9.6亿元利润！协鑫科技三季度突然扭亏背后

Core Viewpoint - The company has achieved a significant turnaround in its photovoltaic materials business, reporting a profit of approximately 960 million RMB, contrasting sharply with a loss of 1.81 billion RMB in the same period last year [1]. Group 1: Financial Performance - The profit turnaround is attributed to two main factors: the rise in silicon material prices and the sale of an associate company, which generated a post-tax profit of 640 million RMB [4]. - The average external tax-inclusive selling price of granular silicon increased to 42.12 RMB/kg in Q3 2025, up from 32.93 RMB/kg in Q2, indicating a recovery in demand and price for high-quality granular silicon [4]. - The average production cash cost of granular silicon decreased to 24.16 RMB/kg, down from 27.07 RMB/kg in Q1, showcasing improvements in energy control, process optimization, and economies of scale [4]. Group 2: Asset Sale and Strategic Moves - The sale of the associate company, Xinhua Semiconductor, is seen as a critical factor in the company's turnaround, with the company having a 24.57% stake and the National Integrated Circuit Industry Investment Fund holding 20.63% [4]. - Xinhua Semiconductor, established in 2015, is projected to become the world's largest electronic-grade polysilicon producer upon reaching its planned capacity of 20,000 tons [4]. - The company sold its stake in Xinhua Semiconductor to Hefei Guocai No. 3 Enterprise Management Partnership due to cash flow issues caused by a price war in granular silicon [5]. Group 3: Future Growth and Financing - The company has been active in securing financing, recently entering a strategic financing agreement with Infini Capital, raising approximately 5.446 billion HKD (around 5 billion RMB) through a private placement of about 4.736 billion shares [7]. - The raised funds will be allocated to various core areas, including 1.8 billion HKD for optimizing polysilicon production capacity and 900 million HKD for expanding the silane gas business [7]. - The company aims to establish a second growth curve through its silane gas production, which has applications in semiconductor manufacturing, photovoltaic industry, and other sectors, with a production capacity exceeding 20,000 tons and a market share of over 30% [7].