[Jiangsu Pacific Quartz Co., Ltd. 2025 Semi-Annual Performance Forecast](index=1&type=section&id=Jiangsu%20Pacific%20Quartz%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast) [Current Period Performance Forecast](index=1&type=section&id=Item%201.%20Current%20Period%20Performance%20Forecast) The company forecasts a significant decline in 2025 first-half net profit attributable to shareholders and non-recurring net profit, with decreases of 54.45%-62.63% and 73.58%-78.31% respectively Key Performance Indicators for 2025 Semi-Annual Performance Forecast | Indicator | Estimated Amount (RMB) | YoY Change | Prior Period Amount (RMB) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 96.00 million - 117.00 million yuan | ↓ 54.45% to 62.63% | 256.87 million yuan | | Non-recurring Net Profit Attributable to Shareholders | 55.00 million - 67.00 million yuan | ↓ 73.58% to 78.31% | 253.63 million yuan | - This performance forecast is based on the company's finance department's preliminary calculations and has not been audited by a certified public accountant[3](index=3&type=chunk) [Prior Period Operating Performance](index=2&type=section&id=Item%202.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Status) The company disclosed key financial data for the prior period as a comparative benchmark, with net profit attributable to shareholders at 256.87 million yuan and earnings per share at 0.47 yuan Prior Period (2024 Semi-Annual) Financial Data | Indicator | Amount (RMB) | | :--- | :--- | | Total Profit | 293.76 million yuan | | Net Profit Attributable to Shareholders | 256.87 million yuan | | Non-recurring Net Profit Attributable to Shareholders | 253.63 million yuan | | Earnings Per Share | 0.47 yuan | [Analysis of Main Reasons for Performance Decline](index=2&type=section&id=Item%203.%20Main%20Reasons%20for%20Current%20Period%20Performance%20Decline) The significant performance decline is primarily due to supply-demand imbalance in the downstream photovoltaic industry, leading to falling prices for photovoltaic quartz materials and the company's adoption of a cautious sales strategy; however, the semiconductor business maintains stable growth with increasing product certifications - Photovoltaic Industry: Temporary market supply-demand imbalance led to a decline in prices for photovoltaic quartz materials, significantly impacting the company's performance[6](index=6&type=chunk) - Company Strategy: To mitigate risks, the company implemented a cautious sales strategy, resulting in a substantial year-over-year decline in operating performance[6](index=6&type=chunk) - Semiconductor Business: The company adheres to a semiconductor materials-first development strategy, continuously investing in R&D, leading to an increase in certified semiconductor quartz material varieties and stable growth in this business segment[6](index=6&type=chunk) [Risk Warning](index=2&type=section&id=Item%204.%20Risk%20Warning) The company confirms there are no significant uncertainties that could affect the accuracy of this performance forecast - The company states there are no significant uncertainties affecting the accuracy of this performance forecast[7](index=7&type=chunk) [Other Notes](index=2&type=section&id=Item%205.%20Other%20Notes) The company emphasizes that the disclosed forecast data are preliminary, with final accurate financial data subject to the official 2025 semi-annual report, and advises investors to be aware of investment risks - The above forecast data are preliminary, and the final accurate financial data will be based on the company's officially disclosed 2025 semi-annual report[8](index=8&type=chunk)

Group 1 - The company, Quartz Co., Ltd. (603688), expects to achieve a net profit attributable to shareholders of 96 million to 117 million yuan in the first half of 2025, representing a year-on-year decrease of 54.45% to 62.63% [1] - The company anticipates a net profit attributable to shareholders after deducting non-recurring gains and losses to be between 55 million to 67 million yuan in the first half of 2025, reflecting a year-on-year decrease of 73.58% to 78.31% [1]

Group 1: Macro Trends and Innovations - The report discusses the potential transformation of the global monetary and financial systems due to the development of stablecoins and RWA (Real World Assets), suggesting that these innovations may create a parallel decentralized financial system alongside the existing centralized one [2][3] - It is anticipated that the changes brought by stablecoins and RWA could be as significant as the impact of AI on the global economy, indicating a major shift in how currencies and financial systems operate [2][3] Group 2: Steel Industry Insights - Recent data shows a slight decrease in steel demand, with total inventory shifting from a reduction to an increase, indicating a potential weakening in demand as the industry enters a traditional off-season [5][6] - The apparent consumption of five major steel products was 8.7985 million tons, down by 4.33 million tons week-on-week, while total inventory rose to 13.4003 million tons, marking a 1.14% increase [5][6] - The report forecasts that steel demand may stabilize gradually, with construction and manufacturing sectors expected to support demand, despite ongoing challenges in the real estate sector [6] Group 3: Cement and Building Materials - The cement industry is showing signs of stabilization after price adjustments, with competition and profitability continuing to improve [4] - The report notes that the national average cement price has seen a slight decline of 1.2%, with certain regions experiencing price increases due to demand fluctuations [8] - The building materials sector is expected to enter a low base period starting June 2024, which may improve demand metrics as previous high demand levels are compared against lower future figures [9] Group 4: Glass and Fiberglass Market - The domestic float glass market is experiencing a downturn, with average prices dropping to 1250.27 yuan per ton, reflecting a weak demand environment [8] - The fiberglass market is also facing challenges, with limited order growth and competitive pressures affecting pricing and profitability [8] Group 5: Investment Recommendations - The report recommends several steel companies that are expected to benefit from industry consolidation and high-quality development, including Baosteel and Hualing Steel [7] - In the cement sector, leading companies such as Anhui Conch Cement and Huaxin Cement are highlighted as strong investment opportunities due to their market positions [10] - For the glass industry, companies like Fuyao Glass and Xinyi Glass are recommended based on their competitive advantages and market resilience [10]

Summary of Quartz Co., Ltd. Conference Call Company and Industry Overview - Quartz Co., Ltd. is a leading domestic supplier of quartz materials and the only domestic supplier certified for semiconductor sand, benefiting from accelerated domestic substitution of semiconductor materials and increased supply chain security demands [2][5][12] - The semiconductor quartz materials industry exceeds 10 billion and continues to expand, with significant barriers in manufacturing and certification [2][12] Key Points and Arguments - The company's self-supply capability for semiconductor sand is expected to increase from 0% to 100%, potentially enhancing profitability by 2.9% to 18% [2][11] - The high-purity sand market for photovoltaics has stabilized at around 30,000 yuan per ton, with expectations for future shipments to recover to over 20,000 tons annually [2][15] - If the U.S. implements export controls on high-purity sand, it could accelerate Quartz Co., Ltd.'s replacement in the semiconductor sand sector and raise prices for photovoltaic high-purity sand, providing additional performance elasticity [2][17] - The demand for high-purity sand is approximately 25,000 tons, corresponding to a market space of about 4 to 5 billion yuan, previously dominated by overseas operators [2][6] Industry Dynamics - The semiconductor sand purification process is critical and involves long-term accumulation, requiring matching with different mineral source characteristics and ensuring product stability [3][7] - The industry is characterized by high barriers to entry, with most companies struggling to meet the stringent requirements for certification and manufacturing [12][10] Future Outlook - The semiconductor materials industry is projected to continue expanding, with significant growth potential as domestic substitution accelerates [4][12][18] - Quartz Co., Ltd. has a competitive edge due to its established certification and ability to adapt to customer needs, positioning it favorably against traditional foreign enterprises [13][18] - The company is focusing on three core business areas: semiconductor high-purity sand, semiconductor production materials, and photovoltaic high-layer sand, all of which have promising development prospects [18] Additional Insights - The company’s shipment volume was 34,000 tons in 2023, with a projected volume of only over 5,000 tons in 2024, indicating a bottoming phase [15] - The purification process for semiconductor sand is a significant challenge, with few companies able to supply stable products, highlighting the high barriers in the industry [7][10] - The current supply-demand balance in the high-purity sand market is expected to stabilize, with potential price increases if supply-side controls are implemented [14][17]

Core Viewpoint - The article highlights the transformation of Lianyungang, particularly Donghai County, from a traditional crystal industry hub to a modern silicon materials industry cluster, emphasizing the strategic importance of silicon in high-tech applications and the region's potential for future growth in new materials [5][17][39]. Group 1: Crystal Industry - Donghai County is recognized as the "World Crystal Capital," with a crystal production capacity projected to reach 450 million pieces and a transaction value exceeding 46 billion yuan in 2024 [6][8]. - The county holds over 300,000 tons of crystal reserves, accounting for more than 70% of the national total [7][10]. - The local crystal industry has evolved into a comprehensive supply chain covering raw material procurement, design, production, marketing, and logistics [8]. Group 2: Silicon Industry - Donghai County has developed a significant silicon industry, with 85% of the national quartz material production enterprises located there, and over 600 silicon industrial companies [12]. - The market shares for high-purity quartz sand, quartz glass products, and fused quartz in China are 90%, 80%, and 70% respectively [12]. - The region's silicon industry has been recognized as a national high-tech industry base and has received various governmental approvals to enhance its development [12][14]. Group 3: New Materials Development - Lianyungang's new materials industry is projected to achieve a production value of 89.1 billion yuan in 2024, establishing itself as a highland for new materials in China [30]. - The city is focusing on creating a comprehensive new materials ecosystem that connects upstream raw materials with downstream applications, enhancing supply chain resilience [34][36]. - The establishment of various public service platforms for carbon fiber and silicon materials indicates a commitment to technological innovation and industry support [32].

Core Insights - The report highlights the integration of Grok voice assistant into Tesla's humanoid robot Optimus V3, marking a significant advancement in human-machine interaction [6] - The opening of the world's largest embodied intelligence data factory by Paccini in Tianjin aims to address the scarcity of high-quality datasets crucial for the development of robotics [6] - Yushu Technology has reported annual revenue exceeding 1 billion RMB, indicating strong growth and successful C-round financing [6] - The People's Daily emphasizes the need to eliminate "involution" competition to achieve high-quality development, advocating for market-oriented reforms [6] - In May 2025, the National Energy Administration issued 21.5 million green certificates, with an average trading price of 2.73 RMB per certificate, reflecting a 18.12% increase month-on-month [6] Market Trends - The report provides an overview of the domestic market indices, with the Shanghai Composite Index closing at 3,457.75, up 0.39% [5] - The prices of polysilicon and silicon wafers remain under pressure, with polysilicon prices stable at 35.0 RMB/kg and silicon wafer prices declining [8] - Battery cell prices have also decreased, with N-type battery cells averaging 0.235 RMB/W, down 2.1% from the previous week [8] - The report notes that the market for photovoltaic components is facing high uncertainty, with many manufacturers reducing production [8] Investment Recommendations - The report recommends focusing on companies involved in BC new technology, supply-side improvements, overseas expansion, and domestic substitution [8] - Specific companies highlighted for investment include Aiko, Longi Green Energy, and Xinyi Solar, among others [8] - It suggests actively monitoring companies related to humanoid robots, such as UBTECH and KOLI [8]

Investment Rating - The report maintains a "Synchronize with the Market - A" rating for the electric equipment and new energy industry [1] Core Viewpoints - The electric equipment and new energy industry has shown a stable market performance over the past year, with various companies recommended for investment based on their growth potential and market positioning [1][2] - The report highlights the integration of AI technologies in the industry, such as the introduction of the Grok voice assistant in Tesla's humanoid robot, which may revolutionize human-machine interaction [1][2] - The report emphasizes the importance of breaking away from "involutionary competition" to achieve high-quality development in the industry, as stated by the People's Daily [4] Summary by Relevant Sections Preferred Stocks - The report lists several preferred stocks with ratings, including: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.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 [2] Market Trends - The report notes a decline in prices across various segments of the solar industry, including polysilicon, silicon wafers, battery cells, and modules, indicating a bearish market sentiment [6][7][8][9] - The average price of polysilicon is reported at 35.0 CNY/kg, while silicon wafer prices have decreased by 3.2% for N-type wafers [6][7] - Battery cell prices have also seen a decline, with N-type cells priced at 0.235 CNY/W, reflecting ongoing inventory accumulation and weak downstream demand [8] Investment Recommendations - The report recommends focusing on companies with innovative technologies and strong market positions, such as Aishuo Co., Ltd. and Longi Green Energy for BC new technology, and Flat Glass Group for supply-side improvements [10] - Companies with overseas expansion strategies, such as Hengdian East Magnetic and Sungrow Power Supply, are also highlighted as potential investment opportunities [10] - The report suggests monitoring companies involved in humanoid robotics, including UBTECH and other related firms [10]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 47.00 CNY [5][11]. Core Insights - The semiconductor business has become the core growth driver for the company, with significant advancements in semiconductor sand certification. The importance of self-sufficiency has become more pronounced amid external uncertainties, and domestic substitution is expected to accelerate [2][11]. - The company has achieved breakthroughs in semiconductor-grade high-purity sand certification, which is crucial for semiconductor materials. This positions the company favorably in a market dominated by a few global suppliers [11]. - The photovoltaic business is stabilizing after a period of adjustment, with a focus on risk control. The price of high-purity sand has reached a bottom, and there is potential for recovery as the photovoltaic industry undergoes inventory reduction and capacity adjustments [11]. Financial Summary - Revenue projections show a significant increase in 2023, with expected revenue of 7,184 million CNY, followed by a sharp decline in 2024 to 1,210 million CNY, and gradual recovery in subsequent years [4][12]. - Net profit for 2023 is projected at 5,039 million CNY, with a drastic decrease to 334 million CNY in 2024, before recovering to 1,105 million CNY by 2027 [4][12]. - The earnings per share (EPS) is expected to drop to 0.62 CNY in 2024, with a gradual increase to 2.04 CNY by 2027 [4][12]. Market Data - The current stock price is 36.09 CNY, with a 52-week price range of 21.60-43.68 CNY. The total market capitalization is 19,549 million CNY [6][11]. - The company has a net asset value per share of 10.74 CNY, with a price-to-book ratio of 3.4 [7][11]. Industry Context - The semiconductor industry is experiencing a shift towards domestic suppliers due to geopolitical tensions, highlighting the importance of local sourcing for critical materials [11]. - The company is actively working on localizing its supply chain for semiconductor quartz materials, which is expected to enhance its competitive position in the market [11].

Core Viewpoint - The A500 ETF fund is closely tracking the CSI A500 Index, which reflects the overall performance of the most representative listed companies across various industries in China, with a focus on large market capitalization and liquidity [2][4]. Group 1: Market Performance - As of June 20, 2025, the CSI A500 Index rose by 0.04%, with notable increases in stocks such as Watson Bio (+6.51%) and Quartz Co. (+5.56%) [1]. - The A500 ETF fund's latest price is 0.94 yuan, with a trading volume of 12.47 billion yuan and a turnover rate of 8.16% [1]. - Over the past year, the A500 ETF fund has achieved an average daily trading volume of 35.81 billion yuan, ranking first among comparable funds [1]. Group 2: Fund Size and Composition - The current size of the A500 ETF fund is 152.45 billion yuan [1]. - As of May 30, 2025, the top ten weighted stocks in the CSI A500 Index account for 21.21% of the index, including Kweichow Moutai (4.28%) and CATL (2.96%) [2][4]. Group 3: Market Outlook - Central China Securities anticipates that the core drivers of the equity market in the second half of 2025 will include ongoing policy benefits, improved liquidity conditions, and a gradual economic recovery [1]. - The focus will be on technology innovation and domestic demand stimulation, with expectations of increased policy support for new productive forces [1].

证券代码：603688 证券简称：石英股份 公告编号：临 2025-027 江苏太平洋石英股份有限公司 关于董事会秘书离任及聘任董事会秘书的公告 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： 根据《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》等有关规定，吕良益先生的辞任申请自董事会收到辞职报告时生 效。吕良益先生所负责的工作已经妥善交接，其职务变动不会对公司正常经营活 动产生不利影响。 截至本公告披露日，吕良益先生直接持有公司 95,625 股股票。辞职后，吕 良益先生将继续按照相关法律、法规及规范性文件的规定对其股份进行管理。 吕良益先生在担任公司董事会秘书期间恪尽职守、勤勉尽责，为公司经营管 理做出了突出贡献。公司及董事会对吕良益先生在任职期间为公司所做的贡献表 示衷心感谢！ 1 姓名 离任职务 离任时间 原定任期到 期日 离任原因 是否继续在上市 公司及其控股子 公司任职 具体职务 是否存在未 履行完毕的 公开承诺 吕良益 董事会秘 书 2025 年 06 月 15 ...