证券代码：605183 证券简称：确成股份 公告编号：2026-005 1、主要产品的价格变动情况 2025 年第四季度：二氧化硅产品平均价格较上季度下降了 3.73%，较上年同 期下降了 8.06%。 2、主要原材料的价格变动情况 2025 年第四季度：纯碱采购价格较上季度上涨了 1.06%，较上年同期下降了 14.74%；石英砂采购价格较上季度下降了 15.79%，较上年同期下降了 31.14%； 硫磺采购价格较上季度上涨了 24.74%，较上年同期上涨了 117.61%。 确成硅化学股份有限公司 2025 年第四季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 确成硅化学股份有限公司（以下简称"公司"）根据《上海证券交易所上市 公司自律监管指引第 3 号——行业信息披露》第十三号——化工的要求，现将 2025 年第四季度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 2025 | 年 | 10-12 月 | 2025 | 年 | 10-12 月 | 2025 1 ...

Investment Rating - The report does not explicitly state an investment rating for the company. Core Insights - LianKe Technology is the only domestic company in China that has successfully developed high-voltage cable conductive carbon black technology, breaking the long-standing monopoly held by international giants [3][8][14]. - The company is projected to generate revenues of 1.265 billion yuan from carbon black and 1.033 billion yuan from silica in 2025, accounting for 54% and 44% of total revenue respectively [6]. - The continuous advancement of ultra-high voltage projects in China is a key driver for industry growth, with an expected investment of 112 billion yuan in 2024, a 34% increase year-on-year [9]. Summary by Relevant Sections High-Voltage Cable Conductive Carbon Black - LianKe Technology specializes in the production of conductive carbon black for high-voltage cables, which is critical for electrical transmission systems, particularly for voltages of 110kV and above [8]. - The company has initiated a project to produce 100,000 tons of high-voltage cable shielding conductive carbon materials, with the first phase of 50,000 tons expected to begin trial production in June 2024 [14]. Traditional Carbon Black and Silica - Approximately 80% of LianKe Technology's carbon black products are used in rubber production, with silica products also primarily serving the rubber industry [17]. - The company has an annual production capacity of 225,000 tons for traditional carbon black and 230,000 tons for silica, ranking second in market share for silica [18][19]. Financial Health and Cash Flow - Since its listing in 2021, LianKe Technology has shown consistent growth in revenue and profit, with a healthy balance sheet featuring around 900 million yuan in cash assets and only 150 million yuan in short-term debt [22][27]. - The company has maintained positive operating cash flow, with significant growth in net cash flow and free cash flow over the past two years, indicating strong self-sustaining capabilities [24][25].

Core Viewpoint - The article highlights the breakthrough of LianKe Technology in the conductive carbon black market, particularly for high-voltage cable shielding materials, which has been dominated by international giants for a long time [3][11]. Group 1: Company Overview - LianKe Technology is based in Qingzhou, Shandong, and focuses on silica and carbon black products, with key figures being the Wu brothers [4]. - The company has developed a unique nano-carbon material technology for high-voltage cables, making it the only domestic company to achieve this [7]. Group 2: Market Dynamics - The high-voltage cable market is critical for power transmission, with strict requirements for insulation and shielding performance [7]. - The ongoing development of ultra-high voltage projects in China is a major driver for industry growth, with an expected investment of 112 billion yuan in 2024, a 34% increase year-on-year [8]. Group 3: Competitive Landscape - The global conductive carbon black market is largely controlled by a few international companies, including France's Orion and Japan's Lion Specialty Chemicals, which dominate the high-end market [11]. - China has been heavily reliant on imports for high-voltage cable shielding materials, leading to high costs [11]. Group 4: Financial Performance - In 2025, LianKe Technology's revenue from carbon black and silica is projected to be 1.265 billion yuan and 1.033 billion yuan, respectively, accounting for 54% and 44% of total revenue [5]. - The company has shown consistent revenue and profit growth since its IPO in 2021, with healthy cash flow and a solid balance sheet [15][21]. Group 5: Product Segmentation - LianKe Technology's product portfolio includes traditional carbon black and silica, with 80% of carbon black used in rubber production [13]. - The company is positioned in high-end markets, including low-rolling resistance carbon black and high-performance carbon black, which are relatively tight compared to the oversupplied low-end market [13][14].

Group 1: Pricing Mechanism and Market Influence - The company's main products, silica and carbon black, are priced based on market prices of similar products, influenced by raw material costs and market supply-demand dynamics [2] - Fluctuations in raw material prices, such as soda ash and sulfuric acid, directly impact production costs and pricing decisions [2] - The company employs strategies like market analysis, scientific procurement, and technological upgrades to manage cost fluctuations and stabilize production costs [2] Group 2: Project Updates and Future Plans - The second phase of the nano-carbon material project, with an annual production capacity of 100,000 tons, is currently under construction and has not yet commenced production [3] - Key projects for 2026 include a 30,000 tons/year high-performance rare element extraction agent project, the second phase of the nano-carbon material project, and a 450,000 tons/year high-purity solid sodium silicate raw material expansion project [4] - The company plans to complete the first phase of the high-performance rare element extraction agent project and the second phase of the nano-carbon material project by mid-2026 [4] Group 3: Financial Performance and Accounts Receivable - As of the end of 2025, accounts receivable amounted to 480 million yuan, representing 20.35% of revenue [4] - The company is implementing factoring and supply chain financing for accounts receivable from major clients like Triangle Tire and Linglong Tire [4] - The company has not disclosed specific amounts related to the execution of these financing operations [4] Group 4: Investment and Market Conditions - The company plans to invest in fixed assets for projects including a 30,000 tons/year high-performance rare element extraction agent and a 50,000 tons/year hydrochloric acid salt project [4] - The ongoing conflict in the Middle East has led to significant increases in oil prices, which may affect raw material production costs and consequently impact the company's net profit for 2026 [5] - The company is actively monitoring market trends and adjusting procurement strategies to mitigate risks associated with raw material price fluctuations [5] Group 5: Product Performance and Customer Feedback - The high-pressure cable shielding material project has been operational for over a year, with no negative feedback reported from users [6] - Sales of the domestic conductive black carbon shielding material are gradually increasing based on market demand [6] - The company is addressing concerns about potential oversupply in the market for nano-carbon materials by referring to disclosed information in the fundraising prospectus [6]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not explicitly stated in the content Summary by Relevant Categories Price - For silicon iron, the latest prices of different regions and varieties are presented. For example, the latest price of 72 silicon iron in Ningxia is 5500, with no daily change and a weekly decrease of 30. The main contract price is 5928, with a daily increase of 56 and a weekly increase of 52 [1]. - For silicon manganese, the closing price of the main contract of CZCE silicon manganese is shown, along with its basis in different regions and the price differences between different contracts [5]. Supply - The production data of silicon iron and silicon manganese are provided. For example, the monthly production of 136 silicon iron enterprises in China and the weekly production of silicon manganese in China are presented [3][5]. - The capacity utilization rates of silicon iron production enterprises in different regions, such as Inner Mongolia, Ningxia, and Shaanxi, are also given [3]. Demand - The production and demand - related data of downstream products are provided, including the estimated and actual production of crude steel in China, the production of stainless - steel crude steel, the production of metallic magnesium, and the procurement data of HeSteel Group for silicon iron and silicon manganese [3][5][6]. Inventory - The inventory data of silicon iron and silicon manganese are presented, including the inventory of 60 sample enterprises of silicon iron in different regions, the warehouse receipt and effective forecast data of silicon iron and silicon manganese, and the average available days of inventory in different regions [4][6]. Cost and Profit - The cost - related data of silicon iron and silicon manganese are provided, such as electricity prices in different regions, the market price of semi - coke, and the market price of manganese ore [4][5]. - The profit data of silicon iron and silicon manganese are presented, including the production profit of semi - coke, the cost and profit of silicon iron in Ningxia and Inner Mongolia, and the profit of silicon manganese in different regions [4][6].

Group 1: China Energy Construction (中国能建) - The report maintains a "Buy" rating for China Energy Construction, with a target price of 3.86 yuan, corresponding to a PE ratio of 17.5 times for 2026 [3][4]. - The company is actively participating in the "East Data West Computing" initiative, leveraging its advantages in "data-energy integration" and "computing-electricity synergy" to promote the low-carbon transformation of the energy sector [4][5]. - China Energy Construction has received approval from the China Securities Regulatory Commission for a private placement to raise up to 9 billion yuan, which is expected to enhance its capital structure and support its growth initiatives [3][5]. Group 2: LianKe Technology (联科科技) - The report maintains a "Buy" rating for LianKe Technology, with a target price of 34.92 yuan, reflecting an expected EPS growth of 43.4% from 2026 to 2028 [7][9]. - The company is expanding its production capacity for high-purity sodium silicate, which is crucial for improving product quality and achieving self-sufficiency in key raw materials [9]. - LianKe Technology's revenue for 2025 is projected to reach 2357.13 million yuan, with a year-on-year growth of 4.03%, driven by increased sales in silica and carbon black products [8][9]. Group 3: Industry Trends - The report highlights the significant growth opportunities in strategic emerging industries, particularly in renewable energy, hydrogen energy, and energy storage technologies, with a focus on projects like the Jilin Songyuan hydrogen energy industrial park [5][6]. - The construction of new energy projects is expected to accelerate, with the company having secured over 76 million kilowatts of domestic renewable energy development indicators by mid-2025 [5]. - The report notes that the National Grid's fixed asset investment during the 14th Five-Year Plan period is projected to reach 4 trillion yuan, a 40% increase compared to the previous plan, indicating robust growth in the energy infrastructure sector [5].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 34.92 CNY, while the current price is 28.43 CNY [6]. Core Insights - The company is progressing with its high-pressure conductive carbon black project and expanding its high-purity sodium silicate raw material capacity to achieve self-sufficiency in key raw materials [2]. - A stock incentive plan has been launched to establish a long-term incentive and constraint mechanism [2]. - The company is expected to see steady revenue growth in 2025, with carbon black revenue increasing but gross margin under pressure, while the profitability of silica continues to improve [12]. Financial Summary - Total revenue is projected to grow from 2,266 million CNY in 2024 to 4,015 million CNY in 2028, reflecting an 18.2% increase in 2024 and a 12.3% increase in 2028 [4]. - Net profit attributable to the parent company is expected to rise from 272 million CNY in 2024 to 630 million CNY in 2028, with a significant growth rate of 61.5% in 2024 [4]. - Earnings per share (EPS) is forecasted to increase from 1.26 CNY in 2024 to 2.91 CNY in 2028, with growth rates of 43.4%, 26.2%, and 19.1% for the years 2026, 2027, and 2028 respectively [12][15]. Business Performance - The company achieved a total revenue of 2357.13 million CNY in 2025, representing a year-on-year growth of 4.03% [12]. - The revenue breakdown shows that silica revenue was 1,033.15 million CNY (up 3.91%), carbon black revenue was 1,265.03 million CNY (up 4.11%), and sodium silicate revenue was 8.37 million CNY (down 30.14%) [12]. - The overall gross margin for the company was 19.77%, an increase of 0.52 percentage points year-on-year, with silica gross margin at 34.2% (up 3.26 percentage points) and carbon black gross margin at 6.7% (down 2.17 percentage points) [12]. Project Developments - The company is investing 51 million CNY to construct a project for the annual production of 450,000 tons of high-purity solid sodium silicate, which is expected to enhance product quality and reduce costs [12]. - Additional projects include a 100,000-ton high-pressure cable shielding material project and a 30,000-ton high-performance rare element extraction agent project, aimed at capacity enhancement and product upgrades [12]. Incentive Mechanism - The stock incentive plan targets 299 individuals, including directors and key personnel, with performance assessment requirements based on net profit and revenue growth rates from 2023 to 2028 [12].

1. Report Industry Investment Rating - No relevant information provided 2. Core View - No relevant information provided 3. Summary based on Related Catalogs Price - **Silicon Iron**: The latest prices of silicon iron in different regions and forms vary, with daily and weekly changes. For example, the latest price of Ningxia 72 silicon iron is 5200, with a daily change of 50 and a weekly change of - 70. The主力合约 price is 5538, with a daily change of 52 and a weekly change of - 38 [1]. - **Silicon Manganese**: The latest prices of silicon manganese in different regions also show differences, along with daily and weekly fluctuations. For instance, the latest price of Inner Mongolia 6517 silicon manganese is 5600, with no daily change and a weekly change of - 50. The主力合约 price is 5918, with a daily change of 166 and a weekly change of 94 [1]. Supply - **Silicon Iron**: The production data of silicon iron includes monthly production of 136 Chinese enterprises and weekly production of 136 enterprises with a 95% capacity - share. The capacity utilization rates in Inner Mongolia, Ningxia and Shaanxi are also presented [4]. - **Silicon Manganese**: The weekly production of silicon manganese in China is provided, as well as the开工率 of silicon - manganese enterprises in China [6]. Demand - **Silicon Iron**: Demand - related data involves China's estimated and actual monthly production of crude steel, production and prices of metal magnesium,开工率 of 87 independent electric arc - furnace steel plants in China, export volume, and procurement volume and price of Hebei Iron and Steel Group [4]. - **Silicon Manganese**: Demand data includes China's estimated monthly production of crude steel, China's silicon - manganese demand (in ten thousand tons), and China's silicon - manganese export volume [4][7]. Inventory - **Silicon Iron**: Inventory data covers 60 sample enterprises' inventory in China, Ningxia, Inner Mongolia and Shaanxi, CZCE's total number of silicon - iron warehouse receipts, effective forecasts, and inventory average available days in different regions [5]. - **Silicon Manganese**: Inventory information includes CZCE's total number of silicon - manganese warehouse receipts, effective forecasts, warehouse receipts plus effective inventory, 63 sample enterprises' inventory in China, and inventory average available days in China [7]. Cost and Profit - **Silicon Iron**: Cost and profit data include electricity prices in different regions, market prices of raw materials such as semi - coke,开工率 and production profit of semi - coke, market prices of silica and iron oxide scale, production costs in Ningxia and Inner Mongolia, and corresponding profits [5]. - **Silicon Manganese**: Cost and profit information involves prices of raw materials like chemical coke, manganese ore, and manganese blocks, and profits in Inner Mongolia, Guangxi, northern and southern regions, as well as the profit of Guangxi's silicon - manganese converted to the main contract [6][7].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Not provided in the given content 3. Summary by Relevant Catalogs Price - For silicon iron, prices vary by region and grade, with daily and weekly changes observed in different production areas. For example, the latest price of 72% FeSi in Ningxia is 5150, with a daily change of -30 and a weekly change of -120 [1]. - For silicon manganese, prices also show fluctuations, and different contracts have different closing prices and basis differences [6]. Supply - The production of silicon iron by 136 enterprises in China shows monthly and weekly trends from 2022 - 2026, and the capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi also vary over time [4]. - The production of silicon manganese in China shows a weekly trend from 2022 - 2026, and the procurement volume and price of Hebei Steel Group also change monthly [6]. Demand - The demand - side indicators such as the estimated production of crude steel in China, the production of stainless - steel crude steel, and the procurement volume of silicon iron by Hebei Steel Group are presented with monthly data from 2022 - 2026 [4]. - The demand for silicon manganese in China (in ten thousand tons) shows a monthly change trend from 2022 - 2026 [4][7]. Inventory - The inventory of silicon iron in 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi shows a weekly trend from 2022 - 2026, and the inventory average available days in different regions also vary [5]. - The inventory - related data of silicon manganese, including the total number of warehouse receipts, effective forecasts, and the sum of them, as well as the inventory of 63 sample enterprises in China, are presented with daily and weekly data from 2022 - 2026 [7]. Cost and Profit - The cost and profit of silicon iron in Ningxia and Inner Mongolia, including production cost, profit converted to the main contract, and spot profit, are presented with data from 2022 - 2026 [5]. - The profit of silicon manganese in Inner Mongolia, Guangxi, the northern and southern regions, and the profit converted to the main contract in Guangxi and Ningxia are presented with data from 2022 - 2026 [7].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - The latest prices and their daily and weekly changes of various grades of ferrosilicon and silicomanganese in different regions are presented, including Ningxia 72, Inner Mongolia 72, etc. [1] - Price trends of ferrosilicon and silicomanganese in different regions from 2022 - 2026 are shown, such as 72%FeSi in Inner Mongolia, Qinghai, etc. [2] Supply - Production data of ferrosilicon and silicomanganese are provided, including the output of 136 ferrosilicon enterprises in China (monthly and weekly) and the production of silicomanganese in China (weekly) [4][6] - Capacity utilization rates of 136 ferrosilicon production enterprises in Inner Mongolia, Ningxia, and Shaanxi are presented [4] Demand - Data on the demand for ferrosilicon and silicomanganese are given, such as the demand for silicomanganese in China (in ten thousand tons) and the procurement volume and price of FeSi75 - B by HeSteel Group [4][6][7] Inventory - Inventory data of ferrosilicon and silicomanganese are provided, including the inventory of 60 sample enterprises of ferrosilicon in different regions (weekly) and the inventory of 63 sample enterprises of silicomanganese in China (weekly) [5][7] - Information on the number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts of ferrosilicon and silicomanganese is presented [5][7] Cost and Profit - Cost and profit data of ferrosilicon and silicomanganese are given, including the production cost and profit of ferrosilicon in Ningxia and Inner Mongolia, and the profit of silicomanganese in Inner Mongolia, Guangxi, etc. [5][7]