Core Viewpoint - The announcement details the pledge and unpledge of shares by the controlling shareholder and its concerted actions, indicating a significant portion of shares are under pledge, but the overall financial health and risk management measures are deemed adequate [2][3]. Group 1: Shareholding Structure - As of the announcement date, the controlling shareholder, Ningbo Hoshine Group Co., Ltd., holds 486,647,073 shares, accounting for 41.16% of the total share capital [2]. - The concerted actioner, Luo Yi, directly holds 192,493,302 shares, representing 16.28% of the total share capital [2]. - The total shares held by Hoshine Group and its concerted actions amount to 869,105,229 shares, which is 73.52% of the total share capital [2]. Group 2: Pledged Shares - After the pledge and unpledge, Hoshine Group has a total of 242,329,100 pledged shares, which is 49.80% of its holdings and 20.50% of the total share capital [2]. - Luo Yi has pledged 88,920,600 shares, representing 46.19% of his holdings and 7.52% of the total share capital [2]. - The total number of pledged shares among Hoshine Group and its concerted actions is 423,193,200, which is 48.69% of their total holdings and 35.80% of the total share capital [2]. Group 3: Financial Health and Risk Management - Hoshine Group and its concerted actions are reported to have good credit and financial conditions, with future repayment sources including operating income, investment returns, and dividends from held shares [2]. - 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 warning risks related to pledged shares, Hoshine Group and its concerted actions will take measures such as additional margin or early repayment [2].

证券代码：603260 证券简称：合盛硅业 公告编号：2025-059 合盛硅业股份有限公司 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"）直接持有公司486,647,073股股份， 占公司总股本的41.16%；合盛集团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%。本次质押及解质押后，合盛集团累计质押股份为 242,329,100股，占其所持股份比例的49.80%，占公司总股本比例的20.50%；罗 燚累计质押股份为88,920,600股，占其所持股份比例的46.19%，占公司总股本比 例的7.52%。 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%。本次质押及解质押后，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 ...

Group 1 - The controlling shareholder of Hoshine Silicon Industry, Ningbo Hoshine Group, holds approximately 487 million shares, accounting for 41.16% of the total share capital [1] - Hoshine Group's concerted actor, Luo Yi, directly holds about 192 million shares, representing 16.28% of the total share capital [1] - After the recent pledge and unpledge, Hoshine Group has pledged a total of approximately 242 million shares, which is 49.8% of its holdings and 20.5% of the total share capital [1] Group 2 - Luo Yi has pledged approximately 8.89 million shares, which is 46.19% of his holdings and 7.52% of the total share capital [1] - The total shares directly held by Hoshine Group and its concerted actors, including Luo Liguan, Luo Yi, and Luo Yedong, amount to about 869 million shares, representing 73.52% of the total share capital [1] - The total number of pledged shares among Hoshine Group and its concerted actors is approximately 423 million shares, accounting for 48.69% of their total holdings and 35.8% of the total share capital [1] Group 3 - For the year 2024, Hoshine Silicon Industry's revenue composition is as follows: non-metal smelting accounts for 51.56%, the chemical industry accounts for 45.71%, and other businesses account for 2.73% [1] - The current market capitalization of Hoshine Silicon Industry is 61.4 billion [2]

Market Overview - The Shanghai Composite Index closed at 3875.31 points, up by 1.65%, with a total trading volume of 24645.93 billion yuan [1] - A total of 104 A-shares have surpassed their annual moving average, indicating positive market sentiment [1] Notable Stocks - The stocks with the highest deviation rates from their annual moving averages include: - Xinxing Microelectronics (688593) with a deviation rate of 14.18%, closing at 19.98 yuan after a 20.00% increase [1] - Jingwei Technology (300120) with a deviation rate of 8.52%, closing at 10.00 yuan after a 9.41% increase [1] - Phoenix Optical (600071) with a deviation rate of 7.05%, closing at 23.07 yuan after a 10.01% increase [1] - Other notable stocks with smaller deviation rates include: - Hoshine Silicon Industry (300134) with a deviation rate of 6.43% [1] - Longqi Technology (603341) with a deviation rate of 6.41% [1] Trading Activity - The trading turnover rates for the top stocks are as follows: - Xinxing Microelectronics at 9.86% [1] - Jingwei Technology at 13.20% [1] - Phoenix Optical at 5.02% [1] - The overall trading activity reflects a robust interest in stocks that are performing well above their annual averages [1]

Core Viewpoint - The company has achieved comprehensive mastery of the entire industrial chain core process technology in the silicon carbide field, including raw material synthesis, crystal growth, substrate processing, and chip epitaxy, positioning itself competitively in the market [1] Group 1: Technology and Production - The company has broken through key material and equipment technical barriers, leading to a high yield of silicon carbide products, which is at the forefront among domestic enterprises [1] - The 6-inch silicon carbide substrate has entered full-scale production, with a crystal yield exceeding 95% and an epitaxy yield stabilizing at over 98%, indicating industry-leading performance [1] - The company has initiated small-scale production of 8-inch silicon carbide substrates and is making steady progress in the research and development of 12-inch silicon carbide substrates [1] Group 2: Product Development - The company continues to deepen its efforts in the high-end silicon carbide powder sector, successfully developing ultra-pure silicon carbide ceramic powders that meet the high purity and customization requirements for various fields, including semiconductors and high-temperature structural components [1] - The company has also developed high-purity semi-insulating silicon carbide powders that meet the requirements for the growth of silicon carbide gem crystals and optical waveguide crystals [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's main products are under pressure, and it is waiting for a recovery in the industry chain [1] - In the first half of 2025, the company reported a revenue of 9.776 billion yuan, a year-on-year decrease of 26.34%, and a net profit attributable to shareholders of -397 million yuan, a decline of 140.60% year-on-year [4][5] - The second quarter saw a revenue of 4.548 billion yuan, with a year-on-year and quarter-on-quarter decrease of 42.11% and 13.02%, respectively [4] - The company experienced a significant drop in sales volume and prices for its main products, including industrial silicon, silicone rubber, and silicone oil [5] - The report indicates that the company is expected to benefit from potential price recovery as the industry undergoes restructuring and capacity consolidation [6] Financial Summary - The company is projected to achieve net profits attributable to shareholders of 2.014 billion, 2.840 billion, and 3.773 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 30.06X, 21.31X, and 16.04X [7] - Key financial indicators for 2025E include revenue of 28.709 billion yuan, a year-on-year growth of 7.6%, and a net profit margin of 7.0% [10] - The gross profit margin is expected to be 18.8% in 2025, with a projected return on equity (ROE) of 5.8% [10]

Company Overview - Hoshine Silicon Industry Co., Ltd. is located in Cixi City, Ningbo, Zhejiang Province, and was established on August 23, 2005. The company went public on October 30, 2017. Its main business involves the research, production, and sales of silicon-based new materials, including industrial silicon and organic silicon [1]. - The revenue composition of Hoshine Silicon is as follows: industrial silicon accounts for 52.66%, organic silicon for 46.68%, and other products for 0.66% [1]. Stock Performance - On September 5, Hoshine Silicon's stock rose by 5.02%, reaching a price of 53.77 CNY per share, with a trading volume of 525 million CNY and a turnover rate of 0.84%. The total market capitalization is 63.567 billion CNY [1]. Shareholder Information - Among the top ten circulating shareholders of Hoshine Silicon, Huatai-PB Fund's Huatai-PB CSI 300 ETF (510300) increased its holdings by 735,000 shares in the second quarter, bringing its total to 6.3055 million shares, which represents 0.53% of the circulating shares. The estimated floating profit from this investment is approximately 16.2052 million CNY [2]. - The Huatai-PB CSI 300 ETF was established on May 4, 2012, and has a current scale of 374.704 billion CNY. Year-to-date, it has achieved a return of 13.29%, ranking 2781 out of 4222 in its category. Over the past year, the return is 37.26%, ranking 2245 out of 3795, and since inception, the return is 102.71% [2]. Fund Management - The fund manager of Huatai-PB CSI 300 ETF is Liu Jun, who has a cumulative tenure of 16 years and 98 days. The total asset size under his management is 466.972 billion CNY. The best fund return during his tenure is 137.96%, while the worst is -45.64% [3].

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].