Hoshine Silicon(SH:603260) 凤凰网财经·2025-05-01 11:34Core Viewpoint - The company, Hoshine Silicon Industry (合盛硅业), continues to face a decline in profits despite a slight increase in revenue, primarily due to falling product prices and high inventory levels, leading to significant financial strain [1][5]. Group 1: Performance Decline - In 2024, Hoshine Silicon achieved revenue of 26.692 billion yuan, a slight increase of 0.41% year-on-year, but the net profit attributable to shareholders dropped by 33.64% to 1.74 billion yuan, influenced by economic fluctuations and price declines [2][5]. - The average prices for key products in 2024 showed significant declines, with industrial silicon prices down 16.36% to 11,174.75 yuan/ton [3][4]. - The company has experienced three consecutive years of revenue growth coupled with profit declines, with net profit reductions exceeding 30% each year [5]. Group 2: High Inventory Impact - Hoshine Silicon's inventory reached 9.509 billion yuan by the end of 2024, a 33.02% increase year-on-year, primarily due to production outpacing sales in industrial silicon and organic silicon [7][8]. - The company recorded asset impairment losses totaling 894 million yuan in 2024, with 933 million yuan attributed to inventory write-downs [8][9]. - The high inventory levels have created financial pressure, as the company faces challenges in liquidating excess stock while maintaining production levels [6][9]. Group 3: Debt Burden - As of the first quarter of 2024, Hoshine Silicon's total debt reached approximately 298 billion yuan, with short-term debts posing significant pressure [1][10]. - The company has been actively seeking financing solutions, including issuing asset-backed securities and bringing in strategic investors to alleviate cash flow issues [10][11]. - Nearly half of the shares held by the controlling family are pledged, indicating a reliance on external financing to manage the company's financial challenges [11][12].