Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 1.112 billion yuan in the first half of 2025, representing a year-on-year increase of 3.87%, and a net profit attributable to shareholders of 276 million yuan, up 5.44% year-on-year [2] - The company reported a record high sales volume of 94,000 tons in Q2 2025, with stable production levels maintained since Q2 2024 [4] - The company is expanding its capacity with ongoing projects, including a 100,000-ton biomass silica project and a 30,200-ton thickener project, expected to be completed in 2025 [4] - The company maintains a gross margin of 36.67% and a net margin of 24.14% despite fluctuations in raw material prices, indicating strong competitive positioning [4] - The increasing penetration of new energy vehicles is expected to drive demand for green tire materials, with new energy vehicle sales accounting for 44.3% of total new car sales in the first half of 2025 [4] - Revenue projections for 2025-2027 are 2.426 billion yuan, 2.523 billion yuan, and 2.592 billion yuan, with net profits of 577 million yuan, 631 million yuan, and 675 million yuan respectively, reflecting growth rates of 10.4%, 4.0%, and 2.7% [4][5] Financial Summary - The company’s total revenue for 2023 was 1.81 billion yuan, with a projected growth rate of 3.7% [5] - The net profit attributable to the parent company for 2023 was 413 million yuan, with a year-on-year growth of 8.4% [5] - The projected diluted EPS for 2025 is 1.39 yuan, with a corresponding P/E ratio of 15.73x [5]

Core Viewpoint - The report outlines the fundraising and usage status of Quancheng Silicon Chemical Co., Ltd. for the first half of 2025, confirming compliance with regulatory requirements and detailing the management of raised funds [1][22]. Fundraising Basic Situation - The company raised a total of RMB 700,598,992.50 from the issuance of 48,720,375 shares at a price of RMB 14.38 per share, with a net amount of RMB 624,715,956.65 after deducting issuance costs [1][2]. Fundraising Management - The company has established a fundraising management system in accordance with regulatory guidelines to ensure proper management and usage of the raised funds [2][3]. Fundraising Account Storage - A special account for fundraising has been opened, and the company has signed tripartite supervision agreements with relevant banks to ensure the funds are used appropriately [3][4]. Actual Usage of Fundraising - As of June 30, 2025, the cumulative usage of the raised funds amounted to RMB 662,388,300, with no idle funds used for temporary working capital [5][8]. Cash Management of Idle Funds - The company has approved the use of idle funds for cash management, with amounts not exceeding RMB 50 million, RMB 39 million, and RMB 36 million in different resolutions, ensuring that these do not affect the normal operation of fundraising projects [6][7]. Remaining Funds - As of June 30, 2025, the remaining balance in the fundraising account was RMB 26,231,800, which is earmarked for project contract payments [8]. Fundraising Project Changes - There have been no changes to the fundraising projects during the reporting period, and no funds have been transferred or replaced externally [9]. Compliance and Disclosure - The company has complied with all relevant regulations regarding the management and usage of raised funds, with no violations reported [9][22]. Key Operating Data - In Q2 2025, the average price of silica products increased by 0.89% compared to the previous quarter but decreased by 1.56% year-on-year [25]. - The procurement prices of key raw materials showed varied trends, with soda ash down by 2.98% quarter-on-quarter and 31.77% year-on-year, while sulfur increased by 41.20% quarter-on-quarter and 126.81% year-on-year [26].

Core Viewpoint - The company, Qu Cheng Silicon Chemical Co., Ltd., has released its 2025 semi-annual report, highlighting its financial performance and the management of raised funds, ensuring compliance with regulatory requirements [5][25]. Group 1: Company Overview - Qu Cheng Silicon Chemical Co., Ltd. is engaged in the production of silicon-based chemical products [4]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [4]. Group 2: Financial Data - The total amount raised from the public offering was approximately RMB 700.60 million, with a net amount of RMB 624.72 million after deducting issuance costs [5][6]. - As of June 30, 2025, the cumulative use of raised funds amounted to RMB 662.39 million [6]. Group 3: Fund Management - The company has established a dedicated account for managing raised funds, in compliance with regulatory guidelines [8]. - The company has not used idle raised funds to temporarily supplement working capital [10]. Group 4: Fund Usage - The company has fully utilized the raised funds for its projects, including the "Annual Production of 70,000 Tons of Water Glass and 75,000 Tons of High-Dispersibility Silica for Green Tires" project [14]. - As of June 30, 2025, the remaining balance in the raised funds account was RMB 26.23 million, which is reserved for contract payments [14]. Group 5: Board Meeting and Resolutions - The fifth board meeting of the company approved the semi-annual report and the special report on the management and usage of raised funds [21][25]. - The board confirmed that the reports were prepared in accordance with relevant laws and regulations, ensuring their accuracy and completeness [22][25]. Group 6: Operational Data - In the second quarter of 2025, the average price of silica products increased by 0.89% compared to the previous quarter, while it decreased by 1.56% year-on-year [29]. - The procurement prices of key raw materials showed varied trends, with soda ash prices down by 2.98% quarter-on-quarter and down by 31.77% year-on-year [31].

证券日报网讯 8月21日晚间，确成股份发布2025年半年度报告摘要称，2025年半年度公司实现营业收入 为1，112，683，959.66元，同比增长3.87%；实现归属于上市公司股东的净利润为276，111，450.04 元，同比增长5.44%。 （文章来源：证券日报） ...

Group 1 - The company reported the production, sales, and revenue of its main product, silica, with a production volume of 91,740.56 tons, sales volume of 94,174.85 tons, and sales revenue of 558.39 million yuan [1] - The price of sulfur increased significantly, with a quarter-on-quarter rise of 41.20% and a year-on-year increase of 126.81% [1] - There were no other significant events affecting the company's production and operations during the reporting period [1]

确成硅化学股份有限公司 募集资金存放与使用情况的专项报告 证券代码：605183 证券简称：确成股份 公告编号：2025-039 确成硅化学股份有限公司 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个别及连带责任。 确成硅化学股份有限公司（以下简称"公司"）根据中国证券监督管理委员会《上 市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》 （证监会公告〔2022〕15 号）、《上海证券交易所上市公司自律监管指引第 1 号——规 范运作》以及《上海证券交易所上市公司自律监管指南第 1 号——公告格式》的相关规 定，本公司就 2025 年半年度募集资金存放与使用情况作如下专项报告： 一、 募集资金基本情况 根据本公司 2020 年第三届董事会第九次会议决议和修改后的章程规定，以及中国 证券监督管理委员会证监许可[2020]2296 号文《关于核准确成硅化学股份有限公司首次 公开发行股票的批复》，核准公司发行不超过 48,720,375 股新股。本公司向社会公开发 行人民币普通股（A 股）股票 48,72 ...

Core Viewpoint - The report highlights the financial performance and operational status of Quechen Silicon Chemical Co., Ltd. for the first half of 2025, showcasing growth in revenue and net profit, alongside a focus on sustainable practices and innovation in the silica industry. Company Overview and Financial Indicators - The company achieved a revenue of approximately 1.11 billion yuan, representing a year-on-year increase of 3.87% [2] - The total profit reached approximately 322 million yuan, up by 5.67% compared to the previous year [2] - The net profit attributable to shareholders was around 276 million yuan, reflecting a growth of 5.44% [2] - The net cash flow from operating activities increased significantly by 56.38% to approximately 336 million yuan [2] - As of June 30, 2025, the company's total assets amounted to approximately 4.08 billion yuan, a 6.92% increase from the end of the previous year [2] Business Operations and Market Position - The company specializes in the research, development, manufacturing, and sales of precipitated silica, becoming one of the world's leading manufacturers in this field [3] - It operates three domestic production bases in Wuxi, Chuzhou, and Sanming, and one overseas base in Thailand, with a total silica production capacity ranking third globally [3] - The primary markets for the company's products include the rubber industry, particularly for high-performance tires, animal nutrition, toothpaste, and silicone rubber [3] Industry Trends and Developments - The demand for green tires, which utilize high-dispersion silica, is increasing due to their low rolling resistance and enhanced performance, aligning with global sustainability trends [3][4] - The tire industry is shifting towards sustainable materials, with major manufacturers adopting renewable and recycled materials to meet environmental standards [4][5] - The company is actively involved in the development of biomass-based silica production technologies, which significantly reduce carbon emissions and enhance product competitiveness [10] Research and Development - The company has established a New Materials Technology Research Institute to foster innovation and collaboration with research institutions, focusing on new silica applications and other inorganic materials [3] - Continuous investment in R&D has led to significant advancements, including the development of high-dispersion silica production technologies and the establishment of a post-doctoral research station [16] Competitive Advantages - The company maintains a comprehensive supply chain, producing key raw materials such as sodium silicate and sulfuric acid in-house, which stabilizes raw material quality and mitigates cost fluctuations [19][20] - Strong relationships with major international tire manufacturers enhance the company's market presence and recognition, making it the largest exporter of silica in China [17][18]

| 确成硅化学股份有限公司2025 | 年半年度报告摘要 | | --- | --- | | 公司代码：605183 | 公司简称：确成股份 | | 确成硅化学股份有限公司 | | | 第一节 重要提示 | | | 展规划，投资者应当到上海证券交易所网站（www.sse.com.cn）仔细阅读半年度报告全文。 | | | 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | 第二节 公司基本情况 | | | 股票种类 股票上市交易所 股票简称 | 股票代码 变更前股 | | 票简称 | | | A股 上海证券交易所 确成股份 | 605183 / | | 联系人和联系方式 董事会秘书 | 证券事务代表 | | 姓名 王今 | 任海燕 | | 0510-88793288 电话 | 0510-88793288 | | 办公地址 江苏省无锡市锡山区安镇街道 | 江苏省无锡市锡山区安镇街 | | 山河路50号浙大网新科创园 | 山河路50号浙大网新科创园 | | | 单位：元 币种：人民币 | | 本报告期末 上年度末 | | | | 增减(%) | | | 6.92 | | 东的净资产 | | ...

证券代码：605183 证券简称：确成股份 公告编号：2025-038 确成硅化学股份有限公司 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个别及连带责任。 一、 会议召开和出席情况 确成硅化学股份有限公司（以下简称"公司"）第五届董事会第三次会议于 于 2025 年 8 月 8 日以邮件方式发出。公司现有董事 7 人，出席会议并表决的董 事 7 人。 董事会认为：公司 《2025 年半年度报告及其摘要》的编制和审议程序符合 相关法律、法规及《公司章程》等内部规章制度的规定；公司 《2025 年半年度 报告及其摘要》的内容真实、准确、完整，无虚假记载、误导性陈述或者重大遗 漏，内容与格式符合相关规定，公允地反映了公司 2025 年半年度的财务状况和 经营成果等事项；公司 2025 年半年度报告及其摘要编制过程中，未发现公司参 与半年度报告编制和审议的人员有违反保密规定的行为。 本议案已经公司第五届董事会审计委员会第二次会议审议通过并同意提交 董事会审议。 详情请见同日在上海证券交易所网站（www.sse.com.cn）上的披露的《20 ...

确成硅化学股份有限公司 2025年半年度 募集资金存放与使用情况的专项报告 证券代码：605183 证券简称：确成股份 公告编号：2025-039 一、 募集资金基本情况 根据本公司 2020 年第三届董事会第九次会议决议和修改后的章程规定，以及中国 证券监督管理委员会证监许可[2020]2296 号文《关于核准确成硅化学股份有限公司首次 公开发行股票的批复》，核准公司发行不超过 48,720,375 股新股。本公司向社会公开发 行人民币普通股（A 股）股票 48,720,375 股，每股面值 1.00 元，溢价发行，发行价为 每股 14.38 元，募集资金总额为人民币 700,598,992.50 元，扣除发行费用人民币 75,883,035.85 元后，实际募集资金净额为人民币 624,715,956.65 元。 截止 2020 年 12 月 1 日，本公司本次公开发行人民币普通股（A 股）股票募集资金 总额为 700,598,992.50 元，由主承销商中信建投证券股份有限公司扣除承销保荐费尾款 （不含税）54,856,603.77 元后，将剩余募集资金 645,742,388.73 元汇入公司募集资金 ...