up an astonishing 23,939.96%, while net profit reached 178 million yuan, climbing by 2,001.54% compared to the previous year.
According to *Securities Daily*, as of the report's publication, Huafeng Spandex was the sixth listed company in the petrochemical plastics sector with net profit attributable to shareholders increasing by more than 1,000% year-on-year. Among them, Annada (002136), also part of the petrochemical plastics industry, led the sector with a staggering 13,772.50% increase in net profit. In the broader A-share market, it ranked among the top performers.
Of the 32 companies that saw their net profit rise by more than tenfold, nearly 18.75% were from the petrochemical and plastics industry, making it the leading sector in terms of growth. When asked about the sharp increase in net profit—over 20 times higher than the previous year—Huafeng Spandex’s investor relations department attributed it to the extremely poor performance in the same period last year. The 2018 half-year report showed an operating profit of just 845,900 yuan, down 99.32% year-on-year, with foreign revenue declining by 70.24%.
This year, however, the situation reversed dramatically. Foreign market revenue jumped by 157.98% year-on-year, outpacing domestic growth significantly. Increased demand for spandex, coupled with rising prices, contributed to this positive trend. According to securities research reports, the price of 40D spandex dropped to as low as 41,000 yuan per ton in early 2009. However, as the market recovered, prices soared, reaching a peak of 58,000 yuan per ton in April of this year—a 41.46% increase. Similarly, 20D spandex prices rose from 67,000 to 82,000 yuan per ton, a 22.39% increase.
In response to the price surge, the Spandex Industry Association announced a price hike on April 9, raising prices by 2,000–3,000 yuan per ton starting April 12. The new price range for 40D spandex now stands between 59,000 and 60,000 yuan per ton.
Despite these positive developments, the industry faces growing concerns. Since May, spandex prices have begun to decline, dropping to 51,000 yuan per ton, a 12.09% decrease. At the same time, raw material costs have risen sharply. The company's semi-annual report noted that "spandex raw material prices have increased significantly, along with rising labor costs." Although the investor relations team did not provide detailed explanations about future earnings, they emphasized that second-half performance would depend heavily on market conditions, especially demand from downstream textile industries.
Some media outlets reported that the price of PTMEG, a key raw material for spandex, rose from 21,000 to 26,000 yuan per ton during the same period—an increase of 24%, which is much higher than the gains in spandex prices.
In addition, the spandex industry has seen a surge in production capacity. Guotai Junan highlighted in a report released on August 23 that Huafeng Spandex operated at less than 50% capacity in the first half of 2019 but is now running at full capacity. The company is also planning to expand production, investing 480 million yuan in a 15,000-ton technical upgrade project for high-temperature, thin fabric spandex, expected to be completed by July next year.
Other players in the industry are also expanding. Xinxiang Chemical Fiber (000949) announced plans to build a 12,000-ton continuous polymerization differential spandex fiber plant, while Yantai Spandex (002254) is developing a 7,000-ton comfort spandex fiber project.
With overcapacity, rising raw material costs, and increasing competition, the spandex industry is under pressure. As Guotai Junan pointed out, the outlook for spandex prices in the second half of the year is uncertain, and the sector may face challenges ahead.