Hoshine Silicon Industry (603260) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB 20.50 billion, down 23.20% year-over-year; net loss attributable to shareholders was RMB -2.99 billion, a decrease of 271.84% year-over-year.

• Gross margin and profitability declined sharply due to falling product prices, high inventory, and asset impairment, especially in the photovoltaic and polysilicon segments.

• No profit distribution or capital reserve transfer proposed for 2025 due to negative net profit and accumulated losses.

Financial highlights

• Operating income: RMB 20.50 billion, down 23.20% year-over-year.

• Net loss attributable to shareholders: RMB -2.99 billion, compared to a profit of RMB 1.74 billion in 2024.

• Net loss after non-recurring items: RMB -3.11 billion, down 302.07% year-over-year.

• Operating cash flow: RMB 4.01 billion, down 11.16% year-over-year.

• Total assets: RMB 83.61 billion, down 7.90% from the previous year.

Outlook and guidance

• 2026 focus will be on core silicon-based materials, cost reduction, and efficiency improvement.

• Strategic reduction in photovoltaic business investment, with emphasis on high-end product R&D and digital transformation.

• Industry expects moderate demand growth in new energy and downstream applications, but faces ongoing geopolitical and policy risks.