Core Viewpoint - The company is preparing for its 2024 annual shareholder meeting, focusing on the approval of the 2024 financial report and dividend distribution plan, amidst a challenging economic environment that has impacted its profitability [1][35]. Meeting Details - The shareholder meeting is scheduled for June 26, 2025, at 14:00, with both on-site and online voting options available [1]. - The meeting will be hosted by the company's chairman, Mr. Luo Liguo [1]. Shareholder Rights and Responsibilities - Shareholders are entitled to various rights, including speaking, questioning, and voting, and must adhere to the meeting's order and regulations [2][3]. - Shareholders must register and provide valid identification to participate in the meeting [2]. Financial Performance - In 2024, the company reported a revenue of RMB 26.69 billion, a slight increase of 0.41% year-on-year, but net profit decreased by 33.64% to RMB 1.74 billion due to economic fluctuations and declining product prices [12][33]. - The company’s total assets reached RMB 90.77 billion, reflecting an 8.91% increase from the previous year [33]. Operational Highlights - The company maintained its leading position in the industrial silicon and organic silicon sectors through refined management and technological innovation, achieving stable gross margins despite market price fluctuations [8][12]. - Significant projects include the production line for high-purity polysilicon and the carbon silicon particle project, which have commenced operations [8]. Research and Development - The company is enhancing its R&D capabilities, focusing on high-value downstream products and breaking through technological barriers in key materials [9][10]. - Investments in R&D are aimed at developing new products for emerging sectors such as 5G and electric vehicles [24]. Sustainability Initiatives - The company is committed to green development, aligning with national carbon reduction strategies, and is implementing measures to enhance energy efficiency and reduce carbon emissions [12][25]. - A digital transformation strategy is being pursued to improve operational efficiency and sustainability across the supply chain [11][25]. Future Plans - The company plans to optimize production management, enhance resource allocation, and continue investing in core business areas to maintain competitive advantages [23][24]. - Key initiatives for 2025 include strengthening the innovation management system and advancing digital transformation efforts [24][25].

603260 合盛硅业 合盛硅业股份有限公司 2024 年年度股东大会 会议资料 二〇二五年六月二十六日 | | | | | | 会议议程 一、会议时间 现场会议：2025 年 6 月 26 日（星期四）14 点 00 分 网络投票：2025 年 6 月 26 日（星期四）采用上海证券交易所股东大会网 络投票系统，通过交易系统投票平台的投票时间为股东大会召开当日的交易时 间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时 间为股东大会召开当日的 9:15-15:00。 二、现场会议地点 浙江省慈溪市北三环东路 1988 号恒元广场 A 座 4 楼会议室 三、会议主持人 合盛硅业股份有限公司董事长罗立国先生（暂定） 四、会议审议事项 1、审议《关于<公司 2024 年度董事会工作报告>的议案》； 2、审议《关于<公司 2024 年度监事会工作报告>的议案》； 3、审议《关于<公司 2024 年度财务决算报告>的议案》； 8、审议《关于公司 2025 年度向金融机构申请综合授信额度的议案》； 9、审议《关于公司 2025 年度担保额度预计的议案》； 10、审议《 ...

Investment Rating - The report maintains a positive outlook on the photovoltaic industry in Xinjiang, suggesting a "Buy" rating for investments in the sector. Core Insights - Xinjiang possesses unique advantages in solar energy resources, land availability, and supportive policies, facilitating the rapid development of a complete photovoltaic industry chain [2][3][4]. - The current phase of upstream overcapacity suggests a strategic focus on midstream high-efficiency manufacturing segments, which are expected to recover in valuation as construction accelerates [3][4]. - The "East Data West Computing" initiative and the expansion of green data centers in the region are expected to enhance local energy consumption and alleviate transmission bottlenecks, improving the economic viability of photovoltaic projects [3][4]. - The dual security value of energy and industry highlights Xinjiang's strategic importance in national clean energy initiatives, enhancing the resilience of China's renewable supply chain [3][4]. Summary by Sections Introduction - The global energy transition is accelerating, with a shift from fossil fuels to clean energy becoming irreversible. Photovoltaic power is a key player in this transition due to its zero carbon emissions and renewable nature [5][6]. Resource Endowment and Advantages of Xinjiang's Photovoltaic Industry - Xinjiang has abundant solar resources, with annual sunshine hours significantly exceeding the national average, making it a prime location for large-scale photovoltaic projects [7][9]. - The region's vast, flat, and largely unutilized land provides ideal conditions for the installation of photovoltaic systems, reducing development costs [13][14]. - Strong government policies at both national and local levels support the growth of the photovoltaic industry, ensuring resource optimization and sustainable development [16][17]. Current Development Status of Xinjiang's Photovoltaic Industry - Xinjiang is a major base for industrial silicon and polysilicon production, with significant contributions to national output [20][24]. - The midstream sector has seen advancements in the manufacturing of key components, such as monocrystalline silicon rods and photovoltaic modules, although capacity still lags behind demand [30][34]. - Large-scale photovoltaic projects have been established, with total installed capacity exceeding 56.66 million kilowatts, marking Xinjiang as a leader in clean energy production [38][40]. Key Companies and Projects - Xinjiang Daqo New Energy Co., Ltd. is a leading player in the polysilicon market, with a production capacity of 305,000 tons, positioning it among the top tier in the industry [46][49]. - New Special Energy Co., Ltd. focuses on polysilicon production and has expanded its capacity to 300,000 tons per year, while also exploring various operational models for renewable energy projects [57][59]. - Hoshine Silicon Industry Co., Ltd. is developing an integrated industrial park to enhance efficiency across the photovoltaic supply chain, contributing to the region's competitive edge [66].

Group 1 - The core point of the article is that Hoshine Silicon Industry has received approval from the Shanghai Stock Exchange for its public bond issuance aimed at professional investors, which is expected to effectively supplement working capital and support the development of various business segments [2][3] - The total amount of the bond issuance is not expected to exceed 4 billion yuan, with a maximum term of 5 years, and the specific structure and scale will be determined based on the company's funding needs and market conditions [3] - As of December 31, 2024, Hoshine's consolidated asset-liability ratio is 63.83%, with a total debt of 57.944 billion yuan, indicating significant debt pressure [3][4] Group 2 - The company anticipates that the bond issuance will improve its debt structure, with a projected increase in the current ratio from 0.36 to 0.46, thereby reducing short-term debt pressure and financial risk [3][4] - Hoshine Silicon Industry is one of the largest companies in China's silicon-based new materials industry, focusing on the research, production, and sales of industrial silicon, organic silicon, and polysilicon [5][6] - The company has established extensive business relationships with leading enterprises in downstream industries, with production capacities of 1.22 million tons/year for industrial silicon, 1.73 million tons/year for organic silicon monomers, and 50,000 tons/year for polysilicon [6] Group 3 - The company believes that the future growth of the organic silicon industry will be driven by emerging fields, particularly due to the demand from new energy markets and the expansion of new application scenarios [6] - The bond issuance is also aimed at optimizing the company's asset-liability structure while supporting its ongoing investments in talent acquisition and market development [4][5] - The company has a strong credit rating of AA+ with a stable outlook, indicating a strong ability to repay debts and low default risk [4]

Core Viewpoint - The report by Shenwan Hongyuan highlights the significant cost advantages of the industrial silicon industry in Xinjiang, driven by abundant coal resources and low electricity costs, suggesting a focus on leading companies like Hoshine Silicon Industry [1][2] Group 1: Industrial Silicon - Xinjiang's coal-electric-silicon integrated industry layout enhances the cost advantages for industrial silicon production, with companies like Hoshine Silicon Industry leading the market [2] - Hoshine Silicon Industry is one of the largest and most complete companies in the silicon-based new materials sector, producing industrial silicon, organic silicon, and polysilicon, thus creating synergistic effects [2] - The company has a designed production capacity of 1.22 million tons per year for industrial silicon, with a projected production volume of 1.8714 million tons in 2024, reflecting a year-on-year increase of 38.11% [2] Group 2: Cost Advantages - The company maintains a cost advantage in industrial silicon production due to its self-sufficient power plants and integrated energy layout, which helps reduce production costs [3][5] - The average daily output of some electric arc furnaces has exceeded 70 tons, with the electricity consumption per ton of industrial silicon smelting dropping below 10,000 kWh [5] Group 3: Organic Silicon - The company has an annual production capacity of 1.73 million tons for organic silicon, leading the market with significant growth in its three main products: silicone rubber, silicone oil, and siloxane, with respective year-on-year growth rates of 16.31%, 56.66%, and 5.35% in 2024 [6] - Despite a slight decline in organic silicon product prices, the company benefits from its cost advantages in self-produced industrial silicon, ensuring that the net realizable value of its main organic silicon products remains above production costs [8] Group 4: Carbon Silicon - The company has successfully developed 12-inch conductive silicon carbide (SiC) crystals and is advancing processing technologies, positioning itself to capitalize on the growing demand in the power semiconductor industry [9] - The company plans to issue bonds to support its operations and maintain a strong financial structure, ensuring sufficient liquidity for future growth in industrial silicon, organic silicon, and silicon carbide businesses [10]

Core Viewpoint - The company, Hesheng Silicon Industry Co., Ltd., has received approval from the Shanghai Stock Exchange to issue corporate bonds worth up to RMB 4 billion, aimed at optimizing its financing structure and supporting business growth [2][3][5]. Group 1: Bond Issuance Details - The company plans to issue corporate bonds with a maximum amount of RMB 40 billion, with a maturity of no more than 5 years [3]. - The bond issuance is part of a broader initiative to support the healthy development of private enterprises in China, with over RMB 220 billion raised by more than 100 private companies in 2024 [3]. - The bonds will be used to supplement working capital and support the development of various business segments [5][9]. Group 2: Financial Health and Projections - The company reported a net cash flow from operating activities of RMB 4.517 billion in 2024, the highest level in its history, with a net cash flow ratio of 2.60 [4]. - The company’s total bank credit amounted to RMB 35.931 billion, with RMB 3.497 billion remaining unused as of the end of 2024 [4]. - The company expects its revenue to continue growing over the next 3-5 years, necessitating increased working capital to maintain its market leadership [6]. Group 3: Credit Rating and Financial Strategy - The company has received an AA+ credit rating from China Chengxin International Credit Rating Co., indicating strong debt repayment capability and low default risk [7]. - The company’s debt-to-asset ratio was reported at 62.56% as of March 2025, showing a decrease of 1.27 percentage points from the end of 2024, indicating reduced financial risk [8]. - The company plans to optimize its funding structure through various financing channels, including leasing and short-term financing, to support stable operations [8].

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a detailed response about its construction projects and financial disclosures [1][2]. Summary by Sections Construction Projects - The company reported a significant balance of construction in progress at CNY 35.113 billion, accounting for nearly 39% of total assets, with a solidification amount of CNY 13.772 billion during the period [1][2]. - The Yunnan Hydro-Silicon Circular Economy Project has a budget of CNY 3.976 billion, while the Coal-Electricity Silicon Integration Phase II Project has a book balance of CNY 134 million, with slow progress over the past three years [1][2][3]. - The company is required to provide detailed information on the impact of solidified construction on production capacity, including the main content and purpose of the projects, and the status of major suppliers [2][3]. Financial Disclosures - The company clarified the sources of funding for the Yunnan Hydro-Silicon Circular Economy Project, which included self-funding and bank loans totaling CNY 508 million, with a specific interest rate structure [13][14]. - The capitalized interest for 2024 increased compared to 2023 due to a larger average loan principal, which is justified by the timing of the loan disbursements [13][14][22]. - The company confirmed that the funding and construction progress of the Yunnan Hydro-Silicon project are aligned, with a total investment of CNY 369.503 million in 2023 and CNY 59.461 million in 2024 [15][22]. Production Capacity Impact - The solidified construction projects are expected to add significant production capacity, including 50,000 tons of polysilicon, 5 GW of photovoltaic components, and 375,000 tons of photovoltaic glass [22]. - The company reported that the construction projects do not impact the production capacity of industrial silicon and organic silicon monomers [22]. Supplier Information - The top ten suppliers for the Yunnan Hydro-Silicon project accounted for CNY 733.176 million, representing 88.91% of the total project investment, with no related party transactions [8][22]. - For the Coal-Electricity Silicon Integration Phase II project, the top ten suppliers accounted for CNY 1.875 billion, or 51.73% of the total investment, also with no related party transactions [8][22]. Project Progress and Challenges - The Coal-Electricity Silicon Integration Phase II project has been constructed in two phases, with the first phase completed and operational since 2022, while the second phase faced delays due to technical challenges and public health events [17][19][23]. - The company indicated that future progress on the Yunnan Hydro-Silicon project is not expected to face substantial obstacles despite market pressures affecting construction timelines [15][22].

证券代码：603260 证券简称：合盛硅业 公告编号：2025-038 合盛硅业股份有限公司 关于 2025 年面向专业投资者公开发行公司债券申请 获上海证券交易所受理的公告 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。 公司本次向专业投资者公开发行公司债券事项尚需通过上交所审核，并获得 中国证券监督管理委员会（以下简称"中国证监会"）做出同意注册的决定后方 可实施，能否通过上交所审核，并获得中国证监会同意注册的决定及其时间尚存 在不确定性。公司将根据该事项的进展情况及时履行信息披露义务，敬请广大投 资者注意投资风险。 特此公告。 合盛硅业股份有限公司董事会 2025 年 6 月 13 日 合盛硅业股份有限公司（以下简称"公司"）近期向上海证券交易所（以下 简称"上交所"）报送了《合盛硅业股份有限公司 2025 年面向专业投资者公开 发行公司债券》上市申请材料。2025 年 6 月 11 日，上交所对公司报送的向专业 投资者公开发行公司债券募集说明书及相关申请文件进行了核对，认为该项申请 文件齐备，符合法定形式，决定予以受理 ...

问询函专项说明 天健函〔2025〕544 号 上海证券交易所： 由合盛硅业股份有限公司（以下简称合盛硅业公司或公司）转来的《关于合 盛硅业股份有限公司 2024 年年度报告的信息披露监管问询函》（上证公函〔2025〕 0617 号，以下简称问询函）奉悉。我们已对问询函中需要我们说明的财务事项 进行了审慎核查，现汇报说明如下。 一、关于在建工程 年报显示，公司在建工程期末余额为 351.13 亿元，占总资产的比重近 39%， 规模较大，当期在建工程转固金额为 137.72 亿元。但以下在建工程进展较为缓 慢，且未计提减值。 （1）云南合盛水电硅循环经济项目-80 万吨/年工业硅生产及配套 60 万吨 型煤加工生产（以下简称水电硅循环项目）预算金额为 39.76 亿元，2023 年、 2024 年投入金额分别为 3.7 亿元、0.59 亿元，利息资本化金额分别为 522 万元、 1646 万元，工程建设进度分别为 40%、45%。 （2） 硅业新材料煤电硅一体化项目二期年产 20 万吨硅氧烷及下游深加工 项目（以下简称煤电硅一体化二期项目）账面余额为 1.34 亿元，2022 年至 2024 年该项目的工程进度分 ...

证券代码：603260 证券简称：合盛硅业 公告编号：2025-037 合盛硅业股份有限公司 关于上海证券交易所《关于合盛硅业股份有限公司 2024 年 年度报告的信息披露监管问询函》的回复公告 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"）于近日收到上海证 券交易所下发的《关于合盛硅业股份有限公司 2024 年年度报告的信息披露监管 问询函》（上证公函【2025】0617 号）（以下简称"监管问询函"），公司积极 组织相关工作人员就监管问询函关注的相关问题逐项进行认真核查落实。现就有 关问题回复如下： 一、关于在建工程 年报显示，公司在建工程期末余额为 351.13 亿元，占总资产的比重近 39%， 规模较大，当期在建工程转固金额为 137.72 亿元。但以下在建工程进展较为缓 慢，且未计提减值。 （1）云南合盛水电硅循环经济项目-80 万吨/年工业硅生产及配套 60 万吨 型煤加工生产（以下简称水电硅循环项目）预算金额为 39.76 亿元，2023 年、 2024 年 ...