Hoshine Silicon(SH:603260) 市值风云·2025-07-31 10:08Core Viewpoint - The company, Hesheng Silicon Industry, is facing significant financial challenges, including its first-ever loss, high inventory levels, and substantial debt, primarily due to a downturn in the photovoltaic industry and aggressive expansion strategies [10][11][38]. Group 1: Financial Performance - Hesheng Silicon Industry announced a projected net loss of 300 to 400 million yuan for the first half of the year, marking its first loss since going public in 2012 [10][11]. - The company's revenue has shown a stark contrast to its declining net profit, which fell from 8.22 billion yuan in 2021 to an estimated 1.74 billion yuan in 2024, representing a nearly 80% drop [13][21]. - The company reported a significant cash outflow, with a total of 31.56 billion yuan lost over two years, leading to a total debt of 29.8 billion yuan, which has increased over fivefold since 2020 [38][39]. Group 2: Inventory and Expansion - Hesheng Silicon Industry has accumulated over 9.5 billion yuan in inventory, a 33.02% increase year-on-year, with significant portions of this inventory being unsold products [32][34]. - The company invested over 80.5 billion yuan in 11 expansion projects from 2021 to 2023, which is nearly equivalent to its total asset size at the end of 2023 [26][28]. - The rapid expansion has resulted in fixed assets and construction in progress reaching 68.5 billion yuan, a nearly fivefold increase from 2019 [28]. Group 3: Market Conditions - The photovoltaic industry has experienced a downturn, with industrial silicon prices dropping by 16.36% from 2023 to 2024, significantly impacting the company's profitability [21][22]. - The company has faced challenges in selling its products, with a reported 5,000 tons of polysilicon produced being retained for self-use rather than sold due to unfavorable market conditions [30]. - The overall market for photovoltaic installations has seen a drastic decline, with new installations dropping by nearly 90% year-on-year in June 2025 [36]. Group 4: Shareholder Actions - Major shareholders, including Hesheng Group and Fuda Industrial, have significantly reduced their stakes, with total divestments amounting to 11.4 billion yuan [7][6]. - The company has relied heavily on its controlling shareholder for financial support, with 9.5 billion yuan injected through two rounds of private placements between 2021 and 2022 [44].