开源证券研报指出，硅宝科技前三季度营收26.51亿元，同比+24.3%；归母净利润2.29亿元，同比 +44.6%；其中Q3营收9.44亿元，同比-3.1%、环比+1.6%；归母净利润0.75亿元，同比+32.2%、环 比-10.0%。公司2025前三季度及2025Q3业绩均实现同比高增长，符合预期，"5万吨/年锂电池用硅碳负 极材料及专用粘合剂项目"完工转入固定资产。原材料有机硅价格延续低位有望助力盈利修复，在建工 程有序转固助力成长。看好公司稳步推进项目建设和投资并购，力争在创立的第三个十年实现产值百亿 目标，维持"买入"评级。 ...

Core Points - Silicon Treasure Technology (300019.SZ) announced that its wholly-owned subsidiary needs to pay back taxes amounting to 25.83 million yuan and late fees of 6.88 million yuan, totaling 32.72 million yuan [1] - As of the date of the announcement, the company has completed the payment of the aforementioned taxes and late fees, and this repayment does not involve any administrative penalties [1]

Core Viewpoint - Silicon Treasure Technology (300019.SZ) announced that its wholly-owned subsidiary needs to pay back taxes amounting to 25.83 million yuan and late fees of 6.89 million yuan, totaling 32.72 million yuan. As of the date of the announcement, all taxes and late fees have been paid, and this repayment does not involve any administrative penalties [1] Group 1 - The total amount of back taxes and late fees to be paid by the subsidiary is 32.72 million yuan [1] - The company has completed the payment of the aforementioned taxes and late fees as of the announcement date [1] - The repayment does not involve any administrative penalties [1]

硅宝科技(300019.SZ)发布公告，经自查，公司全资子公司需补缴税款2,583.31万元，滞纳金688.82万 元，合计3,272.13万元。截至本公告披露日，上述税款及滞纳金已缴纳完毕，本次补缴不涉及行政处 罚。 ...

二、对公司的影响 根据《企业会计准则第 28 号——会计政策、会计估计变更和差错更正》相 关规定，上述补缴税款及滞纳金事项不属于前期会计差错，不涉及前期财务数据 追溯调整。上述补缴的税款及滞纳金将计入公司 2025 年当期损益，对公司 2025 年度归属于上市公司股东的净利润的具体影响最终以 2025 年度经审计的财务报 表为准。本次补缴款项不会影响公司正常经营，敬请广大投资者注意投资风险。 关于全资子公司补缴税款的公告 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。 成都硅宝科技股份有限公司（以下简称"公司"）及全资子公司近期对涉税 业务开展了自查，现将有关情况公告如下： 一、基本情况 经自查，公司全资子公司需补缴税款 2,583.31 万元，滞纳金 688.82 万元， 合计 3,272.13 万元。截至本公告披露日，上述税款及滞纳金已缴纳完毕，本次 补缴不涉及行政处罚。 证券代码：300019 证券简称：硅宝科技 公告编号：2025-055 成都硅宝科技股份有限公司 特此公告。 成都硅宝科技股份有限公司 董 事 会 2025 年 10 月 23 日 ...

Summary of Silicon Treasure Technology Conference Call Company Overview - **Company**: Silicon Treasure Technology - **Period**: Q3 2025 Key Financial Performance - Revenue for the first three quarters increased by 24% to 2.2651 billion CNY [2][3] - Net profit rose by 45% to 229 million CNY [2][3] - Sales volume grew by 27% to 210,000 tons [2][3] - Q3 net profit increased by over 30% due to improved gross margins and the consolidation effect from subsidiary Jiahao [2][3] Subsidiary Performance - Jiahao contributed over 10 million CNY in profit in Q3 2025 after consolidation in July 2024 [4][5] - Despite a revenue increase of less than 10%, Jiahao's profit growth was significant due to improved export gross margins [4] Business Segment Performance - **Construction Adhesives**: Stable sales volume but slight revenue decline due to pricing [6][16] - **Industrial Adhesives**: Overall good growth; however, photovoltaic adhesives saw a significant decline [6] - **Electronic Adhesives and Power Industry**: Benefited from demand in the new energy vehicle sector, achieving substantial growth [6][8] Strategic Adjustments - The company plans to adjust its photovoltaic adhesive strategy based on industry cycles, avoiding rapid expansion to mitigate accounts receivable risks [7] - Retaining photovoltaic business to prepare for potential market recovery while increasing market share when margins improve [7] Market Dynamics - The construction adhesive market is shifting towards lower-tier markets, with stable demand for curtain wall adhesives and rapid growth in decoration and renovation sectors [4][14][16] - The market share of curtain wall adhesives is close to 50%, with circulation adhesives expected to reach 20% in 2025 [15] Industry Trends - The organic silicon raw material prices are expected to rise slowly, with gradual price transmission to maintain gross margins [20][21] - Industry consolidation is evident, with leading companies performing well while others face operational difficulties [22][24] Future Outlook - The company is exploring entry into the semiconductor sector, focusing on chip packaging and cooling [12] - Anticipated capital expenditure of approximately 100 million CNY in 2026, primarily for fixed asset investments [28] - Current gross margin is around 22%, with potential for improvement if the proportion of industrial adhesives increases [29] Conclusion Silicon Treasure Technology is experiencing robust growth in revenue and profit, driven by strategic adjustments in its business segments and the consolidation of Jiahao. The company is well-positioned to navigate market fluctuations while exploring new opportunities in high-margin sectors.

Group 1: Chemical Industry - Silicon Treasure Technology (300019.SZ) - The company reported a significant increase in net profit for Q3, with a year-on-year growth of 44.6%, reaching 229 million yuan, and a total revenue of 2.651 billion yuan, up 24.3% year-on-year [5][10][11] - The completion of the "50,000 tons/year silicon-carbon anode material and special adhesive project" has transitioned to fixed assets, which is expected to contribute to future growth [10][11] - Profit forecasts for 2025-2027 are maintained, with expected net profits of 343 million, 435 million, and 504 million yuan respectively, corresponding to EPS of 0.87, 1.11, and 1.28 yuan per share [5][10] Group 2: Real Estate Industry - Poly Developments (600048.SH) - The company experienced a slight decline in revenue and profit, with a net profit of 1.93 billion yuan for the first three quarters, down 75.31% year-on-year [13][15] - Despite the challenges, the company maintains its leading sales position, with over 50% of land acquisitions in first-tier cities and a focus on optimizing its land reserve structure [13][16] - Revised profit forecasts for 2025-2027 are now 4.26 billion, 5.24 billion, and 6.41 billion yuan, with corresponding EPS of 0.36, 0.44, and 0.54 yuan [13][15] Group 3: Electronics Industry - Tongfu Microelectronics (002156.SZ) - The company achieved record high revenue of 6.946 billion yuan in Q2, a year-on-year increase of 19.8%, and a net profit of 311 million yuan, up 38.6% [7][19] - The company is expanding its diversified business in mobile chips, RF, consumer electronics, automotive electronics, and storage, which is expected to drive future growth [19][20] - Revenue forecasts for 2025-2027 are projected at 28.249 billion, 32.874 billion, and 38.207 billion yuan, with net profits of 1.049 billion, 1.595 billion, and 2.131 billion yuan respectively [19][20] Group 4: Retail Industry - Runben Co., Ltd. (603193.SH) - The company reported a revenue of 1.238 billion yuan for the first three quarters, a year-on-year increase of 19.3%, with a net profit of 266 million yuan, up 2.0% [8][25] - The mosquito repellent business saw significant growth due to increased demand, with Q3 revenue from this segment rising by 48.5% [25][26] - The company maintains a leading position in the mosquito repellent and baby care sectors, with strong operational capabilities and supply chain advantages [25][27]

Core Viewpoint - Chengdu Silica Technology Co., Ltd. (Silica Technology) has demonstrated strong operational performance in the first three quarters of 2025, achieving record highs in revenue and net profit, driven by growth in its main business segments [1][2]. Group 1: Financial Performance - In the first three quarters of 2025, Silica Technology reported revenue of 2.651 billion yuan and a net profit attributable to shareholders of 229 million yuan, representing year-on-year increases of 24.3% and 44.63%, respectively [1]. - The company's overall performance has reached new highs for the same period, reflecting a positive trend in its business operations [1]. Group 2: Business Segments - Silica Technology maintains its leading position in the construction adhesive sector, while its industrial adhesive business is experiencing rapid growth, and the hot melt adhesive business is steadily improving [1]. - The company has been actively developing new products and expanding applications in the industrial adhesive sector, enhancing its market share with major clients such as BYD, CATL, ZTE, and others [1]. Group 3: Strategic Acquisitions - In 2024, Silica Technology successfully acquired Jiangsu Jiahua Hot Melt Adhesive Co., Ltd., a leading player in the hot melt adhesive industry, which has positively impacted its business performance [2]. - The acquisition is expected to contribute to Silica Technology's revenue growth and help it move closer to its goal of achieving a "100 billion yuan" production value [2]. Group 4: Future Outlook - The company is focusing on expanding production capacity and establishing three major production centers in Southwest, East China, and South China to better serve the market [3]. - Silica Technology aims to strengthen its position in the construction adhesive market, increase its market share in industrial adhesives, and actively develop its silicon-carbon negative material business, transitioning towards a "dual main business" development model [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant year-on-year increase in net profit attributable to shareholders in Q3, with a completion of the silicon-carbon anode project contributing to fixed assets [4][5] - For the first three quarters of 2025, the company achieved a revenue of 2.651 billion yuan, representing a year-on-year growth of 24.3%, and a net profit of 229 million yuan, up 44.6% year-on-year [4][5] - The company maintains its profit forecast, expecting net profits of 343 million, 435 million, and 504 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.87, 1.11, and 1.28 yuan per share [4][5] Financial Summary - Revenue for 2025 is projected to be 4.306 billion yuan, with a year-on-year growth of 36.3% [7] - The gross margin for 2025 is expected to be 20.9%, with a net margin of 8.0% [10] - The company’s total assets are projected to reach 5.012 billion yuan by 2025, with total liabilities of 2.224 billion yuan [9]

Core Viewpoint - Silica Technology's Q3 2025 revenue remains stable, with a significant year-on-year increase in net profit attributable to shareholders primarily due to the recovery of product gross margins [1] Group 1: Company Performance - The company has achieved year-on-year sales growth in the first half of the year, despite the real estate sector continuing to decline, thanks to the government's "Urban Renewal Plan" and the release of the stock market through the renovation of old residential areas [1] - The company maintains its leading position in the construction adhesive market, with expectations for the profitability of construction adhesives to rebound [1] - Industrial adhesives are experiencing rapid growth, while hot melt adhesives are steadily increasing, indicating a positive outlook for these segments in Q3 [1] Group 2: Industry Outlook - The industry concentration is further improving, which is beneficial for the company's market position [1] - The continuous breakthroughs in silicon-carbon anodes are also contributing to the company's long-term development prospects [1] - The overall outlook for the company remains positive, with a maintained "Buy" rating [1]