Huafon Chemical postpones two major investment projects to end-2030

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Huafon Chemical announced that both the second phase of its annual 240,000-tonne PTMEG spandex industry chain deepening project and the first phase of its annual 1.1 million-tonne natural gas integration project have been postponed to December 2030. The PTMEG project second phase was originally scheduled to reach usable status by February 2027, while the integration project was originally set for December 2026. The company stated that over the past two years, PTMEG capacity expansion has increased significantly but downstream demand has slowed, and the BDO industry's total capacity far exceeds actual downstream absorption demand, with widespread losses across the sector. To avoid concentrated capacity release intensifying competition or incurring losses immediately upon production, the decision to postpone was made on a prudent basis. As of June 30 this year, the PTMEG project investment progress stood at 21.56 percent, and the integration project investment progress at 6.9 percent. The semi-annual report disclosed on the same day showed that the company achieved operating revenue of 14.167 billion yuan in the first half of the year, up 16.73 percent year-on-year, with net profit attributable to the parent company of 1.983 billion yuan, up 101.64 percent year-on-year, following four consecutive years of declining performance.

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