Core Viewpoint - The rapid evolution of the photovoltaic industry has led to significant challenges for companies, as evidenced by the recent struggles of Hoshine Silicon Industry, which faced its first loss since going public due to misguided investments in solar projects [2][10][34]. Group 1: Company Performance - Hoshine Silicon Industry reported a net loss of nearly 400 million yuan in the first half of the year, marking its first loss since its IPO [2][21]. - The company's total current liabilities reached 37 billion yuan, while cash and cash equivalents were less than 150 million yuan [2][32]. - The company's revenue for the first half of the year was 9.775 billion yuan, a year-on-year decline of 26.34% [21]. Group 2: Investment Decisions - Hoshine Silicon invested over 600 billion yuan in photovoltaic projects, including a 175 billion yuan project for high-purity polysilicon production [3][9]. - The company aimed to expand its full industry chain layout in the photovoltaic sector, leveraging its advantages in self-supplied power and raw materials [5][9]. - Despite warnings of overcapacity in the industry, the founder remained confident in the profitability of these investments [9][13]. Group 3: Market Conditions - The photovoltaic industry has entered a phase of overcapacity and price competition, leading to widespread losses among upstream and downstream companies [13][22]. - The price of industrial silicon has dropped significantly, impacting Hoshine's profitability, with prices falling from approximately 13,000 yuan per ton to around 6,990 yuan per ton [16][22]. - Hoshine's industrial silicon revenue was 13.763 billion yuan, with a production volume of approximately 187.14 million tons [18][20]. Group 4: Future Outlook - The company's aggressive expansion has resulted in a precarious financial situation, with a significant increase in fixed assets and construction in progress, totaling 673.8 billion yuan [24][29]. - Many of Hoshine's large projects are currently stalled due to unfavorable market conditions and high debt levels [29][34]. - The company faces a challenging future as it navigates the consequences of its past investment decisions and the current market landscape [34].

Group 1 - The company will hold a half-year performance briefing on September 8, 2025, from 15:00 to 16:00 [3][4] - The briefing will be conducted online via the "Value Online" platform [3][4] - Investors can submit questions before the briefing through a designated website or by scanning a QR code [5] Group 2 - Key participants in the briefing include the Chairman, General Manager, Financial Director, Board Secretary, and an Independent Director [4] - The company encourages investor participation and feedback during the briefing [3][5] - After the briefing, the main content and proceedings will be available for review on the "Value Online" platform and the Yidong app [6]

证券代码：603260 证券简称：合盛硅业 公告编号：2025-058 合盛硅业股份有限公司 2025 年半年度业绩说明会预告公告 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： 一、说明会类型 合盛硅业股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日在上海证 券交易所网站（www.sse.com.cn）披露了《合盛硅业 2025 年半年度报告》及《合 盛硅业 2025 年半年度报告摘要》。为便于广大投资者更加全面深入地了解公司 经营业绩、发展战略等情况，公司定于 2025 年 9 月 8 日（星期一）15:00-16:00 在"价值在线"（www.ir-online.cn）举办合盛硅业股份有限公司 2025 年半年度业 会议召开时间：2025 年 9 月 8 日（星期一）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 9 月 8 日 前 访 问 网 址 https: ...

Core Viewpoint - The company, Hoshine Silicon Industry (合盛硅业), reported a rare operating loss due to a phase imbalance in supply and demand, marking its first loss since disclosing operational performance data [2][3][6]. Financial Performance - In the first half of 2025, Hoshine Silicon achieved revenue of 9.775 billion yuan, a year-on-year decrease of 26.34% [2][3]. - The net profit attributable to shareholders was -397 million yuan, a year-on-year decline of 140.6% [2][3]. - The company experienced a significant loss of 657 million yuan in the second quarter, contributing to the overall loss for the first half [2][5]. Historical Context - Historically, Hoshine Silicon's net profit has been positive from mid-2015 to mid-2024, with a peak of 3.545 billion yuan in mid-2022 [4]. - The company had previously faced fluctuations in performance but had never reported a loss until now [3][4]. Market Conditions - The loss was attributed to a phase imbalance in the supply and demand of industrial silicon and polysilicon, alongside declining market prices [2][6]. - The global economy showed weak recovery amid geopolitical tensions and trade frictions, impacting the industry [6]. Cash Flow and Financial Health - Hoshine Silicon reported a significant increase in operating cash flow, reaching 3.524 billion yuan, up 1987.93% from the previous year [8]. - The company's debt-to-asset ratio decreased to 62.83%, down 1 percentage point from the end of 2024 [8]. Competitive Position and Future Outlook - Despite the cyclical downturn, Hoshine Silicon maintained its leading position in industrial silicon and organic silicon markets [2][8]. - The company is focusing on high-value downstream product development and has made advancements in silicon carbide technology, achieving domestic leadership in product yield [9]. - As of the second quarter of 2025, 243 funds increased their holdings in Hoshine Silicon, indicating positive market sentiment towards its future prospects [2][9].

Summary of the Conference Call for 合盛硅业 Company Overview - **Company**: 合盛硅业 (Hesheng Silicon Industry) - **Industry**: Silicon and Organic Silicon Production Key Points and Arguments Production and Sales Performance - In the first half of 2025, the company produced 660,000 tons of industrial silicon and sold 470,000 tons, with 180,000 tons for self-use [1][3] - The expected total production for industrial silicon in 2025 is 1.5 million tons, while organic silicon is projected to be between 1.5 to 1.6 million tons [1][4] - The company reported a loss of approximately 530 million yuan due to the suspension of its photovoltaic business, with 450 million yuan attributed to photovoltaic-related losses [3][12] Market Demand and Pricing Trends - Industrial silicon market demand is expected to recover in the second half of 2025, with prices likely to stabilize [1][5] - Organic silicon demand grew over 10% in the first half of 2025, with a projected growth of 5% to 10% in the second half, driven by emerging sectors like electronics and new energy vehicles [1][10] - The average unit sales cost for organic silicon was below 10,000 yuan, while the industry’s complete cost ranged from 12,000 to 13,000 yuan [1][8] Operational Insights - The company maintained an industrial silicon operating rate of 60% to 70%, compared to the industry average of 40% to 50% [1][9] - The company is currently undergoing maintenance and technical upgrades for its polysilicon-related facilities in Xinjiang, with other unfinished projects on hold [1][7] Future Outlook - The company anticipates a gradual recovery in prices for both industrial and organic silicon, with organic silicon prices expected to fluctuate around the industry’s complete cost line [5][6] - The company plans to adjust production flexibly based on supply-demand dynamics and macroeconomic factors to optimize operational efficiency [3][18] Competitive Positioning - The company believes it has a competitive advantage in cost control within the entire supply chain and is actively pursuing new product development and market expansion [23] Additional Insights - The company’s electricity costs are competitive, with an average tax-inclusive electricity price of 0.25 yuan per kWh, and a higher proportion of self-generated electricity [9][16] - The company has no new expansion plans in Yunnan for 2025, but it is considering future capacity planning based on industry conditions [21] Risks and Challenges - The photovoltaic sector has not fully recovered, impacting the demand for industrial silicon, while traditional sectors like real estate are growing slowly but remain significant in volume [10][11] This summary encapsulates the key insights from the conference call, highlighting the company's production capabilities, market dynamics, operational strategies, and future outlook within the silicon industry.

Core Viewpoint - The report highlights that Hoshine Silicon Industry's performance is under pressure due to the downturn in industrial silicon and organic silicon markets, leading to a significant decline in revenue and net profit [1][2][3] Company Performance - In the first half of 2025, Hoshine Silicon achieved revenue of 9.775 billion yuan, a year-on-year decrease of 26.34%, and a net profit attributable to shareholders of -397 million yuan, a year-on-year decline of 140.60% [2] - In Q2 2025, the company reported revenue of 4.548 billion yuan, down 42.11% year-on-year and 13.02% quarter-on-quarter, with a net profit of -657 million yuan, reflecting a year-on-year decline of 245.87% and a quarter-on-quarter decline of 352.93% [2] Industry Analysis - The decline in performance is attributed to falling sales prices of industrial silicon and organic silicon products, with the industrial silicon market experiencing a downward price trend due to supply-demand imbalances [3] - Domestic industrial silicon production in the first half of 2025 was 1.85 million tons, showing a year-on-year decrease, while the production of polysilicon was 597,000 tons, down 44.0% year-on-year [3] - The organic silicon industry saw a consensus on production cuts in Q1, but production increased in Q2, with total domestic DMC production exceeding 1.2 million tons, a nearly 20% year-on-year increase [3] Financial Metrics - The company's R&D expense ratio decreased due to lower material inputs, while net cash flow from operating activities increased by 1987.93% due to reduced production and inventory clearance [4] - The company is accelerating the upgrade of its R&D center, focusing on innovative manufacturing technologies and smart production models, aiming to enhance its competitive edge in the silicon-based materials sector [5] Profit Forecast - Due to the decline in product prices, the profit forecast for Hoshine Silicon has been slightly adjusted, with expected net profits for 2025, 2026, and 2027 at 1.024 billion yuan, 1.889 billion yuan, and 2.113 billion yuan respectively [6] - The current stock price corresponds to P/E ratios of 60.8, 33.0, and 29.5 for the respective years, with a maintained "buy" investment rating due to the company's leading position in the organic silicon and silicon carbide industries [6]

Report Information - Date: August 29, 2025 [2] - Report Type: Industrial Silicon Daily Report - Research Team: Energy and Chemical Research Team - Researchers: Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Feng Zeren [3] Industry Investment Rating - Not provided Core Views - The industrial silicon futures price fluctuated. The Si2511 contract closed at 8,515 yuan/ton, down 2.85%, with a trading volume of 450,290 lots and an open interest of 281,839 lots, a net decrease of 7,286 lots [4]. - The spot price of industrial silicon opened low and moved high, fluctuating. The price of 553-grade silicon in Sichuan was 8,950 yuan/ton, and in Yunnan was 8,600 yuan/ton; the price of 421-grade silicon in Inner Mongolia was 9,500 yuan/ton, in Xinjiang was 9,300 yuan/ton, and in Sichuan was 9,700 yuan/ton [4]. - The supply and demand of industrial silicon both increased, maintaining a loose balance, with limited improvement in fundamentals. The high spot price loosened and declined. The weekly output in the third week of August increased to 88,100 tons, equivalent to a monthly output of over 370,000 tons. On the demand side, the production schedule of polysilicon in August will increase to 125,000 tons, while the demand from organic silicon and aluminum alloy remained stable. The export volume in July increased slightly to 70,000 tons. Without considering 97-grade silicon and recycled silicon, there is no inventory reduction drive in the industry. With policies in a vacuum period, short-term futures fluctuations gradually return to fundamental drivers. The spot price is mainly stable, but the high price has loosened, and the futures price will fluctuate widely [4]. Summary by Directory 1. Market Review and Outlook - **Market Performance**: The industrial silicon futures price fluctuated. The Si2511 contract closed at 8,515 yuan/ton, down 2.85%, with a trading volume of 450,290 lots and an open interest of 281,839 lots, a net decrease of 7,286 lots [4]. - **Spot Price**: The spot price of industrial silicon opened low and moved high, fluctuating. The price of 553-grade silicon in Sichuan was 8,950 yuan/ton, and in Yunnan was 8,600 yuan/ton; the price of 421-grade silicon in Inner Mongolia was 9,500 yuan/ton, in Xinjiang was 9,300 yuan/ton, and in Sichuan was 9,700 yuan/ton [4]. - **Future Outlook**: Supply and demand both increased, maintaining a loose balance, with limited improvement in fundamentals. The high spot price loosened and declined. The weekly output in the third week of August increased to 88,100 tons, equivalent to a monthly output of over 370,000 tons. On the demand side, the production schedule of polysilicon in August will increase to 125,000 tons, while the demand from organic silicon and aluminum alloy remained stable. The export volume in July increased slightly to 70,000 tons. Without considering 97-grade silicon and recycled silicon, there is no inventory reduction drive in the industry. With policies in a vacuum period, short-term futures fluctuations gradually return to fundamental drivers. The spot price is mainly stable, but the high price has loosened, and the futures price will fluctuate widely [4]. 2. Market News - On August 28, the futures warehouse receipt volume on the Guangzhou Futures Exchange was 50,656 lots, a net decrease of 53 lots from the previous trading day [5]. - According to customs data, China exported 74,000 tons of metallic silicon in July 2025, a month-on-month increase of 8.32% and a year-on-year increase of 36.75%. From January to July 2025, China exported a total of 414,700 tons of metallic silicon, a year-on-year decrease of 1.04% [5]. - On August 28, Hesheng Silicon Industry released its semi-annual report for 2025. The company's operating income was 9.78 billion yuan, a year-on-year decrease of 26.3%; the net profit attributable to the parent company was a loss of 397 million yuan, a year-on-year decrease of 140.6%; the non-recurring net profit attributable to the parent company was a loss of 533 million yuan, a year-on-year decrease of 159.3%; the net operating cash flow was 3.524 billion yuan, a year-on-year increase of 1,987.9%; the EPS (fully diluted) was -0.3359 yuan. In the second quarter, the company's operating income was 4.55 billion yuan, a year-on-year decrease of 42.1%; the net profit attributable to the parent company was a loss of 657 million yuan, a year-on-year decrease of 245.9%; the non-recurring net profit attributable to the parent company was a loss of 749 million yuan, a year-on-year decrease of 297.3%; the EPS was -0.5555 yuan [5]. - Data showed that the cumulative photovoltaic installed capacity from January to July 2025 reached 1,109.6 GW, and the newly installed capacity from January to July was 223.25 GW. In July, the newly installed capacity was 11 GW, a year-on-year decrease of 47.7%, hitting a new low in 2025 [5].

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]