Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's main products are under pressure, and it is waiting for a recovery in the industry chain [1] - In the first half of 2025, the company reported a revenue of 9.776 billion yuan, a year-on-year decrease of 26.34%, and a net profit attributable to shareholders of -397 million yuan, a decline of 140.60% year-on-year [4][5] - The second quarter saw a revenue of 4.548 billion yuan, with a year-on-year and quarter-on-quarter decrease of 42.11% and 13.02%, respectively [4] - The company experienced a significant drop in sales volume and prices for its main products, including industrial silicon, silicone rubber, and silicone oil [5] - The report indicates that the company is expected to benefit from potential price recovery as the industry undergoes restructuring and capacity consolidation [6] Financial Summary - The company is projected to achieve net profits attributable to shareholders of 2.014 billion, 2.840 billion, and 3.773 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 30.06X, 21.31X, and 16.04X [7] - Key financial indicators for 2025E include revenue of 28.709 billion yuan, a year-on-year growth of 7.6%, and a net profit margin of 7.0% [10] - The gross profit margin is expected to be 18.8% in 2025, with a projected return on equity (ROE) of 5.8% [10]

华泰柏瑞沪深300ETF（510300）成立日期2012年5月4日，最新规模3747.04亿。今年以来收益13.29%， 同类排名2781/4222；近一年收益37.26%，同类排名2245/3795；成立以来收益102.71%。 华泰柏瑞沪深300ETF（510300）基金经理为柳军。 9月5日，合盛硅业涨5.02%，截至发稿，报53.77元/股，成交5.25亿元，换手率0.84%，总市值635.67亿 元。 资料显示，合盛硅业股份有限公司位于浙江省宁波市慈溪市北三环东路1988号恒元广场A座23-24F，成 立日期2005年8月23日，上市日期2017年10月30日，公司主营业务涉及工业硅及有机硅等硅基新材料产 品的研发、生产及销售。主营业务收入构成为：工业硅52.66%，有机硅46.68%，其他(补充)0.66%。 从合盛硅业十大流通股东角度 数据显示，华泰柏瑞基金旗下1只基金位居合盛硅业十大流通股东。华泰柏瑞沪深300ETF（510300）二 季度增持73.5万股，持有股数630.55万股，占流通股的比例为0.53%。根据测算，今日浮盈赚取约 1620.52万元。 截至发稿，柳军累计任职时间16年98 ...

Group 1: SF Express (顺丰同城) / Logistics - The company achieved revenue of 10.236 billion yuan in H1 2025, a year-on-year increase of 48.81%, and a net profit of 137 million yuan, up 120.43% year-on-year [3][4] - The ToB delivery and last-mile business saw significant growth, with a 50%+ increase in same-city delivery orders, driving revenue to 5.779 billion yuan, a 43.11% increase year-on-year [4] - The company’s gross margin was 6.65%, slightly down by 0.23 percentage points, while the net profit margin improved by 0.44 percentage points to 1.34% [5][6] Group 2: China Everbright Environment (光大环境) / Environmental Governance - The company reported a revenue of 14.304 billion HKD in H1 2025, a decrease of 8% year-on-year, and a net profit of 2.207 billion HKD, down 10% year-on-year [8][9] - Operating service revenue increased by 5% to 9.943 billion HKD, accounting for 70% of total revenue, while construction service revenue fell by 49% [9][10] - The company’s gross margin improved significantly to 44.26%, up 5.53 percentage points year-on-year, and the net margin increased to 19.44%, up 0.84 percentage points [10] Group 3: Fenbi (粉笔) / Education - The company reported a revenue of 1.492 billion yuan in H1 2025, a decrease of 8.5% year-on-year, and a net profit of 227 million yuan, down 18.39% year-on-year [11][12] - The AI question-answering system is expected to become a new growth engine, with significant potential for revenue increase [13][14] - The company forecasts revenues of 2.525 billion yuan, 2.618 billion yuan, and 2.793 billion yuan for 2025-2027, with a "buy" rating [14] Group 4: HuiLiang Technology (汇量科技) / Advertising Marketing - The company achieved total revenue of 938 million USD in H1 2025, a year-on-year increase of 47%, and a net profit of 32.28 million USD, up 340% year-on-year [15][17] - The average daily advertising requests increased from over 200 billion in H1 2024 to over 300 billion in H1 2025, indicating strong client engagement [18] - The company forecasts revenues of 2.211 billion USD, 2.747 billion USD, and 3.301 billion USD for 2025-2027, with a "buy" rating [18] Group 5: Focus Media (分众传媒) / Advertising Marketing - The company reported total revenue of 6.112 billion yuan in H1 2025, a year-on-year increase of 2.43%, and a net profit of 2.665 billion yuan, up 6.87% year-on-year [20][21] - The gross margin improved to 68.3%, up 3.2 percentage points year-on-year, while the net margin reached 43.4%, up 2.3 percentage points [21][22] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, with a cash dividend ratio of 25.5% [20] Group 6: Tungsten Industry / Industry Research - The report highlights a tightening supply of tungsten due to regulatory constraints and declining ore grades, with limited new projects expected [27][28] - The demand for tungsten is projected to grow, driven by applications in hard alloys and the semiconductor industry, with significant projects like the Yarlung Tsangpo River hydropower project expected to boost demand [28][29] - The strategic importance of tungsten is increasing due to export controls and tariffs, leading to a potential revaluation of tungsten resources [29] Group 7: Great Wall Motors (长城汽车) / Passenger Vehicles - The company reported total revenue of 92.33 billion yuan in H1 2025, a year-on-year increase of 1%, and a net profit of 6.34 billion yuan, down 10.2% year-on-year [31][32] - The company’s Q2 2025 revenue reached 52.32 billion yuan, a year-on-year increase of 7.7%, with a significant increase in net profit [32][33] - The company forecasts revenues of 225.3 billion yuan, 278.5 billion yuan, and 312.5 billion yuan for 2025-2027, with a "buy" rating [34] Group 8: Dongfang Tower (东方铁塔) / Agricultural Chemical Products - The company achieved revenue of 2.148 billion yuan in H1 2025, a year-on-year increase of 8.51%, and a net profit of 493 million yuan, up 79.18% year-on-year [35][36] - The company’s Q2 revenue was 1.193 billion yuan, a year-on-year increase of 10.20%, with a significant increase in net profit [37][38] - The company forecasts revenues of 4.926 billion yuan, 5.145 billion yuan, and 5.372 billion yuan for 2025-2027, with a "buy" rating [39] Group 9: Yipule (易普力) / Chemical Products - The company reported revenue of 4.713 billion yuan in H1 2025, a year-on-year increase of 20.4%, and a net profit of 409 million yuan, up 16.4% year-on-year [42][43] - The company’s Q2 revenue was 2.703 billion yuan, a year-on-year increase of 26.4%, with a significant increase in net profit [43][44] - The company’s performance is driven by high-quality development and market investment [44]

Core Viewpoint - The company reported significant declines in revenue and profit for the first half of 2025, with a notable loss in Q2 due to falling industrial silicon prices and operational challenges [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 9.775 billion yuan, down 26.34% year-on-year, and a net profit attributable to shareholders of -397 million yuan, a decrease of 140.60% year-on-year [1]. - Q2 2025 saw revenue of 4.548 billion yuan, a decline of 42.11% year-on-year and 13.02% quarter-on-quarter, with a net profit of -657 million yuan, down 245.87% year-on-year and 352.93% quarter-on-quarter [1][2]. - The gross profit margin was 7.92%, down 15.38 percentage points year-on-year, while the net profit margin was -4.23%, down 11.41 percentage points year-on-year [1]. Market Conditions - The industrial silicon price significantly decreased in Q2 2025 due to weak raw material prices and macroeconomic pessimism, leading to a decline in sales volume and prices [2]. - The company sold 214,600 tons of industrial silicon in Q2, down 47.2% year-on-year and 17.4% quarter-on-quarter, with an average selling price of 7,337.8 yuan per ton, down 36.2% year-on-year [2]. Industry Trends - The "anti-involution" policy is expected to alleviate the downward price trend in the market, benefiting the company as it focuses on eliminating low-price competition and phasing out outdated capacity [3]. - The supply-demand dynamics are gradually improving, with expectations for industrial silicon prices to stabilize and recover as market demand rebounds [3]. Strategic Initiatives - The company is leveraging its advantages in industrial chain collaboration to strengthen its position as a dual leader in industrial silicon and organic silicon [4]. - Efforts include reducing energy consumption in industrial silicon production and enhancing product quality through technological upgrades and process optimization [4]. - New product developments, such as amino silicone oil and organic silicone emulsions, are positioned to meet international standards and cater to various industries [4]. Future Outlook - Revenue projections for 2025-2027 are estimated at 23.082 billion, 29.376 billion, and 31.269 billion yuan, with net profits of 1.019 billion, 2.121 billion, and 2.677 billion yuan respectively [4]. - The company maintains a "buy" rating based on its industry leadership and growth potential despite current challenges [4].

01 合盛硅业是硅料上游工业硅龙头企业，在这一环节的市占率约30%。2022年2月与2023年4月，合盛硅业 两度宣布豪掷共380亿元，要在新疆分两期建设年产共40万吨的硅料产能，打通硅基全产业链。到2024 年底，两期项目显示仍在建设当中，一、二期进度各在92%、65%，并已投出264.6亿元；其中有一条10 万吨产线在2024年1月实现量产。 截至目前，硅料龙头通威股份、协鑫科技、大全能源、新特能源、合盛硅业均已公布上半年业绩，而上 述企业全部陷入亏损，5家企业合计亏损额高达85.79亿。 这其中，硅料龙头通威股份在上述企业中亏损最大，净亏损达49.55亿元，上年同期亏损31.29亿元，亏 损同比扩大58.35%。协鑫科技紧随其后，扣非归母净利润为-17.76亿元。大全能源以归母净亏损11.47亿 元，列第三。合盛硅业和新特能源则分别亏损3.97亿和2.56亿。 2025年上半年，数百亿元投资未及产生现金流，叠加工业硅市场需求继续走弱，合盛硅业资金链非常紧 张，已在全球打包出售工业硅与多晶硅资产，7月16日合盛硅业曾宣布控股股东拟以26.3亿元协议转让 5.08%股份。 在亏损原因中，5家企业均将原因指向 ...

科技圈有句老话,"人们总是高估未来两年发生的变化，而低估未来十年发生的变化"。 而在光伏行业，产业周期的演变速度，要比之快上好几倍。这也意味着，企业更容易在错误的时间节点，做出一些"不太明智"的决策。 截至6月末，公司流动负债高达370亿，而账上的现金及现金等价物余额只有不到1.5亿元。 豪掷600亿押注光伏 2022年是中国光伏高光又魔幻的一年，对整个行业造成的"后遗症"持续至今。 当年赚钱实在是太容易，各大光伏企业"钞票数到手抽筋"。大全能源年净利润191亿，超越过去10年的总和。通威股份年净利润257亿，在A股5000多家上 市公司中排名第32位，刨除一堆中字头企业后，能排进前6位。 彼时二级市场可谓是"沾上光伏"就涨停，以至于许多企业都有一个"光伏梦"，不管是卖酒的、卖房的、卖玩具的，甚至还有卖兽药的，都宣布转战光伏。 合盛硅业原先的产品线是工业硅和有机硅，而工业硅是多晶硅的主要原料，二者是上下游的关系，甚至大全、协鑫都是合盛硅业的客户。 创始人罗立国家族连续几年问鼎宁波首富，最高一年身家达1400亿，位列胡润富豪榜第21位。 看到客户"卖多晶硅"这么赚钱，合盛硅业坐不住了。同年2月，公司宣布，拟通过 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 ■ 一、说明会类型 合盛硅业股份有限公司（以下简称"公司"）已于2025年8月28日在上海证券交易所网站 （www.sse.com.cn）披露了《合盛硅业2025年半年度报告》及《合盛硅业2025年半年度报告摘要》。为 便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于2025年9月8日（星期 一）15:00-16:00在"价值在线"（www.ir-online.cn）举办合盛硅业股份有限公司2025年半年度业绩说明 会，与投资者进行沟通和交流，广泛听取投资者的意见和建议。 二、说明会召开的时间、地点和方式 会议召开时间：2025年9月8日（星期一）15:00-16:00 重要内容提示： ● 会议召开时间：2025年9月8日（星期一）15:00-16:00 ● 会议召开地点：价值在线（www.ir-online.cn） ● 会议召开方式：网络互动方式 ● 会议问题征集：投资者可于2025年9月8日前访问网址 h ...

证券代码：603260 证券简称：合盛硅业 公告编号：2025-058 合盛硅业股份有限公司 2025 年半年度业绩说明会预告公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 一、说明会类型 合盛硅业股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日在上海证 券交易所网站（www.sse.com.cn）披露了《合盛硅业 2025 年半年度报告》及《合 盛硅业 2025 年半年度报告摘要》。为便于广大投资者更加全面深入地了解公司 经营业绩、发展战略等情况，公司定于 2025 年 9 月 8 日（星期一）15:00-16:00 在"价值在线"（www.ir-online.cn）举办合盛硅业股份有限公司 2025 年半年度业 会议召开时间：2025 年 9 月 8 日（星期一）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 9 月 8 日 前 访 问 网 址 https: ...

Core Viewpoint - The company, Hoshine Silicon Industry (合盛硅业), reported a rare operating loss due to a phase imbalance in supply and demand, marking its first loss since disclosing operational performance data [2][3][6]. Financial Performance - In the first half of 2025, Hoshine Silicon achieved revenue of 9.775 billion yuan, a year-on-year decrease of 26.34% [2][3]. - The net profit attributable to shareholders was -397 million yuan, a year-on-year decline of 140.6% [2][3]. - The company experienced a significant loss of 657 million yuan in the second quarter, contributing to the overall loss for the first half [2][5]. Historical Context - Historically, Hoshine Silicon's net profit has been positive from mid-2015 to mid-2024, with a peak of 3.545 billion yuan in mid-2022 [4]. - The company had previously faced fluctuations in performance but had never reported a loss until now [3][4]. Market Conditions - The loss was attributed to a phase imbalance in the supply and demand of industrial silicon and polysilicon, alongside declining market prices [2][6]. - The global economy showed weak recovery amid geopolitical tensions and trade frictions, impacting the industry [6]. Cash Flow and Financial Health - Hoshine Silicon reported a significant increase in operating cash flow, reaching 3.524 billion yuan, up 1987.93% from the previous year [8]. - The company's debt-to-asset ratio decreased to 62.83%, down 1 percentage point from the end of 2024 [8]. Competitive Position and Future Outlook - Despite the cyclical downturn, Hoshine Silicon maintained its leading position in industrial silicon and organic silicon markets [2][8]. - The company is focusing on high-value downstream product development and has made advancements in silicon carbide technology, achieving domestic leadership in product yield [9]. - As of the second quarter of 2025, 243 funds increased their holdings in Hoshine Silicon, indicating positive market sentiment towards its future prospects [2][9].

合盛硅业 20250829.docx AceCamp AI 2025-08-30 对于 2025 年下半年及 2026 年的业务展望如何？ 工业硅方面，下半年随着市场需求回暖和供需格局优化，价格有望在合理区间 内运行，并实现阶段性修复。有机硅方面，下游新兴领域如新能源汽车、5G 基站、电力电子等持续释放需求，在金九银十传统旺季到来后，有望起稳并小 幅反弹。总体来看，今年有机硅的价格应能在行业完全成本线附近波动。 摘要 2025 年上半年，合盛硅业工业硅产量 66 万吨，销量 47 万吨，自用 18 万吨；有机硅粗单体产量 73 万吨。预计全年工业硅产量 150 万吨，有 机硅粗单体产量 150-160 万吨。 预计下半年工业硅市场需求回暖，供需格局优化，价格有望修复。有机 硅下游新兴领域需求持续释放，金九银十传统旺季有望起稳反弹，全年 价格预计在行业完全成本线附近波动。 公司新疆新项目多晶硅相关装置处于检修技改，其他未完工项目缓建。 公司统筹考虑市场供需及自身检修计划，确保生产稳定运行。 2025 年上半年，合盛硅业有机硅单位销售成本不到 10,000 元，行业 完全成本在 12,000-13,000 元之间 ...