证券代码：603041 证券简称：美思德 公告编号：2025-025 江苏美思德化学股份有限公司 2025 年半年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法律责任。 江苏美思德化学股份有限公司（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》及其附件《第十三号—— 化工》、《关于做好主板上市公司 2025 年半年度报告披露工作的重要提醒》的 要求，现将公司 2025 年半年度主要经营数据（均不含税）披露如下： 注：公司部分产品存在内部自用情况。 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 | 主要产品 | 2025 | 年 | 1-6 | 月平均销 | 2024 1-6 | 年 | 月平均销 | 同比变动 | 第二季度 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 售价格（万元/吨） | | | | 售价格（万元/吨） | | | | 环比变动 | | 硬泡助剂 ...

Investment Rating - The report maintains a "Buy" rating for the company [9][11]. Core Viewpoints - The company is a dual leader in glyphosate and organosilicon, with the organosilicon expansion cycle nearing its end, and a potential bottom recovery in the industry; the demand for silicon-based terminal materials is driven by emerging applications, accelerating high-end substitution; glyphosate supply and demand remain stable, awaiting a turning point, with considerable elasticity [3][9]. Company Overview - The company, established in 1965, introduced glyphosate technology in 1987 and entered the organosilicon field in 1997, gradually forming a dual business model of crop protection and silicon-based materials. The company has accelerated its extension into the new energy sector, forming a new industrial pattern of "traditional chemicals + high-end materials + new energy" [5][20]. Financial Analysis - The company is currently in a bottom accumulation phase, with significant revenue and profit fluctuations. In 2021, benefiting from a surge in core product prices, the company achieved a revenue of 18.98 billion yuan, a year-on-year increase of 51.4%, and a net profit of 2.65 billion yuan, up 354.6% year-on-year. However, in 2023-2024, due to the impact of overseas pesticide inventory cycles and oversupply in organosilicon, the company's main product prices have declined, leading to a decrease in performance [33][34]. Organosilicon Market - The global economic recovery has driven strong growth in overseas demand for organosilicon, with China's export demand showing an upward trend. The domestic apparent consumption of organosilicon is steadily increasing, supported by both traditional and emerging sectors, particularly in new energy vehicles and photovoltaics [6][60]. Glyphosate Market - Glyphosate is the largest herbicide in the global market, with stable demand supported by the growing planting area of genetically modified crops. The company, as a major producer of glyphosate, holds over 70% of the global market share, and the industry is expected to stabilize and potentially recover through self-discipline [8][9]. Investment Recommendations - The report forecasts the company's net profit attributable to shareholders for 2025-2027 to be 450 million, 750 million, and 1.11 billion yuan respectively, indicating a positive outlook for the company's performance as product demand recovers [9].

Core Viewpoint - The industrial silicon spot prices have declined recently, with fluctuations in the market and limited improvement in the fundamentals, leading to a cooling market sentiment and price drop [1][2]. Price Trends - The main contract price for industrial silicon dropped from 8750 CNY/ton to 8700 CNY/ton, a decrease of 0.57% during the week of July 31 to August 6, 2025. The national average price is 9196 CNY/ton, down by 182 CNY/ton [1]. - Specific grades of industrial silicon saw the following prices: 553 at 8764 CNY/ton (down 438 CNY/ton), 441 at 9174 CNY/ton (down 178 CNY/ton), and 421 at 9875 CNY/ton (down 97 CNY/ton) [1][3]. - The FOB price decreased by 30 USD/ton [1]. Supply and Demand Dynamics - On the supply side, production in northern regions remains stable, with a slight increase in large factory operations. Southern regions are experiencing increased output due to the rainy season and new capacity coming online [1]. - Demand from downstream sectors is slightly increasing, with higher operating rates in organic silicon monomer plants and some recovery plans in multi-crystalline silicon production lines. Overall, the demand from the three major downstream sectors for industrial silicon is expected to increase slightly [1][2]. Market Sentiment - Despite the slight increase in demand, the overall market sentiment is cooling, and the industry is facing pressure on inventory consumption, making price increases difficult. The market is expected to remain in a range-bound fluctuation [2].

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - Macroeconomic factors: The China-US trade negotiation has been postponed. China's anti-involution and stable growth policies have significantly boosted the sentiment in the industrial product market. In July, China's manufacturing PMI decreased seasonally, and the decline in industrial enterprise profits narrowed. The Ministry of Finance emphasized increasing fiscal counter-cyclical adjustment, supporting traditional industry transformation and the growth of emerging industries, promoting consumption, and expanding domestic demand [3]. - Supply side: The operating rate in Xinjiang dropped below 50%, and the output growth in Sichuan and Yunnan during the wet season was limited. The supply side showed a passive contraction, with social inventory declining from a high level and warehouse receipt inventory decreasing due to the monthly decline in domestic production [3][56]. - Demand side: The spot price of polysilicon rebounded significantly, but a large increase in production volume was expected. Silicon wafers could not cover the high costs, but battery orders were good due to export tax rebates, driving consumption. However, battery prices had limited upward space due to the drag of centralized demand. Component markets had high quotes but low transactions because of the weak demand for domestic distributed projects. In traditional industries, silicone monomer enterprises were reluctant to lower prices, but the cost support in the future would weaken. The aluminum alloy production remained stable due to continuous orders from the automotive sector. Overall, industrial silicon was expected to maintain a pattern of weak supply and demand in August [3][57]. - Market outlook: The futures price of industrial silicon was expected to enter a pattern of volatile rebound [3][57]. 3. Summary by Relevant Catalogs 3.1 2025 July Industrial Silicon Market Review - **Futures price**: In July 2025, the industrial silicon futures showed a trend of rising first and then falling. The main 2509 contract fluctuated between 7705 - 10060 yuan/ton. The price center rebounded compared to the previous month, and the volatility increased. The anti-involution and stable growth policies boosted market sentiment, but the contraction of polysilicon production capacity might drag down the demand for industrial silicon. The manufacturing PMI in July was 49.3. The operating rate in Xinjiang in July was around 50%, and the increase in the operating rate in Sichuan and Yunnan during the wet season was limited. As of the end of July, the number of open furnaces nationwide increased to 260. From the demand side, the polysilicon market mainly had historical order replenishment transactions, the silicon wafer market continued to raise prices but could not cover costs, the battery market had limited price increase space, and the component market had a situation of high quotes but low transactions. As of July 31, the main 2509 contract closed at 8760 yuan/ton, with a monthly decline of 8.7% [8]. - **Spot market**: In July, the total number of open furnaces of industrial silicon in China was 260, an increase of 45 compared to the previous month. The average production cost decreased by 1.64% month-on-month. The operating rate in Xinjiang decreased to around 50%, and the output growth in Sichuan and Yunnan during the wet season was limited. The social inventory decreased slightly to 53.5 tons. The spot market rebounded to above 10,000 yuan and then quickly declined. By the end of July, the prices of mainstream 553 grades rebounded, the price of 441 decreased, the price of 421 rebounded significantly, and the price of 3303 might be adjusted downward in the next month [9][10]. 3.2 Macroeconomic Analysis - The anti-involution and stable growth policies were clearly defined. The 6th meeting of the Central Financial and Economic Commission in July proposed an anti-involution policy framework, aiming to address the imbalance between supply and demand in the macro - economy, especially in the new energy vehicle, photovoltaic component, and e - commerce platform sectors. The Ministry of Industry and Information Technology planned to introduce stable growth plans for key industries such as automobiles, steel, non - ferrous metals, and petrochemicals, and promote the integration of technological and industrial innovation. In June, the added value of large - scale industries increased by 4.3% year - on - year, and the profit of the equipment manufacturing industry increased significantly, providing support for the profit of large - scale industries [16][19][20]. 3.3 Fundamental Analysis - **Production**: In July, the operating rate of silicon enterprises in Xinjiang was around 50%, and the output growth in Sichuan and Yunnan during the wet season was limited. The output in Inner Mongolia and Gansu was stable. The total industrial silicon output in July was 33.8 tons, a month - on - month increase of 3.2%. As of July 28, the number of open furnaces nationwide increased to 260, and the overall operating rate increased to 32.7%. It was expected that the operating rate in August would remain at a low level of around 35%, and the output of mainstream grades of industrial silicon would be restricted by policies in the long - term [22][23]. - **Export**: From January to June this year, the cumulative export volume of industrial silicon was 21.67 tons, a year - on - year decrease of 7%. In June, the export volume was 6.83 tons, a year - on - year increase of 12%. The export destinations were mainly Southeast Asian countries. It was expected that the export volume from July to August would remain stable at 6 - 7 tons [32]. - **Inventory**: By July 31, the social inventory of industrial silicon decreased to 54 tons, a month - on - month decrease of 4.9 tons. The warehouse receipt inventory at the Guangzhou Futures Exchange decreased by 1.4% month - on - month. The decrease in warehouse receipt inventory was mainly due to the monthly decline in domestic production. It was expected that the social inventory would continue to decline in August [35]. - **Demand**: - **Photovoltaic industry**: In July, the polysilicon output was 10.73 tons, a month - on - month increase of 11.4%. The price of polysilicon increased significantly. The price of silicon wafers continued to rise but could not cover costs. The battery orders were good due to export tax rebates, but the price increase space was limited. The component market had high quotes but low transactions. It was expected that the overall demand for photovoltaic in August would decline significantly, and the new installed capacity in 2025 was expected to drop to around 250GW [37][38][39]. - **Silicone industry**: In July, the output of silicone DMC was 20.65 tons, a month - on - month increase of 3.1%. The average operating rate of silicone monomer enterprises increased to 72.1%. The spot price of DMC rebounded. The monomer enterprises were reluctant to lower prices, but the cost support in the future would weaken, and the price was expected to fluctuate at a high level in August [40]. - **Aluminum alloy industry**: From January to June, the aluminum alloy output was 909.7 tons, a year - on - year increase of 14.6%. In June, the output was 166.9 tons, a year - on - year increase of 18.8%. The production of aluminum rods in different regions varied, and the total production would continue to run stably. It was expected that the aluminum alloy output would decline slightly in August [42]. 3.4 Market Outlook - Macroeconomic factors would continue to support the market. The supply side would remain in a passive contraction pattern, and the demand side would enter a slow - down cycle in August. Industrial silicon was expected to maintain a pattern of weak supply and demand, and the futures price was expected to enter a pattern of volatile rebound [56][57].

Core Viewpoint - The industrial silicon spot prices experienced fluctuations, initially declining before stabilizing, with a notable decrease in the main contract closing price by 4.18% over the past week [1] Price Trends - The main contract closing price fluctuated from 9690 CNY/ton to 9285 CNY/ton during the week of July 24-30, 2025 [1] - The national average price for industrial silicon is reported at 9378 CNY/ton, with a slight increase of 0.08% [2] - Regional prices show stability, with specific prices such as 9298 CNY/ton in Xinfei and 10122 CNY/ton in Yunnan [2] Supply and Demand Dynamics - Supply remains stable in northern regions, while southern regions show increased operational enthusiasm, leading to an overall increase in production [1] - Demand from downstream sectors, including organic silicon monomer plants and polysilicon manufacturers, is expected to see a slight increase, supporting industrial silicon prices [1] - The overall supply-demand balance is expected to remain tight, with both supply and demand increasing, leading to a forecast of price fluctuations in August [1]

Core Viewpoint - The industrial silicon spot prices have shown fluctuations, initially declining and then stabilizing, influenced by market sentiment and supply-demand dynamics [1] Price Trends - During the week of July 24-30, 2025, the main contract closing price fluctuated from 9690 yuan/ton to 9285 yuan/ton, reflecting a decrease of 4.18% [1] - The national comprehensive price and regional comprehensive prices remained stable, with FOB prices also holding steady [1] Supply and Demand Dynamics - The recent fluctuations in industrial silicon prices are primarily driven by market volatility and macroeconomic sentiment, with previous significant price increases not leading to a noticeable improvement in demand [1] - Supply-side conditions show stable operations in northern regions and increased operational enthusiasm in southern regions, leading to an overall increase in production [1] - On the demand side, organic silicon monomer plants have recently increased their operational load, contributing to a rise in market supply and demand for industrial silicon; polysilicon plants maintain stable operations, and aluminum alloy manufacturers are purchasing industrial silicon as needed [1] Future Outlook - The overall supply-demand fundamentals for industrial silicon have not shown significant improvement, with expectations for August indicating a scenario of simultaneous supply and demand increases [1] - While increased demand may support price increases within a limited range, the simultaneous rise in supply suggests that prices will likely remain in a fluctuating range [1]

Core Viewpoint - A fire incident at Dongyue Silicon Materials has impacted half of its organic silicon production capacity, with recovery time uncertain, potentially affecting the company's 2025 financial performance [1][3]. Company Summary - The fire occurred on July 20, affecting the synthetic phase B workshop, which is responsible for 300,000 tons of organic silicon monomer capacity, representing 50% of the company's total capacity [1][3]. - The company has activated its emergency response plan and is working with insurance for damage assessment and claims [2][3]. - Dongyue Silicon Materials has a production capacity of 600,000 tons of organic silicon monomer annually, with key products including silicone rubber and silicone oil, which are widely used in sectors like new energy and construction [2][4]. Industry Summary - The fire's impact on Dongyue's production may lead to short-term supply tightness in the organic silicon market, particularly affecting core raw materials for downstream products [4][5]. - The domestic organic silicon market has seen a 20.9% year-on-year increase in apparent consumption, driven by strong demand from downstream sectors [3][4]. - The incident may create short-term market opportunities for competitors like Xin'an Chemical and Hesheng Silicon Industry, although the overall industry has established redundancy mechanisms to maintain supply resilience [5].

Core Viewpoint - The industrial silicon spot price has increased due to a combination of factors including rising futures prices, production cuts from major northern manufacturers, and increased demand from polysilicon [1][2] Group 1: Price Movements - The main contract closing price fluctuated from 7720 CNY/ton to 8210 CNY/ton, with a rise of 6.35% [1] - The national average price rose by 60 CNY/ton to 8743 CNY/ton, with specific grades showing increases: 553 grade at 8502 CNY/ton, 441 grade at 8752 CNY/ton, and 421 grade at 9297 CNY/ton [1] - FOB prices increased by 10 USD/ton, influenced by exchange rate rises and futures market rebounds [1] Group 2: Supply and Demand Dynamics - Northern manufacturers' production recovery is slower than expected, and there are reports of production cuts, leading to reduced supply in the northern region [1] - New capacity in the southern region is being deployed as planned, and some manufacturers are ramping up production during the wet season, contributing to an overall increase in national output [1] - Demand from organic silicon monomer plants remains stable, with minimal impact on industrial silicon demand; polysilicon plants are also maintaining stable production [1] Group 3: Market Sentiment - The industrial silicon spot market sentiment has improved due to rising prices and production cut news, although downstream buyers remain cautious and procurement is limited [1] - The recent surge in polysilicon futures has positively influenced industrial silicon futures and spot prices, but the upward momentum for spot prices may be limited [2]

Core Viewpoint - The industrial silicon spot prices remained stable over the past week, with minor fluctuations observed in the market, indicating a cautious but improving market sentiment [1]. Supply and Demand Analysis - Supply side: Industrial silicon manufacturers are producing according to plan, with slight production increases from the Southwest region due to some resumption of operations and new capacity coming online [1]. - Demand side: There is an expected increase in operating rates for organic silicon monomer plants in northern regions, which will boost demand for industrial silicon. Additionally, there is a slight increase in operating rates for polysilicon plants, maintaining demand for industrial silicon. Aluminum alloy plants are operating normally, keeping demand stable [1]. Price Dynamics - The overall market for industrial silicon remains under pressure, with prices expected to continue fluctuating within a lower range due to increased supply and limited demand growth. Organic silicon monomer plants are facing inventory pressure, leading to competitive pricing and price declines. The drop in silicon wafer prices has also contributed to a negative sentiment in polysilicon procurement, further impacting prices [1].

Core Viewpoint - The industrial silicon spot price remains stable, with a recent increase in the main contract price by 5.96% from 7135 CNY/ton to 7560 CNY/ton, indicating a slight market recovery despite cautious downstream purchasing behavior [1] Supply and Demand Analysis - Supply has increased due to the onset of the flood season, with some silicon factories in the south resuming production alongside new capacity coming online and previously halted production restarting [1] - Demand from downstream sectors shows a slight increase, with organic silicon monomer plants operating at high levels, maintaining stable demand for industrial silicon; polysilicon plants have stable operations, and aluminum alloy plants are purchasing based on demand [1] - Overall demand from the three major downstream sectors for industrial silicon has increased [1] Price Dynamics - The market for organic silicon monomer plants is well-supplied with sufficient inventory, but weak downstream demand is causing price pressure, leading to a downward shift in price levels; polysilicon spot prices have also declined [1] - Recent inflows of industrial silicon warehouse receipts have led to a slight decrease in inventory, but overall inventory levels remain high, exerting pressure on the spot market [1] - With the reduction in electricity prices during the flood season in the south, cost support has weakened further; however, current prices are below production costs, limiting further downside potential, and prices are expected to remain within a bottom range of fluctuation [1]