Quechen Company(SH:605183) Sou Hu Cai Jing·2025-11-01 23:15Core Viewpoint - The company has shown steady growth in its biomass (rice husk) silica production and sales, with significant contributions to revenue in the first three quarters of the year. Future projects are expected to enhance production capacity and align with global energy-saving policies. Group 1: Company Performance - As of October 31, 2025, the company's stock price closed at 19.31 yuan, down 3.45% from the previous week, with a total market capitalization of 8.031 billion yuan, ranking 4th in the rubber sector and 2284th in the A-share market [1] - The company has achieved nearly two years of stable commercial supply of biomass (rice husk) silica, contributing significantly to growth in the first three quarters [4] - The company’s average product price remains relatively stable despite fluctuations in raw material prices, which are influenced by sales structure and procurement decisions [3] Group 2: Project Developments - The company is actively working on the "10,000 tons per year (5,000 tons in the first phase) biomass (rice husk) silica comprehensive utilization project" in Jiangsu, currently in the process of handling preliminary land procedures [1] - The silica microsphere project is expected to start contributing to production capacity in the second half of 2026 [4] - The company is exploring additional opportunities for silica capacity expansion, focusing on technological improvements and product structure enhancement [3] Group 3: Market Trends - The sales of silica used in toothpaste have shown significant growth this year, marking it as a key growth point for the company moving forward [4] - The company has implemented measures to manage foreign exchange rate fluctuations, including forward contracts and options, to mitigate impacts on profit and loss [5]