DKEM(SZ:300842)2025-04-30 00:58Financial Performance - In Q1 2025, the company achieved operating revenue of 4.056 billion CNY, a year-on-year increase of 11.29% and a quarter-on-quarter increase of 5.6% [1] - Main business revenue was 3.053 billion CNY, showing a year-on-year decrease of 8.06% and a quarter-on-quarter decrease of 4.02% [1] - Net profit attributable to shareholders was 34.63 million CNY, down 80.29% year-on-year and 48.39% quarter-on-quarter [1] - Net profit excluding non-recurring gains and losses was 64.63 million CNY, down 66.72% year-on-year but up 104.9% quarter-on-quarter [1] - As of March 31, 2025, total assets reached 9.491 billion CNY, a year-on-year increase of 21.18%, while net assets were 1.709 billion CNY, up 2.09% year-on-year [1] Product Sales and Market Position - The company sold 424.55 tons of photovoltaic conductive silver paste in Q1 2025, with 398.36 tons (93.83%) used for N-type TOPCon battery products, maintaining industry leadership [1][2] - The company plans to enhance product R&D and market expansion to solidify its leading position in the photovoltaic battery conductive paste industry [2] Strategic Developments - The company is progressing well in collaboration with strategic customers for high copper paste solutions, with expectations for large-scale production and shipment in the second half of the year [3] - Investment in silver nitrate and metal powder projects aims to ensure supply chain security and reduce raw material costs, with trial production expected in the second half of this year [4] - The introduction of high copper paste is anticipated to create higher industry barriers due to its technical complexity and the company's leading position in market reliability and promotion [5] Pricing and Cost Management - The pricing model for high copper paste is direct, positively impacting the company's profitability [6] - The processing fees for TOPCon silver paste have stabilized, with limited room for further decreases [6] - To mitigate silver price volatility, the company employs silver futures and leasing strategies, with a focus on maintaining stable operations [6] International Expansion - The company is evaluating potential capacity layouts in different regions and monitoring overseas market demand and policy changes for cautious strategic planning [6]