证券代码：603688 证券简称：石英股份 公告编号：临 2025-033 江苏太平洋石英股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 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。 江苏太平洋石英股份有限公司(以下简称"公司")于 2025 年 08 月 23 日在 《上海证券报》《证券时报》和上海证券交易所网站(www.sse.com.cn)上披露了 公司 2025 年半年度报告。为便于广大投资者更深入、全面地了解公司经营情况， 公司于 2025 年 09 月 05 日(星期五)10:00-11:00 通过上海证券交易所上证路演 中心以网络互动的方式召开公司 2025 年半年度业绩说明会(以下简称"说明会")， 就投资者关心的问题进行交流。现将说明会召开情况公告如下： 一、业绩说明会召开情况 公司于 2025 年 09 月 05 日 10:00-11:00 在上海证券交易所上证路演中心 （https://roadshow.sseinfo.com/）以网络互动方式召开了 2025 年半年度业绩 说明会。 公 ...

上市公司：长江材料（001296），力量钻石（301071），索通发展（603612），石英股份（603688）， 坤彩科技（603826），龙高股份（605086），联瑞新材（688300），齐鲁华信（830832），秉扬科技 （836675），天马新材（838971），东方碳素（832175），宁新新材（839719） 数据来源：国家统计局，智研咨询整理 相关报告：智研咨询发布的《2025-2031年中国非金属矿物制品行业市场竞争现状及未来趋势研判报 告》 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2016-2025年1-7月非金属矿采选业企业数统计图 2025年1-7月，非金属矿采选业企业数（以下数据涉及的企业，均为规模以上工业企业，从2011年起， 规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为4002 个，和上年同期相比，减少了41个，同比下降 ...

从资金流向上来看，当日非金属材料板块主力资金净流入1.47亿元，游资资金净流出8778.83万元，散户 资金净流出5957.1万元。非金属材料板块个股资金流向见下表： 证券之星消息，9月4日非金属材料板块较上一交易日下跌1.71%，联瑞新材领跌。当日上证指数报收于 3765.88，下跌1.25%。深证成指报收于12118.7，下跌2.83%。非金属材料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 001296 | 长江材料 | 26.40 | 10.00% | 18.39万 | | 4.70亿 | | 839719 | 宁新新材 | 19.88 | 7.58% | 26.53万 | | 5.28亿 | | 838971 | 天马新材 | 40.69 | 4.44% | 10.48万 | | 4.19亿 | | 836675 | 秉扬科技 | 12.60 | 2.52% | 2.04万 | | 2548.91万 | | 832175 | 东方恢震 | 13. ...

Group 1 - The core point of the article highlights the performance of the Commodity ETF (510170), which opened down 0.73% at 1.088 yuan on September 4 [1] - The major holdings of the Commodity ETF include Dongyangguang, which rose by 2.56%, and several other companies such as Luoyang Molybdenum, Zijin Mining, and Huayou Cobalt, which experienced slight declines [1] - The performance benchmark for the Commodity ETF is the Shanghai Commodity Stock Index, managed by Guolian An Fund Management Company, with a return of 36.36% since its inception on November 26, 2010, and a return of 12.14% over the past month [1]

Market Overview - The non-metal materials sector experienced a decline of 1.57% on September 3, with Changjiang Materials leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Notable gainers included Ningxin New Materials, which rose by 10.79% to a closing price of 18.48, and Tianma New Materials, which increased by 4.12% to 38.96 [1] - Conversely, Changjiang Materials fell by 5.88% to 24.00, and other stocks like Bingyang Technology and Qilu Huaxin also saw declines of 5.53% and 3.08% respectively [2] Trading Volume and Capital Flow - The non-metal materials sector saw a net inflow of 54.54 million yuan from institutional investors, while retail investors experienced a net outflow of 34.45 million yuan [2] - The trading volume for Ningxin New Materials was 234,800 hands, with a transaction value of 427 million yuan, indicating strong investor interest [1] Individual Stock Capital Flow - Key stocks such as Suotong Development and Longgao Co. had significant capital movements, with Suotong Development seeing a net inflow of 89.68 million yuan from institutional investors [3] - In contrast, Changjiang Materials had a net outflow of 9.39 million yuan from institutional investors, indicating a lack of confidence among larger investors [3]

Core Viewpoint - Antibacterial glass is an emerging functional glass that not only retains the original functions and decorative effects of glass but also adds the ability to inhibit and kill pathogenic microorganisms, leading to increased demand across various sectors [1][7]. Market Overview - The market size of the antibacterial glass industry in China reached 1.16 billion yuan in 2018 and is projected to grow to 2 billion yuan by 2024, with a compound annual growth rate (CAGR) of 9.5% [1][8]. - In 2020, due to the pandemic, the market size in the medical field increased by 13.3% due to the strong antibacterial capabilities of the glass [1]. Industry Chain - The upstream of the antibacterial glass industry includes raw materials such as quartz sand, soda ash, and nano antibacterial agents, with quartz sand being the core raw material [6]. - The midstream involves the production and manufacturing of antibacterial glass, while the downstream includes application fields such as healthcare, food processing, and construction [6]. Product Characteristics - Antibacterial glass is categorized into different types based on antibacterial mechanisms, including silicon-silver coated, silicon-titanium coated, and silicon-fluorine coated antibacterial glass, each with unique properties [4][5]. Competitive Landscape - The antibacterial glass industry is primarily dominated by foreign companies, with significant market share held by firms like Corning in the U.S. However, domestic companies are gradually increasing their market share through technological advancements [8]. Development Trends - Market demand for antibacterial glass is expected to continue growing, particularly in healthcare, food packaging, and construction sectors, driven by increasing consumer health awareness [10]. - Companies in the antibacterial glass industry are focusing on green and sustainable development, emphasizing the use of eco-friendly materials and reducing energy consumption [11]. - There is a need for companies to explore international markets, especially in Southeast Asia and the Middle East, where there is a rising demand for antibacterial glass products due to public health upgrades and infrastructure development [12].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [4][23]. Core Views - The company has shown strong potential in the semiconductor materials sector, with a significant increase in market share anticipated due to domestic substitution trends [7][8]. - The report slightly lowers the profit forecast for 2025-2027, reflecting pressures in the photovoltaic sand market, but maintains a positive outlook on the semiconductor materials business [8][6]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 510 million yuan, a year-on-year decrease of 30.1%, and a net profit attributable to shareholders of 110 million yuan, down 58.4% year-on-year [6]. - For Q2 2025, the company reported revenue of 260 million yuan, a decrease of 24.0% year-on-year, but a slight increase of 2.8% quarter-on-quarter [6]. Semiconductor Materials Outlook - The company is expected to enhance its market share in semiconductor quartz glass materials, having received certifications from major international equipment manufacturers [8]. - The domestic production of semiconductor sand is anticipated to accelerate, with the company already achieving certifications for its self-produced sand from several international semiconductor equipment vendors [8]. Photovoltaic Sector Challenges - The high-purity quartz sand segment faced a revenue drop of 59.20% year-on-year in H1 2025, primarily due to weak demand from the photovoltaic sector [8]. - The report suggests that as inventory depletion in downstream sectors concludes, the actual demand for high-purity quartz sand is expected to gradually recover [8]. Profit Forecast and Valuation - The revised profit forecasts for 2025, 2026, and 2027 are 300 million yuan, 450 million yuan, and 620 million yuan, respectively, reflecting adjustments in sales volume and price assumptions for photovoltaic quartz sand [8]. - The current price-to-earnings (P/E) ratio is projected at 72.1, 48.1, and 34.9 for the years 2025, 2026, and 2027, respectively, while the price-to-book (P/B) ratio is expected to be 3.7, 3.5, and 3.2 [8].

Market Overview - The non-metal materials sector experienced a decline of 3.75% on September 2, with Lianrui New Materials leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers in the non-metal materials sector included: - Changjiang Materials: Closed at 25.50, up 2.74% with a trading volume of 246,300 shares and a turnover of 613 million yuan [1] - Bingyang Technology: Closed at 13.01, up 2.12% with a trading volume of 35,000 shares [1] - Major decliners included: - Lianrui New Materials: Closed at 53.13, down 7.16% with a trading volume of 93,600 shares and a turnover of 510 million yuan [2] - Quartz Shares: Closed at 40.04, down 4.62% with a trading volume of 199,800 shares and a turnover of 814 million yuan [2] Capital Flow - The non-metal materials sector saw a net outflow of 316 million yuan from institutional investors, while retail investors contributed a net inflow of 238 million yuan [2] - The detailed capital flow for selected stocks showed significant outflows for: - Lianrui New Materials: Net outflow of 56.86 million yuan from institutional investors [3] - Quartz Shares: Net outflow of 84.32 million yuan from institutional investors [3] - Retail investors showed a net inflow into several stocks, including: - Longgao Co.: Net inflow of 6.11 million yuan [3] - Changjiang Materials: Net inflow of 43.57 million yuan [3]

摘要 全球半导体石英砂需求约 3 万吨，价值 30-45 亿元，经损耗后产出约 2.5 万吨石英玻璃材料，高温产品价值约 40 万元/吨，低温产品约 30 万 元/吨，总需求达 120-150 亿元。石英股份已通过海外主流设备厂商认 证，成为全球少数几家合格供应商之一。 半导体石英砂市场由设备或晶圆厂商主导认证，通过认证后，相关产品 可被其终端客户或所有设备厂商采购。石英股份在全球高温扩散领域与 迈图、贺利氏竞争，在低温刻蚀领域与迈图、贺利氏等六家企业竞争。 预计 2025-2030 年半导体石英材料市场复合增长率达 10%，2030 年 市场规模或达 240 亿元。石英股份目标市场份额提升至 20%，基于高 温和低温领域份额预估，长期利润空间可达 16 亿元，对应市值约 300 亿元。 石英股份预计 2025 年半导体石英玻璃材料业务收入 5-6 亿元，净利润 率 35%-40%，利润约 2 亿元。长期来看，若市场份额达 20%，净利率 30%，利润空间可达 16 亿元，按 40 倍 PE 计算，对应市值约 80 亿元。 全球半导体石英砂需求 2.5 万吨，进口价 10-15 万元/吨。石英股份 2025 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the solar sector, with specific ratings as follows: - Aishuo Co., Ltd. (600732.SH) - Buy-B - Longi Green Energy (601012.SH) - Buy-B - Daqian Energy (688303.SH) - Buy-B - Flat Glass Group (601865.SH) - Buy-A - Hengdian East Magnetic (002056.SZ) - Buy-A - Sungrow Power Supply (300274.SZ) - Buy-A - Canadian Solar (688472.SH) - Buy-A - Deye Technology (605117.SH) - Buy-A - Langxin Group (300682.SZ) - Buy-B - Quartz Co., Ltd. (603688.SH) - Buy-A [1] Core Insights - In July 2025, the domestic photovoltaic (PV) new installed capacity was 11.0 GW, a year-on-year decrease of 47.6% and a month-on-month decrease of 23.1%. Cumulatively, from January to July, the new installed capacity reached 223.25 GW, representing an increase of 80.7% year-on-year [2][12]. - The export value of PV components in July was 15.89 billion yuan, down 13.7% year-on-year but up 0.5% month-on-month. The cumulative export value from January to July was 111.25 billion yuan, down 22.6% year-on-year [2][14]. - In contrast, the inverter export value in July was 6.51 billion yuan, showing a year-on-year increase of 16.3% but a slight month-on-month decline of 1.2%. The cumulative export value from January to July was 37.11 billion yuan, up 9.0% year-on-year [3][29]. - Solar power generation in July increased by 28.7% year-on-year, with a total generation of 74.43 billion kWh, accounting for 8.03% of the total industrial power generation in the country [4][42]. Summary by Sections 1. Installed Capacity - In July 2025, the domestic PV new installed capacity was 11.0 GW, reflecting a year-on-year decline of 47.6% and a month-on-month decline of 23.1%. The cumulative installed capacity from January to July reached 223.25 GW, marking an 80.7% increase year-on-year [12]. 2. Exports - **Components**: The export value of PV components in July was 15.89 billion yuan, down 13.7% year-on-year but up 0.5% month-on-month. The cumulative export value from January to July was 111.25 billion yuan, down 22.6% year-on-year [14]. - **Inverters**: The inverter export value in July was 6.51 billion yuan, with a year-on-year increase of 16.3% and a month-on-month decrease of 1.2%. The cumulative export value from January to July was 37.11 billion yuan, up 9.0% year-on-year [29]. 3. Solar Power Generation - In July, solar power generation increased by 28.7% year-on-year, totaling 74.43 billion kWh, which accounted for 8.03% of the total industrial power generation in the country [42]. 4. Investment Recommendations - The report recommends focusing on companies based on various strategic directions: - New technology: Aishuo Co., Ltd., Longi Green Energy - Supply-side improvement: Daqian Energy, Flat Glass Group - Overseas expansion: Hengdian East Magnetic, Sungrow Power Supply, Canadian Solar, Deye Technology - Market-oriented power: Langxin Group - Domestic substitution: Quartz Co., Ltd. - Additional companies to watch include Xinyi Solar, GCL-Poly Energy, Tongwei Co., Ltd., TCL Zhonghuan, New Special Energy, Dier Laser, Foster, Haiyou New Materials, JA Solar, Trina Solar, JinkoSolar, CITIC Bo, Maiwei, Jinglong Technology, Shanghai Ailu, and Guangxin Materials [47].