Financial Performance - In 2023, the company achieved operating revenue of 3.276 billion yuan, an increase of 18.59% compared to the previous year [1][2] - The net profit attributable to shareholders decreased by 74.49% to 38.613 million yuan [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 78.20% to 30.707 million yuan [1][2] - The net cash flow from operating activities was -330.29 million yuan, worsening from -201.76 million yuan in the previous year [1][2] Q1 2024 Performance - In Q1 2024, the company reported operating revenue of 639 million yuan, a decrease of 8.75% year-on-year [3] - The net profit attributable to shareholders was 33.635 million yuan, down 2.84% compared to the same period last year [3] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 9.28% to 31.466 million yuan [3] - The net cash flow from operating activities improved to -96.59 million yuan from -159.25 million yuan in the previous year [3] Fundraising Activities - The company raised a total of 699.36 million yuan through its initial public offering, with a net amount of 611.99 million yuan after expenses [4] - The total fundraising amount from two rounds of financing reached 1.198 billion yuan [5] - The company plans to use the raised funds for projects including the construction of a photovoltaic welding strip production line and a research and development center [4]

周度报告——光伏玻璃 源 化 工 6 月组件厂家排产预期降幅加大，光伏玻璃消费将明显缩减，市 场惶恐情绪较重。为避免后期高库存压力，光伏玻璃厂家开始自 主降价加速出货，同时组件端也存在压价行为。 持续累库压力下，光伏玻璃供给再度下滑 [T报ab告le_日R期an：k] 2025 年 6 月 16 日 ★光伏玻璃基本面周度表现（截至 2025/6/13 当周）： 由于 6 月份光伏玻璃需求端缩水幅度较大，而同期供应端减量节 奏难以匹配，将导致市场供需差进一步加大，当前光伏玻璃厂家 库存已经处于高位，后续仍有进一步累库空间。 截至 6 月 13 日，国内光伏玻璃 2.0mm 镀膜（面板）主流价格 为 12 元/平米，环比上周持平；3.2mm 镀膜主流价格为 19 元/ 平米，环比上周下跌。主要是行业库存压力高企，厂家对未来预 期较为悲观，市场竞争加剧，部分企业低价抢单出货，从而拉低 市场平均价格。 近期光伏玻璃利润持续下滑，行业累库压力逐步加剧，部分企业 低价加速抢单出货，未来行业平均亏损程度或进一步加深。 能 上周国内光伏玻璃厂家开始出现减产及冷修行为，市场供给呈下 行趋势。本周仍有多家企业存在减产计划，预计行 ...

Group 1 - Jiangsong Technology has been accepted for IPO on June 14, 2025, aiming to raise 1.053 billion yuan [1][2] - The company is a leading manufacturer of intelligent automation equipment for high-efficiency photovoltaic cells, providing comprehensive solutions for the entire production process [2][3] - Jiangsong Technology has achieved a market share ranking first in both domestic and global markets for photovoltaic cell automation equipment in 2022 [2][3] Group 2 - The company has established partnerships with major clients, including Tongwei Co., Longi Green Energy, and Trina Solar, covering top photovoltaic manufacturers in China [3] - Revenue figures for Jiangsong Technology show growth from 807 million yuan in 2022 to 2.019 billion yuan in 2024, with net profits increasing from 88.35 million yuan to 187 million yuan over the same period [3] - The funds raised from the IPO will be allocated to projects such as the construction of a photovoltaic intelligent equipment production base and a research and development center, aimed at enhancing production capacity and competitiveness [4]

Core Viewpoint - Recent surges in platinum and silver prices have captured market attention, driven by a combination of technical factors, supply-demand dynamics, and heightened global risk aversion [3][4][8]. Platinum Market Summary - Year-to-date, spot platinum has seen a cumulative increase of 40.14%, with a notable rise of 22.78% from May 15 to June 11 [3][8]. - On June 11, platinum prices reached $1285.58 per ounce, marking a four-year high, influenced by speculative investments and a shift in market dynamics [3][8]. - The current market is characterized by a "gold-silver-platinum" rally, driven by increased global risk aversion and geopolitical tensions [3][8]. - Analysts predict a structural supply shortage in platinum, with a projected shortfall of 96,600 ounces by 2025, as supply struggles to keep pace with demand [8][9]. Silver Market Summary - Silver prices have also surged, with a cumulative increase of over 9% recently, surpassing $36 per ounce for the first time since February 2012 [4][5]. - The rise in silver prices is attributed to increased demand from the photovoltaic industry, with global solar installations expected to exceed 600 GW in 2024 [5][7]. - The silver market is facing a widening supply-demand gap, with projected global silver supply growth at only 1.2% from 2024 to 2027, while demand is expected to grow at 2.9% during the same period [7][9]. - The current gold-silver ratio remains high, indicating potential for further silver price appreciation as the market corrects [7][9]. Investment Dynamics - The platinum market is transitioning towards a strategic resource, with a notable shift in investment logic due to supply constraints and the rise of hydrogen energy applications [8][11]. - Short-term pressures may arise from inventory releases and declining demand from high-net-worth individuals, but long-term drivers are expected to support price increases [10][11]. - The silver market is also experiencing a dual demand dynamic, with both industrial and investment needs contributing to price support amid macroeconomic fluctuations [5][9].

Group 1 - The metal market has seen a simultaneous surge in silver and platinum prices, with silver reaching a 13-year high and platinum hitting a two-year high [1][3] - As of June 6, the spot silver price increased by 9.04% this week, reaching $35.9648 per ounce, while COMEX silver futures rose by 9.37% [1][3] - Platinum prices also reached $1152 per ounce, marking the highest level since March 2022, with a 1.7% intraday increase [3] Group 2 - The strong performance of precious metals has led to significant reactions in the domestic A-share market, with several silver-related stocks hitting the daily limit up [3] - The rise in silver and platinum prices is attributed to increased industrial demand for precious metals and heightened investor interest in safe-haven assets amid economic uncertainties [3][4] - The silver-to-gold ratio has surpassed 100, indicating that silver is significantly undervalued relative to gold, which is driving expectations for a price correction in silver [4] Group 3 - The industrial application of silver has notably increased, particularly in the photovoltaic industry, leading to a tight supply-demand situation [4] - Speculative funds are flowing into silver, increasing investment demand, as evidenced by rising non-commercial net long positions in COMEX silver futures [4] - Investors are advised to consider purchasing platinum and silver ETFs to participate in the current market trend, benefiting from low costs and flexible trading options [4]

Group 1 - Silver prices have surged to a 13-year high, while platinum has reached a two-year high, driven by increased demand for industrial precious metals and a strong investment sentiment in the precious metals market [2][3] - The recent price movements are attributed to a combination of supply shortages and strong demand, particularly from India for silver and a recovery in platinum demand from China [3][5] - The gold-silver ratio has surpassed 100, indicating that silver is significantly undervalued relative to gold, which is fueling expectations for a price correction in silver [3] Group 2 - Platinum ETF holdings have increased by over 3% since mid-May, while silver ETF inflows have risen nearly 8% since February, indicating growing investor interest in these assets [4] - JP Morgan's report highlights a supply shortage in platinum, driven by reduced mining output and increased demand for jewelry, suggesting a bullish outlook for platinum prices [5][6] - The potential for platinum's role in the hydrogen economy and its applications in high-end photovoltaic components may further enhance its demand in the future [5]

Group 1: Financial Performance - In 2024, the company achieved a total revenue of 173,658.72 million CNY, representing a year-on-year growth of 8.53% [3] - The gas supply and related income accounted for 16.55 billion CNY, making up 95.28% of total revenue, with a year-on-year increase of 9.35% [4][5] Group 2: Business Development Strategies - The growth in urban gas business revenue was primarily driven by market expansion measures, including the renovation of old residential areas and the "bottle-to-pipe" policy, which added 28,000 new users, bringing the total service users to 548,000, a 5.38% increase [3] - The company is focusing on a diversified gas supply system and enhancing infrastructure through self-built projects, such as the Dalian distribution station, to strengthen supply capabilities [4] Group 3: Safety and Innovation - The company has implemented comprehensive safety management measures, maintaining a "three-zero" safety production standard through regular inspections and increased hazard identification efforts [4] - Future plans include expanding into hydrogen and photovoltaic industries, enhancing service quality, and optimizing existing user potential while exploring new demand [4] Group 4: Market Position and Shareholder Engagement - The company has initiated a share repurchase plan, completing the buyback of 3,226,800 shares, which is 0.8998% of the total share capital, with an investment of approximately 17 million CNY, signaling confidence in long-term development [4] - The company emphasizes the importance of value management and aims to solidify its core business while exploring innovative business models [4]

Group 1: New Energy Vehicle Industry - The China Securities New Energy Vehicle Industry Index (930997) decreased by 0.03% as of June 6, 2025, with component stocks showing mixed performance [1] - Xiamen Tungsten (688778) led the gains with an increase of 9.35%, while Sanhua Intelligent Control (002050) experienced the largest decline at 4.02% [1] - The New Energy Vehicle ETF (515700) showed a recent price of 1.61 yuan, with a one-month cumulative increase of 1.70% as of June 5, 2025 [1] - Leverage funds are actively investing, with the latest financing purchase amount reaching 135.61 thousand yuan and a financing balance of 5,067.33 thousand yuan [1] Group 2: Automotive Industry - The Ministry of Commerce announced plans to address "involution" competition in the automotive industry, aiming to maintain fair market order and promote healthy development [2] - The automotive parts theme index (931230) fell by 1.11% as of June 6, 2025, with component stocks showing varied performance [4] - The Automotive Parts ETF (159306) reported a recent price of 1.11 yuan, with a one-month cumulative increase of 1.72% [4][5] - The automotive parts ETF saw a significant growth in scale, increasing by 419.50 thousand yuan over the past three months [5] Group 3: Photovoltaic Industry - The China Securities Photovoltaic Industry Index (931151) rose by 0.05% as of June 6, 2025, with component stocks like Quartz Co. (603688) increasing by 7.58% [4] - The Photovoltaic ETF (516180) recently priced at 0.53 yuan, with a one-month cumulative increase of 1.13% [4] - The top ten weighted stocks in the photovoltaic index account for 56.2% of the index, including Longi Green Energy (601012) and TCL Technology (000100) [11] Group 4: New Materials Industry - The China Securities New Materials Theme Index (H30597) increased by 0.38% as of June 6, 2025, with stocks like New Zobon (300037) rising by 3.91% [7] - The New Materials ETF Index Fund (516890) reported a price of 0.49 yuan, reflecting the performance of companies involved in advanced materials [9]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The industrial silicon market is experiencing a continuous decline, with cost support weakening, supply increasing, demand remaining weak, high social inventory, and expected short - term price decline. The recommended strategy is to short on rebounds. - The polysilicon market shows a situation of weak supply and demand, with prices falling in both the futures and spot markets. The downstream purchasing willingness is low, and the recommended strategy is to short on rallies. [2] 3. Summary by Related Catalogs 3.1 Industrial Silicon 3.1.1 Cost and Profit - The power cost in the southwest production area is gradually decreasing as it enters the flat - water period, and the overall in - production cost of the industry will decline after the shutdown of high - cost enterprises in the north. Cost support for silicon prices is insufficient. - In May, the average profit of national industrial silicon 553 was - 2,417 yuan/ton, a month - on - month decrease of 416 yuan/ton; the average profit of 421 was - 2,188 yuan/ton, a month - on - month decrease of 103 yuan/ton. [2][36] 3.1.2 Supply - Last week, the number of open furnaces increased significantly, mainly from restarted enterprises in Xinjiang. As of now, the restart in Xinjiang has temporarily ended, and there are no expected new restarts in the short term. In Sichuan, enterprises are gradually increasing furnace openings with the decline of electricity prices in the wet season. Yunnan still has restart plans after maintenance, expected to restart around mid - to - late June. - In the week of May 29, the silicon enterprise's furnace - opening rate increased slightly, with a net increase of 20 furnaces. [2][37] 3.1.3 Demand - Downstream demand is weak, market transactions are low, and most transactions are at low prices. Polysilicon plants maintain a large - scale production reduction, the organic silicon industry reduces production, and the demand for silicon - aluminum alloy has weakened, with rigid procurement of industrial silicon. [2] 3.1.4 Inventory - Social inventory remains at a high level, and there is significant short - term inventory reduction pressure. As of May 29, the industrial silicon social inventory (warehouse inventory + delivery warehouse) was 58.9 million tons, a month - on - month increase of 0.7 million tons; the factory inventories in Xinjiang, Yunnan, and Sichuan totaled 23.77 million tons, a month - on - month increase of 0.35 million tons. [2][119] 3.1.5 Market Outlook - With strong restart expectations in the southwest production area and an increase in furnace openings of some silicon enterprises in the north, the supply shows an obvious increasing trend, while the demand maintains rigid procurement. Futures and spot prices are falling in tandem, and it is expected that there will be no significant improvement in the short term. The futures price is expected to range from 7,000 - 9,000 yuan/ton, and the strategy is to short on rebounds. [2] 3.2 Polysilicon 3.2.1 Supply - In May, the polysilicon output was 96,100 tons, a month - on - month increase of 700 tons and a year - on - year decrease of 80,900 tons. As of May 29, the polysilicon inventory was 270,000 tons, an increase of 10,000 tons. In June, the start - up of polysilicon enterprises will increase and decrease simultaneously, and production scheduling is expected to increase slightly. [67] 3.2.2 Demand - Demand is weak. Domestically, orders have shrunk significantly, while overseas orders are relatively stable. Long - term component orders have decreased significantly, and the price of photovoltaic components has continued to decline. The demand for battery chips from the component side has decreased, and it is expected that the production scheduling of battery chips will be tight in June. Silicon wafer prices have declined across all sizes, and there is a strong expectation of production reduction. [2] 3.2.3 Market Outlook - The supply and demand of polysilicon are both weak, and the futures and spot prices are falling in tandem. The downstream purchasing willingness remains low, and there is no expectation of bottom - fishing for inventory. Although the number of warehouse receipts has not increased significantly, the weak fundamentals have not led to the trading of squeeze - out risks in the futures price. In the short term, warehouse receipts have alleviated the price factor, and the strategy is to short on rallies. [2] 3.3 Organic Silicon 3.3.1 Production - In May, the operating rate of China's DMC was 62.37%, a month - on - month increase of 3.79 percentage points; the DMC output was 184,000 tons, a month - on - month increase. The industry mainly maintains production with reduced loads, and the overall operating rate has slightly increased. [87] 3.3.2 Price - As of May 30, the average price of DMC was 11,450 yuan/ton, unchanged from the previous month; the average price of 107 rubber was 12,100 yuan/ton, a month - on - month decrease of 150 yuan/ton; the average price of silicone oil was 13,900 yuan/ton, a month - on - month decrease of 50 yuan/ton. As the price of organic silicon has fallen to a low level, downstream purchasing willingness has increased, and market confidence has been somewhat restored. [94] 3.4 Silicon - Aluminum Alloy 3.4.1 Production - In the week of May 29, the operating rate of primary aluminum alloy was 54.6%, unchanged from the previous week; the operating rate of recycled aluminum alloy was 53%, a week - on - week decrease of 1.6 percentage points. [104] 3.4.2 Price - As of May 30, the average price of ADC12 was 20,200 yuan/ton, a month - on - month decrease of 0.98%; the average price of A356 was 20,750 yuan/ton, a month - on - month decrease of 0.24%. [107]

Core Viewpoint - The company held an earnings briefing for the fiscal year 2024 and the first quarter of 2025, addressing investor concerns and outlining its business strategies and performance [1] Group 1: Earnings Briefing Overview - The earnings briefing took place on May 26, 2025, via an online interactive platform, with key executives in attendance [1] - The company reported a revenue of 1.015 billion yuan for 2024, representing a year-on-year increase of 13.81% [6] - The net profit attributable to shareholders was -65.60 million yuan, a decline of 156.55% year-on-year [6] Group 2: Business Operations and Strategies - The company is expanding its overseas business, with 38 million yuan in revenue from exports to countries like Serbia and Russia, accounting for 3.81% of total revenue in 2024 [2] - The company is focusing on the photovoltaic glass sector, leveraging cost advantages in raw materials and energy supply to enhance competitiveness [3][4] - The company plans to increase financing channels and reduce costs to ensure healthy operations in the photovoltaic glass business [3] Group 3: Challenges and Responses - The high asset-liability ratio of the subsidiary Guohua Jintai is attributed to significant construction investments in a photovoltaic glass project, which is currently in its initial phase [2] - The company faced pressure on profit margins due to rising financial and management costs, alongside a decline in product prices post-production [4] - The company is actively working on product certifications for its photovoltaic glass products, achieving important milestones in 2024 [5] Group 4: Future Outlook - The company is optimistic about the photovoltaic glass market, anticipating growth driven by increasing global demand for renewable energy and the rising adoption of double-glass photovoltaic components [11][12] - The market for double-glass components is expected to grow, with their market share reaching 77.6% in 2024, significantly boosting the demand for photovoltaic glass [12]