Market Overview - The rubber sector experienced a decline of 1.75% on September 26, with Tian Tie Technology leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Zhen An Technology saw a significant increase of 8.95%, closing at 23.37, with a trading volume of 343,000 shares and a transaction value of 800.3 million [1] - Tian Tie Technology reported a sharp decline of 7.95%, closing at 7.99, with a trading volume of 460,700 shares and a transaction value of 381 million [2] - Other notable performers included Ke Long New Materials, which increased by 1.26%, and Shuangjian Co., which rose by 0.76% [1] Capital Flow - The rubber sector experienced a net outflow of 348 million from institutional investors, while retail investors saw a net inflow of 202 million [2] - The data indicates that retail investors are actively participating in the market despite the overall decline in the sector [2] Individual Stock Capital Flow - Hai Da Co. had a net inflow of 11.75 million from institutional investors, while it faced a net outflow of 12.81 million from retail investors [3] - Zhen An Technology had a net inflow of 9.76 million from institutional investors but saw a net outflow of 12.10 million from retail investors [3] - Shuangjian Co. experienced a net inflow of 1.95 million from retail investors, despite a net outflow from institutional investors [3]

Market Overview - On September 18, the rubber sector increased by 0.88%, led by Sanwei Equipment, while the Shanghai Composite Index closed at 3831.66, down 1.15% [1] - The Shenzhen Component Index closed at 13075.66, down 1.06% [1] Key Performers in Rubber Sector - Yiwai Equipment (831834) closed at 26.00, up 30.00% with a trading volume of 141,700 shares and a transaction value of 332 million [1] - Kexin New Source (300731) closed at 49.72, up 9.39% with a trading volume of 228,800 shares and a transaction value of 1.122 billion [1] - Sanwei Co. (603033) closed at 13.22, up 6.27% with a trading volume of 299,200 shares and a transaction value of 392 million [1] - Zhenan Technology (300767) closed at 23.70, up 5.52% with a trading volume of 316,300 shares and a transaction value of 754 million [1] Fund Flow Analysis - The rubber sector saw a net inflow of 39.38 million from main funds, while retail investors experienced a net outflow of 116 million [2] - Speculative funds had a net inflow of 76.45 million [2] Individual Stock Fund Flow - Zhenan Technology (300767) had a main fund net inflow of 68.72 million, with a retail net outflow of 64.88 million [3] - Kexin New Source (300731) had a main fund net inflow of 60.62 million, with a retail net outflow of 21.22 million [3] - Sanwei Co. (603033) had a main fund net inflow of 9.68 million, with a retail net outflow of 11.59 million [3]

证券代码：605183 证券简称：确成股份 公告编号：2025-041 确成硅化学股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 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 会议召开时间：2025 年 09 月 29 日 （星期一） 13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 （一） 会议召开时间：2025 年 09 月 29 日 （星期一） 13:00-14:00 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 董事长兼总经理：阙伟东 董事会秘书兼财务总监：王今 独立董事：章贵桥 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。 ...

Market Overview - On September 12, the rubber sector declined by 0.61%, with Li Tong Technology leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Notable gainers in the rubber sector included: - Yanggu Huatai (300121) with a closing price of 15.74, up 5.85% and a trading volume of 245,100 shares, totaling 372 million yuan [1] - Yuanxiang New Materials (301300) closed at 40.88, up 1.49% with a trading volume of 8,829 shares, totaling 35.86 million yuan [1] - Zhen'an Technology (300767) closed at 22.26, up 1.37% with a trading volume of 142,900 shares, totaling 316 million yuan [1] Fund Flow Analysis - The rubber sector experienced a net outflow of 7.28 million yuan from main funds, while retail funds saw a net inflow of 48.35 million yuan [2] - The overall net outflow from retail investors was 41.07 million yuan [2] Individual Stock Fund Flow - Key stocks with significant fund flow included: - Yanggu Huatai (300121) had a main fund net inflow of 29.59 million yuan, while retail investors had a net outflow of 24.07 million yuan [3] - Zhen'an Technology (300767) saw a main fund net inflow of 18.52 million yuan, with retail investors experiencing a net outflow of 19.85 million yuan [3] - Longxing Technology (002442) had a main fund net inflow of 4.65 million yuan, while retail investors had a net outflow of 2.56 million yuan [3]

Market Overview - The rubber sector experienced a decline of 0.34% on September 10, with Sanwei Equipment leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers in the rubber sector included: - Kexin New Source (300731) with a closing price of 45.01, up 4.38% and a trading volume of 136,100 shares, totaling 613 million yuan [1] - Tiantian Technology (300587) closed at 8.96, up 2.28% with a trading volume of 422,500 shares, totaling 376 million yuan [1] - Significant decliners included: - Sanwei Equipment (831834) which closed at 15.79, down 7.93% with a trading volume of 70,100 shares, totaling 113 million yuan [2] - Quancheng Shares (605183) closed at 20.55, down 3.20% with a trading volume of 29,600 shares, totaling 61.52 million yuan [2] Capital Flow - The rubber sector saw a net inflow of 13.648 million yuan from institutional investors, while retail investors contributed a net inflow of 56.306 million yuan [2] - However, speculative funds experienced a net outflow of 69.9536 million yuan [2] Individual Stock Capital Flow - Kexin New Source (300731) had a net inflow of 49.3875 million yuan from institutional investors, while it faced a net outflow of 23.2366 million yuan from speculative funds [3] - Sanwei Shares (603033) recorded a net inflow of 10.5857 million yuan from institutional investors, with a net outflow of 9.2531 million yuan from speculative funds [3] - Other notable stocks included: - Lian Ke Technology (001207) with a net inflow of 9.0254 million yuan from institutional investors [3] - Shuangjian Shares (002381) faced a net outflow of 1.8029 million yuan from institutional investors [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4][18]. Core Views - The company is expected to achieve stable overall profitability in the first half of 2025, supported by the gradual ramp-up of new production capacity [1][9]. - The company’s revenue for the first half of 2025 is reported at 1.113 billion yuan, a year-on-year increase of 3.87%, while the net profit attributable to shareholders is 276 million yuan, up 5.44% year-on-year [1][2]. - The report highlights that the company is leveraging increased production volume to offset price declines due to raw material cost fluctuations, resulting in stable gross margins [2][9]. Financial Summary - Revenue projections for the company are as follows: 2025E at 2.438 billion yuan, 2026E at 2.730 billion yuan, and 2027E at 3.004 billion yuan, with year-on-year growth rates of 10.9%, 12.0%, and 10.0% respectively [1][9]. - Net profit attributable to shareholders is projected to be 578 million yuan in 2025E, 666 million yuan in 2026E, and 776 million yuan in 2027E, with corresponding growth rates of 6.9%, 15.2%, and 16.5% [1][9]. - The report indicates a stable return on equity (ROE) forecasted at 15.3% for 2025E, 15.5% for 2026E, and 15.7% for 2027E [1][9]. Production and Capacity Expansion - The company is expected to gradually release new production capacity, with significant projects nearing completion, including a 70,000-ton water glass project and a 25,000-ton high-dispersion silica project in Thailand [8][9]. - The report notes that the company has already achieved commercial supply of biomass (rice husk) high-dispersion silica, enhancing its production capacity advantage [9]. Market Position and Competitive Advantage - The new projects are anticipated to strengthen the company's competitive position in the market, particularly in the biomass silica segment, while expanding its product offerings [9]. - The company’s stock is currently valued at a price-to-earnings (P/E) ratio of 15.6 for 2024A, decreasing to 10.9 by 2027E, indicating potential for valuation improvement as earnings grow [1][9].

Investment Rating - The report maintains an "Outperform" rating for the company [8]. Core Insights - The company reported a record high revenue and sales volume in Q2, with a slight decrease in net profit year-on-year due to foreign exchange impacts [8]. - The company’s silica sales have shown steady growth, supported by product structure optimization and new capacity releases in Fujian [8]. - The company is expanding its product lines, including high-dispersion silica and biomass silica, which are gaining traction in the market [8]. - The company has plans for a new biomass silica project with an estimated investment of 900 million yuan, aiming to meet long-term customer demand [8]. - The company’s profitability is expected to grow, with projected net profits of approximately 599 million, 660 million, and 721 million yuan for 2025, 2026, and 2027 respectively [8]. Financial Data and Profit Forecast - Total revenue is projected to reach 2,540 million yuan in 2025, with a year-on-year growth rate of 15.6% [2]. - The net profit attributable to the parent company is expected to be 599 million yuan in 2025, reflecting a growth rate of 10.8% [2]. - The gross margin is forecasted to be 34.4% in 2025, slightly improving to 35.0% by 2027 [2]. - The company’s earnings per share (EPS) is projected to be 1.44 yuan in 2025, increasing to 1.73 yuan by 2027 [2]. Market Data - The closing price of the company’s stock was 20.85 yuan as of August 22, 2025, with a market capitalization of 8,599 million yuan [3]. - The company has a price-to-earnings (P/E) ratio of 14 for 2025, which is expected to decrease to 12 by 2027 [2][3].

Core Viewpoint - The company reported a steady growth in revenue and net profit for the first half of 2025, driven by increased production capacity and favorable market conditions in the tire industry [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 1.11 billion yuan, a year-on-year increase of 3.9%, and a net profit attributable to shareholders of 280 million yuan, up 5.4% year-on-year [1]. - For Q2 2025, the company recorded operating revenue of 570 million yuan, with year-on-year and quarter-on-quarter growth of 4.5% and 6.2%, respectively [1]. - The company produced 184,000 tons of silica in H1 2025, a 3.9% increase year-on-year, with sales volume also reaching 184,000 tons, up 4.2% year-on-year [1]. Market Conditions - The decline in raw material prices, specifically soda ash and quartz sand, positively impacted the company's performance, with soda ash prices in East China dropping by 37% year-on-year in Q2 2025 [2]. - Despite a 1.2% year-on-year decrease in the average selling price of silica, the company managed to adjust its product mix, leading to a slight recovery in Q2 2025 prices [2]. Growth Initiatives - The company announced a planned investment of 900 million yuan in a biomass silica project, which is expected to enhance long-term growth potential [2]. - The expansion of production capacity is anticipated to support future growth in demand for high-dispersion silica driven by the increasing adoption of green tires [3]. Profit Forecast and Valuation - The company is projected to achieve operating revenues of 2.46 billion, 2.95 billion, and 3.52 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 590 million, 690 million, and 820 million yuan [3]. - The estimated price-to-earnings (PE) ratios for the years 2025, 2026, and 2027 are 15, 13, and 11 times, respectively, maintaining a strong buy recommendation [3].

Financial Performance - The company reported a total revenue of 1.113 billion yuan for the first half of 2025, representing a year-on-year increase of 3.87% [1] - The net profit attributable to shareholders reached 276 million yuan, up 5.44% year-on-year [1] - In Q2 2025, total revenue was 573 million yuan, showing a 4.47% increase compared to the same quarter last year, while net profit decreased by 0.82% to 138 million yuan [1] - The gross margin improved by 8.74% to 35.66%, and the net margin increased by 1.45% to 24.79% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 32.7134 million yuan, accounting for 2.94% of revenue, which is a significant increase of 126.33% year-on-year [1] - The company’s earnings per share (EPS) increased by 6.35% to 0.67 yuan, and the operating cash flow per share rose by 56.95% to 0.81 yuan [1] Asset and Investment Changes - Long-term equity investments increased by 175.93% due to an additional investment of 22 million yuan [3] - Other payables surged by 3248.2% due to unpaid dividends of 124.16 million yuan from the previous year's shareholder meeting [3] - The net cash flow from operating activities increased by 56.38% due to higher revenue and improved customer payment collection [3] Cash Flow and Financing - The net cash flow from financing activities rose by 118.72%, attributed to the announcement of unpaid dividends and share buybacks from the previous year [4] - The company’s return on invested capital (ROIC) was 15.5%, indicating strong capital returns [4] Market Position and Analyst Expectations - Analysts expect the company to achieve a revenue of 577 million yuan for 2025, with an average EPS forecast of 1.39 yuan [4] - The company has a high accounts receivable ratio, with accounts receivable reaching 86.21% of profits, suggesting a need for monitoring [4] Fund Holdings - The largest fund holding the company’s shares is the Innovation Growth LOF, which has reduced its holdings to 2.2346 million shares [5] - Several funds have newly entered the top ten holdings of the company, indicating growing interest from institutional investors [5]

Group 1 - The stock price of Qu Cheng Co., Ltd. closed at 20.85 yuan on August 22, down 0.98 yuan, a decrease of 4.49% from the previous trading day [1] - The trading volume on that day was 111,218 hands, with a transaction amount of 232 million yuan, resulting in a turnover rate of 2.70% [1] - Qu Cheng Co., Ltd. is primarily engaged in the research, production, and sales of rubber products, which are widely used in the automotive and engineering machinery sectors [1] Group 2 - The company is recognized as a specialized and innovative enterprise in Jiangsu Province and has been included in the pension fund holding list [1] - According to a report released by Xinda Securities on August 22, the company received a buy rating, highlighting stable production and sales, with quarterly sales reaching a new high [1] - The report also noted that the core operating indicators remain relatively stable, indicating resilience against raw material price fluctuations, and that the increasing penetration of new energy vehicles will drive demand for green tires [1]