Hoshine Silicon Industry Co., Ltd.
603260.SS · SHH
Company research
Hoshine Silicon Industry Co., Ltd. (603260.SS) is a China-based leading enterprise founded in 2005 and listed on the Shanghai Stock Exchange in 2017, principally engaged in the research, development, production, and sale of silicon-based new materials, including industrial silicon, organosilicon compounds, and polysilicon. The company offers a comprehensive product portfolio spanning silicon metals and powders, silicone monomers, intermediates, HTV and RTV silicone rubbers, sealants, silicone fluids, fumed silica, graphite carbon electrodes, and photovoltaic modules, serving end markets such as aerospace, electronics, automotive, medical, and renewable energy. Headquartered in Ningbo, Zhejiang Province, Hoshine operates digital intelligent manufacturing bases across Xinjiang, Zhejiang, Sichuan, Yunnan, and Heilongjiang, with R&D centers in Shanghai and Hainan, positioning itself as one of the world's most comprehensive silicon-based, full-industry-chain enterprises. With a market capitalization of approximately CNY 51.3 billion and over 21,600 employees, the company distributes its products both domestically and internationally, leveraging its vertically integrated business model and scale advantages to maintain a top-tier global production capacity in silicon metal and silicone.
Research reports
CICC reviews Hoshine’s 2025 results, highlighting a large full-year loss driven by inventory write-downs and significant fixed-asset and construction-in-progress impairments, with 4Q25 losses largely tied to these non-recurring charges. The report argues that rising organic silicon prices (DMC up over 30% from late-2025 trough), and a planned equity raise of up to RMB 5.8 billion to strengthen its “coal–power–silicon” integration, should gradually restore profitability, and it maintains an “outperform sector” stance with a RMB 55 target price while flagging risks from further PV-asset impairments and slower de-stocking in industrial and polysilicon markets.
富途牛牛 / Futu News（转载券商研报点评） · September 16, 2025合盛硅业(603260)2025年半年报点评：业绩符合此前预告预期 主业触底有望反弹This half-year commentary notes that 2025H1 revenue fell 26.34% year-on-year to RMB 97.75 billion and net profit turned to a RMB 3.97 billion loss, with Q2 profits hit by continued industrial silicon price declines and a RMB 2.38 billion impairment on polysilicon assets. It emphasizes Hoshine’s leading cost position and expansion into silicon materials, arguing that core business earnings are bottoming and should rebound as prices and demand recover, and therefore maintains a “strongly recommended” rating with a RMB 63.35 target price while warning about oversupply in industrial silicon and prolonged weakness in organic silicon as key risks.
华安证券股份有限公司 · September 5, 2025主营产品景气承压，静待产业链回暖Huaz Securities’ company note on Hoshine’s 2025 interim results stresses that volumes and prices for key products (industrial silicon, silicone rubber, silicone oil, cyclic siloxanes) fell simultaneously, squeezing margins as ore and petroleum coke costs rose and Q2 profitability dropped into loss. The analysts nevertheless consider current industrial and organic silicon prices to be at trough levels, expect capacity exit and price–spread recovery to benefit Hoshine as a leading integrated player, and reiterate a “buy” rating with forecasted net profit rising to RMB 20.14/28.40/37.73 billion in 2025–2027, while highlighting volatility in product and raw-material prices, environmental and safety risks, and project-delivery uncertainty.