证券时报记者 刘茜 受益于草甘膦供需格局优化带动价格持续回升，以及新能源产能利用率持续提升，兴发集团（600141）2025年前 三季度营业收入与归母净利润保持稳健增长，其中第三季度环比改善显著。 兴发集团介绍，前三季度特种化学品板块收入约占公司总收入的17%，毛利率超过25%。当前5000吨/年磷化剂、 3000吨/年乙硫醇、2500吨/年二甲基砜等产品仍处于产品放量阶段，后续3.5万吨/年磷系阻燃剂、2万吨/年存储元 器件专用次磷酸钠、1万吨/年五硫化二磷等产品陆续投产，板块利润体量有望持续增长。 此外，前三季度公司有机硅环体销量同比增长约30%。兴发集团认为，考虑到今明两年行业暂无新增产能，有机 硅产品销售价格明年有望逐步走出底部区间。公司将灵活调节产销节奏，最大限度改善有机硅盈利能力。 值得注意的是，兴发集团加快布局固态电解质、液冷硅油等材料和技术研发。 "公司固态电解质已完成小试工艺开发，正开展溶剂、铝源等关键工艺参数优化，已明确扩试工艺路线。"兴发集 团表示，目前硫化物固态电解质的关键原材料主要包括硫化锂与五硫化二磷。五硫化二磷作为硫化物固态电解质 的关键原材料，随着固态电池技术的发展和市场需求的 ...

Industry Overview - Polydimethylsiloxane (PDMS) is a polymer with a main chain of repeating Si-O bonds, widely used in various fields such as cosmetics, medical devices, industrial lubricants, food processing, and electronic devices [1][2][5] - The production capacity of PDMS in China has increased from 141.5 thousand tons in 2018 to 282.2 thousand tons in 2024, with a compound annual growth rate (CAGR) of 12.23% [7][9] - The domestic PDMS production reached 229.5 thousand tons in 2024, representing a year-on-year growth of 10.02% [7][9] Supply Side - The supply chain for PDMS includes upstream raw material suppliers (silicon powder, chloromethane), midstream PDMS producers (e.g., Xingfa Group, Dongyue Silicon Materials, Hoshine Silicon Industry), and downstream application sectors [5][7] - China has transitioned from being a net importer to a net exporter of PDMS since 2015, although high-end products still rely on imports [9] Consumption Side - PDMS is primarily consumed in the production of silicone rubber, accounting for 70% of total consumption [11][13] - Key application sectors for PDMS include electronics (21.3%), power/new energy (19.1%), construction (14.1%), and textiles (8.9%), with a trend of increasing consumption in electronics and new energy sectors [11][13] Market Dynamics - The market is characterized by high concentration, with the top six companies (CR6) accounting for over 75% of the market share [15] - Hoshine Silicon Industry is the leading company in the PDMS sector, with a production capacity of 62.1 thousand tons and a production volume of 51.1 thousand tons in 2024 [15][17] - Dongyue Silicon Materials follows closely, with a capacity of 28.2 thousand tons and a production volume of 24.9 thousand tons [15][19] Development Trends 1. The industry is expected to continue expanding capacity, with a need to achieve a dynamic balance between supply and demand [21] 2. Diversification of downstream applications and consumption upgrades will drive industry growth, particularly in high-performance silicone products [22] 3. Technological innovation and green development will lead the industry's transformation, focusing on high-end product development and environmentally friendly production methods [23]