1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - For industrial silicon, the market is currently dominated by weak reality and weak expectations. Without supply - side policy drivers or demand - side positive news, the upside space is limited. In the short - term, it is expected to be in a weakly oscillating trend. The recommended strategy is to gradually short on rebounds when the price is between 8800 - 9000 [7][8]. - For polysilicon, the market is in a supply - demand loose pattern, with the overall market continuing to be weak. In the short - term, spot transactions may decline and reach a new low. It is recommended to wait and see for new driving factors [15][16]. 3. Summary According to the Directory 3.1 Industrial Silicon Data Review 3.1.1 Market Conditions - The spot price of industrial silicon oscillated strongly this week. The ex - factory tax - included reference price of Chinese standard deliverable 553 was 8857 yuan/ton, a rise of 368 yuan/ton or 4.34% compared with March 19, 2026. The futures market rebounded and oscillated strongly, driving the spot price to be firm [7]. - The industrial silicon futures market showed a pattern of rising first and then falling, with overall weak oscillation this week. The main contract price briefly soared at the beginning of the week and then declined. As of Friday's close, it was 8625 yuan/ton, down 0.58% from the beginning of the week. Market participation cooled down, with the trading volume of the main contract about 165,800 lots and the open interest around 223,200 lots [37]. 3.1.2 Influencing Factors - **Macro**: The performance of Dongyue Silicon Materials in 2025 was not good, with a year - on - year decline in revenue and a net loss. The downstream demand was weak this week, providing insufficient support for the industrial silicon price. The market procurement was mainly for rigid needs and small orders, and manufacturers' willingness to stock up was low [11]. - **Demand**: The demand from downstream industries was generally weak. The polysilicon price continued to fall, and the acceptance of raw materials was limited. The organic silicon maintained rigid - need procurement, and there were rumors that the organic silicon monomer plants might further cut production next month. The aluminum rod enterprises continued to resume production, but the overall procurement of industrial silicon increased limitedly. The export volume in February 2026 decreased compared with the previous month [11]. - **Supply**: The overall production this week changed little. A Yunnan enterprise stopped production, but the production reduction was not obvious due to the weekend. Currently, only 2 enterprises in Yunnan and 1 in Sichuan are in production. A northern enterprise plans to resume production in mid - April. Large manufacturers have no plans to increase or decrease production, and the industry's production capacity release is restrained [13]. - **Inventory**: The social inventory decreased slightly to 499,100 tons, a decrease of 0.6% compared with the previous week. The overall industry inventory remained at a high level, mainly concentrated in the northern social warehouses. The futures inventory as of March 27 was 111,385 tons, an increase of 25 tons compared with the previous week [13]. - **Cost and Profit**: The production cost of industrial silicon remained stable this week, with electricity and raw material costs forming the bottom support for the price. The industry profit was generally low this week, with obvious regional differentiation [13]. 3.2 Polysilicon Data Review 3.2.1 Market Conditions - The polysilicon futures fell rapidly this week, with more cases of selling at lower prices to increase sales volume. The market transaction center continued to move down. The spot price of Chinese P - type polysilicon was 33,000 yuan/ton, a decrease of 3,000 yuan/ton compared with last week, and the N - type was 39,500 yuan/ton, a decrease of 2,000 yuan/ton [15]. - The prices of silicon wafers, battery cells, and components also declined to varying degrees this week [137]. 3.2.2 Influencing Factors - **Macro**: A large - scale photovoltaic project in the Czech Republic was awarded to Aiko Solar, which is expected to promote the development of the local clean energy industry [17]. - **Demand**: Downstream demand was generally weak. Silicon wafer enterprises were cautious in raw material procurement, mainly for rigid - need replenishment. The demand for silicon wafers, battery cells, and components was weak, and the market was in a wait - and - see state [17]. - **Supply**: This week, a factory had local equipment problems, but it had no substantial impact on production and shipment. Two manufacturers did not reach their production increase plans this month. An Inner Mongolia factory is expected to start production in May, and a Xinjiang factory has a maintenance plan in June. The overall polysilicon industry's operating rate is maintained at 30%. The production in March is expected to recover to 86,000 tons, and the production in April is expected to be around 85,000 - 88,000 tons, basically the same as in March [18]. - **Inventory**: The polysilicon inventory this week was 381,600 tons, an increase of 0.39% compared with the previous week. The market was in a situation of oversupply, and the inventory was accumulating day by day [142]. - **Cost and Profit**: The average production cost of polysilicon this week was 44,189.79 yuan/ton, a month - on - month increase of 0.7%. The gross profit and gross profit margin rebounded month - on - month to - 5,663.47 yuan/ton, a month - on - month decrease of 5.03% [152].

Investment Rating - The industry investment rating is maintained at "Outperform the Market - A" [5] Core Insights - The chemical industry is at the bottom of a four-year down cycle, with indicators suggesting it has nearly bottomed out, and 2026 is expected to be a turning point for the cycle [17] - The price index for Chinese chemical products (CCPI) was reported at 3930 points on December 31, 2025, a 39% decrease from the peak in 2021, indicating the industry is in a historically low range [17] - The net profit of the basic chemical sector for the first three quarters of 2025 was 112.7 billion yuan, a year-on-year increase of 7.5%, showing initial signs of stabilization [17] - Capital expenditure in the industry has decreased by 18.3% year-on-year, marking seven consecutive quarters of negative growth since Q4 2023, indicating the end of the supply expansion phase [17] Summary by Sections 1. Core Views - The chemical industry is experiencing a significant shift, with European chemical companies reducing capacity due to high energy costs and environmental compliance pressures, while Chinese companies are rapidly gaining market share due to cost advantages [18] - In the first eight months of 2025, 60% of monitored chemical products had export volumes in the top 80% of the last six years, with 40% in the top 100% [18] - The report suggests focusing on leading chemical companies with cost advantages, such as Wanhua Chemical, Hualu Hengsheng, and others [18] 2. Industry Performance - The basic chemical industry index rose by 2.3% in the week of March 20-27, outperforming the Shanghai Composite Index by 3.4 percentage points [25] - Year-to-date, the basic chemical industry index has increased by 9.1%, surpassing the Shanghai Composite Index by 10.5 percentage points [25] 3. Stock Performance - Among 424 stocks in the basic chemical sector, 246 stocks rose, while 171 fell during the week [31] - The top gainers included Jinmei Technology (+36.3%) and Foshan Plastics (+24.5%), while the biggest losers included Wanlang Magnetic Plastic (-12.4%) and Sanfangxiang (-12.2%) [31][32] 4. Key News and Company Announcements - AnDuoMai A reported a revenue of 28.945 billion yuan for 2025, a decrease of 1.84% year-on-year, with a net profit attributable to shareholders of -1.046 billion yuan, an increase of 63.98% year-on-year [34] - ST Shenhua reported a revenue of 5.610 billion yuan for 2025, an increase of 11.76% year-on-year, with a net profit attributable to shareholders of -0.1 billion yuan, an increase of 93.51% year-on-year [34]

证券代码：300821 证券简称：东岳硅材 公告编号：2026-002 山东东岳有机硅材料股份有限公司 关于作废 2024 年限制性股票激励计划部分已授予尚未归属 的限制性股票的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 山东东岳有机硅材料股份有限公司（以下简称"本公司"）于 2026 年 3 月 24 日召开第三届董事会第十八次会议审议通过了《关于作废 2024 年限制性股票 激励计划部分已授予尚未归属的限制性股票的议案》，同意作废 2024 年限制性 股票激励计划已授予尚未归属的 749.60 万股限制性股票，现将相关内容公告如 下： 一、公司 2024 年限制性股票激励计划已履行的相关审批程序 1、2024 年 10 月 7 日，公司召开第三届董事会第六次会议，审议通过了《关 于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2024 年限制性股票激励计划实施考核管理办法>的议案》以及《关于提请股东大会授 权董事会办理股权激励相关事宜的议案》等议案。同日，公司召开第三届监事会 第四次会议，审议通过了《关于公司<2024 ...

北京市金杜（青岛）律师事务所 关于山东东岳有机硅材料股份有限公司 2024 年限制性股票激励计划部分已授予尚未归属限制性股票作废事项的 虚假或重大遗漏之处，且文件材料为副本或复印件的，其与原件一致和相符的基 础上，金杜合理、充分地运用了包括但不限于书面审查、复核等方式进行了查验， 对有关事实进行了查证和确认。 金杜及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信 用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、准确、 完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大 遗漏，并承担相应法律责任。 法律意见书 致：山东东岳有机硅材料股份有限公司 北京市金杜（青岛）律师事务所（以下简称金杜或本所）接受山东东岳有机 硅材料股份有限公司（以下简称公司）委托，作为其实施 2024 年限制性股票激 励计划（以下简称本激励计划、本次激励计划或本计划）的专项法律顾问，根据 《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和 ...

容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 内部控制审计报告 山东东岳有机硅材料股份有限公司 容诚审字[2026]518Z0362 号 内部控制审计报告 容诚审字[2026]518Z0362 号 山东东岳有机硅材料股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了山东东岳有机硅材料股份有限公司（以下简称"东岳硅材公司"）2025 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是东岳 硅材公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告 ...

审计报告 山东东岳有机硅材料股份有限公司 容诚审字[2026]518Z0361 号 容诚会计师事务所(特殊普通合伙) 中国·北京 1 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1 - 6 | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | 合并现金流量表 | 3 | | 5 | 合并所有者权益变动表 | 4 - 5 | | 6 | 母公司资产负债表 | 6 | | 7 | 母公司利润表 | 7 | | 8 | 母公司现金流量表 | 8 | | 9 | 母公司所有者权益变动表 | 9 - 10 | | 10 | 财务报表附注 | 11 - 124 | 1 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 审 计 报 告 容诚审字[ ...

专项审核报告 山东东岳有机硅材料股份有限公司 容诚专字[2026]518Z0492 号 容诚会计师事务所(特殊普通合伙) 中国·北京 2025 年度营业收入扣除情况的 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | | 营业收入扣除情况的专项审核报告 | 1-2 | | | 营业收入扣除情况表 | 1 | | 1 2 | | | 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 关于山东东岳有机硅材料股份有限公司 2025 年度营业收入扣除情况的专项审核报告 容诚专字[2026]518Z0492 号 山东东岳有机硅材料股份有限公司全体股东： 我们接受委托，按照中国注册会计师审计准则审计了山东东岳有机硅材 料股份有限公司（以下简称东岳硅材公司）2025 年度财务报表，并于 2026 年 3 月 2 ...

山东东岳有机硅材料股份有限公司 对外投资管理制度 第一章 总则 第一条 为了规范山东东岳有机硅材料股份有限公司（以下简称"公司"或者 "本公司"）对外投资行为，防范投资风险，提高对外投资效益，根据《中华人民 共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》、《深圳 证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等法律法规的相关规定和《山东东岳有机硅材 料股份有限公司章程》（以下简称《公司章程》），制定本制度。 第二条 本制度所称对外投资，是指公司在境内外进行的下列以盈利或者保 值增值为目的的投资行为： （一） 向其他企业投资，包括单独设立（设立或者增资全资子公司除外） 或者与他人共同设立企业、对其他企业增资、受让其他企业股权等权益性投资； （二） 购买交易性金融资产和可供出售的金融资产、向他人提供借款（含 委托贷款）、委托理财等财务性投资； （三） 其他投资。 第三条 公司对外投资行为必须符合国家有关法规及产业政策，符合公司发 展战略，有利于增强公司竞争能力，有利于合理配置企业资源，创造良好经济效 益，促进公司可持续发展。 第二章 对外投 ...

作为山东东岳有机硅材料股份有限公司（以下简称"公司"）独立董事，2025 年度严格按照《公司法》《上市公司独立董事管理办法》等法律法规和《公司章 程》《独立董事工作制度》的要求，恪尽职守，勤勉尽责，积极出席相关会议， 认真审议董事会各项议案，对公司相关事项发表独立意见，充分发挥独立董事的 独立作用，切实维护了公司和股东尤其是中小股东的利益。现将 2025 年度本人 履职情况汇报如下： 一、独立董事基本情况 潘素娇：1969 年出生，中国国籍，无境外永久居留权，本科学历，注册会 计师、注册税务师、注册资产评估师。2001 年 3 月至 2004 年 6 月担任山东正华 会计师事务所评估部主任，2004 年 7 月至 2009 年 9 月担任中和正信会计师事务 所高级经理，2009 年 10 月至今，担任信永中和会计师事务所（特殊普通合伙） 合伙人。现任信永中和会计师事务所（特殊普通合伙）合伙人，东杰智能科技集 团股份有限公司独立董事，公司独立董事。 2025 年度，本人对独立性情况进行了自查，作为公司独立董事，未在公司 担任除独立董事外的其他任何职务，也未在公司主要股东公司担任任何职务，与 公司及主要股东之间不 ...

山东东岳有机硅材料股份有限公司 2025 年度，本人积极参加公司召开的股东会和董事会，认真履行独立董事 的各项职责。 董事会出席情况 独立董事 2025 年度述职报告 （邱化玉） 作为山东东岳有机硅材料股份有限公司（以下简称"公司"）独立董事，2025 年度严格按照《公司法》《上市公司独立董事管理办法》等法律法规和《公司章 程》《独立董事工作制度》的要求，恪尽职守，勤勉尽责，积极出席相关会议， 认真审议董事会各项议案，对公司相关事项发表独立意见，充分发挥独立董事的 独立作用，切实维护了公司和股东尤其是中小股东的利益。现将 2025 年度本人 履职情况汇报如下： 一、独立董事基本情况 邱化玉：1963 年出生，中国国籍，无境外永久居留权，博士研究生，教授。 2013 年 1 月至 2019 年 3 月担任杭州师范大学材料与化学化工学院院长，2019 年 4 月至 2021 年 6 月担任杭州师范大学科学研究院院长，2013 年 1 月至今担任 杭州师范大学教授。现任杭州师范大学教授，新亚强硅化学股份有限公司独立董 事，公司独立董事。 2025 年度，本人对独立性情况进行了自查，作为公司独立董事，未在公司 担任除 ...