Xinxiang Chemical Fiber's Q1 profit expected to plunge YOY

According to the Xinxiang Chemical Fiber, the net profit in the first quarter of 2022 is expected to be 39-42 million yuan, down 86.5%-87.4% compared with the same period of last year. During the reporting period, due to the sharp increase in the price of raw materials, the unit cost of spandex increased significantly and the gross profit decreased significantly, while the gross profit of biomass cellulose filament also decreased with rising cost.