合盛硅业（603260）董事长罗立国的创业史，正是企业精神"积于跬步，凌于高峰"的生动注脚。他以三 十余年的笃行，践行着"专注硅基新材料，创造美好生活"的企业使命，完成了一场从传统手工业到全球 硅业巨擘的壮阔攀登。 他的"积于跬步"，始于最质朴的起点。1989年，从慈溪一家生产草帽的工艺品厂开始，罗立国在每一顶 编织帽中锤炼对品质与市场的理解。这份源自基层的扎实积累，成为他日后一切宏图伟业的坚实基底。 世纪之交，他敏锐地"积"下关键一步：转向硅材料产业。这并非一时追逐风口，而是基于对工业发展脉 搏的深刻洞察所进行的长期铺垫。 真正的"凌于高峰"，在于其攀登产业巅峰的战略胆魄。当企业在硅材料领域站稳脚跟后，罗立国展现 了"凌"的魄力。2009年，他逆流而上，远赴新疆戈壁打造行业首个"煤、电、硅"一体化产业园，以超前 的全产业链布局，构筑了无可比拟的成本与规模优势。2017年，他再次作出关键抉择，在公司上市后全 力聚焦硅基主业，精准踏上了全球新能源爆发的浪潮之巅。这一系列决策，驱动合盛硅业从行业的追赶 者，一跃成为工业硅与有机硅产能雄踞世界前列的领军者。 罗立国的故事，是一部"积跬步"以"凌高峰"的实干教科书。他 ...

证券日报网12月10日讯宏柏新材在回答调研者提问时表示，公司始终坚持以客户需求为导向，在巩固含 硫硅烷行业领先地位的同时，逐步拓展硅基新材料的深加工，提高产品的附加值，增强公司市场综合竞 争力和抗风险能力。未来三年公司将重点从以下四个方面进行规划：一是持续推动重点项目建设。聚焦 功能性硅烷主业，加快推进公司已建项目的产能释放速度和效率的同时，因地制宜快速推进泰国宏柏、 九江宏柏项目的建设进度，以创新引领高端布局，聚力优势产业强链、补链、延链。二是充分发挥迈图 宏柏在产品技术、品牌、市场渠道等方面优势。进一步提升公司特种硅烷产品在国内外市场的市场竞争 力。三是持续加大技术研发与创新投入。围绕含硫硅烷、其他品种硅烷、气相白炭黑和硅橡胶等主要产 品，开展一系列技术创新和工艺优化工作，推动产品的升级换代并提升市场竞争力。四是持续优化企业 管理与团队建设。推进企业管理标准化，进一步完善企业管理标准体系，通过有效地实施和监督，确保 各项制度得到切实执行。企业管理标准化的推进，将进一步提升公司的运营效率和管理水平，为公司的 可持续发展提供有力保障。 （文章来源：证券日报） ...

Core Insights - The new materials industry in Bengbu, Anhui, is positioned as a strategic and foundational sector, crucial for building a modern industrial system, with a focus on innovation and integration [1] - The industry has attracted 411 new materials companies, achieving a scale exceeding 66 billion yuan, with a focus on silicon-based and bio-based materials [1] Group 1: Silicon-based New Materials - Bengbu is developing a unique competitive advantage in silicon-based new materials, supported by national innovation centers and laboratories [2] - The city aims to establish itself as "China's Glass Valley," being the only city capable of producing all glass varieties needed for the display industry [2] - Local silicon-based materials are widely used in electronics and renewable energy, contributing significantly to high-end glass material independence [2] Group 2: Bio-based New Materials - Bio-based new materials represent a distinctive industry with innovative advantages in Bengbu, featuring a complete industrial chain from lactic acid bacteria to polylactic acid products [3] - The industry is led by Fengyuan Group, which produces biodegradable tableware and has been recognized as a key supplier for major events like the Beijing Winter Olympics [5] - Bengbu has implemented a plastic ban and promotes the use of bio-based products, enhancing the application scenarios for these materials [5] Group 3: Chemical New Materials - The chemical new materials sector in Bengbu is supported by two provincial chemical parks, focusing on fine chemicals, biomedicine, and chemical new materials [6] - The region has significant market shares in vitamin products and specialized chemicals, with companies like Yishitong leading in lithium battery separator materials [6][8] - Yishitong has a global market share of 43% in its field and has developed numerous patents, pushing forward green and low-carbon projects [6] Group 4: Industry Development Ecosystem - Bengbu's new materials industry benefits from a robust support system, with 46 provincial-level innovation platforms established [8] - The city has nurtured a range of high-quality enterprises, including national champions and specialized "little giant" companies, fostering a gradient development of the industrial cluster [8] - In the first nine months of 2024, the new materials industry in Bengbu achieved a production value of 56.595 billion yuan, reflecting a year-on-year growth of 12.6% [8]

Core Viewpoint - The report highlights that Hoshine Silicon Industry's performance is under pressure due to the downturn in industrial silicon and organic silicon markets, leading to a significant decline in revenue and net profit [1][2][3] Company Performance - In the first half of 2025, Hoshine Silicon achieved revenue of 9.775 billion yuan, a year-on-year decrease of 26.34%, and a net profit attributable to shareholders of -397 million yuan, a year-on-year decline of 140.60% [2] - In Q2 2025, the company reported revenue of 4.548 billion yuan, down 42.11% year-on-year and 13.02% quarter-on-quarter, with a net profit of -657 million yuan, reflecting a year-on-year decline of 245.87% and a quarter-on-quarter decline of 352.93% [2] Industry Analysis - The decline in performance is attributed to falling sales prices of industrial silicon and organic silicon products, with the industrial silicon market experiencing a downward price trend due to supply-demand imbalances [3] - Domestic industrial silicon production in the first half of 2025 was 1.85 million tons, showing a year-on-year decrease, while the production of polysilicon was 597,000 tons, down 44.0% year-on-year [3] - The organic silicon industry saw a consensus on production cuts in Q1, but production increased in Q2, with total domestic DMC production exceeding 1.2 million tons, a nearly 20% year-on-year increase [3] Financial Metrics - The company's R&D expense ratio decreased due to lower material inputs, while net cash flow from operating activities increased by 1987.93% due to reduced production and inventory clearance [4] - The company is accelerating the upgrade of its R&D center, focusing on innovative manufacturing technologies and smart production models, aiming to enhance its competitive edge in the silicon-based materials sector [5] Profit Forecast - Due to the decline in product prices, the profit forecast for Hoshine Silicon has been slightly adjusted, with expected net profits for 2025, 2026, and 2027 at 1.024 billion yuan, 1.889 billion yuan, and 2.113 billion yuan respectively [6] - The current stock price corresponds to P/E ratios of 60.8, 33.0, and 29.5 for the respective years, with a maintained "buy" investment rating due to the company's leading position in the organic silicon and silicon carbide industries [6]

Financial Performance - The company's total revenue for the first half of 2025 was 517 million yuan, a decrease of 10.39% year-on-year [1] - The net profit attributable to shareholders was -4.29 million yuan, representing a decline of 110.23% compared to the previous year [1] - The gross margin was 12.17%, down 18.25% year-on-year, while the net margin was -0.84%, a decrease of 111.58% [1] - The total of selling, administrative, and financial expenses reached 51.94 million yuan, accounting for 10.04% of total revenue, an increase of 94.83% year-on-year [1] - Earnings per share were -0.01 yuan, a drop of 107.69% compared to the previous year [1] Business Model and Industry Outlook - The company's return on invested capital (ROIC) was 0.89%, indicating weak capital returns, with a historical median ROIC of 27.59% since its listing [3] - The business model relies heavily on R&D and capital expenditures, necessitating careful evaluation of the effectiveness of these investments [3] - The industry is experiencing structural overcapacity, leading to intensified competition that compels companies to enhance R&D, optimize production processes, and improve waste management [4] - Long-term growth in the functional silane and silicon-based materials industry is driven by technological advancements and increasing demand from sectors like new energy and composite materials [4][5] - Leading companies are expected to maintain a dominant position globally by leveraging green circular economy practices and technological upgrades [5]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - For industrial silicon, the night - session of coking coal has risen, and attention should be paid to the boost of market sentiment - For polysilicon, attention should be paid to market information disturbances [1] 3) Summary by Relevant Catalogs Fundamental Tracking - **Futures Market Data**: - Industrial silicon (Si2511): The closing price is 9,000 yuan/ton, with a trading volume of 662,196 lots and an open interest of 271,943 lots. Compared with previous periods, the closing price, trading volume, and open interest have changed significantly - Polysilicon (PS2511): The closing price is 52,985 yuan/ton, trading volume is 592,822 lots, and open interest is 139,739 lots [1] - **Basis and Spread Data**: - Industrial silicon: The spread between the near - month contract and the continuous first contract is - 65 yuan/ton, and the cost of the near - month long and continuous first short inter - period arbitrage is 55.0 yuan/ton - Polysilicon: The spread between the near - month contract and the continuous first contract is - 2575.0 yuan/ton [1] - **Spot Premium and Discount Data**: - Industrial silicon: The spot premium and discount vary when benchmarked against different types, such as + 505 yuan/ton when benchmarked against East China Si5530 - Polysilicon: The spot premium and discount when benchmarked against N - type recycled materials is - 5985 yuan/ton [1] - **Price and Profit Data**: - Industrial silicon: The price of Xinjiang 99 - silicon is 8700 yuan/ton, and the profit of silicon plants in Xinjiang and Yunnan is negative - Polysilicon: The price of N - type recycled materials is 47000 yuan/ton, and the profit of polysilicon enterprises is - 16.9 yuan/kg [1] - **Inventory Data**: - Industrial silicon: Social inventory is 54.7 million tons, enterprise inventory is 17.0 million tons, and industry inventory is 71.7 million tons - Polysilicon: The manufacturer's inventory is 23.3 million tons [1] - **Raw Material Cost Data**: - Industrial silicon: The cost of raw materials such as silicon ore, washed coking coal, and petroleum coke varies by region - Polysilicon: The prices of relevant raw materials such as trichlorosilane and silicon powder are provided [1] - **Photovoltaic Product Data**: - For polysilicon - related photovoltaic products, the prices of silicon wafers, battery cells, components, photovoltaic glass, and photovoltaic - grade EVA are given, along with the profit data of related enterprises [1] Macro and Industry News - The first - phase project of Gansu Heihe Silicon - based New Material Comprehensive Utilization Project in Zhangye Economic Development Zone is in the final stage of construction. The project has a total investment of 2.063 billion yuan, with a planned two - phase implementation. After completion, it will have an annual production capacity of 120,000 tons of industrial silicon and 50,000 tons of high - purity ferrosilicon, with an annual output value of 2.94 billion yuan [3] Trend Intensity - The trend intensity of industrial silicon is 0, indicating a neutral view - The trend intensity of polysilicon is 1, indicating a slightly bullish view [3]

Core Viewpoint - The collaboration between Yantai Huaxing Silicon Materials Co., Ltd. and the two chemical giants, Xingfa Group and Wanhua Chemical, marks a significant step in the strategic partnership focused on high-end silicone materials, indicating a deepening cooperation in the silicon materials sector [1][2][3]. Group 1: Company Formation and Ownership - Yantai Huaxing was established with a registered capital of 5 million yuan, with Wanhua Chemical holding a 51% stake and Xingfa Group holding 49% [2]. - The two companies previously established Hubei Xinghua Silicon Materials Co., Ltd. in June, with a registered capital of 50 million yuan, further solidifying their partnership in the silicon materials field [2][3]. Group 2: Market Potential and Demand - The global silicone monomer capacity is projected to reach approximately 8.96 million tons by the end of 2024, reflecting a year-on-year growth of 15.46%, while China's capacity is expected to reach about 6.82 million tons, growing by 19.86% [3]. - The demand for high-performance silicone materials is anticipated to continue growing due to the rapid development of emerging industries such as renewable energy, 5G communications, and artificial intelligence [2][3]. Group 3: Strategic Advantages and Synergies - Xingfa Group, a leader in the phosphate chemical industry, has strong cost control capabilities in silicone production and has developed a complete industrial chain from phosphate mining to fine phosphorus chemicals and silicone new materials [1][3][6]. - The collaboration allows for resource supply complementarity, with Xingfa Group providing stable supplies of chloromethane, a key raw material for silicone monomer production, while Wanhua Chemical contributes its expertise in material application development and global sales networks [4][6]. Group 4: Financial Performance and Future Outlook - In 2024, Xingfa Group reported revenues of 28.396 billion yuan, a year-on-year increase of 0.41%, and a net profit of 1.601 billion yuan, up 14.33% [6][7]. - The company has a designed silicone monomer capacity of 600,000 tons per year and is actively expanding its production capabilities, including a planned investment of 1.495 billion yuan for a 100,000-ton/year industrial silicon project [7][8].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Viewpoints - The company has a complete industrial chain in the silicon-based new materials sector, covering upstream silicon mining, organic silicon monomer synthesis, and downstream product manufacturing, making it the most comprehensive player in the domestic organic silicon industry [2]. - The company has established a fully integrated development model in crop protection, offering a complete range of herbicides and other agricultural products, and is a leader in global herbicide varieties [3]. - The company is accelerating its globalization efforts, establishing multiple overseas production bases and expanding its marketing network to over 130 countries and regions [3]. Summary by Sections Company Overview - The company has a registered capital of 15 million yuan for its new subsidiary, Zhejiang Xin'an Yushi Silicon Technology Co., Ltd., which focuses on synthetic materials and high-quality synthetic rubber sales [1]. Financial Forecasts - The company’s projected net profits for 2025, 2026, and 2027 are 283 million yuan (down 29.7%), 472 million yuan (down 12.6%), and 684 million yuan, respectively [4]. - Revenue is expected to grow from 14.63 billion yuan in 2023 to 18.59 billion yuan in 2027, with a compound annual growth rate of approximately 6.5% [5]. Profitability and Valuation - The company’s gross margin is projected to improve from 12.5% in 2023 to 13.4% in 2027, indicating a gradual recovery in profitability [12]. - The price-to-earnings (P/E) ratio is expected to decrease from 96 in 2023 to 20 in 2027, reflecting an anticipated recovery in earnings [13]. Market Position - The company is the only domestic player with full coverage of downstream terminal products, offering over 3,000 types of products across various applications [2]. - It has established partnerships with several Fortune 500 companies, enhancing its market presence and credibility [3].

Core Viewpoint - The company is preparing for its 2024 annual shareholder meeting, focusing on the approval of the 2024 financial report and dividend distribution plan, amidst a challenging economic environment that has impacted its profitability [1][35]. Meeting Details - The shareholder meeting is scheduled for June 26, 2025, at 14:00, with both on-site and online voting options available [1]. - The meeting will be hosted by the company's chairman, Mr. Luo Liguo [1]. Shareholder Rights and Responsibilities - Shareholders are entitled to various rights, including speaking, questioning, and voting, and must adhere to the meeting's order and regulations [2][3]. - Shareholders must register and provide valid identification to participate in the meeting [2]. Financial Performance - In 2024, the company reported a revenue of RMB 26.69 billion, a slight increase of 0.41% year-on-year, but net profit decreased by 33.64% to RMB 1.74 billion due to economic fluctuations and declining product prices [12][33]. - The company’s total assets reached RMB 90.77 billion, reflecting an 8.91% increase from the previous year [33]. Operational Highlights - The company maintained its leading position in the industrial silicon and organic silicon sectors through refined management and technological innovation, achieving stable gross margins despite market price fluctuations [8][12]. - Significant projects include the production line for high-purity polysilicon and the carbon silicon particle project, which have commenced operations [8]. Research and Development - The company is enhancing its R&D capabilities, focusing on high-value downstream products and breaking through technological barriers in key materials [9][10]. - Investments in R&D are aimed at developing new products for emerging sectors such as 5G and electric vehicles [24]. Sustainability Initiatives - The company is committed to green development, aligning with national carbon reduction strategies, and is implementing measures to enhance energy efficiency and reduce carbon emissions [12][25]. - A digital transformation strategy is being pursued to improve operational efficiency and sustainability across the supply chain [11][25]. Future Plans - The company plans to optimize production management, enhance resource allocation, and continue investing in core business areas to maintain competitive advantages [23][24]. - Key initiatives for 2025 include strengthening the innovation management system and advancing digital transformation efforts [24][25].

Group 1: Investment Ratings - Industrial silicon: The upside potential is limited, and it is recommended to short on rallies [1] - Polysilicon: It is recommended to short on the futures market [1] Group 2: Core Views - The trend strength of industrial silicon and polysilicon is -1, indicating a bearish outlook [3] Group 3: Summary of Key Data Industrial Silicon and Polysilicon Futures Market - Si2507: The closing price is 7,475 yuan/ton, with a trading volume of 539,994 lots and an open interest of 177,663 lots [1] - PS2507: The closing price is 34,105 yuan/ton, with a trading volume of 123,726 lots and an open interest of 64,383 lots [1] Basis and Price - Industrial silicon: The spot premium against different benchmarks varies, and prices in different regions have declined over different time periods [1] - Polysilicon: The N-type refeed material price is 36,500 yuan/ton, showing a decline compared to a month ago [1] Profit - Silicon plant profit: In Xinjiang and Yunnan, it remains in the negative range, with some changes over time [1] - Polysilicon enterprise profit: It is -4.7 yuan/kg, showing a certain degree of change [1] Inventory - Industrial silicon: Social, enterprise, and industry inventories show different trends, and the futures warehouse receipt inventory has decreased [1] - Polysilicon: The manufacturer's inventory is 26.9 tons, with a slight change [1] Raw Material Cost - Various raw materials such as silicon ore, washed coal, petroleum coke, and electrodes have price changes in different regions [1] Other Related Industries - Organic silicon: DMC price and enterprise profit have changed [1] - Aluminum alloy: ADC12 price and recycled aluminum enterprise profit have changed [1] Group 4: Macro and Industry News - On June 5, the Inner Mongolia Xingfa industrial silicon project entered the main structure construction stage after the successful first steel structure hoisting of the 1 smelting workshop, with a total investment of nearly 1.5 billion yuan [3]