金融界消息 截至2025年8月25日收盘，三孚股份（603938）报收于14.8元，下跌0.74%，换手率1.95%， 成交量7.44万手，成交金额1.10亿元。 天眼查商业履历信息显示，唐山三孚硅业股份有限公司，成立于2006年，位于唐山市，是一家以从事化 学原料和化学制品制造业为主的企业。企业注册资本38262.4497万人民币，实缴资本38262.4497万人民 币。公司法定代表人为孙任靖。 通过天眼查大数据分析，唐山三孚硅业股份有限公司共对外投资了9家企业，参与招投标项目5000次， 知识产权方面有商标信息11条，专利信息137条，此外企业还拥有行政许可198个。 来源：金融界 资金流向方面，今日主力资金净流出1610.33万元，占比成交额14.59%。其中，超大单净流出476.98万 元、占成交额4.32%，大单净流出1133.35万元、占成交额10.27%，中单净流出流入804.85万元、占成交 额7.29%，小单净流入805.48万元、占成交额7.3%。 三孚股份最新一期业绩显示，截至2025中报，公司营业总收入10.08亿元、同比增长11.18%，归属净利 润3845.84万元，同比减少5.6 ...

公募基金方面，本期较上一季度新披露的公募基金共计1个，即易方达易百智能量化策略混合A。本期 较上一季未再披露的公募基金共计1个，即富国稳健增强债券A/B。 2025年8月21日，三孚股份(603938.SH)发布2025年半年度报告。截至2025年8月20日，共有3个机构投资 者披露持有三孚股份A股股份，合计持股量达1.02亿股，占三孚股份总股本的26.72%。其中，机构投资 者包括唐山元亨科技有限公司、香港中央结算有限公司、易方达易百智能量化策略混合A，机构投资者 合计持股比例达26.72%。相较于上一季度，机构持股比例合计下跌了0.22个百分点。 ...

证券代码：603938 证券简称：三孚股份 公告编号：2025-039 注2：硅系列产品产量、硅烷偶联剂产品产量不含公司内部消耗量。 注3：以上销售金额为不含税金额。硅系列产品新增气相二氧化硅、四氯化硅， 并调整同期可比数据，下同。 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 | 主要产品 | 2025年1-6月 平均售价（元/吨） | 2024年1-6月 平均售价（元/吨） | 变动幅度（%） | | --- | --- | --- | --- | | 硅系列产品 | 5,099.61 | 5,871.24 | -13.14 | | 钾系列产品 | 5,116.20 | 4,659.43 | 9.80 | | 硅烷偶联剂产品 | 12,914.28 | 14,336.41 | -9.92 | 唐山三孚硅业股份有限公司 2025年半年度主要经营数据公告 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个别及连带责任。 本公司根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》 第十三号—化工和相关通知的 ...

证券代码：603938 证券简称：三孚股份 公告编号：2025-041 公司根据《企业会计准则》和公司会计政策的相关规定，对公司及下属子公 司的各类资产进行了全面检查和减值测试，认为部分资产存在一定的减值迹象， 本着谨慎性原则，对公司截至 2025 年 6 月 30 日合并报表范围内有关资产计提相 应的减值准备。2025 年 1-6 月，公司计提各类减值准备合计 7,070,576.84 元， 具体情况如下： | 项目 | 2025 年 1-6 月计提金额（元） | | --- | --- | | 信用减值损失-应收账款 | 2,402,631.58 | | 信用减值损失-其他应收款 | -72,690.76 | | 信用减值损失-应收票据 | -8,587.65 | | 资产减值损失-存货 | 4,749,223.67 | | 合计 | 7,070,576.84 | 二、公司计提资产减值准备的具体情况 （一）信用减值准备 1、应收账款、应收票据坏账准备 唐山三孚硅业股份有限公司 关于计提资产减值准备的公告 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、 ...

证券代码：603938 证券简称：三孚股份 公告编号：2025-038 唐山三孚硅业股份有限公司 第五届董事会第十五次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 唐山三孚硅业股份有限公司（以下简称"公司"）第五届董事会第十五次会 议于 2025 年 8 月 20 日在公司会议室举行，本次会议以现场结合通讯表决方式召 开。本次董事会已于 2025 年 8 月 10 日以电子邮件、电话等方式通知全体董 事、监事、高级管理人员。会议由董事长孙任靖先生召集并主持，本次董事 会会议应到董事 7 名，实到董事 7 名，公司监事和高级管理人员列席了本次会议。 本次董事会参与表决人数及召集、召开程序符合《公司法》和《公司章程》的有 关规定，合法有效。 具体内容详见公司在上海证券交易所网站（http://www.sse.com.cn）及公 司指定信息披露媒体《证券日报》上披露的《2025 年半年度报告》及《2025 年 半年度报告摘要》。 表决结果：同意票 7 票，反对票 0 票，弃权票 0 票。 ...

唐山三孚硅业股份有限公司 信息披露暂缓与豁免业务管理制度 （2025 年 8 月修订） 第一条 为了规范唐山三孚硅业股份有限公司（以下简称"公司"）信息披 露暂缓与豁免行为，督促公司依法合规履行信息披露义务，根据《证券法》、《上 海证券交易所股票上市规则》（以下简称"《股票上市规则》"）、《上市公司 信息披露暂缓与豁免管理规定》等规定，制定本制度。 第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报告、 临时报告中豁免披露中国证券监督管理委员会（以下简称中国证监会）和证券交 易所规定或者要求披露的内容，适用本制度。 第三条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平地 披露信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实 施内幕交易、操纵市场等违法行为。 第四条 公司和其他信息披露义务人应当审慎确定信息披露暂缓、豁免事项， 履行内部审核程序后实施。 暂缓、豁免事项的范围原则上应当与公司股票首次在证券交易所上市时保持 一致，在上市后拟增加暂缓、豁免披露事项的，应当有确实充分的证据。 第五条 公司和其他信息披露义务人有确实充分的证据证明拟披露的信息 涉及国家秘密或者其 ...

证券代码：603938 证券简称：三孚股份 公告编号：2025-042 唐山三孚硅业股份有限公司 关于召开2025年半年度业绩说明会的公告 投资者可于2025年08月21日(星期四)至08月27日(星期三)16:00前登录上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 zhangyanhong@tssunfar.com进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 唐山三孚硅业股份有限公司（以下简称"公司"）已于2025年8月21日发布 公司2025年半年度报告，为便于广大投资者更全面深入地了解公司2025年半年度 经营成果、财务状况，公司计划于2025年8月28日下午16:00-17:00举行2025年半 年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对2025年半年度经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 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 ...

[Glossary](index=4&type=section&id=Section%201%20Glossary) This chapter defines professional terms and company entity abbreviations used in the report, covering key products such as trichlorosilane, silicon tetrachloride, silane coupling agents, and potassium hydroxide, providing a foundation for understanding the report content - This chapter primarily explains the professional terms and company entity abbreviations used in the report, covering the company's main products like trichlorosilane, silicon tetrachloride, silane coupling agents, and potassium hydroxide, providing a basis for understanding the report content[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's fundamental information and a summary of its key financial performance during the reporting period [Company Basic Information](index=5&type=section&id=I.%20Company%20Information) This chapter provides the company's basic business registration information, including its Chinese and English names, legal representative, contact details, and registered and office addresses Company Basic Information | Item | Information | | :--- | :--- | | **Company Name** | Tangshan Sanfu Siyuan Co., Ltd. (Sanfu Stock) | | **Stock Code** | 603938 (A-share, Shanghai Stock Exchange) | | **Legal Representative** | Sun Renjing | | **Registered Address** | No. 512, Xiwang Road, Nanpu Development Zone, Tangshan City | [Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Company%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased year-on-year, but net profit attributable to shareholders slightly declined, while net cash flow from operating activities significantly grew, indicating improved operational quality 2025 H1 Key Financial Data | Key Accounting Data | Current Reporting Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 1,008,037,828.70 | 906,641,480.21 | 11.18% | | **Net Profit Attributable to Shareholders** | 38,458,409.75 | 40,741,068.73 | -5.60% | | **Net Profit Attributable to Shareholders (Excl. Non-recurring Items)** | 33,350,884.72 | 29,794,983.20 | 11.93% | | **Net Cash Flow from Operating Activities** | 22,305,655.87 | 9,903,698.49 | 125.23% | | **Basic Earnings Per Share (yuan/share)** | 0.10 | 0.11 | -9.09% | | **Weighted Average Return on Net Assets (%)** | 1.57 | 1.69 | Decrease of 0.12 percentage points | - Non-recurring gains and losses totaled **5.11 million yuan** during the reporting period, primarily from government subsidies and wealth management income[21](index=21&type=chunk)[23](index=23&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry, main business operations, core competencies, and financial performance during the reporting period [Industry and Main Business](index=7&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company operates in the chemical raw materials and chemical products manufacturing industry, having established a circular economy model centered on silicon series products and supplemented by potassium series products - The company's business core is a circular economy model, where silicon and potassium series product production systems mutually support each other, enabling closed-loop material circulation, effectively reducing production costs, and enhancing environmental benefits[24](index=24&type=chunk) - The company offers a diverse product line covering multiple high-growth sectors: - **Trichlorosilane**: Primarily used in photovoltaic polysilicon and silane coupling agents[25](index=25&type=chunk) - **High-purity Silicon Tetrachloride**: Used for optical fiber preforms, having achieved import substitution and exports to Europe[26](index=26&type=chunk) - **Electronic Specialty Gases**: Including electronic-grade dichlorosilane, these are crucial materials for the semiconductor industry and are gradually achieving scaled supply[27](index=27&type=chunk) - **Silane Coupling Agents**: Widely applied downstream, the company aims to be a leading domestic producer[29](index=29&type=chunk) - **Potassium Hydroxide**: A new project with an annual capacity of **120,000 tons** has commenced production, further completing the circular economy chain[30](index=30&type=chunk) [Discussion and Analysis of Operations](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Conditions) In the first half of 2025, facing a complex market environment, the company achieved operating revenue of **1.008 billion yuan**, a year-on-year increase of **11.18%**, with net profit attributable to shareholders decreasing by **5.60%** to **38.46 million yuan** - The company's new **120,000 tons/year** potassium hydroxide (100% basis) project officially entered production in May 2025, with rapid capacity ramp-up, leading to a **70%** year-on-year increase in potassium hydroxide product output to **64,300 tons** during the reporting period[33](index=33&type=chunk) - By leveraging its circular economy advantages, the company achieved efficient production of other products despite weakening downstream demand for trichlorosilane and similar products; silane coupling agent output increased by **20%** year-on-year, sales increased by **30%** year-on-year; potassium sulfate capacity utilization exceeded **90%**; and fumed silica products reached full production[34](index=34&type=chunk)[35](index=35&type=chunk) - The company actively practices green development, enhancing resource recovery rates and reducing raw material consumption through technological upgrades, with some silane coupling agent products obtaining ISO 14067 product carbon footprint certification[36](index=36&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies are primarily reflected in its unique circular economy model, advanced technology and processes, stringent quality control system, significant logistics and location advantages, stable raw material supply, and prominent scale and brand advantages - **Circular Economy Model**: A core competitive advantage, extending the industrial chain to enable efficient material utilization across production systems, achieving cost reduction, efficiency improvement, and environmental benefits[37](index=37&type=chunk) - **Technology and Quality Advantages**: Employs various advanced production processes with high automation levels; the company participates in revising multiple national standards and has obtained ISO9001, IATF16949, and other quality system certifications[38](index=38&type=chunk)[39](index=39&type=chunk) - **Logistics and Supply Advantages**: Possesses a subsidiary with hazardous chemical transportation qualifications, reducing transportation costs; located in Tangshan Nanpu Development Zone, close to three major ports, facilitating raw material imports and product exports[39](index=39&type=chunk)[40](index=40&type=chunk) [Analysis of Key Operating Conditions](index=12&type=section&id=IV.%20Key%20Operating%20Conditions%20During%20the%20Reporting%20Period) This chapter provides a detailed analysis of the company's operating performance in the first half of the year, covering financial data changes, asset-liability structure, and investment status [Analysis of Financial Statement Item Changes](index=12&type=section&id=1.%20Analysis%20Table%20of%20Changes%20in%20Financial%20Statement%20Items) During the reporting period, both the company's revenue and costs increased, but cost growth outpaced revenue growth, leading to pressure on gross margins Profit Statement and Cash Flow Statement Key Item Changes | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 1,008,037,828.70 | 906,641,480.21 | 11.18 | - | | **Operating Cost** | 863,195,888.83 | 756,696,785.83 | 14.07 | - | | **Selling Expenses** | 27,052,220.14 | 15,536,298.27 | 74.12 | Primarily due to increased technical service fees in the current period | | **Financial Expenses** | -1,256,044.70 | 3,958,822.04 | -131.73 | Primarily due to repayment of borrowings at the end of the prior year, leading to reduced interest expenses in the current period | | **Net Cash Flow from Operating Activities** | 22,305,655.87 | 9,903,698.49 | 125.23 | Primarily due to increased cash received from sales of goods and provision of services | [Analysis of Assets and Liabilities](index=12&type=section&id=1.%20Assets%20and%20Liabilities%20Status) At the end of the reporting period, the company's total assets increased by **3.61%** compared to the end of the previous year, with a significant change in asset structure as construction in progress substantially decreased by **83.03%** due to the capitalization of the potassium hydroxide project Balance Sheet Key Item Changes | Item Name | Current Period End (yuan) | Prior Year End (yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | **Accounts Receivable** | 158,578,042.27 | 119,449,387.45 | 32.76 | Primarily due to increased sales of silane coupling agents and longer collection cycles for some | | **Prepayments** | 43,992,117.26 | 26,306,809.72 | 67.23 | Primarily due to increased prepayments for raw materials at period-end | | **Construction in Progress** | 66,780,199.70 | 393,415,853.07 | -83.03 | Primarily due to the capitalization of the new potassium hydroxide project in the current period | | **Taxes Payable** | 10,894,159.05 | 4,294,150.92 | 153.70 | Primarily due to increased VAT and corporate income tax payable at period-end | [Risk Analysis](index=17&type=section&id=(I)%20Potential%20Risks) The company faces key risks including intensified market competition, raw material price fluctuations, exchange rate volatility, production safety, and tightening environmental policies - The company faces key operational risks including: - **Market Competition Risk**: Main product markets are highly competitive, potentially leading to price and gross margin declines[51](index=51&type=chunk) - **Raw Material Price Fluctuation Risk**: Key raw materials constitute a high proportion of costs, and price fluctuations significantly impact gross margins[52](index=52&type=chunk) - **Exchange Rate Fluctuation Risk**: Export business is primarily settled in USD, exposing the company to exchange rate volatility[53](index=53&type=chunk) - **Production Safety Risk**: Inherent risk in the chemical industry, involving hazardous chemicals[53](index=53&type=chunk) - **Environmental Protection Risk**: Stricter environmental standards may increase the company's operating costs[53](index=53&type=chunk) ["Quality Improvement, Efficiency Enhancement, and High Returns" Action Plan Progress](index=18&type=section&id=(II)%20Other%20Disclosure%20Matters) The company actively responded to the "Quality Improvement, Efficiency Enhancement, and High Returns" initiative, making progress in focusing on its main business, investor returns, corporate governance, and investor relations management - The company prioritizes investor returns, completing the 2024 annual equity distribution on June 13, 2025, with a cash dividend of **6.48 million yuan**[54](index=54&type=chunk) - To protect investor interests and establish a long-term incentive mechanism, the company completed a share repurchase, accumulating **1.41 million shares**, representing **0.37%** of total share capital, with a total payment of **17.01 million yuan**[56](index=56&type=chunk) [Corporate Governance, Environment, and Society](index=20&type=section&id=Section%204%20Corporate%20Governance,%20Environment,%20and%20Society) This section details changes in the company's senior management and its environmental information disclosure practices [Changes in Directors, Supervisors, and Senior Management](index=20&type=section&id=I.%20Changes%20in%20the%20Company's%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, the company experienced personnel changes in its senior management, with Mr. Wan Baofeng resigning from his positions and Mr. Dong Liqiang being appointed as the new General Manager - Mr. Wan Baofeng resigned from his positions as company director, general manager, and member of the Board's Strategic Development Committee due to personal reasons[59](index=59&type=chunk)[60](index=60&type=chunk) - The company appointed Mr. Dong Liqiang as General Manager and elected Mr. Dai Shuai as a worker director to the Fifth Board of Directors[59](index=59&type=chunk)[60](index=60&type=chunk) [Environmental Information Disclosure](index=21&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Main%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company and two of its main subsidiaries (Tangshan Sanfu Electronic Materials Co., Ltd. and Tangshan Sanfu New Materials Co., Ltd.) are included in the list of enterprises required to disclose environmental information by law, demonstrating the company's transparency and social responsibility in environmental protection - The company and two subsidiaries are included in the list of enterprises required to disclose environmental information by law, with relevant reports available on the Hebei Enterprise Environmental Information Disclosure System[62](index=62&type=chunk) [Significant Matters](index=22&type=section&id=Section%205%20Significant%20Matters) This section covers the fulfillment of commitments by related parties and the company's significant guarantee situations [Fulfillment of Commitments](index=22&type=section&id=(I)%20Commitments%20by%20the%20Company's%20Actual%20Controller,%20Shareholders,%20Related%20Parties,%20Acquirers,%20and%20Other%20Committed%20Parties%20During%20or%20Continuing%20into%20the%20Reporting%20Period) During the reporting period, the company's controlling shareholder, actual controller, directors, supervisors, and senior management strictly fulfilled their commitments made during the initial public offering regarding avoiding horizontal competition and regulating related-party transactions - The "Commitment Letter to Avoid Horizontal Competition" and "Commitment Letter Regarding Regulation of Related-Party Transactions" issued by the company's controlling shareholder, actual controller Mr. Sun Renjing, and other related parties are still in effect, with no violations during the reporting period[66](index=66&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk) [Significant Guarantees](index=27&type=section&id=(II)%20Significant%20Guarantees%20Performed%20and%20Unfulfilled%20During%20the%20Reporting%20Period) During the reporting period, all of the company's external guarantees were provided to its controlled subsidiary, Sanfu New Materials, with a period-end guarantee balance of **110 million yuan** for the subsidiary, representing **4.47%** of the company's net assets, indicating controllable risk Company Guarantee Total | Item | Amount (ten thousand yuan) | | :--- | :--- | | Total guarantees provided to subsidiaries during the reporting period | 6,000 | | Total outstanding guarantees to subsidiaries at period-end (B) | 11,000 | | Total Guarantees (A+B) | 11,000 | | Ratio of total guarantees to company net assets (%) | 4.47 | [Share Changes and Shareholder Information](index=28&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) This section provides details on the company's shareholder structure and changes in shareholdings of directors, supervisors, and senior management [Shareholder Information](index=28&type=section&id=(II)%20Table%20of%20Shareholdings%20of%20Top%20Ten%20Shareholders%20and%20Top%20Ten%20Circulating%20Shareholders%20(or%20Non-Restricted%20Shareholders)%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company had **24,770** shareholders, with the top two shareholders, Sun Renjing and Tangshan Yuanheng Technology Co., Ltd., acting in concert and holding a combined **66.55%** of shares, indicating a highly concentrated equity structure - As of the end of the reporting period, the total number of common shareholders was **24,770**[81](index=81&type=chunk) Top Two Shareholders' Shareholdings | Shareholder Name | Shares Held at Period-End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Sun Renjing | 153,649,738 | 40.16 | Domestic Natural Person | | Tangshan Yuanheng Technology Co., Ltd. | 100,964,261 | 26.39 | Domestic Non-State-Owned Legal Person | | **Total** | **254,613,999** | **66.55** | **Concerted Parties** | [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=30&type=section&id=(I)%20Changes%20in%20Shareholdings%20of%20Current%20and%20Departed%20Directors,%20Supervisors,%20and%20Senior%20Management%20During%20the%20Reporting%20Period) During the reporting period, the company's Chairman, Mr. Sun Renjing, increased his shareholding by **134,542** shares through centralized bidding, demonstrating management's confidence in the company's future development - Company Chairman Sun Renjing increased his shareholding by **134,542 shares** through centralized bidding during the reporting period, bringing his total shares held at period-end to **153,649,738 shares**[87](index=87&type=chunk) [Bond-Related Information](index=31&type=section&id=Section%207%20Bond-Related%20Information) This section provides an overview of the company's corporate bond situation [Corporate Bond Information](index=31&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments - The company had no corporate bonds or non-financial enterprise debt financing instruments during this reporting period[89](index=89&type=chunk) [Financial Report](index=32&type=section&id=Section%208%20Financial%20Report) This section presents the company's financial statements, significant accounting policies, taxation details, and notes to the consolidated financial statement items [Financial Statements](index=32&type=section&id=II.%20Financial%20Statements) This chapter provides unaudited consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity [Consolidated Balance Sheet](index=32&type=section&id=Consolidated%20Balance%20Sheet) As of the end of the reporting period, the company's total assets were **3.218 billion yuan**, an increase of **3.61%** from the end of the previous year, with net assets attributable to shareholders of **2.459 billion yuan**, up **1.32%** Balance Sheet Key Items | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Assets** | 3,217,582,846.03 | 3,105,380,127.91 | 3.61% | | **Total Liabilities** | 756,929,583.45 | 676,596,069.16 | 11.87% | | **Total Equity Attributable to Parent Company Owners** | 2,458,611,229.39 | 2,426,616,338.97 | 1.32% | [Consolidated Income Statement](index=36&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company achieved total operating revenue of **1.008 billion yuan**, a year-on-year increase of **11.18%**, but profit before tax decreased by **6.79%** and net profit attributable to shareholders decreased by **5.60%** to **38.46 million yuan** Income Statement Core Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | 1,008,037,828.70 | 906,641,480.21 | 11.18% | | **Total Operating Costs** | 964,679,243.82 | 860,228,421.31 | 12.14% | | **Total Profit** | 44,855,439.68 | 48,124,566.94 | -6.79% | | **Net Profit Attributable to Parent Company Shareholders** | 38,458,409.75 | 40,741,068.73 | -5.60% | [Consolidated Cash Flow Statement](index=40&type=section&id=Consolidated%20Cash%20Flow%20Statement) During the reporting period, net cash flow from operating activities was **22.31 million yuan**, a significant year-on-year increase of **125.23%**, primarily due to increased cash received from sales Cash Flow Statement Key Data | Item | H1 2025 (yuan) | H1 2024 (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | 22,305,655.87 | 9,903,698.49 | 125.23% | | **Net Cash Flow from Investing Activities** | 40,234,496.89 | 113,139,544.48 | -64.44% | | **Net Cash Flow from Financing Activities** | 7,426,988.63 | -91,394,616.86 | Not Applicable | | **Net Increase in Cash and Cash Equivalents** | 70,803,789.30 | 33,574,580.88 | 110.89% | [Significant Accounting Policies and Estimates](index=53&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This chapter details the company's fundamental accounting principles, accounting period, and functional currency, along with specific accounting policies and estimates for financial instruments, inventories, fixed assets, intangible assets, revenue recognition, and government grants - Financial statements are prepared on a going concern basis, with the accounting year from January 1 to December 31 of the Gregorian calendar, and the functional currency is Renminbi[123](index=123&type=chunk)[127](index=127&type=chunk)[129](index=129&type=chunk) - Revenue recognition policy: The company recognizes revenue when customers obtain control of the related goods, specifically detailing recognition points for delivery, customer pickup, and export sales models[193](index=193&type=chunk)[194](index=194&type=chunk) - Financial instrument impairment: The company accrues loss provisions for financial assets like accounts receivable based on expected credit losses; for accounts receivable without significant financing components, the simplified approach is used, accruing expected credit losses over the entire lifetime[144](index=144&type=chunk)[145](index=145&type=chunk) [Taxation](index=74&type=section&id=VI.%20Taxation) The company's main taxes include Value-Added Tax and Corporate Income Tax; the parent company and two subsidiaries (Sanfu Electronic Materials, Sanfu New Materials) enjoy a **15%** preferential corporate income tax rate due to their high-tech enterprise certifications - The parent company and its subsidiaries, Tangshan Sanfu Electronic Materials Co., Ltd. and Tangshan Sanfu New Materials Co., Ltd., are high-tech enterprises, and their corporate income tax is levied at a reduced rate of **15%**[207](index=207&type=chunk) - Some subsidiaries qualify as small-scale profit-making enterprises or small-scale taxpayers, enjoying various tax reductions and exemptions for income tax, urban maintenance and construction tax, and education surcharges[208](index=208&type=chunk)[209](index=209&type=chunk) [Notes to Consolidated Financial Statement Items](index=76&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed notes and explanations for key items in the consolidated financial statements, with significant changes in construction in progress reflecting the progress of major projects - **Construction in Progress**: Period-end balance of **53.41 million yuan**, a significant decrease from **384 million yuan** at the beginning of the period, primarily due to the "New 120,000 tons/year Potassium Hydroxide Project" and "110KVA Two-Way Power Line and Substation Renovation" project being capitalized into fixed assets, totaling approximately **354 million yuan**[275](index=275&type=chunk)[277](index=277&type=chunk) - **Accounts Receivable**: Period-end book balance of **173 million yuan**, with a bad debt provision of **14.80 million yuan**; accounts within 1 year of aging constitute **95.76%**[224](index=224&type=chunk)[225](index=225&type=chunk) - **Assets with Restricted Ownership or Use Rights**: Period-end book value totaled **186 million yuan**, primarily including **25.95 million yuan** in margin deposits for bill acceptance and **160 million yuan** in notes receivable and accounts receivable financing pledged, endorsed, or discounted for bill pools[297](index=297&type=chunk)

Core Points - Tangshan Sanfu New Materials Co., Ltd. was fined 350,000 RMB for unauthorized construction of safety facilities related to its expansion project [1][2] - The company specializes in functional silane raw materials, intermediates, and downstream products, and is a significant part of the organic silicon industry segment of Tangshan Sanfu Silicon Industry Co., Ltd. [2] - As of August 12, 2025, Tangshan Sanfu Silicon Industry Co., Ltd. announced the release of a guarantee amounting to 50 million RMB for Tangshan Sanfu New Materials, with total external guarantees at 60 million RMB, representing 2.47% of the company's latest audited net assets [4] Company Overview - Tangshan Sanfu New Materials Co., Ltd. operates on a 500-acre site and employs around 500 specialized technical staff, making it one of the larger functional silane production companies in Northern China [2] - The company is involved in the research, production, and sales of specialty chemicals, particularly focusing on functional silanes [2]

Summary of Key Points Core Viewpoint - Sanfu Co., Ltd. (603938) has shown a slight increase in stock price, reflecting a stable market position and recent financial maneuvers aimed at reducing liabilities and enhancing liquidity [1]. Company Announcements - Sanfu Co., Ltd. has released an announcement regarding the termination of a guarantee for its subsidiary, Tangshan Sanfu New Materials Co., Ltd., amounting to 50 million RMB, reducing the total guarantee amount to 60 million RMB [1]. - On August 10, 2023, the company signed a credit agreement with China Merchants Bank for a bill pool business with a credit limit of 50 million RMB, valid from August 10, 2023, to August 9, 2025 [1]. - The company has also entered into a maximum pledge contract with China Merchants Bank, using its held bills, deposits, and certificates as collateral for financing activities, with a maximum pledge amount of 50 million RMB [1]. - As of the announcement date, the total external guarantee amount stands at 60 million RMB, which is 2.47% of the company's latest audited net assets, with no overdue guarantees reported [1].