Report Summary - **Report Type**: Daily Report - **Report Date**: February 10, 2026 - **Researcher**: Gu Xiaochun (Qualification No.: F0269198; Investment Consulting Certificate No.: Z0000164) - **Report Subject**: Industrial Silicon Futures Daily Report 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The industrial silicon futures price is expected to maintain a weak and volatile trend in the short term due to the dual impact of inventory pressure and demand expectation adjustment, and will probably remain range - bound [3][4]. 3. Summary by Directory 3.1. Market Review - On February 10, 2026, the main contract SI2605 of industrial silicon futures showed a volatile downward trend, opening at 8430 yuan/ton, reaching a maximum of 8470 yuan/ton and a minimum of 8350 yuan/ton, and closing at 8375 yuan/ton, down 130 yuan/ton from the previous trading day [2]. - The holding volume of the main contract was 303387 lots, and the total holding volume of the variety reached 418432 lots, an increase of 12176 lots from the previous trading day, indicating an increase in market participation [2]. 3.2. Spot Market - On February 10, 2026, the leading spot price of industrial silicon in China was 9106 yuan/ton, and the futures price was at a discount to the spot price, reflecting the market's cautious expectation of the forward price [2]. 3.3. Main Influencing Factors - Industry inventory pressure: The current industrial silicon inventory is in the accumulation stage, and market concerns about warehouse receipts are high. The inventory pressure suppresses the futures price [2]. - Downstream demand expectation: The "China Photovoltaic Industry Development Roadmap (2025 - 2026)" released by the China Photovoltaic Industry Association on February 5 predicts that China's new photovoltaic installed capacity in 2026 will be between 180GW and 240GW, which is lower than that in 2025 but will return to an upward trend after 2027, indicating short - term pressure on photovoltaic industry demand but a long - term good outlook [2]. 3.4. Short - term Outlook - Key factors to focus on: post - holiday polysilicon spot trading volume, changes in warehouse receipts, actual start - up rate and new installed capacity in the photovoltaic industry, production capacity release and cost changes of industrial silicon production enterprises, and power supply and price changes in relevant regions [3][4].

Core Insights - The company reported a net profit attributable to shareholders of 158 million yuan in the first half of the year, with a significant decline in Q2 net profit by 38.41% year-on-year and 56.77% quarter-on-quarter [1][2] Financial Performance - The company's revenue for the first half of 2025 was 4.037 billion yuan, representing a year-on-year growth of 19.55% [2] - Q2 revenue reached 2.478 billion yuan, showing a year-on-year increase of 58.63% and a quarter-on-quarter increase of 58.99% [2] - The net profit for Q2 was 48 million yuan, down 38.41% year-on-year and 56.77% quarter-on-quarter [2] Credit Impairment and Profitability - The significant quarter-on-quarter decline in Q2 net profit was primarily due to a credit impairment provision of 66 million yuan, compared to a reversal of 35 million yuan in Q1 [3] - Excluding the impact of credit impairment, Q2 net profit would have increased by 52% quarter-on-quarter, aligning with revenue growth [3] Order Growth and Market Position - The company experienced a substantial increase in new orders, with a year-on-year growth of 58.5% in the first half, totaling 8.4 billion yuan [3] - As of the end of H1, the company had an order backlog of 7.29 billion yuan, providing strong support for future revenue and profit growth [3] Innovation and Product Development - The company is focusing on innovation and product technology iteration, launching new products such as flexible supports, tower solar thermal support systems, ground power station cleaning robots, and SCARA tracking operation and maintenance platforms [3]