Investment Rating - The report maintains an "Accumulate" rating for the company [5][10]. Core Views - The company plans to raise up to 5.8 billion yuan through a private placement to fund the construction of a cogeneration project and to supplement working capital and repay bank loans [5]. - The company is expected to benefit from the recovery in profitability of the silicon industry, particularly in organic silicon, as it is a leading player in the sector [8]. Summary by Relevant Sections Financial Performance - The company anticipates a significant decline in net profit for 2025, projecting a loss between 2.8 billion to 3.3 billion yuan, a year-on-year decrease of 261% to 290% [7]. - The decline is attributed to falling prices of industrial silicon and organic silicon, with market prices expected to drop by 27% and 12% respectively [7]. - The company has also faced operational losses due to the suspension of its polysilicon project and has made provisions for asset impairment of approximately 1.1 to 1.3 billion yuan [7]. Industry Outlook - The organic silicon industry is expected to see a gradual recovery in prices and profitability due to enhanced industry collaboration and reduced overcapacity [8]. - As of March 6, the domestic price of organic silicon DMC has increased by approximately 32.6% compared to June 2025 [8]. - The company currently has an annual production capacity of 1.73 million tons of organic silicon monomer, positioning it well to benefit from the anticipated demand growth [8]. Profitability Forecast - The company's net profit forecasts for 2025 to 2027 are adjusted to -3.08 billion, 1.54 billion, and 2.32 billion yuan respectively, reflecting a downward revision due to current market conditions [9]. - The report highlights that the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) margin is expected to recover to 31.8% in 2026 [14]. Valuation Metrics - The report provides a projected P/E ratio of 37 for 2026 and 25 for 2027, indicating a potential recovery in earnings [11][15]. - The company’s return on equity (ROE) is expected to improve from -10.5% in 2025 to 7.1% in 2027 [14].

Summary of Organic Silicon Industry Conference Call Industry Overview - The organic silicon industry is facing an oversupply situation in 2025, with DMC average prices dropping to a historical low of 11,900 CNY/ton, leading to widespread losses and increased safety and environmental incidents due to extreme cost-cutting measures [1][2] - Major companies like Hoshine Silicon Industry have initiated a "reverse involution" strategy, reducing production by approximately 30% starting November 2025, which has helped DMC prices recover to around 14,300 CNY/ton, with net profits per ton improving to about 2,000 CNY [1][9] Supply and Demand Dynamics - China's production capacity accounts for 70%-80% of the global total, while overseas production is shrinking due to higher costs (3,000-4,000 CNY/ton more than domestic) [1][8] - The demand side shows structural differentiation: while the real estate sector is declining, emerging sectors like photovoltaics (20%+ growth), new energy vehicles (8kg+ per vehicle), and organic silicon leather are becoming key growth drivers [1][17] - By 2026-2027, there is no clear new capacity expected domestically, and if the collaborative production cuts continue, supply and demand may reach a temporary balance by the second half of 2027 [1][2] Price and Profitability - The average price of DMC in 2025 is projected to be around 11,900 CNY/ton, a decrease of 1,900 CNY/ton (13.8%) from 2024, marking a historical low [2] - Despite the recovery in prices, there are constraints on price increases, with a consensus cap around 15,000 CNY/ton to avoid triggering new entrants or regulatory scrutiny [1][10] Safety and Environmental Concerns - The industry has seen a rise in safety and environmental incidents due to reduced investment in safety measures during the cost-cutting phase [3][4] - The high-risk nature of the organic silicon production process has exacerbated these issues, leading to increased operational pressures on companies [4] Export Performance - The export performance in 2024 was strong, with a growth rate of over 30%, but is expected to slow to around 2% in 2025 due to high export volumes in 2024 leading to demand pull-forward [6][7] - The low-cost raw materials from China have provided competitive advantages for overseas companies, but also pressured their domestic production capacities [7][8] Global Supply Chain Changes - The ongoing geopolitical tensions, such as the Russia-Ukraine conflict, have led to increased energy and raw material costs in Europe, causing significant production challenges for overseas companies like Dow and Wacker [8][15] - Dow plans to close some overseas factories by 2026, further concentrating supply in China [1][8] Industry Collaboration and Future Outlook - The "reverse involution" strategy has gained traction, with significant participation from state-owned enterprises, leading to improved compliance and production cuts [9][18] - The industry is expected to remain in an oversupply situation until at least 2027, with potential for price stabilization if collaborative efforts continue [18][19] Key Risks and Uncertainties - The sustainability of industry collaboration remains uncertain, especially as profitability improves, which may lead to internal conflicts among companies [18][19] - The overall market sentiment is cautious, with concerns about potential price volatility due to safety incidents or other disruptions [18][26] Conclusion - The organic silicon industry is navigating a complex landscape of oversupply, price recovery, and emerging demand from new sectors, while facing significant operational and environmental challenges. The collaborative efforts among major players may provide a pathway to stabilize the market, but uncertainties remain regarding the sustainability of these initiatives and the overall health of the industry moving forward.

Group 1 - The People's Bank of China will implement a moderately loose monetary policy this year, utilizing various tools such as reserve requirement ratio cuts and interest rate reductions to ensure ample market liquidity and align social financing scale with economic growth and price level expectations [3] - The China Securities Regulatory Commission (CSRC) will introduce two new measures: deepening the reform of the ChiNext board with more inclusive listing standards and optimizing the refinancing mechanism to enhance efficiency for high-quality listed companies [4][11] - The global energy market has been severely impacted by the near "standstill" of commercial transportation in the Strait of Hormuz, with significant price increases in oil and natural gas [5][7] Group 2 - The National Development and Reform Commission (NDRC) expects this year's GDP increment to exceed 6 trillion yuan, supporting employment stability and risk prevention [8] - The Ministry of Finance announced a more proactive fiscal policy, with total expenditures exceeding 30 trillion yuan and new government bond issuance reaching a record high of 11.89 trillion yuan [9] - The CSRC has released new regulations on short-term trading, effective from April 7, 2026, to enhance market stability [12] Group 3 - The A-share market showed a mixed performance, with major indices experiencing fluctuations, while the Hong Kong stock market rebounded strongly [13][14] - The development of REITs in China is seen as a golden opportunity, with strong interest from various enterprises [14] - The CSRC is focusing on enhancing the stability and vitality of the capital market through various reforms and support measures [11][12]

根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）以及《上市公司证券发行注册管理 办法》（以下简称"《注册管理办法》"）等相关法律、法规及规范性文件，我 们作为合盛硅业股份有限公司（以下简称"公司"）审计委员会委员，在全面了 解和审核公司 2026 年度向特定对象发行 A 股股票的相关文件后，发表书面审核 意见如下： 1、根据《公司法》《证券法》《注册管理办法》等法律法规和规范性文件 的规定和要求，我们认为公司符合现行法律法规和规范性文件规定的上市公司向 特定对象发行 A 股股票的各项资格和条件。 合盛硅业股份有限公司董事会审计委员会 关于公司 2026 年度向特定对象发行 A 股股票相关事项的 书面审核意见 2、公司本次向特定对象发行股票方案符合《公司法》《证券法》《注册管 理办法》等有关法律、法规和规范性文件的相关规定，符合公司和全体股东的利 益。 3、公司编制的《合盛硅业股份有限公司 2026 年度向特定对象发行 A 股股 票预案》符合公司实际情况，方案合理、切实可行，不存在损害公司及全体股东 特别是中小股东利益的情形。 6、公司编制的《合盛硅业 ...

证券代码：603260 证券简称：合盛硅业 公告编号：2026-029 合盛硅业股份有限公司 关于最近五年被证券监管部门和交易所 处罚或采取监管措施及整改情况的公告 本公司董事会及全体董事保证本公告内容真实、准确、完整，并确认不存在虚假 记载、误导性陈述或重大遗漏，并承担相应的法律责任。 合盛硅业股份有限公司（以下简称"公司"）严格按照《中华人民共和国公司法》《中 华人民共和国证券法》《上海证券交易所股票上市规则》等相关法律法规及公司章程的 要求，持续完善公司法人治理结构，不断提高公司的规范运作水平，促进公司持续、稳 定、健康发展。 鉴于公司拟申请向特定对象发行A股股票，根据中国证券监督管理委员会相关要 求，现将公司最近五年被证券监管部门和交易所处罚或采取监管措施及整改情况公告如 下： "合盛硅业股份有限公司： 经查，你公司存在以下问题： 一、开化联营贸易有限公司（以下简称开化联营）、库车聚友煤业有限责任公司（以 下简称聚友煤业）应被认定为你公司关联方，你公司与开化联营、聚友煤业发生的交易 均为关联交易。2022年，你公司与开化联营的交易金额77,159.62万元，占公司最近一期 经审计净资产绝对值的3.81 ...

证券代码：603260 证券简称：合盛硅业 公告编号：2026-028 2026 年 3 月 7 日 本公司董事会及全体董事保证本公告内容真实、准确、完整，并确认不存在虚假 记载、误导性陈述或重大遗漏，并承担相应的法律责任。 合盛硅业股份有限公司（以下简称"公司"）于 2026 年 3 月 6 日召开第四届董事会 第十五次会议，会议审议通过了公司 2026 年度向特定对象发行 A 股股票的相关议案。 公司就本次向特定对象发行股票不存在直接或通过利益相关方向参与认购的投资者提 供财务资助或补偿事宜承诺如下： 本公司不存在向发行对象作出保底保收益或变相保底保收益承诺的情形，也不存在 直接或通过利益相关方向发行对象提供财务资助、补偿、承诺收益或其他协议安排的情 形。 特此公告。 合盛硅业股份有限公司董事会 合盛硅业股份有限公司 关于向特定对象发行A股股票不存在直接或通过利益相关 方向参与认购的投资者提供财务资助或补偿的公告 ...

证券代码：603260 证券简称：合盛硅业 公告编号：2026-030 合盛硅业股份有限公司 关于向特定对象发行A股股票后被摊薄即期回报的填补措施及 相关主体承诺的公告 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： 1、假设宏观经济环境、产业政策、准入条件、证券行业情况、市场情况及 公司经营环境等方面没有发生重大不利变化； 2、假设公司本次向特定对象发行于2026年9月30日实施完成，该完成时间 仅用于计算本次向特定对象发行摊薄即期回报对公司主要财务指标的影响，不 构成对本次发行实际完成时间的判断，最终以经中国证监会同意注册后实际发 行完成时间为准； 3、在预测公司期末总股本时，以截至本次预案公告日公司总股本 1,182,206,941股为基础，仅考虑本次发行的影响，不考虑送红股、资本公积转 增股本等其他因素导致股本变动的情形； 4、假设本次发行数量为发行上限354,662,082股（以预案公告日公司总股本 1,182,206,941股的30%测算），该数量仅用于测算本次向特定对象发行股票摊薄 即期回报对主要 ...

证券代码：603260 证券简称：合盛硅业 公告编号：2026-031 合盛硅业股份有限公司 关于前次募集资金使用情况报告 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。 根据中国证券监督管理委员会《监管规则适用指引——发行类第7号》等相 关规定，合盛硅业股份有限公司（以下简称"公司"或"合盛硅业"）将截至 2025年12月31日的前次募集资金使用情况报告如下： 一、前次募集资金的募集及存放情况 （一） 前次募集资金的数额、资金到账时间 2. 2023年度非公开发行股票 1. 2021年度非公开发行股票 根据中国证券监督管理委员会《关于核准合盛硅业股份有限公司非公开发 行股票的批复》（证监许可〔2021〕508号），本公司由主承销商中信证券股份 有限公司采用代销方式，向自然人罗燚、罗烨栋非公开发行人民币普通股（A 股 ） 股 票 136,165,577 股 ， 发 行 价 为 每 股 人 民 币 18.36 元 ， 共 计 募 集 资 金 2,499,999,993.72 元 ， 坐 扣承 销 和 保 荐 费 用4,500,0 ...

合盛硅业股份有限公司 证券代码：603260 证券简称：合盛硅业 公告编号：2026-024 三、股东累计质押股份情况 | 股东名称 | 合盛集团 | | --- | --- | | 本次解质股份数量 | 股 9,100,000 | | 占其所持股份比例 | 1.95% | | 占公司总股本比例 | 0.77% | | 解质时间 | 2026/3/6 | | 持股数量 | 股 467,123,577 | | 持股比例 | 39.51% | | 本次质押及解质押后剩余被质押股份数量 | 232,885,100 股 | | 本次质押及解质押后剩余被质押股份数量占 | 49.86% | | 其所持股份比例 | | | 本次质押及解质押后剩余被质押股份数量占 | 19.70% | | 公司总股本比例 | | 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 ...

证券代码：603260 证券简称：合盛硅业 公告编号：2026-026 合盛硅业股份有限公司 关于暂不召开股东会审议 2026 年度向特定对象发行 A 股股票 相关事项的公告 合盛硅业股份有限公司董事会 2026 年 3 月 7 日 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司证券 发行注册管理办法》等法律、法规及规范性文件以及《合盛硅业股份有限公司章 程》等相关规定，本次发行的相关议案尚需提交公司股东会审议。基于本次发行 的总体工作安排，公司董事会决定暂不召开股东会审议本次发行相关事项，待相 关工作准备完成后，公司董事会将另行发布召开股东会的通知，提请股东会审议 相关事项。 特此公告。 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。 合盛硅业股份有限公司（以下简称"公司"）于 2026 年 3 月 6 日召开第四 届董事会第十五次会议，审议通过了关于公司 2026 年度向特定对象发行 A 股股 票（以下简称"本次发行"）的相关议案。具体内容详见公司于 2026 年 3 月 7 日披露于上海证券交易所网站（h ...