成都硅宝科技股份有限公司 2025 年第三季度报告 证券代码：300019 证券简称：硅宝科技 公告编号：2025-054 成都硅宝科技股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 成都硅宝科技股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 上年同期增减 | | 比上年同期增减 | | 营业收入（元） | 943,761,319.30 | -3.12% | 2,650,862,028.91 | 24.30% | | 归属于上市公司股东的 净利润（元） | 74,902,200.72 | 32.1 ...

Core Insights - The photovoltaic junction box is a critical component of solar photovoltaic systems, responsible for power output and circuit protection, acting as the "control center" for current in photovoltaic modules [1][10] - The Chinese photovoltaic junction box market is projected to grow from 1.758 billion yuan in 2019 to 3.862 billion yuan in 2024, with a compound annual growth rate (CAGR) of 17.05% [1][13] - The demand for photovoltaic junction boxes is primarily driven by large solar power plant constructions, with an expected surge in demand from residential and small commercial users due to the growth of distributed photovoltaics [1][13] Industry Overview - The photovoltaic junction box industry is experiencing significant growth, with China's photovoltaic module production capacity expected to reach 1,156.5 GW and output 627.5 GW in 2024, representing year-on-year increases of 25.7% and 21.1% respectively [1][10] - The global photovoltaic junction box market is also expanding, with demand projected to rise from 418 million units in 2022 to 821 million units in 2024, reflecting a CAGR of 40.15% [11][12] Industry Development Stages - The industry has undergone multiple iterations, improving in sealing performance, size, and automation, transitioning from complex sealing ring junction boxes to more efficient encapsulated types [8][9] - The industry chain includes upstream raw materials and components, midstream manufacturing, and downstream applications primarily in the photovoltaic sector [8][9] Market Dynamics - The rapid growth of the photovoltaic industry, driven by carbon neutrality strategies and supportive policies, has led to a record increase in solar power installations, making photovoltaic junction boxes essential for system efficiency and safety [10][11] - The Chinese photovoltaic junction box market is expected to reach 4.389 billion yuan by 2025, indicating continued growth and innovation in the industry [1][13] Key Companies - Major companies in the photovoltaic junction box sector include Tongling Co., Ltd., Kuake Electronics, and Zairun New Energy, among others, with a significant presence in the Yangtze River Delta region [2][14] - These companies are increasingly focusing on technological advancements and quality certifications to compete with international players [14][16] Industry Trends - The industry is moving towards smart technology integration, enhancing monitoring and control capabilities through advanced components [17] - Efficiency improvements are being prioritized, focusing on reducing energy transmission losses and enhancing performance under high current conditions [18] - Environmental sustainability is becoming a core focus, with efforts to use eco-friendly materials and manufacturing processes [19]

Market Overview - The Shanghai Composite Index closed at 3839.76 points, with a decline of 1.95% [1] - The total trading volume of A-shares reached 1,954.408 billion yuan [1] Technical Analysis - A total of 207 A-shares experienced a "death cross" where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Dashengda: -1.36% - Guanghetong: -1.33% - Songyang Resources: -1.32% [1] Individual Stock Performance - Dashengda (603687) saw a decline of 6.44% with a trading turnover of 3.58% and a latest price of 8.42 yuan, which is 9.17% below the 10-day moving average [1] - Guanghetong (300638) decreased by 5.86%, with a turnover of 5.63% and a latest price of 28.25 yuan, 8.55% below the 10-day moving average [1] - Songyang Resources (603863) dropped 10.02%, with a turnover of 8.88% and a latest price of 19.31 yuan, 14.01% below the 10-day moving average [1] Additional Notable Stocks - Other stocks with significant declines include: - Chuan Dong (603767): -9.94%, latest price 24.36 yuan, 10.84% below the 10-day moving average [1] - Lianhong (003022): -4.45%, latest price 19.56 yuan, 7.05% below the 10-day moving average [1] - Qide New Materials (300995): -6.19%, latest price 44.11 yuan, 8.55% below the 10-day moving average [1]

Core Viewpoint - Silica Technology has shown a significant increase in stock price and revenue growth, indicating strong market performance and potential investment opportunities [1][2]. Group 1: Stock Performance - On October 9, Silica Technology's stock rose by 2.05%, reaching 21.88 CNY per share, with a total market capitalization of 8.601 billion CNY [1]. - Year-to-date, the stock price has increased by 52.58%, with a 2.29% rise over the last five trading days and a 6.42% increase over the last 60 days [1]. - The company has appeared on the trading leaderboard twice this year, with the most recent net purchase of 37.081 million CNY on July 10 [1]. Group 2: Financial Performance - For the first half of 2025, Silica Technology reported a revenue of 1.707 billion CNY, representing a year-on-year growth of 47.36%, and a net profit of 154 million CNY, up 51.56% [2]. - Cumulative cash dividends since the company's A-share listing amount to 850 million CNY, with 353 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 4.90% to 38,400, while the average number of circulating shares per person increased by 2.79% to 8,780 shares [2]. - The ninth largest circulating shareholder, Hong Kong Central Clearing Limited, increased its holdings by 1.6457 million shares [3]. Group 4: Business Overview - Silica Technology, established in 1998 and listed in 2009, specializes in the research, production, and sales of organic silicone room temperature vulcanized silicone rubber and related production equipment [1]. - The company's revenue composition includes construction adhesives (40.42%), hot melt adhesives (31.80%), industrial adhesives (27.42%), and other products (0.36%) [1].

Core Insights - The silicone adhesive market in China is projected to grow from 1.387 million tons in 2023 to 1.478 million tons in 2024, representing a year-on-year increase of 6.6% [5][7] - The sales revenue for silicone adhesives is expected to reach 20.37 billion yuan in 2024, marking a 4.7% increase compared to 2023 [7] - The average selling price of silicone adhesives is anticipated to decline to 13,800 yuan per ton in 2024 due to a sluggish real estate market and intense competition [7] Market Overview - Silicone adhesives, also known as organic silicone sealants, are high-elasticity sealing materials with excellent weather resistance, temperature tolerance (-40℃ to 150℃), electrical insulation, and hydrophobic properties [2][5] - The demand structure is diversifying, with green buildings, new energy applications (such as photovoltaic packaging and battery sealing), and consumer upgrades (eco-friendly home decoration) identified as core growth drivers [5][12] Application Segmentation - The construction industry remains the largest consumer of silicone adhesives, accounting for approximately 62% of total demand in 2024, with a projected consumption of 916,000 tons, up 4.5% year-on-year [10][11] - The new energy sector is the second-largest application area, expected to consume 384,000 tons of silicone adhesives in 2024, reflecting an 11.4% increase, primarily driven by the photovoltaic sector [12][13] Industry Chain - The silicone adhesive industry chain consists of upstream raw materials (silicone rubber, crosslinking agents), midstream production, and downstream applications across various sectors including construction, new energy, electronics, and transportation [8][10] - The industry is experiencing increased competition and a growing number of production enterprises, with a trend towards global expansion and participation in international standard-setting [8][10] Future Trends - The industry is expected to benefit from dual drivers of policy support and market demand, particularly in the construction sector, where green building standards and prefabricated construction are anticipated to boost demand for high-performance silicone products [14] - Innovations in technology and materials, such as eco-friendly and bio-based alternatives, are likely to accelerate the transition towards higher-value products, while leading companies are focusing on cost reduction and global market expansion [14][15]

Group 1: Federal Reserve and Economic Outlook - The Federal Reserve lowered the federal funds target rate by 25 basis points in September, marking the first rate cut of the year, with expectations for two more cuts by the end of 2025 [1] - The Fed's statement highlighted increased risks to employment, removing previous language about a stable labor market and introducing concerns about slowing job growth [1] - Market reactions indicate a growing confidence in further rate cuts this year, while expectations for rate cuts in 2026 have been pushed back [1] Group 2: Huabei Mining Industry - Huabei Mining is positioned as a low-valued, net asset-deficient coking coal leader, with expected performance improvements from coal, electricity, and chemical production [2] - The company plans to increase coal production capacity, with a total of 17 operational mines in Anhui province and a certified capacity of 35.85 million tons per year by the end of 2024 [2] Group 3: Renewable Energy Subsidies - The renewable energy sector is facing a growing subsidy gap, with companies like Three Gorges Energy and Huadian New Energy having receivables exceeding 40 billion yuan, indicating a high overall subsidy receivable amount [3] - Despite multiple increases in electricity price surcharges, the funds received are still below the subsidy demand, leading to noticeable delays in subsidy payments [3] Group 4: Silicon Bao Technology - Silicon Bao Technology reported a revenue increase of 5.49 billion yuan in the first half of 2025, with specific segments like industrial adhesives and hot melt adhesives showing growth [3] - The company is expanding its presence in the hot melt adhesive market through the acquisition of Jiangsu Jiahai, which has contributed positively to its performance [3] - The sales of silicon-carbon negative materials are rapidly increasing, supported by stable operations of production lines and strong customer relationships [3]

Core Viewpoint - Silicon Treasure Technology (硅宝科技) is advancing its production capabilities and market presence in the silicon-carbon anode materials sector for lithium batteries, with significant milestones achieved in production and sales growth [1] Group 1: Production and Development - In 2019, the company established a pilot production line with a capacity of 50 tons per year for silicon-carbon anodes, which was recognized as internationally advanced by the Sichuan Provincial Economic and Information Technology Department [1] - In 2021, the company founded "Silicon Treasure (Meishan) New Energy Materials Co., Ltd." to invest in a project for 50,000 tons per year of silicon-carbon anode materials and specialized adhesives [1] - By 2024, the company expects its 1,000 tons per year pilot line to be operating stably, achieving sales in the hundred-ton range, with new silicon-carbon products reaching a ton-level breakthrough [1] Group 2: Market Expansion and Sales Growth - In the first half of 2025, both the 1,000 tons per year pilot line and the 3,000 tons per year production line are anticipated to operate stably, leading to rapid sales growth of silicon-carbon anode materials due to strong product capabilities and deepening customer relationships [1] - The company is actively expanding its customer base, gradually increasing its market share [1] - The 50,000 tons per year project for silicon-carbon anode materials and specialized adhesives is progressing as planned, with a focus on deepening collaboration with strategic customers from R&D to mass production, accelerating the commercialization of silicon-carbon anodes in the high-end battery market [1]

Group 1 - The company, Silbond Technology, announced on September 18 that it is recognized as a national technology innovation demonstration enterprise, showcasing strong technical capabilities and diverse innovation platforms [1] - The company has established a world-class R&D system with a solid foundation and achievements in research, developing a comprehensive technology system related to adhesives [1] - In 2024, the company successfully developed a "low-density silicone flame-retardant sealing material" applicable to power batteries and drone flight module sealing, addressing various challenges in lightweight filler applications with characteristics such as low density, low viscosity, non-floating and non-caking fillers, and flame retardancy rated UL-V0 [1]

Core Viewpoint - Silicon Treasure Technology (300019) focuses on the research, production, and sales of high-end organic silicone sealants and other new materials, emphasizing its commitment to the new materials industry [1] Group 1: Company Overview - The company has enhanced its business layout through years of technological innovation, mergers and acquisitions, and capacity construction [1] - The product portfolio includes high-end organic silicone sealants, hot melt adhesives, silane coupling agents, and silicon-carbon anode materials [1] Group 2: Application Areas - Construction adhesives are primarily used in building curtain walls, insulated glass, energy-saving doors and windows, prefabricated buildings, interior decoration, and airport bridges [1] - Industrial adhesives are applied in electronics, automotive manufacturing, new energy, power batteries, energy storage, electricity, and aerospace [1] - Hot melt adhesives are utilized in label printing, hygiene products, waterproof materials, medical supplies, tapes, footwear, and packaging [1] - Silane coupling agents are used in sealants, photovoltaic EVA films, fiberglass, casting resins, coatings, modified plastics, modified powders, and metal surface treatment agents [1] - Silicon-carbon anode materials are mainly used in lithium-ion batteries [1]

Core Viewpoint - Silicon Treasure Technology (300019) announced on September 18 that the impact of tariff policies on the company's hot melt adhesive sales revenue and profits will be negligible in the first half of 2025 [1] Group 1: Company Strategies - The company is actively promoting product innovation by continuously launching industry-leading and competitive new technologies and products to meet diverse customer needs [1] - The company is enhancing its brand influence through precise positioning and marketing communication to improve brand recognition and reputation, while further expanding its brand competitiveness in overseas sales regions [1] - The company is focused on building a diversified sales network, actively expanding sales in different international regions to strengthen its resilience against risks and enhance growth potential in the global market [1]