Hoshine Silicon(SH:603260) Zhong Guo Jing Ying Bao·2025-10-29 23:28Core Insights - The company reported a revenue of 5.43 billion yuan for Q3 2025, a year-on-year decrease of 23.51%, and a net profit attributable to shareholders of 75.67 million yuan, down 84.12% year-on-year. However, the quarterly profit indicators have turned positive compared to the loss in the first half of the year [2] - Despite the recovery in Q3, the company remains in a loss position for the first three quarters, with a cumulative net profit of -321 million yuan. Significant changes in financial indicators include asset impairment losses of 213 million yuan for the first three quarters, compared to -167 million yuan in the first half, and other income of 409 million yuan, an increase from 298 million yuan in the first half [2] - The company is primarily engaged in the research, production, and sales of silicon-based new materials, including industrial silicon, organic silicon, and polysilicon, and is one of the largest enterprises in China's silicon-based new materials industry [2] Industry Outlook - The company has indicated that it will focus on three key factors moving forward: the advancement of "anti-involution" in the photovoltaic industry and changes in polysilicon operating rates, the demand pull from emerging industries for organic silicon, and the progress of eliminating backward production capacity and the pace of resumption of production [3] - It is anticipated that with the gradual optimization of the supply-demand structure, industrial silicon prices are expected to operate within a reasonable range, and a recovery in market demand will lead to a phased restoration of profitability [3]