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 后，罗燚累计质押股份为95,520,600股，占其所持股份比例的49.62%，占公司总 股本比例的8.08%。 证券代码：603260 证券简称：合盛硅业 公告编号：2025-061 合盛硅业股份有限公司 关于控股股东一致行动人部分股份质押的公告 | | | | | | | | 已质 | 已质押股份情况 已质 | 未质押股份情况 | 未质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 持股数量 | 持股 | 本次质押 | 本次质押 | 占其 所持 | 占公 司总 | 押股 | 押股 | 未质押 | 押股 | | 股东名称 | | 比例 | 前累计质 | 后累计质 | 股份 | 股本 | 份中 | 份中 | 股 ...

合盛硅业发布公告称，近日接到控股股东一致行动人罗燚部分股份质押通知，本次质押 260 万股，占其 所持股份比例 1.35%，占公司总股本比例 0.22%，质押融资用于生产经营。截至公告日，罗燚直接持股 192,493,302 股，占总股本 16.28%，累计质押 95,520,600 股，占其所持股份 49.62%，占总股本 8.08%。 合盛集团及其一致行动人合计持股占总股本 73.52%，质押股份占其合计持股 49.45%，占总股本 36.36%。相关方资信和财务状况良好，质押风险可控。 ...

公司于近日接到控股股东一致行动人罗燚关于其所持部分公司股份办理质押业务的通知，具体事项如 下： 一、本次股份质押的基本情况 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。 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%。本次质押后，罗燚累计质押股份为92,920,600股，占其所 持股份比例的48.27%，占公司总股本比例的7.86%。 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 司股份中处于质押状态的股份累计数为427,193,200股，占其合计所持公司股份总数的49.15%，占公司 总股本的36.14%。 单位：股 ■ 二、股东累计质押股份情况 ■ 注：合计数与分项数累加和不同是因四舍五入所致 三、其他情况 ...

（文章来源：证券日报） 证券日报网讯 9月23日晚间，合盛硅业发布公告称，公司于近日接到控股股东一致行动人罗燚关于其所 持部分公司股份办理质押业务的通知，本次质押股数4，000，000股。 ...

证券代码：603260 证券简称：合盛硅业 公告编号：2025-060 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 后，罗燚累计质押股份为92,920,600股，占其所持股份比例的48.27%，占公司总 股本比例的7.86%。 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股份中处于质押状态的股份累 计数为427,193,200股，占其合计所持公司股份总数的49.15%，占公司总股本的 36.14%。 公司于近日接到控股股东一致行动人罗燚关于其所持部分公司股份办理质 押业务的通知，具体事项如下： | 股东 | 是否为控 | | | 是否 | 是否补 | | | | 占其所持 | 占公司 | 质押融资资金 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...

2025年9月24日，合盛硅业发布公告称，近日控股股东一致行动人罗燚质押400万股，占其所持股份比例 2.08%，占公司总股本比例0.34%，质押融资用于生产经营。截至公告日，罗燚累计质押股份9292.06万 股，占其所持股份比例48.27%，占公司总股本7.86%。合盛集团及其一致行动人合计持股占公司总股本 73.52%，本次质押后累计质押股份占其合计持股49.15%，占公司总股本36.14%。其资信和财务状况良 好，质押风险可控，公司将持续关注并及时披露相关情况。 ...

Group 1: Industry Insights - The retail sales growth rate in August has slowed down month-on-month, indicating that consumer momentum still needs to be boosted [1] - The banking sector is experiencing a competitive landscape shaped by asset anti-involution and the wealthization of deposits [1] Group 2: Company Reports - IFBH (06603.HK) is leading the coconut water market and building barriers in the Thai industry [1] - Hoshine Silicon Industry (603260.SH) is positioned as a leader in the silicon industry chain and is expected to benefit significantly from anti-involution trends [1] - Longbai Group (002601.SZ) anticipates stabilization and rebound in titanium dioxide prices, with ongoing integration of two mines [1] - Pony.ai (PONY.O), a global leader in autonomous driving, has entered the mass production phase for Robotaxi and is advancing into cross-province freight with Robotruck [1]

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]