Hoshine Silicon reported 2025 revenues of CNY20.499 billion ($2.82 billion) and a net loss attributable to shareholders of CNY2.991 billion ($411 million). The company attributed the loss mainly to a severe disruption of its PV business, which resulted in significant shutdown and operating losses, as well as CNY1.699 billion in impairment charges on PV-related and other long-term assets. By segment, silicones remained the largest contributor, with sales of CNY 9.575 billion ($1.32 billion) and a gross margin of 11.77%. Metallurgical silicon (MG-Si) revenues reached CNY 9.077 billion, down 34.05% year-on-year, with a gross margin of 16.48%, down 9.62 percentage points. At the end of 2025, the company reported an annual capacity of 1.22 million tons of MG-Si, 1.73 million tons of silicone and 50,000 tons of polysilicon. Hoshine said weak industrial demand for silicon, lower sales prices and depreciation on PV-related assets were the main drivers of the loss, while operating cash flow remained positive this year.
According to the Silicon Industry Branch of the China Non-ferrous Metals Industry Association (CNMIA), polysilicon prices continued to decline in mid-April. N-type rechargeable polysilicon averaged CNY 35,300/ton ($4,855/ton), down 1.94% week on week, while n-type granular silicon averaged CNY 34,300/ton, down 2.00% week on week. The association said prices are approaching a bottom after a rapid decline, but high inventory levels continue to weigh on the market. A sustainable recovery will require both significant cuts on the supply side and a gradual improvement in demand further down the chain. Wafer prices also fell, with n-type G10L wafers priced at CNY 0.93/piece ($0.13), G12R at CNY 1.00/piece and G12 at CNY 1.17/piece.
Chint Electricity reported 2025 revenues of CNY59.145 billion ($8.14 billion), down 8.33% year-on-year, while net profit attributable to shareholders rose 16.19% to CNY4.501 billion ($619 million). Smart electrical equipment revenue increased 4.76% to CNY 22.736 billion, accounting for 37.06% of total revenue. PV-related operating revenues decreased 15.62% to CNY 36.274 billion, accounting for 61.33% of total revenues. The company also reported first-quarter 2026 revenue of CNY21.303 billion, up 46.33% year-on-year, and net profit of CNY1.267 billion, up 8.92%.
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