Core Viewpoint - The announcement details the pledge of shares by a significant shareholder of Hoshine Silicon Industry Co., Ltd., indicating a substantial portion of shares is under pledge, but the overall financial health and risk management measures are deemed adequate [2][3]. Group 1: Shareholding and Pledge Details - As of the announcement date, the controlling shareholder's action person, Luo Yi, directly holds 192,493,302 shares, accounting for 16.28% of the total share capital. After the pledge, Luo Yi has pledged a total of 95,520,600 shares, which is 49.62% of his holdings and 8.08% of the total share capital [2]. - Hoshine Group and its action persons, including Luo Liguan, Luo Yi, and Luo Yedong, collectively hold 869,105,229 shares, representing 73.52% of the total share capital. Following the pledge, the total number of pledged shares among them is 429,793,200, which is 49.45% of their total holdings and 36.36% of the total share capital [2]. Group 2: Financial Health and Risk Management - Hoshine Group and its action persons are reported to have good credit and financial conditions, with future repayment sources primarily from operating income, investment returns, and dividends from held shares. 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 any warning risks related to the pledged shares, Hoshine Group and its action persons will take measures such as additional margin deposits and early repayments to address these risks [2]. Group 3: Compliance and Disclosure - The company will continue to monitor the share pledge situation of Hoshine Group and its action persons, ensuring compliance with relevant regulations and timely fulfillment of information disclosure obligations [3].

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 ...

Core Viewpoint - The announcement from Hoshine Silicon Industry indicates that a significant portion of shares held by a major shareholder has been pledged for financing, which is intended for production and operational purposes [1] Summary by Relevant Sections Share Pledge Details - The controlling shareholder's associate, Luo Yi, has pledged 2.6 million shares, representing 1.35% of his holdings and 0.22% of the company's total share capital [1] - As of the announcement date, Luo Yi directly holds 192,493,302 shares, accounting for 16.28% of the total share capital [1] - The cumulative pledged shares by Luo Yi amount to 95,520,600, which is 49.62% of his holdings and 8.08% of the total share capital [1] Shareholder Composition - Hoshine Group and its associates collectively hold 73.52% of the total share capital, with pledged shares making up 49.45% of their total holdings, equivalent to 36.36% of the company's total share capital [1] Financial Health - The financial condition and creditworthiness of the related parties are reported to be good, indicating that the pledge risk is manageable [1]

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].