DKEM(SZ:300842)2025-10-29 07:14Financial Performance - In Q1-Q3 2025, the company achieved operating revenue of 12.724 billion CNY, a year-on-year increase of 10.55% [2] - Net profit attributable to shareholders was 29.4566 million CNY, a year-on-year decrease of 89.94% [2] - Net profit excluding non-recurring gains and losses was 126.6153 million CNY, down 68.93% year-on-year [2] - Total assets reached 11.029 billion CNY, a year-on-year increase of 40.82% [2] - Net assets amounted to 1.783 billion CNY, up 6.49% year-on-year [2] - Sales of photovoltaic conductive paste were 1,337.36 tons, a year-on-year decrease of 15.44%, with over 96% used for N-type battery paste products [2] Acquisition and Business Development - The company completed the acquisition of Zhejiang Suote, holding 60% of its shares, integrating the Solamet® photovoltaic silver paste business [4] - The third-quarter paste shipment statistics included Zhejiang Suote's shipments from September [4] - The acquisition of Jiangsu Jingkai, with a 62.5% stake, aims to create a closed-loop storage industry chain [9] Product and Market Trends - The company is progressing with high copper paste solutions, expecting GW-level production lines to be operational in Q4 [5] - The processing fees for TOPCon silver paste remain stable, while HJT and TBC cell paste processing fees are higher [8] - The storage business achieved sales revenue of 269 million CNY in the first three quarters of 2025, showing significant growth [11] Market Conditions and Pricing - The silver price increase has been managed through a sales-based production model, allowing price fluctuations to be passed to downstream customers [6] - The company employs silver futures hedging to mitigate risks associated with silver price volatility [7] - DRAM product market prices have been rising since Q2 2025, with expectations for increased shipment volumes [11] Future Outlook - Short-term growth in the storage business is anticipated from price and shipment volume increases, with a broad customer base supporting demand [11] - Long-term growth drivers include the rapid growth of AI computing power and the penetration of edge AI, which will support storage market demand and product pricing [11]