证券代码：300821 证券简称：东岳硅材 公告编号：2025-047 山东东岳有机硅材料股份有限公司 关于调整 2024 年限制性股票激励计划授予价格的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 山东东岳有机硅材料股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日召开第三届董事会第十三次会议及第三届监事会第十次会议，会议分别审议通 过《关于调整 2024 年限制性股票激励计划授予价格的议案》。由于公司 2024 年年度权益分派方案已实施完毕，以公司总股本 120,000 万股为基数，向全体股 东每 10 股派发现金红利 0.15 元（含税）。根据《上市公司股权激励管理办法》 （以下简称"《管理办法》"）及公司《2024 年限制性股票激励计划（草案）》 （以下简称"《激励计划（草案）》"）的相关规定，公司董事会对 2024 年限 制性股票激励计划授予价格进行调整，具体如下： 一、本激励计划已履行的相关审议程序和信息披露情况 于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》 《关于公司<2024 年限制性股票激励计划实施 ...

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views - Layout of the bottom - position is as important as flexible offense. A basket of "high - dividend × low - volatility" dividend assets can provide a natural "shock absorber" for the portfolio, and the combination can withstand extreme market conditions by suppressing volatility with stable cash flows and low β and then capturing market mismatches with the remaining positions [3]. - To amplify returns in the dividend pool, a dual - screening approach is more reliable than relying solely on the "high - dividend" indicator. Adding a second filter such as low - volatility, earnings quality, or institutional holdings can eliminate potential risks and further increase the returns of general dividend assets [3]. - On top of the dividend bottom - position, there are systematic excess opportunities from the left - to - right shift of the industrial cycle. Priority should be given to companies with stable cash flows despite pressured profits. Industries such as cement, silicone, and phosphate chemicals are currently in the preferred range, while the photovoltaic chain is still in a state of "double losses in profit and cash flow". The overall allocation strategy involves initially establishing an observation position, increasing the position after confirming the leading indicators of the profit inflection point, and exiting when profits weaken again or the gross margin is inverted [3]. 3. Summary by Relevant Catalogs 3.1 Bottom - Position Allocation Necessity: "Pure Left" and "Pure Right" Are Not Desirable - In a market with an increasing industry rotation center, it is crucial to build a long - term core position first. A 15 - year quarterly rotation experiment on 31 Shenwan primary industries shows that both extreme left - side bottom - fishing and extreme right - side chasing result in single - digit annualized returns and significant drawdowns. In contrast, a dividend portfolio characterized by "high - dividend × low - volatility" can provide double - digit annualized returns and keep drawdowns within an acceptable range. Therefore, increasing the exposure of "high - dividend + low - β" in the bottom - position can provide a safety cushion for the portfolio [7]. - Dividend assets are the optimal core bottom - position in terms of return - to - drawdown. Historical stress tests show that the dividend index has shallower drawdowns, a stable 3 - year rolling Sharpe ratio, and does not require market timing in the long - term perspective. It also has higher probabilities of achieving positive returns in different holding periods compared to most broad - based and style indices [10][12][21]. 3.2 Dividend Yield Single - Factor Trap - Selecting stocks based solely on the "high - dividend" factor often leads to choosing high - volatility stocks with limited return increases and large drawdowns. Adding a second filter such as low - volatility or earnings quality can improve the overall cost - effectiveness. Statistical regression shows that the dividend yield alone has a weak explanatory power for future returns [29]. - Several case studies illustrate different types of "false high - dividend" traps. For example, some companies rely on one - time gains to support high dividends, some have high dividends due to falling stock prices rather than improved profitability, and some have high dividends at the peak of the business cycle or due to high leverage. To avoid these traps, specific financial and operational criteria need to be set [37][40][44]. 3.3 High - Dividend Smart - Beta's Distortion Risk - Modified dividend indices such as "Dividend Quality" and "Dividend Potential" have larger fluctuations and deeper drawdowns than the CSI Dividend Index. Their style drift and uncontrolled risk exposure lead to higher volatility, especially in bear markets. The main reasons are their high - concentration weighting, high - valuation requirements, and frequent chasing of market highs [60][64]. - The CSI Dividend Index selects 100 stocks based on a three - year dividend yield with a diversified weighting, while the Dividend Quality and Dividend Potential indices select 50 stocks by adding factors such as ROE and EPS growth, with a more concentrated and high - chasing weighting. As a result, they are more likely to suffer from double - kills of earnings and valuation when the market weakens [64]. 3.4 Potential Ways to Enhance Dividend Low - Volatility - **Dividend + Pricing Power Approach**: Traditional high - dividend indices have several drawbacks, including style drift, inclusion of high - risk high - dividend stocks, and right - side trading characteristics. A comprehensive scoring system based on pricing power, price - to - earnings ratio, and stability can be used to select the top 20 stocks for a portfolio. A ten - year back - test shows that this combination has better performance in terms of cumulative return, annualized return, and drawdown control compared to the CSI Dividend Index [83][84]. - **Considering Institutional Participation Rate**: Incorporating institutional holdings into high - dividend screening reveals that stocks with high institutional participation (≥20%) from stable - cash - flow industries have better risk - return profiles, including higher cumulative returns, greater upside potential, and controlled drawdowns. In contrast, stocks with low institutional participation (<20%) from cyclical industries perform less well. Therefore, combining high - dividends with institutional recognition can build a safer and more sustainable dividend portfolio [89]. 3.5 Bottom - Position Is Not Just Dividends: Quality Low - Volatility and Cash Cows - The "quality + low - volatility" dual - screened bottom - position established in June 2020 can achieve a balance between offense and defense. By filtering out high - leverage and low - resilience companies and compressing risk thresholds, it has achieved a five - year rolling net value increase of about 1.6 times, with stable single - digit annualized returns and significantly reduced volatility and drawdowns compared to ordinary low - volatility strategies [94]. - The long - term returns of dividend assets mainly come from stable dividends and profits rather than valuation increases. From 2014 - 2025, the annualized total returns of Dividend Low - Volatility and CSI Dividend after reinvestment were 13.9% and 13.2% respectively, with dividend contributions exceeding 9 percentage points and accounting for over 70% of the total returns [98]. - The cash - cow enhancement framework uses six dimensions to examine potential risks in high - dividend portfolios and provides corresponding enhancement measures. These measures include equal - weighting industries and quality sorting to address concentration risks, using free - cash - flow and growth thresholds to eliminate "high - dividend traps", and implementing valuation gates and hedging strategies to manage valuation risks [108]. 3.6 Industrial Cycle Reversal: From Left to Right - At the inflection point of the industrial cycle, multi - dimensional indicators such as fundamentals, inventory, price, valuation, and funds often show concurrent inflection points. The consistency in the industry dimension, from raw material prices to mid - stream production and downstream demand, can improve the reliability of inflection - point signals. For example, the anti - involution market rhythm is often in line with this "consistency chain" [111][112]. - At the company level, by dividing samples into leading, mid - stream, and tail companies, monitoring the second - order derivatives of 10 key indicators can help identify the acceleration of marginal improvements in demand, pricing, or cash flows. When at least three indicators in any two of the three sample layers show positive second - order derivatives, it can be regarded as a company - level consistency inflection point [114]. - The industrial cycle reversal framework uses a "three - light" approach to determine investment opportunities. When the three conditions of valuation repair, profit - cash flow resonance improvement, and completion of inventory reduction and demand expansion are met simultaneously, it indicates a three - dimensional resonance of supply - demand, profit, and sentiment, and investors can make aggressive investments. Otherwise, they should continue to hold the dividend bottom - position [115].

Core Insights - Dongyue Silicon Materials reported a revenue of 2.327 billion yuan for the first half of 2025, representing a year-on-year decline of 14.98% [1] - The net profit was 42.1941 million yuan, down 35.30% compared to the previous year [1] - The company is focused on ensuring efficient and stable production amidst challenging market conditions, leveraging large-scale production capabilities and refined management practices [1] Revenue and Profit Analysis - The company's revenue decreased to 2.327 billion yuan, indicating a significant drop in sales performance [1] - The net profit decline to 42.1941 million yuan highlights the impact of market challenges on profitability [1] Operational Strategies - Dongyue Silicon Materials aims to achieve full production and sales targets through optimized production and operational systems [1] - Continuous improvement in product quality and accelerated development of new products are key focuses, with an increased revenue share from new grades and mid-to-high-end application products [1]

Summary of Key Points from the Conference Call Industry Overview - The chemical industry is currently at the bottom of the cycle, but leading Chinese companies have strong cash flow and low debt ratios, which may enhance potential dividend yields as capacity expansion slows down [1][3][5] - Global GDP growth supports chemical demand, and changes on the supply side combined with demand growth are expected to lead to a recovery in industry prosperity [1][4] Key Insights - The "anti-involution" policy aims to control new capacity in sectors like coal chemical, refining, and polyurethane, which may still yield considerable dividend rates even at the cycle's bottom [1][5] - The industrial silicon and soda ash sectors, which are currently in surplus, have greater elasticity due to restrictions on existing and new capacities [1][5] - The oil and gas chemical sector has begun to see positive free cash flow in 2024, indicating a gradual improvement in the industry [8] Financial Metrics - In 2024, the net cash flow for the chemical industry is projected to shrink to nearly 20 billion, while total operating cash flow exceeds 250 billion [7] - Capital expenditures are expected to decrease from 350 billion to below 300 billion [7] - By 2025 or 2026, the industry is anticipated to generate positive net free cash flow, marking a historic shift [7] Company-Specific Insights - Hualu Hengsheng's market value in 2024 is approximately 50.6 billion, with cash flow expected to rise from 5 billion in 2025 to 8.3 billion by 2027, suggesting attractive dividend yields even in a downturn [9] - The European chemical production capacity utilization is at a historical low of around 74%, indicating that high-cost production is unlikely to recover, which benefits Chinese companies with cost advantages [10][11] Future Trends - The chemical industry is expected to see a rebound in prosperity due to low inventory levels and attractive valuations [11] - The exit of high-cost European production will allow Chinese leaders to further consolidate and expand their market positions [11] - The polyurethane sector is currently at a cyclical low, but price recovery is anticipated due to supply constraints and demand growth [18][19] Challenges and Opportunities - The olefin industry faces challenges with low prices, but strict approval processes for new capacities may lead to a recovery if production contracts [16] - The refining sector is grappling with overcapacity and outdated facilities, but the anti-involution policy may help improve market conditions for major players [17] - The organic silicon market is at a historical low, but limited new capacity and potential overseas exits may lead to a recovery in the medium to long term [24][25][26] Sector-Specific Recommendations - Focus on companies in controlled capacity sectors like coal chemicals (e.g., Hualu Hengsheng, Baofeng Energy) and refining (e.g., Sinopec) for potential dividend yields [5][17] - Monitor the industrial silicon market for companies like Hesheng Silicon Industry, which may see profit doubling if prices recover [32] - In the soda ash sector, companies like Boyuan Chemical are worth watching as they navigate a challenging market [33] Conclusion - The chemical industry is poised for a potential recovery driven by policy changes, strong cash flows from leading companies, and a favorable global economic backdrop. Investors should focus on companies with strong fundamentals and those positioned to benefit from supply-side constraints and market shifts.

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 8.06 billion yuan in the first half of 2025, a year-on-year decrease of 5.1%, and a net profit attributable to shareholders of 70 million yuan, down 47.7% year-on-year. The net profit after deducting non-recurring items was -20 million yuan, a decrease of 197.7% year-on-year [2][6]. - In Q2 2025, the company achieved a revenue of 4.44 billion yuan, a year-on-year decrease of 1.7% but a quarter-on-quarter increase of 22.4%. The net profit attributable to shareholders was 40 million yuan, up 74.7% year-on-year and 8.5% quarter-on-quarter, with the net profit after deducting non-recurring items remaining close to zero [2][6]. - The company's main business segments include crop protection and silicon-based new materials. The crop protection segment, particularly glyphosate, has seen a U-shaped price trend in 2025, with prices recovering in Q2 due to limited production capacity and inventory digestion, although overall profitability remains poor [11]. - The silicon-based segment has shown significant growth, with the company being one of the most complete players in the domestic silicon industry. The revenue from silicon-based terminal and specialty silane products was 1.12 billion yuan in the first half of 2025, with a gross margin of 23.4%, an increase of 4.6 percentage points year-on-year [11]. - The company expects a recovery in glyphosate and silicon-based product prices due to overseas demand and limited new production capacity, which could lead to significant earnings elasticity. The projected net profits for 2025-2027 are 410 million, 790 million, and 1.14 billion yuan, respectively [11]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved total revenue of 8.06 billion yuan, with a net profit of 70 million yuan and a net profit after deducting non-recurring items of -20 million yuan [2][6]. - Q2 2025 results showed a revenue of 4.44 billion yuan, with a net profit of 40 million yuan and a net profit after deducting non-recurring items close to zero [2][6]. Business Segments - The crop protection segment is under pressure, with glyphosate prices showing a U-shaped trend and overall profitability remaining low [11]. - The silicon-based segment has maintained growth, with significant revenue and improved gross margins, indicating a strong market position [11]. Market Outlook - The company anticipates a recovery in the glyphosate and silicon-based markets, driven by limited new production capacity and increasing demand, which could enhance profitability [11].

1. Report Industry Investment Rating - Industry Silicon: Oscillation / Polysilicon: Oscillation [1] 2. Core Viewpoints of the Report - The resumption rhythm of large factories in Xinjiang still affects the fundamental changes of industrial silicon. Although the fundamentals of industrial silicon are weakening marginally, the short - term price may fluctuate between 8,200 - 9,500 yuan/ton, and investors should pay attention to range - trading opportunities. For polysilicon, the price may run between 49,000 - 57,000 yuan/ton in the short term and is expected to exceed 60,000 yuan/ton in the long term. The strategy is to be bullish on pullbacks, and consider 11 - 12 reverse - spread opportunities around - 2,000 yuan/ton [3][16] - The government's policy of regulating the photovoltaic industry competition order has an impact on the price of polysilicon and its upstream and downstream products. Although the component price has increased, the terminal demand is not optimistic, and it is necessary to pay attention to whether there will be incremental policies [2][12][14] 3. Summary According to the Directory 3.1 Industrial Silicon/Polysilicon Industry Chain Prices - Industrial silicon: The Si2511 contract decreased by 60 yuan/ton to 8,745 yuan/ton week - on - week. The SMM spot price of East China oxygen - blown 553 decreased by 150 yuan/ton to 9,250 yuan/ton, and the price of Xinjiang 99 decreased by 250 yuan/ton to 8,450 yuan/ton. - Polysilicon: The PS2511 contract decreased by 1,335 yuan/ton to 51,405 yuan/ton week - on - week. The transaction price of N - type re - feedstock increased by 500 yuan/ton to 47,900 yuan/ton [8][9] 3.2 Xinjiang Large Factories Gradually Resume Production, and Component Bidding Prices Increase - **Industrial Silicon**: The futures main contract oscillated this week. Xinjiang, Sichuan, and Yunnan added 8, 3, and 2 furnaces respectively, Inner Mongolia added 1, and Gansu reduced 1. The SMM industrial silicon social inventory decreased by 0.20 tons week - on - week, and the sample factory inventory increased by 0.40 tons. The eastern base of a large factory in Xinjiang resumed 8 furnaces this week with further plans, but the implementation needs to be observed. Southern production has reached its peak with no obvious increase in the future. Downstream maintains just - in - time procurement. It is estimated that the inventory of industrial silicon will decrease by about 10,000 tons in August. If the large factory's operation remains unchanged, it may accumulate about 30,000 tons from September to October and decrease by about 100,000 tons during the dry season from November to December. However, if the large factory fully resumes production, it may be difficult to reduce inventory during the dry season [10] - **Organic Silicon**: The price oscillated downward this week. The third - phase device of Tangshan Sanyou stopped, and the device in Hoshine's Sichuan area resumed production. The overall enterprise operating rate was 76.03%, with a weekly output of 50,300 tons, a decrease of 2.14% week - on - week. The inventory was 48,800 tons, an increase of 0.62% week - on - week. The price is expected to oscillate at a low level [11] - **Polysilicon**: The futures main contract oscillated this week. Six ministries jointly held a photovoltaic industry symposium, and on Friday, Huadian's 20GW component centralized procurement bid opened, with component prices rising significantly, driving up upstream prices. The bid price of second - tier enterprises' dense material increased to 48 yuan/kg, and that of first - tier enterprises increased to 50 - 53 yuan/kg. To maintain prices, production and sales control in the polysilicon segment are necessary. The production in August was between 125,000 - 130,000 tons. The production in September is highly uncertain, with a pessimistic estimate of up to 140,000 tons and an optimistic estimate of 120,000 tons, still in surplus [12] - **Silicon Wafers**: The quotation increased this week. After the symposium, the association gave a new guidance price for silicon wafers on the 20th afternoon. Silicon wafer enterprises adjusted their quotes to the guidance price, with M10/G12R/G12 models rising to 1.25/1.40/1.60 yuan/piece. As of August 21, the silicon wafer factory inventory was 17.41GW, a decrease of 2.39GW. The production schedule in August was 53GW, and it is expected to be flat in September [13] - **Battery Cells**: The price remained stable this week. The mainstream transaction prices of M10/G12R/G12 models were 0.29/0.285/0.285 yuan/watt. As of August 18, the inventory of Chinese photovoltaic battery export factories was 5.81GW, an increase of 0.83GW. The domestic production schedule of Chinese enterprises in August was about 58GW. Some battery enterprises showed an intention to raise prices, with an expected increase to over 0.3 yuan/watt [13] - **Components**: The price oscillated this week. New orders were few, mainly fulfilling previous orders. The delivery price of centralized projects was between 0.62 - 0.68 yuan/watt, and the distributed spot price was stagnant, with a small amount of transactions above 0.7 yuan/watt. After the symposium, component prices are expected to rise. Huadian's 20GW photovoltaic component centralized procurement bid opened, with an average price of 0.71 yuan/watt for the first - stage bid, which is lower than expected but can cover the cost. With policy support, the component bidding price is expected to exceed 0.7 yuan/watt, but the terminal demand is not optimistic [14] 3.3 Investment Suggestions - **Industrial Silicon**: Pay attention to the resumption progress of large factories in Xinjiang. Although the fundamentals are weakening, the price may fluctuate between 8,200 - 9,500 yuan/ton in the short term due to the expectation of US interest rate cuts and the "anti - involution" of the domestic photovoltaic industry chain. Look for range - trading opportunities [3][16] - **Polysilicon**: The futures price is strongly supported by the spot transaction price of leading enterprises. In the short term, the price may run between 49,000 - 57,000 yuan/ton and is expected to exceed 60,000 yuan/ton in the long term. Be bullish on pullbacks and consider 11 - 12 reverse - spread opportunities around - 2,000 yuan/ton [3][16] 3.4 Hot News - On August 22, Huadian Group's 20GW photovoltaic component centralized procurement bid opened, with an average price of 0.71 yuan/W for the first - stage bid and 0.746 yuan/W for the second - stage bid [17] - The photovoltaic industry issued an initiative to strengthen self - discipline and maintain a fair competition market order [17] - On August 19, six ministries jointly held a photovoltaic industry symposium to regulate the competition order, including strengthening industrial regulation, curbing low - price competition, standardizing product quality, and supporting industry self - discipline [18] 3.5 Industry Chain High - Frequency Data Tracking - **Industrial Silicon**: Includes data on prices, production, and inventory such as the price of oxygen - blown 553 and 99 silicon, weekly production in different regions, and social and factory inventories [8][9][10] - **Organic Silicon**: Covers data on the price, profit, inventory, and production of DMC [10][11] - **Polysilicon**: Involves data on spot prices, gross profit, factory inventory, and enterprise production [12] - **Silicon Wafers**: Includes data on spot prices, average net profit, factory inventory, and enterprise production [13] - **Battery Cells**: Covers data on spot prices, average net profit, export factory inventory, and enterprise production [13] - **Components**: Involves data on spot prices, average net profit, factory inventory, and enterprise production [14]

图为签约仪式。(郑文斌/图) 中化新网讯 8月3日，有机硅教育部重点实验室九江分中心揭牌仪式在江西省永修县星火工业园有机硅 科创园共享活动阵地举行。永修县委书记秦岭与杭州师范大学化工学院院长、有机硅教育部重点实验室 主任章鹏飞共同为分中心揭牌。 仪式上，江西新嘉懿新材料有限公司、江西星火狮达科技有限公司、江西星泽美有机硅有限公司、江西 华昊化工有限公司4家企业与该中心签订了技术合作协议，将围绕有机硅产业技术研发、产品设计合成 与工艺优化研究等领域开展深度合作。 永修县委书记秦岭希望杭州师范大学能充分发挥科研优势，常态化与企业点对点沟通交流，联合开展技 术攻关、新产品研发和成果转化。各企业要拥抱新技术、新思维、新模式，政校企三方携手推动有机硅 产业实现质的跃升。 章鹏飞说，此次揭牌标志着该分中心从建设期转入运营期，未来将立足更高站位、落实更实举措，以企 业需求为"课题表"、企业难题为"攻关令"，聚焦技术创新，助力永修县有机硅从规模领先迈向技术领 先。 ...

Group 1 - The company, Dongyue Silicon Materials, specializes in the research, production, and sales of organic silicon materials, including silicone rubber, silicone oil, silicone resin, fumed silica, and organic silicon intermediates [1] - Silicone oil is widely used in various industries such as textiles, daily chemicals, mechanical processing, chemicals, and electronics, with cooling fluids being a significant application area [1] - Currently, the company does not have any cooling fluid products [1] - The main customer base consists of various downstream processing enterprises of organic silicon products [1]

Core Viewpoint - Dongyue Silicon Materials (300821.SZ) specializes in the research, production, and sales of silicone materials, indicating a strong focus on organic silicon products and their applications in various industries [1] Group 1: Company Overview - The company’s main products include silicone rubber, silicone oil, silicone resin, fumed silica, and organic silicon intermediates [1] - Silicone oil is widely used in industries such as textiles, daily chemicals, mechanical processing, chemicals, and electronics [1] - The company currently does not offer cooling liquid products, which is an important application area for silicone oil [1] Group 2: Customer Base - The primary customer base consists of various downstream processing enterprises of organic silicon products [1]

Core Viewpoint - Dongyue Silicones is primarily engaged in the research, production, and sales of silicone materials, with a focus on various applications including cooling fluids, although it currently does not offer cooling liquid products [1] Group 1: Company Overview - The company specializes in silicone materials, including silicone rubber, silicone oil, silicone resin, fumed silica, and silicone intermediates [1] - Silicone oil is widely used across multiple industries such as textiles, daily chemicals, mechanical processing, chemicals, and electronics [1] Group 2: Product Applications - Cooling liquid is identified as an important application area for silicone oil [1] - The company does not currently have any cooling liquid products available [1] Group 3: Customer Base - The primary customer base consists of various downstream processing enterprises that utilize silicone products [1]