Group 1 - The core viewpoint of the article is that Silicon Treasure Technology (300019) has announced its range of sealant products used in the automotive manufacturing sector, highlighting their applications and types [1] Group 2 - The company offers various sealant products including silicone sealants, polyurethane, reactive polyurethane, modified silane, epoxy, and acrylic [1] - These products are primarily used for sealing windshields, body seams/weld seams, sealing power batteries and headlights, bonding interior and exterior trims, automotive electronics, motor control, and other adhesive sealing applications [1]

Core Viewpoint - The company has reported a significant growth in the silicon-carbon anode materials sector, with a monthly sales volume of 50 tons and an annual production capacity of 4000 tons, indicating a positive outlook for the industry despite concerns about sales pressure [1]. Company Summary - The company has an annual production capacity of 4000 tons for silicon-carbon anode materials, which includes a pilot line of 1000 tons and a production line of 3000 tons [1]. - In the first half of 2025, the company experienced rapid sales growth in silicon-carbon anode materials, supported by strong product capabilities and deepening customer relationships [1]. - The company is actively expanding its customer base, leading to a gradual increase in market share [1]. Industry Summary - According to GGII statistics, the overall prosperity of China's lithium battery industry remained high in the first half of 2025, with an overall growth rate exceeding 40% [1]. - The industrialization progress of new anode materials has made significant breakthroughs, with CVD process silicon-based anodes starting to gain traction in the digital lithium battery sector, achieving a monthly shipment volume exceeding 50 tons [1].

天风证券研报指出，硅宝科技上半年实现归属于母公司股东的净利润1.54亿元，同比+51.6%。按3.93亿 股总股本计，实现每股收益0.39元。其中，第二季度实现归属于母公司股东的净利润0.83亿元，同比 +35.2%、环比+17.4%，实现每股收益0.21元。热熔胶和工业胶业务快速增长，贡献主要收入及毛利增 量。公司积极开拓海外市场，产品远销印度、巴西、印度尼西亚、美国、俄罗斯、马来西亚、波兰、韩 国等60多个国家和地区，上半年实现出口销售收入2.23亿元，同比+288.0%。硅基负极材料下游渗透率 不断提升，公司硅碳负极材料销量快速增长。维持"买入"投资评级。 ...

Group 1 - The company, Silica Technology (300019.SZ), has developed non-Newtonian fluid gel materials that can replace traditional cushioning foam materials, offering superior performance [2] - These gel materials are applicable in foldable smartphones, although specific customer information is considered a trade secret [2]

9月17日，硅宝科技跌1.07%，成交额3.43亿元。两融数据显示，当日硅宝科技获融资买入额5311.26万 元，融资偿还5869.60万元，融资净买入-558.34万元。截至9月17日，硅宝科技融资融券余额合计4.69亿 元。 分红方面，硅宝科技A股上市后累计派现8.50亿元。近三年，累计派现3.53亿元。 融券方面，硅宝科技9月17日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量100.00股，融券余额2223.00元，超过近一年70%分位水平，处于较高位。 机构持仓方面，截止2025年6月30日，硅宝科技十大流通股东中，香港中央结算有限公司位居第九大流 通股东，持股313.53万股，相比上期增加164.57万股。 责任编辑：小浪快报 资料显示，成都硅宝科技股份有限公司位于四川省成都高新区新园大道16号，成立日期1998年10月19 日，上市日期2009年10月30日，公司主营业务涉及有机硅室温硫化硅橡胶胶及制胶专用生产设备的自主 研发、生产和销售。主营业务收入构成为：建筑类用胶40.42%，热熔胶31.80%，工业类用胶27.42%， 其他(补充)0.36%。 ...

Group 1: Company Overview and Product Applications - The company focuses on the new materials industry, specializing in the research, production, and sales of high-end silicone sealants and other new materials [2] - The product range includes high-end silicone sealants, hot melt adhesives, silane coupling agents, and silicon-carbon anodes, with applications in construction, electronics, automotive, and renewable energy sectors [2][3] Group 2: Sales Growth Factors - The increase in sales of construction adhesives in the first half of 2025 is attributed to: 1. Industry consolidation due to market exit of smaller companies, enhancing competitive advantage [3] 2. Upgrading consumer demands in the decoration and renovation sectors, leading to increased adhesive usage [3] 3. Government initiatives like the "Urban Renewal Plan" providing new sales opportunities [3] Group 3: Product Performance and Innovations - The electronic adhesives exhibit superior electrical insulation, chemical stability, and moisture resistance, ensuring long-term protection for electronic components [3] - The company has developed low-density silicone flame-retardant sealing materials for use in power batteries and drone modules, addressing challenges in lightweight applications [3][4] Group 4: Market Expansion and Strategy - The company is expanding its silicon-carbon anode production capacity, with a 50 tons/year pilot production line established in 2019 and a planned 50,000 tons/year project underway [5] - In response to tariff policies affecting hot melt adhesive sales, the company is innovating products, enhancing brand recognition, and diversifying sales networks to mitigate risks [5]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company has shown rapid growth in its hot melt adhesive and industrial adhesive businesses, with a significant increase in sales of silicon-carbon anode materials [1][4] - In the first half of 2025, the company achieved operating revenue of 1.707 billion yuan, a year-on-year increase of 47.4%, and a net profit attributable to shareholders of 154 million yuan, up 51.6% year-on-year [1][3] - The company is expanding its overseas market presence, with export sales revenue reaching 223 million yuan, a year-on-year increase of 288% [2] Financial Performance - In the first half of 2025, the company reported a gross profit of 373 million yuan, an increase of 43.6% year-on-year, with a gross margin of 21.9% [3] - The company’s revenue from different segments in the first half of 2025 was as follows: construction adhesives 651 million yuan, industrial adhesives 442 million yuan, and hot melt adhesives 512 million yuan [2] - The company’s net profit forecast for 2025-2027 is 310 million yuan, 400 million yuan, and 510 million yuan respectively [4] Business Segments - The industrial adhesive segment saw a year-on-year revenue growth of 29.5%, driven by partnerships with leading companies in various sectors including automotive, electronics, and power batteries [2] - The company’s silicon-based anode materials are gaining market share, with production lines for silicon-carbon anode materials and specialized adhesives operating smoothly [4] - The company has maintained its leading position in the construction adhesive market, with increased sales volume and market share [2]

硅宝科技9月12日在互动平台表示，公司硅碳负极材料目前已投产产能为4000吨/年，其中包含1000吨/ 年中试线及3000吨/年生产线。2025年上半年，公司硅碳负极材料依托强大产品力及持续深化的客户关 系，销量快速增长；同时，公司积极拓展新客户，市场份额逐步提升。 ...

Core Viewpoint - The company currently has no solid-state battery projects and is focused on its ongoing project for silicon-carbon anode materials and specialized adhesives for lithium batteries [1] Group 1: Company Developments - The company is constructing a project with an annual capacity of 50,000 tons for silicon-carbon anode materials and specialized adhesives for lithium batteries [1] - The core products involved in this project, silicon-carbon anode materials and specialized adhesives, are applicable to liquid, semi-solid, and solid-state batteries [1] - The project is progressing smoothly, with a production line for 3,000 tons per year of silicon-carbon anodes, a 5,000 tons per year polyurethane sealant production line, and a 10,000 tons per year organic silicone adhesive production line for power batteries already in operation [1] - The remaining capacity is under stable construction [1]

Core Viewpoint - Silicon Treasure Technology (300019.SZ) currently has no solid-state battery projects and is focused on its ongoing project for 50,000 tons/year of silicon-carbon anode materials and specialized adhesives for lithium batteries [1] Group 1: Company Developments - The company is implementing a project for 50,000 tons/year of silicon-carbon anode materials and specialized adhesives, which are applicable to liquid, semi-solid, and solid-state batteries [1] - The project is progressing smoothly, with a production line for 3,000 tons/year of silicon-carbon anodes, a 5,000 tons/year polyurethane sealant production line, and a 10,000 tons/year organic silicon adhesive production line for power batteries already in operation [1] - Remaining production capacity is under stable construction [1]