Core Viewpoint - The article provides a detailed analysis of the pricing trends for high-purity quartz sand and quartz crucibles in China, highlighting the price ranges, average prices, and fluctuations as of September 23, 2025, which can inform investment decisions in the materials sector [1][2][4]. Pricing Analysis of High-Purity Quartz Sand - Import quartz sand has a highest price of 8.75 million yuan per ton, a lowest price of 8 million yuan, and an average price of 8.375 million yuan, with no price fluctuation reported [1]. - Inner layer quartz sand is priced with a highest of 7 million yuan, a lowest of 5 million yuan, and an average of 6 million yuan, also showing no fluctuation [1]. - Middle layer quartz sand has a highest price of 3 million yuan, a lowest of 2.5 million yuan, and an average of 2.75 million yuan, with no price fluctuation [1]. - Outer layer quartz sand is priced at a highest of 2.2 million yuan, a lowest of 1.8 million yuan, and an average of 2 million yuan, with no fluctuation [1]. Pricing Analysis of Quartz Crucibles - The 28-inch quartz crucible has a highest price of 0.62 million yuan, a lowest price of 0.6 million yuan, and an average price of 0.61 million yuan, with no fluctuation [1]. - The 32-inch quartz crucible is priced at a highest of 0.7 million yuan, a lowest of 0.66 million yuan, and an average of 0.68 million yuan, also showing no fluctuation [1]. - The 36-inch quartz crucible has a highest price of 0.78 million yuan, a lowest of 0.74 million yuan, and an average of 0.76 million yuan, with no price fluctuation reported [1].

Core Viewpoint - The article provides a detailed analysis of the pricing trends for high-purity quartz sand and quartz crucibles in China, indicating stable prices with minimal fluctuations across different categories [1][2]. Pricing Summary of High-Purity Quartz Sand - Import quartz sand has a highest price of 8.75 million yuan per ton, a lowest price of 8 million yuan, and an average price of 8.375 million yuan, showing a slight decrease of 0.1% [1]. - Inner layer quartz sand is priced at a maximum of 7 million yuan, a minimum of 5 million yuan, and an average of 6 million yuan, with no price fluctuation [1]. - Middle layer quartz sand has a highest price of 3 million yuan, a lowest price of 2.5 million yuan, and an average of 2.75 million yuan, also showing no price fluctuation [1]. - Outer layer quartz sand is priced at a maximum of 2.2 million yuan, a minimum of 1.8 million yuan, and an average of 2 million yuan, with no price fluctuation [1]. Pricing Summary of Quartz Crucibles - The 28-inch quartz crucible has a highest price of 0.62 million yuan, a lowest price of 0.6 million yuan, and an average price of 0.61 million yuan, with no price fluctuation [1]. - The 32-inch quartz crucible is priced at a maximum of 0.7 million yuan, a minimum of 0.66 million yuan, and an average of 0.68 million yuan, with no price fluctuation [1]. - The 36-inch quartz crucible has a highest price of 0.78 million yuan, a lowest price of 0.74 million yuan, and an average price of 0.76 million yuan, with no price fluctuation [1].

Summary of Key Points from the Conference Call Company Overview - **Company**: 凯德石英 (Kaide Quartz) - **Industry**: Semiconductor and Photovoltaic Core Business Performance - **Semiconductor Business**: - Revenue increased by 24.33% year-on-year, accounting for over 95% of total product revenue, indicating it remains the primary revenue source for the company [3][1] - **Photovoltaic Business**: - Revenue contribution is less than 5%, significantly impacted by a sharp decline in demand within the photovoltaic industry [5][1] Financial Performance - **Overall Revenue**: - In the first half of 2025, total revenue reached 157 million yuan, a year-on-year increase of 0.57% [2][1] - **Net Profit**: - Net profit attributable to shareholders was 17.27 million yuan, a decrease of 12.36% year-on-year, primarily due to fixed asset depreciation and share-based payments [2][1] - **Total Assets**: - As of June 30, 2025, total assets were 1.043 billion yuan, up 3.12% from the beginning of the year [2][1] - **Net Assets**: - Net assets attributable to shareholders increased by 2.33% to 748 million yuan [2][1] Subsidiary Developments - **凯鑫 (Kaixin)**: - Currently in the capacity ramp-up phase, with revenue exceeding 23.26 million yuan, a growth of over 200% year-on-year. However, profitability is not expected by year-end due to fixed asset depreciation [6][1][11] - **凯美石英 (Kaimei Quartz)**: - Achieved significant revenue growth in the first half of 2025, primarily supplying semiconductor materials. Expected to reach breakeven within one to two years [7][1][14] - **凯德新贝 (Kaide New Bay)**: - Stable performance with revenue of 43.14 million yuan in the first half of 2025. A new factory is expected to begin trial production in the second half of the year [8][1][9] Market Dynamics - **High-End Market Entry**: - The company is innovating in 12-inch wafer products, filling domestic gaps and aiming for high-end market entry, although foreign companies still dominate market share [18][19] - **Competition**: - The semiconductor industry has high entry barriers, reducing the likelihood of severe price wars. However, competition remains intense in mature product segments [4][20] - **Domestic Wafer Factory Construction**: - The ongoing construction of domestic wafer factories is seen as a positive signal for market share expansion [22][1] Pricing and Cost Factors - **Product Pricing**: - High-end product prices are relatively stable, while mature products face intense competition. The company adjusts product prices based on fluctuations in raw material costs [20][24][25] - **Raw Material Prices**: - Raw material prices were high in 2023 but have stabilized, impacting product pricing strategies [24][1] Future Outlook - **Growth Plans**: - The company aims to leverage the recovery of the semiconductor market and accelerate domestic production to achieve new growth milestones [10][1] - **Customer Certification and Orders**: - Kaixin has completed factory verification for major clients and is actively pursuing new customers, particularly in semiconductor wafer production lines [12][1] Additional Insights - **Tel Certification**: - The company is working towards Tel certification, expected to be completed by 2026, which is crucial for market expansion [26][27][1] - **Market Trends**: - The demand for cold processing and etching quartz products is increasing due to shorter replacement cycles and faster domestic substitution in semiconductor equipment [17][1]

Core Insights - The company Quartz Co., Ltd. (603688) reported a significant decline in its financial performance for the first half of 2025, with total revenue of 515 million yuan, down 30.13% year-on-year, and a net profit attributable to shareholders of 107 million yuan, down 58.41% [1] Financial Performance Summary - Total revenue for the first half of 2025 was 515 million yuan, a decrease from 737 million yuan in the same period of 2024, reflecting a decline of 30.13% [1] - Net profit attributable to shareholders was 107 million yuan, down from 257 million yuan in 2024, marking a 58.41% decrease [1] - The gross profit margin fell to 38.35%, down 29.03% year-on-year, while the net profit margin decreased to 20.27%, down 42.22% [1] - The total of financial, sales, and administrative expenses reached 55.42 million yuan, accounting for 10.76% of total revenue, an increase of 57.09% year-on-year [1] - Earnings per share dropped to 0.20 yuan, down 57.45% from 0.47 yuan in the previous year [1] Cash Flow and Asset Changes - Cash and cash equivalents decreased by 31.53%, attributed to reduced income and increased raw material purchases [3] - Accounts receivable decreased by 25.08%, while accounts payable decreased by 22.58% due to payments made [6] - The net cash flow from operating activities saw a drastic decline of 111.73%, primarily due to decreased sales revenue and payments for materials [9] Investment and Financing Activities - The net cash flow from investing activities increased by 58.76%, due to a reduction in net investment in financial products compared to the previous year [9] - The net cash flow from financing activities rose by 94.18%, attributed to a decrease in dividends compared to the previous year [10] Market Position and Analyst Expectations - Analysts project that the company's performance for 2025 will reach approximately 359 million yuan, with an average earnings per share estimate of 0.67 yuan [13] - The company's return on invested capital (ROIC) was reported at 4.66% for the previous year, indicating a generally weak capital return trend [11]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **high-purity quartz and quartz electronic cloth industry**, highlighting the impact of AI processor demand on the market, which is expected to reach a scale of **30-50 billion yuan** by **2027** with a unit price of approximately **200 yuan/m²** [1][2]. Core Insights and Arguments - The **value chain** of quartz electronic cloth includes high-purity quartz sand (profit margin **30%-40%**), quartz rods (profit margin **25%-30%**), and quartz fibers. There is a notable gap in fiber technology between domestic companies and foreign firms like Shin-Etsu and Tokuyama [1][4]. - **Military-grade quartz fibers** have significantly higher profits, reaching up to **1 million yuan/ton**, compared to consumer-grade fibers with a gross margin of **20%-30%** and a price range of **200,000 to 300,000 yuan/ton** [5][6]. - The **high-purity quartz market** is dominated by **Pacific Company**, which holds **70%-80%** of the high-end market share, benefiting from stable growth in the semiconductor and photovoltaic sectors [1][15]. - A new high-purity quartz mineral, **Cheng quartz**, has been discovered in China, potentially reducing reliance on sources from India, Africa, and Brazil, although the **SFOs Pine mine** in the U.S. still maintains quality consistency advantages [1][23]. Market Dynamics - The **semiconductor-grade high-purity quartz market** is expected to grow steadily at **10%-15%**, with domestic companies actively working on synthetic quartz production to replace imports, although operational data shows room for improvement [1][26]. - The **current price** of quartz electronic cloth is around **200 yuan/m²**, with future prices dependent on supply and demand dynamics [3]. Competitive Landscape - The **competition** in the high-purity quartz industry is characterized by a few large manufacturers, with **Pacific Company** being a significant player due to its complete vertical integration from raw materials to finished products [15][19]. - Other notable companies include **Fuhua**, **Zhongcai**, and **Yaoshi**, each with unique strengths and market positions, but overall, **Pacific Company** has a comprehensive advantage [10][22]. Technological and Production Insights - Domestic quartz fiber production technology lags behind international standards, particularly in achieving finer diameters required for advanced applications [4][8]. - The **production capacity** of **Pacific Company** is approximately **10,000 to 12,000 tons**, with the ability to meet new market demands [16][17]. Future Outlook - The **future growth** of the high-purity quartz industry is expected to be driven primarily by the semiconductor sector, which already contributes over half of **Pacific Company's** overall profits [33]. - The **synthetic quartz** market is anticipated to grow, with domestic companies making progress in replacing imported materials, indicating a positive outlook for the industry [34][36]. Additional Considerations - The **global market structure** shows that domestic suppliers account for about **20%** of high-purity quartz products, while foreign suppliers dominate with **80%** [29]. - The **price trends** for photovoltaic-grade high-purity quartz have seen significant fluctuations, with prices rising from **20,000 yuan/ton** to over **200,000 yuan/ton** during recent market expansions [30]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the high-purity quartz and quartz electronic cloth industry, its market dynamics, competitive landscape, and future outlook.

Group 1 - The core point of the article highlights the financing activities of Kaide Quartz, indicating a financing buy amount of 0.16 billion yuan on August 18, ranking 1337th in the market [1] - Over the recent three trading days from August 14 to August 18, Kaide Quartz received financing buys of 0.06 billion yuan, 0.15 billion yuan, and 0.16 billion yuan respectively [1] - On the same day, the financing repayment amount was 0.17 billion yuan, resulting in a net sell of 1.1609 million yuan [1] Group 2 - In terms of securities lending, there were no shares sold or net sold on that day, indicating no activity in this area for Kaide Quartz [2]

Core Viewpoint - The company, Oujing Technology, is forecasting a net loss for the first half of 2025, indicating a continued decline in financial performance compared to the previous year [1] Financial Performance Summary - For the first half of 2025, the company expects a net loss attributable to shareholders ranging from 70 million to 86 million yuan, compared to a loss of 126 million yuan in the same period last year [1][2] - The expected net loss after excluding non-recurring items is projected to be between 73 million and 89 million yuan, down from a loss of 128 million yuan in the previous year [1][2] - Basic earnings per share are anticipated to be between -0.38 yuan and -0.45 yuan, compared to -0.65 yuan per share in the same period last year [1][2] 2024 Financial Results - In 2024, the company reported an operating revenue of 946.53 million yuan, a significant decline of 69.75% year-on-year [2][3] - The net loss attributable to shareholders for 2024 was 535.97 million yuan, a drastic increase of 181.96% compared to a profit of 653.93 million yuan in the previous year [2][3] - The net profit after excluding non-recurring items was also a loss of 530.21 million yuan, reflecting a decrease of 182.66% from a profit of 641.45 million yuan in 2023 [2][3] - The net cash flow from operating activities was 83.59 million yuan, down 52.20% year-on-year [2][3] Capital Raising Activities - Oujing Technology went public on September 30, 2022, raising a total of 537.68 million yuan, with a net amount of 430.37 million yuan after expenses [4] - The funds raised are intended for high-quality quartz products, recycling industrial silicon, R&D center projects, and working capital [4] - In November 2023, the company issued 4.7 million convertible bonds at a face value of 100 yuan each, raising a total of 470 million yuan, with a net amount of approximately 462.74 million yuan after deducting issuance costs [5]

Group 1 - The company, Quartz Co., Ltd. (603688), expects to achieve a net profit attributable to shareholders of 96 million to 117 million yuan in the first half of 2025, representing a year-on-year decrease of 54.45% to 62.63% [1] - The company anticipates a net profit attributable to shareholders after deducting non-recurring gains and losses to be between 55 million to 67 million yuan in the first half of 2025, reflecting a year-on-year decrease of 73.58% to 78.31% [1]

Core Viewpoint - Quartz glass, primarily composed of silicon dioxide, is an essential material in modern strategic emerging industries such as information technology, optics, photovoltaics, semiconductors, and aerospace due to its superior properties like high transparency, high-temperature resistance, low expansion coefficient, strong chemical stability, high purity, and excellent electrical insulation [1]. Industry Chain of Quartz Glass Products - The quartz glass products can be categorized based on application fields, including semiconductor quartz products, photovoltaic solar quartz products, optical fiber quartz products, electric light source quartz products, optical quartz products, and others [2][3]. Semiconductor Sector - The semiconductor sector is the largest application area for quartz products, where high purity and chemical stability of quartz glass make it an indispensable material in semiconductor integrated circuit manufacturing [3][5]. - In the semiconductor industry, quartz products are used in various processes such as single crystal growth, wafer processing, integrated circuit wafer production, and packaging. Key quartz products include quartz crucibles, quartz plates, quartz rings, and quartz diffusion tubes [5][6]. - The demand for quartz glass is expected to grow significantly due to the increasing domestic semiconductor market and the push for domestic substitution in the semiconductor supply chain [6]. Photovoltaic Sector - In photovoltaic manufacturing, quartz products like quartz crucibles are crucial for the production of monocrystalline and polycrystalline silicon. The performance of quartz crucibles directly affects the quality of crystal pulling [8][10]. - The rapid development of the photovoltaic industry has led to a significant increase in demand for high-quality quartz products, particularly in the N-type high-efficiency monocrystalline segment [10]. Optical Fiber Communication Sector - Quartz glass materials are essential in the production of optical fiber preform rods and other supporting materials. Over 95% of the components in optical fiber preform rods are high-purity quartz products [12]. - The rapid growth of the optical fiber and cable industry in China has established it as the largest in the world, leading to an increasing demand for quartz rods and tubes in the coming years [12]. Optical and Electric Light Source Sector - Optical quartz glass is widely used in various optical applications due to its high-temperature resistance and low expansion rate. It is used in telescopes, laboratory optical equipment, communication devices, and projection displays [14]. - The demand for quartz glass in electric light sources is expected to remain stable as technology advances and production scales increase [14]. Conclusion - The quartz products industry is poised for significant growth as high-tech industries such as semiconductors, optical fiber communication, photovoltaics, electric light sources, and optical instruments continue to develop [16].

Group 1 - The event "2025 Su Xin Consumption · Summer Night Life" and the sixth Lianyungang Online Shopping Season will take place from May 15 to 18, focusing on the integration of domestic and foreign trade and online shopping [1] - The event will showcase foreign trade products from 13 cities in Jiangsu, including popular baked goods and quartz products, highlighting the quality of "Jiangsu manufacturing" [2] - The local government will provide support for foreign trade enterprises to transition to domestic sales through various activities and policy presentations [2] Group 2 - The shopping season will incorporate more Silk Road elements, establishing an online marketplace "Silk Road Cloud Business" to enhance online shopping experiences [3] - A total of 1 million yuan in government consumption vouchers will be distributed during the event, with various discount options to stimulate online consumption [3] - The event will adopt a dual-driven model of "industry empowerment and talent cultivation," facilitating connections between foreign trade enterprises and major e-commerce platforms [4]