Hoshine Silicon(SH:603260) Zhong Zheng Wang·2025-10-30 04:05Core Viewpoint - The company reported improved performance in Q3 2025, driven by a recovery in downstream demand for industrial silicon, with revenue of 5.43 billion yuan and a net profit of 75.67 million yuan [1] Group 1: Financial Performance - In Q3 2025, the company achieved revenue of 5.43 billion yuan and a net profit attributable to shareholders of 75.67 million yuan, with a non-recurring net profit of 262 million yuan [1] - The company's operating cash flow for the first three quarters reached 3.73 billion yuan, a year-on-year increase of 104.94% [4] - The asset-liability ratio decreased by nearly 1 percentage point compared to the end of 2024, indicating a more stable operation [4] Group 2: Market Dynamics - Industrial silicon prices showed signs of recovery, stabilizing between 9,000 yuan/ton and 10,200 yuan/ton during Q3 2025 [1][2] - The domestic organic silicon monomer production for the first three quarters of 2025 was approximately 1.9 million tons, reflecting a year-on-year growth of 16% [2] - The company is positioned to benefit from the increasing demand for industrial silicon driven by the growth in the organic silicon market and the recovery in polysilicon prices [2] Group 3: Strategic Developments - The company is extending its product offerings into high-end products and downstream processing, achieving domestic production of new mid-to-low-end products in the organic silicon sector [2] - The company is actively developing its silicon carbide business, with successful small-scale production of 8-inch silicon carbide substrates and ongoing development of 12-inch substrates [5] - The company aims to enhance its market competitiveness by optimizing its capital structure and improving operational efficiency [4][6]