Chinese PV Industry Brief: Hoshine Silicon posts $411 million loss for 2025

<p class="p1"><span class="s1">Hoshine Silicon reported 2025 revenue of CNY 20.499 billion ($2.82 billion) and a CNY 2.991 billion net loss driven by PV disruption and impairments. Meanwhile, polysilicon and wafer prices continued to decline in mid-April amid high inventories and weak demand.</span></p><p><a href="https://www.pv-magazine.com/2026/02/06/chinese-pv-industry-brief-solar-manufacturers-forecast-2025-losses/" rel="noopener" target="_blank"><strong>Hoshine Silicon</strong></a> reported 2025 revenue of CNY 20.499 billion ($2.82 billion) and a net loss attributable to shareholders of CNY 2.991 billion ($411 million). The company attributed the loss mainly to severe disruption in its PV business, which resulted in significant shutdown losses and operating losses, as well as CNY 1.699 billion in impairment charges on PV-related and other long-term assets. By segment, silicones remained the largest contributor, generating CNY 9.575 billion ($1.32 billion) in revenue with a gross margin of 11.77%. Metallurgical silicon (MG-Si) revenue reached CNY 9.077 billion, down 34.05% year on year, with gross margin at 16.48%, down 9.62 percentage points. As of end-2025, the company reported annual capacity of 1.22 million tons of MG-Si, 1.73 million tons of silicones, and 50,000 tons of polysilicon. Hoshine said weak industrial silicon demand, lower selling prices, and PV-related asset write-downs were the main drivers of the loss, while operating cash flow remained positive for the year.</p>
<p>According to the Silicon Industry Branch of the <a href="https://www.pv-magazine.com/2026/04/10/chinese-pv-industry-brief-polysilicon-prices-extend-decline/" rel="noopener" target="_blank"><strong>China Nonferrous Metals Industry Association</strong></a> (CNMIA), polysilicon prices continued to decline in mid-April. N-type recharging 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 floor after a rapid decline, but high inventory levels continue to weigh on the market. A sustained recovery will require both meaningful supply-side cuts and a gradual improvement in downstream demand. Wafer prices also declined, with n-type G10L wafers being priced at CNY 0.93/piece ($0.13), G12R at CNY 1.00/piece, and G12 at CNY 1.17/piece.</p>
<p><a href="https://www.pv-magazine.com/2026/04/10/chinese-pv-industry-brief-polysilicon-prices-extend-decline/" rel="noopener" target="_blank"><strong>Chint Electrics</strong></a> reported 2025 revenue of CNY 59.145 billion ($8.14 billion), down 8.33% year on year, while net profit attributable to shareholders rose 16.19% to CNY 4.501 billion ($619 million). Smart electrical equipment revenue increased 4.76% to CNY 22.736 billion, accounting for 37.06% of total revenue. PV-related business revenue declined 15.62% to CNY 36.274 billion, representing 61.33% of total revenue. The company also reported Q1 2026 revenue of CNY 21.303 billion, up 46.33% year on year, and net profit of CNY 1.267 billion, up 8.92%.</p>