On August 22, 2025, Chengdu Silicon Technology Co., Ltd. (stock code:) released its annual report for the first half of the year. The report shows that Silicon Bao Technology achieved operating income of 1.707 billion yuan in the first half of the year, an increase of 47.36% year-on-year; net profit attributable to shareholders of listed companies was 154 million yuan, an increase of 51.56% year-on-year. In the first half of the year, the company achieved leapfrog growth in operating performance, with both revenue and net profit hitting record highs in the same period, and continued to consolidate its leading position in the domestic silicone sealant industry.

▌Multiple businesses work together to make emerging fields become growth engines

During the reporting period, Sibao Technology's business pattern of "construction rubber firmly ranked as the leader, industrial rubber grew rapidly, hot melt adhesive steadily increased, and silicon carbon negative electrodes quickly broke through" continued to deepen, and various sectors jointly contributed growth momentum.

Although the domestic construction industry was under overall pressure in the first half of the year, the company relied on its brand advantages and national sales network that have been deeply rooted in the construction rubber field for many years, actively expanded large customers and cultivated high-quality distributors to achieve a continuous increase in the market share of construction rubber. Data shows that in the first half of the year, the construction rubber achieved operating revenue of 651 million yuan, a year-on-year decrease of 6.79%, and the gross profit margin was 22.34%, an increase of 0.32 percentage points from the same period last year. Under the industry trend of "urban renewal and high-quality transformation", the company's high-end construction rubber products have further released demand in energy-saving doors and windows, prefabricated buildings, interior decoration and other fields.

Benefiting from the rapid development of strategic emerging industries such as new energy vehicles, electronic information, and photovoltaics, the company's industrial rubber business has ushered in explosive growth. In the first half of the year, industrial rubber achieved operating income of 442 million yuan, a year-on-year increase of 29.51%, and a gross profit margin of 32.20%, an increase of 3.43 percentage points year-on-year, with high gross profit characteristics highlighted. At present, the company's industrial rubber has been deeply bound to leading customers in the industry such as BYD, CATL, ZTE, Longi, Tongwei, and Artes. The market share in automobile manufacturing (body glue, headlight glue), power battery sealing, photovoltaic module packaging, etc. continues to increase, and the process of domestic substitution is accelerating.

Since the completion of the 100% equity acquisition of Jiangsu Jiahao in 2024, the hot melt adhesive business has become an important growth pole of the company. In the first half of 2025, Jiangsu Jiahao achieved operating income of 512 million yuan and contributed a net profit of 40.6913 million yuan. With technological collaboration and channel integration, its products' competitiveness in disposable sanitary products, label printing, green packaging and other fields continues to increase. The domestic market relies on key regional offices to achieve localized services, and the overseas market focuses on core areas of Latin America, Southeast Asia, Europe and the United States, establishes in-depth cooperative partnerships in Brazil, Poland, Russia and other places, and promotes the simultaneous increase in domestic and foreign sales of hot melt adhesive business.

Faced with the upgrading of demand for high-energy-density materials by power batteries, the company's silicon carbon anode material business is progressing rapidly. During the reporting period, the 1,000-ton/year pilot line and the 3,000-ton/year production line were operating steadily, and product sales grew rapidly. At the same time, new customers were actively expanded, and market share gradually increased. In the first half of 2025, domestic power battery production and sales increased by 60.4% and 63.3% year-on-year respectively. As a key material to break through the battery energy density bottleneck, silicon carbon negative electrode is expected to further penetrate into high-end passenger cars, consumer electronics and other fields as technology matures and costs decline in the future, opening up long-term growth space for the company.

In addition, although the company's silane coupling agent business is under short-term pressure due to the low industry price, Anhui Sibao, as the core supplier of domestic silane coupling agents, still provides stable supply to photovoltaic EVA membrane companies such as Haiyouwei and Suzhou Saiwu, as well as overseas customers such as WACKER and Samsung, and reserve market foundation for the subsequent industry recovery.

▌Capacity construction and global layout

In terms of capacity construction, the company has formed two major production centers in Southwest and East China, with 9 production bases, and a total production capacity of high-end adhesives reaches 370,000 tons/year, ranking first in the industry. In the first half of 2025, Silicon Bao New Energy's "50,000 tons/year silicon carbon anode material and special adhesive project for lithium batteries" was successfully put into production, and the remaining production capacity was steadily promoted; Silicon Bao (Shanghai) advanced silicone materials research and industrial development project has completed the preliminary preparations for land acquisition and infrastructure, and will become an important fulcrum for the company to attract high-end talents, serve customers in the Yangtze River Delta, and radiate the global market in the future.

In the first half of 2025, the company adhered to the "going out" strategy, and products such as silicone sealants, hot melt adhesives, silane coupling agents were exported to more than 60 countries and regions including India, Brazil, the United States, and Russia, achieving export sales revenue of 223 million yuan, a year-on-year increase of 288.01%. The rapid expansion of overseas markets not only hedges the volatility risks of some domestic industries, but also lays the foundation for the globalization of the company's brand. In the future, with the completion and commissioning of Shanghai R&D and Marketing Center, the company's international market competitiveness will be further enhanced.

Source: Silicon Bao Technology Announcement, Adhesive Online Collecting and Editing

Warm reminder: From September 28th to 30th, the bonding information will join hands with the New Materials Industry Alliance and the Zhejiang Adhesion Technology Association to hold the "2025 Fourth PUR Hot Melt Adhesive Development and Application Advanced Training Class" and the "2025 Polyurethane Adhesive Technology and Application Innovation Forum" in Hangzhou to help promote the efficient and high-quality development of the adhesive industry. Everyone is welcome to attend the meeting and exchange!

Please send a private message or search for "Binding Information" on WeChat for details.