Group 1 - Tianyang New Materials' stock price increased by 2.08% on September 24, reaching 7.85 CNY per share, with a total market capitalization of 3.396 billion CNY [1] - The company has seen a year-to-date stock price increase of 23.82%, with a recent decline of 1.88% over the last five trading days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on April 9, where it recorded a net buy of -18.8013 million CNY [1] Group 2 - Tianyang New Materials, established on January 11, 2002, specializes in the research, production, and sales of various thermoplastic environmentally friendly adhesive materials [2] - The company's main revenue sources include hot melt adhesives (42.28%), photovoltaic encapsulation films (32.55%), and reactive adhesives (17.49%) [2] - As of June 30, the number of shareholders decreased by 2.03% to 17,800, while the average circulating shares per person increased by 2.07% to 22,912 shares [2] Group 3 - Since its A-share listing, Tianyang New Materials has distributed a total of 145 million CNY in dividends, with 34.31 million CNY distributed over the past three years [3]

| | □特定对象调研 □分析师会议 | | | --- | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会 | | | 类别 | □新闻发布会 □路演活动 | | | | □现场参观 其他（2025 年广东辖区上市公司投资者网 | | | | 上集体接待日暨辖区上市公司中报业绩说明会） | | | 形式 | 网上 □电话会议 | □现场 | | 参与单位名称及 | 参与聚胶股份 年广东辖区上市公司投资者网上集体接待日 2025 | | | 人员姓名 | 活动的广大投资者 | | | 时间 | 年 9 月 19 日 (周五) 下午 15:30~17:00 | 2025 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采 | | | | 用网络远程的方式召开业绩说明会 | | | 上市公司接待人 | 1、董事长、总经理陈曙光 | | | | 2、财务负责人师恩成 | | | 员姓名 | 3、董事会秘书廖燕桃 投资者提出的问题及公司回复情况 | | | | 公司就投资者在本次说明会中提出的问题进行了回复： 1、陈董事长您好！请问贵公司上市 ...

Group 1: Federal Reserve and Economic Outlook - The Federal Reserve lowered the federal funds target rate by 25 basis points in September, marking the first rate cut of the year, with expectations for two more cuts by the end of 2025 [1] - The Fed's statement highlighted increased risks to employment, removing previous language about a stable labor market and introducing concerns about slowing job growth [1] - Market reactions indicate a growing confidence in further rate cuts this year, while expectations for rate cuts in 2026 have been pushed back [1] Group 2: Huabei Mining Industry - Huabei Mining is positioned as a low-valued, net asset-deficient coking coal leader, with expected performance improvements from coal, electricity, and chemical production [2] - The company plans to increase coal production capacity, with a total of 17 operational mines in Anhui province and a certified capacity of 35.85 million tons per year by the end of 2024 [2] Group 3: Renewable Energy Subsidies - The renewable energy sector is facing a growing subsidy gap, with companies like Three Gorges Energy and Huadian New Energy having receivables exceeding 40 billion yuan, indicating a high overall subsidy receivable amount [3] - Despite multiple increases in electricity price surcharges, the funds received are still below the subsidy demand, leading to noticeable delays in subsidy payments [3] Group 4: Silicon Bao Technology - Silicon Bao Technology reported a revenue increase of 5.49 billion yuan in the first half of 2025, with specific segments like industrial adhesives and hot melt adhesives showing growth [3] - The company is expanding its presence in the hot melt adhesive market through the acquisition of Jiangsu Jiahai, which has contributed positively to its performance [3] - The sales of silicon-carbon negative materials are rapidly increasing, supported by stable operations of production lines and strong customer relationships [3]

Core Viewpoint - Silicon Treasure Technology (300019) focuses on the research, production, and sales of high-end organic silicone sealants and other new materials, emphasizing its commitment to the new materials industry [1] Group 1: Company Overview - The company has enhanced its business layout through years of technological innovation, mergers and acquisitions, and capacity construction [1] - The product portfolio includes high-end organic silicone sealants, hot melt adhesives, silane coupling agents, and silicon-carbon anode materials [1] Group 2: Application Areas - Construction adhesives are primarily used in building curtain walls, insulated glass, energy-saving doors and windows, prefabricated buildings, interior decoration, and airport bridges [1] - Industrial adhesives are applied in electronics, automotive manufacturing, new energy, power batteries, energy storage, electricity, and aerospace [1] - Hot melt adhesives are utilized in label printing, hygiene products, waterproof materials, medical supplies, tapes, footwear, and packaging [1] - Silane coupling agents are used in sealants, photovoltaic EVA films, fiberglass, casting resins, coatings, modified plastics, modified powders, and metal surface treatment agents [1] - Silicon-carbon anode materials are mainly used in lithium-ion batteries [1]

Core Viewpoint - Silicon Treasure Technology (300019) announced on September 18 that the impact of tariff policies on the company's hot melt adhesive sales revenue and profits will be negligible in the first half of 2025 [1] Group 1: Company Strategies - The company is actively promoting product innovation by continuously launching industry-leading and competitive new technologies and products to meet diverse customer needs [1] - The company is enhancing its brand influence through precise positioning and marketing communication to improve brand recognition and reputation, while further expanding its brand competitiveness in overseas sales regions [1] - The company is focused on building a diversified sales network, actively expanding sales in different international regions to strengthen its resilience against risks and enhance growth potential in the global market [1]

天风证券研报指出，硅宝科技上半年实现归属于母公司股东的净利润1.54亿元，同比+51.6%。按3.93亿 股总股本计，实现每股收益0.39元。其中，第二季度实现归属于母公司股东的净利润0.83亿元，同比 +35.2%、环比+17.4%，实现每股收益0.21元。热熔胶和工业胶业务快速增长，贡献主要收入及毛利增 量。公司积极开拓海外市场，产品远销印度、巴西、印度尼西亚、美国、俄罗斯、马来西亚、波兰、韩 国等60多个国家和地区，上半年实现出口销售收入2.23亿元，同比+288.0%。硅基负极材料下游渗透率 不断提升，公司硅碳负极材料销量快速增长。维持"买入"投资评级。 ...

Group 1: Company Overview and Product Applications - The company focuses on the new materials industry, specializing in the research, production, and sales of high-end silicone sealants and other new materials [2] - The product range includes high-end silicone sealants, hot melt adhesives, silane coupling agents, and silicon-carbon anodes, with applications in construction, electronics, automotive, and renewable energy sectors [2][3] Group 2: Sales Growth Factors - The increase in sales of construction adhesives in the first half of 2025 is attributed to: 1. Industry consolidation due to market exit of smaller companies, enhancing competitive advantage [3] 2. Upgrading consumer demands in the decoration and renovation sectors, leading to increased adhesive usage [3] 3. Government initiatives like the "Urban Renewal Plan" providing new sales opportunities [3] Group 3: Product Performance and Innovations - The electronic adhesives exhibit superior electrical insulation, chemical stability, and moisture resistance, ensuring long-term protection for electronic components [3] - The company has developed low-density silicone flame-retardant sealing materials for use in power batteries and drone modules, addressing challenges in lightweight applications [3][4] Group 4: Market Expansion and Strategy - The company is expanding its silicon-carbon anode production capacity, with a 50 tons/year pilot production line established in 2019 and a planned 50,000 tons/year project underway [5] - In response to tariff policies affecting hot melt adhesive sales, the company is innovating products, enhancing brand recognition, and diversifying sales networks to mitigate risks [5]

Group 1 - The company held its 2025 semi-annual performance briefing on September 17, 2025, via video and online interaction [1][2] - Key executives, including the chairman and general manager, participated in the briefing to discuss the company's operational results, financial status, and development strategies [2] Group 2 - The company plans to maintain stability with core customers while exploring new markets through innovation and product upgrades [3] - There will be a focus on increasing R&D investment in environmentally friendly adhesive materials, leveraging over 20 years of experience in the field [3][4] - The company aims to enhance production efficiency and reduce costs through technology upgrades and process optimization [3] Group 3 - Future R&D efforts will concentrate on electronic adhesives and hot melt adhesives, targeting high-growth markets such as new energy and consumer electronics [5][6] - The company clarified that the high-end environmental wall fabric project is still operational, with no termination, despite a halt in further funding [7] Group 4 - Following the change in the actual controller, the electronic adhesive business is expected to grow, supported by increased demand in domestic new energy and consumer electronics markets [8]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company has shown rapid growth in its hot melt adhesive and industrial adhesive businesses, with a significant increase in sales of silicon-carbon anode materials [1][4] - In the first half of 2025, the company achieved operating revenue of 1.707 billion yuan, a year-on-year increase of 47.4%, and a net profit attributable to shareholders of 154 million yuan, up 51.6% year-on-year [1][3] - The company is expanding its overseas market presence, with export sales revenue reaching 223 million yuan, a year-on-year increase of 288% [2] Financial Performance - In the first half of 2025, the company reported a gross profit of 373 million yuan, an increase of 43.6% year-on-year, with a gross margin of 21.9% [3] - The company’s revenue from different segments in the first half of 2025 was as follows: construction adhesives 651 million yuan, industrial adhesives 442 million yuan, and hot melt adhesives 512 million yuan [2] - The company’s net profit forecast for 2025-2027 is 310 million yuan, 400 million yuan, and 510 million yuan respectively [4] Business Segments - The industrial adhesive segment saw a year-on-year revenue growth of 29.5%, driven by partnerships with leading companies in various sectors including automotive, electronics, and power batteries [2] - The company’s silicon-based anode materials are gaining market share, with production lines for silicon-carbon anode materials and specialized adhesives operating smoothly [4] - The company has maintained its leading position in the construction adhesive market, with increased sales volume and market share [2]

硅宝科技成立于1998年，是以高端有机硅密封胶、热熔胶、硅烷偶联剂、硅碳负极材料四大板块为主营 业务的新材料产业集团。2009年，公司作为创业板首批28家上市企业之一登陆资本市场。 彼时，这家来自四川成都的企业，在首批创业板企业中并不显眼。然而，谁也没有预料到，这家"小而 美"的科技企业会在接下来的16年里，成长为中国有机硅密封胶行业龙头企业。 "上市是公司发展的关键一步。"硅宝科技总经理黄强告诉记者，公司通过上市实现了企业资产证券化， 解决了公司融资难题。如通过并购拓利科技，丰富了公司在工业领域的技术实力及产品线；通过定向增 发，募集资金8.4亿元用于生产扩能及技术中心建设，提升了公司的产能和技术研发实力，满足了市场 快速增长对高端有机硅等密封材料产品的需求。 回顾上市之初，硅宝科技2009年营业收入仅为1.70亿元，而2024年公司营业收入高达31.59亿元，是当初 的近19倍。公司日前发布的半年报显示，今年上半年更是实现营业收入超过17.07亿元，同比增长 47.36%。 业绩的快速成长，核心驱动力来自创新研发。公司高度重视研发投入，每年研发投入超亿元。作为国家 技术创新示范企业，硅宝科技在研发创新等方 ...