[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)

三孚股份公告，2025年上半年营业收入10.08亿元，同比增长11.18%。净利润3845.84万元，同比下降 5.60%。 ...

格隆汇8月20日丨三孚股份(603938.SH)公布2025年半年度报告，报告期公司本期实现营业收入10.08亿 元，同比增长11.18%； 归属于上市公司股东的净利润3845.84万元，同比下降5.60%；归属于上市公司 股东的扣除非经常性损益的净利润3335.09万元，同比增幅11.93%；基本每股收益0.1元。 ...

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]

Market Overview - On August 18, the chemical raw materials sector rose by 0.37% compared to the previous trading day, with Kaisheng New Materials leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Top Performers - Kaisheng New Materials (301069) closed at 25.59, up 6.27% with a trading volume of 541,300 shares and a transaction value of 1.332 billion yuan [1] - Zhenhua Co., Ltd. (603067) closed at 18.00, up 6.19% with a trading volume of 328,400 shares [1] - Shanshui Technology (301190) closed at 26.00, up 5.43% with a trading volume of 68,600 shares [1] Underperformers - Jinfeng Titanium Industry (000545) closed at 3.18, down 5.07% with a trading volume of 1,611,100 shares and a transaction value of 515 million yuan [2] - Sanyou Chemical (600409) closed at 5.71, down 1.38% with a trading volume of 266,600 shares [2] - Jineng Technology (603113) closed at 7.97, down 1.36% with a trading volume of 252,600 shares [2] Capital Flow - The chemical raw materials sector experienced a net outflow of 263 million yuan from main funds, while speculative funds saw a net inflow of 386 million yuan, and retail investors had a net outflow of 123 million yuan [2] - Notable capital inflows included Huayi Group (600623) with a net inflow of 51.48 million yuan from main funds [3] - Zhenhua Co., Ltd. (603067) also saw a significant net inflow of 43.01 million yuan from main funds [3]

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].

证券代码：603938 证券简称：三孚股份 公告编号：2025-037 唐山三孚硅业股份有限公司 关于解除部分为控股子公司担保的公告 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个别及连带责任。 （http://www.sse.com.cn）及公司指定信息披露媒体《证券日报》上披露的《关 于为控股子公司提供担保的进展公告》（公告编号：2023-043） 已实际为其提供担保的余额：本次担保解除后，公司实际为其提供的担 保余额为 0.60 亿元（大写：人民币陆仟万元整） 截至本公告披露日，本公司无逾期对外担保 一、担保情况概述 （一）原担保情况概述 唐山三孚硅业股份有限公司（以下简称"公司"或"三孚股份"）于 2023 年 8 月 10 日与招商银行股份有限公司唐山分行（以下简称"招商银行"）签订 《票据池业务授信协议》（合同编号：315XY2023027600，以下简称"授信协议"）， 票据池业务授信额度为人民币 0.5 亿元。授信期间为 2023 年 8 月 10 日至 2025 年 8 月 9 日。控股子公司三孚新材料通过《授信额度 ...

Group 1 - The organic silicon concept sector rose by 2.51%, ranking third among concept sectors, with 33 stocks increasing in value, including Hongbai New Materials and Chenguang New Materials hitting the daily limit [1] - Notable gainers in the organic silicon sector included Silica Technology, which increased by 18.29%, and Chenghua Co., which rose by 8.09% [1] - The sector saw a net inflow of 321 million yuan from main funds, with 22 stocks experiencing net inflows, and Silica Technology leading with a net inflow of 229 million yuan [1] Group 2 - The top stocks by net inflow ratio included Chenguang New Materials at 50.01%, Hongbai New Materials at 19.28%, and Kangpeng Technology at 12.72% [2] - The organic silicon concept's top performers based on net inflow included Silica Technology with a net inflow of 228.72 million yuan and Hongbai New Materials with 45.05 million yuan [2] - Other significant stocks in the sector included He Sheng Silicon Industry and Chenguang New Materials, with net inflows of 37.25 million yuan and 36.21 million yuan, respectively [2]

Core Viewpoint - The special verification opinion issued by Beijing Tianyuan Law Firm confirms that Tangshan Sanfu Silicon Industry Co., Ltd.'s differentiated dividend distribution complies with relevant laws and regulations, ensuring no harm to the interests of the company and all shareholders [7]. Group 1: Reasons for Differentiated Dividend - The company plans to use its own funds to repurchase shares for employee stock ownership plans, with a total repurchase amount between RMB 15 million and RMB 30 million, and a maximum repurchase price of RMB 20 per share [2][3]. - As of April 30, 2025, the company has repurchased 1,406,700 shares, accounting for 0.37% of the total share capital [3]. Group 2: Calculation Basis for Differentiated Dividend - The total share capital of the company is 382,624,497 shares, and after deducting the repurchased shares, the actual participating share capital for distribution is 381,217,797 shares [5]. - The adjusted cash dividend per share is calculated as approximately RMB 0.01700 per share, based on the total cash dividend of RMB 6,480,736.55 [5][6]. Group 3: Compliance with Regulations - The differentiated dividend distribution meets the criteria that repurchased shares do not participate in the distribution and that the impact on the ex-dividend reference price is less than 1% [6]. - The conclusion states that the differentiated dividend distribution aligns with the Company Law, Securities Law, and self-regulatory guidelines, ensuring no detriment to the company or shareholders [7].

证券代码：603938 证券简称：三孚股份 公告编号：2025-036 唐山三孚硅业股份有限公司 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： ? 每股分配比例 A 股每股现金红利0.017元（含税），不转增股本，不送红股。 ? 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/12 | － | 2025/6/13 | 2025/6/13 | | ? 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 9 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东，公司回购专用证券账 户除外。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所上市公司 ...