The Huayuan Securities Research Report pointed out that Huafeng Chemical is a leading enterprise in the polyurethane industry, with outstanding competitive advantages, and the 2026Q2 performance increased significantly from month to month. The spandex boom has picked up, the price spread continues to widen, and the company's profitability has improved markedly. By the end of 2025, the company's spandex production capacity was 475,000 tons/year, adipic acid production capacity was 1.355 million tons/year, and polyurethane solution production capacity was 520,000 tons/year. At the same time, the company plans to postpone the commissioning of PTMEG projects and integrated projects until 2030 to avoid concentrated release of production capacity, increase competition, and guarantee the return on project investment. In addition, the company plans to acquire Huafeng Synthetic Resin and Huafeng Thermoplastics to integrate and extend the industrial chain. Xinxiang Chemical Fiber, Taihe New Materials, and Hualu Hengsheng were selected as comparable companies. Considering that the company is a leading company in spandex, adipic acid, and polyurethane stock solutions, the proportion of differentiated spandex products is expected to increase further in the future. After industrial chain integration or further improvement of risk resistance, it is covered and given a “buy” rating for the first time.

The Huayuan Securities Research Report pointed out that Huafeng Chemical is a leading enterprise in the polyurethane industry, with outstanding competitive advantages, and the 2026Q2 performance increased significantly from month to month. The spandex boom has picked up, the price spread continues to widen, and the company's profitability has improved markedly. By the end of 2025, the company's spandex production capacity was 475,000 tons/year, adipic acid production capacity was 1.355 million tons/year, and polyurethane solution production capacity was 520,000 tons/year. At the same time, the company plans to postpone the commissioning of PTMEG projects and integrated projects until 2030 to avoid concentrated release of production capacity, increase competition, and guarantee the return on project investment. In addition, the company plans to acquire Huafeng Synthetic Resin and Huafeng Thermoplastics to integrate and extend the industrial chain. Xinxiang Chemical Fiber, Taihe New Materials, and Hualu Hengsheng were selected as comparable companies. Considering that the company is a leading company in spandex, adipic acid, and polyurethane stock solutions, the proportion of differentiated spandex products is expected to increase further in the future. After industrial chain integration or further improvement of risk resistance, it is covered and given a “buy” rating for the first time.