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].

Core Viewpoint - The polysilicon market is experiencing significant price increases, yet leading companies in the sector are reporting substantial losses due to declining prices and market imbalances [1][2][4]. Group 1: Market Performance - On September 1, the futures prices for polysilicon surged, with the main contract PS2511 closing up by 6.03% and PS2510 up by 5.69% [1]. - Despite the price surge, major polysilicon producers, including Tongwei Co., GCL-Poly Energy, Daqo New Energy, Xinte Energy, and Hoshine Silicon Industry, reported a combined loss of 8.579 billion yuan in the first half of the year [2]. - Tongwei Co. recorded the largest loss among these companies, with a net loss of 4.955 billion yuan, a 58.35% increase in losses compared to the previous year [2]. Group 2: Company-Specific Insights - Hoshine Silicon Industry, a leading industrial silicon producer, is facing a tight cash flow situation due to ongoing construction projects and declining market demand [3]. - The company has invested 38 billion yuan in expanding its polysilicon production capacity, but is struggling with cash flow as it has not yet generated returns from these investments [3]. - GCL-Poly Energy indicated that its significant performance decline was primarily due to the imbalance in the polysilicon market and falling prices [4]. Group 3: Financial Health and Recovery Efforts - Some companies are managing to maintain financial stability; for instance, Tongwei Co. saw a 54% increase in revenue in Q2, reducing its net loss by 9.6% [5]. - GCL-Poly's EBITDA increased by 325.8% year-on-year, indicating a strong cash flow position despite the overall market downturn [5]. - As of June 30, Daqo New Energy reported a cash reserve of 12.09 billion yuan and a remarkably low debt ratio of 8.04%, with no interest-bearing debt [5]. Group 4: Industry Trends and Future Outlook - The polysilicon industry is undergoing a restructuring phase aimed at reducing overcapacity and stabilizing prices, with expectations of a gradual decrease in inventory and a potential price recovery [7][8]. - The Chinese government has initiated measures to combat low-price competition and promote orderly market conditions, which may lead to a more sustainable industry environment [9][10]. - Despite these efforts, the industry remains at a cyclical low, and the ability of polysilicon companies to navigate these challenges is still uncertain [10].

Core Viewpoint - The rapid evolution of the photovoltaic industry has led to significant challenges for companies, as evidenced by the recent struggles of Hoshine Silicon Industry, which faced its first loss since going public due to misguided investments in solar projects [2][10][34]. Group 1: Company Performance - Hoshine Silicon Industry reported a net loss of nearly 400 million yuan in the first half of the year, marking its first loss since its IPO [2][21]. - The company's total current liabilities reached 37 billion yuan, while cash and cash equivalents were less than 150 million yuan [2][32]. - The company's revenue for the first half of the year was 9.775 billion yuan, a year-on-year decline of 26.34% [21]. Group 2: Investment Decisions - Hoshine Silicon invested over 600 billion yuan in photovoltaic projects, including a 175 billion yuan project for high-purity polysilicon production [3][9]. - The company aimed to expand its full industry chain layout in the photovoltaic sector, leveraging its advantages in self-supplied power and raw materials [5][9]. - Despite warnings of overcapacity in the industry, the founder remained confident in the profitability of these investments [9][13]. Group 3: Market Conditions - The photovoltaic industry has entered a phase of overcapacity and price competition, leading to widespread losses among upstream and downstream companies [13][22]. - The price of industrial silicon has dropped significantly, impacting Hoshine's profitability, with prices falling from approximately 13,000 yuan per ton to around 6,990 yuan per ton [16][22]. - Hoshine's industrial silicon revenue was 13.763 billion yuan, with a production volume of approximately 187.14 million tons [18][20]. Group 4: Future Outlook - The company's aggressive expansion has resulted in a precarious financial situation, with a significant increase in fixed assets and construction in progress, totaling 673.8 billion yuan [24][29]. - Many of Hoshine's large projects are currently stalled due to unfavorable market conditions and high debt levels [29][34]. - The company faces a challenging future as it navigates the consequences of its past investment decisions and the current market landscape [34].

Group 1 - The company will hold a half-year performance briefing on September 8, 2025, from 15:00 to 16:00 [3][4] - The briefing will be conducted online via the "Value Online" platform [3][4] - Investors can submit questions before the briefing through a designated website or by scanning a QR code [5] Group 2 - Key participants in the briefing include the Chairman, General Manager, Financial Director, Board Secretary, and an Independent Director [4] - The company encourages investor participation and feedback during the briefing [3][5] - After the briefing, the main content and proceedings will be available for review on the "Value Online" platform and the Yidong app [6]

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].

Summary of the Conference Call for 合盛硅业 Company Overview - **Company**: 合盛硅业 (Hesheng Silicon Industry) - **Industry**: Silicon and Organic Silicon Production Key Points and Arguments Production and Sales Performance - In the first half of 2025, the company produced 660,000 tons of industrial silicon and sold 470,000 tons, with 180,000 tons for self-use [1][3] - The expected total production for industrial silicon in 2025 is 1.5 million tons, while organic silicon is projected to be between 1.5 to 1.6 million tons [1][4] - The company reported a loss of approximately 530 million yuan due to the suspension of its photovoltaic business, with 450 million yuan attributed to photovoltaic-related losses [3][12] Market Demand and Pricing Trends - Industrial silicon market demand is expected to recover in the second half of 2025, with prices likely to stabilize [1][5] - Organic silicon demand grew over 10% in the first half of 2025, with a projected growth of 5% to 10% in the second half, driven by emerging sectors like electronics and new energy vehicles [1][10] - The average unit sales cost for organic silicon was below 10,000 yuan, while the industry’s complete cost ranged from 12,000 to 13,000 yuan [1][8] Operational Insights - The company maintained an industrial silicon operating rate of 60% to 70%, compared to the industry average of 40% to 50% [1][9] - The company is currently undergoing maintenance and technical upgrades for its polysilicon-related facilities in Xinjiang, with other unfinished projects on hold [1][7] Future Outlook - The company anticipates a gradual recovery in prices for both industrial and organic silicon, with organic silicon prices expected to fluctuate around the industry’s complete cost line [5][6] - The company plans to adjust production flexibly based on supply-demand dynamics and macroeconomic factors to optimize operational efficiency [3][18] Competitive Positioning - The company believes it has a competitive advantage in cost control within the entire supply chain and is actively pursuing new product development and market expansion [23] Additional Insights - The company’s electricity costs are competitive, with an average tax-inclusive electricity price of 0.25 yuan per kWh, and a higher proportion of self-generated electricity [9][16] - The company has no new expansion plans in Yunnan for 2025, but it is considering future capacity planning based on industry conditions [21] Risks and Challenges - The photovoltaic sector has not fully recovered, impacting the demand for industrial silicon, while traditional sectors like real estate are growing slowly but remain significant in volume [10][11] This summary encapsulates the key insights from the conference call, highlighting the company's production capabilities, market dynamics, operational strategies, and future outlook within the silicon industry.

Core Viewpoint - The report highlights that Hoshine Silicon Industry's performance is under pressure due to the downturn in industrial silicon and organic silicon markets, leading to a significant decline in revenue and net profit [1][2][3] Company Performance - In the first half of 2025, Hoshine Silicon achieved revenue of 9.775 billion yuan, a year-on-year decrease of 26.34%, and a net profit attributable to shareholders of -397 million yuan, a year-on-year decline of 140.60% [2] - In Q2 2025, the company reported revenue of 4.548 billion yuan, down 42.11% year-on-year and 13.02% quarter-on-quarter, with a net profit of -657 million yuan, reflecting a year-on-year decline of 245.87% and a quarter-on-quarter decline of 352.93% [2] Industry Analysis - The decline in performance is attributed to falling sales prices of industrial silicon and organic silicon products, with the industrial silicon market experiencing a downward price trend due to supply-demand imbalances [3] - Domestic industrial silicon production in the first half of 2025 was 1.85 million tons, showing a year-on-year decrease, while the production of polysilicon was 597,000 tons, down 44.0% year-on-year [3] - The organic silicon industry saw a consensus on production cuts in Q1, but production increased in Q2, with total domestic DMC production exceeding 1.2 million tons, a nearly 20% year-on-year increase [3] Financial Metrics - The company's R&D expense ratio decreased due to lower material inputs, while net cash flow from operating activities increased by 1987.93% due to reduced production and inventory clearance [4] - The company is accelerating the upgrade of its R&D center, focusing on innovative manufacturing technologies and smart production models, aiming to enhance its competitive edge in the silicon-based materials sector [5] Profit Forecast - Due to the decline in product prices, the profit forecast for Hoshine Silicon has been slightly adjusted, with expected net profits for 2025, 2026, and 2027 at 1.024 billion yuan, 1.889 billion yuan, and 2.113 billion yuan respectively [6] - The current stock price corresponds to P/E ratios of 60.8, 33.0, and 29.5 for the respective years, with a maintained "buy" investment rating due to the company's leading position in the organic silicon and silicon carbide industries [6]

Report Information - Date: August 29, 2025 [2] - Report Type: Industrial Silicon Daily Report - Research Team: Energy and Chemical Research Team - Researchers: Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Feng Zeren [3] Industry Investment Rating - Not provided Core Views - The industrial silicon futures price fluctuated. The Si2511 contract closed at 8,515 yuan/ton, down 2.85%, with a trading volume of 450,290 lots and an open interest of 281,839 lots, a net decrease of 7,286 lots [4]. - The spot price of industrial silicon opened low and moved high, fluctuating. The price of 553-grade silicon in Sichuan was 8,950 yuan/ton, and in Yunnan was 8,600 yuan/ton; the price of 421-grade silicon in Inner Mongolia was 9,500 yuan/ton, in Xinjiang was 9,300 yuan/ton, and in Sichuan was 9,700 yuan/ton [4]. - The supply and demand of industrial silicon both increased, maintaining a loose balance, with limited improvement in fundamentals. The high spot price loosened and declined. The weekly output in the third week of August increased to 88,100 tons, equivalent to a monthly output of over 370,000 tons. On the demand side, the production schedule of polysilicon in August will increase to 125,000 tons, while the demand from organic silicon and aluminum alloy remained stable. The export volume in July increased slightly to 70,000 tons. Without considering 97-grade silicon and recycled silicon, there is no inventory reduction drive in the industry. With policies in a vacuum period, short-term futures fluctuations gradually return to fundamental drivers. The spot price is mainly stable, but the high price has loosened, and the futures price will fluctuate widely [4]. Summary by Directory 1. Market Review and Outlook - **Market Performance**: The industrial silicon futures price fluctuated. The Si2511 contract closed at 8,515 yuan/ton, down 2.85%, with a trading volume of 450,290 lots and an open interest of 281,839 lots, a net decrease of 7,286 lots [4]. - **Spot Price**: The spot price of industrial silicon opened low and moved high, fluctuating. The price of 553-grade silicon in Sichuan was 8,950 yuan/ton, and in Yunnan was 8,600 yuan/ton; the price of 421-grade silicon in Inner Mongolia was 9,500 yuan/ton, in Xinjiang was 9,300 yuan/ton, and in Sichuan was 9,700 yuan/ton [4]. - **Future Outlook**: Supply and demand both increased, maintaining a loose balance, with limited improvement in fundamentals. The high spot price loosened and declined. The weekly output in the third week of August increased to 88,100 tons, equivalent to a monthly output of over 370,000 tons. On the demand side, the production schedule of polysilicon in August will increase to 125,000 tons, while the demand from organic silicon and aluminum alloy remained stable. The export volume in July increased slightly to 70,000 tons. Without considering 97-grade silicon and recycled silicon, there is no inventory reduction drive in the industry. With policies in a vacuum period, short-term futures fluctuations gradually return to fundamental drivers. The spot price is mainly stable, but the high price has loosened, and the futures price will fluctuate widely [4]. 2. Market News - On August 28, the futures warehouse receipt volume on the Guangzhou Futures Exchange was 50,656 lots, a net decrease of 53 lots from the previous trading day [5]. - According to customs data, China exported 74,000 tons of metallic silicon in July 2025, a month-on-month increase of 8.32% and a year-on-year increase of 36.75%. From January to July 2025, China exported a total of 414,700 tons of metallic silicon, a year-on-year decrease of 1.04% [5]. - On August 28, Hesheng Silicon Industry released its semi-annual report for 2025. The company's operating income was 9.78 billion yuan, a year-on-year decrease of 26.3%; the net profit attributable to the parent company was a loss of 397 million yuan, a year-on-year decrease of 140.6%; the non-recurring net profit attributable to the parent company was a loss of 533 million yuan, a year-on-year decrease of 159.3%; the net operating cash flow was 3.524 billion yuan, a year-on-year increase of 1,987.9%; the EPS (fully diluted) was -0.3359 yuan. In the second quarter, the company's operating income was 4.55 billion yuan, a year-on-year decrease of 42.1%; the net profit attributable to the parent company was a loss of 657 million yuan, a year-on-year decrease of 245.9%; the non-recurring net profit attributable to the parent company was a loss of 749 million yuan, a year-on-year decrease of 297.3%; the EPS was -0.5555 yuan [5]. - Data showed that the cumulative photovoltaic installed capacity from January to July 2025 reached 1,109.6 GW, and the newly installed capacity from January to July was 223.25 GW. In July, the newly installed capacity was 11 GW, a year-on-year decrease of 47.7%, hitting a new low in 2025 [5].