Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leader in the silicon industry chain and is expected to benefit significantly from the ongoing "anti-involution" trend in the photovoltaic sector [4] - The company has an industrial silicon capacity of 1.22 million tons/year and an organic silicon capacity of 1.73 million tons/year, with additional polysilicon and photovoltaic module capacities under development [4] - Due to lower-than-expected product profitability recovery, the profit forecasts for 2025-2027 have been revised downwards, with expected net profits of 611 million, 2.286 billion, and 2.991 billion yuan respectively [4] - The current stock price corresponds to a PE ratio of 99.0, 26.5, and 20.2 for the years 2025, 2026, and 2027 respectively [4] Financial Summary - Revenue for 2023 is projected at 26.584 billion yuan, with a year-on-year growth of 12.4%, but is expected to decline by 18.5% in 2025 [7] - The net profit for 2023 is estimated at 2.623 billion yuan, reflecting a significant year-on-year decrease of 49.1% [7] - The gross margin is expected to be 20.1% in 2023, decreasing to 15.2% in 2025, before recovering to 21.5% by 2027 [7] - The company’s return on equity (ROE) is projected to drop to 1.9% in 2025, with a recovery to 8.3% by 2027 [7] Industry Insights - The average market price of polysilicon has increased to 47,600 yuan/ton, a 58% rise from the June low, indicating a potential recovery in profitability for the industry [5] - Industrial silicon and organic silicon prices are currently at the bottom of the cycle, with limited downside potential due to strong cost support [5] - The company is actively extending its industrial chain into silicon carbide materials, which are expected to contribute significantly to future performance [6]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 63.35 CNY per share [2][8]. Core Views - The company's performance in the first half of 2025 aligns with previous forecasts, indicating a potential rebound in its main business [2]. - The company reported a revenue of 9.775 billion CNY in H1 2025, a year-on-year decrease of 26.34%, and a net profit attributable to shareholders of -397 million CNY, down 140.60% year-on-year [2]. - In Q2 2025, the company experienced a revenue of 4.548 billion CNY, reflecting a 42.11% decline year-on-year and a 13.02% decline quarter-on-quarter, with a net profit of -657 million CNY, a significant drop of 245.87% year-on-year and 352.93% quarter-on-quarter [2]. Financial Summary - The company is projected to achieve total revenue of 27.132 billion CNY in 2025, with a year-on-year growth rate of 1.6% [4]. - The net profit attributable to shareholders is expected to be 969 million CNY in 2025, representing a year-on-year decline of 44.4% [4]. - Earnings per share (EPS) is forecasted to be 0.82 CNY in 2025, with a price-to-earnings (P/E) ratio of 63 [4]. - The company has a total market capitalization of 61.427 billion CNY and a debt-to-asset ratio of 62.83% [5]. Business Outlook - The company is positioned as a leader in the industrial silicon sector, with a focus on cost advantages and market share expansion despite current price declines in industrial silicon and organic silicon [8]. - The company maintains normal operations in organic silicon, with expectations for price recovery due to limited new capacity and strong demand growth in the coming years [8]. - Future growth is anticipated from ongoing capacity expansions, including projects in Xinjiang and Yunnan, which are expected to enhance the company's growth potential once the industry rebounds [8].

Summary of Conference Call Records Industry and Companies Involved - **Companies**: 合盛硅业 (Hesheng Silicon Industry) and 华峰化学 (Huafeng Chemical) - **Industry**: Silicon-based new materials and polyurethane industry Key Points and Arguments Hesheng Silicon Industry - Hesheng Silicon Industry is a leading player in China's silicon-based new materials sector, benefiting from low-cost coal and electricity resources in Xinjiang, which allows for coal-electric-silicon integration to reduce production costs [1] - The company has significant production capacity in industrial silicon and organic silicon, with plans for further expansion in polysilicon, which is expected to benefit from improved photovoltaic industry policies [1] - The industrial silicon market is characterized by price volatility, but global demand is steadily increasing due to the needs of photovoltaic components and organic silicon, alongside export growth from overseas economic recovery [1][6] - Hesheng's industrial silicon capacity is projected to reach 1.87 million tons in 2024, with organic silicon production at full capacity, while polysilicon projects are still under construction [4] Organic Silicon Market - Organic silicon has a wide range of applications, particularly in emerging industries like lithium batteries and photovoltaic components, with a compound annual growth rate (CAGR) of over 10% in recent years [5] - The rapid expansion of domestic organic silicon capacity in the past two years has led to price declines, but limited new capacity and shutdowns of overseas production are expected to optimize supply and drive prices up in the next two years [5] Industrial Silicon Market - Industrial silicon prices have historically fluctuated, with peaks reaching 60,000 yuan per ton and lows below 10,000 yuan in 2025 [6] - Global demand for industrial silicon is projected to grow from 2.44 million tons in 2011 to 5.5 million tons in 2024, with a CAGR of 7.7% [6] - Supply-side constraints, including the elimination of small, inefficient furnaces and a slowdown in new capacity additions, are expected to improve the supply structure and potentially drive prices higher [6] Huafeng Chemical - Huafeng Chemical is the largest producer of spandex in China and a leading global player in adipic acid and shoe sole raw materials, with a production capacity of 325,000 tons of spandex and 1.355 million tons of adipic acid [10] - The spandex market is currently at a historical low, but demand is expected to grow due to increased consumption in sportswear, casual wear, and formal attire, as well as new applications [11] - Adipic acid is widely used in nylon and polyurethane, with a projected consumption of nearly 2 million tons in China by 2024, but current oversupply has led to low prices [12] Cost Advantages of Huafeng Chemical - Huafeng Chemical has significant cost advantages in production processes, energy supply, labor costs, and depreciation, allowing it to maintain lower production costs than competitors by 1,000-3,000 yuan per ton [13] - The company’s profitability is supported by its ability to navigate industry cycles, with a current profit of approximately 2,000 yuan per ton for spandex [13] Future Outlook - Hesheng Silicon Industry is expected to benefit from market changes due to anti-involution policies, with potential improvements in cash flow and profitability as prices for organic silicon and industrial silicon rise [8][9] - Huafeng Chemical's performance is projected to reach around 2 billion yuan by 2025, with a price-to-earnings ratio of about 20 times, indicating potential for growth if market conditions improve [14] Other Important Insights - The market is currently divided on Hesheng's ability to recover and the potential risks related to its high debt levels, with a debt-to-asset ratio of 63% and significant short-term liabilities [7] - The anticipated exit of high-cost competitors from the market may further support price recovery for both spandex and adipic acid [11][12]

Core Viewpoint - The announcement details the pledge and unpledge of shares by the controlling shareholder and its concerted actions, indicating a significant portion of shares are under pledge, but the overall financial health and risk management measures are deemed adequate [2][3]. Group 1: Shareholding Structure - As of the announcement date, the controlling shareholder, Ningbo Hoshine Group Co., Ltd., holds 486,647,073 shares, accounting for 41.16% of the total share capital [2]. - The concerted actioner, Luo Yi, directly holds 192,493,302 shares, representing 16.28% of the total share capital [2]. - The total shares held by Hoshine Group and its concerted actions amount to 869,105,229 shares, which is 73.52% of the total share capital [2]. Group 2: Pledged Shares - After the pledge and unpledge, Hoshine Group has a total of 242,329,100 pledged shares, which is 49.80% of its holdings and 20.50% of the total share capital [2]. - Luo Yi has pledged 88,920,600 shares, representing 46.19% of his holdings and 7.52% of the total share capital [2]. - The total number of pledged shares among Hoshine Group and its concerted actions is 423,193,200, which is 48.69% of their total holdings and 35.80% of the total share capital [2]. Group 3: Financial Health and Risk Management - Hoshine Group and its concerted actions are reported to have good credit and financial conditions, with future repayment sources including operating income, investment returns, and dividends from held shares [2]. - The pledge risks are considered manageable, with no substantial factors that could lead to a change in control of the company [2]. - In case of warning risks related to pledged shares, Hoshine Group and its concerted actions will take measures such as additional margin or early repayment [2].

证券代码：603260 证券简称：合盛硅业 公告编号：2025-059 合盛硅业股份有限公司 关于控股股东及其一致行动人部分股份质押及解质押的公告 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： 截至本公告日，合盛硅业股份有限公司（以下简称"公司"）控股股东宁波 合盛集团有限公司（以下简称"合盛集团"）直接持有公司486,647,073股股份， 占公司总股本的41.16%；合盛集团一致行动人罗燚直接持有公司192,493,302股股 份，占公司总股本的16.28%。本次质押及解质押后，合盛集团累计质押股份为 242,329,100股，占其所持股份比例的49.80%，占公司总股本比例的20.50%；罗 燚累计质押股份为88,920,600股，占其所持股份比例的46.19%，占公司总股本比 例的7.52%。 截至本公告日，合盛集团及其一致行动人罗立国、罗燚、罗烨栋合计直接持 有公司股份869,105,229股，占公司总股本的73.52%。本次质押及解质押后，合盛 集团及其一致行动人罗立国、罗燚、罗烨栋直接持有的公司 ...

Group 1 - The controlling shareholder of Hoshine Silicon Industry, Ningbo Hoshine Group, holds approximately 487 million shares, accounting for 41.16% of the total share capital [1] - Hoshine Group's concerted actor, Luo Yi, directly holds about 192 million shares, representing 16.28% of the total share capital [1] - After the recent pledge and unpledge, Hoshine Group has pledged a total of approximately 242 million shares, which is 49.8% of its holdings and 20.5% of the total share capital [1] Group 2 - Luo Yi has pledged approximately 8.89 million shares, which is 46.19% of his holdings and 7.52% of the total share capital [1] - The total shares directly held by Hoshine Group and its concerted actors, including Luo Liguan, Luo Yi, and Luo Yedong, amount to about 869 million shares, representing 73.52% of the total share capital [1] - The total number of pledged shares among Hoshine Group and its concerted actors is approximately 423 million shares, accounting for 48.69% of their total holdings and 35.8% of the total share capital [1] Group 3 - For the year 2024, Hoshine Silicon Industry's revenue composition is as follows: non-metal smelting accounts for 51.56%, the chemical industry accounts for 45.71%, and other businesses account for 2.73% [1] - The current market capitalization of Hoshine Silicon Industry is 61.4 billion [2]

Market Overview - The Shanghai Composite Index closed at 3875.31 points, up by 1.65%, with a total trading volume of 24645.93 billion yuan [1] - A total of 104 A-shares have surpassed their annual moving average, indicating positive market sentiment [1] Notable Stocks - The stocks with the highest deviation rates from their annual moving averages include: - Xinxing Microelectronics (688593) with a deviation rate of 14.18%, closing at 19.98 yuan after a 20.00% increase [1] - Jingwei Technology (300120) with a deviation rate of 8.52%, closing at 10.00 yuan after a 9.41% increase [1] - Phoenix Optical (600071) with a deviation rate of 7.05%, closing at 23.07 yuan after a 10.01% increase [1] - Other notable stocks with smaller deviation rates include: - Hoshine Silicon Industry (300134) with a deviation rate of 6.43% [1] - Longqi Technology (603341) with a deviation rate of 6.41% [1] Trading Activity - The trading turnover rates for the top stocks are as follows: - Xinxing Microelectronics at 9.86% [1] - Jingwei Technology at 13.20% [1] - Phoenix Optical at 5.02% [1] - The overall trading activity reflects a robust interest in stocks that are performing well above their annual averages [1]

Core Viewpoint - The company has achieved comprehensive mastery of the entire industrial chain core process technology in the silicon carbide field, including raw material synthesis, crystal growth, substrate processing, and chip epitaxy, positioning itself competitively in the market [1] Group 1: Technology and Production - The company has broken through key material and equipment technical barriers, leading to a high yield of silicon carbide products, which is at the forefront among domestic enterprises [1] - The 6-inch silicon carbide substrate has entered full-scale production, with a crystal yield exceeding 95% and an epitaxy yield stabilizing at over 98%, indicating industry-leading performance [1] - The company has initiated small-scale production of 8-inch silicon carbide substrates and is making steady progress in the research and development of 12-inch silicon carbide substrates [1] Group 2: Product Development - The company continues to deepen its efforts in the high-end silicon carbide powder sector, successfully developing ultra-pure silicon carbide ceramic powders that meet the high purity and customization requirements for various fields, including semiconductors and high-temperature structural components [1] - The company has also developed high-purity semi-insulating silicon carbide powders that meet the requirements for the growth of silicon carbide gem crystals and optical waveguide crystals [1]

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]

Company Overview - Hoshine Silicon Industry Co., Ltd. is located in Cixi City, Ningbo, Zhejiang Province, and was established on August 23, 2005. The company went public on October 30, 2017. Its main business involves the research, production, and sales of silicon-based new materials, including industrial silicon and organic silicon [1]. - The revenue composition of Hoshine Silicon is as follows: industrial silicon accounts for 52.66%, organic silicon for 46.68%, and other products for 0.66% [1]. Stock Performance - On September 5, Hoshine Silicon's stock rose by 5.02%, reaching a price of 53.77 CNY per share, with a trading volume of 525 million CNY and a turnover rate of 0.84%. The total market capitalization is 63.567 billion CNY [1]. Shareholder Information - Among the top ten circulating shareholders of Hoshine Silicon, Huatai-PB Fund's Huatai-PB CSI 300 ETF (510300) increased its holdings by 735,000 shares in the second quarter, bringing its total to 6.3055 million shares, which represents 0.53% of the circulating shares. The estimated floating profit from this investment is approximately 16.2052 million CNY [2]. - The Huatai-PB CSI 300 ETF was established on May 4, 2012, and has a current scale of 374.704 billion CNY. Year-to-date, it has achieved a return of 13.29%, ranking 2781 out of 4222 in its category. Over the past year, the return is 37.26%, ranking 2245 out of 3795, and since inception, the return is 102.71% [2]. Fund Management - The fund manager of Huatai-PB CSI 300 ETF is Liu Jun, who has a cumulative tenure of 16 years and 98 days. The total asset size under his management is 466.972 billion CNY. The best fund return during his tenure is 137.96%, while the worst is -45.64% [3].