山东东岳有机硅材料股份有限公司 2025 年半年度报告全文 山东东岳有机硅材料股份有限公司 二〇二五年八月 山东东岳有机硅材料股份有限公司 2025 年半年度报告全文 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人苏琳、主管会计工作负责人王海波及会计机构负责人(会计主 管人员)王海波声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来计划等前瞻性描述，不构成公司对投资者的实质 承诺，敬请投资者注意投资风险。 公司在生产运营中主要存在的风险详见本报告"第三节 管理层讨论与分 析"之"十、公司面临的风险和应对措施"。敬请广大投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 半年度报告全文 山东东岳有机硅材料股份有限公司 2025 年 山东东岳有机硅材料股份有限公司 2025 年半年度报告全文 山东东岳有机硅材料股份有限公司 2025 年半年度报告全文 | 释义 | | | | --- | --- | ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [12] Core Insights - The cooling methods for data centers are transitioning from air cooling to liquid cooling due to the increasing power consumption of chips and single cabinets. Liquid cooling technologies offer significant advantages such as higher cooling efficiency, lower energy consumption, and reduced total cost of ownership (TCO) [6][19] - The report highlights the growth of liquid cooling solutions, particularly single-phase cold plate cooling, which currently accounts for over 90% of liquid cooling applications in data centers. The technology is maturing, and small-scale commercial applications are being promoted [6][19] - The report suggests that various cooling media will emerge as opportunities in the liquid cooling market, with a focus on companies involved in the production of these cooling liquids [10][52] Summary by Sections Data Center Cooling Transition - The report discusses the shift to liquid cooling as a response to the rising power density of chips, particularly in AI servers, which are pushing the limits of traditional air cooling methods. The maximum power density for traditional air-cooled cabinets is around 20 kW, while future designs may reach up to 600 kW [7][25][29] Cooling Media Opportunities - Different cooling media are being explored for single-phase and two-phase cooling solutions. For single-phase cooling, common media include ethylene glycol solutions and propylene glycol solutions, while two-phase solutions primarily use refrigerants and low-boiling point fluids [8][41] - The report emphasizes the need for cooling liquids that meet specific technical requirements, such as excellent insulation properties, low surface tension, and high thermal conductivity [9][42] Investment Recommendations - The report recommends focusing on companies involved in the liquid cooling media industry, including: - Juhua Co., Ltd. (fluorinated liquids + refrigerants) - Sinoma Science & Technology (fluorinated liquids) - Yonghe Technology (fluorinated liquids + refrigerants) - Haohua Technology (fluorinated liquids + refrigerants) - Sanmei Co., Ltd. (refrigerants) - Xin'an Chemical (silicone oil) - Xingfa Group (silicone oil) [10][52]

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [4]. Core Insights - Liquid cooling technology is a crucial solution for addressing the heat dissipation challenges faced by data centers, especially with the increasing power density driven by AI and 5G applications [4][5]. - The report highlights that AI servers have power ratings between 2000-3000W, significantly higher than traditional servers, which operate at 300W-1000W, thus intensifying the cooling requirements [5]. - The main cooling method currently in use is the cold plate liquid cooling system, which utilizes water and ethylene glycol as cooling mediums, accounting for approximately 70% of the liquid cooling market [5]. - Immersion cooling is noted for its superior heat dissipation efficiency and potential for growth, with single-phase immersion cooling being the predominant choice among major companies like Alibaba and Tencent [5]. - Fluorinated liquids are identified as the optimal medium for immersion cooling, with a market potential estimated at around 10 billion [5]. Summary by Sections Liquid Cooling Technology - Cold plate liquid cooling is the leading technology, with single-phase systems being suitable for medium to low power servers, while dual-phase systems are emerging for high power density applications [5]. - Immersion cooling, both single-phase and dual-phase, is gaining traction due to its efficiency in high power density scenarios [5]. Market Potential - The report predicts that by 2025, the global data center installation capacity could reach 114.3GW, with a potential annual increase of 16.6GW from 2024 to 2030 [5]. - With a projected liquid cooling penetration rate of 60% and immersion cooling at 40%, there is an anticipated demand for 40,000 tons of fluorinated liquids, translating to a market opportunity of approximately 10 billion [5]. Investment Recommendations - The report suggests focusing on companies involved in the production of fluorinated liquids, such as Dongyangguang, Juhua, Yonghe, and others, as well as those producing silicone oil like Runhe Materials and Xin'an [5][6].

Investment Rating - The report maintains a positive outlook on the organic silicon industry, indicating a potential recovery in profitability and a favorable supply-demand balance [4][5]. Core Insights - The organic silicon industry is experiencing a structural transformation, with a significant shift in demand from traditional sectors like real estate to emerging sectors such as new energy vehicles and photovoltaics, which are expected to drive double-digit growth in domestic consumption [4][5][55]. - Domestic consumption of organic silicon DMC is projected to reach 1.82 million tons in 2024, reflecting a year-on-year increase of 21%, with a further increase to 1 million tons in the first half of 2025, marking a 24% growth [4][6][31]. - The report highlights that while the construction sector's contribution to organic silicon demand is declining, the demand from new energy vehicles and photovoltaics remains robust, supporting overall industry growth [4][5][55]. Summary by Sections 1. Organic Silicon: Superior Material for National Economy - Organic silicon materials are characterized by their unique Si-C bonds and are widely used across various sectors, including construction, electronics, and automotive [4][14][17]. 2. Resonance of Domestic and Foreign Demand Boosts Prosperity, New Energy Catalyzes Incremental Demand 2.1 Sustained High Demand and Upgrading Consumption Structure - China's organic silicon consumption accounts for approximately 60% of global demand, with significant growth potential in emerging markets [4][31][60]. 2.2 Construction Impact Slowing, New Energy Drives Incremental Domestic Demand - The construction sector's share of organic silicon demand has decreased from 31% in 2022 to 25% in 2024, while sectors like new energy vehicles and photovoltaics are experiencing rapid growth [4][31][36]. 2.3 Strong Overseas Demand Boosts Exports, China Expected to Continue Capturing Overseas Market Share - Domestic exports of polysiloxane reached 545,600 tons in 2024, a 34% increase year-on-year, with expectations for continued growth driven by cost advantages [4][60][61]. 3. Reduction of Overseas Capacity, Domestic Capacity Peaks, Deep Processing Highlights Bottom Value 3.1 Overseas Capacity Expected to Exit - The report notes that overseas organic silicon DMC capacity is expected to decline due to cost and environmental factors, creating opportunities for domestic producers [4][5][60]. 3.2 Domestic Expansion Cycle Concludes - Domestic organic silicon DMC capacity is projected to reach 3.44 million tons by the end of 2024, nearly doubling since 2020, with the expansion cycle now concluded [4][5][60]. 3.3 Intermediate Cost Curve Flat, Industry Widespread Losses - The report indicates that while some companies may enhance profitability through downstream processing, the overall sector has faced prolonged losses, highlighting a strong demand for profitability recovery [4][5][60]. 4. Supply-Demand Inflection Point Evident, Historical Elasticity Significant - The report suggests that the supply-demand balance is improving, with domestic operating rates expected to rise from 67% in 2024 to 76% and 83% in 2025 and 2026, respectively [4][5][60]. 5. Profit Forecast and Investment Recommendations - The report recommends focusing on integrated companies with scale advantages and strong downstream processing capabilities, such as Hoshine Silicon Industry, Dongyue Silicone Materials, and Xingsheng Group [4][5][60].

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 - Runhe Materials' stock price increased by 4.10% to 33.02 yuan, reflecting positive market sentiment and performance indicators [1]. Group 1: Company Performance - Runhe Materials reported a revenue of 679 million yuan for the first half of 2025, representing a year-on-year growth of 4.16% [1]. - The company's net profit attributable to shareholders reached 57.75 million yuan, showing a significant year-on-year increase of 38.61% [1]. - The company plans to use up to 200 million yuan of its own funds to purchase financial products and engage in reverse repurchase agreements [1]. Group 2: Market Activity - The stock opened at 31.74 yuan, with a daily high of 33.19 yuan and a low of 31.74 yuan, indicating volatility within the trading session [1]. - The trading volume was 114,839 hands, with a total transaction amount of 376 million yuan [1]. - Over the past five days, the main funds experienced a net outflow of 64.54 million yuan, with a net outflow of 10.15 million yuan on August 11 [2]. Group 3: Industry Overview - Runhe Materials operates in the chemical products industry, focusing on the research, production, and sales of organic silicon deep-processing products and textile printing and dyeing auxiliaries [1]. - The company's product range includes silicone oil, silicone rubber, and silicone resin, which are utilized across various sectors such as electronics, healthcare, textiles, and construction [1]. - The company emphasizes a sales-driven production model, prioritizing investment in technology research and product quality control [1].

Summary of Conference Call Records Industry Overview - The conference call discusses advancements in liquid cooling technology, particularly influenced by NVIDIA's bidirectional cold plate solution, which impacts the traditional single-phase silent cooling market while maintaining existing applications [1][2]. Key Points and Arguments - **Bidirectional Cold Plate Technology**: - This technology offers better cooling capabilities than air cooling and single-phase cold plates, handling nearly 2,500 watts of power, but is still less effective than single-phase or bidirectional silent systems [1]. - The design is complex and limited in medium selection, primarily using high-cost, low-supply low-boiling-point fluorinated liquids [1][5]. - **R134a Refrigerant**: - Tianhong Technology has validated the use of R134a refrigerant in bidirectional cold plates, raising market interest in new refrigerant applications. China, as a major refrigerant producer, may see companies expand market share due to this development [1][4][7]. - The potential demand from tech giants like Google could significantly impact the global refrigerant market, with estimates of 2,000 tons needed annually if adopted [19]. - **Market Dynamics**: - Despite the emergence of bidirectional cold plates, traditional silent cooling systems remain stable in specific scenarios, with companies like Alibaba and ByteDance continuing to use established technologies [8][12]. - The industry is exploring new cooling solutions to meet increasing chip power demands, with various manufacturers actively seeking new refrigerant solutions [13]. - **Challenges in Liquid Cooling**: - The selection of liquid mediums poses significant challenges, as high-performance liquids are often expensive, while cheaper options may have critical drawbacks [17]. - The complexity of designing and deploying liquid cooling systems adds to the overall costs and challenges [17]. Additional Important Content - **Comparative Analysis of Cooling Solutions**: - Bidirectional cold plates have higher cooling capacities compared to single-phase cold plates and air cooling, but they still have limitations and may only serve as a temporary solution for high power demands [10]. - The design complexity of hybrid cooling solutions combining cold plates and silent systems is high, making implementation difficult [9]. - **Future Trends**: - The industry is expected to see a shift towards more advanced cooling technologies if existing solutions cannot meet future demands [13]. - Companies like New Oriental are pivoting towards semiconductor temperature control etching liquids to address growth bottlenecks in cleaning businesses [26]. - **Refrigerant Market Status**: - The refrigerant market is transitioning from third-generation to fourth-generation products, with third-generation products still dominating due to their maturity and high output [20]. - Major players in the refrigerant market include traditional companies like Juhua and Sanmei, which have performed well amid rising demand due to hot weather [20]. - **Liquid Mediums in Cooling Solutions**: - The first-generation liquid cooling solutions primarily used water and glycol mixtures, while newer solutions utilize various expensive liquids, including fluorinated liquids and silicone oils [11][15]. - High-end fluorinated liquids are considered the best choice for performance, but their high cost limits widespread adoption [16]. This summary encapsulates the key insights and developments discussed in the conference call, highlighting the evolving landscape of liquid cooling technologies and their implications for the industry.

Summary of Key Points from the Conference Call Industry Overview - The chemical industry has experienced fluctuations in operating rates, currently recovering to 72%, but there is a severe oversupply in products related to new energy, such as industrial silicon [1][2] - Major companies like Wanhua Chemical and Hualu Hengsheng have healthy cash flows and profitability, outperforming overseas competitors, which may lead to an optimization of the domestic chemical industry landscape as foreign companies exit [1][3] - Fixed asset investment in the chemical industry has turned negative at -1.1%, indicating a potential end to natural attrition [1][4] Organic Silicon Industry Insights - The organic silicon industry is expected to see no new capacity additions from 2025 to 2026, suggesting a potential recovery from the bottom [1][4][9] - The organic silicon supply chain shows that polysilicon is the largest downstream segment, accounting for 55%, while organic silicon represents 27.6% [1][6] - The DMC (Dimethylcyclosiloxane) price is currently around 12,500 RMB/ton, with a profit margin of approximately 1,300 RMB/ton, which is at a decade low [2][13] - The total capacity of the organic silicon industry is projected to reach 3.44 million tons by 2025, having doubled since 2019 [1][8] Demand and Market Dynamics - The apparent demand growth for organic silicon is forecasted at 21% for 2024, with export growth at 34%, driven by the exit of overseas capacity and increased domestic demand from the photovoltaic and new energy sectors [1][10] - In the first half of 2025, the apparent demand growth reached 23.9%, although export growth saw a decline due to trade relations [11] - The organic silicon industry is currently in a favorable improvement trend, with a CR3 of 45.9% and CR5 of 61.9%, indicating a high concentration in the market [12] Industrial Silicon Sector - The industrial silicon sector is characterized as high energy consumption and low value, with a total capacity of 7.48 million tons, primarily concentrated in the Yunnan, Guizhou, and Sichuan regions [2][16][17] - Current industrial silicon prices are around 9,600 RMB/ton, with mid-tier companies struggling to remain profitable [2][18] - The market outlook for industrial silicon is optimistic due to the potential for effective regulation and the implementation of anti-involution measures [19] Key Companies and Investment Opportunities - Key companies in the organic silicon sector include Hoshine Silicon Industry, which has a DMC capacity of 880,000 tons, holding a market share of 25.6% [2][14] - Other notable companies include Dongyue Group, Xian Chemical, and Luxi Chemical, which also have significant capacities and potential for profit growth [14][15][21] - The potential for profit improvement in the organic silicon sector is significant, driven by demand growth and the exit of less competitive players [7][12] Conclusion - The chemical industry, particularly the organic silicon segment, is poised for recovery with no new capacity additions expected in the near term, while the industrial silicon sector faces challenges but shows signs of potential improvement through regulatory measures and market dynamics [1][4][19]

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].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The upward momentum of industrial silicon and polysilicon prices is insufficient. The industrial silicon market may enter a consolidation phase in the short - term, and the polysilicon market may experience short - term adjustments [1]. Summaries by Related Content Price Changes - Industrial silicon: The average price of non - oxygenated 553 (East China) increased by 1.68% to 9,100 yuan/ton, and the average price of 421 (East China) increased by 1.58% to 9,650 yuan/ton. The futures main contract closing price decreased by 0.57% to 8,695 yuan/ton [1]. - Polysilicon: N - type dense material decreased by 2.20% to 44.5 yuan/kg, N - type re - feeding material decreased by 1.60% to 46 yuan/kg, N - type mixed material decreased by 1.14% to 43.5 yuan/kg, and N - type granular silicon remained flat at 43 yuan/kg. The futures main contract closing price decreased by 4.05% to 43,850 yuan/ton [1]. - Other products: Some silicon wafer prices decreased significantly, while battery and component prices remained mostly unchanged. Organic silicon prices showed slight changes, with DMC increasing by 0.46% to 10,850 yuan/ton [1]. Market Fundamentals - Industrial silicon supply: Northern large - scale factories have production cuts with no resumption news, and the southwest production area is about to enter the wet season with a slow resumption of production. After offsetting the increase and decrease, the supply may decrease [1]. - Industrial silicon demand: Polysilicon enterprises maintain production cuts, with some planned to resume production in July. The organic silicon industry has strong intentions to cut production to support prices, but demand is weak. Silicon - aluminum alloy enterprises purchase as needed, and the overall downstream willingness to stock up at low levels is insufficient [1]. - Polysilicon supply: Silicon material enterprises maintain production cuts, with some new capacity to be put into operation. After offsetting, the output is expected to increase slightly, approaching 110,000 tons in July [1]. - Polysilicon demand: The photovoltaic market is weak, with rising inventories of silicon wafers and silicon materials. Although the trading atmosphere has improved, the terminal market is still weak due to the over - drawn demand in the first half of the year [1]. Industry News - Shanxi Province Energy Bureau plans to abolish 352,052 kilowatts of new energy projects, including photovoltaic and wind power projects, to optimize grid access and resource allocation [1]. - Ningxia Hui Autonomous Region Development and Reform Commission abolished 449.3 MW of new energy projects in 9 projects to optimize resource allocation and improve project construction quality and efficiency [1].