确成股份: 2025年半年度报告

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]