Hoshine Silicon(SH:603260) Zheng Quan Shi Bao Wang·2025-10-29 14:48Core Viewpoint - The company has shown resilience in its operations, recovering from a previous quarterly loss to achieve profitability in Q3 2025, with significant improvements in revenue and net profit compared to Q2 2025 [1] Financial Performance - Q3 2025 revenue reached 5.43 billion yuan, with a net profit attributable to shareholders of 75.67 million yuan and a non-recurring net profit of 262 million yuan [1] - The gross profit margin for Q3 2025 was 8.67%, a significant rebound from 0.22% in Q2 2025 [2] - Operating cash flow for the first three quarters of 2025 was 3.73 billion yuan, a year-on-year increase of 104.94%, attributed to cost reduction and efficiency improvements [2] - The company's asset-liability ratio decreased by nearly 1 percentage point compared to the end of 2024, indicating a more stable operation [3] Market Trends - The domestic organic silicon market saw a production increase of approximately 190,000 tons in the first three quarters of 2025, reflecting a year-on-year growth of 16% [4] - Industrial silicon prices have shown signs of recovery, stabilizing between 9,000 yuan and 10,200 yuan per ton by September 2025 [5] - The company is positioned to benefit from the expected increase in industrial silicon production in Xinjiang, which is projected to account for over 60% of national output in Q4 2025 [5] Product Development - The company is expanding its product offerings in the organic silicon sector, with new products such as amino silicone oil and organic silicone emulsions achieving international quality standards [4] - Research and development in silicon carbide is progressing well, with the company beginning small-scale production of 8-inch silicon carbide substrates and making strides in 12-inch substrate development [6][7] - The company has developed ultra-pure silicon carbide ceramic powders and high-purity semi-insulating silicon carbide powders to meet diverse market needs [7] Strategic Positioning - The company is focusing on optimizing its capital structure and enhancing operational efficiency, including bringing in strategic investors to improve resource synergy and market competitiveness [3] - Analysts highlight the company's strong position in the industrial silicon sector and its potential for growth in the silicon carbide market, indicating a favorable outlook for future performance [7]