第二条 本制度适用于公司及公司全资子公司、控股子公司（以下统称 "子公司"）的期货套期保值操作及其管理。 第三条 公司从事期货套期保值业务，应遵循以下原则： 1、公司开展期货套期保值业务，以套期保值为目的，以正常生产经营为 基础，以具体经营业务为依托，对冲现货价格波动风险。 合盛硅业股份有限公司 期货套期保值业务管理制度 第一章 总则 第一条 为规范合盛硅业股份有限公司（以下简称"公司"）期货套期保值 业务管理流程，防范风险，根据《中华人民共和国公司法》《中华人民共和国证 券法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》《上海证券交易所上市公司自律监管指引第 5号——交易 与关联交易》及《合盛硅业股份有限公司章程》（以下简称"《公司章程》"）等 有关规定，结合公司实际情况，特制定本制度。 2、公司期货套期保值业务仅限于与生产经营密切相关的产品，包括但不 限于铜、白银、甲醇、工业硅、多晶硅等化工原材料。套期保值的数量与现货 业务在品种、规模、方向、期限等方面相互匹配。 3、公司应当以公司或下属子公司名义设立套期保值交易账户，不得使用 他人账户进行套期保值业务； ...

合盛硅业股份有限公司 董事会议事规则 第一章 总则 第一条 为进一步规范合盛硅业股份有限公司（以下简称"公司"）董事会 的议事方式和决策程序，促使董事和董事会有效地履行职责，提高董事会规范运 作和科学决策的水平，保证公司生产经营、管理工作的顺利进行，根据《中华人 民共和国公司法》《中华人民共和国证券法》《上海证券交易所股票上市规则》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》等法律、法规的规定 及《合盛硅业股份有限公司章程》（以下简称《公司章程》）的有关规定，结合公 司的实际情况，制定本规则。 第二章 董事会的组成 第二条 公司设董事会，对股东会负责。 第三条 董事会由 9 名董事组成，设董事长 1 人、副董事长 1 人，独立董事 3 人，职工代表董事 1 人。 第四条 董事会下设证券部，处理董事会日常事务。董事会秘书或者证券事 务代表兼任证券部负责人。 第五条 公司董事会设立审计委员会、战略与可持续发展委员会、提名委员 会、薪酬与考核委员会。专门委员会对董事会负责，依照《公司章程》和董事会 授权履行职责，提案应当提交董事会审议决定。专门委员会成员全部由董事组成， 其中审计委员会、提名委员会 ...

合盛硅业股份有限公司 内幕信息知情人登记管理制度 第一章 总 则 第三条 公司证券部具体负责公司内幕信息的日常管理工作，对外报道传送 的文件、光盘等涉及内幕信息及信息披露内容的资料，须经相关职能部门的主 要负责人批准，经证券部审核，董事会秘书同意后，方可对外报道、传送。 第四条 未经董事会批准同意，公司任何部门和个人不得自行向外界 泄露、 报道、传送涉及公司内幕信息的有关内容，公司依法报送或披露的信息，严格 按照证券监管有关规定进行。 第五条 公司及其董事、高级管理人员及公司各部门、分、子公司及公司能 够产生重大影响的参股公司都应做好内幕信息知情人报备工作。 第二章 内幕信息及其范围 第六条 本制度所指内幕信息是指涉及公司的经营、财务或者对公司证券的 市场价格有重大影响的尚未公开的信息。 尚未公开的信息是指公司尚未在中国证监会指定、公司选定的上市公司信 息披露刊物或网站上正式公开的事项。 《证券法》第八十条第二款、第八十一条第二款所列重大事件属于内幕信 息。 第一条 为进一步规范合盛硅业股份有限公司（以下简称"公司"）内幕信 息管理行为，加强内幕信息保密工作，维护公司信息披露的公开、公平、公正 原则，保护广大 ...

合盛硅业股份有限公司 独立董事工作制度 第一章 总 则 第一条 为进一步完善合盛硅业股份有限公司（以下简称"公司"）的法人治 理结构，促进公司的规范运作，维护公司整体利益，保障全体股东的合法权益不 受损害，根据《中华人民共和国公司法》（以下简称《公司法》）《上市公司独立 董事管理办法》《上市公司独立董事履职指引》《上海证券交易所股票上市规则》 等相关法律、法规、规范性文件及《合盛硅业股份有限公司章程》（以下简称《公 司章程》）的规定，制定本制度。 以会计专业人士身份被提名为独立董事候选人的，应具备较丰富的会计专 业知识和经验，并至少符合下列条件之一： 1 （一）具有注册会计师资格； （二）具有会计、审计或者财务管理专业的高级职称、副教授及以上职称 或者博士学位； （三）具有经济管理方面高级职称，且在会计、审计或者财务管理等专业 岗位有 5 年以上全职工作经验。 第五条 独立董事应当持续加强证券法律法规及规则的学习，不断提高履职 能力。担任本公司独立董事及拟担任本公司独立董事的人士应当按照有关主管部 门的要求，参加其或授权机构组织的培训。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与其所受聘的 公司 ...

合盛硅业股份有限公司 重大投资和交易决策制度 第一条 为确保合盛硅业股份有限公司（以下简称"公司"）重大投资和交易 决策的作出合法、合理、科学、高效，依据《中华人民共和国公司法》（以下简 称《公司法》）、《上海证券交易所股票上市规则》（以下简称《上市规则》）、《上 海证券交易所上市公司自律监管指引第 1 号—规范运作》等有关法律法规及《合 盛硅业股份有限公司章程》（以下简称《公司章程》）的规定，特制订本制度。 第二条 公司应当严格遵守有关法律、法规及《公司章程》的规定，在投资、 交易决策中，保障股东会、董事会、董事长、经理层各自的权限均得到有效发挥， 做到权责分明，保证公司运作效率。 第三条 除非有关法律、行政法规或股东会决议另有规定或要求，公司关于 投资、交易等重大经营事项决策的权限划分根据本制度执行。 第四条 本制度所称"交易"包括下列事项，包括除公司日常经营活动之外 发生的下列类型的事项： （一）购买或者出售资产； （二）对外投资（含委托理财、对子公司投资等）； （五）租入或者租出资产； （六）委托或者受托管理资产和业务； （七）赠与或者受赠资产； （三）提供财务资助（含有息或者无息借款、委托贷款等）； ...

人民财讯8月27日电，合盛硅业(603260)8月27日晚间披露半年报，2025年上半年，公司实现营业收入为 97.75亿元，同比下降26.34%；归母净利润-3.97亿元，去年同期净利润9.78亿元，同比由盈转亏；基本 每股收益-0.34元。报告期内，公司主要产品工业硅销售价格下降，光伏板块停工损失和计提存货跌价 准备等综合影响。 转自：证券时报 ...

Core Viewpoint - The company reported a significant decline in revenue and a net loss for the first half of the year, primarily due to falling industrial silicon prices and operational disruptions in the photovoltaic sector [1] Financial Performance - The company's revenue for the first half of the year was 9.775 billion, representing a year-on-year decrease of 26.34% [1] - The net loss amounted to 397 million, marking a shift from profit to loss compared to the previous year [1] Contributing Factors - The decline in revenue and the net loss were attributed to several factors, including a decrease in industrial silicon sales prices, operational losses in the photovoltaic segment, and provisions for inventory write-downs [1]

Group 1 - The core point of the article indicates that XD Hesheng Silicon (603260) experienced a decline in stock price, closing at 51.95 yuan, down 0.88% as of August 19, 2025 [1] - The company reported a total operating revenue of 5.228 billion yuan for Q1 2025, a year-on-year decrease of 3.47%, and a net profit attributable to shareholders of 260 million yuan, down 50.81% year-on-year [1] - The company's liquidity ratios are concerning, with a current ratio of 0.359 and a quick ratio of 0.119, alongside a debt-to-asset ratio of 62.56% [1] Group 2 - Hesheng Silicon has made investments in 51 companies and participated in 67 bidding projects, indicating active engagement in business expansion [2] - The company holds 18 trademark registrations and 143 patents, showcasing its focus on intellectual property [2] - Additionally, Hesheng Silicon possesses 28 administrative licenses, reflecting its compliance and operational capabilities [2]

Investment Rating - The report provides a standard investment rating for the chemical industry, indicating a positive outlook for specific sectors within the industry [5]. Core Insights - The report highlights the impact of the explosion at Kanto Denka's facility in Japan, which is expected to create opportunities for domestic electronic gas suppliers as Kanto Denka holds a 90% market share in nitrogen trifluoride production in Japan [6][13]. - The first World Humanoid Robot Games held in Beijing is seen as a catalyst for the robotics industry's development, showcasing technological innovation and attracting talent [6][14]. - The report emphasizes the structural optimization of supply in the chemical sector, suggesting a focus on sectors with significant elasticity and competitive advantages, such as organic silicon and membrane materials [6][15]. Industry Performance - The report notes that during the week of August 11 to August 15, 2025, the CSI 300 index rose by 2.37%, while the Shenwan Basic Chemical Index increased by 2.46%, outperforming the market slightly [6][18]. - The top-performing sub-sectors included modified plastics (up 12.29%) and fluorochemicals (up 5.81%), while the worst performers were civil explosives (down 3.02%) and compound fertilizers (down 1.81%) [6][19]. Price Trends - Key products that saw price increases included hydrochloric acid (up 15.38%) and propylene (up 4.00%), while notable declines were observed in butanone (down 7.16%) and liquid ammonia (down 5.89%) [6][26]. - The report tracks price differentials, with significant increases in the propylene-propane differential (up 33.47%) and decreases in the bisphenol A-phenol differential (down 26.57%) [6][28]. Investment Recommendations - The report suggests focusing on sectors that may benefit from supply-side reforms, particularly organic silicon, membrane materials, and dye sectors, with recommended companies including Hoshine Silicon Industry and Zhejiang Longsheng [6][15]. - It also highlights the growing demand for health additives and sugar substitutes driven by new consumer trends, recommending companies that emphasize technological and product differentiation [6][16][17].

Investment Rating - The report maintains a positive outlook on the organic silicon industry, indicating a potential recovery in profitability and a favorable supply-demand balance [4][5]. Core Insights - The organic silicon industry is experiencing a structural transformation, with a significant shift in demand from traditional sectors like real estate to emerging sectors such as new energy vehicles and photovoltaics, which are expected to drive double-digit growth in domestic consumption [4][5][55]. - Domestic consumption of organic silicon DMC is projected to reach 1.82 million tons in 2024, reflecting a year-on-year increase of 21%, with a further increase to 1 million tons in the first half of 2025, marking a 24% growth [4][6][31]. - The report highlights that while the construction sector's contribution to organic silicon demand is declining, the demand from new energy vehicles and photovoltaics remains robust, supporting overall industry growth [4][5][55]. Summary by Sections 1. Organic Silicon: Superior Material for National Economy - Organic silicon materials are characterized by their unique Si-C bonds and are widely used across various sectors, including construction, electronics, and automotive [4][14][17]. 2. Resonance of Domestic and Foreign Demand Boosts Prosperity, New Energy Catalyzes Incremental Demand 2.1 Sustained High Demand and Upgrading Consumption Structure - China's organic silicon consumption accounts for approximately 60% of global demand, with significant growth potential in emerging markets [4][31][60]. 2.2 Construction Impact Slowing, New Energy Drives Incremental Domestic Demand - The construction sector's share of organic silicon demand has decreased from 31% in 2022 to 25% in 2024, while sectors like new energy vehicles and photovoltaics are experiencing rapid growth [4][31][36]. 2.3 Strong Overseas Demand Boosts Exports, China Expected to Continue Capturing Overseas Market Share - Domestic exports of polysiloxane reached 545,600 tons in 2024, a 34% increase year-on-year, with expectations for continued growth driven by cost advantages [4][60][61]. 3. Reduction of Overseas Capacity, Domestic Capacity Peaks, Deep Processing Highlights Bottom Value 3.1 Overseas Capacity Expected to Exit - The report notes that overseas organic silicon DMC capacity is expected to decline due to cost and environmental factors, creating opportunities for domestic producers [4][5][60]. 3.2 Domestic Expansion Cycle Concludes - Domestic organic silicon DMC capacity is projected to reach 3.44 million tons by the end of 2024, nearly doubling since 2020, with the expansion cycle now concluded [4][5][60]. 3.3 Intermediate Cost Curve Flat, Industry Widespread Losses - The report indicates that while some companies may enhance profitability through downstream processing, the overall sector has faced prolonged losses, highlighting a strong demand for profitability recovery [4][5][60]. 4. Supply-Demand Inflection Point Evident, Historical Elasticity Significant - The report suggests that the supply-demand balance is improving, with domestic operating rates expected to rise from 67% in 2024 to 76% and 83% in 2025 and 2026, respectively [4][5][60]. 5. Profit Forecast and Investment Recommendations - The report recommends focusing on integrated companies with scale advantages and strong downstream processing capabilities, such as Hoshine Silicon Industry, Dongyue Silicone Materials, and Xingsheng Group [4][5][60].