Core Viewpoint - 合盛硅业's financial performance for the first half of 2025 shows significant declines in revenue and profit, indicating increased short-term debt pressure and a challenging operational environment [1][3]. Financial Performance - The total revenue for the first half of 2025 was 9.775 billion yuan, a decrease of 26.34% compared to 2024 [1]. - The net profit attributable to shareholders was -397 million yuan, representing a decline of 140.6% year-on-year [1]. - In Q2 2025, total revenue was 4.548 billion yuan, down 42.11% year-on-year, with a net profit of -657 million yuan, a drop of 245.87% [1]. - The gross margin fell to 7.92%, down 65.99% from the previous year, while the net margin was -4.23%, a decrease of 158.93% [1]. - Total expenses (selling, administrative, and financial) amounted to 796 million yuan, accounting for 8.15% of revenue, an increase of 42.37% year-on-year [1]. Cash Flow and Debt Situation - The current ratio reached 0.3, indicating rising short-term debt pressure [1]. - Cash and cash equivalents decreased to 1.022 billion yuan, down 27.75% year-on-year [1]. - Accounts receivable dropped to 619 million yuan, a decline of 48.86% [1]. - The company’s interest-bearing liabilities were 31.079 billion yuan, a decrease of 10.91% [1]. Investment Metrics - The return on invested capital (ROIC) for the previous year was 3.99%, indicating weak capital returns [3]. - The historical median ROIC since the company’s listing is 10.89%, suggesting better investment returns in the past [3]. - The average operating cash flow over the past three years relative to current liabilities is only 5.38%, raising concerns about liquidity [3]. Fund Holdings - The largest fund holding in 合盛硅业 is 大成景禄灵活配置混合A, with 159,400 shares, which has reduced its position [4]. - Other funds have also adjusted their holdings, with some increasing their positions while others have decreased or maintained their holdings [4].

Summary of the Conference Call Company and Industry Overview - The conference call pertains to the polysilicon and silicon industry, specifically focusing on 合盛硅业 (Hesheng Silicon Industry) and its operations in industrial silicon and organic silicon production [2][4][10]. Key Points and Arguments 1. **Market Conditions**: The industrial silicon supply and demand have both decreased due to a decline in polysilicon demand and cyclical fluctuations in organic silicon, leading to price pressures [2][4]. 2. **Production Rates**: The company maintains an industrial silicon operating rate of 60%-70%, with significant year-on-year growth in organic silicon production [2][5]. 3. **Future Production Targets**: For the first half of 2025, the company expects to produce 660,000 tons of industrial silicon and 730,000 tons of organic silicon, with annual targets of 1.5 million tons for both [2][7]. 4. **Profit Margins**: The overall gross margin for the second quarter was close to zero, with industrial silicon margins at approximately 15%-16% and organic silicon margins at 17%-18%, showing year-on-year improvement despite price declines due to tariffs [2][11]. 5. **Price Expectations**: Industrial silicon prices are expected to rise slightly to the range of 9,000-10,000 RMB/ton in the fourth quarter, although there are risks of extreme price increases due to policy and weather uncertainties [2][14]. 6. **Impact of Drought**: The ongoing drought in the southwest region has affected industrial silicon prices and operating rates, with the southwest operating rate below 40% [5][14]. 7. **Investment Plans**: The company plans to invest approximately 7-8 billion RMB, contingent on refinancing strategies, including bond financing [3][24]. 8. **Cost Increases**: The cost of silicon ore increased by 27% due to a reliance on self-supply, with over 80% of ore sourced internally [2][16]. 9. **Sales Performance**: In the first half of 2025, the company achieved a sales volume of 730,000 tons, with a target of 1.5 million tons for the year [9][10]. 10. **Organic Silicon Market Outlook**: The organic silicon market is expected to see a recovery in production and sales in the second half of the year, following significant maintenance and upgrades in the first half [13][12]. Additional Important Information - **Solar Business Impact**: The company incurred approximately 500 million RMB in depreciation and 400 million RMB in losses due to the suspension of its solar business, with sales of components amounting to around 400 million RMB [2][15]. - **Cash Flow and Financing**: The company is exploring market-based refinancing options to meet significant funding needs for projects, including coal utilization initiatives [28][24]. - **Silicon Carbide Development**: The silicon carbide business is in the R&D phase, with expected sales revenue between 50 million to 100 million RMB this year [21]. - **Electricity Costs**: The self-supplied electricity price is approximately 0.18 RMB/kWh, while the external purchase price is around 0.31 RMB/kWh, affecting overall production costs [27]. This summary encapsulates the critical insights from the conference call, highlighting the company's operational status, market conditions, and future expectations in the polysilicon and silicon industry.

Group 1 - Core viewpoint: 合盛硅业 (603260.SH) reported its 2025 semi-annual results, indicating strong institutional investor interest with 24 institutions holding a total of 611 million shares, representing 51.66% of the total share capital [1] - The top ten institutional investors collectively hold 51.63% of the shares, with a 0.64 percentage point increase from the previous quarter [1] - Major institutional investors include 宁波合盛集团有限公司, 富達實業公司, and several funds from 中国工商银行 and 华泰 [1] Group 2 - In the public fund sector, two funds increased their holdings, including 华泰柏瑞沪深300ETF and 易方达沪深300ETF, with an increase rate of 0.10% [2] - Ten new public funds disclosed their holdings this period, including 鹏华沪深300ETF and 平安中证A500ETF [2] - One foreign fund, 香港中央结算有限公司, increased its holdings by 0.35% compared to the previous period [2]

证券研究报告 合盛硅业 (603260 CH) Q2 盈利承压下行，工业硅景气待复苏 2025 年 8 月 28 日│中国内地 化学原料 合盛硅业于 8 月 27 日发布 25H1 半年度报告：上半年实现营收 97.8 亿元， 同比-26%，归母净利润-4.0 亿元，同比-141%，扣非净利润-5.3 亿元，同 比-159%；其中 Q2 实现归母净利润-6.7 亿元，同比-246%/环比-353%，扣 Q2 工业硅量价承压较大，硅橡胶销量环比减少 工业硅方面，受下游需求端的多晶硅/有机硅开工下降以及行业高库存影响， Q2 销量同比-47%/环比-17%至 21.5 万吨，营收同比-66%/环比-35%至 15.7 亿元，H1 工业硅毛利率同比-15pct 至 14.6%。有机硅方面，二季度行业整 体实施减产稳价，Q2 硅橡胶销量同比-15%/环比-6%至 16.3 万吨，硅橡胶 营收同比-23%/环比-11%至 18.3 亿元，原料工业硅、氯甲烷价格下跌支撑 毛利率维稳，H1 有机硅毛利率同比+1pct 至 17.4%。公司 25H1 计提存货 减值损失 1.68 亿元。子公司西部合盛/中部合盛/东部合盛/新 ...

Core Viewpoint - The company faced operational pressure in the first half of 2025 due to challenges in the industrial silicon, organic silicon, and photovoltaic industries, resulting in a decline in performance despite a significant increase in cash flow from operating activities [1] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 9.775 billion yuan, with a net profit attributable to shareholders of -397 million yuan, indicating a decline influenced by economic fluctuations and product price drops [1] - The net cash flow from operating activities reached 3.524 billion yuan, a substantial year-on-year increase of 1987.93% [1][8] Group 2: Organic Silicon Business - Despite rapid price declines in organic silicon reaching historical lows, the industry’s overall gross profit margin remained stable due to synchronized declines in raw material costs and product prices [2] - The company is expected to benefit from a recovery in organic silicon prices, with the domestic DMC industry operating rate projected to rise from 67% in 2024 to 76% in 2025 and 83% in 2026 [2] Group 3: Industrial Silicon Business - The company, as the largest producer of industrial silicon in China, is enhancing product quality and reducing production costs through optimized resource allocation and increased self-sufficiency [4] - The industrial silicon market is anticipated to recover as high-energy capacity exits the market, with prices expected to stabilize within a reasonable range [4] Group 4: Silicon Carbide Business - The company is extending its silicon-based new materials industry chain, focusing on silicon carbide as a new growth point, with significant advancements in production processes and product quality [5][6] - The company has achieved a crystal yield of over 95% for 6-inch silicon carbide substrates and is progressing well with 8-inch and 12-inch substrates [5] Group 5: Future Outlook - The company is optimistic about the second half of 2025, with stable organic silicon market capacity and strong demand in emerging sectors such as new energy vehicles and 5G technology [7] - The company is well-positioned to navigate industry challenges due to its comprehensive business chain and significant cash flow, which is expected to support operations during market downturns [8]

Core Viewpoint - Despite facing operational pressure in the industrial silicon, organic silicon, and photovoltaic sectors, the company achieved a revenue of 9.775 billion yuan in the first half of 2025, although it reported a net profit of -397 million yuan due to price declines influenced by economic fluctuations and supply-demand mismatches [1] Group 1: Organic Silicon Business - The organic silicon prices have rapidly declined to historical lows, but the simultaneous decrease in raw material costs and product prices has prevented a significant drop in the industry's overall gross profit margin [2] - As a leading player in the organic silicon sector, the company is expected to accelerate its profit rebound due to anticipated price recovery and improved supply-demand dynamics [2] - The company's organic silicon business generated a revenue of 4.662 billion yuan in the first half of the year, with a gross margin of 17.36%, an increase of 1 percentage point year-on-year [2] Group 2: Industrial Silicon Business - The company is positioned to benefit from industry consolidation and efficiency improvements as high-energy-consuming capacities are phased out [4] - The company has optimized its resource allocation and increased its self-supply ratio, enhancing product quality and reducing production costs [4] - Industrial silicon prices have begun to rebound after hitting a low in early June, with expectations for a gradual recovery in the second half of the year as supply-demand conditions improve [4] Group 3: Silicon Carbide Business - The company is extending its silicon-based new materials industry chain, positioning silicon carbide products as a new growth point [5] - The company has mastered the core technologies across the entire silicon carbide production chain, achieving leading domestic product yields and competitive technical indicators [6] - The company has successfully developed ultra-pure silicon carbide ceramic powders and high-purity semi-insulating silicon carbide powders, catering to various high-purity and customized powder demands [6] Group 4: Future Outlook - The company anticipates a gradual release of demand in the second half of 2025, driven by stable organic silicon market capacity and ongoing demand from emerging sectors [7] - The photovoltaic industry is undergoing significant adjustments, with government interventions expected to help restore healthy development, positively impacting the upstream industrial silicon market [7] - The company has a robust cash flow position, significantly outperforming comparable companies, which is crucial for navigating the industry's downturn [8]

Core Viewpoint - The company's performance in the first half of 2025 was below market expectations, primarily due to declining prices and low operating rates in its main products [1] Group 1: Company Performance - In 1H25, the company achieved revenue of 9.776 billion yuan, a year-on-year decrease of 26.34% [1] - The net profit attributable to shareholders was -397 million yuan, a year-on-year decline of 140.60%, resulting in an earnings per share of -0.34 yuan [1] - In Q2 2025, the company reported revenue of 4.548 billion yuan and a net profit of -657 million yuan [1] Group 2: Production and Pricing Trends - In Q2 2025, the production of industrial silicon was 303,000 tons, down 39% year-on-year, while the production of cyclic siloxane was 95,000 tons, down 34% year-on-year [1] - The average prices for industrial silicon and cyclic siloxane fell by 36.2% and 5.2% year-on-year, respectively [1] Group 3: Industry Outlook - The organic silicon price has been fluctuating, with expectations for supply-demand balance to gradually improve in 2025-26 [2] - The organic silicon industry capacity is projected to reach 6.89 million tons by the end of 2024, with 1.2 million tons of new capacity added in 2024 [2] - Due to deteriorating profitability, new capacity additions in 2025 are expected to slow significantly, with minimal new capacity anticipated [2] - Despite pressure on real estate demand, the demand for organic silicon in lithium battery and photovoltaic applications has seen a compound annual growth rate of 14% over the past five years, with a projected growth rate of 5-10% for 2025 [2] Group 4: Price and Demand Dynamics - The industrial silicon average price has declined by 23% to 10,055 yuan per ton in 2025, following a 15% drop in 2024 [3] - Industrial silicon production capacity increased by 3.7% year-on-year to 7.55 million tons, while production fell by 17.6% to 2.18 million tons, indicating a significant drop in industry operating rates [3] - The demand for polysilicon, a major downstream product, has been under pressure, with production from January to July 2025 down 42.5% year-on-year [3] Group 5: Profit Forecast and Valuation - The industry outlook remains bleak, leading to a downward revision of profit forecasts for 2025 and 2026 by 45% and 27%, respectively, to 1.07 billion and 2.56 billion yuan [4] - The current stock price corresponds to a price-to-earnings ratio of 58 and 25 times for 2025 and 2026, respectively [4] - The target price has been reduced by 8% to 60 yuan, with an expected upside of 13% from the current stock price based on a 28 times price-to-earnings ratio for 2026 [4]

证券代码：603260 证券简称：合盛硅业 公告编号：2025-054 合盛硅业股份有限公司 第四届董事会第八次会议决议公告 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。 本议案已经董事会审计委员会审议通过，同意提交董事会审议。 具 体 内 容 详 见 公 司 于 2025 年 8 月 28 日 披 露 于 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn/）及指定信息披露媒体的《合盛硅业关于 2025 年半年度 计提资产减值准备的公告》。 表决结果：9 票赞成、0 票反对、0 票弃权、0 票回避。 根据《公司法》及中国证监会发布的《关于新 <公司法> 配套制度规则实施 相关过渡期安排》《上市公司章程指引（2025 年修订）》等法律、法规和规范 性文件要求，并结合公司的实际情况，公司决定不再设置监事会，监事会的职权 由董事会审计委员会行使，公司《监事会议事规则》等监事会相关制度相应废止。 公司同步修订《公司章程》，并授权公司管理层具体办理章程修改、工商变更登 记备案等相关手续。 一、董事会会议 ...

证券代码：603260 证券简称：合盛硅业 公告编号：2025-057 二、股份过户情况 公司近日收到合盛集团提供的由中国证券登记结算有限责任公司上海分公 司出具的《证券过户登记确认书》，获悉上述协议转让股份已办理完成过户登记 手续。 本次过户前后，双方持股变动情况如下： 合盛硅业股份有限公司 关于控股股东协议转让公司部分股份过户完成的公告 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。 合盛硅业股份有限公司（以下简称"公司"或 "合盛硅业"）近日收到控股 股东宁波合盛集团有限公司（以下简称"合盛集团"）提供的由中国证券登记结 算有限责任公司上海分公司出具的《证券过户登记确认书》，获悉合盛集团通 过协议转让方式将持有的 60,000,000 股无限售流通股转让给肖秀艮的事宜已 办理完成过户登记手续，现将具体情况公告如下： 一、协议转让前期基本情况 合盛集团于 2025 年 7 月 16 日与肖秀艮签署了《合盛硅业股份有限公司之股 份转让协议》，拟将持有的 60,000,000 股无限售流通股（占公司总股本的 5.08%） 以协 ...

证券代码：603260 证券简称：合盛硅业 公告编号：2025-055 合盛硅业股份有限公司 第四届监事会第七次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 具 体 内 容 详 见 公 司 于 2025 年 8 月 28 日 披 露 于 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn/）及指定信息披露媒体的《合盛硅业2025年半年度报告》 及摘要。 表决结果：3票赞成、0票反对、0票弃权、0票回避。 具 体 内 容 详 见 公 司 于 2025 年 8 月 28 日 披 露 于 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn/）及指定信息披露媒体的《合盛硅业关于2025年半年度 计提资产减值准备的公告》。 表决结果：3票赞成、0票反对、0票弃权、0票回避。 根据《公司法》及中国证监会发布的《关于新 <公司法> 配套制度规则实施 相关过渡期安排》《上市公司章程指引（2025 年修订）》等法律、法规和规范 性文件要求，并结合 ...