Tayho New Material witnesses falling operating revenue and profit in H1 2023

According to the recent semi-annual report of Tayho New Materials Company, the revenue in the first half of 2023 was 1.941 billion yuan, down 0.55% from the same period of last year, and the net profit was 215 million yuan, down 24.71% year on year. Of this total, Q2 achieved revenue of 929 million yuan, an increase of 3.63% on annual basis, and a net profit of 79 million yuan, down 45.41% on the year. Spandex industry continued to be under pressure, the second quarter results were greatly affected.

In the second quarter, the spandex industry was still obviously under pressure. On the one hand, the new capacity of the industry was much higher than the eliminated capacity, leading to an increase in supply, but the improvement in demand was not obvious. Spandex prices fell to a certain extent in the case of insufficient support from demand in the second quarter, but the adjustment of raw materials was relatively limited, and the profit of spandex declined further compared with the first quarter.