According to the Huatai Securities Research Report, since 2022, due to the continuous investment of production capacity in the industry, the price of spandex and corporate profits have been under significant pressure; along with the end of this round of concentrated production expansion, the withdrawal of inefficient production capacity one after another, and the increase in consumption of elastic clothing and the increase in the penetration rate of spandex, industry supply and demand have gradually improved since 2025. At the beginning of 2026, inventory removal was compounded by geographical conditions to drive up costs, and the price of spandex clearly rebounded; at the same time, along with the gradual decline in raw material costs, the price spread in the industry widened further. Huatai Securities believes that, driven by limited new production capacity and steady growth in demand, supply and demand for spandex may gradually shift to a tight trend, and the industry is expected to enter an upward channel, thereby further widening the price spread.

According to the Huatai Securities Research Report, since 2022, due to the continuous investment of production capacity in the industry, the price of spandex and corporate profits have been under significant pressure; along with the end of this round of concentrated production expansion, the withdrawal of inefficient production capacity one after another, and the increase in consumption of elastic clothing and the increase in the penetration rate of spandex, industry supply and demand have gradually improved since 2025. At the beginning of 2026, inventory removal was compounded by geographical conditions to drive up costs, and the price of spandex clearly rebounded; at the same time, along with the gradual decline in raw material costs, the price spread in the industry widened further. Huatai Securities believes that, driven by limited new production capacity and steady growth in demand, supply and demand for spandex may gradually shift to a tight trend, and the industry is expected to enter an upward channel, which in turn will further widen the price spread.