查看完整报告 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 2025H1公司硅铁产量为79.28万吨，同比+6.85%，吨价格为5526元，同比-11.13%，吨毛利为772元，同比 +51.93%；硅锰产量为9.58万吨，同比-4.68%，吨价格为4645元，同比-14.03%，吨毛利为177元，同比 +37.18%。 公司发布2025年中报，2025年上半年公司实现营业收入118.25亿元，同比-11.83%，实现归母净利润9.89亿元， 同比-1.82%，实现扣非后归母净利润9.69亿元，同比-2.17%；其中2025Q2公司实现营业收入62.22亿元，同 比-7.27%，环比+11.05%，实现归母净利润5.30亿元，同比-19.79%，环比+15.39%，实现扣非后归 ...

2025 年 9 月 12 日 循环产业链协同优势尽显，高分红硅铁龙头盈利稳健 ——鄂尔多斯（600295.SH）动态跟踪报告 要点 事件：公司发布 2025 年中报，2025 年上半年公司实现营业收入 118.25 亿元， 同比-11.83%，实现归母净利润 9.89 亿元，同比-1.82%，实现扣非后归母净利 润 9.69 亿元，同比-2.17%；其中 2025Q2 公司实现营业收入 62.22 亿元，同比 -7.27%，环比+11.05%，实现归母净利润 5.30 亿元，同比-19.79%，环比 +15.39%，实现扣非后归母净利润 4.99 亿元，同比-18.05%，环比+6.37%。 2025H1 硅锰、硅铁单吨毛利同比分别+37.18%、+51.93%：2025H1 公司硅铁 产量为 79.28 万吨，同比+6.85%，吨价格为 5526 元，同比-11.13%，吨毛利为 772 元，同比+51.93%；硅锰产量为 9.58 万吨，同比-4.68%，吨价格为 4645 元，同比-14.03%，吨毛利为 177 元，同比+37.18%。 2025H1 烧碱单吨毛利同比+47.11%，PVC 单吨毛利 ...

Group 1 - The overall market showed positive performance on September 5, with all three major indices rising: Shenzhen Component Index increased by 3.89%, Shanghai Composite Index rose by 1.24%, and ChiNext Index surged by 6.55% [1] - The Shanxi sector also experienced an upward trend, with an overall increase of 1.40% influenced by the broader market [1] Group 2 - Shanxi Coal and Coking Company (stock code: 000983) was the top performer in the Shanxi sector, with a rise of 4.44% [2] - Huaxiang Co., Ltd. (stock code: 603112) and Lu'an Environmental Energy Development Co., Ltd. (stock code: 601699) also showed significant gains, increasing by 4.27% and 4.15% respectively [2] Group 3 - Shanxi Coal and Coking Company is the largest coking coal production base in China, with a comprehensive business model involving coal production, sales, washing, power generation, and mining services [3] - The company has established strategic partnerships with major firms such as Baosteel and Huaneng International, and its products are sold across more than 20 provinces in China and exported to countries like Japan and Germany [3] Group 4 - Huaxiang Co., Ltd. was established in 1999 and became the first private enterprise in Shanxi to be listed on the main board of the Shanghai Stock Exchange in 2020 [4] - The company specializes in metal material forming and precision processing, serving various industries including engineering machinery, home appliances, and automotive parts [4] Group 5 - Lu'an Environmental Energy Development Co., Ltd. was listed on the Shanghai Stock Exchange in 2006, raising 1.98 billion yuan with a high initial offering price, establishing a strong market presence as a high-value and high-growth coal enterprise [5]