Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [23]. Core Views - The company's performance is significantly pressured by the decline in silane gas prices, with a notable 40.09% year-on-year drop in revenue for the first half of 2025, amounting to 246 million yuan [5][8]. - The transition towards silicon-carbon anodes is expected to drive demand growth, as the technology matures and commercial projects are implemented, potentially increasing the demand for electronic-grade silane gas [8]. - The report anticipates a recovery in the photovoltaic industry, which may lead to a rebound in product prices across the supply chain, further supporting the company's growth prospects [8]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a net profit attributable to shareholders of -33 million yuan, marking a 140.02% decline year-on-year, with a basic earnings per share of -0.08 yuan [5][8]. - The gross margin for the first half of 2025 was -4.05%, a decrease of 37.76 percentage points compared to the same period last year [8]. - The company's operating cash flow decreased by 51.65% to 25 million yuan, primarily due to reduced revenue and cash inflows from sales [8]. Market Dynamics - The decline in silane gas prices is attributed to an imbalance in supply and demand within the photovoltaic industry, leading to lower prices across the product spectrum [8]. - The average price of silane gas in the Zhejiang market fell from 80 yuan/kg in January to 40 yuan/kg in June, representing a 50% year-on-year decrease [8]. Future Outlook - The report forecasts revenue growth for the company, estimating revenues of 615 million yuan, 790 million yuan, and 849 million yuan for 2025, 2026, and 2027 respectively [9]. - Net profit projections for the same years are 63 million yuan, 150 million yuan, and 174 million yuan, with corresponding earnings per share of 0.15 yuan, 0.35 yuan, and 0.41 yuan [9].

证券代码：838402 证券简称：硅烷科技 公告编号：2025-079 河南硅烷科技发展股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 9 月 18 日 15:00-16:30 活动地点：东方财富路演中心（https://roadshow.eastmoney.com） 参会单位及人员：通过网络方式参与公司 2025 年半年度报告业绩说明会的 投资者 三、 投资者关系活动主要内容 问题 1：目前公司的硅烷气的总产能是多少，公司的电子硅烷气都是 7N 级 以上的吗？ 回答：目前公司的硅烷气的总产能是 6100 吨，公司生产的硅烷气纯度较高, 产品质量长期稳定在 6N 级以上，最高可达到 7N 级及以上。 问题 2：请问贵公司有准备做固态电池业务吗 回答：公司主要产品电子级硅烷气是制造硅碳负极材料的 ...

中信证券股份有限公司 关于河南硅烷科技发展股份有限公司 2025年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《北京证券交易所股票上市规则》等有关 法律法规、规范性文件等的规定，中信证券股份有限公司（简称"中信证券"）作为河南 硅烷科技发展股份有限公司持续督导机构，负责河南硅烷科技发展股份有限公司的持续 督导工作，并出具 2025 年半年度持续督导跟踪报告。 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | 持续督导机构及时审阅公司信息披露文件。 | | | 持续督导机构查阅公司2025年半年度制定、修订的制度文 | | 2.督导公司建立健全并有效执行规则 | 件（如有），督导公司建立健全并有效执行公司治理、财 | | 制度的情况 | 务内控和信息披露等制度。根据硅烷科技2024年度内部控 | | | 制审计报告，发行人有效执行了相关规则制度。 | | 3.募集资金监督情况 | 持续督导机构查阅公司募集资金管理相关制度、募集资金 | | | 使用台账、募集资金专户银行对账单，查看募投项目进 | | | 度，了解募集资金使用情况，对公司募集资金存放和使用 ...

证券代码：838402 证券简称：硅烷科技 公告编号：2025-077 河南硅烷科技发展股份有限公司 2025 年半年度报告业绩说明会预告公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 说明会类型 河南硅烷科技发展股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日 在北京证券交易所信息披露平台(www.bse.cn)披露了《硅烷科技：2025 年半年 度报告》（公告编号：2025-073），为方便广大投资者更全面深入了解公司半年度 经营业绩的具体情况，公司拟召开 2025 年半年度报告业绩说明会。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 9 月 18 日(星期四)15:00-16:30。 （二）会议召开地点 本次业绩说明会将采用网络方式举行，投资者可登陆东方财富路演中心 （https://roadshow.eastmoney.com）参与本次半年度业绩说明会。 三、 参加人员 公司董事长：蔡前进先生； 公司财务负责人：梁涌涛先生； 公司董事会秘书：石增 ...

开源证券股份有限公司 关于河南硅烷科技发展股份有限公司收购报告书之 2025 年半年度持续督导意见 河南省首创化工科技有限公司(以下简称"首创化工")将其直接持有的河 南硅烷科技发展股份有限公司(以下简称"硅烷科技"、"上市公司"、"被收购公 司") 72,568,452 股人民币普通股股份无偿划转至河南平煤神马首山碳材料有限 公司(以下简称"首山碳材"、"收购人"),无偿划转完成后,首创化工不再持有 硅烷科技任何股份,上市公司第一大股东变更为首山碳材(以下简称"本次收购")。 开源证券股份有限公司(以下简称"财务顾问")接受首山碳材的委托,担任本 次收购的财务顾问。 2025年1月9日,上市公司公告了《河南硅烷科技发展股份有限公司收购 报告书》。根据《上市公司收购管理办法》第七十一条,"自收购人公告上市公司 收购报告书至收购完成后 12个月内,财务顾问应当通过日常沟通、定期回访等 方式,关注上市公司的经营情况,结合被收购公司定期报告和临时公告的披露事 宜,对收购人及被收购公司履行持续督导职责",本财务顾问就本次收购的持续 督导期自 2025年 1 月 9 日开始。2025年 8 月 27 日,上市公司披露了 ...

Core Insights - Silane Technology Company has achieved a historic breakthrough by successfully shipping its self-developed electronic-grade silane gas offshore, marking its entry into the international high-end manufacturing supply chain [1][3] - The company has signed cooperation intention agreements involving thousands of tons of product supply, indicating strong demand and confidence in its capabilities [3] Group 1 - The company has developed a proprietary "ZSN method for high-purity silane production technology" and established the first large-scale production line in China with independent intellectual property rights [3] - As of now, the annual production capacity of electronic-grade silane gas has reached 6,100 tons, with product purity consistently above 6N, meeting international advanced standards [3] - The exported silane gas is primarily used in high-end application fields, and the company is accelerating the establishment of an overseas sales network to enhance technical support and service for international clients [3] Group 2 - The company successfully went public on the Beijing Stock Exchange on September 28, 2022, becoming the first company to issue new shares through inquiry (stock abbreviation: Silane Technology) [3] - The company aims to build a technical support network in industrial clusters to provide efficient technical assurance and support for overseas customers [3]

Core Insights - The rise of emerging industries in China is leading the polymer sector into the next decade, with significant opportunities in new materials related to electric vehicles, aerospace, drones, robotics, 5G/6G communication, and artificial intelligence [1] Group 1: A+H Listing Trend - The "A+H" listing strategy has become popular among Chinese listed companies, with 11 A-share companies successfully listing on the Hong Kong stock exchange as of August 26, 2023, and 49 more in the queue [1] - Many of these companies are leaders in the new energy sector, with nearly 80% having a market capitalization exceeding 20 billion RMB [1] Group 2: Polymer Industry's Global Expansion - The polymer materials industry is also accelerating its global expansion, with only a few companies like Sinopec and Shanghai Petrochemical having A+H listings, while others like Guo'en Co. and Binhua Co. are planning to list in Hong Kong [2] - Many companies in this sector have low market capitalizations and lack global leadership capabilities, which diminishes the attractiveness of overseas fundraising [2] Group 3: China Pingmei Shenma Group's Listing Plans - China Pingmei Shenma Group is actively promoting asset securitization to establish an overseas financing platform, with plans for Henan Pingmei Shenma Superhard Materials Co. to initiate a Hong Kong listing process, expected to complete by September 2026 [3] - The group aims to have 6 to 7 listed companies by 2028, following a strategy of nurturing, reserving, and listing companies in stages [3] Group 4: Financial Performance of Listed Companies - Pingmei Co. reported a revenue of 30.281 billion RMB in 2024, with a net profit of 2.350 billion RMB, a significant decrease of 41.41% year-on-year [3] - Yicheng New Energy, with a focus on wind and solar power, saw a revenue drop of 65.38% to 3.422 billion RMB in 2024, resulting in a net loss of 851 million RMB [4] - Silane Technology, the first hydrogen silane materials company listed on the Beijing Stock Exchange, reported a revenue of approximately 705 million RMB in 2024, down 37.05% year-on-year, with a net profit decline of 74.80% [5] Group 5: Shennong Co.'s Strategic Adjustments - Shennong Co. has made strategic adjustments, including establishing a subsidiary in Thailand and collaborating with international firms to enter high-end markets [7] - The company reported a revenue of 13.968 billion RMB in 2024, a 4.08% increase, but faced a net profit decline of 77.57% due to rising costs and falling product prices [8]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance has declined due to a drop in demand, particularly in the photovoltaic sector, leading to a significant decrease in revenue and profit margins [7] - The demand for silicon-carbon anodes is gradually increasing, and the company is actively expanding its production of zone-refined polysilicon, which is expected to become a new growth driver [7] - The forecast for the company's net profit has been adjusted downwards for 2025-2027, with expected figures of -48 million, 8 million, and 46 million respectively, reflecting a significant decline in profitability [7] Financial Summary - Total revenue for 2023 is projected at 1,120.69 million, with a year-on-year growth of 17.55%, but is expected to decline to 510.59 million in 2025, a decrease of 27.62% [1] - The net profit attributable to shareholders is forecasted to be 308.23 million in 2023, dropping to -47.77 million in 2025, indicating a year-on-year decline of 161.50% [1] - The latest diluted EPS is expected to be -0.11 in 2025, compared to 0.73 in 2023 [1] - The company's P/E ratio is projected to be -107.27 in 2025, reflecting the anticipated losses [1] - The company's total assets are estimated to be 2,147 million in 2024, with a slight increase to 2,385 million by 2027 [8]

证券代码：838402 证券简称：硅烷科技 公告编号：2025-072 一、会议召开和出席情况 第三届监事会第二十次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 5.会议主持人：监事会主席孙仕浩 6.召开情况合法、合规、合章程性说明： 本次会议召集、召开及表决符合《公司法》、《公司章程》和《监事会议事规 则》等有关规定。 （二）会议出席情况 （一）会议召开情况 河南硅烷科技发展股份有限公司 （一）审议通过《关于公司 2025 年半年度报告及摘要的议案》 1.议案内容： 根据相关法律、法规要求，公司拟通过北京证券交易所信息披露平台向公众 发布 2025 年半年度报告及摘要，现相关报告编制工作已完成。具体内容详见公 1.会议召开时间：2025 年 8 月 27 日 2.会议召开地点：公司会议室 3.会议召开方式：现场 4.发出监事会会议通知的时间和方式：2025 年 8 月 15 日以通讯方式发出 司于 2025 年 8 月 27 日在北京证券交易所网站（www.bse.cn）披露的《202 ...

证券代码：838402 证券简称：硅烷科技 公告编号：2025-071 河南硅烷科技发展股份有限公司 第三届董事会第二十九次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 8 月 27 日 2.会议召开地点：公司会议室 3.会议召开方式：现场 4.发出董事会会议通知的时间和方式：2025 年 8 月 15 日以通讯方式发出 5.会议主持人：董事长蔡前进先生 6.会议列席人员：公司监事、高级管理人员 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、议案审议程序等符合有关法律、行政法规、部门规 章、规范性文件和《公司章程》的规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 二、议案审议情况 （一）审议通过《关于公司 2025 年半年度报告及摘要的议案》 1.议案内容： 根据相关法律、法规要求，公司拟通过北京证券交易所信息披露平台向公众 发布 2025 年半年度报告及摘要，现 ...